Document:

Document

$120,000,000 REVOLVING CREDIT FACILITY
AMENDED AND RESTATED CREDIT AGREEMENT
by and among
THE NORTH AMERICAN COAL CORPORATION
and
THE GUARANTORS PARTY HERETO
and
THE LENDERS PARTY HERETO
and
KEYBANK NATIONAL ASSOCIATION, as Syndication Agent
and 
PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent
and
KEYBANC CAPITAL MARKETS INC., as Joint Lead Arranger and Joint Bookrunner
and
PNC CAPITAL MARKETS LLC, as Joint Lead Arranger and Joint Bookrunner
Dated as of November 12, 2021

TABLE OF CONTENTS
						
	1.    CERTAIN DEFINITIONS
	1

	1.1    Certain Definitions.
	1

	1.2    Construction.
	39

	1.3    Accounting Principles; Changes in GAAP.
	39

	1.4    LIBOR Notification.
	40

	2.    REVOLVING CREDIT AND SWINGLINE LOAN FACILITIES
	40

	2.1    Revolving Credit Commitments.
	40

	2.2    Commitment Fees.
	41

	2.3    [Intentionally Omitted]
	41

	2.4    Revolving Credit Loan Requests; Swingline Loan Requests.
	41

	2.5    Making Revolving Credit Loans and Swingline Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swingline Loans.
	42

	2.6    Notes.
	44

	2.7    Use of Proceeds.
	45

	2.8    Letter of Credit Subfacility.
	45

	2.9    Defaulting Lenders.
	52

	2.10    Maturity Extensions.
	55

	2.11    Reduction of Revolving Credit Commitment.
	57

	2.12    Increase in Revolving Credit Commitments.
	57

	2.13    Sustainability Adjustments.
	58

	3.    [INTENTIONALLY OMITTED]
	60

	4.    INTEREST RATES
	60

	4.1    Interest Rate Options.
	60

	4.2    Interest Periods.
	60

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	4.3    Interest After Event of Default.
	61

	4.4    LIBOR Rate Unascertainable; Increased Costs; Deposits Not Available; Illegality; Benchmark Replacement Setting.
	61

	4.5    Benchmark Replacement Setting.
	63

	5.    PAYMENTS; Taxes; Yield maintenance
	71

	5.1    Payments.
	71

	5.2    Pro Rata Treatment of Lenders.
	71

	5.3    Sharing of Payments by Lenders.
	72

	5.4    Administrative Agent’s Clawback.
	72

	5.5    Payments by Borrower; Presumptions by Administrative Agent.
	73

	5.6    Interest Payment Dates.
	73

	5.7    Voluntary Prepayments.
	73

	5.8    [Intentionally Omitted]
	75

	5.9    Increased Costs.
	75

	5.10    Taxes.
	77

	5.11    Indemnity.
	80

	5.12    Settlement Date Procedures.
	81

	5.13    Cash Collateral.
	82

	5.14    Replacement of a Lender.
	82

	5.15    Designation of a Different Lending Office.
	83

	6.    REPRESENTATIONS AND WARRANTIES
	84

	6.1    Representations and Warranties.
	84

	6.2    Updates to Schedules.
	92

	7.    CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT
	92

	7.1    First Loans and Letters of Credit.
	92

ii

						
	7.2    Each Loan or Letter of Credit.
	94

	8.    COVENANTS
	95

	8.1    Affirmative Covenants.
	95

	8.2    Negative Covenants.
	100

	8.3    Reporting Requirements.
	108

	8.4    Sanctions and other Anti-Terrorism Laws.
	110

	8.5    Anti-Corruption Laws.
	110

	9.    DEFAULT
	110

	9.1    Events of Default.
	110

	9.2    Consequences of Event of Default.
	112

	10.    THE ADMINISTRATIVE AGENT
	116

	10.1    Appointment and Authority.
	116

	10.2    Rights as a Lender.
	116

	10.3    Exculpatory Provisions.
	116

	10.4    Reliance by Administrative Agent.
	117

	10.5    Delegation of Duties.
	118

	10.6    Resignation of Administrative Agent.
	118

	10.7    Non-Reliance on Administrative Agent and Other Lenders.
	119

	10.8    No Other Duties, etc.; No Fiduciary Responsibility.
	119

	10.9    Administrative Agent's Fee.
	120

	10.10    No Reliance on Administrative Agent's Customer Identification Program.
	120

	10.11    Lender Provided Interest Rate Hedges, Lender Provided Foreign Currency Hedges and Other Lender Provided Financial Service Products.
	120

	10.12    Administrative Agent May File Proofs of Claim.
	120

iii

						
	10.13    Collateral and Guaranty Matters.
	121

	10.14    ERISA Matters.
	122

	10.15    Erroneous Payments.
	123

	11.    MISCELLANEOUS
	126

	11.1    Modifications, Amendments or Waivers.
	126

	11.2    No Implied Waivers; Cumulative Remedies.
	128

	11.3    Expenses; Indemnity; Damage Waiver.
	128

	11.4    Holidays.
	130

	11.5    Notices; Effectiveness; Electronic Communication.
	130

	11.6    Severability.
	132

	11.7    Duration; Survival.
	132

	11.8    Successors and Assigns.
	132

	11.9    Confidentiality.
	136

	11.10    Counterparts; Integration; Effectiveness.
	137

	11.11    CHOICE OF LAW; SUBMISSION TO JURISDICTION; WAIVER OF VENUE; SERVICE OF PROCESS; WAIVER OF JURY TRIAL.
	138

	11.12    Acknowledgement and Consent to Bail-In of Affected Financial Institutions.
	139

	11.13    USA Patriot Act Notice.
	140

	11.14    No Novation.
	140

	11.15    Acknowledgement Regarding Any Supported QFCs.
	140

LIST OF SCHEDULES AND EXHIBITS
SCHEDULES
SCHEDULE 1.1(A)    -    PRICING GRID
SCHEDULE 1.1(B)    -    COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES
iv

SCHEDULE 1.1(E)    -    EXCLUDED SUBSIDIARIES
SCHEDULE 1.1(I)    -    IMMATERIAL SUBSIDIARIES
SCHEDULE 1.1(P)    -    PERMITTED LIENS
SCHEDULE 1.1(S)    -    PROJECT MINING SUBSIDIARIES
SCHEDULE 2.8.1    -    EXISTING LETTERS OF CREDIT
SCHEDULE 6.1.1    -    QUALIFICATIONS TO DO BUSINESS
SCHEDULE 6.1.2    -    SUBSIDIARIES
SCHEDULE 6.1.4    -    MATERIAL CONTRACTS
SCHEDULE 6.1.15    -    ERISA DISCLOSURES
SCHEDULE 6.1.16    -    ENVIRONMENTAL DISCLOSURES
SCHEDULE 7.1.1    -    OPINION OF COUNSEL
SCHEDULE 8.1    -    MAINTENANCE OF MATERIAL CONTRACTS; LICENSES; PERMITS
SCHEDULE 8.2.1    -    PERMITTED INDEBTEDNESS

EXHIBITS
EXHIBIT 1.1(A)    -    ASSIGNMENT AND ASSUMPTION AGREEMENT
EXHIBIT 1.1(G)        GUARANTY JOINDER
EXHIBIT 1.1(N)(1)    -    REVOLVING CREDIT NOTE
EXHIBIT 1.1(N)(2)    -    SWINGLINE LOAN NOTE
EXHIBIT 2.4.1    -    LOAN REQUEST
EXHIBIT 2.4.2    -    SWINGLINE LOAN REQUEST
EXHIBIT 2.12    -    NEW LENDER JOINDER
EXHIBIT 5.9.7(A)    -    U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
EXHIBIT 5.9.7(B)    -    U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
EXHIBIT 5.9.7(C)    -    U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
EXHIBIT 5.9.7(D)    -    U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
EXHIBIT 8.2.5    -    DISTRIBUTION COMPLIANCE CERTIFICATE
EXHIBIT 8.3.3    -    QUARTERLY COMPLIANCE CERTIFICATE
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AMENDED AND RESTATED CREDIT AGREEMENT
THIS AMENDED AND RESTATED CREDIT AGREEMENT (as hereafter amended, the "Agreement") is dated as of November 12, 2021 and is made by and among The North American Coal Corporation, a Delaware corporation (the "Borrower"), the GUARANTORS (as hereinafter defined), the LENDERS (as hereinafter defined), KEYBANK NATIONAL ASSOCIATION as Syndication Agent and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders under this Agreement (hereinafter referred to in such capacity as the "Administrative Agent").
WHEREAS, certain of the Lenders provided a revolving credit facility to the Borrower pursuant to a Credit Agreement dated as of August 11, 2017 (as amended, the "Existing Credit Agreement"); and
WHEREAS, Borrower has requested the Lenders to amend and restate the Existing Credit Agreement to provide a revolving credit facility to the Borrower in an aggregate principal amount not to exceed $120,000,000 as such amount may be increased or decreased pursuant to the terms of this Agreement and the Lenders have agreed to do so, pursuant to the terms set forth herein, including therein a Swingline Loan (as hereinafter defined) subfacility and a Letter of Credit (as hereinafter defined) subfacility.  
In consideration of their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, the parties hereto covenant and agree as follows:
1.CERTAIN DEFINITIONS
1.1Certain Definitions.  In addition to words and terms defined elsewhere in this Agreement, the following words and terms shall have the following meanings, respectively, unless the context hereof clearly requires otherwise:
Administrative Agent shall mean PNC Bank, National Association, and its successors and assigns, in its capacity as administrative agent hereunder.
Administrative Agent's Fee shall have the meaning specified in Section 10.9 [Administrative Agent's Fee].
Administrative Agent's Letter shall have the meaning specified in Section 10.9 [Administrative Agent's Fee].
Administrative Questionnaire shall mean an administrative questionnaire in a form supplied by the Administrative Agent. 
Affected Financial Institution shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution.
Affiliate as to any Person shall mean any other Person (i) which directly or indirectly controls, is controlled by, or is under common control with such Person, (ii) which beneficially owns or holds 10% or more of any class of the voting interests or other equity 

interests of such Person, or (iii) 10% or more of any class of voting interests or other equity interests of which is beneficially owned or held, directly or indirectly, by such Person.  For purposes of this definition, "control" of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.
Agent Parties shall mean as is specified in Section 11.5.3.2.
Agreement shall mean this Credit Agreement, as the same may be amended, supplemented, modified or restated from time to time, including all schedules and exhibits.
Alternate Source shall mean as is specified in the definition of LIBOR Rate.
Anti-Corruption Laws shall mean the United States Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act 2010, and any other similar anti-corruption Laws or regulations  administered or enforced in any jurisdiction in which the Borrower or any of its Subsidiaries conduct business.
Anti-Terrorism Law shall mean any Law in force or hereinafter enacted related to terrorism, money laundering, or economic sanctions, including Executive Order No. 13224, the USA PATRIOT Act, the International Emergency Economic Powers Act, 50 U.S.C. 1701, et. seq., the Trading with the Enemy Act, 50 U.S.C. App. 1, et. seq., 18 U.S.C. § 2332d, and 18 U.S.C. § 2339B, and any regulations or directives promulgated under these provisions.
Applicable Commitment Fee Rate shall mean the percentage rate per annum based on the Net Debt/EBITDA Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading "Commitment Fee."
Applicable Letter of Credit Fee Rate shall mean the percentage rate per annum based on the Net Debt/EBITDA Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading "Letter of Credit Fee."
Applicable Margin shall mean, as applicable: 
(A)    the percentage spread to be added to the Base Rate applicable to Revolving Credit Loans under the Base Rate Option based on the Net Debt/EBITDA Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading "Revolving Credit Base Rate Spread", or
(B)    the percentage spread to be added to the LIBOR Rate applicable to Revolving Credit Loans under the LIBOR Rate Option based on the Net Debt/EBITDA Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading "Revolving Credit LIBOR Rate Spread".
Approved Fund shall mean any fund that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
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Assignment and Assumption Agreement shall mean an assignment and assumption agreement entered into by a Lender and an assignee permitted under Section 11.8 [Successors and Assigns], in substantially the form of Exhibit 1.1(A).
Authorized Officer shall mean, with respect to any Loan Party, any Director, Manager, Sole Member, Chief Executive Officer, President, Chief Financial Officer, Secretary, Assistant Secretary, Vice President, Principal Accounting Officer, Controller, Treasurer or Assistant Treasurer of such Loan Party or such other individuals, designated by written notice to the Administrative Agent from the Borrower, on behalf of itself or any other Loan Party, authorized to execute notices, reports and other documents on behalf of any Loan Party required hereunder.  The Borrower may amend such list of individuals from time to time by giving written notice of such amendment to the Administrative Agent.
Availability shall mean, as of the date of determination, an amount, which equals the lesser of (i) the difference (if a positive number) between the amount of the Revolving Credit Commitments as of such date, less the Revolving Facility Usage as of such date or (ii) the difference (if a positive number) between the maximum pro forma amount of the available Revolving Credit Commitments that the Borrower could draw as of such date and remain in compliance with the financial covenants contained in this Agreement, less the Revolving Facility Usage as of such date. 
Bail-In Action shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
Bail-In Legislation shall mean (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom,  Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
Base Rate shall mean, for any day, a fluctuating per annum rate of interest equal to the highest of (i) the Overnight Bank Funding Rate, plus 0.5%, (ii) the Prime Rate, and (iii) the Daily LIBOR Rate, plus 1.00%, so long as Daily LIBOR Rate is offered, ascertainable and not unlawful.  Any change in the Base Rate (or any component thereof) shall take effect at the opening of business on the day such change occurs. 
Base Rate Option shall mean the option of the Borrower to have Loans bear interest at the rate and under the terms set forth in Section 4.1.1(i) [Revolving Credit Base Rate Option].
Benefit Plan shall mean any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or 
3

otherwise for purposes of Title I of ERISA or Section 2975 of the Code) the assets of any such "employee benefit plan" or "plan".
Black Lung Act shall mean, collectively, the Black Lung Benefits Revenue Act of 1977, as amended and the Black Lung Benefits Reform Act of 1977, as amended.
Borrower shall mean The North American Coal Corporation, a corporation organized and existing under the laws of the State of Delaware.
Borrowing Date shall mean, with respect to any Loan, the date for the making thereof or the renewal or conversion thereof at or to the same or a different Interest Rate Option, which shall be a Business Day.
Borrowing Tranche shall mean specified portions of Loans outstanding as follows:  (i) any Loans to which a LIBOR Rate Option applies which become subject to the same Interest Rate Option under the same Loan Request by the Borrower and which have the same Interest Period shall constitute one Borrowing Tranche, and (ii) all Loans to which a Base Rate Option applies shall constitute one Borrowing Tranche.
Business Day shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required to be closed, or are in fact closed, for business in Pittsburgh, Pennsylvania (or, if otherwise, the Lending Office of the Administrative Agent) and if the applicable Business Day relates to any Loan to which the LIBOR Rate Option applies, such day must also be a day on which dealings are carried on in the London interbank market. 
Cash Collateralize shall mean, to deposit in a Controlled Account or to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the Issuing Lender or the Lenders, as collateral for Letter of Credit Obligations or obligations of Lenders to fund participations in respect of Letter of Credit 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.
Capital Expenditures shall mean for any period, with respect to any Person, the aggregate of all cash expenditures by such Person for the acquisition of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) which are required to be capitalized under GAAP on a consolidated balance sheet of such Person, but excluding (a) expenditures made in connection with the acquisition, replacement, substitution or restoration of assets to the extent financed (i) from insurance proceeds (or other similar recoveries) paid on account of the loss of or damage to the assets being replaced or restored or (ii) with cash awards of compensation arising from the taking by eminent domain or condemnation of the assets being replaced and (b) expenditures made to fund the purchase price for assets acquired in any acquisitions permitted under this Agreement.
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Cash Management Agreements shall have the meaning specified in Section 2.5.6 [Swingline Loans Under Cash Management Agreements].
Cash Management Bank means any Person that, at the time it enters into an Other Lender Provided Financial Service Product, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Other Lender Provided Financial Service Product.
CEA shall mean the Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to time, and any successor statute.
CFC Debt shall mean intercompany loans, Indebtedness or receivables owed or treated as owed by one or more Foreign Subsidiaries.  
CFTC shall mean the Commodity Futures Trading Commission.
Change in Control shall mean each and every issue, sale or other disposition of shares of stock of the Borrower which results in any person (as such term is used in section 13(d) and section 14(d)(2) of the Exchange Act) or related persons (other than (i) NACCO or any of its Affiliates or (ii) the Permitted Holders) constituting a group (as such term is used in Rule 13d 5 under the Exchange Act), becoming the "beneficial owners" (as such term is used in Rule 13d 3 under the Exchange Act as in effect on the Closing Date), directly or indirectly, of more than 50% of the total voting power of all classes then outstanding of the Borrower's voting stock.
Change in Law shall mean the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any Law, (b) any change in any Law or in the administration, interpretation, implementation or application thereof by any Official Body or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of Law) by any Official Body; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of Law) and (y) all requests, rules, regulations, guidelines, interpretations 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 (whether or not having the force of Law), 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, issued, promulgated or implemented.
CIP Regulations shall have the meaning specified in Section 10.10 [No Reliance on Administrative Agent's Customer Identification Program].
Closing Date shall mean the Business Day on which the first Loan shall be made, which shall be November 12, 2021.
Coal Act shall mean the Coal Industry Retiree Health Benefits Act of 1992, as amended.
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Code shall mean the Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect.
Collateral shall mean all of the "Collateral" or other similar term referred to in the Collateral Documents and all of the other property that is or is intended under the terms of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the benefit of the Secured Parties.
Collateral Agent shall mean PNC Bank, National Association, in its capacity as collateral agent hereunder or any successor collateral agent.
Collateral Documents shall mean the Security Agreement, the Pledge Agreement, the IP Security Agreement, the Mortgage[s], and any other agreement, document or instrument granting a Lien in Collateral for the benefit of the Secured Parties.
Commitment shall mean, as to any Lender, its Revolving Credit Commitment, and, in the case of PNC (in its capacity as the Swingline Loan Lender), its Swingline Loan Commitment (but not the aggregate of its Revolving Credit Commitment and its Swingline Loan Commitment), and Commitments means the aggregate of the Revolving Credit Commitments of all of the Lenders.  
Commitment Fee shall have the meaning specified in Section 2.2 [Commitment Fees].
Communications shall have the meaning as is specified in Section 11.5.3 [Platform].
Compliance Certificate shall have the meaning specified in Section 8.3.3 [Certificate of the Borrower].
Connection Income Taxes shall mean 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 Debt shall mean, without duplication, (a) all liabilities of the Borrower and its Consolidated Subsidiaries for borrowed money, including liabilities for borrowed money secured by any real or personal property of any kind of the Borrower and its Consolidated Subsidiaries, which are payable within one year plus (b) the aggregate amount of any Guaranty by the Borrower or any of its Consolidated Subsidiaries of liabilities of the type described in the foregoing clause (a) except:
(i)    any liabilities which are renewable or extendable at the option of the debtor to a date in excess of one year;
(ii)    any liabilities, although payable in one year, which constitute principal payments on indebtedness expected to mature more than one year from their creation; and
6

(iii)    any liabilities to reimburse the issuer of letters of credit or other surety instruments, which letters of credit or other sureties are not drawn.
Consolidated EBITDA shall mean, for any period, Consolidated Net Income for such period plus the sum of (i) to the extent deducted in computing such Consolidated Net Income and without duplication, (A) income tax expense, (B) Consolidated Interest Expense, (C) depreciation and amortization expense, (D) depletion expense, (E) Office and Building Lease Payments in accordance with the Accounting Standards Update 2016-02 Leases ASC 842 and (F) the product of (1) equity in earnings of unconsolidated Affiliates multiplied by (2) the tax rate of such unconsolidated Affiliates divided by (3) (1 minus such tax rate), and (ii) the aggregate amount of equity advances and capital contributions made to the Borrower or any of its Consolidated Subsidiaries in cash during such period or within thirty (30) days following the end of such period and specifically designated for allocation to such period and not in the period in which made; provided that there shall be excluded from such calculation, to the extent included in Consolidated Net Income for such period, (a) non-cash extraordinary items of gain or loss, (b) non-recurring gains or losses including gains and losses from the sale of assets, (c) any income realized in connection with advanced payments with respect to contracts that are cancelled (but excluding any cash payment resulting from such cancelled contracts, including, but not limited to, any cash payment under the coal sales agreement between Falkirk Mining Company and Great River Energy), including, without limitation, advanced payments arising under the contract mining agreement between Bisti Fuels Company, LLC and Navajo Transitional Energy Company, LLC, (d) any Restricted Payments made during such period, and (e) any items of gain or loss of any Person (other than a Person in which the Borrower owns all of the outstanding equity interests) which is accounted for by the Borrower on the equity method of accounting.  For purposes of calculating Consolidated EBITDA for any period, if during such period the Borrower or any of its Subsidiaries shall have acquired the equity interest of any Person which becomes a Subsidiary of the Borrower or acquired all, substantially all or a substantial part of the operating assets of any Person or disposed of all or substantially all of the equity interest in any Subsidiary or all or substantially all of the operating assets of any Subsidiary of the Borrower or a substantial part of the assets of the Borrower, Consolidated EBITDA for such period shall be calculated after giving pro forma effect thereto as if such acquisition or disposition occurred on the first day of such period.
As used in this definition of Consolidated EBITDA, a sale, lease or other disposition of assets shall be deemed to be a "substantial part" of the assets of the Borrower and its Subsidiaries if the book value of such assets, when added to the book value of all other assets sold, leased or otherwise disposed of by the Borrower and its Subsidiaries during the same fiscal year, exceeds 15% of the book value of Consolidated Total Assets, determined as of the end of the fiscal year immediately preceding such sale, lease or other disposition; provided that there shall be excluded from any determination of a "substantial part" any (i) sale or disposition of assets in the ordinary course of business of the Borrower and its Subsidiaries, and (ii) any transfer of assets from the Borrower to any Wholly-Owned Subsidiary or from any Subsidiary to the Borrower or a Wholly-Owned Subsidiary.
7

Consolidated Funded Debt shall mean:
(i)    liabilities of the Borrower and its Consolidated Subsidiaries for borrowed money, including liabilities for borrowed money secured by any lien existing on any real or personal property of any kind owned by the Borrower or its Consolidated Subsidiaries (whether or not those liabilities have been assumed), other than Consolidated Current Debt and Indebtedness of the Borrower owed to any of its Subsidiaries;
(ii)    any Obligations in connection with any capital leases of the Borrower and its Consolidated Subsidiaries; and
(iii)    the aggregate amount of any Guaranty by the Borrower or any of its Consolidated Subsidiaries of liabilities of the types described in the foregoing clause (i) and (ii) other than Guaranties which constitute Consolidated Current Debt.
Consolidated Interest Coverage Ratio shall mean at any date, the ratio of (a) Consolidated EBITDA for the period of four consecutive fiscal quarters most recently ended as of such date to (b) Consolidated Interest Expense for such period of four consecutive fiscal quarters taken as a single accounting period.
Consolidated Interest Expense shall mean for any period, the sum of (i) interest expense of the Borrower and its Consolidated Subsidiaries for such period (including imputed interest on any Obligations in connection with any capital leases), determined on a consolidated basis in accordance with GAAP and (ii) letter of credit fees paid by the Borrower with respect to Net Consolidated Debt for such period.  For purposes of calculation of Consolidated Interest Expense for any period, if during such period the Borrower or any Subsidiary of the Borrower shall have acquired the equity interest of any Person which becomes a Subsidiary of the Borrower or acquired all, substantially all or a substantial part of the operating assets of any Person or disposed of all or substantially all of the equity interest in any Subsidiary or all or substantially all of the operating assets of any Subsidiary of the Borrower or a substantial part of the assets of the Borrower, Consolidated Interest Expense for such period shall be calculated after giving pro forma effect to any Consolidated Funded Debt incurred or assumed in connection with the any such acquisition and to any Consolidated Funded Debt assumed by a third party or otherwise discharged in connection with any such disposition as if such Consolidated Funded Debt has been incurred or discharged as of the first day of such period.
As used in this definition of Consolidated Interest Expense, a sale, lease or other disposition of assets shall be deemed to be a "substantial part" of the assets of the Borrower and its Subsidiaries if the book value of such assets, when added to the book value of all other assets sold, leased or otherwise disposed of by the Borrower and its Subsidiaries during the same fiscal year, exceeds 15% of the book value of Consolidated Total Assets, determined as of the end of the fiscal year immediately preceding such sale, lease or other disposition; provided that there shall be excluded from any determination of a "substantial part" any (i) sale or disposition of assets in the ordinary course of business of the Borrower and its Subsidiaries, and (ii) any transfer of assets from the Borrower to any Wholly-Owned Subsidiary or from any Subsidiary to the Borrower or a Wholly-Owned Subsidiary.
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Consolidated Net Income shall mean with reference to any period, the net income (or loss) of the Borrower and its Consolidated Subsidiaries for such period (taken as a cumulative whole), as determined in accordance with GAAP, after deducting all operating expenses, provisions for all taxes and reserves (including reserves for all deferred income taxes) and all other items required to be deducted in the course of the preparation of consolidated financial statements of the Borrower and its Consolidated Subsidiaries in accordance with GAAP.
Consolidated Subsidiary shall mean each Subsidiary that is included in the consolidated balance sheet of the Borrower prepared in accordance with GAAP, other than Project Mining Subsidiaries.
Consolidated Total Assets shall mean, as of any date of determination, (a) the total amount of all assets of the Borrower and its Consolidated Subsidiaries as such amounts would be shown as assets on a Consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of such time prepared in accordance with GAAP, minus (b) to the extent included in clause (a), all amounts properly attributable to minority interest, if any, in the stock and surplus of Consolidated Subsidiaries. 
Contamination shall mean the presence or release or threat of release of Regulated Substances in, on, under or emanating to or from the Real Property, which pursuant to Environmental Laws requires notification or reporting to an Official Body, or which pursuant to Environmental Laws requires the investigation, cleanup, removal, remediation, containment, abatement of or other response action or which otherwise constitutes a violation of Environmental Laws.
Control shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  "Controlling" and "Controlled" have meanings correlative thereto.
Controlled Account shall mean each deposit account and securities account that is subject to an account control agreement in form and substance reasonably satisfactory to the Administrative Agent and each applicable Issuing Lender.
Covered Entity shall mean (a) the Borrower, each of Borrower’s Subsidiaries, all Guarantors and all pledgors of Collateral, 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 means the direct or indirect (x) ownership of, or power to vote, 25% or more of the issued and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or (y) power to direct or cause the direction of the management and policies of such Person whether by ownership of equity interests, contract or otherwise.
Daily LIBOR Rate shall mean, for any day, the rate per annum determined by the Administrative Agent by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the LIBOR Reserve Percentage on such day.  The rate of interest will be adjusted automatically as of each Business Day based on changes in the Daily LIBOR Rate without notice to the Borrower. Notwithstanding the foregoing, if the Daily LIBOR Rate as determined above would be less than 
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zero percent (0.00%), such rate shall be deemed to be zero percent (0.00%) for purposes of this Agreement.
Debtor Relief Laws shall mean the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect.
Defaulting Lender shall mean, subject to Section 2.9.1.4 [Defaulting Lender Cure], any 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 unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the Issuing Lender, the Swingline Loan Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, the Issuing Lender or the Swingline Loan Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations 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 Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-in Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by an Official Body 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 Official Body) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.9.1.4 [Defaulting Lender Cure]) upon delivery of written notice of such determination to the Borrower, the Issuing Lender, the Swingline Loan Lender and each Lender.
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Dollar, Dollars, U.S. Dollars and the symbol $ shall mean lawful money of the United States of America.
Domestic Subsidiary shall mean any Subsidiary of the Borrower that is organized under the Laws of any political subdivision of the United States.
Drawing Date shall have the meaning specified in Section 2.8.3 [Disbursements, Reimbursement].
EEA Financial Institution shall mean (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
EEA Member Country shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
EEA Resolution Authority shall mean 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 Date shall mean the date indicated in a document or agreement to be the date on which such document or agreement becomes effective, or, if there is no such indication, the date of execution of such document or agreement.
Effective Federal Funds Rate shall mean for any day the rate per annum (based on a year of 360 days and actual days elapsed and rounded upward to the nearest 1/100 of 1% announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the "Effective Federal Funds Rate" as of the date of this Agreement; provided that if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the "Effective Federal Funds Rate" for such day shall be the Effective Federal Funds Rate for the last day on which such rate was announced.  Notwithstanding the foregoing, if the Effective Federal Funds Rate as determined under any method above would be less than zero percent (0.00%), such rate shall be deemed to be zero percent (0.00%) for purposes of this Agreement.
Eligible Assignee shall means any Person that meets the requirements to be an assignee under Section 11.8.2(iv) [Assignment and Assumption Agreement], (v) [No Assignment to Certain Persons] and (vi) [No Assignment to Natural Persons] (subject to such consents, if any, as may be required under Section 11.8.2(iii) [Required Consents]).  
Eligible Contract Participant shall mean an "eligible contract participant" as defined in the CEA and regulations thereunder.
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Eligibility Date shall mean, with respect to each Loan Party and each Swap, the date on which this Agreement or any other Loan Document becomes effective with respect to such Swap (for the avoidance of doubt, the Eligibility Date shall be the Effective Date of such Swap if this Agreement or any other Loan Document is then in effect with respect to such Loan Party, and otherwise it shall be the Effective Date of this Agreement and/or such other Loan Document(s) to which such Loan Party is a party).
Embargoed Property shall mean any property (a) in which a Sanctioned Person holds an interest; (b) beneficially owned, directly or indirectly, by a Sanctioned Person; (c) that is due to or from a Sanctioned Person; (d) that is located in a Sanctioned Jurisdiction; or (e) that would otherwise cause any actual or possible violation by the Lenders, Administrative Agent or Collateral Agent of any applicable Anti-Terrorism Law if the Lenders were to obtain an encumbrance on, lien on, pledge of or security interest in such property, or provide services in consideration of or relating to such property.
Environmental Complaint shall mean any written complaint by any Person or Official Body setting forth a cause of action for personal injury or property damage, natural resource damage, contribution or indemnity for response costs, civil or administrative penalties, criminal fines or penalties, or declaratory or equitable relief arising under any Environmental Laws or any order, notice of violation, citation, subpoena, request for information or other written notice or demand of any type issued by an Official Body pursuant to any Environmental Laws.
Environmental Indemnity shall mean the Environmental Indemnity Agreement, executed by the Loan Parties in favor of the Administrative Agent for the ratable benefit of the Secured Parties relating to possible environmental liabilities associated with any of the owned or leased real property of the Loan Parties that is subject to a Mortgage.
Environmental Laws shall mean all applicable federal, state, local, tribal, territorial and foreign Laws (including common law), constitutions, statutes, treaties, regulations, rules, ordinances and codes and any consent decrees, settlement agreements, judgments, orders, directives or policies or programs issued by or entered into with an Official Body having the force and effect of Law and pertaining or relating to: (i) pollution or pollution control; (ii) protection of human health from exposure to Regulated Substances; (iii) protection of the environment and/or natural resources; (iv) employee safety in the workplace; (v) the presence, use, management, generation, manufacture, processing, extraction, treatment, recycling, refining, reclamation, labeling, packaging, sale, transport, storage, collection, distribution, disposal or release or threat of release of Regulated Substances; (vi) the presence of Contamination; (vii) the protection of endangered or threatened species and (viii) the protection of Environmentally Sensitive Areas.
Environmentally Sensitive Area shall mean (i) any wetland as defined by applicable Environmental Laws; (ii) any area designated as a coastal zone pursuant to applicable Laws, including Environmental Laws; (iii) any area of historic or archeological significance or scenic area as defined or designated by applicable Laws, including Environmental Laws; (iv) habitats of endangered species or threatened species as designated by applicable Laws, including 
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Environmental Laws or (v) a floodplain or other flood hazard area as defined pursuant to any applicable Laws.
ERISA shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect.
ERISA Affiliate shall mean, at any time, any trade or business (whether or not incorporated) under common control with the Borrower and/or otherwise treated as a single employer with the Borrower under Section 414 of the Code.
ERISA Event shall mean (a) with respect to a Pension Plan, a reportable event under Section 4043 of ERISA as to which event (after taking into account notice waivers provided for in the regulations) there is a duty to give notice to the PBGC; (b) a withdrawal by Borrower or any member of the ERISA Group from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Borrower or any member of the ERISA Group from a Multiemployer Plan, notification that a Multiemployer Plan is in reorganization, or occurrence of an event described in Section 4041A(a) of ERISA that results in the termination of a Multiemployer Plan; (d) the filing of a notice of intent to terminate a Pension Plan, the treatment of a Pension Plan amendment as a termination under Section 4041(e) of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the determination that any Pension Plan or Multiemployer Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430.431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; or (g) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon Borrower or any member of the ERISA Group.
ERISA Group shall mean, at any time, the Borrower and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control and all other entities which, together with the Borrower, are treated as a single employer under Section 414 of the Code or Section 4001(b)(1) of ERISA.
Erroneous Payment shall have the meaning assigned to it in Section 10.15.1.
Erroneous Payment Deficiency Assignment shall have the meaning assigned to it in Section 10.15.2.4.
Erroneous Payment Impacted Class shall have the meaning assigned to it in Section 10.15.2.
Erroneous Payment Return Deficiency shall have the meaning assigned to it in Section 10.15.2.4.
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Erroneous Payment Subrogation Rights shall have the meaning assigned to it in Section 10.15.2.4. 
EU Bail-In Legislation Schedule shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
ESG shall have the meaning assigned to it in Section 2.13 [Sustainability Adjustments].
ESG Amendment shall have the meaning assigned to it in Section 2.13 [Sustainability Adjustments].
ESG Pricing Provisions shall have the meaning assigned to it in Section 2.13 [Sustainability Adjustments].
Event of Default shall mean any of the events described in Section 9.1 [Events of Default] and referred to therein as an "Event of Default."
Exchange Act shall mean the Securities Exchange Act of 1934, as amended.
Excluded Collateral shall mean (i) all leasehold interests in real property (A) that has a value less than $2,000,000, or (B) that, after the exercise of commercially reasonable efforts by the Loan Parties (which shall not include the payment of consideration), the landlord under such lease has not consented to the granting of such security interest or mortgage, provided that in no case shall landlord lien waivers, estoppels and collateral access letters be required, (ii) all motor vehicles and other assets subject to certificates of title; letter of credit rights (except to the extent perfected by the filing of Uniform Commercial Code financing statements) and any commercial tort claims that has a value less than $2,000,000, (iii) all fee-owned real property (A) located outside the United States, (B) consisting of the office building located in Bismarck, North Dakota, and/or (C) that has a value less than $2,000,000, (iv) any assets to the extent the grant of a security interest therein is prohibited or restricted by applicable law, rule or regulation or that would require the consent of any governmental authority or third party to such pledge or security interest, unless such consent has been obtained, in each case except to the extent such prohibition or restriction is ineffective under the Uniform Commercial Code or other applicable laws (other than proceeds of such assets, the assignment of which is expressly deemed effective under the Uniform Commercial Code notwithstanding such prohibition), (v) any leases, contracts, agreements, licenses, franchises and permits to the extent the grant of a security interest therein is prohibited or is restricted by applicable law or by the terms thereof or that would require the consent of any governmental authority or third party to such pledge or security interest, unless such consent has been obtained, in each case except to the extent such prohibition or restriction is ineffective under the Uniform Commercial Code or other applicable laws (other than proceeds thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code notwithstanding such prohibition) and so long as such prohibition, restriction or third party consent requirement was not created in contemplation hereof, (vi) equipment and assets that are subject to a lien securing a purchase money, capital lease, project financing or similar obligation permitted to be incurred under the loan documentation, if the underlying contract or other agreement associated therewith prohibits or restricts the creation of any other 
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lien on such equipment and other assets (including any requirement to obtain the consent of a third party or if the granting of a lien on such assets would trigger the termination (or a right of termination) of any such purchase money or capital lease agreement pursuant to any “change of control” or similar provision or the ability for any third party to amend in a materially adverse manner any rights, benefits and/or obligations of the Loan Parties in respect of those assets or which require any Loan Party or any subsidiary of any Loan Party to take any action materially adverse to the interests of that subsidiary or any Loan Party), except to the extent such prohibition or restriction is ineffective under the Uniform Commercial Code or other applicable laws (other than proceeds thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code or other applicable laws notwithstanding such prohibition) and so long as no such contractual provision was not entered into in contemplation hereof, (vii) equity interests in (a) non-wholly owned partnerships, joint ventures and any non-wholly owned subsidiary, in each case, to the extent that the organizational documents or other agreements with other equity holders restrict or do not permit the pledge of such equity interests or would require the consent of any third party to such pledge or security interest, unless such consent has been obtained, except to the extent such prohibition or restriction is ineffective under the Uniform Commercial Code or other applicable law, and (b) Excluded Subsidiaries, (viii) any “intent to use” trademark applications prior to the filing of statement of use, (ix) payroll, withholding, escrow, defeasance, redemption, disbursement and trust accounts and any cash or cash equivalents held or received therein, in each case, on behalf of third parties (other than the Borrower or any Guarantor), (x) margin stock, (xi) assets of the Borrower or Guarantors that the Administrative Agent determine to exclude as Collateral in accordance with Section 8.1.11.4 [Exclusions], (xii) all surface and coal interests of Mississippi Lignite Mining Company, (xiii) all surface and coal interests of North American Coal Royalty Company located in Choctaw County, Mississippi, (xiv) any real property (including mineral rights) or personal property of Catapult Mineral Partners, LLC and North American Coal Royalty Company that cannot be perfected by the filing of a Uniform Commercial Code financing statement, (xv) the Bucyrus Erie Model 770 electric walking dragline, serial number 118913 owned by The North American Coal Corporation, (xvi) the P&H Model No. 2355 Walking Dragline, Serial No. E52160 owned by The North American Coal Corporation, and (xvii) voting equity interests of any Foreign Subsidiaries or Foreign Subsidiary Holding Companies (a) in excess of 65% of each class of equity interests of such CFC Foreign Subsidiary or Foreign Subsidiary Holdco entitled to vote or (b) to the extent the Administrative Agent and the Borrower mutually determine that the grant of a security interest therein would result in any adverse tax consequences.
Excluded Hedge Liability or Liabilities shall mean, with respect to each Loan Party, each of its Swap Obligations if, and only to the extent that, all or any portion of this Agreement or any other Loan Document that relates to such Swap Obligation is or becomes illegal under the CEA, or any rule, regulation or order of the CFTC, solely by virtue of such Loan Party’s failure to qualify as an Eligible Contract Participant on the Eligibility Date for such Swap. Notwithstanding anything to the contrary contained in the foregoing or in any other provision of this Agreement or any other Loan Document, the foregoing is subject to the following provisos: (a) if a Swap Obligation arises under a master agreement governing more than one Swap, this definition shall apply only to the portion of such Swap Obligation that is attributable to Swaps for which such guaranty or security interest is or becomes illegal under the CEA, or any rule, regulations or order of the CFTC, solely as a result of the failure by such Loan Party for any reason to qualify as an Eligible Contract Participant on the Eligibility Date for such 
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Swap, (b) if a guarantee of a Swap Obligation would cause such obligation to be an Excluded Hedge Liability but the grant of a security interest would not cause such obligation to be an Excluded Hedge Liability, such Swap Obligation shall constitute an Excluded Hedge Liability for purposes of the guaranty but not for purposes of the grant of the security interest, and (c) if there is more than one Loan Party executing this Agreement or the other Loan Documents and a Swap Obligation would be an Excluded Hedge Liability with respect to one or more of such Persons, but not all of them, the definition of Excluded Hedge Liability or Liabilities with respect to each such Person shall only be deemed applicable to (i) the particular Swap Obligations that constitute Excluded Hedge Liabilities with respect to such Person, and (ii) the particular Person with respect to which such Swap Obligations constitute Excluded Hedge Liabilities.
Excluded Subsidiary shall mean those entities set forth on Schedule 1.1(E) and any additional Subsidiary acquired or created which (i) is not a Wholly-Owned Subsidiary, (ii) is party to a joint venture agreement, (iii) is an Immaterial Subsidiary, (iv) is a Foreign Subsidiary or a Domestic Subsidiary of a Foreign Subsidiary, (v) is a Foreign Holding Company, (vi) is prohibited by law or contractual obligation from providing a guaranty, (vii) is party to any agreement with a third-party that provides such counterparty with the right to purchase the equity of, or substantially all of the assets of, such Subsidiary and (viii) is excluded by the Administrative Agent and the Borrower mutually determining that the cost or burden of obtaining the guaranty (including any adverse tax consequences) outweigh the benefit to the Lenders.  
Excluded Taxes shall mean any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (a) imposed as a result of such Recipient being organized under the Laws of, or having its principal office or, in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (b) that are Other Connection Taxes, (ii) 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 (a) such Lender acquires such interest in such Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 5.7.2 [Replacement of a Lender]) or (b) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 5.10.7 [Status of Lenders], 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, (iii) Taxes attributable to such Recipient's failure to comply with Section 5.10.7 [Status of Lenders] and (iv) any Taxes imposed under FATCA.
Executive Order No. 13224 shall mean the Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.
Existing Credit Agreement shall mean as is specified in the opening paragraphs to this Agreement.
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Existing Letters of Credit shall mean those letters of credit existing on the Closing Date and identified on Schedule 2.9.1.
Expiration Date shall mean, with respect to the Revolving Credit Commitments, November 12, 2025.
Facilities shall means the Revolving Credit Facility.
Facility Termination Date means the date as of which all of the following shall have occurred:  (a) the aggregate Commitments have been terminated, (b) all Obligations have been paid in full (other than (i) contingent indemnification obligations that are not yet due and (ii) obligations and liabilities under any Lender Provided Interest Rate Hedge, any Lender Provided Foreign Currency Hedge and any Other Lender Provided Financial Service Product (other than any such obligations for which written notice has been received by the Administrative Agent that either (x) amounts are currently due and payable under such Lender Provided Interest Rate Hedge, any Lender Provided Foreign Currency Hedge and any Other Lender Provided Financial Service Product, as applicable, or (y) no arrangements reasonably satisfactory to the applicable Cash Management Bank or Hedge Bank have been made)), and (c) all Letters of Credit have terminated or expired (other than Letters of Credit as to which have been Cash Collateralized or other arrangements with respect thereto reasonably satisfactory to the Administrative Agent (to the extent the Administrative Agent is a party to such arrangements) and the Issuing Lender, including the provision of cash collateral, shall have been made).
FATCA shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or official practices adopted pursuant to any intergovernmental agreement, treaty or convention among any Official Bodiesy and implementing such Sections of the Code.
Fixed Charge Coverage Ratio shall mean the ratio of (i) Consolidated EBITDA for the period of four consecutive fiscal quarters immediately preceding such date of determination taken as a single accounting period as of the date of determination minus the amount actually paid in cash by the Borrower and its Subsidiaries during such period on account of Capital Expenditures (excluding any such Capital Expenditures that have been financed with Indebtedness (other than Loans)) for such period to (ii) Fixed Charges.
Fixed Charges shall mean for any period of determination the sum (without duplication) of interest expense, income taxes, scheduled principal installments on Indebtedness (as adjusted for prepayments), and Restricted Payments paid in cash (other than distributions in accordance with Section 8.2.5(iv)), for such period determined and consolidated in accordance with GAAP. 
Foreign Currency Hedge shall mean any foreign exchange transaction, including spot and forward foreign currency purchases and sales, listed or over-the-counter options on foreign currencies, non-deliverable forwards and options, foreign currency swap agreements, 
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currency exchange rate price hedging arrangements, and any other similar transaction providing for the purchase of one currency in exchange for the sale of another currency.
Foreign Currency Hedge Liabilities shall mean as is specified in the definition of Lender Provided Foreign Currency Hedge.
Foreign Lender shall mean (i) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (ii) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the Laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.
Foreign Subsidiary shall mean any Subsidiary of the Borrower that is organized under the Laws of a jurisdiction other than the United States, a State thereof or the District of Columbia.
Foreign Subsidiary Holding Company shall mean any Subsidiary of the Borrower all or substantially all of the assets of which are comprised of Equity Interests in one or more Foreign Subsidiaries or CFC Debt.
Fronting Exposure shall mean, at any time there is a Defaulting Lender, (a) with respect to the Issuing Lender, such Defaulting Lender’s Ratable Share of the outstanding Letter of Credit Obligations with respect to Letters of Credit issued by such Issuing Lender other than Letter of Credit Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to any Swingline Loan Lender, such Defaulting Lender’s Ratable Share of outstanding Swingline Loans made by such Swingline Loan Lender other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders.
Fund shall mean any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities.
GAAP shall mean generally accepted accounting principles as are in effect in the United States from time to time, subject to the provisions of Section 1.3 [Accounting Principles], and applied on a consistent basis both as to classification of items and amounts.
Guarantors shall mean, collectively, (a) as of the Closing Date, each Subsidiary listed as a Guarantor on Schedule 1.1(b), (b) each direct or indirect Domestic Subsidiary of the Borrower (other than Excluded Subsidiaries) required to become a Guarantor pursuant to Section 8.1.11.1 [Additional Domestic Subsidiaries], and (b) any other Person that is from time to time party to the Guaranty Agreement or any other agreement pursuant to which it guarantees the Obligations or any portion thereof .
Guaranty Agreement shall mean the Continuing Agreement of Guaranty and Suretyship, dated of even date herewith, executed and delivered by each of the Guarantors in favor of the Administrative Agent for the benefit of the Secured Parties.
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Guaranty Joinder shall mean a joinder by a Person as a Guarantor under the Loan Documents in substantially the form of Exhibit 1.1(G).
Guaranty of any Person shall mean any obligation of such Person guaranteeing or in effect guaranteeing any liability or obligation of any other Person in any manner, whether directly or indirectly, 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.
Hedge Bank shall mean any Person that, at the time it enters into a Lender Provided Foreign Currency Hedge or Lender Provided Interest Rate Hedge, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Lender Provided Foreign Currency Hedge or Lender Provided Interest Rate Hedge.
Hedge Liabilities shall mean collectively, the Foreign Currency Hedge Liabilities and the Interest Rate Hedge Liabilities.
Hedge Termination Value shall mean, in respect of any one or more interest rate hedges, commodity hedges and/or foreign currency hedges, after taking into account the effect of any legally enforceable netting agreement relating to such interest rate hedges, commodity hedges and/or foreign currency hedges, (a) for any date on or after the date such interest rate hedges, commodity hedges and/or foreign currency hedges have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such interest rate hedges, commodity hedges and/or foreign currency hedges, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such interest rate hedges, commodity hedges and/or foreign currency hedges (which may include an interest rate hedge bank, a commodity hedge bank or foreign currency hedge bank, as applicable).  
ICC shall have the meaning specified in Section 11.11.1 [Governing Law].
Immaterial Subsidiary shall mean at any time of determination, any Subsidiary of the Borrower that has (A) total assets (after elimination of intercompany items) in an aggregate less than 5.0% of the consolidated total assets of the Borrower as of the most recently ended fiscal quarter for which financial statements are then available, and (B) total EBITDA (after elimination of intercompany items) of all Immaterial Subsidiaries in the aggregate at any time does not exceed an amount equal to 5.0% of Consolidated EBITDA for the most recently ended period of four fiscal quarters for which financial statements are then available so long as in the case of all Subsidiaries considered Immaterial Subsidiaries the (A) total assets (after elimination of intercompany items) of all Immaterial Subsidiaries in the aggregate at any time do not exceed an amount equal to 10.0% of the consolidated total assets of the Borrower as of the most recently ended fiscal quarter for which financial statements are then available, and (B) total EBITDA (after elimination of intercompany items) of all Immaterial Subsidiaries in the aggregate at any time does not exceed an amount equal to 10.0% of Consolidated EBITDA for the most recently ended period of four fiscal quarters for which financial statements are then available.  As of the 
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Closing Date, the entities set forth on Schedule 1.1(I) shall constitute the Immaterial Subsidiaries.
Increasing Lender shall have the meaning assigned to that term in Section 2.12 [Increase in Revolving Credit Commitments].
Indebtedness shall mean, as to any Person at any time, without duplication, (a) all indebtedness 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 amounts owed to NACCO under the Tax Sharing Agreement and/or in respect of state or local taxes paid by NACCO on behalf of the Borrower and its Subsidiaries), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all obligations of such Person 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 obligations of such Person as lessee under leases that have been or should be, in accordance with GAAP, recorded as capital leases, (f) all obligations, contingent or otherwise, of such Person in respect of acceptances, letters of credit, surety bonds or similar extensions of credit, (g) net reimbursement obligations (contingent or otherwise) under any letter of credit, currency swap agreement, interest rate swap, cap, collar or floor agreement or other interest rate management device, (h) all Indebtedness of others referred to in clauses (a) through (g) above or clause (i) below guaranteed directly or indirectly in any manner by such Person, or in effect guaranteed directly or indirectly by such Person through an agreement (1) to pay or purchase such Indebtedness or to advance or supply funds for the payment or purchase of such Indebtedness, (2) to purchase, sell or lease (as lessee or lessor) property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such Indebtedness or to assure the holder of such Indebtedness against loss, (3) to supply funds to or in any other manner invest in the debtor (including any agreement to pay for property or services irrespective of whether such property is received or such services are rendered) or (4) otherwise to assure a creditor against loss, and (i) all Indebtedness referred to in clauses (a) through (h) above secured by any Lien on property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness.   
Indemnified Taxes shall mean (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document, and (ii) to the extent not otherwise described in the preceding clause (i), Other Taxes.
Indemnitee shall have the meaning specified in Section 11.3.2 [Indemnification by the Borrower].
Information shall mean all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of such Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the Issuing Lender on a non-confidential basis prior to disclosure by the Borrower or any of its Subsidiaries.
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Insolvency Proceeding shall mean, with respect to any Person, (a) a case, action or proceeding with respect to such Person (i) before any court or any other Official Body under any bankruptcy, insolvency, reorganization or other similar Law now or hereafter in effect, or (ii) for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator (or similar official) of the Borrower or otherwise relating to the liquidation, dissolution, winding-up or relief of such Person, or (b) any general assignment for the benefit of creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect of such Person's creditors generally or any substantial portion of its creditors; undertaken under any Law.
Intercompany Subordination Agreement shall mean the Intercompany Subordination Agreement, dated of even date herewith, executed and delivered by each of the Loan Parties in favor to the Administrative Agent for the benefit of the Secured Parties. 
Interest Period shall mean the period of time selected by the Borrower in connection with (and to apply to) any election permitted hereunder by the Borrower to have Revolving Credit Loans bear interest under the LIBOR Rate Option.  Subject to the last sentence of this definition, such period shall be one, three or six Months.  Such Interest Period shall commence on the effective date of such Interest Rate Option, which shall be (i) the Borrowing Date if the Borrower is requesting new Loans, or (ii) the date of renewal of or conversion to the LIBOR Rate Option if the Borrower is renewing or converting to the LIBOR Rate Option applicable to outstanding Loans.  Notwithstanding the second sentence hereof: (A) any Interest Period which would otherwise end on a date which is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (B) the Borrower shall not select, convert to or renew an Interest Period for any portion of the Loans that would end after the Expiration Date.
Interest Rate Hedge shall mean an interest rate exchange, collar, cap, swap, floor, adjustable strike cap, adjustable strike corridor, cross-currency swap or similar agreements entered into by any Loan Party in order to provide protection to, or minimize the impact upon, any Loan Party of increasing floating rates of interest applicable to Indebtedness. 
Interest Rate Hedge Liabilities means as is specified in the definition of Lender Provided Interest Rate Hedge.
Interest Rate Option shall mean any LIBOR Rate Option or Base Rate Option.
IP Security Agreement shall mean the Patent, Trademark and Copyright Security Agreement, dated of even date herewith, executed and delivered by each of the Loan Parties to the Administrative Agent for the benefit of the Secured Parties.  
IRS shall mean the United States Internal Revenue Service.
ISP98 shall have the meaning specified in Section 11.11.1 [Governing Law].
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Issuing Lender shall mean PNC, in its individual capacity as issuer of Letters of Credit hereunder and any other Lender that Borrower, Administrative Agent and such other Lender may agree may from time to time issue Letters of Credit hereunder.
Joint Venture shall mean a non-wholly owned corporation, partnership, limited liability company or other entity of the Borrower or any of its Subsidiaries in which the Borrower and its Subsidiaries hold, directly or indirectly, no less than a 10% equity interest.
KPIs shall have the meaning assigned to it in Section 2.13 [Sustainability Adjustments].
Law shall mean any law(s) (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, issued guidance, release, ruling, order, executive order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of or any settlement arrangement, by agreement, consent or otherwise, with any Official Body, foreign or domestic.
Lender Provided Foreign Currency Hedge shall mean a Foreign Currency Hedge which is entered into between any Loan Party and any Hedge Bank that: (a) is documented in a standard International Swaps and Derivatives Association Master Agreement or another reasonable and customary manner, (b) provides for the method of calculating the reimbursable amount of the provider’s credit exposure in a reasonable and customary manner, and (c) is entered into for hedging (rather than speculative) purposes.  The liabilities owing to the Hedge Bank providing any Lender Provided Foreign Currency Hedge (the "Foreign Currency Hedge Liabilities") by any Loan Party that is party to such Lender Provided Foreign Currency Hedge shall, for purposes of this Agreement and all other Loan Documents be "Obligations" of such Person and of each other Loan Party, be guaranteed obligations under the Guaranty Agreement and secured obligations under any other Loan Document, as applicable, and otherwise treated as Obligations for purposes of the other Loan Documents, except to the extent constituting Excluded Hedge Liabilities of such Person. The Liens securing the Foreign Currency Hedge Liabilities shall be pari passu with the Liens securing all other Obligations under this Agreement and the other Loan Documents, subject to the express provisions of Section 9.2.5 [Application of Proceeds].]
Lender Provided Interest Rate Hedge shall mean an Interest Rate Hedge which is entered into between any Loan Party and any Hedge Bank that: (a) is documented in a standard International Swaps and Derivatives Association Master Agreement or another reasonable and customary manner, (b) provides for the method of calculating the reimbursable amount of the provider’s credit exposure in a reasonable and customary manner, and (c) is entered into for hedging (rather than speculative) purposes.  The liabilities owing to the Hedge Bank providing any Lender Provided Interest Rate Hedge (the "Interest Rate Hedge Liabilities") by any Loan Party that is party to such Lender Provided Interest Rate Hedge shall, for purposes of this Agreement and all other Loan Documents, be "Obligations" of such Person and of each other Loan Party, be guaranteed obligations under any Guaranty Agreement and secured obligations under any other Loan Document, as applicable, except to the extent constituting Excluded Hedge Liabilities of such Person. The Liens securing the Hedge Liabilities shall be pari passu with the 
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Liens securing all other Obligations under this Agreement and the other Loan Documents, subject to the express provisions of Section 9.2.5 [Application of Proceeds].
Lenders shall mean the financial institutions named on Schedule 1.1(B) and their respective successors and assigns as permitted hereunder, each of which is referred to herein as a Lender.  For the purpose of any Loan Document which provides for the granting of a security interest or other Lien to the Lenders or to the Administrative Agent for the benefit of the Secured Parties as security for the Obligations, "Lenders" shall include any Affiliate of a Lender to which such Obligation is owed. Unless the context requires otherwise, the term "Lenders" includes the Swingline Loan Lender, but not the Issuing Lender.
Lending Office shall mean, as to the Administrative Agent, the Issuing Lender or any Lender, the office or offices of such Person described as such in such Lender’s Administrative Questionnaire, or such other office or offices as such Person may from time to time notify the Borrower and the Administrative Agent.
Letter of Credit shall mean as is specified in Section 2.8.1 [Issuance of Letters of Credit].  As of the Closing Date, each of the Existing Letters of Credit shall constitute, for all purposes of this Agreement and the other Loan Documents, a Letter of Credit issued and outstanding hereunder.
Letter of Credit Borrowing shall have the meaning specified in Section 2.8.3 [Disbursements, Reimbursement].
Letter of Credit Fee shall have the meaning specified in Section 2.8.2 [Letter of Credit Fees].
Letter of Credit Obligation shall mean, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date. 
Letter of Credit Sublimit shall have the meaning specified in Section 2.8.1 [Issuance of Letters of Credit].
LIBOR Rate shall mean, with respect to the Loans comprising any Borrowing Tranche to which the LIBOR Rate Option applies for any Interest Period, the interest rate per annum determined by the Administrative Agent by dividing (the resulting quotient rounded upwards, at the Administrative Agent's discretion, to the nearest 1/100 of 1%) (a) the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at which US dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted by another source selected by the Administrative Agent as an authorized information vendor for the purpose of displaying rates at which US dollar deposits are offered by leading banks in the London interbank deposit market (an "Alternate Source"), at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period as the London interbank offered rate for U.S. Dollars for an amount comparable to such Borrowing Tranche and having a borrowing date and a maturity 
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comparable to such Interest Period (or if there shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any Alternate Source, a comparable replacement rate determined by the Administrative Agent at such time (which determination shall be conclusive absent manifest error)), by (b) a number equal to 1.00 minus the LIBOR Reserve Percentage.  Notwithstanding the foregoing, if the LIBOR Rate as determined under any method above would be less than zero percent (0.00%), such rate shall be deemed to be zero percent (0.00%) for purposes of this Agreement.
The LIBOR Rate shall be adjusted with respect to any Loan to which the LIBOR Rate Option applies that is outstanding on the effective date of any change in the LIBOR Reserve Percentage as of such effective date.  The Administrative Agent shall give prompt notice to the Borrower of the LIBOR Rate as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest error.
LIBOR Rate Loan shall mean any Loan to which the LIBOR Rate Option applies.
LIBOR Rate Option shall mean the option of the Borrower to have Loans bear interest at the rate and under the terms specified in Section 4.1.1(ii) [Revolving Credit LIBOR Rate Option].
LIBOR Reserve Percentage shall mean as of any day 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 supplemental, marginal and emergency reserve requirements) with respect to eurocurrency funding or in respect of eurocurrency liabilities or any similar category of liabilities for a member bank of the Federal Reserve System in New York City.
Lien shall mean any mortgage, deed of trust, pledge, lien, security interest, charge or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including 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).
LLC Division shall mean, in the event a Borrower or Guarantor is a limited liability company, (a) the division of any such Borrower or Guarantor into two or more newly formed limited liability companies (whether or not such Borrower or Guarantor is a surviving entity following any such division) pursuant to Section 18-217 of the Delaware Limited Liability Company Act or any similar provision under any similar act governing limited liability companies organized under the Laws of any other State or Commonwealth or of the District of Columbia, or (b) the adoption of a plan contemplating, or the filing of any certificate with any applicable Official Body that results or may result in, any such division.
Loan Documents shall mean this Agreement, the Administrative Agent’s Letter, the Collateral Documents, the Guaranty Agreement, the Environmental Indemnity, the Intercompany Subordination Agreement, the Notes, and any other instruments, certificates or documents delivered in connection herewith or therewith.  
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Loan Parties shall mean the Borrower and the Guarantors.
Loan Request shall have the meaning specified in Section 2.4 [Revolving Credit Loan Requests; Swingline Loan Requests].
Loans shall mean collectively and Loan shall mean separately all Revolving Credit Loans or Swingline Loans, or any Revolving Credit Loan or Swingline Loan.
Material Adverse Change shall mean any set of circumstances or events which (a) has or could reasonably be expected to have any material adverse effect whatsoever upon the validity or enforceability of this Agreement or any other Loan Document, (b) is or could reasonably be expected to be material and adverse to the business, properties, assets, financial condition, results of operations of the Loan Parties and their Subsidiaries taken as a whole, (c) impairs materially or could reasonably be expected to impair materially the ability of the Loan Parties and their Subsidiaries taken as a whole to duly and punctually pay or perform any of the Obligations, or (d) impairs materially or could reasonably be expected to impair materially the ability of the Administrative Agent or any of the Lenders, to the extent permitted, to enforce their legal remedies pursuant to this Agreement or any other Loan Document.
Material Contract shall mean each coal or other supply or services contract to which the Borrower or any Subsidiary is a party and which provides for annual payments to the Borrower or any Subsidiary which are expected to be in excess of $5,000,000.
Minimum Collateral Amount shall mean, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances, an amount equal to 103% of the Fronting Exposure of the Issuing Lender with respect to Letters of Credit issued and outstanding at such time and (b) otherwise, an amount determined by the Administrative Agent and the Issuing Lender in their sole discretion.
Month, with respect to an Interest Period under the LIBOR Rate Option, shall mean the interval between the days in consecutive calendar months numerically corresponding to the first day of such Interest Period.  If any LIBOR Rate Interest Period begins on a day of a calendar month for which there is no numerically corresponding day in the month in which such Interest Period is to end, the final month of such Interest Period shall be deemed to end on the last Business Day of such final month.
Mortgage shall mean each deed of trust, mortgage or other similar instrument granting a Lien in real property now or hereafter executed and delivered to the Administrative Agent for the benefit of the Secured Parties.
Multiemployer Plan shall mean any employee pension benefit plan which is a "multiemployer plan" within the meaning of Section 4001(a)(3) of ERISA and to which the Borrower or any member of the ERISA Group is then making or accruing an obligation to make contributions or, within the preceding five (5) plan years, has made or had an obligation to make such contributions, or to which the Borrower or any member of the ERISA Group has any liability (contingent or otherwise).
NACCO shall mean NACCO Industries, Inc., a Delaware corporation.
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Net Consolidated Debt shall mean the total amount of net Consolidated Current Debt and net Consolidated Funded Debt of the Borrower and its Consolidated Subsidiaries outstanding on the date of determination, after eliminating all offsetting debits and credits between the Borrower and its Consolidated Subsidiaries and all other items required to be eliminated in the course of preparation of consolidated financial statements of the Borrower and its Consolidated Subsidiaries.
Net Debt/EBITDA Ratio shall mean, as of the end of any date of determination, the ratio of Net Consolidated Debt at such date minus the lesser of (i) the amount of unrestricted cash at such date and (ii) $10,000,000 to Consolidated EBITDA for the period of four consecutive fiscal quarters immediately preceding such date of determination taken as a single accounting period.
Net Proceeds shall mean, with respect to any sale of property by the Borrower or any Subsidiary, the net proceeds from such sale received by the Person, net of: 
(a)    actual expenses and fees relating to such sale (including, without limitation, legal, accounting and investment banking fees, sales commissions and relocation expenses); 
(b)    taxes paid or payable or estimated by the Borrower (in good faith) to be payable in connection with such sale after taking into account any reduction in consolidated tax liability due to available tax credits or deductions or any tax sharing arrangements; 
(c)    repayment or prepayment of any Indebtedness that is required to be repaid or prepaid in connection with such sale; 
(d)    provision for minority interest holders in any Subsidiary as a result of such sale; 
(e)    payments of unassumed liabilities (not constituting Indebtedness ) relating to the assets or property sold at the time of, or within thirty (30) days after, the date of such sale; and 
(f)    appropriate amounts to be provided by the Borrower or any Subsidiary as the case may be, as reserves in accordance with GAAP, against any liabilities associated with such sale and retained by the Borrower or any Subsidiary, as the case may be, after the sale including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such sale. 
New Lender shall have the meaning assigned to that term in Section 2.12 [Increase in Revolving Credit Commitments].
Non-Consenting Lender shall mean any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all or all affected Lenders in accordance with the terms of Section 11.1 [Modifications, Amendments or Waivers] and (b) has been approved by the Required Lenders.
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Non-Defaulting Lender shall mean, at any time, each Lender that is not a Defaulting Lender at such time.  
Non-Qualifying Party shall mean any Loan Party that fails for any reason to qualify as an Eligible Contract Participant on the Effective Date of the applicable Swap.
Non-Recourse Indebtedness shall mean any Indebtedness other than Recourse Indebtedness.
Notes shall mean, collectively, the promissory notes in the form of Exhibit 1.1(N)(1) evidencing the Revolving Credit Loans and in the form of Exhibit 1.1(N)(2) evidencing the Swingline Loan. 
Notices shall have the meaning specified in Section 11.5 [Notices; Effectiveness; Electronic Communication].
NYFRB shall mean the Federal Reserve Bank of New York.
Obligation shall mean any obligation or liability of any of the Loan Parties or other credit support providers specified in the Loan Documents, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due, under or in connection with (a) this Agreement, the Notes, the Letters of Credit, the Administrative Agent’s Letter or any other Loan Document whether to the Administrative Agent, any of the Lenders or their Affiliates or other persons provided for under such Loan Documents, (b) any Lender Provided Interest Rate Hedge, (c) any Erroneous Payment Subrogation Rights, [(d) any Lender Provided Foreign Currency Hedge,] and [(d)][(e)] any Other Lender Provided Financial Service Product.  Notwithstanding anything to the contrary contained in the foregoing, the Obligations shall not include any Excluded Hedge Liabilities.
OFAC shall mean the Office of Foreign Assets Control of the United States Department of the Treasury.
Office and Building Lease Payments shall mean all amounts paid to a lessor that relate to the occupancy of office or building space under an operating lease when a lease liability is required to be recognized under GAAP for such operating lease.
Official Body shall mean 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) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).
Order shall have the meaning specified in Section 2.8.9 [Liability for Acts and Omissions].
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Other Connection Taxes shall mean, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient (or an agent or affiliate thereof) and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
Other Lender Provided Financial Service Product shall mean agreements or other arrangements entered into between any Loan Party and any Cash Management Bank that provides any of the following products or services to any of the Loan Parties:  (a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) ACH transactions, (f) cash management, including controlled disbursement, overdraft lines, accounts or services, or (g) foreign currency exchange.
Other Taxes shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 5.7.2 [Replacement of a Lender]).
Overnight Bank Funding Rate shall mean, for any day, the rate comprised of both overnight federal funds and overnight eurocurrency borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York ("NYFRB"), as set forth on its public website from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by the NYFRB (or by such other recognized electronic source (such as Bloomberg) selected by the Administrative Agent for the purpose of displaying such rate); provided, that if such day is not a Business Day, the Overnight Bank Funding Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Administrative Agent at such time (which determination shall be conclusive absent manifest error). If the Overnight Bank Funding Rate determined as above would be less than zero, then such rate shall be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight Bank Funding Rate without notice to the Borrower.
Participant shall have the meaning specified in Section 11.8.4 [Participations].
Participant Register shall have the meaning specified in Section 11.8.4 [Participations].
Participation Advance shall have the meaning specified in Section 2.8.3 [Disbursements, Reimbursement].
Payment Date shall mean the first day of each calendar quarter after the date hereof and on the Expiration Date or upon acceleration of the Notes.
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Payment In Full and Paid in Full shall mean the indefeasible payment in full in cash of the Loans and other Obligations hereunder, termination of the Commitments and expiration or termination of all Letters of Credit. 
Payment Recipient shall have the meaning specified in Section 10.15.1.
PBGC shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA or any successor.
Pension Plan shall mean at any time an "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA) (including a "multiple employer plan" as described in Sections 4063 and 4064 of ERISA, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 or Section 430 of the Code and either (a) is sponsored, maintained or contributed to by any member of the ERISA Group for employees of any member of the ERISA Group, (b) has at any time within the preceding five years been sponsored, maintained or contributed to by any entity which was at such time a member of the ERISA Group for employees of any entity which was at such time a member of the ERISA Group, or in the case of a "multiple employer" or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years or (c) or to which the Borrower or any member of the ERISA Group may have any liability (contingent or otherwise).
Permitted Holders shall mean, collectively, the parties to the Amended and Restated Stockholders' Agreement, dated as of September 28, 2012, as amended from time to time, by and among the Participating Stockholders (as defined therein) and NACCO. 
Permitted Investments shall mean:
(i)    direct obligations of the United States of America or any agency or instrumentality thereof or obligations backed by the full faith and credit of the United States of America maturing in twelve (12) months or less from the date of acquisition;
(ii)    commercial paper maturing in 180 days or less rated not lower than A-1, by Standard & Poor's or P-1 by Moody's Investors Service, Inc. on the date of acquisition;
(iii)    demand deposits, time deposits or certificates of deposit maturing within one year in commercial banks whose obligations are rated A-1, A or the equivalent or better by Standard & Poor's on the date of acquisition;
(iv)    money market or mutual funds whose investments are limited to those types of investments described in clauses (i) (iii) above; and
(v)    investments made under the Cash Management Agreements or under cash management agreements with any other Lenders.
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Permitted Liens shall mean:
(i)    Liens for taxes, assessments, or similar charges, incurred in the ordinary course of business and which are not yet due and payable or that are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;
(ii)    Pledges or deposits made in the ordinary course of business to secure payment of workmen's compensation, or to participate in any fund in connection with workmen's compensation, unemployment insurance, old-age pensions or other social security programs;
(iii)    Liens of mechanics, materialmen, warehousemen, carriers, or other like Liens, securing obligations incurred in the ordinary course of business that are not yet due and payable and Liens of landlords securing obligations to pay lease payments that are not yet due and payable or in default;
(iv)    Good-faith pledges or deposits made in the ordinary course of business to secure performance of bids, tenders, contracts (other than for the repayment of borrowed money or as security for Hedge Liabilities or margining related to commodities hedges) or leases, not in excess of the aggregate amount due thereunder, or to secure statutory obligations, or surety, appeal, indemnity, performance or other similar bonds required in each case for the Borrower or any Consolidated Subsidiaries and incurred in the ordinary course of business;
(v)    Encumbrances consisting of zoning restrictions, easements or other restrictions on the use of real property, none of which materially impairs the use of such property or the value thereof, and none of which is violated in any material respect by existing or proposed structures or land use;
(vi)    Liens on property leased by the Borrower or any Subsidiary of the Borrower under capital leases securing obligations of the Borrower or such Subsidiary to the lessor under such leases;
(vii)    Liens in the Collateral in favor of the Secured Parties;
(viii)    Any Lien existing on the date of this Agreement and described on Schedule 1.1(P) and any renewal, extension or replacement of such Lien, provided that if such Lien secures any Indebtedness, the principal amount secured thereby is not hereafter increased, and no additional assets become subject to such Lien;
(ix)    Purchase Money Security Interests and capitalized leases to the extent permitted under Section 8.2.1(C) and 8.2.1(i)(E), as applicable;
(x)    Liens securing Indebtedness other than Recourse Indebtedness in an aggregate principal amount not to exceed $1,000,000 at any time outstanding; 
(xi)    Other Liens securing Recourse Debt in an aggregate principal amount not to exceed $1,000,000 at any time outstanding; 
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(xii)    Liens securing Royalty Payments (as defined herein) in the ordinary course of business with respect to real property or mineral interests acquired on or after the Closing Date, whether owned or leased by the Borrower or any Subsidiary of the Borrower and other similar Liens in existence prior to the Closing Date; provided that any such Lien is not expanded to cover any other property or assets of the Borrower or any Subsidiary of the Borrower (other than proceeds of the property or assets subject to such Lien).  For Purposes of this subsection, Royalty Payments shall be defined as production payments, royalties, dedication of reserves under supply agreements or similar rights or interests granted, taken subject to, or otherwise imposed on properties consistent with normal practices in the mining industry, but in no event shall Royalty Payments include any overriding royalties granted at the time of acquisition as a component of the consideration for the acquisition; and
(xiii)    The following, (A) if the validity or amount thereof is being contested in good faith by appropriate and lawful proceedings diligently conducted so long as levy and execution thereon have been stayed and continue to be stayed or (B) if a final judgment is entered and such judgment is discharged within thirty (30) days of entry, and in either case they do not in the aggregate, materially impair the ability of the Borrower to perform its Obligations hereunder or under the other Loan Documents:
(1)    Claims or Liens for taxes, assessments or charges due and payable and subject to interest or penalty; provided that the Borrower maintains such reserves or other appropriate provisions as shall be required by GAAP and pays all such taxes, assessments or charges forthwith upon the commencement of proceedings to foreclose any such Lien;
(2)    Claims, Liens or encumbrances upon, and defects of title to, real or personal property, including any attachment of personal or real property or other legal process prior to adjudication of a dispute on the merits;
(3)    Claims or Liens of mechanics, materialmen, warehousemen, carriers, or other statutory nonconsensual Liens; or
(4)    Liens resulting from final judgments or orders described in Section 9.1.7 [Final Judgments or Orders].  
Person shall mean any individual, corporation, partnership, limited liability company, association, joint-stock company, trust, unincorporated organization, joint venture, government or political subdivision or agency thereof, or any other entity.
Plan shall mean any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Borrower or any member of the ERISA Group or any such Plan to which the Borrower or any member of the ERISA Group is required to contribute on behalf of any of its employees.
Platform shall mean Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.
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Pledge Agreement shall mean the Pledge Agreement, dated of even date herewith, executed and delivered by each of the Loan Parties to the Administrative Agent for the benefit of the Secured Parties.
PNC shall mean PNC Bank, National Association, its successors and assigns.
Potential Default shall mean any event or condition which with notice or passage of time, or both, would constitute an Event of Default.
Prime Rate shall mean the interest rate per annum announced from time to time by the Administrative Agent at its Principal Office as its then prime rate, which rate may not be the lowest or most favorable rate then being charged commercial borrowers or others by the Administrative Agent and may not be tied to any external rate of interest or index.  Any change in the Prime Rate shall take effect at the opening of business on the day such change is announced.
Principal Office shall mean the main banking office of the Administrative Agent in Pittsburgh, Pennsylvania.
Project Mining Subsidiary shall mean any Subsidiary of the Borrower (a) whose Indebtedness is Non-Recourse Indebtedness and (b) the customers of which finance or guarantee the financing and certain other obligations of such Subsidiary.  Schedule 1.1(S) hereto sets forth a list of such Project Mining Subsidiaries as of the Closing Date. 
PTE shall mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
Published Rate shall mean the rate of interest published each Business Day in The Wall Street Journal "Money Rates" listing under the caption "London Interbank Offered Rates" for a one month period: provided that if no such rate is published therein for any reason, then the Published Rate shall be the rate at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market for a one month period either (a) as published in another publication selected by the Administrative Agent or (b) in an Alternate Source (or if there shall at any time, for any reason, no longer exist any such reference or any Alternate Source, a comparable replacement rate determined by the Administrative Agent at such time (which determination shall be conclusive absent manifest error).
Qualified ECP Loan Party shall mean each Loan Party that on the Eligibility Date is (a) a corporation, partnership, proprietorship, organization, trust, or other entity other than a "commodity pool" as defined in Section 1a(10) of the CEA and CFTC regulations thereunder that has total assets exceeding $10,000,000, or (b) an Eligible Contract Participant that can cause another person to qualify as an Eligible Contract Participant on the Eligibility Date under Section 1a(18)(A)(v)(II) of the CEA by entering into or otherwise providing a "letter of credit or keepwell, support, or other agreement" for purposes of Section 1a(18)(A)(v)(II) of the CEA.
Purchase Money Security Interest shall mean Liens upon tangible personal property securing loans to the Borrower or any Subsidiary of the Borrower or deferred payments by the Borrower or such Subsidiary for the purchase of such tangible personal property.
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Ratable Share shall mean:
(i)    with respect to a Lender's obligation to make Revolving Credit Loans, participate in Letters of Credit and other Letter of Credit Obligations, and receive payments, interest, and fees related thereto, the proportion that such Lender's Revolving Credit Commitment bears to the Revolving Credit Commitments of all of the Lenders, provided however that if the Revolving Credit Commitments have terminated or expired, the Ratable Shares for purposes of this clause shall be determined based upon the Revolving Credit Commitments most recently in effect, giving effect to any assignments.
(ii)    with respect to all other matters as to a particular Lender, the percentage obtained by dividing (i) such Lender's Revolving Credit Commitment, by (ii) the sum of the aggregate amount of the Revolving Credit Commitments of all Lenders; provided however that if the Revolving Credit Commitments have terminated or expired, the computation in this clause shall be determined based upon the Revolving Credit Commitments most recently in effect, giving effect to any assignments, and not on the current amount of the Revolving Credit Commitments and provided further in the case of Section 2.10 [Defaulting Lenders] when a Defaulting Lender shall exist, "Ratable Share" shall mean the percentage of the aggregate Commitments (disregarding any Defaulting Lender's Commitment) represented by such Lender's Commitment.
Real Property shall mean the real property, both owned and leased, and the surface, coal, and mineral rights, interests and coal leases of the Borrower and its Subsidiaries.
Recourse Indebtedness of any Person shall mean all items that, in accordance with GAAP, would be classified as indebtedness on a Consolidated balance sheet of such Person (other than trade payables incurred in the ordinary course of business and amounts owed to NACCO under the Tax Sharing Agreement and/or in respect of state or local taxes paid by NACCO) on behalf of the Borrower and its Subsidiaries; but shall not include indebtedness as to which no recourse may be asserted against the Borrower or any of its Consolidated Subsidiaries except to the extent that such indebtedness is secured by a Lien on specified assets of the Borrower or any of its Consolidated Subsidiaries.
Recipient shall mean (i) the Administrative Agent, (ii) any Lender and (iii) the Issuing Lender, as applicable.
Regulated Substances shall mean, without limitation, any substance, material or waste, regardless of its form or nature, defined under Environmental Laws as a "hazardous substance", "pollutant", "pollution", "contaminant", "hazardous or toxic substance", "extremely hazardous substance", "toxic chemical", "toxic substance", "toxic waste", "hazardous waste", "special handling waste", "industrial waste", "residual waste", "solid waste", "municipal waste", "mixed waste", "infectious waste", "chemotherapeutic waste", "medical waste", "regulated substance" or any other material, substance or waste, regardless of its form or nature, which otherwise is regulated by Environmental Laws.
Reimbursement Obligation shall have the meaning specified in Section 2.8.3 [Disbursements, Reimbursement].
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Related Parties shall mean, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person's Affiliates.
Relief Proceeding shall mean any proceeding seeking a decree or order for relief in respect of any Loan Party or Subsidiary of a Loan Party in a voluntary or involuntary case under any applicable bankruptcy, insolvency, reorganization or other similar law now or hereafter in effect, or for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator (or similar official) of any Loan Party or Subsidiary of a Loan Party for any substantial part of its property, or for the winding-up or liquidation of its affairs, or an assignment for the benefit of its creditors.
Removal Effective Date shall mean as is specified in Section 10.6.1.3.  [Resignation of Administrative Agent]
Required Environmental Notices shall mean all notices, reports, plans, forms or other filings which are required pursuant to Environmental Laws or Required Environmental Permits to be submitted to an Official Body or which otherwise must be maintained.
Required Environmental Permits shall mean all permits, licenses, bonds, consents, approvals or authorizations required under Environmental Laws to own, occupy or maintain the Real Property.
Reportable Compliance Event shall mean that: (a) any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal complaint, or similar charging instrument, arraigned, custodially detained, penalized or the subject of an assessment for a penalty, or enters into a settlement with an Official Body in connection with any sanctions or other Anti-Terrorism Law or Anti-Corruption law, or any predicate crime to any Anti-Terrorism Law or Anti-Corruption Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect of its operations represents a violation of any Anti-Terrorism Law or Anti-Corruption Law; (b) any Covered Entity engages in a transaction that has caused or may cause the Lenders, Administrative Agent or Collateral Agent to be in violation of any Anti-Terrorism Laws, including a Covered Entity’s use of any proceeds of the Facilities to fund any operations in, finance any investments or activities in, or, make any payments to, directly or indirectly, a Sanctioned Person or Sanctioned Jurisdiction; or (c) any Collateral becomes Embargoed Property.
Required Lenders shall mean
(A)    If there exists fewer than three (3) Lenders, all Lenders (other than any Defaulting Lender), and
(B)    If there exist three (3) or more Lenders, Lenders (other than any Defaulting Lender) having more than 50% of the sum of the aggregate amount of the Revolving Credit Commitments of the Lenders (excluding any Defaulting Lender) or, after the termination of the Revolving Credit Commitments, the outstanding Revolving Credit Loans and Ratable Share of Letter of Credit Obligations of the Lenders (excluding any Defaulting Lender).
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Required Mining Permits shall mean all permits, licenses, authorizations, plans, approvals and bonds necessary under the Environmental Laws for the Borrower or any of its Subsidiaries to continue to conduct coal mining and related operations on, in or under the Real Property, and any and all other mining properties owned or leased by the Borrower or any such Subsidiary (collectively "Mining Property") substantially in the manner as such operations had been authorized immediately prior to Borrower's or such Subsidiary's acquisition of its interests in the Real Property and as may be necessary for Borrower or such Subsidiary to conduct coal mining and related operations on, in or under the Mining Property as described in any plan of operation.
Required Share shall have the meaning assigned to such term in Section 5.12 [Settlement Date Procedures].
Resignation Effective Date shall mean as is specified in Section 10.6.1.1 [Resignation of Administrative Agent].
Resolution Authority shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
Restricted Payments shall have the meaning specified in Section 8.2.5 [Dividends and Related Distributions].
Revolving Credit Commitment shall mean, as to any Lender at any time, the amount initially set forth opposite its name on Schedule 1.1(B) in the column labeled "Amount of Commitment for Revolving Credit Loans," as such Commitment is thereafter assigned or modified and Revolving Credit Commitments shall mean the aggregate Revolving Credit Commitments of all of the Lenders.
Revolving Credit Facility shall mean the revolving loan facility provided pursuant to Article 2.
Revolving Credit Loans shall mean collectively and Revolving Credit Loan shall mean separately all Revolving Credit Loans or any Revolving Credit Loan made by the Lenders or one of the Lenders to the Borrower pursuant to Section 2.1 [Revolving Credit Commitments] or Section 2.8.3 [Disbursements, Reimbursement].
Revolving Facility Usage shall mean at any time the sum of the outstanding Revolving Credit Loans, the outstanding Swingline Loans, and the Letter of Credit Obligations.
Sanctioned Person shall mean (a) a Person that is the subject of sanctions administered by OFAC or the U.S. Department of State ("State"), including by virtue of being (i) named on OFAC’s list of "Specially Designated Nationals and Blocked Persons"; (ii) organized under the Laws of, ordinarily resident in, or physically located in a Sanctioned Jurisdiction; (iii) owned or controlled 50% or more in the aggregate, by one or more Persons that are the subject of sanctions administered by OFAC; (b) a Person that is the subject of sanctions maintained by the European Union ("E.U."), including by virtue of being named on the E.U.’s "Consolidated list of persons, groups and entities subject to E.U. financial sanctions" or other, similar lists; (c) a Person that is the subject of sanctions maintained by the United Kingdom ("U.K."), including by 
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virtue of being named on the "Consolidated List Of Financial Sanctions Targets in the U.K." or other, similar lists; or (d) a Person that is the subject of sanctions imposed by any Official Body of a jurisdiction whose Laws apply to this Agreement.
Sanctioned Jurisdiction shall mean any country, territory, or region that is the subject of sanctions administered by OFAC.  
Security Agreement shall mean the Security Agreement, dated of even date herewith, executed and delivered by each of the Loan Parties to the Administrative Agent for the benefit of the Secured Parties.  
Secured Parties shall mean, collectively, the Administrative Agent, the Lenders, the Issuing Lender, the Cash Management Banks, the Hedge Banks, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 10.5 [Delegation of Duties], and the other Persons the Obligations owing to which are or are purported to be secured by the Collateral under the terms of the Collateral Documents.
Settlement Date shall mean the Business Day on which the Administrative Agent elects to effect settlement pursuant to Section 5.12 [Settlement Date Procedures].
Solvent shall mean, with respect to any Person on a particular date, that on such date (i) the fair value of the property of such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person, (ii) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (iii) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (iv) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature, and (v) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person's property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged.  In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.
Standard & Poor's shall mean Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc.
Statements shall have the meaning specified in 6.1.6(i) [Historical Statements].
Subsidiary of any Person at any time shall mean any corporation, trust, partnership, any limited liability company or other business entity (i) of which more than 50% of the outstanding voting securities or other interests normally entitled to vote for the election of one or more directors (or Persons performing similar functions) (regardless of any contingency which does or may suspend or dilute the voting rights) is at such time owned directly or indirectly by such Person or one or more of such Person's Subsidiaries, or (ii) which is 
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Controlled or capable of being Controlled by such Person or one or more of such Person's Subsidiaries.
Subsidiary Equity Interests shall have the meaning specified in Section 6.1.2 [Subsidiaries and Owners; Investment Companies].
Sustainability Coordinator shall mean PNC Capital Markets LLC, in its capacity as the sustainability coordinator.
Swap shall mean any "swap" as defined in Section 1a(47) of the CEA and regulations thereunder, other than (a) a swap entered into, or subject to the rules of, a board of trade designated as a contract market under Section 5 of the CEA, or  (b) a commodity option entered into pursuant to CFTC Regulation 32.3(a).
Swap Obligation shall mean any obligation to pay or perform under any agreement, contract or transaction that constitutes a Swap which is also a Lender Provided Interest Rate Hedge or a Lender Provided Foreign Currency Hedge.
Swingline Loan Commitment shall mean PNC's commitment to make Swingline Loans to the Borrower pursuant to Section 2.1.2 [Swingline Loan Commitment] hereof in an aggregate principal amount up to $15,000,000 outstanding at any one time.
Swingline Loan Lender shall mean PNC, in its capacity as a lender of Swingline Loans.
Swingline Loan Note shall mean the Swingline Loan Note of the Borrower in the form of Exhibit 1.1(N)(2) evidencing the Swingline Loans, together with all amendments, extensions, renewals, replacements, refinancings or refundings thereof in whole or in part.
Swingline Loan Request shall mean a request for Swingline Loans made in accordance with Section 2.4.2 [Swingline Loan Requests] hereof.
Swingline Loans shall mean collectively and Swingline Loan shall mean separately all Swingline Loans or any Swingline Loan made by PNC to the Borrower pursuant to Section 2.1.2 [Swingline Loan Commitment] hereof.
[Tax Allocation Agreement shall mean that certain Tax Allocation Agreement between NACCO and Hyster-Yale Materials Handling, Inc., dated September 28, 2012, related to the allocation of federal tax liabilities between NACCO and Hyster-Yale Materials Handling, Inc., as amended, supplemented or otherwise modified from time to time.
Tax Sharing Agreement shall mean that certain Amended and Restated Tax Sharing Agreement between NACCO and its Subsidiaries, dated December 22, 2007, as amended by that certain First Amendment to Amended and Restated Tax Sharing Agreement, dated January 12, 2015, related to the allocation of federal tax liabilities among NACCO and its Consolidated U.S. Subsidiaries, as further amended, supplemented or otherwise modified from time to time.
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Taxes shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto.
UCP shall have the meaning specified in Section 11.11.1 [Governing Law].
UK Financial Institution shall mean any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
UK Resolution Authority shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
USA Patriot Act shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.
U.S. Borrower shall mean any Borrower that is a U.S. Person.  
U.S. Person shall mean any Person that is a "United States Person" as defined in Section 7701(a)(30) of the Code.
U.S. Tax Compliance Certificate shall have the meaning specified in Section 5.10.7(ii)(B)(c) [Status of Lenders].
Voting Stock shall mean capital stock issued by a corporation, or equivalent interests in any other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such a contingency.
Withholding Agent shall mean any Loan Party and the Administrative Agent.
Wholly-Owned Subsidiary shall mean, at any time, any Subsidiary one hundred percent (100%) of all of the equity interests (except directors' qualifying shares) and voting interests of which are owned by any one or more of the Loan Parties and a Loan Party's other Wholly-Owned Subsidiaries at such time.
Write-Down and Conversion Powers shall mean, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority  under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution  or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to 
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provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
1.2Construction.  Unless the context of this Agreement otherwise clearly requires, the following rules of construction shall apply to this Agreement and each of the other Loan Documents: (a) references to the plural include the singular, the plural, the part and the whole and the words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation"; (b) the word "will" shall be construed to have the same meaning and effect as the word "shall"; (c) the words "hereof," "herein," "hereunder," "hereto" and similar terms in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document as a whole; (d) article, section, subsection, clause, schedule and exhibit references are to this Agreement or other Loan Document, as the case may be, unless otherwise specified; (e) reference to any Person includes such Person’s successors and assigns; (f) reference to this Agreement or any other Loan Document, means this Agreement or such other Loan Document, together with the schedules and exhibits hereto or thereto, as amended, modified, replaced, substituted for, superseded or restated from time to time (subject to any restrictions thereon specified in this Agreement or the other applicable Loan Document); (g) relative to the determination of any period of time, "from" means "from and including," "to" means "to but excluding," and "through" means "through and including"; (h) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time (i) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights; (j) whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms; (k) section headings herein and in each other Loan Document are included for convenience and shall not affect the interpretation of this Agreement or such Loan Document, and (l) unless otherwise specified, all references herein to times of day shall constitute references to Eastern Time.
1.3Accounting Principles; Changes in GAAP.  Except as otherwise provided in this Agreement, all computations and determinations as to accounting or financial matters and all financial statements to be delivered pursuant to this Agreement shall be made and prepared in accordance with GAAP (including principles of consolidation where appropriate), and all accounting or financial terms shall have the meanings ascribed to such terms by GAAP; provided, however, that all accounting terms used in Section 8.2 [Negative Covenants] (and all defined terms used in the definition of any accounting term used in Section 8.2) shall have the meaning given to such terms (and defined terms) under GAAP as in effect on the date hereof and shall be applied on a basis consistent with those used in preparing Statements referred to in Section 6.1.6(i) [Historical Statements].  Notwithstanding the foregoing, if the Borrower notifies the Administrative Agent in writing that the Borrower wishes to amend any financial requirement hereunder, any financial covenant in Section 8.2 of this Agreement or any definitions related to the foregoing, including without limitation the definition of the term Net Debt/EBITDA Ratio for purposes of interest, Letter of Credit Fee and Commitment Fee determinations, to eliminate the effect of any change in GAAP occurring after the Closing Date or the operation of such financial requirements, financial covenants and/or interest, Letter of Credit Fee or Commitment Fee determinations (or if the Administrative Agent notifies the 
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Borrower in writing that the Required Lenders wish to amend any financial covenant in Section 8.2, any related definition and/or the definition of the term Net Debt/EBITDA Ratio for purposes of interest, Letter of Credit Fee and Commitment Fee determinations to eliminate the effect of any such change in GAAP), then the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratios or requirements to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, the Loan Parties' compliance with such requirements, covenants and/or the definition of the term Net Debt/EBITDA Ratio for purposes of interest, Letter of Credit Fee and Commitment Fee determinations shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenants or definitions are amended in a manner satisfactory to the Borrower and the Required Lenders, and the Loan Parties shall provide to the Administrative Agent, when they deliver their financial statements pursuant to Sections 8.3.1 [Quarterly Financial Statements] and 8.3.2 [Annual Financial Statements] of this Agreement, such reconciliation statements as shall be reasonably requested by the Administrative Agent.
1.4LIBOR Notification.  Section 4.5 [Benchmark Replacement Setting] of this Agreement provides a mechanism for determining an alternative rate of interest in the event that the London interbank offered rate is no longer available or in certain other circumstances. The Administrative Agent does not warrant or accept any responsibility for and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of "LIBOR Rate" or with respect to any alternative or successor rate thereto, or replacement rate therefor.
2.REVOLVING CREDIT AND SWINGLINE LOAN FACILITIES
2.1Revolving Credit Commitments.
2.1.1Revolving Credit Loans.  Subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, each Lender severally agrees to make Revolving Credit Loans to the Borrower at any time or from time to time on or after the date hereof to the Expiration Date; provided that after giving effect to such Loan (i) the aggregate amount of Loans from such Lender shall not exceed such Lender's Revolving Credit Commitment minus such Lender's Ratable Share of the outstanding Swingline Loans and Letter of Credit Obligations and (ii) the Revolving Facility Usage shall not exceed the Revolving Credit Commitments.  Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this Section 2.1.
2.1.2Swingline Loan Commitment.  Subject to the terms and conditions hereof and relying upon the representations and warranties herein specified and the agreements of the other Lenders specified in Section 2.5 [Making Revolving Credit Loans and Swingline Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swingline Loans] with respect to Swingline Loans, PNC may, at its option, cancelable at any time for any reason whatsoever, make Swingline Loans (the "Swingline Loans") to the Borrower at any time or from time to time after the Closing Date to, but not including, the Expiration Date, in an aggregate principal amount up to but not in excess of the Swingline Commitment, provided that after giving effect to such Swingline Loan (i) the aggregate amount 
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of any Lender’s Revolving Credit Loans plus such Lender’s Ratable Share of the outstanding Swingline Loans and Letter of Credit Obligations shall not exceed such Lender’s Revolving Credit Commitment and (ii) the Revolving Facility Usage shall not exceed the aggregate Revolving Credit Commitments of the Lenders.  Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this Section 2.1.2.  Nature of Lenders' Obligations with Respect to Revolving Credit Loans.  Each Lender shall be obligated to participate in each request for Revolving Credit Loans pursuant to Section 2.4 [Revolving Credit Loan Requests; Swingline Loan Requests] in accordance with its Ratable Share.  The aggregate of each Lender's Revolving Credit Loans outstanding hereunder to the Borrower at any time shall never exceed its Revolving Credit Commitment minus its Ratable Share of the outstanding Swingline Loans and Letter of Credit Obligations.  The obligations of each Lender hereunder are several.  The failure of any Lender to perform its obligations hereunder shall not affect the Obligations of the Borrower to any other party nor shall any other party be liable for the failure of such Lender to perform its obligations hereunder.  The Lenders shall have no obligation to make Revolving Credit Loans hereunder on or after the Expiration Date.
2.2Commitment Fees.  Accruing for each day from the Closing Date until the Expiration Date (and without regard to whether the conditions to making Revolving Credit Loans are then met), the Borrower agrees to pay to the Administrative Agent for the account of each Lender according to its Ratable Share, a nonrefundable commitment fee (the "Commitment Fee") equal to the Applicable Margin for Commitment Fee for such day (computed on the basis of a year of 360 days and actual days elapsed) multiplied by the difference for such day between the amount of (a) the Revolving Credit Commitments minus (b) the Revolving Facility Usage (provided however, that solely in connection with determining the share of each Lender in the Commitment Fee, the Revolving Facility Usage with respect to the portion of the Commitment Fee allocated to PNC shall include the full amount of the outstanding Swingline Loans, and with respect to the portion of the Commitment Fee allocated by the Administrative Agent to all of the Lenders other than PNC, such portion of the Commitment Fee shall be calculated (according to each such Lender's Ratable Share) as if the Revolving Facility Usage excludes the outstanding Swingline Loans)); provided that no Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such Commitment Fee that otherwise would have been required to have been paid to that Defaulting Lender).  Subject to the proviso in the directly preceding sentence, all Commitment Fees shall be payable in arrears on each Payment Date.
2.3[Intentionally Omitted] 
2.4Revolving Credit Loan Requests; Swingline Loan Requests.  
2.4.1Revolving Credit Loan Requests.  Except as otherwise provided herein, the Borrower may from time to time prior to the Expiration Date request the Lenders to make Revolving Credit Loans, or renew or convert the Interest Rate Option applicable to existing Revolving Credit pursuant to Section 4.2 [Interest Periods], by delivering to the Administrative Agent, not later than 10:00 a.m., (i) three (3) Business Days prior to the proposed Borrowing Date with respect to the making of Revolving Credit Loans to which the LIBOR Rate Option applies or the conversion to or the renewal of the LIBOR Rate Option for any Loans; and (ii) the 
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same Business Day of the proposed Borrowing Date with respect to the making of a Revolving Credit Loan to which the Base Rate Option applies or the last day of the preceding Interest Period with respect to the conversion to the Base Rate Option for any Loan, a duly completed request therefor substantially in the form of Exhibit 2.4.1 or a request by telephone immediately confirmed in writing by letter, e-mail, facsimile or telex in such form (each, a "Loan Request"), it being understood that the Administrative Agent may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation.  Each Loan Request shall be irrevocable and shall specify the aggregate amount of the proposed Loans comprising each Borrowing Tranche, and, if applicable, the Interest Period, which amounts shall be in integral multiples of $1,000,000 and not less than $5,000,000 for each Borrowing Tranche under the LIBOR Rate Option and in integral multiples of $1,000,000 and not less than the lesser of $5,000,000 or the maximum amount available for Borrowing Tranches under the Base Rate Option. 
2.4.2Swingline Loan Requests.  Except as otherwise provided herein, the Borrower may from time to time prior to the Expiration Date request the Swingline Loan Lender to make Swingline Loans by delivery to the Swingline Loan Lender not later than 12:00 p.m. on the proposed Borrowing Date of a duly completed request therefor substantially in the form of Exhibit 2.4.2 hereto or a request by telephone immediately confirmed in writing by letter, e-mail, facsimile or telex (each, a "Swingline Loan Request"), it being understood that the Administrative Agent may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation.  Each Swingline Loan Request shall be irrevocable and shall specify the proposed Borrowing Date and the principal amount of such Swingline Loan, which shall be not less than $100,000. 
2.5Making Revolving Credit Loans and Swingline Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swingline Loans.
2.5.1Making Revolving Credit Loans.  The Administrative Agent shall, promptly after receipt by it of a Loan Request pursuant to Section 2.4 [Revolving Credit Loan Requests; Conversions and Renewals; Swingline Loan Requests], notify the applicable Lenders of its receipt of such Loan Request specifying the information provided by the Borrower and the apportionment among the Lenders of the requested Revolving Credit Loans as determined by the Administrative Agent in accordance with Section 2.1.2 [Revolving Credit Loans].  Each Lender shall remit its apportioned share (as provided to it by the Administrative Agent) of the principal amount of each Revolving Credit Loan to the Administrative Agent such that the Administrative Agent is able to, and the Administrative Agent shall, to the extent the Lenders have made funds available to it for such purpose and subject to Section 7.2 [Each Loan or Letter of Credit], fund such Revolving Credit Loans to the Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 2:00 p.m. Eastern Time, on the applicable Borrowing Date; provided that if any Lender fails to remit such funds to the Administrative Agent in a timely manner, the Administrative Agent may elect in its sole discretion to fund with its own funds the Revolving Credit Loans of such Lender on such Borrowing Date, and such Lender shall be subject to the repayment obligation in Section 2.5.2 [Presumptions by the Administrative Agent].
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2.5.2Presumptions by the Administrative Agent.  Unless the Administrative Agent shall have received notice from a Lender prior to the proposed time of any Loan that such Lender will not make available to the Administrative Agent such Lender’s share of such Loan, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.5.1 [Making Revolving Credit Loans] and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Loan available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Effective Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Loans under the Base Rate Option.  If such Lender pays its share of the applicable Loan to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan.  Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.
2.5.3Making Swingline Loans.  So long as PNC elects to make Swingline Loans, PNC shall, after receipt by it of a Swingline Loan Request pursuant to Section 2.4.2 [Swingline Loan Requests], fund such Swingline Loan to the Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 4:00 p.m. Eastern Time on the Borrowing Date.  A Swingline Loan Note shall, if required by PNC, evidence the Swingline Loans.
2.5.4Repayment of Revolving Credit Loans.  The Borrower shall repay the Revolving Credit Loans together with all outstanding interest thereon on the Expiration Date. 
2.5.5Borrowings to Repay Swingline Loans.  
2.5.5.1Swingline Loan Lender may, at its option, exercisable at any time for any reason whatsoever, request that Swingline Loans be refunded as Revolving Credit Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender's Ratable Share of the aggregate principal amount of the outstanding Swingline Loans, plus, if Swingline Loan Lender so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its (i) Ratable Share of Letter of Credit Obligations and (ii) ratable share of outstanding Swingline Loans that the Swingline Loan Lender has not requested be refunded as Revolving Credit Loans, if any.  Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option unless and until converted to a LIBOR Rate Option in accordance with this Agreement and shall be deemed to have been properly requested in accordance with Section 2.4.1 [Revolving Credit Loan Requests] without regard to any of the requirements of that provision.  Swingline Loan Lender shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to be made under this Section 2.5.5 and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans 
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(whether or not the conditions specified in Section 2.4.1 [Revolving Credit Loan Requests] are then satisfied) by the time Swingline Loan Lender so requests, which shall not be earlier than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from Swingline Loan Lender.  
2.5.5.2If any Lender fails to make available to the Administrative Agent for the account of PNC (as the Swingline Loan Lender) any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.5.5.2 by the time specified in Section 2.5.5.2(i), the Swingline Loan Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swingline Loan Lender at a rate per annum equal to the greater of the Effective Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Swingline Loan Lender in connection with the foregoing.  If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan with respect to such prepayment.  A certificate of the Swingline Loan Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (ii) shall be conclusive absent manifest error.
2.5.6Swingline Loans Under Cash Management Agreements.  In addition to making Swingline Loans pursuant to the foregoing provisions of Section 2.5.3 [Making Swingline Loans], without the requirement for a specific request from the Borrower pursuant to Section 2.4.2 [Swingline Loan Requests], Swingline Loan Lender may make Swingline Loans to the Borrower in accordance with the provisions of the agreements between the Borrower and such Swingline Loan Lender relating to the Borrower's deposit, sweep and other accounts at such Swingline Loan Lender and related arrangements and agreements regarding the management and investment of the Borrower's cash assets as in effect from time to time (the "Cash Management Agreements") to the extent of the daily aggregate net negative balance in the Borrower's accounts which are subject to the provisions of the Cash Management Agreements.  Swingline Loans made pursuant to this Section 2.5.6 in accordance with the provisions of the Cash Management Agreements shall (i) be subject to the limitations as to aggregate amount set forth in Section 2.1.2 [Swingline Loan Commitment], (ii) not be subject to the limitations as to individual amount set forth in Section 2.4.2 [Swingline Loan Requests], (iii) be payable by the Borrower, both as to principal and interest, at the rates and times set forth in the Cash Management Agreements (but in no event later than the Expiration Date), (iv) not be made at any time after such Swingline Loan Lender has received written notice of the occurrence of an Event of Default and so long as such shall continue to exist, or, unless consented to by the Required Lenders, a Potential Default and so long as such shall continue to exist, (v) if not repaid by the Borrower in accordance with the provisions of the Cash Management Agreements, be subject to each Lender's obligation pursuant to Section 2.5.5 [Borrowings to Repay Swingline Loans], and (vi) except as provided in the foregoing subsections (i) through (v), be subject to all of the terms and conditions of this Section 2.5.6.
2.6Notes.  The Obligation of the Borrower to repay the aggregate unpaid principal amount of the Revolving Credit Loans and Swingline Loans made to it by each Lender, together with interest thereon, shall be evidenced by a revolving credit Note and a swing Note, dated the 
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Closing Date payable such Lender and its registered assigns in a face amount equal to the Revolving Credit Commitment or Swingline Loan Commitment, as applicable, of such Lender.
2.7Use of Proceeds.  The proceeds of the Loans shall be used (i) to refinance existing Indebtedness of the Borrower under the Existing Credit Agreement, (ii) to pay for transaction fees and expenses related to entering into this Credit Agreement and (iii) for general corporate purposes.
2.8Letter of Credit Subfacility. 
2.8.1Issuance of Letters of Credit.  On the Closing Date, the outstanding letters of credit previously issued by any issuing lender under the Existing Credit Agreement that are set forth on Schedule 2.9.1 (the "Existing Letters of Credit") will automatically, without any action on the part of any Person, be deemed to be Letters of Credit issued hereunder for the account of the Borrower for all purposes of this Agreement and the other Loan Documents.  Borrower may at any time prior to the Expiration Date request the issuance of a standby or trade letter of credit (each a "Letter of Credit") on behalf of itself or any Subsidiary (provided that such Subsidiary also completes any necessary documentation, including a letter of credit application, to the reasonable satisfaction of the Issuing Lender) or the amendment or extension of an existing Letter of Credit, by delivering to the Issuing Lender (with a copy to the Administrative Agent) a completed application and agreement for letters of credit, or request for such amendment or extension, as applicable, in such form as the Issuing Lender may specify from time to time by no later than 10:00 a.m. Eastern Time at least five (5) Business Days, or such shorter period as may be agreed to by the Issuing Lender, in advance of the proposed date of issuance.  Promptly after receipt of any letter of credit application, the Issuing Lender shall confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit application and if not, such Issuing Lender will provide Administrative Agent with a copy thereof.  
As of the Closing Date, each of the Existing Letters of Credit shall constitute, for all purposes of this Agreement and the other Loan Documents, a Letter of Credit issued and outstanding hereunder.
2.8.1.1Unless the Issuing Lender has received notice from any Lender, Administrative Agent or the Borrower, at least one day prior to the requested date of issuance, amendment or extension of the applicable Letter of Credit, that one or more applicable conditions in Section 7 [Conditions of Lending and Issuance of Letters of Credit] is not satisfied, then, subject to the terms and conditions hereof and in reliance on the agreements of the other Lenders set forth in this Section 2.8, the Issuing Lender or any of the Issuing Lender's Affiliates will issue a Letter of Credit or agree to such amendment or extension, provided that each Letter of Credit shall (A) have a maximum maturity of twelve (12) months from the date of issuance (unless the Borrower requests a Letter of Credit with automatic extension provisions, then the maximum maturity shall be the maturity set forth therein), and (B) in no event expire later than the Expiration Date and provided further that in no event shall (i) the Letter of Credit Obligations exceed, at any one time, $75,000,000 (the "Letter of Credit Sublimit") or (ii) the Revolving Facility Usage exceed, at any one time, the Revolving Credit Commitments.  Each request by the Borrower for the issuance, amendment or extension of a Letter of Credit shall be deemed to be a 
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representation by the Borrower that it shall be in compliance with the preceding sentence and with Section 7 [Conditions of Lending and Issuance of Letters of Credit] after giving effect to the requested issuance, amendment or extension of such Letter of Credit.  Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to the beneficiary thereof, the applicable Issuing Lender will also deliver to Borrower and Administrative Agent a true and complete copy of such Letter of Credit or amendment.  Upon the request of the Administrative Agent, (x) if any Issuing Lender has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in a Letter of Credit Borrowing, or (y) if, on the Expiration Date, any Letter of Credit Obligation for any reason remains outstanding, Borrower shall, in each case, immediately Cash Collateralize the then outstanding amount of all Letter of Credit Obligations.  The Borrower hereby grants to the Administrative Agent, for the benefit of each Issuing Lender and the Lenders, a security interest in all cash collateral pledged pursuant to this Section or otherwise under this Agreement.
2.8.1.2Notwithstanding Section 2.8.1.1, the Issuing Lender shall not be under any obligation to issue any Letter of Credit if (i) any order, judgment or decree of any Official Body or arbitrator shall by its terms purport to enjoin or restrain the Issuing Lender from issuing the Letter of Credit, or any Law applicable to the Issuing Lender or any request or directive (whether or not having the force of law) from any Official Body with jurisdiction over the Issuing Lender shall prohibit, or request that the Issuing Lender refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon the Issuing Lender with respect to the Letter of Credit any restriction, reserve or capital requirement (for which the Issuing Lender is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the Issuing Lender any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the Issuing Lender in good faith deems material to it, or (ii) the issuance of the Letter of Credit would violate one or more policies of the Issuing Lender applicable to letters of credit generally or (iii) any Lender is at that time a Defaulting Lender, unless the Issuing Lender has entered into arrangements, including the delivery of Cash Collateral, satisfactory to the Issuing Lender (in its sole discretion) with the Borrower or such Lender to eliminate the Issuer Lender’s actual or potential Fronting Exposure (after giving effect to Section 2.9.1.3(iv) [Reallocation of Participations to Reduce Fronting Exposure) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other Issuer Lender Obligations as to which the Issuing Lender has actual or potential Fronting Exposure, as it may elect in its sole discretion.
2.8.2Letter of Credit Fees.  The Borrower shall pay (i) to the Administrative Agent for the ratable account of the Lenders a fee (the "Letter of Credit Fee") equal to the Applicable Margin for Letters of Credit times the daily amount available to be drawn under each Letter of Credit (it being understood and agreed that in no event shall the fee under this subsection (i) in respect of any Letter of Credit be less than the Administrative Agent’s minimum fee in effect from time to time), and (ii) to the Issuing Lender for its own account a fronting fee equal to 0.15% per annum on the daily amount available to be drawn under each Letter of Credit.  All Letter of Credit Fees and fronting fees shall be computed on the basis of a year of 360 days and actual days elapsed and shall be payable quarterly in arrears on each Payment Date following issuance of each Letter of Credit.  The Borrower shall also pay to the Issuing Lender for the Issuing Lender’s sole account the Issuing Lender’s then-in-effect customary fees and administrative expenses payable with respect to the Letters of Credit as the Issuing Lender may 
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generally charge or incur from time to time in connection with the issuance, maintenance, amendment (if any), assignment or transfer (if any), negotiation, and administration of Letters of Credit.
2.8.3Disbursements, Reimbursement.  Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Lender a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Lender's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively.
2.8.3.1In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Lender will promptly notify the Borrower and the Administrative Agent thereof prior to 10:00 a.m. Eastern Time on the date of such drawing.  Provided that it shall have received such notice, the Borrower shall reimburse (such obligation to reimburse the Issuing Lender shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Lender within one Business Day of such notice on each date that an amount is paid by the Issuing Lender under any Letter of Credit (each such date, a "Drawing Date") by paying to the Administrative Agent for the account of the Issuing Lender an amount equal to the amount so paid by the Issuing Lender.  In the event the Borrower fails to reimburse the Issuing Lender (through the Administrative Agent) for the full amount of any drawing under any Letter of Credit by 2:00 p.m. Eastern Time on the Drawing Date, the Administrative Agent will promptly notify each Lender thereof, and the Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Loan or Letter of Credit] other than any notice requirements.  Any notice given by the Administrative Agent or Issuing Lender pursuant to this Section 2.8.3.1 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.
2.8.3.2Each Lender shall upon any notice pursuant to Section 2.8.3.1 make available to the Administrative Agent for the account of the Issuing Lender an amount in immediately available funds equal to its Ratable Share of the amount of the drawing, whereupon the participating Lenders shall (subject to Section 2.8.3 [Disbursements; Reimbursement]) each be deemed to have made a Revolving Credit Loan under the Base Rate Option to the Borrower in that amount.  If any Lender so notified fails to make available to the Administrative Agent for the account of the Issuing Lender the amount of such Lender's Ratable Share of such amount by no later than 3:00 p.m. Eastern Time on the Drawing Date, then interest shall accrue on such Lender's obligation to make such payment, from the Drawing Date to the date on which such Lender makes such payment (i) at a rate per annum equal to the Effective Federal Funds Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date.  The Administrative Agent and the Issuing Lender will promptly give notice (as described in Section 2.8.3.1 above) of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Lender to give any such notice on the Drawing Date or in sufficient time to enable any Lender to effect such payment on such date shall not relieve such Lender from its obligation under this Section 2.8.3.2.
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2.8.3.3With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.1, because of the Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Loan or Letter of Credit] other than any notice requirements, or for any other reason, the Borrower shall be deemed to have incurred from the Issuing Lender a borrowing (each a "Letter of Credit Borrowing") in the amount of such drawing.  Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option.  Each Lender's payment to the Administrative Agent for the account of the Issuing Lender pursuant to Section 2.8.3 [Disbursements, Reimbursement] shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing (each a "Participation Advance") from such Lender in satisfaction of its participation obligation under this Section 2.8.3.
2.8.4Repayment of Participation Advances.
2.8.4.1Upon (and only upon) receipt by the Administrative Agent for the account of the Issuing Lender of immediately available funds from the Borrower (i) in reimbursement of any payment made by the Issuing Lender under the Letter of Credit with respect to which any Lender has made a Participation Advance to the Administrative Agent, or (ii) in payment of interest on such a payment made by the Issuing Lender under such a Letter of Credit, the Administrative Agent on behalf of the Issuing Lender will pay to each Lender, in the same funds as those received by the Administrative Agent, the amount of such Lender's Ratable Share of such funds, except the Administrative Agent shall retain for the account of the Issuing Lender the amount of the Ratable Share of such funds of any Lender that did not make a Participation Advance in respect of such payment by the Issuing Lender.
2.8.4.2If the Administrative Agent is required at any time to return to any Loan Party, or to a trustee, receiver, liquidator, custodian, or any official in any Insolvency Proceeding, any portion of any payment made by any Loan Party to the Administrative Agent for the account of the Issuing Lender pursuant to this Section in reimbursement of a payment made under the Letter of Credit or interest or fee thereon, each Lender shall, on demand of the Administrative Agent, forthwith return to the Administrative Agent for the account of the Issuing Lender the amount of its Ratable Share of any amounts so returned by the Administrative Agent plus interest thereon from the date such demand is made to the date such amounts are returned by such Lender to the Administrative Agent, at a rate per annum equal to the Effective Federal Funds Rate in effect from time to time.
2.8.5Documentation.  Each Loan Party agrees to be bound by the terms of the Issuing Lender's application and agreement for letters of credit and the Issuing Lender's written regulations and customary practices relating to letters of credit, though such interpretation may be different from such Loan Party's own.  In the event of a conflict between such application or agreement and this Agreement, this Agreement shall govern.  It is understood and agreed that, except in the case of gross negligence or willful misconduct, the Issuing Lender shall not be liable for any error, negligence and/or mistakes, whether of omission or commission, in following any Loan Party's instructions or those contained in the Letters of Credit or any modifications, amendments or supplements thereto.
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2.8.6Determinations to Honor Drawing Requests.  In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary thereof, the Issuing Lender shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit.
2.8.7Nature of Participation and Reimbursement Obligations.  Each Lender's obligation in accordance with this Agreement to make the Revolving Credit Loans or Participation Advances, as contemplated by Section 2.8.3 [Disbursements, Reimbursement], as a result of a drawing under a Letter of Credit, and the Obligations of the Borrower to reimburse the Issuing Lender upon a draw under a Letter of Credit, shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Section 2.8 under all circumstances, including the following circumstances:
(i)any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Issuing Lender or any of its Affiliates, the Borrower or any other Person for any reason whatsoever, or which any Loan Party may have against the Issuing Lender or any of its Affiliates, any Lender or any other Person for any reason whatsoever; 
(ii)the failure of any Loan Party or any other Person to comply, in connection with a Letter of Credit Borrowing, with the conditions set forth in Sections 2.1 [Revolving Credit Commitments], 2.4 [Revolving Credit Loan Requests; Swingline Loan Requests], 2.5 [Making Revolving Credit Loans and Swingline Loans; Etc.] or 7.2 [Each Loan or Letter of Credit] or as otherwise set forth in this Agreement for the making of a Revolving Credit Loan, it being acknowledged that such conditions are not required for the making of a Letter of Credit Borrowing and the obligation of the Lenders to make Participation Advances under Section 2.8.3 [Disbursements, Reimbursement];
(iii)any lack of validity or enforceability of any Letter of Credit;
(iv)any claim of breach of warranty that might be made by any Loan Party or any Lender against any beneficiary of a Letter of Credit, or the existence of any claim, set-off, recoupment, counterclaim, cross claim, defense or other right which any Loan Party  or any Lender may have at any time against a beneficiary, successor beneficiary any transferee or assignee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such transferee may be acting), the Issuing Lender or its Affiliates or any Lender or any other Person, whether in connection with this Agreement, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between any Loan Party or any Subsidiaries of a Loan Party and the beneficiary for which any Letter of Credit was procured);
(v)the lack of power or authority of any signer of (or any defect in or forgery of any signature or endorsement on) or the form of or lack of validity, sufficiency, accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other document presented under or in connection with any Letter of Credit, or any fraud or alleged fraud in connection with any Letter of Credit, or the transport of any property or provision of 
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services relating to a Letter of Credit, in each case even if the Issuing Lender or any of its Affiliates has been notified thereof;
(vi)payment by the Issuing Lender or any of its Affiliates under any Letter of Credit against presentation of a demand, draft or certificate or other document which does not comply with the terms of such Letter of Credit;
(vii)the solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic of any property or services relating to a Letter of Credit;
(viii)any failure by the Issuing Lender or any of its Affiliates to issue any Letter of Credit in the form requested by any Loan Party, unless the Issuing Lender has received written notice from any Loan Party of such failure within three (3) Business Days after the Issuing Lender shall have furnished such Loan Party and the Administrative Agent a copy of such Letter of Credit and such error is material and no drawing has been made thereon prior to receipt of such notice;
(ix)any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of any Loan Party or Subsidiaries of a Loan Party;
(x)any breach of this Agreement or any other Loan Document by any party thereto;
(xi)the occurrence or continuance of an Insolvency Proceeding with respect to any Loan Party;
(xii)the fact that an Event of Default or a Potential Default shall have occurred and be continuing; 
(xiii)the fact that the Expiration Date shall have passed or this Agreement or the Commitments hereunder shall have been terminated; and
(xiv)any other circumstance or happening whatsoever, whether or not similar to any of the foregoing. 
Nothing in the preceding section shall relieve the Issuing Lender from liability for the Issuing Lender's gross negligence or willful misconduct in connection with actions or omissions described in clauses (i) through (xiv) of such section.  In no event shall the Issuing Lender or its Affiliates be liable to any Lender for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including without limitation attorneys' fees), or for any damages resulting from any change in the value of any property relating to a Letter of Credit.
2.8.8Indemnity.  Each Loan Party hereby agrees to protect, indemnify, pay and save harmless the Issuing Lender and any of its Affiliates that has issued a Letter of Credit from and against any and all claims, demands, liabilities, damages, taxes, penalties, interest, 
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judgments, losses, costs, charges and expenses (including reasonable fees, expenses and disbursements of counsel) which the Issuing Lender or any of its Affiliates may incur or be subject to as a consequence, direct or indirect, of the issuance of any Letter of Credit, other than as a result of (A) the gross negligence or willful misconduct of the Issuing Lender as determined by a final non-appealable judgment of a court of competent jurisdiction or (B) the wrongful dishonor by the Issuing Lender or any of Issuing Lender's Affiliates of a proper demand for payment made under any Letter of Credit, except if such dishonor resulted from any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Official Body.
2.8.9Liability for Acts and Omissions.  As between any Loan Party and the Issuing Lender, or the Issuing Lender's Affiliates, such Loan Party assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit.  In furtherance and not in limitation of the foregoing, the Issuing Lender shall not be responsible for any of the following, including any losses or damages to any Loan Party or other Person or property relating therefrom:  (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for an issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged (even if the Issuing Lender or its Affiliates shall have been notified thereof); (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of Credit, or any other party to which such Letter of Credit may be transferred, to comply fully with any conditions required in order to draw upon such Letter of Credit or any other claim of any Loan Party against any beneficiary of such Letter of Credit, or any such transferee, or any dispute between or among any Loan Party and any beneficiary of any Letter of Credit or any such transferee; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Issuing Lender or its Affiliates, as applicable, including any act or omission of any Official Body, and none of the above shall affect or impair, or prevent the vesting of, any of the Issuing Lender's or its Affiliates rights or powers hereunder.  Nothing in the preceding sentence shall relieve the Issuing Lender from liability for the Issuing Lender's gross negligence or willful misconduct in connection with actions or omissions described in such clauses (i) through (viii) of such sentence.  Notwithstanding the foregoing, in no event shall the Issuing Lender or its Affiliates be liable to any Loan Party for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including without limitation attorneys' fees), or for any damages resulting from any change in the value of any property relating to a Letter of Credit.  
Without limiting the generality of the foregoing, the Issuing Lender and each of its Affiliates (i) may rely on any oral or other communication believed in good faith by the Issuing Lender or such Affiliate to have been authorized or given by or on behalf of the applicant 
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for a Letter of Credit, (ii) may honor any presentation if the documents presented appear on their face substantially to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously dishonored presentation under a Letter of Credit, whether such dishonor was pursuant to a court order, to settle or compromise any claim of wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together with any interest paid by the Issuing Lender or its Affiliate; (iv) may honor any drawing that is payable upon presentation of a statement advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other document is being delivered separately), and shall not be liable for any failure of any such draft or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v) may pay any paying or negotiating bank claiming that it rightfully honored under the Laws or practices of the place where such bank is located; and (vi) may settle or adjust any claim or demand made on the Issuing Lender or its Affiliate in any way related to any order issued at the applicant's request to an air carrier, a letter of guarantee or of indemnity issued to a carrier or any similar document (each an "Order") and honor any drawing in connection with any Letter of Credit that is the subject of such Order, notwithstanding that any drafts or other documents presented in connection with such Letter of Credit fail to conform in any way with such Letter of Credit.
In furtherance and extension and not in limitation of the specific provisions set forth above, any action taken or omitted by the Issuing Lender or its Affiliates under or in connection with the Letters of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted in good faith, shall not put the Issuing Lender or its Affiliates under any resulting liability to the Borrower or any Lender.
2.8.10Issuing Lender Reporting Requirements.  Each Issuing Lender shall, on the first Business Day of each month, provide to Administrative Agent and Borrower a schedule of the Letters of Credit issued by it, in form and substance satisfactory to Administrative Agent, showing the date of issuance of each Letter of Credit, the account party, the original face amount (if any), and the expiration date of any Letter of Credit outstanding at any time during the preceding month, and any other information relating to such Letter of Credit that the Administrative Agent may request.  
2.9Defaulting Lenders.  
2.9.1Defaulting 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:
2.9.1.1Waivers 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 specified in the definition of Required Lenders.
2.9.1.2Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article 10 [Default] or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to 
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Section 9.2.3 [Setoff] shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Lender or Swingline Loan Lender hereunder; third, to Cash Collateralize the Issuing Lender’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 5.13 [Cash Collateral]; fourth, as the Borrower may request (so long as no Potential Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Lender’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 5.13 [Cash Collateral]; sixth, to the payment of any amounts owing to the Lenders, the Issuing Lender or Swingline Loan Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Lender or Swingline Loan 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 Potential Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower 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 Letter of Credit Borrowing 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 specified in Section 7.2 [Each Loan or Letter of Credit] were satisfied or waived, such payment shall be applied solely to pay the Loans of, and Letter of Credit Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or Letter of Credit Borrowing owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letter of Credit Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments under the applicable Facility without giving effect to Section 2.9.1.3(iv) [Reallocation of Participation to Reduce Fronting Exposure]. 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 2.9.1.3(ii) [Defaulting Lender Waterfall] shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.
2.9.1.3Certain Fees.
(i)No Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).  
(ii)Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable 
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to its Ratable Share of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 5.13 [Cash Collateral].  
(iii)With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the 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 Letter of Credit Obligations or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each Issuing Lender and Swingline Loan Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Lender’s or Swingline Loan 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 Letter of Credit Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Ratable Shares (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Facility Usage of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Credit Commitment.  Subject to Section 11.12 [Acknowledgement and Consent to Bail-In of Affected Financial Institutions], no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.
(v)Cash Collateral, Repayment of Swingline Loans.  If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under Law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Loan Lender’s Fronting Exposure and (y) second, Cash Collateralize the Issuing Lender’s Fronting Exposure in accordance with the procedures specified in Section 5.13 [Cash Collateral].
2.9.1.4Defaulting Lender Cure.  If the Borrower, the Administrative Agent and each Swingline Loan Lender and 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 specified 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 and Swingline Loans to be held pro rata by the Lenders in accordance with the Commitments under the applicable Facility (without giving effect to Section 2.9.1.3(iv) [Reallocation of Participations to Reduce Fronting Exposure], 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 the 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 
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or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.
2.9.1.5New Swingline Loans/Letters of Credit.  So long as any Lender is a Defaulting Lender, (i) the Swingline Loan Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.
2.10Maturity Extensions. 
2.10.1Requests for Extension.  The Borrower may, by notice to the Administrative Agent (who shall promptly notify the applicable Lenders of such request and of the Notice Date) request that each Lender to the Revolving Credit Facility extend the Expiration Date then applicable to such Lender (the "Existing Expiration Date") to a date beyond the Existing Expiration Date.
(i)    Lender Elections to Extend.  Each applicable Lender, acting in its sole and individual discretion, shall, by written notice to the Administrative Agent given by a date specified by the Administrative Agent (which such date shall not be earlier than the date that is 10 days after notice is provided to the applicable Lenders (the "Notice Date"), advise the Administrative Agent whether or not such Lender agrees to such extension (and each Lender that determines not to so extend its Expiration Date (a "Non-Extending Lender") shall notify the Administrative Agent in writing of such fact promptly after such determination (but in any event no later than the Notice Date) and any Lender that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a Non-Extending Lender.  The election of any Lender to agree to such extension shall not obligate any other Lender to so agree.
(iii)    Notification by Administrative Agent.  The Administrative Agent shall notify the Borrower in writing of each Lender’s determination under this Section promptly, but in no event later than two (2) Business Days after the Notice Date.  Upon receipt of the responses of the applicable Lenders, the Administrative Agent and the Borrower shall determine the date upon which the relevant extension, if applicable, shall be effective (the "Extension Effective Date"), which such date shall not (unless agreed by the relevant Lenders and the Administrative Agent) be earlier than 10 days after the Notice Date.
(iv)    Additional Commitment Lenders.  The Borrower shall have the right on or before the Existing Expiration Date to replace each Non-Extending Lender with, and add as "Lenders" under this Agreement in place thereof, one or more Eligible Assignees (each, an "Additional Commitment Lender") with the approval of the Administrative Agent (and, with respect to prospective Additional Commitment Lenders under the Revolving Credit Facility, the Swingline Loan Lender and the Issuing Lender), each of which approvals shall not be unreasonably withheld.  Each Additional Commitment Lender shall have entered into an agreement in form and substance satisfactory to the Borrower and the Administrative Agent pursuant to which such Additional Commitment Lender shall, effective as of the Extension Effective Date, undertake a Revolving Credit Commitment (and, if any such Additional 
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Commitment Lender is already a Lender under the Revolving Credit Facility, its Revolving Credit Commitment shall be in addition to such Lender’s Revolving Credit Commitment hereunder on such date), and shall have purchased such Non-Extending Lenders outstanding Loans at par, and each Additional Commitment Lender shall thereupon become a "Lender" for all purposes of this Agreement under the applicable facility.
2.10.1.2Conditions to Effectiveness of Extensions.  Notwithstanding the foregoing, the extension of the Expiration pursuant to this Section shall only be effective with respect to any Lender on the Extension Effective Date if:
(i)in the case of any proposed extension of the Expiration Date, the total of the Revolving Credit Commitments of the Lenders that have agreed so to extend their Expiration Date and the additional Revolving Credit Commitments of the relevant Additional Commitment Lenders shall be more than 50% of the aggregate amount of the Revolving Credit Commitments in effect immediately prior to the Extension Effective Date;
(ii)as of the date of such extension, and after giving effect thereto, the representations, warranties of the Borrower and the other Loan Parties herein and in the other Loan Documents shall be true and correct in all material respects (unless qualified by materiality or reference to the absence of a Material Adverse Change, in which event shall be true and correct), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that for purposes of this Section, the representations and warranties contained in Section 6.1.6 [Financial Statements] shall be deemed to refer to the most recent statements furnished pursuant to Section 8.3 [Reporting Requirements] (and the Borrower and each other Loan Party shall be deemed to have made all such representations and warranties on the proposed Extension Effective Date); 
(iii)no Event of Default or Potential Default shall have occurred and be continuing on the date of such extension and after giving effect thereto; 
(iv)the Borrower shall deliver or cause to be delivered any customary legal opinions or other documents (including, without limitation, a resolution duly adopted by the board of directors (or equivalent governing body) of each Loan Party authorizing such extension) reasonably requested by Administrative Agent in connection with any such extension; 
(v)on or before the Expiration Date of each Non-Extending Lender, (A) the Borrower shall have paid in full the principal of and interest on all of the Loans made by such Non-Extending Lender to the Borrower hereunder and (B) the Borrower shall have paid in full all other Obligations owing to such Lender hereunder and other under the other Loan Documents (it being understood that after giving effect to this clause (vi) with respect to any Non-Extending Lender, such Non-Extending Lender’s Commitment shall be deemed terminated on the then-existing Expiration Date and such Non-Extending Lender shall no longer be a "Lender" hereunder); and
(vi)if such extension is being effectuated in accordance with the last paragraph of Section 11.1 [Modifications, Amendments or Waivers] pursuant to which the terms 
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of such extended Loans or Commitments are being amended, an amendment entered into by the parties required by such provision shall have become effective.
2.11Reduction of Revolving Credit Commitment.  The Borrower shall have the right at any time after the Closing Date upon five (5) days' prior written notice to the Administrative Agent to permanently reduce (ratably among the Lenders in proportion to their Ratable Shares) the Revolving Credit Commitments, in a minimum amount of $5,000,000 and whole multiples of $1,000,000, or to terminate completely the Revolving Credit Commitments, without penalty or premium except as hereinafter set forth; provided that any such reduction or termination shall be accompanied by prepayment of the Notes, together with outstanding Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid (and all amounts referred to in Section 5.11 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced or terminated.  Any notice to reduce the Revolving Credit Commitments under this Section shall be irrevocable, except a termination in full of the Revolving Credit Commitments may be conditioned on the effectiveness of a replacement credit facility. 
2.12Increase in Revolving Credit Commitments.  
2.12.1Increasing Lenders and New Lenders.  The Borrower may, on the Closing Date and one time thereafter, request that (1) the current Lenders increase their Revolving Credit Commitments (any current Lender which elects to increase its Revolving Credit Commitment shall be referred to as an "Increasing Lender") or (2) one or more new lenders (each a "New Lender") join this Agreement and provide a Revolving Credit Commitment hereunder, subject to the following terms and conditions:  
(i)No Obligation to Increase.  No current Lender shall be obligated to increase its Revolving Credit Commitment and any increase in the Revolving Credit Commitment by any current Lender shall be in the sole discretion of such current Lender. 
(ii)Defaults.  There shall exist no Events of Default or Potential Default on the effective date of such increase after giving effect to such increase. 
(iii)Aggregate Revolving Credit Commitments.  Such increases shall be in an amount less than or equal to $55,000,000 in the aggregate.
(iv)Resolutions; Opinion.  The Borrower shall deliver to the Administrative Agent on or before the effective date of such increase the following documents in a form reasonably acceptable to the Administrative Agent: (1) certifications of its corporate secretary with attached resolutions certifying that the increase in the Revolving Credit Commitment has been approved by the Borrower, and (2) an opinion of counsel addressed to the Administrative Agent and the Lenders addressing the authorization and execution of the Loan Documents by, and enforceability of the Loan Documents against, the Borrower. 
(v)Notes.  The Borrower shall execute and deliver (1) to each Increasing Lender a replacement revolving credit Note reflecting the new amount of such Increasing Lender's Revolving Credit Commitment after giving effect to the increase (and the 
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prior Note issued to such Increasing Lender shall be deemed to be terminated) and (2) to each New Lender a revolving credit Note reflecting the amount of such New Lender's Revolving Credit Commitment. 
(vi)Approval of New Lenders.  Any New Lender shall be subject to the reasonable approval of the Administrative Agent, which approval shall not be unreasonably withheld or delayed. 
(vii)Increasing Lenders.  Each Increasing Lender shall confirm its agreement to increase its Revolving Credit Commitment pursuant to an acknowledgement in a form acceptable to the Administrative Agent, signed by it and the Borrower and delivered to the Administrative Agent at least five (5) days before the effective date of such increase. 
(viii)New Lenders--Joinder.  Each New Lender shall execute a lender joinder in substantially the form of Exhibit 2.12 pursuant to which such New Lender shall join and become a party to this Agreement and the other Loan Documents with a Revolving Credit Commitment in the amount set forth in such lender joinder.
2.12.2Treatment of Outstanding Loans and Letters of Credit.  
(i)Repayment of Outstanding Loans; Borrowing of New Loans.  On the effective date of such increase, the Borrower shall repay all Loans then outstanding, subject to the Borrower's indemnity obligations under Section 5.11 [Indemnity]; provided that it may borrow new Loans with a Borrowing Date on such date.  Each of the Lenders shall participate in any new Loans made on or after such date in accordance with their respective Ratable Shares after giving effect to the increase in Revolving Credit Commitments contemplated by this Section. 
(ii)Outstanding Letters of Credit.  Repayment of Outstanding Loans; Borrowing of New Loans.  On the effective date of such increase, each Increasing Lender and each New Lender (i) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (ii) will acquire, (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances. 
2.13Sustainability Adjustments.  
2.13.1ESG Amendment.  On or before June 30, 2022, the Borrower, in consultation with the Sustainability Coordinator, shall establish specified key performance indicators ("KPIs") with respect to certain environmental, social and governance ("ESG") targets of the Borrower and its Subsidiaries. The Sustainability Coordinator and the Borrower may amend this Agreement (such amendment, the "ESG Amendment") solely for the purpose of incorporating the KPIs and other related provisions (the "ESG Pricing Provisions") into this Agreement, and any such amendment shall become effective at 5:00 p.m., New York City time, on the tenth (10) Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent (who shall promptly notify the 
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Borrower) written notice that such Required Lenders object to such ESG Amendment. In the event that Required Lenders deliver a written notice objecting to any such ESG Amendment, an alternative ESG Amendment may be effectuated with the consent of the Required Lenders, the Borrower and the Sustainability Coordinator. Upon the effectiveness of any such ESG Amendment, based on the Borrower’s performance against the KPIs, certain adjustments (decrease or no adjustment) to the otherwise Applicable Commitment Fee Rate, Applicable Letter of Credit Fee Rate, Applicable Margin and rates applicable to Swingline Loans will be made; provided that the amount of such adjustments shall not exceed (i) in the case of the Applicable Commitment Fee Rate, a decrease of 0.01% and (ii) in the case of the Applicable Letter of Credit Fee, Applicable Margin and the rates applicable to Swing Loans a decrease of 0.025%, provided that in no event shall the Applicable Letter of Credit Fee, Applicable Margin and rates applicable to Swing Loans be less than zero. The pricing adjustments pursuant to the KPIs will require, among other things, reporting and validation of the measurement of the KPIs in a manner that is aligned with the United States Mine Safety and Health Administration or other independent governmental organization and is to be agreed between the Borrower and the Sustainability Coordinator (each acting reasonably). Following the effectiveness of the ESG Amendment:  
(i) any modification to the ESG Pricing Provisions which has the effect of reducing the Applicable Commitment Fee Rate, Applicable Letter of Credit Fee Rate, Applicable Margin and rates applicable to Swing Loans to a level not otherwise permitted by Section 2.13.1 shall be subject to the consent of all Lenders; and
(ii)any other modification to the ESG Pricing Provisions (other than as provided for in Section 2.13.1(i) above shall be subject only to the consent of the Required Lenders.
2.13.2Sustainability Coordinator.  The Sustainability Coordinator will (i) assist the Borrower in determining the ESG Pricing Provisions in connection with the ESG Amendment and (ii) assist the Borrower in preparing informational materials focused on ESG to be used in connection with the ESG Amendment.  
2.13.3Conflicting Provisions.  This Section shall supersede any provisions in Section 11.1 [Modifications, Amendments or Waivers] to the contrary.  
2.13.4Failure to Meet KPI's.  For the avoidance of doubt, any failure of the Borrower to meet or satisfy any KPI shall not be considered an Event of Default under this Agreement or any other Loan Documents.  

3.[INTENTIONALLY OMITTED]
4.INTEREST RATES
4.1Interest Rate Options.  The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to 
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the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche; provided that there shall not be at any one time outstanding more than six (6) Borrowing Tranches in the aggregate among all of the Loans and provided further that if an Event of Default or Potential Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and the Required Lenders may demand that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted at the end of the applicable Interest Period to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 5.11 [Indemnity] in connection with such covenants.  If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender's highest lawful rate, the rate of interest on such Lender's Loan shall be limited to such Lender's highest lawful rate.  
4.1.1Revolving Credit Interest Rate Options; Swing Line Interest Rate.  The Borrower shall have the right to select from the following Interest Rate Options applicable to the Revolving Credit Loans:
(i)Revolving Credit Base Rate Option:  A fluctuating rate per annum (computed on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed) equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically from time to time effective as of the effective date of each change in the Base Rate; or
(ii)Revolving Credit LIBOR Rate Option:  A rate per annum (computed on the basis of a year of 360 days and actual days elapsed) equal to the LIBOR Rate plus the Applicable Margin.
Subject to Section 4.3 [Interest After Event of Default], only the Base Rate Option applicable to Revolving Credit Loans shall apply to the Swingline Loans.
4.1.2Rate Quotations.  The Borrower may call the Administrative Agent on or before the date on which a Loan Request is to be delivered to receive an indication of the rates then in effect, but it is acknowledged that such projection shall not be binding on the Administrative Agent or the Lenders nor affect the rate of interest which thereafter is actually in effect when the election is made.
4.2Interest Periods.  At any time when the Borrower shall select, convert to or renew a LIBOR Rate Option, the Borrower shall notify the Administrative Agent thereof at least three (3) Business Days prior to the effective date of such LIBOR Rate Option by delivering a Loan Request.  The notice shall specify an Interest Period during which such Interest Rate Option shall apply.  Notwithstanding the preceding sentence, the following provisions shall apply to any selection of, renewal of, or conversion to a LIBOR Rate Option:
4.2.1Amount of Borrowing Tranche.  Each Borrowing Tranche of Loans under the LIBOR Rate Option shall be in integral multiples of $1,000,000 and not less than $5,000,000; and
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4.2.2Renewals.  In the case of the renewal of a LIBOR Rate Option at the end of an Interest Period, the first day of the new Interest Period shall be the last day of the preceding Interest Period, without duplication in payment of interest for such day.
4.3Interest After Event of Default.  To the extent permitted by Law, upon the occurrence of an Event of Default and until such time such Event of Default shall have been cured or waived, and at the discretion of the Administrative Agent or upon written demand by the Required Lenders to the Administrative Agent:
4.3.1Letter of Credit Fees, Interest Rate.  The Letter of Credit Fees and the rate of interest for each Loan otherwise applicable pursuant to Section 2.8.1.2 [Letter of Credit Fees] or Section 4.1 [Interest Rate Options], respectively, shall be increased by 2.0% per annum;
4.3.2Other Obligations.  Each other Obligation hereunder if not paid when due shall bear interest at a rate per annum equal to the sum of the rate of interest applicable under the Revolving Credit Base Rate Option plus an additional 2.0% per annum from the time such Obligation becomes due and payable and until it is Paid In Full; and
4.3.3Acknowledgment.  The Borrower acknowledges that the increase in rates referred to in this Section 4.3 reflects, among other things, the fact that such Loans or other amounts have become a substantially greater risk given their default status and that the Lenders are entitled to additional compensation for such risk; and all such interest shall be payable by Borrower upon demand by Administrative Agent.
4.4LIBOR Rate Unascertainable; Increased Costs; Deposits Not Available; Illegality; Benchmark Replacement Setting.
4.4.1Unascertainable; Increased Costs; Deposits Not Available.  If, on or prior to the first day of an Interest Period:
(i)the Administrative Agent shall have determined (which determination shall be conclusive and binding absent manifest error) (x) that by reason of circumstances affecting the London or other applicable offshore interbank market, LIBOR Rate cannot be determined because the LIBOR Rate is not available or published on a current basis or (y) a fundamental change has occurred in the foreign exchange or interbank markets with respect to LIBOR (including, without limitation, changes in national or international financial, political or economic conditions or currency exchange rates or exchange controls), or
(ii)the Required Lenders determine that for any reason in connection with any request for a LIBOR Rate Loan or a conversion thereto or a continuation thereof that (A) Dollar deposits are not available to any Lender in connection with such LIBOR Rate Loan or being offered to banks in the London or other applicable offshore interbank market for the amount and Interest Period of such LIBOR Rate Loan, or (B) the LIBOR Rate for any requested Interest Period with respect to a proposed LIBOR Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan,
then, the Administrative Agent shall have the rights specified in Section 4.4.3 [Administrative Agent's and Lender's Rights].
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4.4.2Illegality.
4.4.2.1If at any time any Lender shall have determined that the making, maintenance or funding of any LIBOR Rate Loan has been made impracticable or unlawful by compliance by such Lender in good faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law),
then the Administrative Agent shall have the rights specified in Section 4.4.3 [Administrative Agent’s and Lender’s Rights].
4.4.3Administrative Agent's and Lender's Rights.  In the case of any event specified in Section 4.4.1 [Unascertainable; Increased Costs; Deposits Not Available] above, the Administrative Agent shall promptly so notify the Lenders and the Borrower thereof, and in the case of an event specified in Section 4.4.1(ii) [Illegality] above, such Lender shall promptly so notify the Administrative Agent and endorse a certificate to such notice as to the specific circumstances of such notice, and the Administrative Agent shall promptly send copies of such notice and certificate to the other Lenders and the Borrower.  Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the obligation of (i) the Lenders, in the case of such notice given by the Administrative Agent, or (ii) such Lender, in the case of such notice given by such Lender, to allow the Borrower to select, convert to or renew a LIBOR Rate Loan shall be suspended (to the extent of the affected LIBOR Rate Loan or Interest Periods) until the Administrative Agent shall have later notified the Borrower, or such Lender shall have later notified the Administrative Agent, of the Administrative Agent’s or such Lender’s, as the case may be, determination that the circumstances giving rise to such previous determination no longer exist.  If at any time the Administrative Agent makes a determination under Section 4.4.1 [Unascertainable; Increased Costs; Deposits Not Available] and the Borrower has previously notified the Administrative Agent of its selection of, conversion to or renewal of a LIBOR Rate Option and the LIBOR Rate Option has not yet gone into effect, such notification shall be deemed to provide for selection of, conversion to or renewal of the Base Rate Option otherwise available with respect to such Loans.  If any Lender notifies the Administrative Agent of a determination under Section 4.4.2 [Illegality], the Borrower shall, subject to the Borrower’s indemnification Obligations under Section 5.11 [Indemnity], as to any Loan of the Lender to which a LIBOR Rate Option applies, on the date specified in such notice either convert such Loan to the Base Rate Option otherwise available with respect to such Loan or prepay such Loan in accordance with Section 5.7 [Voluntary Prepayments].  Absent due notice from the Borrower of conversion or prepayment, such Loan shall automatically be converted to the Base Rate Option otherwise available with respect to such Loan upon such specified date.
4.5Benchmark Replacement Setting.
4.5.1.1    Announcements Related to LIBOR.  On March 5, 2021, the ICE Benchmark Administration, the administrator of LIBOR (the "IBA") and the U.K. Financial Conduct Authority, the regulatory supervisor for the IBA, announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-week, 1-month, 2-month, 3-month, 6-month and 12-month USD LIBOR tenor settings (collectively, the "Cessation 
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Announcements"). The parties hereto acknowledge that, as a result of the Cessation Announcements, a Benchmark Transition Event occurred on March 5, 2021 with respect to USD LIBOR under clauses (1) and (2) of the definition of Benchmark Transition Event below; provided however, no related Benchmark Replacement Date occurred as of such date.
4.5.1.2    Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document (and any agreement executed in connection with an Interest Rate Hedge shall be deemed not to be a "Loan Document" for purposes of this Section titled "Benchmark Replacement Setting"), if a Benchmark Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. 
4.5.1.3    Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. 
4.5.1.4    Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (1) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election, or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date, (2) the implementation of any Benchmark Replacement, (3) the effectiveness of any Benchmark Replacement Conforming Changes, (4) the removal or reinstatement of any tenor of a Benchmark pursuant to paragraph (v) below and (5) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section titled "Benchmark Replacement Setting," including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and 
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without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section titled "Benchmark Replacement Setting." 
4.5.1.5    Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (1) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR ) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of "Interest Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (2) if a tenor that was removed pursuant to clause (1) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" for all Benchmark settings at or after such time to reinstate such previously removed tenor. 
4.5.1.6    Benchmark Unavailability Period. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Loan bearing interest based on USD LIBOR, conversion to or continuation of Loans bearing interest based on USD LIBOR to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Loan of or conversion to Loans bearing interest under the Base Rate Option. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate. 
4.5.1.7    Term SOFR Transition Event.  Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (1) the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting (the "Secondary Term SOFR Conversion Date") and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; and (2) Loans outstanding on the Secondary Term SOFR Conversion Date bearing interest based on the then-current Benchmark shall be deemed to have been converted to Loans bearing interest at the Benchmark Replacement with a tenor approximately the same length as the interest payment period of the then-current Benchmark; provided that, this paragraph (vii) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. 
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4.5.1.8    Certain Defined Terms. As used in this Section titled "Benchmark Replacement Setting": 
"Available Tenor" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then current Benchmark is a term rate or is based on a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to paragraph (v) of this Section titled "Benchmark Replacement Setting", or (y) if the then current Benchmark is not a term rate nor based on a term rate, any payment period for interest calculated with reference to such Benchmark pursuant to this Agreement as of such date.  For the avoidance of doubt, the Available Tenor for the Daily LIBOR Rate is one month.
"Benchmark" means, initially, USD LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election, or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to paragraph (ii) of this Section titled "Benchmark Replacement Setting." 
"Benchmark Replacement" means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 
(i)the sum of: (A) Term SOFR and (B) the related Benchmark Replacement Adjustment; 
(ii)the sum of: (A) Daily Simple SOFR  and (B) the related Benchmark Replacement Adjustment; 
(iii)the sum of: (A) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (I) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (II) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated credit facilities at such time and (B) the related Benchmark Replacement Adjustment; 
(iv)provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided, further, that, in the case of an Other Benchmark Rate Election, the "Benchmark Replacement" shall mean the alternative set forth in clause (3) above and when such clause is used to determine the Benchmark Replacement in connection with the occurrence of an Other Benchmark Rate Election, the alternate benchmark rate selected by the Administrative Agent and 
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the Borrower shall be the term benchmark rate that is used in lieu of a USD LIBOR-based rate in relevant other U.S. dollar-denominated syndicated credit facilities; provided, further, that, with respect to a Term SOFR Transition Event, on the applicable Benchmark Replacement Date, the "Benchmark Replacement" shall revert to and shall be determined as set forth in clause (1) of this definition. If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 
"Benchmark Replacement Adjustment" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Available Tenor for any setting of such Unadjusted Benchmark Replacement: 
(1)    for purposes of clauses (1) and (2) of the definition of "Benchmark Replacement," the applicable amount(s) set forth below:
						
	Available Tenor	Benchmark Replacement Adjustment*
		
	One-Week	0.03839% (3.839 basis points)
	One-Month	0.11448% (11.448 basis points)

	Two-Months	0.18456% (18.456 basis points)
	Three-Months	0.26161% (26.161 basis points)

	Six-Months	0.42826% (42.826 basis points)
	* These values represent the ARRC/ISDA recommended spread adjustment values available here: https://assets.bbhub.io/professional/sites/10/IBOR-Fallbacks-LIBOR-Cessation_Announcement_20210305.pdf

(2)    for purposes of clause (3) of the definition of "Benchmark Replacement," the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (A) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (B) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities; 
provided that, if the then-current Benchmark is a term rate, more than one tenor of such Benchmark is available as of the applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement will not be a term rate, the Available Tenor of such Benchmark for purposes of this definition of "Benchmark Replacement Adjustment" shall be deemed to be the Available Tenor that has approximately the same length (disregarding 
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business day adjustments) as the payment period for interest calculated with reference to such Unadjusted Benchmark Replacement. 
"Benchmark Replacement Conforming Changes" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Base Rate," the definition of "Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). 
"Benchmark Replacement Date" means the earliest to occur of the following events with respect to the then-current Benchmark:  
(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); 
(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the date determined by the Administrative Agent, which date shall promptly follow the date of the public statement or publication of information referenced therein; 
(3) in the case of a Term SOFR Transition Event, the date that is set forth in the Term SOFR Notice provided to the Lenders and the Borrower pursuant to this Section titled "Benchmark Replacement Setting", which date shall be at least 30 days from the date of the Term SOFR Notice; or
(4) in the case of an Early Opt-in Election or an Other Benchmark Rate Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election or an Other Benchmark Rate Election, as applicable, is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election or an Other Benchmark Rate Election, as applicable, is provided to the Lenders, written notice of objection to such Early Opt-in Election or an Other Benchmark Rate Election, as applicable, from Lenders comprising the Required Lenders. 
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to 
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the Reference Time for such determination and (ii) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). 
"Benchmark Transition Event" means the occurrence of one or more of the following events with respect to the then-current Benchmark: 
(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 
(2) a public statement or publication of information by an Official Body having jurisdiction over the Administrative Agent, the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 
(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) or an Official Body having jurisdiction over the Administrative Agent announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative. 
For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
"Benchmark Unavailability Period" means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with this Section titled "Benchmark Replacement Setting" and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with this Section titled "Benchmark Replacement Setting." 
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"Corresponding Tenor" with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 
"Daily Simple SOFR" means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion. 
"Early Opt-in Election" means, if the then-current Benchmark is USD LIBOR, the occurrence of: 
(1) a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 
(2) the joint election by the Administrative Agent and the Borrower to trigger a fallback from USD LIBOR and the provision by the Administrative Agent of written notice of such election to the Lenders. 
"Floor" means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR or, if no floor is specified, zero. 
"ISDA Definitions" means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto. 
"Other Benchmark Rate Election" means, if the then-current Benchmark is USD LIBOR, the occurrence of: (x) either (i) a request by the Borrower to the Administrative Agent , or (ii) notice by the Administrative Agent to the Borrower, that, at the determination of the Borrower or the Administrative Agent, as applicable, U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed), in lieu of a USD LIBOR based rate, a term benchmark rate as a benchmark rate, and (y) the Administrative Agent, in its sole discretion, and the Borrower jointly elect to trigger a fallback from USD LIBOR and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders.
"Reference Time" with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day that is two 
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London banking days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time determined by the Administrative Agent in its reasonable discretion. 
"Relevant Governmental Body" means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto. 
"SOFR" means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator's Website on the immediately succeeding Business Day. 
"SOFR Administrator" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate). 
"SOFR Administrator's Website" means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 
"Term SOFR" means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 
"Term SOFR Notice" means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event.
"Term SOFR Transition Event" means the determination by the Administrative Agent that (1) Term SOFR has been recommended for use by the Relevant Governmental Body, and is determinable for each Available Tenor, (2) the administration of Term SOFR is administratively feasible for the Administrative Agent and (3) a Benchmark Transition Event or an Early Opt-in Election, as applicable (and, for the avoidance of doubt, not in the case of an Other Benchmark Rate Election), has previously occurred resulting in a Benchmark Replacement in accordance with Section titled "Benchmark Replacement Setting" that is not Term SOFR.
"Unadjusted Benchmark Replacement" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment. 
"USD LIBOR" means the London interbank offered rate for U.S. dollars. 
4.5.2Selection of Interest Rate Options.  If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche of Loans under the LIBOR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with the provisions of Section 4.2 [Interest Periods], the Borrower shall be deemed to have converted such Borrowing Tranche to the Base Rate Option, as applicable to Revolving Credit Loans, commencing upon the last day of the existing Interest Period. If the Borrower provides any Loan Request related to a Loan at the LIBOR Rate Option but fails to identify an Interest Period therefor, such Loan Request shall be deemed to request an Interest Period of one (1) month.  Any Loan Request that fails to select an Interest Rate Option shall be deemed to be a request for the Base Rate Option.
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5.PAYMENTS; TAXES; YIELD MAINTENANCE
5.1Payments.  All payments and prepayments to be made in respect of principal, interest, Commitment Fees, Letter of Credit Fees, Administrative Agent's Fee or other fees or amounts due from the Borrower hereunder shall be payable prior to 2:00 p.m. Eastern Time on the date when due without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Borrower, and without set-off, counterclaim or other deduction of any nature, and an action therefor shall immediately accrue.  Such payments shall be made to the Administrative Agent at the Principal Office for the account of Swingline Loan Lender with respect to the Swingline Loans and for the ratable accounts of the Lenders with respect to the Revolving Credit Loans in U.S. Dollars and in immediately available funds, and the Administrative Agent shall promptly distribute such amounts to the Lenders in immediately available funds; provided that in the event payments are received by 2:00 p.m. Eastern Time by the Administrative Agent with respect to the Loans and such payments are not distributed to the Lenders on the same day received by the Administrative Agent, the Administrative Agent shall pay the Lenders interest at the Effective Federal Funds Rate with respect to the amount of such payments for each day held by the Administrative Agent and not distributed to the Lenders.  The Administrative Agent's and each Lender's statement of account, ledger or other relevant record shall, in the absence of manifest error, be conclusive as the statement of the amount of principal of and interest on the Loans and other amounts owing under this Agreement and shall be deemed an "account stated."
5.2Pro Rata Treatment of Lenders.  Each borrowing of Revolving Credit Loans shall be allocated to each Lender according to its Ratable Share, and each selection of, conversion to or renewal of any Interest Rate Option and each payment or prepayment by the Borrower with respect to principal, interest, Commitment Fees and Letter of Credit Fees (but excluding the Administrative Agent's Fee and the Issuing Lender's fronting fee) shall (except as otherwise may be provided with respect to a Defaulting Lender and except as provided in Sections 4.4.3 [Administrative Agent's and Lender's Rights] in the case of an event specified in Section 4.4 [LIBOR Rate Unascertainable; Etc.], 5.7.2 [Replacement of a Lender] or 5.9 [Increased Costs]) be payable ratably among the Lenders entitled to such payment in accordance with the amount of principal, interest, Commitment Fees and Letter of Credit Fees, as set forth in this Agreement.  Notwithstanding any of the foregoing, each borrowing or payment or prepayment by the Borrower of principal, interest, fees or other amounts from the Borrower with respect to Swingline Loans shall be made by or to Swingline Loan Lender according to Section 2.5.5 [Borrowings to Repay Swingline Loans].
5.3Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of setoff, counterclaim or banker's lien or other any right, by receipt of voluntary payment, by realization upon security, or by any other non-pro rata source, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender's receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than the pro-rata share of the amount such Lender is entitled thereto, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in 
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accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that:
(i)if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, together with interest or other amounts, if any, required by Law (including court order) to be paid by the Lender or the holder making such purchase; and
(ii)the provisions of this Section 5.3 shall not be construed to apply to (x) any payment made by the Loan Parties pursuant to and in accordance with the express terms of the Loan Documents (including the application of funds arising from the existence of a Defaulting Lender) or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or Participation Advances to any assignee or participant, other than to each Loan Party or any Subsidiary thereof (as to which the provisions of this Section 5.3 shall apply).
Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.
5.4Administrative Agent’s Clawback.
5.4.1Funding by Lenders; Presumption by Administrative Agent.  Unless the Administrative Agent shall have received notice from a Lender (x) in the case of Loans to which the Base Rate Option applies, 24 hours prior to the proposed time of such Borrowing Tranche of Loans and (y) otherwise], prior to the proposed date of any Borrowing Tranche of Loans that such Lender will not make available to the Administrative Agent such Lender’s Ratable Share, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.5.1 [Making Revolving Credit Loans] and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing Tranche of Loans available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Effective Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Loans under the Base Rate Option.  If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period.  If such Lender pays its share of the applicable Borrowing Tranche of Loans to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing Tranche of Loans.  Any payment by the Borrower shall be without prejudice to 
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any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.
5.5Payments by Borrower; Presumptions by Administrative Agent.  Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lender hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Lender, as the case may be, the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Lender, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
5.6Interest Payment Dates.  Interest on Loans to which the Base Rate Option applies shall be due and payable in arrears on each Payment Date.  Interest on Loans to which the LIBOR Rate Option applies shall be due and payable on the last day of each Interest Period for those Loans and, if such Interest Period is longer than three (3) Months, also on the 90th day of such Interest Period.  Interest on the principal amount of each Loan or other monetary Obligation shall be due and payable on demand after such principal amount or other monetary Obligation becomes due and payable (whether on the stated Expiration Date, upon acceleration or otherwise).
5.7Voluntary Prepayments.
5.7.1Right to Prepay.  The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.7.2 [Replacement of a Lender] below, in Section 5.9 [Increased Costs] and Section 5.11 [Indemnity]).  Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or no later than 1:00 p.m. on the date of prepayment of Swingline Loans, setting forth the following information:
(w)    the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(x)    a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which the LIBOR Rate Option applies;
(y)    a statement indicating the application of the prepayment between the Revolving Credit Loans and Swingline Loans; and
(z)    the total principal amount of such prepayment, which shall not be less than the lesser of (i) the Revolving Facility Usage or (ii) $100,000 for any Swingline Loan or $1,000,000 for any Revolving Credit Loan. 
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All prepayment notices shall be irrevocable.  The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made.  Except as provided in Section 4.4.3 [Administrative Agent's and Lender's Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied first to Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option applies.  Any prepayment hereunder shall be subject to the Borrower's Obligation to indemnify the Lenders under Section 5.11 [Indemnity].
5.7.2Replacement of a Lender.  In the event any Lender (i) gives notice under Section 4.4 [LIBOR Rate Unascertainable, Etc.], (ii) requests compensation under Section 5.9 [Increased Costs], or requires the Borrower to pay any Indemnified Taxes or additional amount to any Lender or any Official Body for the account of any Lender pursuant to Section 5.10 [Taxes], (iii) is a Defaulting Lender, (iv) becomes subject to the control of an Official Body (other than normal and customary supervision), or (v) is a Non-Consenting Lender referred to in Section 11.1 [Modifications, Amendments or Waivers], then in any such event the Borrower may, at its sole expense, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.8 [Successors and Assigns]), all of its interests, rights (other than existing rights to payments pursuant to Sections 5.9 [Increased Costs] or 5.10 [Taxes]) and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:
(i)the Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 11.8 [Successors and Assigns];
(ii)such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and Participation Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 5.11 [Indemnity]) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);
(iii)in the case of any such assignment resulting from a claim for compensation under Section 5.9.1 [Increased Costs Generally] or payments required to be made pursuant to Section 5.10 [Taxes], such assignment will result in a reduction in such compensation or payments thereafter; and
(iv)such assignment does not conflict with applicable Law. 
A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.
5.7.3Designation of a Different Lending Office.  If any Lender requests compensation under Section 5.9 [Increased Costs], or the Borrower is or will be required to pay 
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any Indemnified Taxes or additional amounts to any Lender or any Official Body for the account of any Lender pursuant to Section 5.10 [Taxes], then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 5.9 [Increased Costs] or Section 5.10 [Taxes], as the case may be, in the future, and (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
5.8[Intentionally Omitted]
5.9Increased Costs.
5.9.1Increased Costs Generally.  If any Change in Law shall: 
(i)impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBOR Rate) or the Issuing Lender; 
(ii)subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes and (C) Connection Income 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 Lender, the Issuing Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; 
and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, the Issuing Lender or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, the Issuing Lender or other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, the Issuing Lender or other Recipient, the Borrower will pay to such Lender, the Issuing Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender or other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 
5.9.2Capital Requirements.  If any Lender or the Issuing Lender determines that any Change in Law affecting such Lender or the Issuing Lender or any Lending Office of such Lender or such Lender's or the Issuing Lender's holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's or the Issuing Lender's capital or on the capital of such Lender's or the Issuing Lender's 
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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 or Swingline Loans held by, such Lender, or the Letters of Credit issued by the Issuing Lender, to a level below that which such Lender or the Issuing Lender or such Lender's or the Issuing Lender's holding company could have achieved but for such Change in Law (taking into consideration such Lender's or the Issuing Lender's policies and the policies of such Lender's or the Issuing Lender's holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender or such Lender's or the Issuing Lender's holding company for any such reduction suffered. 
5.9.3Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans.  A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in Sections 5.9.1 [Increased Costs Generally] or 5.9.2 [Capital Requirements] and delivered to the Borrower shall be conclusive absent manifest error.  The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 
5.9.4Delay in Requests.  Failure or delay on the part of any Lender or the Issuing Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's or the Issuing Lender's right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the Issuing Lender pursuant to this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or the Issuing Lender, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender's or the Issuing Lender'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 (9) month period referred to above shall be extended to include the period of retroactive effect thereof).
5.10Taxes. 
5.10.1Issuing Lender.  For purposes of this Section 5.10, the term "Lender" includes the Issuing Lender and the term "applicable Law" includes FATCA.
5.10.2Payments Free of Taxes.  Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be 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 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 Official Body in accordance with applicable Law and, if such Tax is an Indemnified 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 5.10 [Taxes]) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
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5.10.3Payment of Other Taxes by the Loan Parties.  The Loan Parties shall timely pay to the relevant Official Body in accordance with applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.
5.10.4Indemnification by the Loan Parties.  The Loan Parties shall jointly and severally indemnify each Recipient, within ten (10) 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 5.10 [Taxes]) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Official Body.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
5.10.5Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of any of the Loan Parties to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of Section 11.8.1 [Successors and Assigns Generally] relating to the maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each 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 Official Body.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender 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 Section 5.10.5 [Indemnification by the Lenders]. 
5.10.6Evidence of Payments.  As soon as practicable after any payment of Taxes by any Loan Party to an Official Body pursuant to this Section 5.10 [Taxes], the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Official Body evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
5.10.7Status of Lenders.  
(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 Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent and at the time or times prescribed by applicable Law, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent or prescribed by applicable Law as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if 
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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 Section 5.10.7(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 Borrower is a U.S. Borrower, 
(A)    any 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 Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower 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 Foreign Lender 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 Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
(a)in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN 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, 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;
(b)executed copies of IRS Form W-8ECI; 
(c)in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit 5.9.7(A) to the effect that such Foreign Lender is not (A) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (B) a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) 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 
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(d)to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit 5.9.7(B) or Exhibit 5.9.7(C), IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit 5.9.7(D) on behalf of each such direct and indirect partner; 
(C)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the 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 Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), 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 Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and
(D)    if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such 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 Borrower and the Administrative Agent in writing of its legal inability to do so.
5.10.8Treatment of Certain 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 5.10 [Taxes] (including by the payment of additional amounts pursuant to this Section 5.10 [Taxes]), 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 5.10 [Taxes] 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 
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the relevant Official Body 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 Section 5.10.8 [Treatment of Certain Refunds] (plus any penalties, interest or other charges imposed by the relevant Official Body) in the event that such indemnified party is required to repay such refund to such Official Body.  Notwithstanding anything to the contrary in this Section 5.10.8 [Treatment of Certain Refunds]), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 5.10.8 [Treatment of Certain Refunds] 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 any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
5.10.9Survival.  Each party's obligations under this Section 5.10 [Taxes] shall survive the resignation of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all Obligations.
5.11Indemnity.  In addition to the compensation or payments required by Section 5.9 [Increased Costs]or Section 5.10 [Taxes], the Borrower shall indemnify each Lender against all liabilities, losses or expenses (including loss of anticipated profits, any foreign exchange losses and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan, from fees payable to terminate the deposits from which such funds were obtained or from the performance of any foreign exchange contract) which such Lender sustains or incurs as a consequence of any:
(i)payment, prepayment, conversion or renewal of any Loan to which a LIBOR Rate Option applies on a day other than the last day of the corresponding Interest Period (whether or not such payment or prepayment is mandatory, voluntary or automatic and whether or not such payment or prepayment is then due), or
(ii)attempt by the Borrower to revoke (expressly, by later inconsistent notices or otherwise) in whole or part any Loan Requests under Section 2.4 [Revolving Credit Loan Requests; Conversions and Renewals; Swingline Loan Requests] or Section 4.2 [Interest Periods] or notice relating to prepayments under Section 5.7 [Voluntary Prepayments], or failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Loan under the Base Rate Option on the date or in the amount notified by the Borrower, or
(iii)default by the Borrower in the performance or observance of any covenant or condition contained in this Agreement or any other Loan Document, including any failure of the Borrower to pay when due (by acceleration or otherwise) any principal, interest, Commitment Fee or any other amount due hereunder.
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(iv)Any assignment of a Loan under the LIBOR Rate Option on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 5.14 [Replacement of a Lender].
If any Lender sustains or incurs any such loss or expense, it shall from time to time notify the Borrower of the amount determined in good faith by such Lender (which determination may include such assumptions, allocations of costs and expenses and averaging or attribution methods as such Lender shall deem reasonable) to be necessary to indemnify such Lender for such loss or expense.  Such notice shall set forth in reasonable detail the basis for such determination.  Such amount shall be due and payable by the Borrower to such Lender ten (10) Business Days after such notice is given.
5.12Settlement Date Procedures.  In order to minimize the transfer of funds between the Lenders and the Administrative Agent, the Borrower may borrow, repay and reborrow Swingline Loans and Swingline Loan Lender may make Swingline Loans as provided in Section 2.1.2 [Swingline Loan Commitments] hereof during the period between Settlement Dates.  The Administrative Agent shall notify each Lender of its Ratable Share of the total of the Revolving Credit Loans and the Swingline Loans (each a "Required Share").  On such Settlement Date, each Lender shall pay to the Administrative Agent the amount equal to the difference between its Required Share and its Revolving Credit Loans, and the Administrative Agent shall pay to each Lender its Ratable Share of all payments made by the Borrower to the Administrative Agent with respect to the Revolving Credit Loans.  The Administrative Agent shall also effect settlement in accordance with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans and may at its option effect settlement on any other Business Day.  These settlement procedures are established solely as a matter of administrative convenience, and nothing contained in this Section 5.12 shall relieve the Lenders of their obligations to fund Revolving Credit Loans on dates other than a Settlement Date pursuant to Section 2.1.2 [Swingline Loan Commitment].  The Administrative Agent may at any time at its option for any reason whatsoever require each Lender to pay immediately to the Administrative Agent such Lender's Ratable Share of the outstanding Revolving Credit Loans and each Lender may at any time require the Administrative Agent to pay immediately to such Lender its Ratable Share of all payments made by the Borrower to the Administrative Agent with respect to the Revolving Credit Loans.
5.13Cash Collateral.  At any time that there shall exist a Defaulting Lender, within one (1) Business Day following the written request of the Administrative Agent or the Issuing Lender (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize the Issuing Lender’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.9.1.3(iv) [Reallocation of Participations to Reduce Fronting Exposure] and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.
5.13.1Grant of Security Interest.  The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for the benefit of the Issuing Lender, 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 Letter of Credit Obligations, to be applied pursuant to clause (b) below.  If at any time 
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the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Lender as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).
5.13.2Application.  Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 5.13 or Section 2.9 [Defaulting Lender] in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of Letter of Credit 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.
5.13.3Termination of Requirement.  Cash Collateral (or the appropriate portion thereof) provided to reduce the Issuing Lender’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 5.13 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 the Issuing Lender that there exists excess Cash Collateral; provided that, subject to Section 2.9 [Default Lenders] the Person providing Cash Collateral and the 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 Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to Section 5.13.1 above.
5.14Replacement of a Lender.  If any Lender requests compensation under Section 5.9 [Increased Costs], or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Official Body for the account of any Lender pursuant to Section 5.10 [Taxes] and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 5.15 [Designation of a Different Lending Office], or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.8 [Successors and Assigns]), all of its interests, rights (other than its existing rights to payments pursuant to Section 5.9 [Increased Cost] or Section 5.10 [Taxes]) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:
(i)the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.8 [Successors and Assigns];
(ii)such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in Letter of Credit Borrowings, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 5.11 [Indemnity]) from the assignee (to 
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the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);
(iii)in the case of any such assignment resulting from a claim for compensation under Section 5.9 [Increased Costs] or payments required to be made pursuant to Section 5.10 [Taxes], such assignment will result in a reduction in such compensation or payments thereafter;
(iv)such assignment does not conflict with applicable Law; and
(v)in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.
A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.
5.15Designation of a Different Lending Office.  If any Lender requests compensation under Section 5.9 [Increased Costs], or the Borrower is or will be required to pay any Indemnified Taxes or additional amounts to any Lender or any Official Body for the account of any Lender pursuant to Section 5.10 [Taxes], then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 5.8 [Increased Costs] or Section 5.10 [Taxes], as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
6.REPRESENTATIONS AND WARRANTIES
6.1Representations and Warranties.  Each Loan Party represents and warrants to the Administrative Agent and each of the Lenders as follows:
6.1.1Organization and Qualification; Power and Authority; Compliance With Laws; Title to Properties; Event of Default.  Each Loan Party has full power to enter into, execute, deliver and carry out this Agreement and the other Loan Documents, to incur the Indebtedness contemplated by the Loan Documents and to perform its Obligations under the Loan Documents to which it is a party, and all such actions have been duly authorized by all necessary proceedings on its part.  Each Loan Party and each Subsidiary of each Loan Party (i) is a corporation, partnership or limited liability company duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization, (ii) has the lawful power to own or lease its properties and to engage in the business it presently conducts or proposes to conduct, (iii) as of the Closing Date and as of each subsequent date that any updated Schedules are delivered pursuant to Section 6.2 [Updates to Schedule] hereof, is duly licensed or qualified and in good standing in each jurisdiction listed on Schedule 6.1.1 and in all other jurisdictions where 
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the property owned or leased by it or the nature of the business transacted by it or both makes such licensing or qualification necessary except where failure to do so could not individually or in the aggregate, reasonably be expected to constitute a Material Adverse Change, (iv) is in compliance in all material respects with all applicable Laws (other than Environmental Laws which are specifically addressed in Section 6.1.16 [Environmental Matters]) in all jurisdictions in which any Loan Party or any Subsidiary of any Loan Party is presently or will be doing business except where the failure to do so could not reasonably be expected to constitute a Material Adverse Change, and (v) has good and marketable title to or valid leasehold interest in all properties, assets and other material rights which it purports to own or lease or which are reflected as owned or leased on its books and records and that are necessary to the operation of its business, free and clear of all Liens and encumbrances except Permitted Liens.  No Event of Default or Potential Default exists or is continuing or would result from the performance by any Loan Party of its Obligations.  
6.1.2Borrower; Subsidiaries and Owners; Investment Companies.  Schedule 6.1.2 states (a) the name of each of the Borrower’s Subsidiaries, its jurisdiction of organization and the amount, percentage and type of equity interests in such Subsidiary ("Subsidiary Equity Interests"), (b) the name of each holder of a Subsidiary Equity Interest in each Subsidiary, and the amount thereof, and (c) any options, warrants or other rights outstanding to purchase any such Subsidiary Equity Interests referred to in clause (a) or (b).  (i) The Borrower and each Subsidiary of the Borrower, as applicable, own the applicable Subsidiary Equity Interests free and clear, in each case of, any Lien other than Permitted Liens, and (ii) all of the equity interests in the Borrower and all of such Subsidiary Equity Interests outstanding have been duly authorized and validly issued, and are fully paid and nonassessable. No Loan Party nor any Subsidiary of any Loan Party is an "investment company" registered or required to be registered under the Investment Company Act of 1940 or under the "control" of an "investment company" as such terms are defined in the Investment Company Act of 1940 and shall not become such an "investment company" or under such "control."
6.1.3Validity and Binding Effect.  This Agreement has been, and each of the other Loan Documents when delivered will have been, (a) duly authorized, validly executed and delivered by each Loan Party, and (b) constitutes, or will constitute, legal, valid and binding obligations of each Loan Party which is or will be a party thereto, enforceable against such Loan Party in accordance with its terms.
6.1.4No Conflict; Material Contracts; Consents.  Neither the execution and delivery of this Agreement or the other Loan Documents by any Loan Party nor the consummation of the transactions herein or therein contemplated or compliance with the terms and provisions hereof or thereof by any of them will conflict with, constitute a default under or result in any breach of (a) the terms and conditions of the certificate of incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation, limited liability company agreement or other organizational documents of any Loan Party or (b) any Law or Material Contract or instrument or order, writ, judgment, injunction or decree to which any Loan Party or any of its Subsidiaries is a party or by which it or any of its Subsidiaries is bound or to which it is subject or by which it is affected, or result in the creation or enforcement of any Lien whatsoever upon any property (now or hereafter acquired) of any Loan Party or any of its Subsidiaries (other than Liens granted under the Loan Documents) except where the failure to do 
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so would not reasonably be expected to have a Material Adverse Change.  There is no default under any such Material Contract and none of the Loan Parties or their Subsidiaries is bound by any contractual obligation, or subject to any restriction in any organization document, or any requirement of Law which would reasonably be likely to result in a Material Adverse Change.  No consent, approval, exemption, order or authorization of, or a registration or filing with, or notice to, any Official Body or any other Person is required by any Law or any agreement in connection with the execution, delivery and performance by, or enforcement against, any Loan Party of this Agreement and the other Loan Documents except such as has been obtained or issued.  Schedule 6.1.4 accurately sets out, as of the Closing Date and as of each subsequent date that any updated Schedules are delivered pursuant to Section 6.2 [Updates to Schedule] hereof, a list and description of all Material Contracts.
6.1.5Litigation.  There are no actions, suits, claims, proceedings or investigations pending or, to the knowledge of any Loan Party, threatened against such Loan Party or any Subsidiary of such Loan Party or any of their properties at law or in equity before any Official Body which (a) individually or in the aggregate would reasonably be expected to result in any Material Adverse Change or (b) state to affect, impact or restate this Agreement or any of the other Loan Documents or the transactions contemplated hereby or thereby.  None of the Loan Parties or any Subsidiaries of any Loan Party is in violation of any order, writ, injunction or any decree of any Official Body which would reasonably be expected to result in any Material Adverse Change.
6.1.6Financial Statements.
(i)Historical Statements.  The Borrower has delivered to the Administrative Agent copies of its audited consolidated year-end balance sheet, statement of income or operations, shareholders’ equity and cash flows, for and as of the end of the fiscal year ended December 31, 2020.  In addition, the Borrower has delivered to the Administrative Agent copies of its unaudited consolidated interim balance sheet, statement of income or operations, shareholders’ equity and cash flows, [for the fiscal year to date and] as of the end of the fiscal quarter ended March 30, 2021 (all such annual and interim statements being collectively referred to as the "Statements").  The Statements (i) were compiled from the books and records maintained by the Borrower’s management, (ii) are correct and complete, (iii) and fairly represent the consolidated financial condition of the Borrower and its Subsidiaries as of the respective dates thereof and the results of operations for the fiscal periods then ended in accordance with GAAP consistently applied throughout the period covered thereby, subject (in the case of the interim statements) to normal year-end audit adjustments utilized on a consistent basis, and (iv) have been prepared in accordance with GAAP consistently applied throughout the period covered thereby, subject (in the case of the interim statements) to normal year-end audit adjustments utilized on a consistent basis.
(ii)Financial Projections.  The Borrower has delivered to the Administrative Agent a summary of projected financial statements (including, without limitation, statements of operations and cash flow together with a detailed explanation of the assumptions used in preparing such projected financial statements) of the Borrower and its Subsidiaries for the period from the Closing Date through December 31, 2025 derived from various assumptions of the Loan Parties’ management (the "Projections").  The Projections represent a reasonable 
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range of possible results in light of the history of the business, present and foreseeable conditions and the intentions of the Borrower’s management, it being understood that such Projections are (i) as to future events and not to be viewed as facts, (ii) are subject to significant uncertainties and contingencies, many of which are beyond the Loan Parties’ control, and (iii) no assurance can be given that the Projections will be realized.
6.1.7Accuracy of Financial Statements.  Neither the Borrower nor any Subsidiary of the Borrower has any material indebtedness, liabilities, contingent or otherwise, or forward or long-term commitments that are not disclosed in the Statements or in the notes thereto, and except as disclosed therein there are no unrealized or anticipated losses from any commitments of the Borrower or any Subsidiary of the Borrower which would reasonably be expected to cause a Material Adverse Change.  Since December 31, 2020, no Material Adverse Change has occurred.
6.1.8Margin Stock.  None of the Loan Parties or any Subsidiaries of any Loan Party engages or intends to engage principally, or as one of its important activities, in the business of extending credit for the purpose, immediately, incidentally or ultimately, of purchasing or carrying margin stock (within the meaning of Regulation U, T or X as promulgated by the Board of Governors of the Federal Reserve System).  No part of the proceeds of any Loan has been or will be used, immediately, incidentally or ultimately, to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock or which is inconsistent with the provisions of the regulations of the Board of Governors of the Federal Reserve System.  None of the Loan Parties or any Subsidiary of any Loan Party holds or intends to hold margin stock in such amounts that more than 25% of the reasonable value of the assets of any Loan Party or Subsidiary of any Loan Party are or will be represented by margin stock.

6.1.9Full Disclosure.  Neither this Agreement nor any other Loan Document, nor any certificate, report, statement, agreement or other documents or other information (written or oral) furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection herewith or therewith or the transactions contemplated hereby or thereby, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein and therein, in light of the circumstances under which they were made, not misleading; provided that in connection with any financial projections, the Loan Parties represent that such projections were prepared in good faith based upon assumptions believed by them to be reasonable at the time when made.  There is no fact known to any Loan Party which materially adversely affects the business, property, assets, financial condition, results of operations or prospects of any Loan Party or Subsidiary of any Loan Party which is not set forth in the public filings with the SEC as of the Closing Date or has not been specified in this Agreement or in the certificates, statements, agreements or other documents furnished in writing to the Administrative Agent and the Lenders prior to or at the date hereof in connection with the transactions contemplated hereby.
6.1.10Taxes.  All federal, state, local and other tax returns required to have been filed with respect to each Loan Party and each Subsidiary of each Loan Party have been filed, and payment or adequate provision has been made for the payment of all material taxes, fees, 
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assessments and other governmental charges which have or may become due pursuant to said returns or otherwise levied or imposed upon them, their properties, income or assets which are due and payable, except to the extent that such taxes, fees, assessments and other charges are being contested in good faith by appropriate proceedings diligently conducted and for which such reserves or other appropriate provisions, if any, as shall be required by GAAP, shall have been made. 
6.1.11Patents, Trademarks, Copyrights, Licenses, Etc.  Each Loan Party and each Subsidiary of each Loan Party owns or possesses all the material patents, trademarks, service marks, trade names, copyrights, licenses, registrations, franchises, permits and rights necessary to own and operate its properties and to carry on its business as presently conducted and planned to be conducted by such Loan Party or Subsidiary, without known possible, alleged or actual conflict with the rights of others, except where the failure to do so would not reasonably be expected to result in a Material Adverse Change.
6.1.12Employment Matters.  Each Loan Party is in compliance with all employment agreements, employment contracts, collective bargaining agreements and other agreements among the Borrower and its employees (collectively, "Labor Contracts") and all applicable federal, state and local labor and employment Laws including those related to equal employment opportunity and affirmative action, labor relations, minimum wage, overtime, child labor, medical insurance continuation, worker adjustment and relocation notices, immigration controls and worker and unemployment compensation, in each case where the failure to comply could reasonably be expected to constitute a Material Adverse Change.  There are no outstanding grievances, arbitration awards or appeals therefrom arising out of the Labor Contracts or current or threatened strikes, picketing, handbilling or other work stoppages or slowdowns at facilities of any Loan Party or any such Subsidiary which in any case could reasonably be expected to constitute a Material Adverse Change.
6.1.13Liens in the Collateral.  The Liens in the Collateral granted to the Administrative Agent for the benefit of the Secured Parties pursuant to the Collateral Documents constitute and will continue to constitute first priority, perfected security interests, except in the case of (a) Permitted Liens and (b) Liens perfected only by possession, to the extent the Administrative Agent has not obtained or does not maintain possession of such Collateral.  All filing fees and other expenses in connection with the perfection of such Liens have been or will be paid by the Borrower.
6.1.14Insurance.  The properties of each Loan Party and each of its Subsidiaries are insured pursuant to policies and other bonds which are valid and in full force and effect and which provide adequate coverage from reputable and financially sound insurers which are not Affiliates of any Loan Party [(or such coverage is from self-insurance to the extent customary and also compatible with the following standards)] in amounts sufficient to insure the assets and risks of each such Loan Party and Subsidiary in accordance with prudent business practice in the industry of such Loan Parties and Subsidiaries in the locations where the applicable Loan Party conducts business.
6.1.15ERISA Compliance.  (i) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other federal or state Laws.  Each Plan 
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that is intended to qualify under Section 401(a) of the Code has received from the IRS a favorable determination or opinion letter, which has not by its terms expired, that such Plan is so qualified, or such Plan is entitled to rely on an IRS advisory or opinion letter with respect to an IRS-approved master and prototype or volume submitter plan,  or a timely application for such a determination or opinion letter is currently being processed by the IRS with respect thereto; and, to the best knowledge of Borrower, nothing has occurred which would prevent, or cause the loss of, such qualification.  Borrower and each member of the ERISA Group have made all required contributions to each Pension Plan subject to Sections 412 or 430 of the Code, and no application for a funding waiver or an extension of any amortization period pursuant to Sections 412 or 430 of the Code has been made with respect to any Pension Plan.
(ii)    There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect.
(iii)Except for those items described on Schedule 6.1.15, (i) no ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any unfunded pension liability (i.e., excess of benefit liabilities over the current value of that Pension Plan’s assets, determined pursuant to the assumptions used for funding the Pension Plan for the applicable plan year in accordance with Section 430 of the Code); (iii) neither Borrower nor any member of the ERISA Group has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither Borrower nor any member of the ERISA Group has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 of ERISA, with respect to a Multiemployer Plan; (v) neither Borrower nor any member of the ERISA Group has received notice pursuant to Section 4242(a)(1)(B) of ERISA that a Multiemployer Plan is in reorganization and that additional contributions are due to the Multiemployer Plan pursuant to Section 4243 of ERISA; (vi) neither Borrower nor any member of the ERISA Group has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA; and (vii) no Pension Plan or Multiemployer Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan or Multiemployer Plan.
6.1.16Environmental Matters.  Except for those items described on Schedule 6.1.16, none of which items, individually or collectively, could be reasonably expected to result in a Material Adverse Change:
(i)No Loan Party nor its Subsidiaries has received any Environmental Complaint, whether directed or issued to such Loan Party or its Subsidiaries or relating or pertaining to activities undertaken by any prior owner, operator or occupant of the Real Property, which could reasonably be expected to result in a Material Adverse Change, and has no reason to believe that it might receive an Environmental Complaint that could reasonably be expected to result in a Material Adverse Change.
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(ii)No activity of any Loan Party or its Subsidiaries at the Real Property is being conducted in violation of any Environmental Law or Required Environmental Permit, which such activity could reasonably be expected to result in a Material Adverse Change, and to the knowledge of such Loan Party or its Subsidiaries, no activity of any prior owner, operator or occupant of the Real Property has caused an on-going violation of any Environmental Law, which such activity could reasonably be expected to result in a Material Adverse Change.
(iii)There are no Regulated Substances present on, in, under, or emanating from, or, to any Loan Party's or its Subsidiaries' knowledge, emanating to, the Real Property or any portion thereof which result in Contamination, which such Contamination could reasonably be expected to result in a Material Adverse Change.
(iv)Each Loan Party and its Subsidiaries have all Required Environmental Permits, the absence of which could reasonably be expected to result in a Material Adverse Change, and all such Required Environmental Permits are in full force and effect.
(v)Each Loan Party and its Subsidiaries have submitted to an Official Body and/or maintains, as appropriate, all Required Environmental Notices where the failure to submit and/or maintain such Required Environmental Notices could reasonably be expected to result in a Material Adverse Change.
(vi)No structures, improvements, equipment, fixtures, impoundments, pits, lagoons or aboveground or underground storage tanks located on the Real Property contain or use, except in compliance with Environmental Laws and Required Environmental Permits, Regulated Substances or otherwise are operated or maintained except in compliance with Environmental Laws and Required Environmental Permits where such failure to contain, or the use of, Regulated Substances or the noncompliance with Environmental Laws or Required Environmental Permits, could reasonably be expected to result in a Material Adverse Change.  To the knowledge of the Borrower and its Subsidiaries, no structures, improvements, equipment, fixtures, impoundments, pits, lagoons or aboveground or underground storage tanks of prior owners, operators or occupants of the Real Property contained or used, except in compliance with Environmental Laws, Regulated Substances or otherwise were operated or maintained by any such prior owner, operator or occupant except in compliance with Environmental Laws where such failure to contain, or the use of, Regulated Substances or the noncompliance with Environmental Laws or Required Environmental Permits, could reasonably be expected to result in a Material Adverse Change.
(vii)To the knowledge each Loan Party or each of its Subsidiaries, no facility or site to which each Loan Party and each of its Subsidiaries have, either directly or indirectly by a third party, sent Regulated Substances for storage, treatment, disposal or other management is identified in writing or proposed in writing to be identified on any list of contaminated properties or other properties which pursuant to Environmental Laws are the subject of an investigation, cleanup, removal, remediation or other response action by an Official Body where such investigation, cleanup, removal, remediation or other response by an Official Body could reasonably be expected to result in a Material Adverse Change.
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(viii)No portion of the Real Property is identified in writing or, to the knowledge of each Loan Party or each of its Subsidiaries, proposed to be identified in writing on any list of contaminated properties or other properties which pursuant to Environmental Laws are the subject of an investigation or remediation action by an Official Body where such investigation or remediation action by an Official Body could reasonably be expected to result in a Material Adverse Change, nor to the knowledge of any Loan Party or any such Subsidiary, is any property adjoining or in the proximity of the Real Property so identified or proposed to be identified on any such list where such identification or proposed identification would result in an investigation or remediation action by an Official Body that could reasonably be expected to result in a Material Adverse Change.
(ix)No portion of the Real Property constitutes an Environmentally Sensitive Area where the inclusion of such portion of the Real Property constituting an Environmentally Sensitive Area could reasonably be expected to result in a Material Adverse Change.
(x)No lien or other encumbrance authorized by Environmental Laws exists against the Real Property and neither the Borrower nor its Subsidiaries has any reason to believe that such a lien or encumbrance may be imposed where such lien or encumbrance could reasonably be expected to result in a Material Adverse Change.
6.1.17Title to Property.  A Lien on all real property (other than Excluded Collateral) owned by each Loan Party has been granted to the Administrative Agent for the benefit of the Lenders pursuant to a Mortgage and other appropriate Security Documents, except for (a) any real property acquired by a Loan Party in which a Mortgage and other appropriate Collateral Documents will be executed and delivered by such Loan Party in favor of the Administrative Agent for the benefit of the Secured Parties within the time frames provided in Section 8.1.16 [Post-Closing Mortgages] or Section 8.2.9 [Subsidiaries, Partnerships and Joint Ventures], as applicable.  Each Loan Party and all their Subsidiaries has good and sufficient title to or valid leasehold interest in all material properties, assets and other rights that are reflected as owned or leased on its most recent audited balance sheet, free and clear of all Liens except Permitted Liens, and subject to the terms and conditions of the applicable leases.  All leases of property are in full force and effect, except for those leases of property where such failure would not result in a Material Adverse Change.
6.1.18Sanctions and other Anti-Terrorism Laws.  No: (a) Covered Entity: (i) is a Sanctioned Person, nor any employees, officers, directors, affiliates, consultants, brokers or agents acting on a Covered Entity’s behalf in connection with this Agreement is a Sanctioned Person; (ii) directly, or indirectly through any third party, engages in any transactions or other dealings with any Sanctioned Person or Sanctioned Jurisdiction, or which otherwise are prohibited by any Laws of the United States or Laws of other applicable jurisdictions relating to economic sanctions and other Anti-Terrorism Laws; (b) Collateral is Embargoed Property.
6.1.19Solvency.  Each Loan Party is Solvent.  After giving effect to the transactions contemplated by the Loan Documents on the Closing Date, including all Indebtedness incurred thereby and the payment of all fees related thereto, each Loan Party will be Solvent, determined as of the Closing Date.
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6.1.20Coal Act; Black Lung Act.  To the extent applicable, each Loan Party, its Subsidiaries and its "related persons" (as defined in the Coal Act) are in compliance in all material respects with the Coal Act and no Loan Party, its Subsidiaries or its related persons has any liability under the Coal Act except with respect to premiums or other payments required thereunder which have been paid when due and except to the extent that the liability thereunder could not reasonably be expected to result in a Material Adverse Change.  Each Loan Party and each of its Subsidiaries are in compliance in all material respects with the Black Lung Act, and no Loan Party nor any of its Subsidiaries has any liability under the Black Lung Act except with respect to premiums, contributions or other payments required thereunder which have been paid when due and except to the extent that the liability thereunder could not reasonably be expected to result in a Material Adverse Change.
6.1.21Bonding Capacity.  After giving effect to the transactions contemplated by the Loan Documents, the Borrower and its Subsidiaries have a sufficient mine bonding capacity reasonably necessary to conduct its operations as projected in accordance with the financial projections of the Borrower and its Subsidiaries provided to the Administrative Agent.
6.1.22Permit Blockage.  Neither the Borrower nor its Subsidiaries have been barred for a period in excess of fourteen (14) consecutive days from receiving surface mining or underground mining permits pursuant to the permit block provisions of the Surface Mining Control and Reclamation Act, 30 U.S.C. §§ 1201 et seq., and the regulations promulgated thereto, or any corresponding state laws or regulations.
6.1.23Anti-Corruption Laws.  Each Covered Entity has (a) conducted its business in compliance with all Anti-Corruption Laws and (b) has instituted and maintains policies and procedures designed to ensure compliance with such Laws.  
6.2Updates to Schedules.  Should any of the information or disclosures provided on any of the Schedules attached hereto become outdated or incorrect in any material respect, the Borrower shall, on the date it delivers its annual financial statements to the Administrative Agent pursuant to Section 8.3.2 [Annual Financial Statements] hereof, provide the Administrative Agent in writing with such revisions or updates to such Schedule as may be necessary or appropriate to update or correct same; provided, however, that no Schedule shall be deemed to have been amended, modified or superseded by any such correction or update, nor shall any breach of warranty or representation resulting from the inaccuracy or incompleteness of any such Schedule be deemed to have been cured thereby, unless and until the Required Lenders, in their sole and absolute discretion, shall have accepted in writing such revisions or updates to such Schedule; provided however, that the Borrower may update Schedules 6.1.1 and 6.1.2 without any Lender approval in connection with any transaction permitted under Sections 8.2.4 [Loans and Investments], 8.2.6 [Liquidations, Mergers, Consolidations, Acquisitions], 8.2.7 [Dispositions of Assets or Subsidiaries] and 8.2.9 [Subsidiaries, Partnerships and Joint Ventures].
7.CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT
The obligation of each Lender to make Loans and of the Issuing Lender to issue Letters of Credit hereunder is subject to the performance by each of the Loan Parties of its Obligations to 
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be performed hereunder at or prior to the making of any such Loans or issuance of such Letters of Credit and to the satisfaction of the following further conditions:
7.1First Loans and Letters of Credit.
7.1.1Deliveries.  On the Closing Date, the Administrative Agent shall have received each of the following in form and substance satisfactory to the Administrative Agent:
(i)A certificate of each of the Loan Parties signed by an Authorized Officer, dated the Closing Date stating that the Loan Parties are in compliance with each of their representations, warranties, covenants and conditions hereunder, no Event of Default or Potential Default exists, no litigation which is materially adverse to the Loan Parties and their Subsidiaries, taken as a whole, exists, no Material Adverse Change has occurred since the date of the last audited financial statements of the Borrower delivered to the Administrative Agent, and the Loan Parties are Solvent;
(ii)A certificate dated the Closing Date and signed by an Authorized Officer of each of the Loan Parties, certifying as appropriate as to: (a) all action taken by each Loan Party in connection with this Agreement and the other Loan Documents; (b) the names of the Authorized Officers authorized to sign the Loan Documents and their true signatures; and (c) copies of its organizational documents as in effect on the Closing Date certified by the appropriate state official where such documents are filed in a state office together with certificates from the appropriate state officials as to the continued existence and good standing and qualification to engage in its business of each Loan Party in the state of its organization;
(iii)This Agreement and each of the other Loan Documents duly executed by the parties thereto;
(iv)Appropriate transfer powers and stock or other certificates evidencing the pledged Collateral;
(v)A written opinion of counsel for the Loan Parties, dated the Closing Date and as to the matters set forth in Schedule 7.1.1; 
(vi)Evidence that adequate insurance, including flood insurance, if applicable, required to be maintained under this Agreement is in full force and effect with additional insured, mortgagee and lender loss payable special endorsements attached thereto in form and substance satisfactory to the Administrative Agent and its counsel naming the Administrative Agent as additional insured, mortgagee and lender loss payee;
(vii)A duly completed Compliance Certificate dated as of the Closing Date, signed by an Authorized Officer of the Borrower which includes reasonably satisfactory evidence of pro forma compliance with the Net Debt/EBITDA Ratio and Consolidated Interest Coverage Ratio as of September 30, 2021;
(viii)A Lien search in acceptable scope and with acceptable results;
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(ix)All material consents, approvals and licenses required to effectuate the transactions contemplated hereby have been obtained; 
(x)The projected financial projections (including balance sheets, statements of operations and cash flows) of the Borrower for the 2021 through 2025 fiscal years, it being understood that such projections are not to be viewed as facts, actual results may vary from such projections and such variations may be material;
(xi)The consolidated and consolidating audited year-end financial statements for and as of the three (3) fiscal years ended December 31, 2020 of the Borrower, together with (i) unaudited interim financial statements for the most recently ended fiscal quarter and a comparison against the current year-to-date financial statements and (ii) copies of the unqualified reports of independent certified public accounts that conducted such annual audits; 
(xii)Evidence that after giving effect to the transactions contemplated by the Loan Documents, the Loan Parties have a sufficient mine bonding capacity to conduct its operations as projected in accordance with the financial projections of the Loan Parties and their Subsidiaries provided to the Administrative Agent pursuant to clause (x) of this Section;
(xiii)USA PATRIOT Act Diligence.  The Administrative Agent and each Lender shall have received, in form and substance acceptable to the Administrative Agent and each Lender such other documentation and other information requested in connection with applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act.
(xiv)Such other documents in connection with such transactions as the Administrative Agent or its counsel may reasonably request.
7.1.2Payment of Fees.  The Borrower shall have paid all fees payable on or before the Closing Date.
Without limiting the generality of the provisions of the last paragraph of Section 10.3 [Exculpatory Provisions], for purposes of determining compliance with the conditions specified in this Section 7.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
7.2Each Loan or Letter of Credit.  At the time of making any Loans or issuing, extending or increasing any Letters of Credit and after giving effect to the proposed extensions of credit:  the representations, warranties and covenants of the Borrower subject to materiality or to a Material Adverse Change clause shall then be true and correct; all other representations, warranties and covenants of the Borrower shall then be true and correct in all material respects (in each instance, except representations and warranties which expressly relate to an earlier date or time, which representations and warranties shall be true and correct on and as of the specific dates or times referred to therein); no Event of Default or Potential Default shall have occurred and be continuing; the making of the Loans or issuance, extension or increase of such Letter of 
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Credit shall not contravene any Law applicable to the Borrower or any Subsidiary of the Borrower; and the Borrower shall have delivered to the Administrative Agent a duly executed and completed Loan Request or to the Issuing Lender an application for a Letter of Credit, as the case may be to the extent required pursuant to this Agreement.
8.COVENANTS
Each Loan Party covenants and agrees that until Payment In Full, each Loan Party shall comply at all times with the following covenants:
8.1Affirmative Covenants.  
8.1.1Preservation of Existence, Etc.  Each Loan Party shall, and shall cause (or with respect to any Project Mining Subsidiary, will use its best efforts to cause) each of its Subsidiaries to, maintain its legal existence as a corporation, limited partnership or limited liability company and its license or qualification and good standing in each jurisdiction in which its ownership or lease of property or the nature of its business makes such license or qualification necessary, except where the failure to do so could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change or as otherwise expressly permitted in Section 8.2.6 [Liquidations, Mergers, Consolidations, Acquisitions.] and provided further that no Loan Party nor any of its Subsidiaries shall be required to preserve any right or franchise if the Board of Directors of each Loan Party or such Subsidiary shall determine that the preservation thereof is no longer desirable in the conduct of the business of each Loan Party or such Subsidiary, as the case may be, and that the loss thereof is not disadvantageous in any material respect to any Loan Party, such Subsidiary or the Lenders.
8.1.2Payment of Liabilities, Including Taxes, Etc.  Each Loan Party shall, and shall cause each of its Subsidiaries (other than the Project Mining Subsidiaries) to, duly pay and discharge all liabilities to which it is subject or which are asserted against it in writing, promptly as and when the same shall become due and payable, including all taxes, assessments and governmental charges upon it or any of its properties, assets, income or profits, prior to the date on which penalties attach thereto, except to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Change or to the extent that such liabilities, including taxes, assessments or charges, are being contested in good faith and by appropriate and lawful proceedings diligently conducted and for which such reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made.  Each Loan Party will cause each Project Mining Subsidiary to pay and discharge at or before the due date thereof, all of its income tax liabilities and obligations under the Tax Sharing Agreement and/or Tax Allocation Agreement.
8.1.3Maintenance of Insurance.  Each Loan Party shall, and shall cause each of its Subsidiaries to, insure its properties and assets against loss or damage by fire and such other insurable hazards as such assets are commonly insured (including fire, extended coverage, property damage, workers' compensation, public liability and business interruption insurance) and against other risks (including errors and omissions) in such amounts as similar properties and assets are insured by prudent companies in similar circumstances carrying on similar businesses, and with reputable and financially sound insurers, including self-insurance to the extent 
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customary.  At the request of the Administrative Agent, the Loan Parties shall deliver to the Administrative Agent and each of the Lenders (x) on the Closing Date and annually thereafter an original certificate of insurance signed by the Loan Parties’ independent insurance broker describing and certifying as to the existence of the insurance on the Collateral required to be maintained by this Agreement and the other Loan Documents, together with a copy of the endorsement described in the next sentence attached to such certificate, and (y) from time to time a summary schedule indicating all insurance then in force with respect to each of the Loan Parties.  Such policies of insurance shall contain special endorsements which include the provisions specified below or are otherwise in form reasonably acceptable to the Administrative Agent in its discretion.  The applicable Loan Parties shall notify the Administrative Agent promptly of any occurrence causing a loss or decline in value of any Collateral greater than $5,000,000 and the estimated (or actual, if available) amount of such loss or decline.  Any monies received by the Administrative Agent constituting insurance proceeds may, at the option of the Administrative Agent, in the case of property insurance proceeds received during the existence of an Event of Default, be applied by the Administrative Agent to the payment of the Obligations in accordance with the terms of the Credit Agreement and in all other cases be disbursed by the Administrative Agent to the applicable Loan Parties 
8.1.4Maintenance of Properties and Leases.  Each Loan Party shall, and shall cause (or with respect to any Project Mining Subsidiary, will use its best efforts to cause) each of its Subsidiaries to, maintain in good repair, working order and condition (ordinary wear and tear excepted) in accordance with the general practice of other businesses of similar character and size, all of those properties useful or necessary to its business, and from time to time, such Loan Party will make or cause to be made all appropriate repairs, renewals or replacements thereof.  
8.1.5Visitation Rights.  Each Loan Party shall, and shall cause each of its Subsidiaries to, permit any of the officers or authorized employees or representatives of the Administrative Agent or any of the Lenders to visit and inspect any of its properties and to examine and make excerpts from its books and records and discuss its business affairs, finances and accounts with its officers and directors, all in such detail and at such times and as often as any of the Lenders may reasonably request, provided that each Lender shall provide any Loan Party and the Administrative Agent with reasonable notice prior to any visit or inspection.  In the event any Lender desires to conduct an audit of the any Loan Party, such Lender shall make a reasonable effort to conduct such audit contemporaneously with any audit to be performed by the Administrative Agent and further provided that any such visit and inspection shall be at the expense of the Borrower only once per year except when an Event of Default has occurred and is continuing.
8.1.6Keeping of Records and Books of Account.  Each Loan Party shall, and shall cause each of its Subsidiaries, maintain and keep proper books of record and account which enable the Borrower and its Subsidiaries to issue financial statements in accordance with GAAP consistently applied and as otherwise required by applicable Laws of any Official Body having jurisdiction over the Borrower or any Subsidiary of the Borrower, and in which full, true and correct entries shall be made in all material respects of all its dealings and business and financial affairs.
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8.1.7Compliance with Laws; Use of Proceeds.  Each Loan Party shall, and shall cause each of its Subsidiaries to, comply with all applicable Laws, including all Environmental Laws, in all respects; provided that it shall not be deemed to be a violation of this Section 8.1.7 if any failure to comply with any Law would not result in fines, penalties, remediation costs, other similar liabilities or injunctive relief which in the aggregate could reasonably be expected to constitute a Material Adverse Change.  The Borrower will use the Letters of Credit and the proceeds of the Loans only in accordance with Section 2.7 [Use of Proceeds] and as permitted by applicable Law.
8.1.8Maintenance of Material Contracts.  Except for those items described on Schedule 8.1, each Loan Party and its Subsidiaries shall maintain and materially comply with the terms and conditions of all Material Contracts, the nonperformance of which could reasonably be expected to result in a Material Adverse Change. 
8.1.9Maintenance of Licenses, Etc.  Except for those items described on Schedule 8.1, each Loan Party and its Subsidiaries shall maintain in full force and effect all licenses, franchises, permits and other authorizations necessary for the ownership and operation of its properties and business if the failure so to maintain the same could reasonably be expected to constitute a Material Adverse Change.
8.1.10Maintenance of Permits.  Except for those items described on Schedule 8.1, each Loan Party and its Subsidiaries shall maintain all Required Mining Permits in full force and effect in accordance with their terms except where the failure to do so could not reasonably be expected to result in a Material Adverse Change.
8.1.11Additional Subsidiaries and Real Property; Further Assurances.
8.1.11.1Additional Domestic Subsidiaries.  Promptly after the creation or acquisition of any Domestic Subsidiary (other than an Excluded Subsidiary) (and, in any event, within forty-five (45) days after such creation or acquisition, as such time period may be extended by the Administrative Agent in its sole discretion) cause such Domestic Subsidiary to (i) become a Guarantor and grant a security interest in all personal and/or real property of such Domestic Subsidiary (other than any personal and/or real property of such Domestic Subsidiary  that is Excluded Collateral and subject to the exceptions specified in the Collateral Documents) owned by such Subsidiary by delivering to the Administrative Agent a duly executed Guaranty Joinder or such other documents as the Administrative Agent shall deem appropriate for such purpose, (ii) deliver to the Administrative Agent such opinions, documents and certificates referred to in Section 7.1 [First Loans and Letters of Credit] as may be reasonably requested by the Administrative Agent, (iii) deliver to the Administrative Agent such original certificated Equity Interests or other certificates and stock or other transfer powers evidencing the Equity Interests of such Domestic Subsidiary, (iv) deliver to the Administrative Agent such updated Schedules to the Loan Documents as requested by the Administrative Agent with respect to such Domestic Subsidiary, and (v) deliver to the Administrative Agent such other documents as may be reasonably requested by the Administrative Agent, all in form and substance reasonably satisfactory to the Administrative Agent.
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8.1.11.2Real Property Collateral.  (i) Promptly after the acquisition of any owned real property that is not Excluded Collateral by any Loan Party (and, in any event, within ten (10) days after such acquisition, as such time period may be extended by the Administrative Agent in its sole discretion), notify the Administrative Agent and (ii) promptly thereafter (and in any event, within 180 days of such acquisition (as such time period may be extended by the Administrative Agent, in its sole discretion), deliver such mortgages, deeds of trust, title insurance policies, environmental reports, surveys and other documents reasonably requested by the Administrative Agent in connection with granting and perfecting a first priority Lien, other than Permitted Liens, on such real property in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, all in form and substance acceptable to the Administrative Agent. If at any point any real property shall be mortgaged under the Loan Documents, notwithstanding anything herein to the contrary, no such mortgage will be executed and delivered unless each Lender has received a life of loan flood zone determination and, as applicable, a borrower notice and flood insurance policy for the relevant property each in compliance with applicable Laws and regulations, at least twenty (20) days in advance of execution, and each Lender has confirmed to the Administrative Agent its satisfactory completion of flood compliance and due diligence.
8.1.11.3Merger Subsidiaries.  Notwithstanding the foregoing, to the extent any new Subsidiary is created solely for the purpose of consummating a merger transaction pursuant to a an acquisition permitted pursuant to this Agreement, and such new Subsidiary at no time holds any assets or liabilities other than any merger consideration contributed to it contemporaneously with the closing of such merger transaction, such new Subsidiary shall not be required to take the actions specified in Section 8.8(a) or (b), as applicable, until the consummation of such acquisition (at which time, the surviving entity of the respective merger transaction shall be required to so comply with Section 8.8(a) or (b), as applicable, within ten (10) Business Days of the consummation of such acquisition, as such time period may be extended by the Administrative Agent in its sole discretion).
8.1.11.4Exclusions.  The provisions of this Section 8.1.11 shall not apply to assets as to which the Administrative Agent and the Borrower shall reasonably determine that the costs and burdens of obtaining a security interest therein or perfection thereof outweigh the value of the security afforded thereby.
8.1.11.5Further Assurances.  Each Loan Party shall, from time to time, at its expense, faithfully preserve and protect the Administrative Agent’s Lien on Collateral and all other real and personal property of the Loan Parties whether now owned or hereafter acquired as a continuing first priority perfected Lien, subject only to Permitted Liens, and shall, subject to Section 8.1.11.4 [Exclusions] do such other acts and things as the Administrative Agent in its reasonable discretion may deem reasonably necessary or advisable from time to time in order to preserve, perfect and protect the Liens granted under the Loan Documents and to exercise and enforce its rights and remedies thereunder with respect to the Collateral.
8.1.12Sanctions and other Anti-Terrorism Laws; Anti-Corruption Laws.  
8.1.12.1(i) The Loan Parties covenant and agree that (A) they shall immediately notify the Administrative Agent, the Collateral Agent and each of the Lenders in 
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writing upon the occurrence of a Reportable Compliance Event; and (B) if, at any time, any Collateral becomes Embargoed Property, in addition to all other rights and remedies available to the Administrative Agent, the Collateral Agent and each of the Lenders, upon request by the Administrative Agent, the Collateral Agent or any of the Lenders, the Loan Parties shall provide substitute Collateral acceptable to the Lenders that is not Embargoed Property.  
(ii)    Each Covered Entity to conduct their business in compliance with all Anti-Corruption Laws and maintain policies and procedures designed to ensure compliance with such Laws.
8.1.13Keepwell.  Each Qualified ECP Loan Party jointly and severally (together with each other Qualified ECP Loan Party) hereby absolutely unconditionally and irrevocably (a) guarantees the prompt payment and performance of all Swap Obligations owing by each Non-Qualifying Party (it being understood and agreed that this guarantee is a guaranty of payment and not of collection), and (b) undertakes to provide such funds or other support as may be needed from time to time by any Non-Qualifying Party to honor all of such Non Qualifying Party’s obligations under this Agreement or any other Loan Document in respect of Swap Obligations (provided, however, that each Qualified ECP Loan Party shall only be liable under this Section 8.1.13 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 8.1.13, or otherwise under this Agreement or any other Loan Document, voidable under applicable Law, including applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations of each Qualified ECP Loan Party under this Section 8.1.13 shall remain in full force and effect until the Facility Termination Date.  Each Qualified ECP Loan Party intends that this Section 8.1.13 constitute, and this Section 8.1.13 shall be deemed to constitute, a guarantee of the obligations of, and a "keepwell, support, or other agreement" for the benefit of each other Loan Party for all purposes of Section 1a(18(A)(v)(II) of the CEA.
8.1.14SEC Filings and other Material Reports.  Promptly upon their becoming available to the Borrower, public SEC filings and other material reports, including SEC Form 8-K, registration statements, proxies, prospectuses, financial statements and other shareholder communications, filed by the Borrower with the SEC (all of which may be provided by means of delivery of the applicable SEC Form or filing, and which will be deemed delivered upon (i) the posting of such information on the Borrower’s website with written notice of such posting to the Administrative Agent or (ii) the making of such information available on any Platform).
8.1.15Additional Information.  Provide to the Administrative Agent and the Lenders such other information and documentation as may reasonably be requested by the Administrative Agent or any Lender from time to time for purposes of compliance by the Administrative Agent or such Lender with applicable Laws (including without limitation the USA PATRIOT Act and other "know your customer" and anti-money laundering rules and regulations), and any policy or procedure implemented by the Administrative Agent or such Lender to comply therewith.
8.1.16Post-Closing Mortgages.  The Loan Parties shall, within (i) sixty (60) days after the Closing Date (or such later date as may be agreed to by Administrative Agent in its sole discretion) provide Administrative Agent with the documentation (and take all necessary action 
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to cooperate with the Administrative Agent in furtherance thereof) as required under clause (i) of Section 8.1.11 [Additional Subsidiaries and Real Property; Further Assurances] for any UCC as-extracted and fixture filings for any real property of the Loan Parties that does not constitute Excluded Collateral and is not otherwise set forth in clause (ii) below, and (ii) 180 days after the Closing Date (or such later date as may be agreed to by Administrative Agent in its sole discretion) provide Administrative Agent with the documentation (and take all necessary action to cooperate with the Administrative Agent in furtherance thereof) as required under clause (ii) of Section 8.1.11 [Additional Subsidiaries and Real Property; Further Assurances] for any real property of the Loan Parties that does not constitute Excluded Collateral. 
8.2Negative Covenants.
Each Loan Party hereby covenants and agrees that until the Facility Termination Date, the Loan Party will not, and will not permit any of its Subsidiaries to:
8.2.1Indebtedness.  
(i)Any time create, incur, assume or suffer to exist any Indebtedness, except:
(A)    Indebtedness under the Loan Documents;
(B)    Existing Indebtedness as set forth on Schedule 8.2.1 (including any extensions or renewals thereof); provided there is no increase in the amount thereof;
(C)    Indebtedness secured by Purchase Money Security Interests (other than capital leases);
(D)    Indebtedness secured by Liens permitted under Section 8.2.2 [Liens, Etc.];
(E)    Indebtedness consisting of capital leases in an aggregate amount not to exceed $50,000,000 at any one time;
(F)    other unsecured Indebtedness of the Loan Parties not to exceed $25,000,000 in the aggregate at any one time; and
(G)    Any (i) Lender Provided Interest Rate Hedge, (ii) Lender Provided Foreign Currency Hedge, (iii) other Interest Rate Hedge approved by the Administrative Agent, (iv) other Foreign Currency Hedge approved by the Administrative Agent or (v) Indebtedness under any Other Lender Provided Financial Services Product.
(ii)Shall not permit any of its Consolidated Subsidiaries to, at any time create, incur, assume or suffer to exist any Indebtedness, except:
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(A)    Existing Indebtedness as set forth on Schedule 8.2.1 (including any extensions or renewals thereof); provided there is no increase in the amount thereof;
(B)    Indebtedness owing to the Loan Parties or to a Wholly-Owned Consolidated Subsidiary; and  
(C)    Indebtedness secured by Liens permitted under Section 8.2.2 [Liens, Etc.].
8.2.2Liens, Etc.  The Loan Parties shall not, and shall not permit any of its Consolidated Subsidiaries to, at any time create, incur, assume or suffer to exist any Lien on any of its property or assets, tangible or intangible, now owned or hereafter acquired, or agree or become liable to do so or assign, or permit any of its Consolidated Subsidiaries to assign, any right to receive income (unless it makes, or causes to be made, effective provisions whereby the Notes will be equally and ratably secured with any and all other obligations thereby secured, such security to be pursuant to a written agreement satisfactory to the Required Lenders), other than:
(i)Permitted Liens;  
(ii)options or rights granted to the customers of any Project Mining Subsidiary to acquire the equity interests of such Project Mining Subsidiary in connection with the mining or lignite sales agreement relating to such Project Mining Subsidiary; 
(iii)restrictions on the transferability of the equity interests and certain assets of any Project Mining Subsidiary without the consent of the customers of such Project Mining Subsidiary;
(iv)options or rights granted to (A) the customer of any Project Mining Subsidiary to acquire the equity interests of such Project Mining Subsidiary and/or certain assets of such Project Mining Subsidiary and (B) the Borrower to transfer to the customer of any Project Mining Subsidiary the equity interests and/or certain assets of such Project Mining Subsidiary, in each case in connection with the termination, if any, of the mining or lignite sales agreement relating to such Project Mining Subsidiary; 
(v)rights of any customer of any Loan Party or any Subsidiary to acquire, or rights of any Loan Party or such Subsidiary to transfer to such customer, certain assets or other property of any Loan Party (other than property that constitutes the equity interests of a Subsidiary) or such Subsidiary and used solely in the conduct of the business of any Loan Party or such Subsidiary with such customer, to the extent that such rights are exercisable in connection with a mining agreement or sales agreement; 
(vi)any interest or title of a lessor under any lease entered into by any Loan Party or any other Subsidiary in the ordinary course of its business and covering only the assets so leased; 
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(vii)legal or equitable encumbrances deemed to exist by reason of the existence of any litigation or other legal proceeding or arising out of a judgment or award with respect to which an appeal is being prosecuted, to the extent the amount thereof (in excess of applicable insurance coverage) does not exceed, in the aggregate, $10,000,000, but only so long as such legal or equitable encumbrances (A) are being actively contested in good faith by appropriate proceedings or (B) are paid or otherwise discharged within ten (10) days after an Authorized Officer obtains knowledge thereof;
(viii)environmental Liens with respect to liabilities in an aggregate amount (in excess of applicable insurance coverage) not exceeding $1,000,000 (A) to the extent such liabilities are not yet due or which are being contested in good faith by appropriate proceedings and with respect to which appropriate reserves have been established or (B) which are released or otherwise discharged within ten (10) days after an Authorized Officer obtains knowledge thereof; 
(ix)Liens in connection with any long term stewardship programs of the Loan Parties in an aggregate amount not to exceed $5,000,000 at any one time; and
(x)Liens arising pursuant to Section 412(n) of the Internal Revenue Code or ERISA Section 4068(a) with respect to liabilities in an aggregate amount not exceeding $1,000,000 if (A) the defaulted payments to which such Liens relate are made within ten days after an Authorized Officer obtains knowledge of such defaulted payments and such Liens are released as promptly as practicable thereafter or (B) the obligation to make such payments is being contested in good faith by appropriate proceedings and with respect to which appropriate reserves have been established.
8.2.3Guaranties.  No Loan Party shall, and shall not permit any of its Subsidiaries to, at any time, directly or indirectly, become or be liable in respect of any Guaranty, or assume, guarantee, become surety for, endorse or otherwise agree to become or remain directly or contingently liable upon or with respect to any obligation or liability of any other Person, except for (i) Guaranties issued on behalf of Consolidated Subsidiaries other than Guaranties of Indebtedness, (ii) Guaranties of operating performance of Project Mining Subsidiaries, (iii) Guaranties entered into in the ordinary course of business of any Loan Party permitted pursuant to section 8.2.1(i)(F) of this Agreement, and (iv) Guaranties entered into in connection with transactions permitted pursuant to Sections 8.2.4 [Loans and Investments] and 8.2.7 [Dispositions of Assets and Subsidiaries].
8.2.4Loans and Investments.  No Loan Party shall, and shall not permit any of its Subsidiaries to, at any time make or suffer to remain outstanding any loan or advance to, or purchase, acquire or own any stock, bonds, notes or securities of, or any partnership interest (whether general or limited) or limited liability company interest in, or any other investment or interest in, or make any capital contribution to, any other Person, or agree, become or remain liable to do any of the foregoing, except:
(i)trade credit extended on usual and customary terms in the ordinary course of business;
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(ii)advances to employees to meet expenses incurred by such employees in the ordinary course of business not to exceed $1,000,000 at any time outstanding;
(iii)Permitted Investments; 
(iv)Indebtedness of any Loan Party or its Subsidiaries to the Borrower or its Subsidiaries which is permitted under this Agreement; 
(v)loans and advances made by any Loan Party in the ordinary course of business to its customers and/or its unconsolidated Subsidiaries (including without limitation, loans or advances for working capital or setup costs of its customers) and to NACCO (which loans and advances will be used by NACCO for general corporate purposes); provided that:  (A) the Net Debt/EBITDA Ratio as of the last day of the fiscal quarter ending immediately prior to the date such loan or advance is made, giving pro forma effect to such loan or advance as if it had been made on the last day of such fiscal quarter, does not exceed 2.50 to 1.00, (B) the pro forma Availability plus unrestricted cash of any Loan Party immediately after giving effect to such loan or advance is greater than or equal to $15,000,000, and (C) immediately before and after giving effect thereto, no Event of Default shall have occurred and be continuing or would result therefrom; 
(vi)investments made with the proceeds of subordinated debt issued to NACCO and/or equity contributions from NACCO; 
(vii)investments permitted under Sections 8.2.1 [Indebtedness], 8.2.5 [Dividends and Related Distributions] or 8.2.12 [Issuance of Stock];
(viii)investments in Joint Ventures not to exceed $15,000,000 per each Joint Venture and $45,000,000 in the aggregate;
(ix)loans, advances and investments in the Borrower or its Consolidated Subsidiaries; and
(x)other investments or acquisitions of any Loan Party or any of its Consolidated Subsidiaries; provided that with respect to investments or acquisitions made under this clause, (A) immediately before and after giving effect thereto, no Event of Default shall have occurred and be continuing or would result therefrom, (B) any company or business acquired or invested in pursuant to this clause shall be in the same line of business as any Loan Party or any of its Subsidiaries or shall be in a natural resource or energy business arising from or related to the assets or expertise of any Loan Party or any of its Subsidiaries, (C) immediately after giving effect to such investment pursuant to this clause, the Net Debt/EBITDA Ratio as of the last day of the fiscal quarter ending immediately prior to the date such investment is made, giving pro forma effect to such investment as if it had been made on the last day of such fiscal quarter, does not exceed 2.50 to 1.00, as evidenced by a certificate of a Responsible Officer of the Borrower delivered to the Lenders demonstrating such compliance and (D) the Availability plus unrestricted cash of the Borrower immediately after giving effect to such investment or acquisition is greater than or equal to $15,000,000.
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8.2.5Dividends and Related Distributions.  No Loan Party shall not, and shall not permit any of its Subsidiaries to, make or pay, or agree to become or remain liable to make or pay, any dividend or other distribution of any nature (whether in cash, property, securities or otherwise) on account of or in respect of its shares of equity interests, partnership interests or limited liability company interests on account of the purchase, redemption, retirement or acquisition of its shares of equity interests (or warrants, options or rights therefor), partnership interests or limited liability company interests (collectively, the "Restricted Payments"), except:
(i)Restricted Payments payable by any Subsidiary of the Borrower to the Borrower;
(ii)Restricted Payments payable by the Borrower and its Subsidiaries provided that such Restricted Payments are made solely in the common stock of such Person making the Restricted Payment; 
(iii)(A) Restricted Payments payable by the Loan Parties in an aggregate amount not to exceed $5,000,000 for any twelve-month period, excluding the Restricted Payments pursuant to 8.2.5 (iv) of this Agreement, provided that no Event of Default shall have occurred and be continuing at the time of such Restricted Payment or would result therefrom, and  (B) Restricted Payments payable by the Borrower in excess of $5,000,000 in the aggregate for any twelve-month period excluding the Restricted Payments pursuant to 8.2.5 (iv) of this Agreement so long as no Event of Default shall have occurred and be continuing at the time of such proposed Restricted Payment or would result therefrom; provided that, in the case of any Restricted Payment being made pursuant to this subclause (B) prior to making such Restricted Payment the Borrower shall deliver to the Administrative Agent a distribution compliance certificate in the form of Exhibit 8.2.5 that demonstrates that:  (a) if, immediately after giving effect to such Restricted Payment, the pro forma Net Debt/EBITDA Ratio as of (1) the date that Restricted Payment is made with respect to the determination of Net Consolidated Debt, and (2) the last day of the fiscal quarter ending immediately prior to the date such Restricted Payment is made with respect to the determination of Consolidated EBITDA, is less than or equal to 1.50 to 1.00, then the pro forma Availability plus unrestricted cash of the Borrower immediately after giving effect to such Restricted Payment is greater than or equal to $15,000,000, or (b) if, immediately after giving effect to such Restricted Payment, the pro forma Net Debt/EBITDA Ratio as of (1) the date that such Restricted Payment is made with respect to the determination of Net Consolidated Debt, and (2) the last day of the fiscal quarter ending immediately prior to the date such Restricted Payment is made with respect to the determination of Consolidated EBITDA, is greater than to 1.50 to 1.00, then (A) the Fixed Charge Coverage Ratio as of the last day of the fiscal quarter ending immediately prior to such Restricted Payment, giving pro forma effect to such Restricted Payment as if it had occurred on the last day of such fiscal quarter, is greater than or equal to 1.10 to 1.00, and (B) the pro forma Availability plus unrestricted cash of the Borrower immediately after giving effect to such Restricted Payment is greater than or equal to $15,000,000.
(iv)Restricted Payments payable by the Borrower to NACCO (a) in respect of the Borrower’s allocable share of NACCO's overhead and other selling, general and administrative expenses (including legal, accounting, other professional fees and costs) incurred in the ordinary course of business, (b) in respect of liabilities of NACCO up to, but not exceeding 
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$5,000,000 in the aggregate for any twelve-month period, arising from, in connection with or relating to the closing of (1) certain mining operations of Bellaire Corporation and (2) in the event that Centennial Natural Resources is a direct Subsidiary of NACCO, certain mining operations of Centennial Natural Resources, (c) in respect of amounts due to NACCO under the Tax Sharing Agreement and/or Tax Allocation Agreement and (d) in respect of state or local taxes paid by NACCO on behalf of the Borrower and/or its Subsidiaries.
8.2.6Liquidations, Mergers, Consolidations, Acquisitions.  The Borrower shall not dissolve, liquidate or wind-up its affairs, and except as permitted pursuant to Section 8.2.4 [Loans and Investments], the Borrower shall not, and shall not permit any of its Subsidiaries to become a party to any merger or consolidation, or acquire by purchase, lease or otherwise all or substantially all of the assets or equity interests of any other Person; provided that: (i) any Subsidiary of the Borrower may merge or consolidate with or into any other Wholly-Owned Subsidiary of the Borrower, (ii) any Project Mining Subsidiary may merge or consolidate with or into its customers, (iii) any Subsidiary may merge or consolidate with or into any Person if such Subsidiary is the surviving entity and (iv) any Subsidiary of the Borrower may merge into the Borrower, provided, in each case, that no Event of Default shall have occurred and be continuing at the time of such proposed transaction or would result therefrom. 
8.2.7Dispositions of Assets or Subsidiaries.  The Borrower shall not, and shall not permit any of its Subsidiaries to, sell, convey, assign, lease, abandon or otherwise transfer or dispose of, voluntarily or involuntarily, any substantial part (as defined below) of its properties or assets, tangible or intangible (including sale, assignment, discount or other disposition of accounts, contract rights, chattel paper, equipment or general intangibles with or without recourse or of equity interests, shares of beneficial interest, partnership interests or limited liability company interests of a Subsidiary of the Borrower or its Subsidiaries), except: 
(i)transactions involving the sale of inventory in the ordinary course of business;
(ii)any sale, transfer or lease of assets in the ordinary course of business which are no longer necessary or required in the conduct of such Loan Party's or such Subsidiary's business;
(iii)any sale, transfer or lease of assets by any Wholly-Owned Subsidiary of a Loan Party or its Subsidiaries to a Loan Party or its Subsidiaries;
(iv)any sale, transfer or lease of assets by, or the equity of, a Project Mining Subsidiary to its customers as provided for in the applicable mining or sales agreement, provided that no Event of Default shall have occurred and be continuing at the time of such proposed transaction or would result therefrom; 
(v)any sale or disposition of Bisti Fuels Company, LLC and/or Shondenah Energy, LLC to its customer in connection with the termination of the applicable contract mining agreement; and
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(vi)any sale, transfer or lease of assets in the ordinary course of business which are replaced by substitute assets acquired or leased in connection with any capital expenditures or capitalized leases.
Notwithstanding the above, the Loan Parties or any Subsidiary may sell, lease or otherwise dispose of assets constituting a substantial part of the assets of any Loan Party and its Subsidiaries if (a) such assets are sold for cash in an arm’s-length transaction for fair market value to a Person other than an Affiliate; (b) immediately before and after giving effect thereto, no Event of Default shall have occurred and be continuing; (c) the Net Debt/EBITDA Ratio as of the last day of the fiscal quarter ending immediately prior to such sale, lease or disposition, giving pro forma effect to such sale, lease or disposition as it if it had occurred on the last day of such fiscal quarter, is less than or equal to 2.25 to 1.0; (d) the pro forma Availability plus unrestricted cash of the Loan Parties immediately after giving effect to such sale, lease or disposition is greater than or equal to $15,000,000; and (e) an amount equal to the Net Proceeds received from such sale, lease or other disposition (but excluding any portion of the Net Proceeds which are attributable to assets which constitute less than a substantial part of the assets of any Loan Party and its Subsidiaries) shall be used, in any combination:
(1)    within two years of such sale, lease or disposition to acquire productive assets used or useful in carrying on the business of the Loan Parties and its Subsidiaries and having a value at least equal to the value of such assets sold, leased or otherwise disposed of; or 
(2)    within two years of such sale, lease or disposition to prepay or retire consolidated Indebtedness of the Loan Parties and/or its Subsidiaries. 
As used in this Section, a sale, lease or other disposition of assets shall be deemed to be a "substantial part" of the assets of the Loan Parties and its Subsidiaries if the book value of such assets, when added to the book value of all other assets sold, leased or otherwise disposed of by the Loan Parties and its Subsidiaries during the same fiscal year, exceeds 15% of the book value of Consolidated Total Assets, determined as of the end of the fiscal year immediately preceding such sale, lease or other disposition; provided that there shall be excluded from any determination of a "substantial part" any (i) sale or disposition of assets in the ordinary course of business of the Borrower and its Subsidiaries, and (ii) any transfer of assets from the Loan Parties to any Wholly-Owned Subsidiary or from any Subsidiary to the Loan Parties or a Wholly-Owned Subsidiary. 
8.2.8Affiliate Transactions.  The Loan Parties will not and will not permit any Subsidiary to enter into directly or indirectly any transaction or group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Loan Parties or another Subsidiary), except upon fair and reasonable terms no less favorable to the Loan Parties or such Subsidiary than would be obtainable in a comparable arm's-length transaction with a Person not an Affiliate; provided that nothing herein shall prohibit the Loan Parties from making Restricted Payments to NACCO (i) in respect of the Loan Parties' allocable share of NACCO's overhead and other selling, general and administrative expenses (including legal, accounting and other professional fees and costs) incurred in the ordinary course of business, (ii) in respect of liabilities of NACCO up to, but not exceeding, $5,000,000 for any twelve month period, arising 
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from, in connection with, or relating to the closing of certain mining operations of Bellaire Corporation, (iii) in respect of amounts due to NACCO under the Tax Sharing Agreement, (iv) in respect of state or local taxes paid by NACCO on behalf of the Loan Parties and its Subsidiaries and (v) in respect of dividends on the common stock of the Borrower to the extent payment of such dividends is permitted pursuant to Section 8.2.5 [Dividends and Related Distributions].
8.2.9Subsidiaries, Partnerships and Joint Ventures.  Own or create directly or indirectly any Subsidiaries other than (i) any Subsidiary which has joined this Agreement as Guarantor on the Closing Date; (ii) Joint Ventures permitted under this Agreement, (iii) Project Mining Subsidiaries, (iv) Excluded Subsidiaries; and (v) any Subsidiary formed after the Closing Date which joins this Agreement as a Guarantor by delivering to the Administrative Agent items required by Section 8.1.11. 
8.2.10Continuation of or Change in Business.  The Loan Parties shall not, and shall not permit any of its Subsidiaries to, engage in any business other than those businesses in which the Loan Parties and its Subsidiaries engage in as of the Closing Date, substantially as conducted and operated by the Loan Parties or such Subsidiary during the present fiscal year, and the Loan Parties or such Subsidiary shall not permit any material change in such business.
8.2.11Fiscal Year.  The Loan Parties shall not, and shall not permit any Subsidiary of the Borrower to, change its fiscal year from the twelve-month period beginning January 1 and ending December 31.
8.2.12Issuance of Stock.  
(i)No Loan Party shall not permit any of its Subsidiaries to issue or sell any additional shares of their equity interests or any options, warrants or other rights in respect thereof to any Person other than a Loan Party or a Wholly-Owned Subsidiary, except for the purpose of qualifying directors, or except in satisfaction of the validly pre-existing preemptive or contractual rights of minority shareholders in connection with the simultaneous issuance of stock or other equity interests to a Loan Party and/or a Subsidiary whereby a Loan Party and/or such Subsidiary maintain their same proportionate interest in such Subsidiary; and
(ii)The Loan Parties will not sell, transfer or otherwise dispose of any shares of stock or other equity interests of any Subsidiary (except to qualifying directors), and will not permit any Subsidiary to sell, transfer or otherwise dispose of (except to a Loan Party or a Wholly-Owned Subsidiary) any shares of stock or other equity interests of any other Subsidiary, unless (A) the consideration for such sale, transfer or other disposition is either cash or shares of stock, (B) such sale, transfer or other disposition is made to a Person (other than an Affiliate), and consists of the such Loan Party's entire investment in such Subsidiary and (C) such sale, transfer or other disposition can be made within the limitations of Section 8.2.7 [Disposition of Assets or Subsidiaries.
8.2.13Changes in Organizational Documents.  The Loan Parties shall not, and shall not permit any of its Consolidated Subsidiaries to, amend in any respect its certificate of incorporation (including any provisions or resolutions relating to equity interests ), by-laws, certificate of limited partnership, partnership agreement, certificate of formation, limited liability company agreement or other organizational documents without providing at least thirty (30) 
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calendar days' prior written notice to the Administrative Agent and the Lenders and, in the event such change would be adverse to the Lenders as determined by the Administrative Agent in its sole discretion, obtaining the prior written consent of the Required Lenders.
8.2.14Negative Pledges.  The Loan Parties covenants and agrees that it shall not, and shall not permit any of its Consolidated Subsidiaries to, enter into or permit to exist any agreement (other than this Agreement) with any Person which, in any manner, whether directly or contingently, prohibits, restricts or limits the right of the Borrower or any of the Consolidated Subsidiaries from granting any Liens to the Administrative Agent or the Lenders except as permitted by Section 8.2.2 [Liens, Etc.] of this Agreement or the ability to make Restricted Payments to the Borrower or any of its Subsidiaries or otherwise transfer property to or invest in the Borrower or any of its Subsidiaries.
8.2.15Agreements Restricting Dividends. Each of the Loan Parties covenant and agree that it shall not, and shall not permit any of its Subsidiaries to, enter into any agreement (other than a Loan Document) with any Person which restricts any of the Loan Parties' right to pay dividends or other distributions to any Loan Party or repay intercompany loans from any Loan Party to each Loan Party, except for such restrictions existing under or by reason of:  (i) applicable law, (ii) this Agreement and the other Loan Documents, (iii) an agreement entered into for the sale or disposition of Subsidiary Equity Interests pending the closing of such sale or disposition, in either case, to the extent permitted under this Agreement; (iv) a customary provision in a joint venture agreement or other similar agreement applicable to a Joint Venture entered into in the ordinary course of business and permitted under this Agreement, or (v) any agreement in effect at the time such Person becomes a Subsidiary or assumed in connection with any acquisition permitted under this Agreement (but not any modification or amendment expanding the scope of any such restriction or condition), so long as such agreement was not entered into in contemplation of such Person becoming a Subsidiary or such acquisition and provided such agreement does not apply to the Borrower or any other Loan Party.
8.2.16[Intentionally Omitted.]  
8.2.17Maximum Net Debt/EBITDA Ratio.  The Loan Parties shall not at any time permit the Net Debt/EBITDA Ratio to be greater than 2.75 to 1.00.
8.2.18Minimum Interest Coverage Ratio.  The Loan Parties shall not permit the Consolidated Interest Coverage Ratio to be less than 4.00 to 1.00.
8.3Reporting Requirements.  The Loan Parties will furnish or cause to be furnished to the Administrative Agent and each of the Lenders:
8.3.1Quarterly Financial Statements.  As soon as available and in any event within forty-five (45) calendar days after the end of each of the first three fiscal quarters in each fiscal year, financial statements of the Loan Parties and its Consolidated Subsidiaries, consisting of a consolidated and consolidating balance sheet as of the end of such fiscal quarter and related consolidated and consolidating statements of income, stockholders' equity and cash flows for the fiscal quarter then ended and the fiscal year through that date, all in reasonable detail and certified (subject to normal year-end audit adjustments) by the Chief Executive Officer, President, Chief Financial Officer or Treasurer of the Borrower as having been prepared in 
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accordance with GAAP, consistently applied, and setting forth in comparative form the respective financial statements for the corresponding date and period in the previous fiscal year.
8.3.2Annual Financial Statements.  As soon as available and in any event within ninety (90) days after the end of each fiscal year of the Borrower, financial statements of the Loan Parties and its Consolidated Subsidiaries consisting of a consolidated and consolidating balance sheet as of the end of such fiscal year, and related consolidated and consolidating statements of income, stockholders' equity and cash flows for the fiscal year then ended, all in reasonable detail and setting forth in comparative form the financial statements as of the end of and for the preceding fiscal year, and certified by independent certified public accountants of nationally recognized standing .  The certificate or report of accountants shall be reasonably acceptable to the Administrative Agent.
8.3.3Certificate of the Borrower.  Concurrently with the financial statements of the Loan Parties furnished to the Administrative Agent and to the Lenders pursuant to Sections 8.3.1 [Quarterly Financial Statements] and 8.3.2 [Annual Financial Statements], a certificate (each a "Compliance Certificate") of the Borrower signed by the Chief Executive Officer, President, Chief Financial Officer or Treasurer of the Borrower, in the form of Exhibit 8.3.3.
8.3.4Notices.
8.3.4.1Potential Default.  Promptly after any officer of any Loan Party has learned of the occurrence of an Event of Default or Potential Default, a certificate signed by an Authorized Officer setting forth the details of such Event of Default or Potential Default and the action which such Loan Party proposes to take with respect thereto.
8.3.4.2Litigation.  Promptly after the commencement thereof, notice of all actions, suits, proceedings or investigations before or by any Official Body or any other Person against any Loan Party or any Subsidiary of the Loan Parties that involve a claim or series of claims in excess of $10,000,000 and not covered by insurance or which if adversely determined could reasonably be expected to constitute a Material Adverse Change.  
8.3.4.3Organizational Documents.  Within the time limits set forth in Section 8.2.13 [Changes in Organizational Documents], any amendment to the organizational documents of any Loan Party.
8.3.4.5    Erroneous Financial Information.  Promptly following the conclusion by any Loan Party or upon the advice of its accountants that any previously issued financial statement, audit report or interim review is no longer materially correct and should no longer be relied upon or that disclosure should be made or action should be taken to prevent future reliance, notice of any of such events or circumstances.
8.3.4.6    ERISA Event.  Except for those items described on Schedule 6.1.15, promptly, and in any event within thirty (30) days after an Authorized Officer of any Loan Party has knowledge or reason to know that an ERISA Event has occurred, notice of such ERISA Event.
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8.3.4.7    Other Reports.  Promptly upon their becoming available to any Loan Party:
(i)Annual Budget.  The annual budget, forecasts, a statement of current book value of collateral, and board approved projections of the Loan Parties, to be supplied not later than sixty (60) days after the commencement of the fiscal year to which any of the foregoing may be applicable, it being understood that such projections are not to be viewed as facts, actual results may vary from such projections and such variations may be material,
(ii)SEC Reports; Shareholder Communications.  Reports, including Forms 10-K, 10-Q and 8-K, registration statements and prospectuses and other shareholder communications, filed by the Borrower with the Securities and Exchange Commission and copies of all reports, if any, that the Borrower sends to any of its security holders other than NACCO, and
(iii)Other Information.  Such other reports and information as any of the Lenders may from time to time reasonably request.
8.4Sanctions and other Anti-Terrorism Laws.  Each Loan Party hereby covenants and agrees that until the Facility Termination Date, the Loan Party will not, and will not permit any its Subsidiaries to: (a) become a Sanctioned Person or allow its employees, officers, directors, affiliates, consultants, brokers, and agents acting on its behalf in connection with this Agreement to become a Sanctioned Person; (b) directly, or indirectly through a third party, engage in any transactions or other dealings with any Sanctioned Person or Sanctioned Jurisdiction, including any use of the proceeds of the Facilities to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Person or Sanctioned Jurisdiction; (c) repay the Facilities with funds derived from any unlawful activity; (d) permit any Collateral to become Embargoed Property; (e) engage in any transactions or other dealings with any Sanctioned Person or Sanctioned Jurisdiction prohibited by any Laws of the United States or other applicable jurisdictions relating to economic sanctions and any Anti-Terrorism Laws; or (f) cause any Lender, Administrative Agent or Collateral Agent to violate any sanctions administered by OFAC. 
8.5Anti-Corruption Laws.  Each Loan Party hereby covenants and agrees that until the Facility Termination Date, the Loan Party will not, and will not permit any its Subsidiaries to directly or indirectly, use the Loans or any proceeds thereof for any purpose which would breach any Anti-Corruption Laws in any jurisdiction in which any Covered Entity conducts business.
9.DEFAULT
9.1Events of Default.  An Event of Default shall mean the occurrence or existence of any one or more of the following events or conditions (whatever the reason therefor and whether voluntary, involuntary or effected by operation of Law):
9.1.1Payments Under Loan Documents.  The Borrower or any other Loan Party shall fail to pay (i) when due any principal of any Loan (including scheduled installments, mandatory prepayments or the payment due at maturity), Reimbursement Obligation or Letter of Credit or Obligation, or (ii) within three (3) Business Days of when due any interest on any 
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Loan, Reimbursement Obligation or Letter of Credit Obligation or any other amount owing hereunder or under the other Loan Documents on the date on which such principal, interest or other amount becomes due in accordance with the terms hereof or thereof;
9.1.2Breach of Warranty.  Any representation or warranty made at any time by any of the Loan Parties herein or by any of the Loan Parties in any other Loan Document, or in any certificate, other instrument or statement furnished pursuant to the provisions hereof or thereof, shall prove to have been false or misleading in any material respect as of the time it was made or furnished;
9.1.3Anti-Terrorism Laws.  Any representation or warranty contained in Section 6.1.18 [Anti-Terrorism Laws] is or becomes false or misleading at any time; or
9.1.4Breach of Certain Covenants.  Any of the Loan Parties shall default in the observance or performance of any covenant contained in Section 8.1.5 [Visitation Rights], Section 8.1.8 [Anti-Terrorism Laws; International Trade Law Compliance], Section 8.1.11 [Additional Subsidiaries and Real Property; Further Assurances], Section 8.1.12 [Sanctions and other Anti-Terrorism Laws; Anti-Corruption Laws], Section 8.3 [Reporting Requirements], or Section 8.2 [Negative Covenants]; or
9.1.5Breach of Other Covenants.  Any of the Loan Parties shall default in the observance or performance of any other covenant, condition or provision hereof or of any other Loan Document and such default shall continue unremedied for a period of thirty (30) Business Days; or
9.1.6Defaults in Other Agreements or Indebtedness.  A default or event of default shall occur at any time under the terms of any other agreement involving borrowed money or the extension of credit or any other Indebtedness under which any Loan Party or Subsidiary of any Loan Party may be obligated as a borrower or guarantor in excess of $10,000,000 in the aggregate (other than Non-Recourse Indebtedness or the Indebtedness of any Project Mining Subsidiary), and such breach, default or event of default consists of the failure to pay (beyond any period of grace permitted with respect thereto, whether waived or not) any Indebtedness when due (whether at stated maturity, by acceleration or otherwise) or if such breach or default permits or causes the acceleration of any Indebtedness (whether or not such right shall have been waived) or the termination of any commitment to lend or cause such Indebtedness to be repurchased, prepaid, defeased, or redeemed prior to its stated maturity date;
9.1.7Final Judgments or Orders.  Any final judgments or orders for the payment of money in excess of $10,000,000 in the aggregate and not covered by insurance shall be entered against any Loan Party by a court having jurisdiction in the premises, which judgment is not discharged, vacated, bonded or stayed pending appeal within a period of thirty (30) days from the date of entry;
9.1.8Loan Document Unenforceable.  Any of the Loan Documents shall cease to be legal, valid and binding agreements enforceable against the party executing the same or such party's successors and assigns (as permitted under the Loan Documents) in accordance with the respective terms thereof or shall in any way be terminated (except in accordance with its 
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terms) or become or be declared ineffective or inoperative or shall in any way be challenged or contested by the Loan Parties;
9.1.9[Intentionally Omitted]  
9.1.10Events Relating to Plans and Benefit Arrangements.  Except for those items described on Schedule 6.1.15, an ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of Borrower or any member of the ERISA Group under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of 25,000,000, or Borrower or any member of the ERISA Group fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan, where the aggregate amount of unamortized withdrawal liability is in excess of $25,000,000; or
9.1.11Change in Control.  A Change in Control shall have occurred. 
9.1.12Relief Proceedings.  (i) A Relief Proceeding shall have been instituted against any Loan Party of Subsidiary of a Loan Party or a substantial part of the assets of any Loan Party or Subsidiary and such Relief Proceeding shall remain undismissed or unstayed and in effect for a period of sixty (60) consecutive days or such court shall enter a decree or order granting any of the relief sought in such Relief Proceeding, (ii) any Loan Party or Subsidiary of a Loan Party institutes, or takes any action in furtherance of, a Relief Proceeding, or (iii) any Loan Party or any Subsidiary of a Loan Party ceases to be Solvent or admits in writing its inability to pay its debts as they mature or (iv) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the Collateral and is not released, vacated or fully bonded within thirty (30) days after its issue or levy; or
9.2Consequences of Event of Default.
9.2.1Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings.  If an Event of Default specified under Sections 9.1.1 through 9.1.11 shall occur and be continuing, the Lenders and the Administrative Agent shall be under no further obligation to make Loans and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required Lenders shall, (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Lenders, and grants to the Administrative Agent and the Lenders a security interest in, all such cash as security for such Obligations; and
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9.2.2Bankruptcy, Insolvency or Reorganization Proceedings.  If an Event of Default specified under Section 9.1.12 [Relief Proceedings] shall occur, the Lenders shall be under no further obligations to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; and
9.2.3Set-off.  If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Lender, and each of their respective Affiliates and any participant of such Lender or Affiliate which has agreed in writing to be bound by the provisions of Section 5.3 [Sharing of Payments] is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Lender or any such Affiliate or participant to or for the credit or the account of any Loan Party against any and all of the Obligations of such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender, the Issuing Lender, Affiliate or participant, irrespective of whether or not such Lender, Issuing Lender, Affiliate or participant shall have made any demand under this Agreement or any other Loan Document and although such Obligations of the Borrower may be contingent or unmatured or are owed to a branch or office of such Lender or the Issuing Lender different from the branch or office holding such deposit or obligated on such Indebtedness provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.9 [Defaulting Lenders] and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Banks, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff..  The rights of each Lender, the Issuing Lender and their respective Affiliates and participants under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Issuing Lender or their respective Affiliates and participants may have.  Each Lender and the Issuing Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application; and
9.2.4Enforcement of Rights and Remedies.  Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at Law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with this Section 9.2 for the benefit of all the Lenders and the Issuing Lender and the other Secured Parties; provided that the foregoing shall not prohibit (i) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (ii) the 
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Issuing Lender or the Swingline Loan Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as the Issuing Lender or Swingline Loan Lender, as the case may be) hereunder and under the other Loan Documents, (iii) any Lender from exercising setoff rights in accordance with Section 9.2.3 [Set-Off] (subject to the terms of Section 5.3 [Sharing of Payments by Lenders]), or (iv) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Insolvency Proceeding; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (A) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to this Section 9.2.4, and (B) in addition to the matters specified in clauses (ii), (iii) and (iv) of the preceding proviso and subject to Section 5.3 [Sharing of Payments by Lenders]), any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.
9.2.5Application of Proceeds.  From and after the date on which the Administrative Agent has taken any action pursuant to Section 9.2.4 [Enforcement of Rights and Remedies] (or after the Loans have automatically become immediately due and payable and the Letter of Credit Obligations have automatically been required to be Cash Collateralized as specified in the proviso to Section 10.2 and until the Facility Termination Date, any and all proceeds received on account of the Obligations shall (subject to Sections 2.9 [Defaulting Lenders] and 10.2 [Rights as a Lender]) be applied as follows:
(i)First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees, payable to the Administrative Agent in its capacity as such, the Issuing Lender in its capacity as such and the Swingline Loan Lender in its capacity as such, ratably among the Administrative Agent, the Issuing Lender and Swingline Loan Lender in proportion to the respective amounts described in this clause First payable to them;
(ii)Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in proportion to the respective amounts described in this clause Second payable to them;
(iii)Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans and Reimbursement Obligations, ratably among the Lenders and the Issuing Lender in proportion to the respective amounts described in this clause Third payable to them;
(iv)Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, Reimbursement Obligations and payment obligations then owing under Lender Provided Interest Rate Hedges, Lender Provided Foreign Currency Hedges, and Other Lender Provided Financial Service Products, ratably among the Lenders, the Issuing Lender, and applicable Cash Management Banks and the applicable Hedge Banks, in proportion to the respective amounts described in this clause Fourth held by them;
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(v)Fifth, to the Administrative Agent for the account of the Issuing Lender, to Cash Collateralize any undrawn amounts under outstanding Letters of Credit (to the extent not otherwise cash collateralized pursuant to this Agreement); and
(vi)Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.
Amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur.  If any amount remains on deposit as cash collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order specified above.
Notwithstanding anything to the contrary in this Section 9.2.5, no Swap Obligations of any Non-Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its Guaranty Agreement (including sums received as a result of the exercise of remedies with respect to such Guaranty Agreement) or from the proceeds of such Non-Qualifying Party’s Collateral if such Swap Obligations would constitute Excluded Hedge Liabilities; provided that to the extent possible appropriate adjustments shall be made with respect to payments and/or the proceeds of Collateral from other Loan Parties that are Eligible Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise specified above in this Section 9.2.
In addition, notwithstanding the foregoing, Obligations arising under Lender Provided Interest Rate Hedges, Lender Provided Foreign Currency Hedges, and Other Lender Provided Financial Service Products shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation, as the Administrative Agent may reasonably request, from the applicable Cash Management Bank or Hedge Bank, as the case may be.  Each Cash Management Bank or Hedge Bank not a party to the Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article 11 hereof for itself and its Affiliates as if a "Lender" party hereto.
9.2.6Enforcement of Rights and Remedies.  Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Borrower or any of its Subsidiaries shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with this Section 9.2 for the benefit of all the Lenders and the Issuing Lender; provided that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the Issuing Lender or the Swingline Loan Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as the Issuing Lender or Swingline Loan Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 9.2.3 (subject to the terms of Section 5.3 [Sharing of Payments by 
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Lenders]), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to the Borrower or any of its Subsidiaries under any Insolvency Proceeding; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to this Section 9.2.6, and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 5.3 [Sharing of Payments by Lenders]), any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.
10.THE ADMINISTRATIVE AGENT
10.1Appointment and Authority.  Each of the Lenders and the Issuing Lender hereby irrevocably appoints PNC Bank, National Association to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Section 10 are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Lender, and neither the Borrower nor any other Loan Party shall] have rights as a third-party beneficiary of any of such provisions.  It is understood and agreed that the use of the term "agent" herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties.
10.2Rights as a Lender.  The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.
10.3Exculpatory Provisions.  The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents and its duties hereunder shall be administrative in nature.  Without limiting the generality of the foregoing, the Administrative Agent:
(a)shall not be subject to any fiduciary or other implied duties, regardless of whether a Potential Default or Event of Default has occurred and is continuing;
(b)shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers 
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expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and
(c)shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.
The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.1 [Modifications, Amendments or Waivers] and 9.2 [Consequences of Event of Default]) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.  The Administrative Agent shall be deemed not to have knowledge of any Potential Default or Event of Default unless and until notice describing such Potential Default or Event of Default is given to the Administrative Agent in writing by the Borrower, a Lender or the Issuing Lender.
The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Potential Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 7 [Conditions of Lending and Issuance of Letters of Credit] or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.
10.4Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the making of a Loan, or the issuance, 
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extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Lender prior to the making of such Loan or the issuance of such Letter of Credit.  The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
10.5Delegation of Duties.  The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub agents appointed by the Administrative Agent.  The Administrative Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this Section 10 shall apply to any such sub agent and to the Related Parties of the Administrative Agent and any such sub agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.  The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.
10.6Resignation of Administrative Agent.  
10.6.1.1    The Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Lender and the Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with approval from the Borrower (so long as no Event of Default has occurred and is continuing), to appoint a successor, such approval not to be unreasonably withheld or delayed.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the "Resignation Effective Date"), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders and the Issuing Lender, appoint a successor Administrative Agent meeting the qualifications specified above; provided that in no event shall any such successor Administrative Agent be a Defaulting Lender.  Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.
10.6.1.2    (b)    If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the "Removal Effective Date"), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.
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10.6.1.3    (c)  With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents [(except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing Lender under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed)] and (ii) except for any indemnity payments owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and Issuing Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above.  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents.  The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 11.3 [Expense; Indemnity; Damage Waiver] shall continue in effect for the benefit of such retiring or removed Administrative Agent, its subagents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent.
If PNC resigns as Administrative Agent under this Section 10.6, PNC may also resign as an Issuing Lender.  Upon the appointment of a successor Administrative Agent hereunder, such successor shall (i) succeed to all of the rights, powers, privileges and duties of PNC as the retiring Issuing Lender and Administrative Agent and PNC shall be discharged from all of its respective duties and obligations as Issuing Lender and Administrative Agent under the Loan Documents, and (ii) issue letters of credit in substitution for the Letters of Credit issued by PNC, if any, outstanding at the time of such succession or make other arrangement satisfactory to PNC to effectively assume the obligations of PNC with respect to such Letters of Credit.  
10.7Non-Reliance on Administrative Agent and Other Lenders.  Each Lender and the Issuing Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender and the Issuing Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.
10.8No Other Duties, etc.; No Fiduciary Responsibility.  Anything herein to the contrary notwithstanding, none of the Lenders listed on the cover page hereof shall have any 
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powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the Issuing Lender hereunder.  Each of the Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person.
10.9Administrative Agent's Fee.  The Borrower shall pay to the Administrative Agent a nonrefundable fee (the "Administrative Agent's Fee") under the terms of a letter (the "Administrative Agent's Letter") between the Borrower and the Administrative Agent, as amended from time to time.
10.10No Reliance on Administrative Agent's Customer Identification Program.  Each Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants or assignees, may rely on the Administrative Agent to carry out such Lender's, Affiliate's, participant's or assignee's customer identification program, or other obligations required or imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the "CIP Regulations"), or any other Anti-Terrorism Law or any Anti-Corruption Law, including any programs involving any of the following items relating to or in connection with the Loan Parties, their Affiliates or their agents, the Loan Documents or the transactions hereunder or contemplated hereby: (i) any identity verification procedures, (ii) any recordkeeping, (iii) comparisons with government lists, (iv) customer notices or (v) other procedures required under the CIP Regulations or such other Laws. 
10.11Lender Provided Interest Rate Hedges, Lender Provided Foreign Currency Hedges and Other Lender Provided Financial Service Products.  Except as otherwise expressly specified herein, no Cash Management Bank or Hedge Bank that obtains the benefits of Section 9.2.5 [Application of Proceeds], the Guaranty Agreement or any Collateral by virtue of the provisions hereof or of the Guaranty Agreement or any Loan Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.  Notwithstanding any other provision of this Article 11 to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Lender Provided Interest Rate Hedges, Lender Provided Foreign Currency Hedges and/or Other Lender Provided Financial Service Products unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be.
10.12Administrative Agent May File Proofs of Claim.  In case of the pendency of any proceeding under any Debtor Relief Law [or any other judicial proceeding relative to any Loan Party,] the Administrative Agent (irrespective of whether the principal of any Loan or Letter of Credit Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on 
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the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:
(i)to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Letter of Credit Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Lender and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Lender and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the Issuing Lender and the Administrative Agent under Sections 2.8.2 [Letter of Credit Fees] and 11.3 [Expenses; Indemnity; Damage Waiver]) allowed in such judicial proceeding; and
(ii)to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the Issuing Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the Issuing Lender, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Section 11.3 [Expenses; Indemnity; Damage Waiver].
10.13Collateral and Guaranty Matters.  
Each of the Secured Parties irrevocably authorizes the Administrative Agent, at its option and in its discretion,
(i)to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (x) upon the Facility Termination Date, (y) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted under the Loan Documents, or (z) subject to Section 11.1 [Modifications; Amendment or Waivers], if approved, authorized or ratified in writing by the Required Lenders;
(ii)to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted under this Agreement; and
(iii)to release any Guarantor from its obligations under the Guaranty Agreement if such Person ceases to be a Subsidiary as a result of a transaction permitted under the Loan Documents.
Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in 
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particular types or items of property, or to release any Guarantor from its obligations under the Guaranty Agreement pursuant to this Section 10.13.
The Administrative Agent shall not 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 Administrative Agent’s Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.
10.14ERISA Matters.
10.14.1    Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, Administrative Agent and the Lead Arranger and their respective Affiliates, and for the benefit of Borrower or any other Loan Party, that at least one of the following is and will be true:
10.14.1.1such Lender is not using "plan assets" (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the Commitments,
10.14.1.2the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement,
10.14.1.3 (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or
10.14.1.4such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
10.14.2    In addition, unless sub-clause (i) in the immediately preceding Section 10.4 is true with respect to a Lender or such Lender has not provided another representation, 
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warranty and covenant as provided in sub-clause (iv) in the immediately preceding Section 10.4, such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of Borrower, that:
10.14.2.1none of the Administrative Agent or the Lead Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by Administrative Agent under this Agreement, any Loan Document or any other documents related to hereto or thereto),
10.14.2.2the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies (including in respect of the Loans),
10.14.2.3the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and
10.14.2.4no fee or other compensation is being paid directly to the Administrative Agent or Lead Arrangers or any their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Commitments or this Agreement.
The Administrative Agent and the Lead Arranger hereby inform the Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, or the Commitments for an amount less than the amount being paid for an interest in the Loans or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.
10.15Erroneous Payments.
10.15.1   If the Administrative Agent notifies a Lender, Issuing Bank or Secured Party, or any Person who has received funds on behalf of a Lender, Issuing Bank or Secured 
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Party (any such Lender, Issuing Bank, Secured Party or other recipient, a "Payment Recipient") that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Issuing Bank, Secured Party or other Payment Recipient on its behalf)  (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "Erroneous Payment") and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender, Issuing Bank or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Overnight Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.
10.15.2   Without limiting immediately preceding clause (a), each Lender, Issuing Bank or Secured Party, or any Person who has received funds on behalf of a Lender, Issuing Bank or Secured Party, hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender, Issuing Bank or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case:
10.15.2.1(A) in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and
10.15.2.2such Lender, Issuing Bank or Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 10.15.2.2.
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10.15.2.3Each Lender, Issuing Bank or Secured Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender, Issuing Bank or Secured Party under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender, Issuing Bank or Secured Party from any source, against any amount due to the Administrative Agent under immediately preceding clause (a) or under the indemnification provisions of this Agreement.
10.15.2.4In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (a), from any Lender or Issuing Bank that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf)  (such unrecovered amount, an "Erroneous Payment Return Deficiency"), upon the Administrative Agent’s notice to such Lender or Issuing Lender at any time, (i) such Lender or Issuing Bank shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the "Erroneous Payment Impacted Class") in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment  Impacted Class, the "Erroneous Payment Deficiency Assignment") at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption with respect to such Erroneous Payment Deficiency Assignment, and such Lender or Issuing Bank shall deliver any Notes evidencing such Loans to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender or Issuing Bank, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender or assigning Issuing Bank shall cease to be a Lender or Issuing Bank, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender or assigning Issuing Bank and (iv) the Administrative Agent may reflect in the Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender or Issuing Bank shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender or Issuing Bank (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender or Issuing Bank and such Commitments shall remain available in accordance with the terms of this Agreement.  In addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender, Issuing Bank 
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or Secured Party under the Loan Documents with respect to each Erroneous Payment Return Deficiency (the "Erroneous Payment Subrogation Rights").
10.15.2.5The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party for the purpose of making such Erroneous Payment. 
10.15.2.6To the extent permitted by applicable Law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine
10.15.2.7Each party’s obligations, agreements and waivers under this Section 10.15 shall survive the resignation or replacement of the Administrative Agent, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.
11.MISCELLANEOUS
11.1Modifications, Amendments or Waivers.  With the written consent of the Required Lenders (other than Defaulting Lenders, except as set forth in Sections 11.1.1 and 11.1.2 below), the Administrative Agent, acting on behalf of all the Lenders, and the Borrower, on behalf of the Loan Parties, may from time to time enter into written agreements amending or changing any provision of this Agreement or any other Loan Document or the rights of the Lenders or the Loan Parties hereunder or thereunder, or may grant written waivers or consents hereunder or thereunder.  Any such agreement, waiver or consent made with such written consent shall be effective to bind all the Lenders and the Loan Parties; provided, that no such agreement, waiver or consent may be made which will:
11.1.1Increase of Commitment.  Increase the amount of the Revolving Credit Commitment of any Lender hereunder without the consent of such Lender;
11.1.2Extension of Payment; Reduction of Principal Interest or Fees; Modification of Terms of Payment.  Whether or not any Loans are outstanding, extend the Expiration Date or the time for payment of principal or interest of any Loan (excluding the due date of any mandatory prepayment of a Loan), the Commitment Fee or any other fee payable to any Lender, waive any failure to pay principal or interest of any Loans, the Commitment Fee or any other fee payable to any Lender on the date due, or reduce the principal amount of or the rate of interest borne by any Loan (other than as a result of waiving the applicability of any post-default increase in interest rates) or reduce the Commitment Fee or any other fee payable to any Lender, without the consent of each Lender directly affected thereby (provided that any amendment or modification of defined terms used in the financial covenants of this Agreement 
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shall not constitute a reduction in the stated rate of interest or fees for purposes of this Section 11.1.2); 
11.1.3Release of Collateral or Guarantor.  Except for sales of assets permitted by Section 8.2.7 [Dispositions of Assets or Subsidiaries], release all or substantially all/any material portion of the Collateral or release all or substantially all/any material portion of the value of the Guarantors from their Obligations under the Guaranty Agreement, in each case without the consent of all Lenders (other than Defaulting Lenders); or
11.1.4Miscellaneous.  Amend Section 5.2 [Pro Rata Treatment of Lenders], 10.3 [Exculpatory Provisions, Etc.] or 5.3 [Sharing of Payments by Lenders] or this Section 11.1, alter any provision regarding the pro rata treatment of the Lenders or requiring all Lenders to authorize the taking of any action or reduce any percentage specified in the definition of Required Lenders, in each case without the consent of all of the Lenders (other than Defaulting Lenders); 
provided that no agreement, waiver or consent which would modify the interests, rights or obligations of the Administrative Agent, the Issuing Lender, or the Swingline Loan Lender may be made without the written consent of the Administrative Agent, the Issuing Lender or the Swingline Loan Lender, as applicable, and (ii) the Administrative Agent's Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto, and provided, further that, if in connection with any proposed waiver, amendment or modification referred to in Sections 11.1.1 through 11.1.4 above, the consent of the Required Lenders is obtained but the consent of one or more of such other Lenders whose consent is required is not obtained (each a "Non-Consenting Lender"), then the Borrower shall have the right to replace any such Non-Consenting Lender with one or more replacement Lenders pursuant to Section 5.7.2 [Replacement of a Lender].  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 disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.
Notwithstanding any provision herein to the contrary, this Agreement may be amended to extend (x) the Expiration Date with respect to the Revolving Credit Commitments of Lenders under the Revolving Credit Facility that agree to such extension with respect to their Revolving Credit Commitments with the written consent of each such approving Lender, the Administrative Agent and the Borrower (and no other Lender) and, in connection therewith, to provide for different rates of interest and fees under the Revolving Credit Facility with respect to the portion of the Revolving Credit Commitments with an Expiration Date; provided that in such case any such proposed extension of the Expiration Date shall have been offered to each Lender with Loans or Commitments under the applicable Facility proposed to be extended, and if the consents of such Lenders exceed the portion of Commitments and Loans the Borrower wishes to extend, such consents shall be accepted on a pro rata basis among the applicable consenting Lenders.  
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In addition, notwithstanding the foregoing, (a) with the consent of the Borrower, the Administrative Agent may amend, modify or supplement any Loan Document without the consent of any Lender or the Required Lenders in order to correct or cure any ambiguity, inconsistency or defect or correct any typographical or ministerial error in any Loan Document (provided that any such amendment, modification or supplement shall not be materially adverse to the interests of the Lenders taken as a whole), and (b) without the consent of any Lender or the Borrower, within a reasonable time after (i) the effective date of any increase or addition to, extension of or decrease from, the Revolving Commitment Amount, or (ii) any assignment by any Lender of some or all of its Revolving Commitment Amount, the Administrative Agent shall, and is hereby authorized to, revise Schedule 1.1(B) to reflect such change, whereupon such revised Schedule 1.1(B) shall replace the old Schedule 1.1(B) and become part of this Agreement.
11.2No Implied Waivers; Cumulative Remedies.  No course of dealing and no delay or failure of the Administrative Agent or any Lender in exercising any right, power, remedy or privilege under this Agreement or any other Loan Document shall affect any other or future exercise thereof or operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any further exercise thereof or of any other right, power, remedy or privilege.  The enumeration of the rights and remedies of the Administrative Agent and the Lenders specified in this Agreement is not intended to be exhaustive and the exercise by the Administrative Agent and the Lenders of any right or remedy shall not preclude the exercise of any other rights or remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy given hereunder or under the other Loan Documents or that may now or hereafter exist at law or in equity or by suit or otherwise.  No reasonable delay or failure to take action on the part of the Administrative Agent or any Lender in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of any Event of Default.
11.3Expenses; Indemnity; Damage Waiver.
11.3.1Costs and Expenses.  The Borrower shall pay (i) all reasonable and documented out of pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent) in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out of pocket expenses incurred by the Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all reasonable out of pocket expenses incurred by the Administrative Agent, any Lender or the Issuing Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or the Issuing Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit, and (iv) all reasonable 
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out-of-pocket expenses of the Administrative Agent's regular employees and agents engaged periodically to perform audits of the Loan Parties' books, records and business properties.  
11.3.2Indemnification by the Borrower.  The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), the Arrangers, each Lender and the Issuing Lender, and each of the Related Parties of any of the foregoing Persons (each such Person being called an "Indemnitee") against, and hold each Indemnitee harmless from (and shall reimburse each Indemnitee as the same are incurred), any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance or nonperformance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) breach of representations, warranties or covenants of the Borrower under the Loan Documents, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, including any such items or losses relating to or arising under Environmental Laws or pertaining to environmental matters, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower against an Indemnitee for breach in bad faith of such Indemnitee's obligations hereunder or under any other Loan Document, if the Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.  This Section 11.3.2 [Indemnification by the Borrower] shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.
11.3.3Reimbursement by Lenders.  To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under paragraph (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the Issuing Lender, the Swingline Loan Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such Issuing Lender, such Swingline Loan Lender or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s Ratable Share at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender); provided that with respect to such unpaid amounts owed to the Issuing Lender or the Swingline Loan Lender solely in its capacity as such, only the Lenders with Revolving Credit Commitments shall be required to pay such unpaid amounts, such payment to be made severally among them based on such Lenders’ 
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Ratable Share of the Revolving Credit Facility (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) provided, further, that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent),the Issuing Lender or the Swingline Loan Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), the Issuing Lender or the Swingline Loan Lender in connection with such capacity.  
11.3.4Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable Law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof.  No Indemnitee referred to in Section 11.3.2 [Indemnification by Borrower] shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby except to the extent such liability or damages are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 
11.3.5Payments.  All amounts due under this Section shall be payable not later than ten (10) days after demand therefor. 
11.3.6Survival.  Each party’s obligations under this Section 11.3 shall survive the termination of the Loan Documents and payment of the obligations hereunder.
11.4Holidays.  Whenever payment of a Loan to be made or taken hereunder shall be due on a day which is not a Business Day such payment shall be due on the next Business Day (except as provided in Section 4.2 [Interest Periods]) and such extension of time shall be included in computing interest and fees, except that the Loans shall be due on the Business Day preceding the Expiration Date if the Expiration Date is not a Business Day.  Whenever any payment or action to be made or taken hereunder (other than payment of the Loans) shall be stated to be due on a day which is not a Business Day, such payment or action shall be made or taken on the next following Business Day, and such extension of time shall not be included in computing interest or fees, if any, in connection with such payment or action.
11.5Notices; Effectiveness; Electronic Communication. 
11.5.1Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in Section 11.5.2 [Electronic Communications]), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier (i) if to a Lender, to it at its address set forth in its administrative questionnaire, or (ii) if to any other Person, to it at its address set forth on Schedule 1.1(B).  
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Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient).  Notices delivered through electronic communications to the extent provided in Section 11.5.2 [Electronic Communications], shall be effective as provided in such Section. 
11.5.2Electronic Communications.  Notices and other communications to the Lenders and the Issuing Lender hereunder may be delivered or furnished by electronic communication (including e mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender or the Issuing Lender if such Lender or the Issuing Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.  The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.  Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.
11.5.3Platform.
11.5.3.1Each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make the Communications (as defined below) available to the Issuing Lender and the other Lenders by posting the Communications on the Platform.  
11.5.3.2The Platform is provided "as is" and "as available."  The Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications.  No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or the Platform.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the "Agent Parties") have any liability to the Borrower [or the other Loan Parties], any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of communications through the Platform.  "Communications" means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions 
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contemplated therein which is distributed to the Administrative Agent, any Lender or any Issuing Lender by means of electronic communications pursuant to this Section, including through the Platform.
11.5.4Change of Address, Etc.  Any party hereto may change its address, e mail address or telecopier number for notices and other communications hereunder by notice to the other parties hereto.
11.6Severability.  The provisions of this Agreement are intended to be severable.  If any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.  Without limiting the foregoing provisions of this Section, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the Issuing Lender or the Swingline Loan Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.
11.7Duration; Survival.  All representations and warranties of the Loan Parties contained herein or made in connection herewith shall survive the execution and delivery of this Agreement, the completion of the transactions hereunder and Payment In Full.  All covenants and agreements of the Loan Parties contained herein relating to the payment of principal, interest, premiums, additional compensation or expenses and indemnification, including those set forth in the Notes, Section 5 [Payments] and Section 11.3 [Expenses; Indemnity; Damage Waiver], shall survive Payment In Full.  All other covenants and agreements of the Borrower shall continue in full force and effect from and after the date hereof and until Payment In Full.
11.8Successors and Assigns.
11.8.1Successors and Assigns Generally.  The provisions of this Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder (including, in each case, by way of an LLC Division) without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 11.8.2 [Assignments by Lenders], (ii) by way of participation in accordance with the provisions of Section 11.8.4 [Participations], or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 11.8.5 [Certain Pledges; Successors and Assigns Generally] (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 11.8.4 [Participations] and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
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11.8.2Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions:
(i)Minimum Amounts.
(A)    in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment and the Loans at the time owing to it (in each case with respect to any Facility) or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments) that equal at least the amount specified in paragraph (b)(i)(2) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and
(B)    in any case not described in clause (i)(A) of this Section 11.8.2, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption Agreement with respect to such assignment is delivered to the Administrative Agent or, if "Trade Date" is specified in the Assignment and Assumption Agreement, as of the Trade Date) shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed).
(ii)Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement with respect to the Loan or the Commitment assigned.
(iii)Required Consents.  No consent shall be required for any assignment except for the consent of the Administrative Agent (which shall not be unreasonably withheld or delayed) and:
(A)    the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; and
(B)    the consent of the Issuing Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding).
(iv)Assignment and Assumption Agreement.  The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption Agreement, together with a processing and recordation fee of $3,500, and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an administrative questionnaire provided by the Administrative Agent.
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(v)No Assignment to Borrower.  No such assignment shall be made to the Borrower or any of the Borrower's Affiliates or Subsidiaries or to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute a Defaulting Lender or a Subsidiary thereof.
(vi)No Assignment to Natural Persons.  No such assignment shall be made to a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person).
(vii)Certain Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto specified herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the Issuing Lender, the Swingline Loan 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 and Swingline Loans in accordance with its Ratable Share.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.
Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 11.8.3 [Register], from and after the effective date specified in each Assignment and Assumption Agreement, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption Agreement, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption Agreement covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 4.4 [LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available], 5.9 [Increased Costs], and 11.3 [Expenses, Indemnity; Damage Waiver] with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 11.8.2 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 11.8.4 [Participations].
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11.8.3Register.  The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain a register for the recording of the names and addresses of the Lenders, and the Commitments of, and principal amounts of (and stated interest on) the Loans owing to, each Lender pursuant to the terms hereof from time to time.  Such register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is in such register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  Such register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
11.8.4Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person, or the Borrower or any of the Borrower's Affiliates or Subsidiaries) (each, a "Participant") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Issuing Lender and Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement.  For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 12.3 [Expenses; Indemnity; Damage Waiver] with respect to any payments made by such Lender to its Participant(s).
Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree (other than as is already provided for herein) to any amendment, modification or waiver with respect to Sections 11.1.1 [Increase of Commitment], 11.1.2 [Extension of Payment, Etc.] or 12.1(c) [Release of Collateral or Guarantor]), that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 4.4 [LIBOR Rate Unascertainable, Etc.], 5.9 [Increased Costs], 5.11 [Indemnity] and 5.10 [Taxes] (subject to the requirements and limitations therein, including the requirements under Section 5.10.7 [Status of Lenders] (it being understood that the documentation required under Section 5.10.7 [Status of Lenders] shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.8.2 [Assignments by Lenders]; provided that such Participant (A) agrees to be subject to the provisions of Section 5.7.2 [Replacement of a Lender] and Section 5.7.3 [Designation of a Different Lending Office] as if it were an assignee under Section 11.8.2 [Assignments by Lenders]; and (B) shall not be entitled to receive any greater payment under Sections 5.9 [Increased Costs] or 5.10 [Taxes], with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.  Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 5.7.2 [Replacement of a Lender] and Section 5.7.3 [Designation of a Different Lending 
134

Office] with respect to any Participant.  To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 9.2.3 [Set-off] as though it were a Lender; provided that such Participant agrees to be subject to Section 5.3 [Sharing of Payments by Lenders] as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts of (and stated interest on) each Participant's interest in the Loans or other obligations under the Loan Documents (the "Participant Register"); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
11.8.5Certain Pledges; Successors and Assigns Generally.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.  
11.9Confidentiality.
11.9.1General.  Each of the Administrative Agent, the Lenders and the Issuing Lender agrees to maintain the confidentiality of the Information, except that Information may be disclosed (i) to its Affiliates and to its and its Affiliates' respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (iii) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (B) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (vii) with the consent of the Borrower or (viii) to the extent such Information (Y) becomes publicly available other than as a result of a breach of this Section or (Z) becomes available to the Administrative Agent, any Lender, the Issuing Lender or any of their respective Affiliates on a nonconfidential 
135

basis from a source other than the Borrower.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
11.9.2Sharing Information With Affiliates of the Lenders.  Each Loan Party acknowledges that from time to time financial advisory, investment banking and other services may be offered or provided to the Borrower or one or more of its Affiliates (in connection with this Agreement or otherwise) by any Lender or by one or more Subsidiaries or Affiliates of such Lender and each of the Loan Parties hereby authorizes each Lender to share any information delivered to such Lender by such Loan Party and its Subsidiaries pursuant to this Agreement to any such Subsidiary or Affiliate of the Lender subject to the provisions of Section 11.9.1 [General].
11.10Counterparts; Integration; Effectiveness.
11.10.1   Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof including any prior confidentiality agreements and commitments.  Except as provided in Section 7 [Conditions Of Lending And Issuance Of Letters Of Credit], this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy or e mail shall be effective as delivery of a manually executed counterpart of this Agreement.
11.10.2   Electronic Execution of Assignments.  The words "execution," "signed," "signature," and words of like import in any Assignment and Assumption Agreement 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.
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11.11CHOICE OF LAW; SUBMISSION TO JURISDICTION; WAIVER OF VENUE; SERVICE OF PROCESS; WAIVER OF JURY TRIAL.
11.11.1   Governing Law.  This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly specified therein) and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the Law of the State of New York, without regard to its conflict of laws principles; provided, however, the interpretation or enforcement of any obligations or requirements imposed upon Bank of North Dakota under the North Dakota Century Code shall be governed by and construed in accordance with the law of the state of North Dakota.  Each standby Letter of Credit issued under this Agreement shall be subject, as applicable, to the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce (the "ICC") at the time of issuance ("UCP") or the rules of the International Standby Practices (ICC Publication Number 590) ("ISP98"), as determined by the Issuing Lender, and each trade Letter of Credit shall be subject to UCP, and in each case to the extent not inconsistent therewith, the Laws of the State of New York without regard to its conflict of laws principles.
11.11.2   SUBMISSION TO JURISDICTION.  THE BORROWER IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
11.11.3   WAIVER OF VENUE.  THE BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN THIS SECTION 11.11.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE 
137

MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AND AGREES NOT ASSERT ANY SUCH DEFENSE.
11.11.4   SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.5 [NOTICES; EFFECTIVENESS; ELECTRONIC COMMUNICATION].  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 
11.11.5   WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.  
11.12Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the WriteDown and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
11.12.1   the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
11.12.2   the effects of any Bail-in Action on any such liability, including, if applicable:
11.12.2.1a reduction in full or in part or cancellation of any such liability;
11.12.2.2a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
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11.12.3   the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.
11.13USA Patriot Act Notice.  Each Lender that is subject to the USA PATRIOT Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Loan Parties that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of Loan Parties and other information that will allow such Lender or Administrative Agent, as applicable, to identify the Loan Parties in accordance with the USA PATRIOT Act.  The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable "know your customer" and anti-money laundering rules and regulations, including the Act. 
11.14No Novation.  THIS AMENDED AND RESTATED CREDIT AGREEMENT REPLACES THE EXISTING CREDIT AGREEMENT.  THIS AMENDED AND RESTATED CREDIT AGREEMENT IS NOT INTENDED TO CONSTITUTE, AND DOES NOT CONSTITUTE, A NOVATION OR SATISFACTION OF THE OBLIGATIONS REPRESENTED BY THE EXISTING CREDIT AGREEMENT.
11.15Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any agreement governing Hedge Liabilities or any other agreement or instrument that is a QFC (such support, "QFC Credit Support" and each such QFC a "Supported QFC"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "U.S. Special Resolution Regimes") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the Laws of the State of New York and/or of the United States or any other state of the United States):
11.15.1   In the event a Covered Entity that is party to a Supported QFC (each, a "Covered Party") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the Laws of the United States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the Laws of the United States or a state of the United States.  Without limitation of the foregoing, it is understood 
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and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.
11.15.2   As used in this Section 11.15, the following terms have the following meanings:
"BHC Act Affiliate" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
"Covered Entity" means any of the following:  (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b), (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
"Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
"QFC" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
[SIGNATURE PAGES TO FOLLOW]

140

 [SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT]
IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed this Agreement as of the day and year first above written.
BORROWER:
THE NORTH AMERICAN COAL CORPORATION

By: /s/ Eric Dale
Name:  Eric Dale
Title:  Treasurer and Senior Director, Financial Planning & Analysis
GUARANTORS:
CAMINO REAL FUELS LLC
CATAPULT MINERAL PARTNERS, LLC
MITIGATE TEXAS, LLC
NAM-IND, LLC
NAM-LITTLE RIVER, LLC
NAM-NEWBERRY, LLC
NAM-PASCO, LLC
NAM-PERRY, LLC
NAM-ROSSER, LLC
NODAK ENERGY INVESTMENTS
CORPORATION
NORTH AMERICAN COAL ROYALTY
COMPANY
NORTH AMERICAN MINING, LLC
OTTER CREEK MINING COMPANY, LLC
TRIDENT TECHNOLOGY SERVICES
GROUP, LLC
TRU ENERGY SERVICES, LLC
YOCKANOOKANY MITIGATION
RESOURCES, LLC

By: /s/ Eric Dale
Name:  Eric Dale
Title:  Treasurer 

[SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT]
MISSISSIPPI LIGNITE MINING COMPANY
By: /s/ Eric Dale
Name:  Eric Dale
Title:  Assistant General Manager

RED HILLS PROPERTY COMPANY LLC

By: /s/ J. Patrick Sullivan Jr.
Name:  J. Patrick Sullivan Jr. 
Title:  Manager

[SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT]

PNC BANK, NATIONAL ASSOCIATION, individually and as Administrative Agent

By: /s/ Daniel Scherling
Name:  Daniel Scherling
Title:  Vice President

[SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT]

KEYBANK NATIONAL ASSOCIATION, as Lender

By: /s/ Lynnette Ritter
Name:  Lynnette Ritter
Title:  Senior Vice President

[SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT]

BANK OF NORTH DAKOTA, as Lender

By: /s/Kaylen Hausauer
Name:  Kaylen Hausauer
Title:  Business Banker

[SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT]

FIRST NATIONAL BANK OF PENNSYLVANIA, as Lender

By: /s/ Robert E. Heuler
Name:  Robert E. Heuler
Title:  Vice President

SCHEDULE 1.1(A)
PRICING GRID--
VARIABLE PRICING AND FEES BASED ON NET DEBT/EBITDA
(PRICING EXPRESSED IN BASIS POINTS)
																		
	

Level	

Ratio
	

Letter of Credit Fee
	

Revolving Credit Base Rate Spread
	

Revolving Credit LIBOR Rate Spread
	

Commitment Fee

	
I	Less than 1.00 to 1.00	225	125	225	35
	
II	Greater than or equal to 1.00 to 1.00 but less than 2.00 to 1.00	250	150	250	40
	
III	Greater than or equal to 2.00 to 1.00	275	175	275	45

For purposes of determining the Applicable Margin and the Applicable Letter of Credit Fee Rate:
(a)    Until delivery of the Compliance Certificate due to be delivered under Section 8.3.3 [Certificate of Borrower] for the fiscal quarter ending September 30, 2021, the Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of Credit Rate Fee Rate shall be that associated with Level I of the pricing grid. 
(b)    The Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of Credit Fee Rate shall be recomputed as of the end of each fiscal quarter ending after the Closing Date based on the Net Debt/EBITDA Ratio as of such quarter end.  Any increase or decrease in the Applicable Margin, the Applicable Commitment Fee Rate or the Applicable Letter of Credit Fee Rate computed as of a quarter end shall be effective on the date on which the Compliance Certificate evidencing such computation is due to be delivered under Section 8.3.3 [Certificate of Borrower].  If a Compliance Certificate is not delivered when due in accordance with such Section 8.3.3, then the rates in Level III shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered.  
(c)    If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Lenders determine that (i) the Net Debt/EBITDA Ratio as calculated by the Borrower as of any applicable date was inaccurate and 
SCHEDULE 1.1(A) - 1

(ii) a proper calculation of the Net Debt/EBITDA Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the Issuing Lender), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period.  This paragraph shall not limit the rights of the Administrative Agent, any Lender or the Issuing Lender, as the case may be, under Section 2.8 [Letter of Credit Subfacility] or Section 4.3 [Interest After Potential Default] or Section 9 [Potential Default].  The Borrower's obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations hereunder.
SCHEDULE 1.1(A) - 2

SCHEDULE 1.1(B)
COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES
Page 1 of 2
Part 1 - Commitments of Lenders and Addresses for Notices to Lenders
									
	Lender	Commitment
	Ratable Share

	Name:          PNC Bank, National                                       Association
Address:         PNC Corporate Banking
                        300 Fifth Avenue, Floor 10
                        Pittsburgh, PA 15222
Attention:        Mahir J. Desai
Telephone:      (412) 762-4866
Email:            mahir.desai@pncbank.com
	$55,000,000.00	45.833333333%

			
	Name:          KeyBank National     Association
Address:       127 Public Square
                   TRAM SL-MO-T12M
                   Cleveland, OH 44114
Attention:      Brian Fox
Telephone:     (216) 689-4599
Telecopy:       (216) 689-4649
Email:             Brian.Fox@key.com
	$40,000,000.00	33.333333333%
			
	Name:            Bank of North Dakota
Address:         1200 Memorial HWY
                        Bismarck, ND 58506
Attention:        Kaylen Hausauer
Telephone:      701-328-5604
Email:              krhausauer@nd.gov
	$15,000,000.00	12.500000000%

SCHEDULE 1.1(B) - 1

									
	

Name:            First National Bank of Pennsylvania
Address:         One North Shore Centre
                        12 Federal Street, Suite 500
                        Pittsburgh, PA 15212
Attention:        Robert E. Heuler
Telephone:      (412) 359-2616
Telecopy:        (412) 231-3584
Email:              HeulerR@fnb-corp.com
	

$10,000,000.00	

8.333333334%

			
			
			
	Total	$120,000,000	100%

SCHEDULE 1.1(B) - 2

SCHEDULE 1.1(B)
COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES
Page 2 of 2
Part 2 - Addresses for Notices to Borrower:
ADMINISTRATIVE AGENT
Name:    PNC Bank, National Association
Address:    PNC Corporate Banking
300 Fifth Avenue, Floor 10
Pittsburgh, PA 15222
Attention:    Kyle Helfrich
Telephone:     (412) 768 0280

With a Copy To:
Agency Services, PNC Bank, National Association
Mail Stop: P7-PFSC-04-I
Address: 500 First Avenue
Pittsburgh, PA 15219
Attention:    Agency Services
Telephone:    412 768 0423
Telecopy:    412 762 8672
BORROWER:
J. Patrick Sullivan, CFO 
The North American Coal Corporation 
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024 
Fax:  972-387-1051 
pat.sullivan@nacoal.com
With a Copy To:
John Neumann, Vice President, General Counsel and Secretary 
The North American Coal Corporation 
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com 
SCHEDULE 1.1(B) - 2

GUARANTORS:
Camino Real Fuels LLC
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com

CATAPULT MINERAL PARTNERS, LLC
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com

Mississippi Lignite Mining Company
John Neumann, Assistant General Manager
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
Mitigate Texas, LLC
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
NAM-IND, LLC
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
NAM-Little River, LLC
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
SCHEDULE 1.1(B) - 2

NAM-Newberry, LLC
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
NAM-Pasco, LLC
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
NAM-Perry, LLC
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
NAM-Rosser, LLC
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
NODAK ENERGY INVESTMENTS CORPORATION
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
North American Mining, LLC
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
North American Coal Royalty Company
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
SCHEDULE 1.1(B) - 2

Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
Otter Creek Mining Company, LLC
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
Red Hills Property Company L.L.C.
John Neumann, Manager 
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
Trident Technology Services Group, LLC
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
TRU ENERGY SERVICES, LLC
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
Yockanookany Mitigation Resources, LLC
John Neumann, Assistant Secretary and Associate Counsel
5340 Legacy Drive
Building 1, Suite 300
Plano, Texas 75024  
Fax:  972-387-1031 
john.neumann@nacoal.com
SCHEDULE 1.1(B) - 2

SCHEDULE 1.1(E)
EXCLUDED SUBSIDIARIES
1.American Lignite Energy, LLC
2.C & H Mining Company, Inc.
3.The Coteau Properties Company
4.Coyote Creek Mining Company, L.L.C.
5.Demery Resources Company, L.L.C.
6.The Falkirk Mining Company
7.GRENAC, LLC (d/b/a Great American Energy in North Dakota)
8.Liberty Fuels Company, L.L.C.
9.Mitigation Resources of North America, LLC
10.Mitigate Alabama, LLC
11.Mitigate Tennessee, LLC
12.NAM-7D, LLC
13.NAM-Corkscrew, LLC
14.NAM-CSA, LLC
15.NAM-MCA, LLC
16.NAM-CMX, LLC
17.NAM-PBA, LLC
18.NAM-Queenfield, LLC
19.NAM-SDI, LLC
20.NAM-WFA, LLC
21.NAM-WRQ, LLC
22.NoDak Energy Services, L.L.C.
23.North American Coal Corporation India Private Limited
NAI-1521671266v5 

24.Reed Minerals, Inc.
25.Centennial Natural Resources, LLC
26.Sawtooth Mining, LLC
27.Shondenah Energy, LLC
28.The Sabine Mining Company
29.Trifecta Renewable Solutions, LLC
30.TRU Global Energy Services, L.L.C.
31.Caddo Creek Resources Company, LLC

NAI-1521671266v5 

SCHEDULE 1.1(I)
IMMATERIAL SUBSIDIARIES
None. 
    
NAI-1521671266v5 

SCHEDULE 1.1(P)
PERMITTED LIENS
Liens pursuant to the following arrangements:
1.In the event that MLMC defaults under the MLMC Lignite Sales Agreement, its customer, Choctaw Generation Limited Liability Limited Partnership (“CGLP”) has a right to step in and operate the mine.  CGLP’s rights to step in to operate the mine are perfected pursuant to a Deed of Trust, Security Agreement and Financing Statement dated as of September 17, 1998, as amended (“SDOT”), and a Security Agreement, dated October 31, 2002, as amended (“Security Agreement”).  The SDOT and Security Agreement encumber substantially all of MLMC’s assets.  In the event CGLP steps in, it must pay fair market value for the assets less any damages it incurs in connection with the MLMC default that triggered the step in right. 
2.The following Liens:
																					
	File Type	File Number	File Date	Expiration Date	Debtor Party	Secured Party	Lien Summary*1

	Original	20120672065	02/06/12	02/06/22	THE NORTH AMERICAN COAL CORPORATION	KEY EQUIPMENT FINANCE INC.	Equipment
	Continuation	20166876278	11/07/16				
							
	Original	20130465618	02/05/13	02/05/23	THE NORTH AMERICAN COAL CORPORATION	KEY EQUIPMENT FINANCE INC.	Equipment
	Continuation	20177090188	10/26/17				
							
	Original	20130465766	02/05/13	02/05/23	THE NORTH AMERICAN COAL CORPORATION	KEY EQUIPMENT FINANCE INC. 
	Equipment
	Continuation	20177090170	10/26/17				
							
	Original	20134289220	11/01/13	11/01/23	THE NORTH AMERICAN COAL CORPORATION	KEY EQUIPMENT FINANCE INC.	Equipment
	Continuation	20185275488	08/01/18				
							
	Original	20153019527	07/13/15	07/13/25	THE NORTH AMERICAN COAL CORPORATION	CATERPILLAR FINANCIAL SERVICES CORPORATION	Equipment
	Continuation	20204575827	07/02/20				
							

1 * Lien summary provided for convenience purposes only and shall not be construed as permitting any lien other than the lien specified in the underlying UCC-1 (as such lien may be renewed, extended or replaced in accordance with clause (viii) of the definition of Permitted Liens).
NAI-1521671266v5 

																					
	Original	20153019782	07/13/15	07/13/25	THE NORTH AMERICAN COAL CORPORATION	CATERPILLAR FINANCIAL SERVICES CORPORATION	Equipment
	Continuation	20204575850	07/02/20				
							
	Original	20167776857	12/14/16	12/14/21	MISSISSIPPI LIGNITE MINING COMPANY, A JOINT VENTURE, THROUGH ITS PARTNERS RED HILLS PROPERTY COMPANY L.L.C. AND THE NORTH AMERICAN COAL CORPORATION
THE NORTH AMERICAN COAL CORPORATION
RED HILLS PROPERTY COMPANY L.L.C.
	CATERPILLAR FINANCIAL SERVICES CORPORATION	Equipment
	Amendment	20170044674	01/03/17				
							
	Original	20173250997	05/17/17	05/17/22	THE NORTH AMERICAN COAL CORPORATION	WIRECO WORLDGROUP INC.	Consigned inventory and other goods
							
	Original	20175872988	09/05/17	09/05/22	THE NORTH AMERICAN COAL CORPORATION	RDO EQUIPMENT CO.	Equipment
							
	Original	20190018825	01/02/19	01/02/24	THE NORTH AMERICAN COAL CORPORATION	RDO EQUIPMENT CO.	Equipment
							
	Original	20194004326	06/11/19	06/11/24	THE NORTH AMERICAN COAL CORPORATION	RDO EQUIPMENT CO.	Equipment
							
	Original	20195092973	07/23/19	07/23/24	THE NORTH AMERICAN COAL CORPORATION	LIEBHERR-AMERICA, INC.
LIEBHERR USA, CO.
	Equipment
							
	Original	20198192929	11/20/19	11/20/24	THE NORTH AMERICAN COAL CORPORATION
MISSISSIPPI LIGNITE MINING COMPANY
	WIRE ROPE INDUSTRIES LTD.	Inventory and other goods
							
	Original	20200196040	01/09/20	01/09/25	THE NORTH AMERICAN COAL CORPORATION	LIEBHERR USA, CO.
LIEBHERR-AMERICA, INC.
	Equipment
							
	Original	20205721651	08/19/20	08/19/25	THE NORTH AMERICAN COAL CORPORATION	RDO EQUIPMENT CO.	Equipment
							

																					
	Original	20213845691	05/17/21	05/17/26	THE NORTH AMERICAN COAL CORPORATION	KOMATSU FINANCIAL LIMITED PARTNERSHIP	Equipment
							
	Original	160040149792	12/12/16	12/12/21	MISSISSIPPI LIGNITE MINING COMPANY, A JOINT VENTURE, THROUGH ITS PARTNERS RED HILLS PROPERTY COMPANY L.L.C. AND THE NORTH AMERICAN COAL CORPORATION
RED HILLS PROPERTY COMPANY L.L.C.
THE NORTH AMERICAN COAL CORPORATION
	CATERPILLAR FINANCIAL SERVICES CORPORATION	Equipment
	Amendment	1700001257	01/03/17				
							
	Original	190043821149	11/20/19	11/20/24	MISSISSIPPI LIGNITE MINING COMPANY
THE NORTH AMERICAN COAL CORPORATION
	WIRE ROPE INDUSTRIES LTD.	Inventory and other goods
							
	Original	2018016042-5	06/08/18	06/08/23	CAMINO REAL FUELS, L.L.C.	RDO EQUIPMENT CO.	Equipment
							
	Original	2019004694-4	02/12/19	02/12/24	CAMINO REAL FUELS, L.L.C.	RDO EQUIPMENT CO.	Equipment
							
	Original	2019059940-3	12/16/19	12/16/24	CAMINO REAL FUELS, L.L.C.	RDO EQUIPMENT CO.	Equipment
							
	Original	20162156011A	12/12/16	12/12/21	RED HILLS PROPERTY COMPANY L.L.C.
THE NORTH AMERICAN COAL CORPORATION
PLANO TX 75024
MISSISSIPPI LIGNITE MINING COMPANY, A JOINT VENTURE, THROUGH ITS PARTNERS RED HILLS PROPERTY COMPANY L.L.C. AND THE NORTH AMERICAN COAL CORPORATION
1000 MCINTIRE ROAD
ACKERMAN MS 39735
	CATERPILLAR FINANCIAL SERVICES CORPORATION	Equipment
	Amendment	20172179114B	01/03/17				

																					
							
	Original	120000299306	01/04/12	01/04/22	MISSISSIPPI LIGNITE MINING COMPANY	RBS ASSET FINANCE, INC.	Leased equipment
	Continuation	1600372769	11/15/16				
							
	Original	160040149792	12/12/16	12/12/21	MISSISSIPPI LIGNITE MINING COMPANY, A JOINT VENTURE, THROUGH ITS PARTNERS RED HILLS PROPERTY COMPANY L.L.C. AND THE NORTH AMERICAN COAL CORPORATION
RED HILLS PROPERTY COMPANY L.L.C.
THE NORTH AMERICAN COAL CORPORATION
	CATERPILLAR FINANCIAL SERVICES CORPORATION	Equipment
	Amendment	1700001257	01/03/17				
							
	Original	190043821149	11/20/19	11/20/24	MISSISSIPPI LIGNITE MINING COMPANY
THE NORTH AMERICAN COAL CORPORATION
	WIRE ROPE INDUSTRIES LTD.	Inventory and other goods
							
	Original	200014299865	04/10/20	04/10/25	MISSISSIPPI LIGNITE MINING COMPANY	PNC EQUIPMENT FINANCE, LLC	Leased equipment
							
	Original	210034498314	08/10/21	08/10/26	MISSISSIPPI LIGNITE MINING COMPANY	CATERPILLAR FINANCIAL SERVICES CORPORATION	Equipment
							
	Original	20162156011A	12/12/16	12/12/21	MISSISSIPPI LIGNITE MINING COMPANY, A JOINT VENTURE, THROUGH ITS PARTNERS RED HILLS PROPERTY COMPANY L.L.C. AND THE NORTH AMERICAN COAL CORPORATION
RED HILLS PROPERTY COMPANY L.L.C.
THE NORTH AMERICAN COAL CORPORATION
	CATERPILLAR FINANCIAL SERVICES CORPORATION	Equipment
	Amendment	20172179114B	01/03/17				
							

																					
	Original	160040149792	12/12/16	12/12/21	MISSISSIPPI LIGNITE MINING COMPANY, A JOINT VENTURE, THROUGH ITS PARTNERS RED HILLS PROPERTY COMPANY L.L.C. AND THE NORTH AMERICAN COAL CORPORATION
RED HILLS PROPERTY COMPANY L.L.C.
THE NORTH AMERICAN COAL CORPORATION
	CATERPILLAR FINANCIAL SERVICES CORPORATION	Equipment
	Amendment	1700001257	01/03/17				

SCHEDULE 1.1(S)
PROJECT MINING SUBSIDIARIES
1.Coyote Creek Mining Company, L.L.C.
2.Demery Resources Company, L.L.C.
3.The Coteau Properties Company
4.The Falkirk Mining Company
5.The Sabine Mining Company
6.NAM – Corkscrew, LLC
7.NAM – MCA, LLC
8.NAM – CSA, LLC
9.NAM – WFA, LLC
10.NAM-PBA, LLC
11.NAM-Queenfield, LLC
12.NAM-SDI, LLC

NAI-1521671266v5 

SCHEDULE 2.8.1
EXISTING LETTERS OF CREDIT

Instrument#       Beneficiary                                                          Issue Dt       Expiry Dt             Currency Amount          USD Amount                         
-----------   -----------------------------------   ----------   ----------   ----------------------   ----------------------             
                                                                                                                                          
18116527-00   XL SPECIALTY INSURANCE COMPANY        2011-12-30   2022-02-01         1,162,000.00 USD            $1,162,000.00             
18116528-00   ACE AMERICAN INSURANCE COMPANY      2011-12-30   2022-02-01            94,200.00 USD               $94,200.00             
18123613-00   VALLEY CREEK LAND AND TIMBER              2015-04-24   2022-04-24            37,500.00 USD               $37,500.00             
18133106-00   OFFICE OF WORKERS' COMPENSATION     2020-04-27   2022-04-27         1,693,324.00 USD            $1,693,324.00             
18134642-00   TRAVELERS CASUALTY AND SURETY         2021-06-14   2022-06-14        15,000,000.00 USD           $15,000,000.00             
18134643-00   STATE OF ALABAMA SURFACE MINING       2021-06-11   2022-06-11         3,495,136.00 USD            $3,495,136.00             
18134644-00   STATE OF ALABAMA SURFACE MINING       2021-06-11   2022-06-11           306,176.00 USD              $306,176.00             
18134645-00   STATE OF ALABAMA SURFACE MINING       2021-06-11   2022-06-11            17,520.00 USD               $17,520.00             
18134646-00   STATE OF ALABAMA SURFACE MINING       2021-06-11   2022-06-11            84,640.00 USD               $84,640.00             
18134647-00   STATE OF ALABAMA SURFACE MINING       2021-06-11   2022-06-11           194,350.00 USD              $194,350.00             
18134648-00   STATE OF ALABAMA SURFACE MINING       2021-06-11   2022-06-11           136,850.00 USD              $136,850.00             
18134649-00   STATE OF ALABAMA SURFACE MINING       2021-06-11   2022-06-11            92,000.00 USD               $92,000.00             
18134650-00   STATE OF ALABAMA SURFACE MINING       2021-06-11   2022-06-11           270,250.00 USD              $270,250.00             
18134651-00   STATE OF ALABAMA SURFACE MINING       2021-06-11   2022-06-11            17,664.00 USD               $17,664.00             
18134652-00   STATE OF ALABAMA SURFACE MINING       2021-06-11   2022-06-11           146,908.00 USD              $146,908.00             
18134653-00   STATE OF ALABAMA SURFACE MINING       2021-06-11   2022-06-11         2,348,660.00 USD            $2,348,660.00             
                                                                                                                                          
                                                                                                                                          
                                                                                                                                Total Standby Letters of Credit:          $25,097,178.00             

 
NAI-1521671266v5 

SCHEDULE 6.1.1
QUALIFICATIONS TO DO BUSINESS
									
	Entity Name	Jurisdiction of Formation/Incorporation
	Foreign
Qualification/Jurisdiction

	The North American Coal Corporation	Delaware	North Dakota, Louisiana, Texas, Florida, Mississippi, New Mexico, Alabama, Indiana, Arkansas
	American Lignite Energy, LLC	Delaware	N/A
	C & H Mining Company, Inc.	Alabama	N/A
	Caddo Creek Resources Company, L.L.C.	Nevada	Texas
	Camino Real Fuels, L.L.C.	Nevada	Texas
	CATAPULT MINERAL PARTNERS, LLC	Nevada	Alabama, Louisiana, Mississippi, North Dakota, Ohio, Pennsylvania, Texas
	The Coteau Properties Company	Ohio	North Dakota
	Coyote Creek Mining Company, L.L.C.	Nevada	North Dakota
	Demery Resources Company, L.L.C.	Nevada	Louisiana
	The Falkirk Mining Company	Ohio	North Dakota
	GRENAC, LLC (d/b/a Great American Energy in North Dakota)	Delaware	North Dakota, Texas
	Liberty Fuels Company, L.L.C.	Nevada	Mississippi
	Mississippi Lignite Mining Company	Texas	Mississippi
	Mitigate Alabama, LLC	Nevada	Alabama
	Mitigate Tennessee, LLC	Nevada	Tennessee
	Mitigate Texas, LLC	Nevada	Texas
	Mitigation Resources of North America, LLC	Nevada	Alabama, Louisiana, Mississippi, Pennsylvania, Tennessee, Texas

NAI-1521671266v5 

									
	NAM-7D, LLC	Nevada	Florida
	NAM-Corkscrew, LLC	Nevada	Florida
	NAM-CSA, LLC	Nevada	Florida
	NAM-IND, LLC	Nevada	Indiana
	NAM-Little River, LLC	Nevada	Arkansas
	NAM-MCA, LLC	Nevada	Florida
	NAM-Newberry, LLC	Nevada	Florida
	NAM-Pasco, LLC	Nevada	Florida
	NAM-PBA, LLC	Nevada	Florida
	NAM-Perry, LLC	Nevada	Florida
	NAM-Queenfield, LLC	Nevada	Virginia
	NAM-Rosser, LLC	Nevada	Texas
	NAM-SDI, LLC	Nevada	Florida
	NAM-WFA, LLC	Nevada	Florida
	NAM-WRQ, LLC	Nevada	Florida
	NODAK ENERGY INVESTMENTS CORPORATION	Nevada	N/A
	NoDak Energy Services, L.L.C.	Delaware	North Dakota
	North American Coal Corporation India Private Limited	India	N/A
	North American Coal Royalty Company	Delaware	North Dakota, Ohio, Louisiana, Pennsylvania, Texas, Mississippi, Alabama
	North American Mining, LLC	Nevada	Florida
	Otter Creek Mining Company, L.L.C.	Nevada	North Dakota
	Red Hills Property Company L.L.C.	Mississippi	Texas
	Reed Minerals, Inc.	Alabama	N/A

NAI-1521671266v5 

									
	Sawtooth Mining, LLC	Nevada	N/A
	Shondenah Energy, LLC	Nevada	New Mexico
	The Sabine Mining Company	Nevada	Texas
	Trident Technology Services Group, LLC	Nevada	Florida, Louisiana, Mississippi, New Mexico, North Dakota, Ohio, Texas
	Trifecta Renewable Solutions, LLC	Delaware	Mississippi
	TRU ENERGY SERVICES, LLC
	Nevada	Alabama
	TRU Global Energy Services, L.L.C.	Delaware	N/A
	Yockanookany Mitigation Resources, LLC	Nevada	Mississippi
	NAM-CMX, LLC	Nevada	Florida
	Centennial Natural Resources, LLC	Nevada	Alabama

NAI-1521671266v5 

SCHEDULE 6.1.2
SUBSIDIARIES
Borrower is a Delaware corporation whose sole stockholder, NACCO Industries, Inc., a Delaware corporation, owns all 500 shares of the outstanding common stock of the Borrower.
															
	Subsidiary Name	Entity Type	State of Formation	Borrower’s Ownership Interest	Option, Warrants, etc.
	American Lignite Energy, LLC	Limited Liability Company	Delaware	50% membership interest (uncertificated)
Headwaters Energy Services Corp. owns the other 50% membership interest
	N/A
	C & H Mining Company, Inc.	Corporation	Alabama	100% 
by TRU ENERGY SERVICES, LLC
(100 shares of common stock)
	N/A
	Caddo Creek Resources Company, L.L.C.	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	Camino Real Fuels, L.L.C.	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	CATAPULT MINERAL PARTNERS, LLC	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	The Coteau Properties Company	Corporation	Ohio	100%
(100 shares of 
common stock)	Yes2

2 Coteau’s customer, Dakota Coal Company, has the right to acquire Coteau’s stock upon the occurrence of certain events (e.g., uncured Coteau performance defaults) under an Option and Put Agreement, dated as of January 1, 2000, among Borrower, Dakota Coal Company and The Bank of North Dakota, as escrow agent, as amended.

NAI-1521671266v5 

															
	Coyote Creek Mining Company, L.L.C.	Limited Liability Company	Nevada	100%
(100 Units)	Yes3
	Demery Resources Company, L.L.C.	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	The Falkirk Mining Company	Corporation	Ohio	100%
(100 shares of 
common stock)	Yes4
	GRENAC, LLC (d/b/a Great American Energy in North Dakota)	Limited Liability Company	Delaware	50% membership interest (uncertificated)
Great River Energy owns the other 50% membership interest
	N/A
	Liberty Fuels Company, L.L.C.	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	Mississippi Lignite Mining Company	Joint Venture	Texas	100%
A joint venture of The North American Coal Corporation (25%) and Red Hills Property Company L.L.C. (75%)
	N/A
	Mitigation Resources of North America, LLC	Limited Liability Company	Nevada	100%
(100 Units)	N/A

3 Coyote Creek’s customers, four utilities, have the obligation to acquire Coyote Creek’s Units upon the termination of the Lignite Sales Agreement between Coyote Creek and the utilities.

4 Falkirk’s customer, Great River Energy, has a conditional right to purchase certain surface tracts and coal tracts and certain property and other assets of Falkirk within three months after termination of the coal sales agreement between Falkirk and Great River Energy pursuant to a Restatement of Option Agreement, dated as of January 1, 1997, among Borrower, Great American Energy and The Bank of North Dakota, as escrow agent, as amended. Upon termination of the GRE Coal Sales Agreement and effectiveness of the Rainbow Coal Sales Agreement, Rainbow Energy will have a conditional right to purchase surface tracts and coal tracts and certain property and other assets of Falkirk upon termination of the Rainbow Coal Sales Agreement pursuant to an Option Agreement, dated as of June 30, 2021, among The Falkirk Mining Company, Rainbow Energy Center, LLC, the State of North Dakota and The Bank of North Dakota.  

NAI-1521671266v5 

															
	Mitigate Alabama, LLC	Limited Liability Company	Nevada	100%
by Mitigation Resources of North America, LLC
(100 Units)
	N/A
	Mitigate Tennessee, LLC	Limited Liability Company	Nevada	100%
by Mitigation Resources of North America, LLC
(100 Units)
	N/A
	Mitigate Texas, LLC	Limited Liability Company	Nevada	100%
by Mitigation Resources of North America, LLC
(100 Units)
	N/A
	NAM-7D, LLC	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	NAM-Corkscrew, LLC	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	NAM-CSA, LLC	Limited Liability Company	Nevada	100%
(100 Units)	Yes5
	NAM-IND, LLC	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	NAM-Little River, LLC	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	NAM-MCA, LLC	Limited Liability Company	Nevada	100%
(100 Units)	Yes6
	NAM-Newberry, LLC	Limited Liability Company	Nevada	100%
(100 Units)	N/A

5 NAM-CSA, LLC’s customer, Central States Aggregates, LLC, has the right to acquire NAM-CSA’s assets upon the occurrence of a NAM-CSA performance default under the Mining Services Agreement, dated September 19, 2016, between NAM-CSA and its customer. 

6 NAM-MCA, LLC’s customer, Mid Coast Aggregates, LLC, has the right to acquire NAM-MCA’s assets upon the occurrence of a NAM-MCA performance default under the Mining Services Agreement, dated September 19, 2016, between NAM-MCA and its customer.

NAI-1521671266v5 

															
	NAM-Pasco, LLC	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	NAM-PBA, LLC	Limited Liability Company	Nevada	100%
(100 Units)	Yes7
	NAM-Perry, LLC	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	NAM-Queenfield, LLC	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	NAM-Rosser, LLC	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	NAM-SDI, LLC	Limited Liability Company	Nevada	100%
(100 Units)	Yes8
	NAM-WFA, LLC	Limited Liability Company	Nevada	100%
(100 Units)	Yes9
	NAM-WRQ, LLC	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	NODAK ENERGY INVESTMENTS CORPORATION	Corporation	Nevada	100%
(1,000 shares of common stock)
	N/A
	NoDak Energy Services, L.L.C.	Limited Liability Company	Delaware	100%
by TRU Global Energy Services, L.L.C.
(100 Units)
	N/A

7 NAM-PBA, LLC’s customer, Palm Beach Aggregates, LLC, has the conditional right to purchase NAM-PBA’s tangible assets upon termination of the Mining Services Agreement, dated September 10, 2017, between NAM-PBA and its customer.

8 NAM-SDI, LLC’s customer, SDI Aggregates, LLC d/b/a Blue Water Industries LLC, has the conditional right to purchase NAM-SDI’s tangible assets upon termination of the Mining Services Agreement, dated June 28, 2018, between NAM-SDI and its customer.

9 NAM-WFA, LLC’s customer, West Florida Aggregates, LLC, has the right to acquire NAM-WFA’s assets upon the occurrence of a NAM-WFA performance default under the Mining Services Agreement, dated September 19, 2016, between NAM-WFA and its customer.

NAI-1521671266v5 

															
	North American Coal Corporation India Private Limited	Corporation	India	99% equity shares
1% equity shares owned by TRU Global Energy Services, L.L.C.
	N/A
	North American Coal Royalty Company	Corporation	Delaware	100%
(500 shares of
common stock)	N/A
	North American Mining, LLC	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	Otter Creek Mining Company, L.L.C.	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	Red Hills Property Company L.L.C.	Limited Liability Company	Miss.	100%
(100 Units)	N/A
	Reed Minerals, Inc.	Corporation	Alabama	100%
by TRU ENERGY SERVICES, LLC
(2,000 shares of common stock)
	N/A
	Sawtooth Mining, LLC	Limited Liability Company	Nevada	100%
(100 Units)
	Yes10
	Shondenah Energy, LLC	Limited Liability Company	Nevada	100%
(100 Units)
	N/A
	The Sabine Mining Company	Corporation	Nevada	100%
(1,000 shares of
common stock)	Yes11
	Trident Technology Services Group, LLC	Limited Liability Company	Nevada	100%
(100 Units)
	N/A
	Trifecta Renewable Solutions, LLC	Limited Liability Company	Delaware	100%
(100 Units)
	N/A

10 Sawtooth Mining, LLC’s customer, Lithium Nevada, Corp., has the conditional right to purchase Sawtooth’s Units in the event of the expiration or termination of the Mining Agreement, dated May 16, 2019, between Sawtooth and its customer.

11 Sabine’s customer, Southwestern Electric Power Company, has the right to acquire Sabine’s stock upon the occurrence of certain events (e.g., uncured Sabine performance defaults) under an Option Agreement, dated January 15, 1981, among Borrower, Southwestern Electric Power Company and Regions Bank (as successor to Longview National Bank), as escrow agent, as amended.

NAI-1521671266v5 

															
	TRU ENERGY SERVICES, LLC
	Limited Liability Company	Nevada	100%
(100 Units)
	N/A
	TRU Global Energy Services, L.L.C.	Limited Liability Company	Delaware	100%
(100 Units)	N/A
	Yockanookany Mitigation Resources, LLC	Limited Liability Company	Nevada	100% by Mitigation Resources of North America, LLC
(100 Units)
	N/A
	NAM-CMX, LLC	Limited Liability Company	Nevada	100%
(100 Units)	N/A
	Centennial Natural Resources, LLC	Limited Liability Company	Nevada	50% by Reed Minerals, Inc.
(50 Units) and 50% by C & H Mining Company, Inc.
(50 Units)	N/A

NAI-1521671266v5 

SCHEDULE 6.1.4
MATERIAL CONTRACTS
1.Coteau Lignite Sales Agreement dated as of January 1, 1990 between The Coteau Properties Company and Dakota Coal Company, as amended.  This agreement obligates Coteau to deliver lignite to Dakota.
2.Second Restatement of Coal Sales Agreement dated as of January 1, 2007 between The Falkirk Mining Company and Great River Energy, as amended (“GRE Coal Sales Agreement”).  This agreement obligates Falkirk to deliver lignite to Great River.
3.Coal Sales Agreement dated June 30, 2021 between The Falkirk Mining Company and Rainbow Energy Center, LLC (“Rainbow Coal Sales Agreement”).12
4.Third Restatement of Lignite Mining Agreement effective as of January 1, 2008, between Southwestern Electric Power Company (“SWEPCO”) and The Sabine Mining Company, as amended.  This agreement obligates Sabine to deliver lignite to SWEPCO.
5.Lignite Sales Agreement dated as of April 1, 1998, between Mississippi Lignite Mining Company and Choctaw Generation Limited Liability Limited Partnership, as amended (“MLMC Lignite Sales Agreement”).  This agreement obligates MLMC to deliver lignite to Choctaw.
6.Mining Services Agreement dated January 2, 2009 and Mining Services Agreement dated December 19, 2007, between Vecellio & Grogan Inc., d/b/a White Rock Quarries and The North American Coal Corporation, as amended.  These agreements obligate Borrower to deliver limestone to White Rock Quarries.
7.Lignite Sales Agreement, dated October 10, 2012, between Otter Tail Power Company, Northern Municipal Power Agency, Montana-Dakota Utilities Co. and NorthWestern Corporation, as buyers, and Coyote Creek Mining Company, L.L.C., as seller, as amended (“Coyote Lignite Mining Agreement”).  This agreement obligates Coyote Creek to deliver lignite to the buyers.
8.Second Restated Mining Services Agreement dated October 1, 2010, between Cemex Construction Materials Florida, LLC and NAM-CMX, LLC, as amended.  This agreement obligates Borrower to deliver limestone to Cemex.
9.Second Amended and Restated Lignite Mining Agreement, dated September 30, 2020, between Caddo Creek Resources Company, L.L.C., ADA Carbon Solutions (Operations), LLC, Marshall Mine, LLC and The North American Coal Corporation.  This agreement obligates Caddo Creek to perform final mine reclamation work at Marshall Mine.

12 To be effective upon the closing of the Asset Purchase Agreement between Great River Energy and Rainbow Energy Center. Upon the effectiveness of the Asset Purchase Agreement, the Falkirk Coal Sales Agreement shall terminate and The Falkirk Mining Company shall commence deliveries under the Rainbow Coal Sales Agreement. 
NAI-1521671266v5 

10.Lignite Mining Agreement dated June 29, 2009, between Five Forks Mining, LLC and Demery Resources Company, L.L.C., as amended.  This agreement obligates Demery to deliver lignite to Five Forks.
11.Mining Agreement, dated May 16, 2019, between Sawtooth Mining, LLC and Lithium Nevada, Corp.  This agreement obligates Sawtooth Mining to deliver lithium to Lithium Nevada.
12.Mining Services Agreement, dated March 26, 2021, between NAM-7D, LLC and Seven Diamonds, LLC. This agreement obligates NAM-7D to deliver product to Seven Diamonds. 

 

NAI-1521671266v5 

SCHEDULE 6.1.15
ERISA DISCLOSURES
1.The Sabine Mining Company Pension Plan

The Sabine Mining Company (“Sabine”) sponsors The Sabine Mining Company Pension Plan (“Sabine Pension Plan”), for which The North American Coal Corporation (the “Company”) is the plan administrator. On November 5, 2020, Sabine’s customer announced that it would retire the power plant to which Sabine supplies coal. This would result in the shutdown of the Sabine mine in a few years. While no decision has been made at this time, the plan administrator intends to terminate the Sabine Pension Plan in connection with the shutdown of the Sabine mine. The Company does not believe this exposes The North American Coal Corporation, or any of its subsidiaries and affiliates, to liabilities because the Sabine Pension Plan is well-funded. However, out of an abundance of caution, the Company wanted to disclose the potential termination of the plan. The January 1, 2021 adjusted funding target attainment percentage (“AFTAP”) is 134.99%. 

2.The Falkirk Mining Company Pension Plan

The Falkirk Mining Company (“Falkirk”) sponsors The Falkirk Mining Company Pension Plan (“Falkirk Pension Plan”), for which The North American Coal Corporation is the plan administrator. On June 30, 2021, Falkirk’s customer, Great River Energy, announced that it would sell the power plant to which Falkirk supplies coal. Falkirk will continue to sell coal to the purchaser of the power plan. However, the Company and Great River Energy agreed to terminate the Falkirk Pension Plan in connection with the sale of Great River Energy’s power plant. The plan should be terminated within 30 months of the sale of the power plant. The Company does not believe this exposes The North American Coal Corporation, or any of its subsidiaries and affiliates, to liabilities because the Falkirk Pension Plan is well-funded. However, out of an abundance of caution, the Company wanted to disclose the eventual termination of the plan. The January 1, 2021 adjusted funding target attainment percentage (“AFTAP”) is 149.36%. 

NAI-1521671266v5 

SCHEDULE 6.1.16
ENVIRONMENTAL DISCLOSURES
Casey Voigt and Julie Voigt v. Coyote Creek Mining Company, LLC, Civil Action No. 1:15-CV-00109 (District of North Dakota, Southwestern Division).  In this case, the Plaintiffs, Mr. and Mrs. Casey Voigt, are challenging the North Dakota Department of Environmental Quality’s decision to issue a Minor Source Air Permit to Coyote Creek Mining Company, LLC (“CCMC”) in connection with the construction of the Coyote Creek Mine and the associated coal processing facility.  The Voigts argue that under the Clean Air Act, CCMC should have obtained a Major Source Air Permit.  On July 3, 2018, the trial court granted summary judgment in favor of CCMC on all of the Voigts’ claims.  The Voigts appealed that decision to the United States Court of Appeals for the Eighth Circuit.  On June 1, 2021, the Court of Appeals for the Eighth Circuit affirmed the summary judgment ruling in CCMC’s favor.  The Voigts have until October 28, 2021, to file a petition for writ of certiorari with the United States Supreme Court. 
NAI-1521671266v5 

SCHEDULE 7.1.1
Matters to be covered in Opinion of Counsel 
for
THE NORTH AMERICAN COAL CORPORATION AND ITS CONSOLIDATED SUBSIDIARIES

The opinions of counsel shall address the matters contained in Article 6 of the Credit Agreement which are listed below:
    6.1.1    Organization and Qualification; Power and Authority; Compliance with Laws
    6.1.2    Subsidiaries and Owners of Borrower; Investment Companies; Regulated Entities
    6.1.3    Validity and Binding Effect
    6.1.4    No Conflict; Consents 
    6.1.13    Liens in Collateral 
Such other matters as the Administrative Agent may reasonably request

NAI-1521671266v5 

SCHEDULE 8.1
MAINTENANCE OF MATERIAL CONTRACTS; LICENSES; PERMITS

Material Contracts:
None.

Licenses: 
None.

Required Mining Permits:
None.

NAI-1521671266v5 

SCHEDULE 8.2.1
PERMITTED INDEBTEDNESS
All Indebtedness (including payments of principal and interest) related to the following:
Reclamation Bonds:
See attached.
Letters of Credit:
•Schedule 2.9.1 is hereby incorporated by reference.
Guarantees:
1.    Guaranty, dated June 29, 2009, issued by Borrower, in favor of Five Forks Mining, LLC, in respect of Demery Resources Company, L.L.C.’s performance under the Lignite Mining Agreement, dated June 29, 2009, between Five Forks and Demery.
2.    Corporate Guaranty, dated May 20, 2008, as amended, issued by Borrower, in favor of The Goodyear Tire & Rubber Company, in respect of obligations to Goodyear by The Coteau Properties Company, The Falkirk Mining Company, Coyote Creek Mining Company, LLC, and The Sabine Mining Company.  
4.    Guaranty, dated October 10, 2012, issued by Borrower in favor of Otter Tail Power Company, Northern Municipal Power Agency, Montana-Dakota Utilities Co. and NorthWestern Corporation, as buyers, in respect of Coyote Creek Mining Company, L.L.C.’s performance under the Lignite Sales Agreement, dated October 10, 2012, between Coyote Creek and the buyers.
5.  Guaranty, dated August 2015, issued by Borrower in favor of Caterpillar Financial Services Corporation, in respect of Mississippi Lignite Mining Company’s performance under a lease agreement for a CAT 789D end dump truck. 
6. Assignment, Assumption and Guaranty, dated March 24, 2021, issued by Borrower in favor of CEMEX Construction Materials Florida, LLC, in respect of NAM-CMX’s performance under the Second Restated Mining Services Agreement dated October 1, 2010, between Cemex Construction Materials Florida, LLC and NAM-CMX, LLC, as amended.
Intercompany Notes:
1.  Note dated January 1, 1993, payable by Borrower to The Coteau Properties Company not to exceed $20,000,000 and payable on demand.  As of the date of the Agreement, approximately $2,279,130.00 is outstanding as of 9/30/2021 under this Note. 
2.    Amended and Restated Promissory Note, dated December 31, 2011, payable by Red Hills Property Company, L.L.C. (“RHPC”) to Borrower, in the principal amount of $98,000,000, payable in full on December 31, 2021.  This note relates to Borrower lending RHPC the 
NAI-1521671266v5 

purchase price for its acquisition of its 75% interest in Mississippi Lignite Mining Company in 2001.
Permitted Liens:
•Schedule 1.1(P) is hereby incorporated by reference.
Indebtedness:
1.    Term Loan, dated August 27, 2021, issued by Caterpillar Financial Services Corporation, in favor of NAM-Little River, LLC, in the amount of $2,194,300 due 8/31/2024 with a current balance as of 10/31/2021 of $2,078,586.16.
2.    Term Loan, dated August 27, 2021, issued by Caterpillar Financial Services Corporation, in favor of NAM-Rosser, LLC, in the amount of $1,439,523.75 due 8/31/2024 with a current balance as of 10/31/2021 of $1,363,612.15.  
NAI-1521671266v5 

Reclamation Bonds
															
	Insured Name	Obligee Name	Bond Description	Bond #	Limit
	CENTENNIAL NATURAL RESOURCES, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105844258	$24,495.00
	CENTENNIAL NATURAL RESOURCES, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105830904	$69,000.00
	CENTENNIAL NATURAL RESOURCES, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105830905	$175,405.00
	CENTENNIAL NATURAL RESOURCES, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105840097	$92,000.00
	CENTENNIAL NATURAL RESOURCES, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105840098	$43,700.00
	CENTENNIAL NATURAL RESOURCES, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105840099	$1,235,559.00
	CENTENNIAL NATURAL RESOURCES, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105840103	$136,850.00
	CENTENNIAL NATURAL RESOURCES, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105840105	$72,445.00
	CENTENNIAL NATURAL RESOURCES, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105840108	$172,500.00
	CENTENNIAL NATURAL RESOURCES, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105840110	$95,450.00
	CENTENNIAL NATURAL RESOURCES, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105840115	$273,700.00
	CENTENNIAL NATURAL RESOURCES, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105844232	$5,104,660.00
	CENTENNIAL NATURAL RESOURCES, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105844235	$370,300.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA	Reclamation - Environmental (Coal)	106750232	$88,320.00
	CENTENNIAL NATURAL RESOURCES, LLC	ALABAMA SURFACE MINING COMMISSION	Surface Coal Mining Reclamation Bond	106750234	$78,200.00
	CENTENNIAL NATURAL RESOURCES, LLC	ALABAMA SURFACE MINING COMMISSION	Surface Coal Mining Reclamation Bond	106750235	$353,050.00
	CENTENNIAL NATURAL RESOURCES, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	106071913	$238,068.00
	CENTENNIAL NATURAL RESOURCES, INC.	STATE OF ALABAMA, SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106489490	$10,000.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044522	$338,502.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044523	$284,108.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044524	$401,120.00
	CENTENNIAL NATURAL RESOURCES LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044525	$195,155.00

															
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044526	$61,855.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044527	$411,010.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044529	$100,625.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044530	$282,325.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044531	$325,795.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044532	$630,890.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044533	$51,175.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044534	$115,000.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044535	$146,280.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044536	$686,137.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044537	$212,290.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044538	$95,450.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044539	$1,150.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044540	$793,779.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044542	$27,600.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044543	$61,408.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044544	$515,586.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044545	$45,310.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044546	$61,180.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106071889	$1,824,925.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106071890	$1,025,059.00
	CENTENNIAL NATURAL RESOURCES, LLC	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106071891	$151,800.00
	COYOTE CREEK MINING COMPANY, LLC	STATE OF NORTH DAKOTA	All Other L&P - Compliance Only	106071894	$10,000.00
	COYOTE CREEK MINING COMPANY, LLC	NORTH DAKOTA STATE INDUSTRIAL COMMISSION	All Other L&P - Compliance Only	105889575	$10,000.00

															
	COYOTE CREEK MINING COMPANY, LLC	STATE OF NORTH DAKOTA, PUBLIC SERVICE COMMISSION	Reclamation - Environmental (Coal)	106380271	$23,300,000.00
	DEMERY RESOURCES COMPANY, LLC	LOUISIANA DEPARTMENT OF NATURAL RESOURCES	Reclamation - Environmental (Coal)	106648692	$3,000.00
	MISSISSIPPI LIGNITE MINING CO.	4-COUNTY ELECTRIC POWER ASSOCIATION	Utility Payment Bond	105337300	$450,000.00
	MISSISSIPPI LIGNITE MINING COMPANY, A JOINT VENTURE BETWEEN THE NORTH AMERICAN COAL CORPORATION AND RED HILLS PROPERTY COMPANY, L.L.C.	Mississippi Department of Environmental Quality/Office of Geology/Surface Coal Mining and Reclamation Division	Reclamation - Environmental (Coal)	103181525	$43,460,539.00
	REED MINERALS, INC.	STATE OF ALABAMA SURFACE MINING COMMISSION	Reclamation - Environmental (Coal)	106044528	$898,680.00
	WB MINING, LLC13	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105840114	$68,425.00
	WB MINING, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105840116	$726,915.00
	WB MINING, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105840118	$39,200.00
	WB MINING, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105840119	$103,730.00
	WB MINING, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105844233	$23,101.00
	WB MINING, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105844234	$9,515,441.00
	WB MINING, LLC	Alabama Surface Mining Commission	Surface Coal Mining Reclamation Bond	105844236	$186,300.00
					$96,474,547.00

13 WB Mining, LLC is not an Affiliate of Borrower.  WB Mining holds mine permits for certain mines in Alabama, giving it control over who can mine at those mines.  Centennial Natural Resources, LLC acts as a contract miner to WB Mining at these mines.  The contract mining agreement between WB Mining and Centennial obligates Centennial to post reclamation bonds on behalf of WB Mining at these mines until final mine reclamation is complete or WB Mining terminates the contract mining relationship.

EXHIBIT 1.1(A)
ASSIGNMENT AND ASSUMPTION AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Assignment and Assumption") is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the "Assignor") and [Insert name of Assignee] (the "Assignee").  Capitalized terms used but not defined herein shall have the meanings given to them in the Amended and Restated Credit Agreement identified below (as the same may be amended, restated, modified, or supplemented, the "Credit Agreement"), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.
For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor's rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including, without limitation, any Letters of Credit and guarantees included in such facilities), and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the "Assigned Interest").  Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.
1.Assignor:    ______________________________
2.Assignee:    ______________________________
[and is an Affiliate of [identify Lender]]
3.Borrower:    The North American Coal Corporation
4.Administrative Agent:    PNC BANK, NATIONAL ASSOCIATION, as the administrative agent under the Credit Agreement

5.Credit Agreement:    The Amended and Restated Credit Agreement dated as of November 12, 2021, among The North American Coal Corporation, the Guarantors party thereto, the Lenders party thereto and PNC Bank, National Association, as Administrative Agent.
6.Assigned Interest:
															
	

Facility Assigned	Aggregate Amount of Commitment / Loans for all Lenders	Amount of Commitment / Loans Assigned	Percentage Assigned of Commitment / Loans14	

CUSIP Number
	Revolving Credit Commitment	$	$	%	

7.[Trade Date:    ______________]15

14 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.
15 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.

[SIGNATURE PAGE - ASSIGNMENT AND ASSUMPTION AGREEMENT]
Effective Date:  ________________, 201___ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]16
The terms set forth in this Assignment and Assumption are hereby agreed to:
ASSIGNOR
________________________________________
By:        
Name:        
Title:        
ASSIGNEE
________________________________________
By:        
Name:        
Title:        
Consented to and Accepted:
PNC BANK, NATIONAL ASSOCIATION, 
as Administrative Agent
By:        
Name:        
Title:        

16 Assignor shall pay a fee of $3,500 to the Administrative Agent in connection with the Assignment and Assumption.

[SIGNATURE PAGE - ASSIGNMENT AND ASSUMPTION AGREEMENT]
Consented to:17
THE NORTH AMERICAN COAL CORPORATION,
a Delaware corporation
By:        
Name:    
Title:    

17 If applicable.

ANNEX 1
THE NORTH AMERICAN COAL CORPORATION
$150,000,000 REVOLVING CREDIT FACILITY
STANDARD TERMS AND CONDITIONS
FOR ASSIGNMENT AND ASSUMPTION
1.Representations and Warranties.
1.1Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any Collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.
1.2Assignee.  The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements of an assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 8.3 [Reporting Requirements] thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is not incorporated under the Laws of the United States of America or a state thereof, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

2.Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.
3.General Provisions.  This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.  This Assignment and Assumption shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to its conflict of laws principles.

EXHIBIT 1.1(G)
FORM OF
GUARANTOR JOINDER AND ASSUMPTION AGREEMENT
THIS GUARANTOR JOINDER AND ASSUMPTION AGREEMENT (this "Agreement") is made as of _______________, 20___, by _________________________________________________, a _________________________ [corporation/partnership/limited liability company] (the "New Guarantor").
BACKGROUND
Reference is made to (i) the Amended and Restated Credit Agreement dated as of November 12, 2021 (as the same may be amended, restated, modified, or supplemented, from time to time, the "Credit Agreement") by and among The North American Coal Corporation, a Delaware corporation (the "Borrower"), the Guarantors party thereto, the Lenders party thereto and PNC Bank, National Association, in its capacity as administrative agent for the Lenders (in such capacity, the "Administrative Agent"), (ii) the Continuing Agreement of Guaranty and Suretyship dated as of November 12, 2021 (as the same may be amended, restated, modified, supplemented, from time to time, the "Guaranty"), given by Guarantors in favor of Administrative Agent, (iii) the Security Agreement dated as of November 12, 2021 (as the same may be amended, restated, modified, supplemented, from time to time, the "Security Agreement"), by and among the Borrower, the Guarantors and the Administrative Agent for the benefit of the Secured Parties, (iv) the Patent, Trademark and Copyright Security Agreement, dated as of November 12, 2021 (as the same may be amended, restated, modified, supplemented, from time to time, the "Patent, Trademark and Copyright Security Agreement"), by and among the Borrower, the Guarantors and the Administrative Agent for the benefit of the Secured Parties, (v) the Pledge Agreement dated as of November 12, 2021 (as the same may be amended, restated, modified, supplemented from time to time, the "Pledge Agreement"), by and among the Borrower, the Guarantors and the Administrative Agent for the benefit of the Secured Parties, and (vi) the other Loan Documents referred to in the Credit Agreement, as the same may be amended, restated, modified, or supplemented from time to time. 
AGREEMENT
Capitalized terms defined in the Credit Agreement are used herein as defined therein. 
The New Guarantor hereby becomes a Guarantor under the terms of the Credit Agreement and in consideration of the value of the direct and indirect benefits received by the New Guarantor as a result of being of becoming affiliated with the Borrower and the Guarantors, the New Guarantor hereby agrees that effective as of the date hereof it hereby is, and shall be deemed to be, and assumes the obligations of, a "Loan Party" and a "Guarantor" under the Credit Agreement and the Guaranty, a Debtor under the Security Agreement, a "Pledgor" under each of the Patent, Trademark and Copyright Security Agreement and the Pledge Agreement, and a party to each of the other Loan Documents to which the Guarantors are a party and agrees that from the date hereof and so long as any Loan or any Commitment of any Lender shall remain 

outstanding and until the Payment In Full, the New Guarantor has assumed the joint and several obligations of a "Guarantor" under, and the New Guarantor shall perform, comply with and be subject to and bound by, jointly and severally, each of the terms, provisions and waivers of the Credit Agreement,  the Guaranty, the Security Agreement, the Patent, Trademark and Copyright Security Agreement, the Pledge Agreement and each of the other Loan Documents which are stated to apply to or are made by a "Guarantor".  Without limiting the generality of the foregoing, the New Guarantor hereby represents and warrants that (i) the representations and warranties set forth in Article 6 of the Credit Agreement applicable to the New Guarantor as a Guarantor are true and correct as to the New Guarantor on and as of the date hereof, and (ii) the New Guarantor has heretofore received a true and correct copy of the Credit Agreement, the Guaranty, the Security Agreement, the Patent, Trademark and Copyright Security Agreement, the Pledge Agreement and each of the other Loan Documents (including any modifications thereof or supplements or waivers thereto) in effect on the date hereof.
The New Guarantor hereby makes, affirms, and ratifies in favor of the Lenders and the Administrative Agent the Credit Agreement, the Guaranty, the Security Agreement, the Patent, Trademark and Copyright Security Agreement, the Pledge Agreement and each of the other Loan Documents given by the Guarantors to Administrative Agent and any of the Lenders.
    In addition to this Agreement, the New Guarantor is delivering to the Administrative Agent supplements, to the extent applicable, to each Schedule to the Credit Agreement, the Guaranty, the Security Agreement, the Patent, Trademark and Copyright Security Agreement, the Pledge Agreement and any other Loan Document that necessitates updates after giving effect to this Agreement, each attached hereto as Annex A.  Any of the foregoing Schedules, to the extent supplemented hereby, shall, without further action, be amended to include the information contained in Annex A. 
In furtherance of the foregoing, the New Guarantor shall execute and deliver or cause to be executed and delivered such further instruments and documents and do or cause to be done such further acts as are required under Section 8.1.11 of the Credit Agreement.
This Agreement may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same instrument.  The New Guarantor acknowledges and agrees that a telecopy transmission to the Administrative Agent or any Lender of signature pages hereof purporting to be signed on behalf of the New Guarantor shall constitute effective and binding execution and delivery hereof by the New Guarantor.

 [SIGNATURES ON FOLLOWING PAGES]
    2

[SIGNATURE PAGE TO GUARANTOR JOINDER 
AND ASSUMPTION AGREEMENT]

IN WITNESS WHEREOF, and intending to be legally bound hereby, the New Guarantor has duly executed this Guarantor Joinder and Assumption Agreement as of the date and year first above written.

[NEW GUARANTOR]
    By:    
    Name:    
    Title:    
Acknowledged and accepted:
PNC BANK, NATIONAL ASSOCIATION,
as Administrative Agent
By:    
Name:    
Title:    

ANNEX A
[See Attached.]

EXHIBIT 1.1(N)(1)
[AMENDED AND RESTATED] REVOLVING CREDIT NOTE
$______________    Pittsburgh, Pennsylvania
    ______ ___, 2021
FOR VALUE RECEIVED, the undersigned, THE NORTH AMERICAN COAL CORPORATION, a Delaware corporation (herein called the "Borrower"), hereby promises to pay to _________________________________ or its registered assigns (the "Lender"), the lesser of (i) the principal sum of ______________________________ Dollars (US$____________), or (ii) the aggregate unpaid principal balance of all Revolving Credit Loans made by the Lender to the Borrower pursuant to that certain Amended and Restated Credit Agreement, dated as of even date herewith, among the Borrower, the Guarantors now or hereafter party thereto, the Lenders now or hereafter party thereto and PNC Bank, National Association, as administrative agent (hereinafter referred to in such capacity as the "Administrative Agent") (as amended, restated, modified, or supplemented from time to time, the "Credit Agreement"), payable by 2:00 p.m. Pittsburgh, Pennsylvania time on the Expiration Date, together with interest on the unpaid principal balance hereof from time to time outstanding from the date hereof at the rate or rates per annum specified by the Borrower pursuant to, or as otherwise provided in, the Credit Agreement.
Interest on the unpaid principal balance hereof from time to time outstanding from the date hereof will be payable at the times provided for in the Credit Agreement.  Upon the occurrence and during the continuation of an Event of Default, the Borrower shall pay interest on the entire principal amount of the then outstanding Revolving Credit Loans evidenced by this Note and all other obligations due and payable to the Lender pursuant to the Credit Agreement and the other Loan Documents at a rate per annum as set forth in Section 4.3 [Interest After Default] of the Credit Agreement.  Such interest rate will accrue before and after any judgment has been entered.
Subject to the provisions of the Credit Agreement, payments of both principal and interest shall be made without setoff, counterclaim, or other deduction of any nature at the office of the Administrative Agent located at 500 First Avenue, Pittsburgh, Pennsylvania 15219 unless otherwise directed in writing by the holder hereof, in lawful money of the United States of America in immediately available funds.
This Note is one of the Notes referred to in, and is entitled to the benefits of, the Credit Agreement and other Loan Documents, including the representations, warranties, covenants, conditions, security interests, and Liens contained or granted therein.  The Credit Agreement among other things contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayment, in certain circumstances, on account of principal hereof prior to maturity upon the terms and conditions therein specified.  Except for notices expressly required by the Loan Documents, the Borrower waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Credit Agreement.

This Note shall bind the Borrower and its successors and assigns, and the benefits hereof shall inure to the benefit of the Lender and its successors and assigns.  All references herein to the "Borrower" and the "Lender" shall be deemed to apply to the Borrower and the Lender, respectively, and their respective successors and assigns as permitted under the Credit Agreement.
This Note and any other documents delivered in connection herewith and the rights and obligations of the parties hereto and thereto shall for all purposes be governed, by and construed and enforced in accordance with, the internal laws of the State of New York without giving effect to its conflicts of law principles.
All capitalized terms used herein shall, unless otherwise defined herein, have the same meanings given to such terms in the Credit Agreement.
[This Note dated as of the date hereof and delivered in connection with the Credit Agreement amends and restates that certain revolving credit note delivered previously to the Lender (as the same may have been amended, restated, modified, replaced, or supplemented prior to the date hereof) (the "Original Note") payable by the Borrower to the Lender under the Existing Credit Agreement.  This Note is not intended to constitute, and does not constitute an interruption, suspension of continuity, discharge of prior duties, termination, novation or satisfaction of the obligations, indebtedness or liabilities represented by the Original Note.]
[SIGNATURE PAGE FOLLOWS]

[SIGNATURE PAGE TO REVOLVING CREDIT NOTE]
IN WITNESS WHEREOF, and intending to be legally bound hereby, the undersigned has executed this Note by its duly authorized officer.
THE NORTH AMERICAN COAL CORPORATION
By:        
Name:    
Title:    

EXHIBIT 1.1(N)(2)
[AMENDED AND RESTATED] SWINGLINE LOAN NOTE
$15,000,000    Pittsburgh, Pennsylvania
             November 12, 2021
FOR VALUE RECEIVED, the undersigned, THE NORTH AMERICAN COAL CORPORATION, a Delaware corporation (herein called the "Borrower"), hereby unconditionally promises to pay to PNC BANK, NATIONAL ASSOCIATION or its registered assigns (the "Lender"), the lesser of (a) the principal sum of FIFTEEN MILLION Dollars (US$15,000,000), or (b) the aggregate unpaid principal balance of all Swingline Loans made by the Lender to the Borrower pursuant to that certain Amended and Restated Credit Agreement, dated as of even date herewith, among the Borrower, the Guarantors now or hereafter party thereto, the other Lenders now or hereafter party thereto, and the Lender, as administrative agent for the other lenders party thereto (hereinafter referred to in such capacity as the "Administrative Agent") (as amended, restated, supplemented, or otherwise modified from time to time, the "Credit Agreement"), payable with respect to each Swingline Loan evidenced hereby on the earlier of (i) demand by the Lender or (ii) by 2:00 p.m. Pittsburgh, Pennsylvania time on the Expiration Date or at such other time specified in the Credit Agreement.
The Borrower shall pay interest on the unpaid principal balance of each Swingline Loan from time to time outstanding hereunder from the date hereof at the rate per annum and on the date(s) provided in the Credit Agreement.  Upon the occurrence and during the continuation of an Event of Default, the Borrower shall pay interest on the entire principal amount of the then outstanding Swingline Loans evidenced by this Note at a rate per annum as set forth in Section 4.3 [Interest After Default] of the Credit Agreement.  Such interest rate will accrue before and after any judgment has been entered.
Subject to the provisions of the Credit Agreement, payments of both principal and interest shall be made without setoff, counterclaim or other deduction of any nature at the office of the Administrative Agent located at 500 First Avenue, Pittsburgh, Pennsylvania 15219, unless otherwise directed in writing by the holder hereof, in lawful money of the United States of America in immediately available funds.
This Note is the Swingline Loan Note referred to in, and is entitled to the benefits of, the Credit Agreement and other Loan Documents, including the representations, warranties, covenants, conditions and liens contained or granted therein.  The Credit Agreement among other things contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayment, in certain circumstances, on demand or otherwise, on account of principal hereof prior to maturity upon the terms and conditions therein specified.  All capitalized terms used herein shall, unless otherwise defined herein, have the same meanings given to such terms in the Credit Agreement.  Except for notices expressly required by the Loan Documents, the Borrower waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Credit Agreement.

The Borrower acknowledges and agrees that the Lender may at any time and in its sole discretion demand payment of all amounts outstanding under this Note without prior notice to the Borrower.
This Note shall bind the Borrower and its successors and assigns, and the benefits hereof shall inure to the benefit of the Lender and its successors and assigns.  All references herein to the "Borrower" and the "Lender" shall be deemed to apply to the Borrower and the Lender, respectively, and their respective successors and assigns.
This Note and any other documents delivered in connection herewith and the rights and obligations of the parties hereto and thereto shall for all purposes be governed by and construed and enforced in accordance with the internal laws of the State of New York without giving effect to its conflict of laws principles.
The Borrower acknowledges and agrees that a telecopy transmission to Administrative Agent or the Lender of signature pages hereof purporting to be signed on behalf of Borrower shall constitute effective and binding execution and delivery hereof by Borrower.
[This Note dated as of the date hereof and delivered in connection with the Credit Agreement amends and restates that certain swing loan note delivered previously to the Lender (as the same may have been amended, restated, modified, replaced, or supplemented prior to the date hereof) (the "Original Note") payable by the Borrower to the Lender under the Existing Credit Agreement.  This Note is not intended to constitute, and does not constitute an interruption, suspension of continuity, discharge of prior duties, termination, novation or satisfaction of the obligations, indebtedness or liabilities represented by the Original Note.]

[SIGNATURE PAGE FOLLOWS]

[SIGNATURE PAGE TO SWINGLINE LOAN NOTE]
IN WITNESS WHEREOF, and intending to be legally bound hereby, the undersigned has executed this Note by its duly authorized officers. 
THE NORTH AMERICAN COAL CORPORATION
By:        
Name:    
Title:    

Execution Version

EXHIBIT 2.4.1
LOAN REQUEST
TO:    PNC Bank, National Association, as Administrative Agent
PNC Firstside Center - 4th Floor
500 First Avenue 
P7-PFSC-04-I
Pittsburgh, PA  15219
Telephone No.:  (412) 762 - 6442
Telecopier No.:  (412) 762 - 8672
Attn:  Agency Services
FROM:    The North American Coal Corporation, a Delaware corporation (the "Borrower")
RE:    Amended and Restated Credit Agreement (as it may be amended, restated, modified or supplemented, the "Credit Agreement"), dated as of November 12, 2021, by and among The North American Coal Corporation, the Guarantors party thereto, the Lenders party thereto and PNC Bank, National Association, as administrative agent for the Lenders (the "Administrative Agent").
Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them by the Credit Agreement.
																		
	A.	Pursuant to Section 2.4.1 [Revolving Credit Loan Requests] of the Credit Agreement, the undersigned Borrower irrevocably requests [check one line under 1.(a) below and fill in blank space next to the line as appropriate]:

		1.(a)	_______	A new Revolving Credit Loan, OR
			_______	Renewal of the LIBOR Rate Option applicable to an outstanding _______________ Revolving Credit Loan originally made on __________ , 20__, OR

			_______	Conversion of the Base Rate Option applicable to an outstanding _______________ Revolving Credit Loan originally made on _________, 20__ to a Revolving Credit Loan to which the LIBOR Rate Option applies, OR

			_______	Conversion of the LIBOR Rate Option applicable to an outstanding _______________ Revolving Credit Loan originally made on __________ __, 20__ to a Revolving Credit Loan to which the Base Rate Option applies.

																		
		SUCH NEW, RENEWED OR CONVERTED LOAN SHALL BEAR INTEREST:
[Check one line under 1.(b) below and fill in blank spaces in line next to line]:

		1.(b)(i)	_______	Under the Base Rate Option.  Such Revolving Credit Loan shall have a Borrowing Date of __________, 20___ (which date shall be (i) the same Business Day of receipt by the Administrative Agent by 10:00 a.m. Pittsburgh time of this Loan Request for making a new Revolving Credit Loan to which the Base Rate Option applies (or if received after 10:00 a.m., the next Business Day), or (ii) the last day of the preceding Interest Period if a Revolving Credit Loan to which the LIBOR Rate Option applies is being converted to a Revolving Credit Loan to which the Base Rate Option applies).
				OR
		(ii)	_______	Under the LIBOR Rate Option.  Such Revolving Credit Loan shall have a Borrowing Date of _____________, 20__ (which date shall be three (3) Business Days after the Business Day of receipt by the Administrative Agent by 10:00 a.m. Pittsburgh, Pennsylvania time of this Loan Request for making a new Revolving Credit Loan to which the LIBOR Rate Option applies, renewing a Revolving Credit Loan to which the LIBOR Rate Option applies, or converting a Revolving Credit Loan to which the Base Rate Option applies to a Revolving Credit Loan to which the LIBOR Rate Option applies).
		2.	Such Revolving Credit Loan is in the principal amount of U.S. $_____________ or the principal amount to be renewed or converted is U.S. $_____________
[for Revolving Credit Loans under Section 2.4.1 not to be less than $5,000,000 and in integral multiples of $1,000,000 for each Borrowing Tranche under the LIBOR Rate Option and in integral multiples of $1,000,000 and not less than the lesser of $5,000,000 or the maximum amount available for Borrowing Tranches under the Base Rate Option].

		3.	[Complete blank below if the Borrower is selecting the LIBOR Rate Option]:
Such Loan shall have an Interest Period of [one, three, or six Month(s)]:
_______________________________

																		
	B	As of the date hereof and the date of making of the above-requested Revolving Credit Loan (and after giving effect thereto):  the Borrower has performed and complied with all covenants and conditions of the Credit Agreement; all of Borrower's representations, warranties and covenants subject to a materiality or Material Adverse Change clause therein are true and correct and all other representations, warranties and covenants are true and correct in all material respects (in each case except representations and warranties which expressly relate solely to an earlier date or time, which representations and warranties were true and correct on and as of the specific dates or times referred to therein); no Event of Default or Potential Default has occurred and is continuing; the making of such Revolving Credit Loan shall not contravene any Law applicable to the Borrower or any other Loan Party; and the making of any Revolving Credit Loan shall not cause the aggregate Revolving Facility Usage to exceed the Commitments.
	C	Each of the undersigned hereby irrevocably requests [check one line below and fill in blank spaces next to the line as appropriate]:
		1	_______	Funds to be deposited into a PNC Bank bank account per our current standing instructions.  Complete amount of deposit if not full loan advance amount:    U.S. $_______________.
		2	_______	Funds to be wired per the following wire instructions:
U.S. $_________________  Amount of Wire Transfer
Bank Name:  _____________________
ABA:  __________________________
Account Number:  _________________
Account Name:  ___________________
Reference:  _______________________

		3	_______	Funds to be wired per the attached Funds Flow (multiple wire transfers).

[SIGNATURE PAGE FOLLOWS]

[SIGNATURE PAGE TO LOAN REQUEST]
The Borrower certifies to the Administrative Agent for the benefit of the Lenders as to the accuracy of the foregoing on _______________, 20___.
THE NORTH AMERICAN COAL CORPORATION
By:        
Name:    
Title:    

EXHIBIT 2.4.2
SWINGLINE LOAN REQUEST
TO:    PNC Bank, National Association, as Administrative Agent
PNC Firstside Center - 4th Floor
500 First Avenue 
P7-PFSC-04-I
Pittsburgh, PA  15219
Telephone No.:  (412) 762 - 6442
Telecopier No.:  (412) 762 - 8672
Attn:  Agency Services
FROM:    The North American Coal Corporation, a Delaware corporation (the "Borrower")
RE:    Amended and Restated Credit Agreement (as it may be amended, restated, modified or supplemented, the "Credit Agreement"), dated as of November 12, 2021, by and among The North American Coal Corporation, the Guarantors party thereto, the Lenders party thereto and PNC Bank, National Association, as administrative agent for the Lenders (the "Administrative Agent").
Capitalized terms not otherwise defined herein shall have the respective meanings given to them by the Credit Agreement.
Pursuant to Section 2.4.2 of the Credit Agreement, the Borrower hereby makes the following Swingline Loan Request:
															
	1.
	Aggregate principal amount of such Swingline Loan (may not be less than $100,000)	U.S. $_______________________
	2.
	Proposed Borrowing Date
(which date shall be on or after the date on which the Administrative Agent receives this Swingline Loan Request, with such Swing Loan Request to be received no later than 12:00 p.m. Pittsburgh, Pennsylvania time on the Borrowing Date)
	

____________________________

	3.
	As of the date hereof and the date of making of the above-requested Swingline Loan Request (and after giving effect thereto):  the Borrower has performed and complied with all covenants and conditions of the Credit Agreement; all of Borrower's representations, warranties and covenants subject to a materiality or Material Adverse Change clause therein are true and correct and all other representations, warranties and covenants are true and correct in all material respects (in each case except representations and warranties which expressly relate solely to an earlier date or time, which representations and warranties were true and correct on and as of the specific dates or times referred to therein); no Event of Default or Potential Default has occurred 

															
		and is continuing; the making of such Loan shall not contravene any Law applicable to the Borrower or any other Loan Party; and the making of any Swingline Loan shall not cause the aggregate Revolving Facility Usage to exceed the Commitments.
	4.
	Each of the undersigned hereby irrevocably requests [check one line below and fill in blank spaces next to the line as appropriate]:

		A.	______	Funds to be deposited into a PNC Bank bank account per our current standing instructions.  Complete amount of deposit if not full loan advance amount:  U.S. $_______________.
		B.	______	Funds to be wired per the following wire instructions:
U.S. $_________________  Amount of Wire Transfer
Bank Name:  _____________________
ABA:  __________________________
Account Number:  _________________
Account Name:  ___________________
Reference:  _______________________

		C.	______	Funds to be wired per the attached Funds Flow (multiple wire transfers).

[SIGNATURE PAGE FOLLOWS]
2

[SIGNATURE PAGE TO SWINGLINE LOAN REQUEST]
The Borrower certifies to the Administrative Agent for the benefit of the Lenders as to the accuracy of the foregoing on ________________, 20___.
THE NORTH AMERICAN COAL CORPORATION
By:        
Name:    
Title:    

EXHIBIT 2.12
LENDER JOINDER AND ASSUMPTION AGREEMENT
THIS LENDER JOINDER AND ASSUMPTION AGREEMENT (the "Joinder") is made as of ____________, 20__ (the "Effective Date") by ____________________________, (the "New Commitment Provider").
Background
Reference is made to the Amended and Restated Credit Agreement dated as of November 12, 2021 among The North American Coal Corporation, a Delaware corporation (the "Borrower"), the Guarantors now or hereafter party thereto, the Lenders now or hereafter party thereto and PNC Bank, National Association, as administrative agent (the "Administrative Agent") (as the same has been and may hereafter be modified, supplemented, amended or restated, the "Credit Agreement").  Capitalized terms defined in the Credit Agreement are used herein as defined therein.
Agreement
In consideration of the Lenders permitting the New Commitment Provider to become a Lender under the Credit Agreement, the New Commitment Provider agrees that effective as of the Effective Date it shall become, and shall be deemed to be, a Lender under the Credit Agreement and each of the other Loan Documents and agrees that from the Effective Date and so long as the New Commitment Provider remains a party to the Credit Agreement, such New Commitment Provider shall assume the obligations of a Lender under and perform, comply with and be bound by each of the provisions of the Credit Agreement which are stated to apply to a Lender and shall be entitled to the benefits, rights and remedies set forth therein and in each of the other Loan Documents.  The New Commitment Provider hereby acknowledges that it has heretofore received a true and correct copy of the Credit Agreement (including any modifications thereof or supplements or waivers thereto) as in effect on the Effective Date and the executed original of its Revolving Credit Note dated the Effective Date issued by the Borrower under the Credit Agreement in the face amount of $_____________.
The Commitments and Ratable Shares of the New Commitment Provider and each of the other Lenders are as set forth on Schedule 1.1(B) to the Credit Agreement.  Schedule 1.1(B) to the Credit Agreement is being amended and restated effective as of the Effective Date hereof to read as set forth on Schedule 1.1(B) hereto.  Schedule 1 hereto lists as of the date hereof the amount of Loans under each outstanding Borrowing Tranche.  Notwithstanding the foregoing on the date hereof, the Borrower shall repay all outstanding Loans to which either the Base Rate Option or the LIBOR Rate Option applies and simultaneously reborrow a like amount of Loans under each such Interest Rate Option from the Lenders (including the New Commitment Provider) according to the Ratable Shares set forth on attached Schedule 1.1(B) and shall be subject to breakage fees and other indemnities provided in Section 5.11 [Indemnity].
The New Commitment Provider is executing and delivering this Joinder as of the Effective Date and acknowledges that it shall:  (A) share ratably in all Base Rate Loans borrowed by the Borrower on and after the Effective Date; (B) participate in all new LIBOR Rate Loans 

borrowed by the Borrower on and after the Effective Date according to its Ratable Share; and (C) participate in all Letters of Credit outstanding on the Effective Date according to its Ratable Share.
[SIGNATURE PAGE FOLLOWS]

[SIGNATURE PAGE TO LENDER JOINDER AND ASSUMPTION AGREEMENT]
IN WITNESS WHEREOF, the New Commitment Provider has duly executed and delivered this Joinder as of the Effective Date.
[NEW COMMITMENT PROVIDER]
By:        
Name:        
Title:        

[ACKNOWLEDGEMENT TO LENDER JOINDER AND ASSUMPTION AGREEMENT]
ACKNOWLEDGED:
PNC BANK, NATIONAL ASSOCIATION,
as Administrative Agent
By:        
Name:        
Title:        
BORROWER:
THE NORTH AMERICAN COAL CORPORATION
By:        
Name:    
Title:    

SCHEDULE 1.1(B)
COMMITMENTS OF LENDERS

SCHEDULE 1
OUTSTANDING TRANCHES

EXHIBIT 5.9.7(A)
[FORM OF]
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Amended and Restated Credit Agreement dated as of November 12, 2021 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"), among The North American Coal Corporation (the "Borrower"), KeyBank National Association, as Syndication Agents and PNC Bank, National Association, as Administrative Agent (the "Administrative Agent") and each lender from time to time party thereto.  
Pursuant to the provisions of Section 5.10 [Taxes] of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described i Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN-E (or W-8BEN, if applicable).  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
						
	[NAME OF LENDER]
	By: __________________________________________
		Name:
		Title:

Date: ________ __, 20[  ]

EXHIBIT 5.9.7(A) - 1

EXHIBIT 5.9.7(B)
[FORM OF]
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Amended and Restated Credit Agreement dated as of November 12, 2021 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"), among The North American Coal Corporation (the "Borrower"), KeyBank National Association, as Syndication Agents and PNC Bank, National Association, as Administrative Agent (the "Administrative Agent") and each lender from time to time party thereto.  
Pursuant to the provisions of Section 5.10 [Taxes] of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code].
The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN-E (or W-8BEN, if applicable).  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
						
	[NAME OF PARTICIPANT]

	By: __________________________________________
		Name:
		Title:

Date: ________ __, 20[  ]

EXHIBIT 5.9.7(B) - 1

EXHIBIT 5.9.7(C)
[FORM OF]
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Amended and Restated Credit Agreement dated as of November 12, 2021 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"), among The North American Coal Corporation (the "Borrower"), KeyBank National Association, as Syndication Agents and PNC Bank, National Association, as Administrative Agent (the "Administrative Agent") and each lender from time to time party thereto.  
Pursuant to the provisions of Section 5.10 [Taxes] of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN-E (or W-8BEN, if applicable) or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN-E (or W-8BEN, if applicable) from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
						
	[NAME OF PARTICIPANT]

	By: __________________________________________
		Name:
		Title:

Date: ________ __, 20[  ]
EXHIBIT 5.9.7(C) - 1

EXHIBIT 5.9.7(D)
[FORM OF]
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Amended and Restated Credit Agreement dated as of November 12, 2021 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"), among The North American Coal Corporation (the "Borrower"), KeyBank National Association, as Syndication Agents and PNC Bank, National Association, as Administrative Agent (the "Administrative Agent") and each lender from time to time party thereto.  
Pursuant to the provisions of Section 5.10 [Taxes] of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN-E (or W-8BEN, if applicable) or (ii) an IRS Form W-8BEN-E (or W-8BEN, if applicable) from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
			
	[NAME OF LENDER]

									
	By: __________________________________________	
		Name:	Date: _________  ___, 20[_]
		Title:	

EXHIBIT 5.9.7(D) - 1

EXHIBIT 8.2.5
DISTRIBUTION COMPLIANCE CERTIFICATE
OF BORROWER
This certificate is delivered pursuant to Section 8.2.5 of that certain Amended and Restated Credit Agreement dated as of November 12, 2021 (the "Credit Agreement") by and among The North American Coal Corporation, the Guarantors party thereto,  the Lenders party thereto and PNC Bank, National Association, as administrative agent for the Lenders (the "Administrative Agent").  Unless otherwise defined herein, terms defined in the Credit Agreement are used herein with the same meanings.
The undersigned officer, ______________________, the ___________ [President/Chief Executive Officer/Chief Financial Officer/Treasurer] of the Borrower, in such capacity does hereby certify on behalf of the Borrower as of the _________________, 20___ [Insert Date of Distribution] (the "Report Date"), as follows:
(1)Maximum Net Debt/EBITDA Ratio.  As of the Report Date, the Net Debt/EBITDA Ratio of the Borrower and its Consolidated Subsidiaries for the four fiscal quarters most recently ending is _________________ (insert ratio from (1)(C) below).
The Net Debt/EBITDA Ratio shall be computed as follows:
						
	(A)    Net Consolidated Debt of Borrower and its Consolidated Subsidiaries, as of the Report Date, calculated as follows:
	
	(i)    liabilities of the Borrower and its Consolidated Subsidiaries for borrowed money, including liabilities for borrowed money secured by any lien on any real or personal property of any kind owned by the Borrower and its Consolidated Subsidiaries, which are payable within one year
	
$_____________
	(ii)    Guaranties of Indebtedness by the Borrower or its Consolidated Subsidiaries described in item (1)(A)(i) (other than Guaranties especially excepted from the definition of Consolidated Current Debt)
	$_____________
	(iii)    liabilities of the Borrower and its Consolidated Subsidiaries for borrowed money, including liabilities for borrowed money secured by any lien on any real or personal property owned by the Borrower or its Consolidated Subsidiaries, other than Consolidated Current Debt and Indebtedness of the Borrower owed to any of its Subsidiaries
	$_____________
	(iv)    any Obligations with respect to capital leases of the Borrower and its Consolidated Subsidiaries
	$_____________

						
	(v)    Guaranties of Indebtedness by the Borrower or its Consolidated Subsidiaries described in items (1)(A)(iii) and (1)(A)(iv) (other than Guaranties that constitute Consolidated Current Debt)
	$_____________
	(vi)    the sum of items (1)(A)(i) through (1)(A)(v) equals Net Consolidated Debt
	$_____________
	(vii)    unrestricted cash 
	$_____________
	(viii)    Net Consolidated Debt at item (1)(A)(vi) minus the lesser of (i) item (1)(A)(vii) and (ii) $10,000,000
	$_____________
	(B)    Consolidated EBITDA for the four fiscal quarters then ending immediately preceding the Report Date, calculated in accordance with GAAP, as follows:
	$_____________
	(i)    Consolidated Net Income
	$_____________
	(ii)    income tax expense
	$_____________
	(iii)    Consolidated Interest Expense
	$_____________
	(iv)    depreciation and amortization expense
	$_____________
	(v)    depletion expense
	$_____________
	(vi)    Office and Building Lease Payments
	$_____________
	(vii)    the product of equity earnings of unconsolidated Affiliates multiplied by the tax rate of such unconsolidated Affiliates divided by one minus such tax rate
	$_____________
	(viii)    equity advances and capital contributions made to the Borrower or any of its Consolidated Subsidiaries in cash during such period or within thirty (30) days following the end of such period and specifically designated for allocation to such period and not in the period in which made
	$_____________
	(ix)    to the extent included in the determination of Consolidated Net Income, non-cash extraordinary items of gain or loss
	$_____________
	(x)    to the extent included in the determination of Consolidated Net Income, non-recurring gains or losses including gains and losses from the sale of assets
	$_____________

2

						
	(xi)    to the extent included in the determination of Consolidated Net Income, any income realized in connection with advanced payments with respect to contracts that are cancelled (but excluding any cash payment resulting from such cancelled contracts, including, but not limited to, any cash payment under the coal sales agreement between Falkirk Mining Company and Great River Energy), including, without limitation, advanced payments arising under the contract mining agreement between Bisti Fuels Company, LLC and Navajo Transitional Energy Company, LLC
	$_____________
	(xii)    to the extent included in the determination of Consolidated Net Income, any Restricted Payments made during such period, and
	$_____________
	(xiii)    to the extent included in the determination of Consolidated Net Income, any items of gain or loss of any Person (other than a Person in which the Borrower owns all of the outstanding equity interests) which is accounted for by the Borrower on the equity method of accounting
	$_____________
	(xiv)    the sum of items (1)(B)(i) through (1)(B)(viii) minus item (1)(B)(ix) through (1)(B)(xiii) equals Consolidated EBITDA
	$_____________
	(C)    item (1)(A)(viii) divided by item (1)(B)(xiv) equals the Net Debt/EBITDA Ratio
	_____ to 1.0

(2)Availability.  As of the Report Date, if the Net Debt/EBITDA Ratio of the Borrower and its Consolidated Subsidiaries is less than or equal to 1.50 to 1.00, the Availability plus the unrestricted cash of the Borrower equals $_________________________, which is not less than $15,000,000.
The Availability shall be computed as follows: 
						
	(A)    the difference (if a positive number) between the amount of the Revolving Credit Commitments as of such date, less the Revolving Facility Usage as of such date 
	

$_________

	(B)    the difference (if a positive number) between the maximum pro forma amount of the available Revolving Credit Commitments that the Borrower could draw as of such date and remain in compliance with the financial covenants contained in the Credit Agreement, less the Revolving Facility Usage as of such date
	

$_________

	(C)    the lesser of item (2)(A) or (2)(B)     
	

$_________

3

(3)Fixed Charge Coverage Ratio.  As of the Report Date, if the Net Debt/EBITDA Ratio of the Borrower and its Consolidated Subsidiaries is greater than 1.50 to 1.0, then the Borrower shall demonstrate that the Fixed Charge Coverage Ratio as of the last day of the fiscal quarter ending immediately prior to such Restricted Payment, giving pro forma effect to such Restricted Payment as if it had occurred on the last day of such fiscal quarter, is _________________, [Insert Ratio for Item (3)(E) below] which is greater than or equal to 1.10 to 1.00.
The Fixed Charge Coverage Ratio shall be computed as follows:
						
	(A)    Consolidated EBITDA for the four consecutive fiscal quarters then ending immediately preceding the Report Date, calculated in accordance with GAAP [Insert amount from (1)(B)(xiv): 
	$_____________
	(B)    the amount actually paid in cash by the Borrower and its Subsidiaries during such period on account of Capital Expenditures (excluding any such Capital Expenditures that have been financed with Indebtedness (other than Loans)) for such period): 
	$_____________
	(C)    Item (3)(A) minus Item (3)(B) equals the numerator for the Fixed Charge Coverage Ratio: 
	$_____________
	(D)    Fixed Charge, shall mean for any period of determination the sum (without duplication) of the following for such period determined and consolidated in accordance with GAAP:
	
	(i)    interest expense
	$_____________
	(ii)    income taxes
	$_____________
	(iii)    scheduled principal installments on Indebtedness (as adjusted for prepayments)
	$_____________
	(iv)    Restricted Payments paid in cash (other than distributions in accordance with Section 8.2.5(iv) of the Credit Agreement)
	$_____________
	(v)    the sum of items (3)(D)(i) through (3)(D)(iv) equals Fixed Charges, and the denominator of the Fixed Charge Coverage Ratio
	$_____________
	(E)    Item (3)(C) divided by Item 3(D)(v), equals, which amount equals the Fixed Charge Coverage Ratio:
	$_____________

 [SIGNATURE PAGE FOLLOWS]
4

SIGNATURE PAGE 1 OF 1 TO
DISTRIBUTION COMPLIANCE CERTIFICATE
IN WITNESS WHEREOF, the undersigned has executed this Certificate this _____ day of ____________, 20___.
THE NORTH AMERICAN COAL CORPORATION
By:        
Name:    
Title:    

EXHIBIT 8.3.3
QUARTERLY COMPLIANCE CERTIFICATE
OF BORROWER
This certificate is delivered pursuant to Section 8.3.3 of that certain Amended and Restated Credit Agreement dated as of November 12, 2021 (the "Credit Agreement") by and among The North American Coal Corporation, the Guarantors party thereto, the Lenders party thereto and PNC Bank, National Association, as administrative agent for the Lenders (the "Administrative Agent").  Unless otherwise defined herein, terms defined in the Credit Agreement are used herein with the same meanings.
The undersigned officer, ______________________, the ___________ [President/Chief Executive Officer/Chief Financial Officer/Treasurer] of the Borrower, in such capacity does hereby certify on behalf of the Borrower as of the [quarter/year] ended _________________, 20___ (the "Report Date"), as follows:
(1)Indebtedness (Section 8.2.1).
(A)As of the Report Date, the aggregate amount of Indebtedness consisting of capital leases and set forth in Section 8.2.1(i)(E) of the Credit Agreement is $_____________, which amount does not exceed $50,000,000.
(B)As of the Report Date, the aggregate amount of unsecured Indebtedness set forth in Section 8.2.1(i)(F) of the Credit Agreement is $_____________, which amount does not exceed $25,000,000.
(C)As of the Report Date, the Borrower (i) has entered into the following, if any, Lender Provided Interest Rate Hedges, Lender Provided Foreign Currency Hedges, other Interest Rate Hedges approved by the Administrative Agent, and other Foreign Currency Hedges approved by the Administrative Agent, and (ii) has incurred the following Indebtedness, if any, under any Other Lender Provided Financial Services Product:
                
                
                
(2)Loans and Investments (Section 8.2.4).  As of the Report Date, the Borrower and its Subsidiaries have invested no more than $______________, which does not exceed $15,000,000, in any one Joint Venture and the aggregate amount of investments in all Joint Ventures is $_____________, which amount does not exceed $45,000,000.
(3)Maximum Net Debt/EBITDA Ratio (Section 8.2.17).  As of the Report Date, the Debt/EBITDA Ratio of the Borrower and its Consolidated Subsidiaries for the four fiscal quarters most recently ending is _________________ (insert ratio from (3)(C) below), which ratio is not greater than 2.75 to 1.0.

The Net Debt/EBITDA Ratio shall be computed as follows:
						
	(A)    Net Consolidated Debt of Borrower and its Consolidated Subsidiaries, as of the Report Date, calculated as follows:
	
	(i)    liabilities of the Borrower and its Consolidated Subsidiaries for borrowed money, including liabilities for borrowed money secured by any lien on any real or personal property of any kind owned by the Borrower and its Consolidated Subsidiaries, which are payable within one year
	$_____________
	(ii)    Guaranties of Indebtedness by the Borrower or its Consolidated Subsidiaries described in item (3)(A)(i) (other than Guaranties especially excepted from the definition of Consolidated Current Debt)
	$_____________
	(iii)    liabilities of the Borrower and its Consolidated Subsidiaries for borrowed money, including liabilities for borrowed money secured by any lien on any real or personal property owned by the Borrower or its Consolidated Subsidiaries, other than Consolidated Current Debt and Indebtedness of the Borrower owed to any of its Subsidiaries
	$_____________
	(iv)    any Obligations with respect to capital leases of the Borrower and its Consolidated Subsidiaries
	$_____________
	(v)    Guaranties of Indebtedness by the Borrower or its Consolidated Subsidiaries described in items (3)(A)(iii) and (3)(A)(iv) (other than Guaranties that constitute Consolidated Current Debt)
	$_____________
	(vi)    the sum of items (3)(A)(i) through (3)(A)(v) equals Net Consolidated Debt
	$_____________
	(vii)    unrestricted cash
	$_____________
	(viii)    Net Consolidated Debt at item (3)(A)(vi) minus the lesser of (i) item (3)(A)(vii) and (ii) $10,000,000
	$_____________
	(B)    Consolidated EBITDA for the four fiscal quarters then ending immediately preceding the Report Date, calculated in accordance with GAAP, as follows:
	
	(i)    Consolidated Net Income
	$_____________
	(ii)    income tax expense
	$_____________

2

						
	(iii)    Consolidated Interest Expense
	$_____________
	(iv)    depreciation and amortization expense
	$_____________
	(v)    depletion expense
	$_____________
	(vi)    Office and Building Lease Payments
	$_____________
	(vii)    the product of equity earnings of unconsolidated Affiliates multiplied by the tax rate of such unconsolidated Affiliates divided by one minus such tax rate
	$_____________
	(viii)    equity advances and capital contributions made to the Borrower or any of its Consolidated Subsidiaries in cash during such period or within thirty (30) days following the end of such period and specifically designated for allocation to such period and not in the period in which made
	$_____________
	(ix)    to the extent included in the determination of Consolidated Net Income, non-cash extraordinary items of gain or loss
	$_____________
	(x)    to the extent included in the determination of Consolidated Net Income, non-recurring gains or losses including gains and losses from the sale of assets
	$_____________
	(xi)    to the extent included in the determination of Consolidated Net Income, any income realized in connection with advanced payments with respect to contracts that are cancelled (but excluding any cash payment resulting from such cancelled contracts, including, but not limited to, any cash payment under the coal sales agreement between Falkirk Mining Company and Great River Energy), including, without limitation, advanced payments arising under the contract mining agreement between Bisti Fuels Company, LLC and Navajo Transitional Energy Company, LLC
	$_____________
	(xii)    to the extent included in the determination of Consolidated Net Income, any Restricted Payments made during such period, and
	$_____________
	(xiii)    to the extent included in the determination of Consolidated Net Income, any items of gain or loss of any Person (other than a Person in which the Borrower owns all of the outstanding equity interests) which is accounted for by the Borrower on the equity method of accounting
	$_____________

3

						
	(xiv)    the sum of items (3)(B)(i) through (3)(B)(viii) minus item (3)(B)(ix) through (3)(B)(xiii) equals Consolidated EBITDA
	$_____________
	(C)    item (3)(A)(viii) divided by item (3)(B)(xiv) equals the Net Debt/EBITDA Ratio
	_____ to 1.0

(4)Minimum Interest Coverage Ratio (Section 8.2.18).  As of the Report Date, the Consolidated Interest Coverage Ratio of the Borrower and its Consolidated Subsidiaries for the four fiscal quarters most recently ending is _________________ (insert ratio from (4)(C) below), which is not less than 4.0 to 1.0.
The Consolidated Interest Coverage Ratio shall be computed as follows:
						
	(A)    Consolidated EBITDA for the four fiscal quarters then ending as set forth in item (3)(B)(xiv)
	$_____________
	(B)    Consolidated Interest Expense as set forth in item (3)(B)(iii)
	$_____________
	(C)    item (4)(A) divided by item (4)(B) equals the Consolidated Interest Coverage Ratio
	_____ to 1.0

(5)Representations, Warranties and Covenants.  The representations and warranties of the Borrower contained in Article 6 of the Credit Agreement and in the other Loan Documents subject to a materiality or Material Adverse Change clause therein are true and correct and all other representations, warranties and covenants are true and correct in all material respects as of the date of this certificate with the same effect as though such representations and warranties had been made on the date hereof (in each case except representations and warranties which expressly relate solely to an earlier date or time), and the Borrower has performed and complied with, or caused to be performed and complied with, all covenants and conditions of the Credit Agreement to be performed or complied with by the Borrower.
(6)Event of Default or Potential Default.  No Event of Default or Potential Default has occurred and is continuing as of the date hereof.
[SIGNATURE PAGE FOLLOWS]
4

SIGNATURE PAGE 1 OF 1 TO
QUARTERLY COMPLIANCE CERTIFICATE
IN WITNESS WHEREOF, the undersigned has executed this Certificate this _____ day of ____________, 20___.
THE NORTH AMERICAN COAL CORPORATION
By:        
Name:    
Title:Document

Certain identified information has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”.

			
	

NOTE PURCHASE AGREEMENT
dated as of October 1, 2021
among
CENTESSA PHARMACEUTICALS PLC
as Issuer,
THE OTHER OBLIGORS PARTY HERETO,

THE PURCHASERS PARTY HERETO,
and
COCOON SA LLC
as Purchaser Agent

			
	ACTIVE/113218772.5 

TABLE OF CONTENTS

Page

						
	Article I ACCOUNTING AND OTHER TERMS
	1

	Article II Notes; Terms of Payment; Revenue Participation; Milestone payment
	2

	Section 2.1    Purchase and Sale of Notes.
	2

	Section 2.2    Payments of Principal, Revenue Participation Payments, Milestone Amount and the Final Payment Amount.
	2

	Section 2.3    Payment of Interest
	5

	Section 2.4    Form of Notes; Note Record
	7

	Section 2.5    Reimbursable Expenses
	7

	Article III CONDITIONS
	7

	Section 3.1    Conditions Precedent to the Effective Date
	7

	Section 3.2    Conditions Precedent to the First Purchase Date
	8

	Section 3.3    Conditions Precedent to the Second Purchase Date
	9

	Section 3.4    Conditions Precedent to the Third Purchase Date
	9

	Section 3.5    Conditions Precedent to any Fourth Purchase Date
	9

	Section 3.6    Conditions Precedent to all Note Purchases
	10

	Section 3.7    Post-Closing Items
	10

	Section 3.8    Covenant to Deliver
	12

	Section 3.9    Procedures for Issuance and Purchase
	12

	Section 3.10    Material Weakness
	13

	Article IV CREATION OF SECURITY INTEREST
	13

	Section 4.1    Grant of Security Interest
	13

	Section 4.2    Authorization to File Financing Statements
	13

	Section 4.3    Pledge of Collateral
	13

	Article V REPRESENTATIONS AND WARRANTIES
	14

	Section 5.1    Due Organization, Authorization: Power and Authority
	14

	Section 5.2    Collateral.
	15

	Section 5.3    Litigation
	15

	Section 5.4    No Material Deterioration in Financial Condition; Financial Statements
	16

	Section 5.5    Solvency
	16

	Section 5.6    Compliance with Laws.
	16

	Section 5.7    Investments
	17

	Section 5.8    Tax; Pension Contributions
	17

	Section 5.9    Use of Proceeds
	18

	Section 5.10    Shares
	18

	Section 5.11    Intellectual Property
	18

	Section 5.12    Regulatory Approvals.
	20

	Section 5.13    Material Agreements
	22

	Section 5.14    Broker Fees
	22

	Section 5.15    Full Disclosure
	22

	Section 5.16    Centre of Main Interests and Establishments
	22

	Section 5.17    Insurance
	23

	Section 5.18    ERISA Compliance, Employee and Labor Matters
	23

	Section 5.19    Environmental Matters
	24

									
		i
	

			
	ACTIVE/113218772.5 

TABLE OF CONTENTS
(continued)
Page

						
	Section 5.20    Definition of “Knowledge.”
	24

	Section 5.21    Designated Deposit Account.
	24

	Article VI AFFIRMATIVE COVENANTS
	24

	Section 6.1    Government Compliance.
	24

	Section 6.2    Financial Statements, Reports, Certificates.
	25

	Section 6.3    Maintenance of Properties
	29

	Section 6.4    Taxes; Pensions
	29

	Section 6.5    Insurance
	29

	Section 6.6    Operating Accounts.
	30

	Section 6.7    Regulatory Approvals; Protection of Intellectual Property Rights
	30

	Section 6.8    Litigation Cooperation
	31

	Section 6.9    Notices of Litigation and Default
	31

	Section 6.10    Landlord Waivers; Bailee Waivers
	32

	Section 6.11    Material Agreements.
	32

	Section 6.12    Creation/Acquisition of Subsidiaries
	32

	Section 6.13    Pari Passu Ranking
	33

	Section 6.14    Employee and Pension Matters
	33

	Section 6.15    People with Significant Control Regime
	33

	Section 6.16    Further Assurances
	33

	Article VII NEGATIVE COVENANTS
	34

	Section 7.1    Transfers
	34

	Section 7.2    Changes in Business, Management, Ownership, or Business Locations
	34

	Section 7.3    Mergers or Acquisitions
	34

	Section 7.4    Indebtedness
	35

	Section 7.5    Encumbrance
	35

	Section 7.6    Maintenance of Collateral Accounts
	35

	Section 7.7    Distributions; Investments
	35

	Section 7.8    Domination and/or profit and loss absorption agreements
	35

	Section 7.9    Transactions with Affiliates
	35

	Section 7.10    Permitted Convertible Notes
	36

	Section 7.11    Compliance with Laws.
	36

	Section 7.12    Limitation of Negative Covenants to German Obligors.
	37

	Article VIII EVENTS OF DEFAULT
	38

	Section 8.1    Payment Default
	38

	Section 8.2    Covenant Default.
	38

	Section 8.3    Material Adverse Change
	38

	Section 8.4    Attachment; Levy; Restraint on Business.
	39

	Section 8.5    Insolvency
	39

	Section 8.6    Other Agreements
	39

	Section 8.7    Judgments
	39

	Section 8.8    Misrepresentations
	39

	Section 8.9    Permitted Convertible Notes
	39

	Section 8.10    Guaranty
	40

									
		ii
	

			
	ACTIVE/113218772.5 

TABLE OF CONTENTS
(continued)
Page

						
	Section 8.11    Governmental Approvals
	40

	Section 8.12    Lien Priority
	40

	Section 8.13    Delisting
	40

	Article IX RIGHTS AND REMEDIES
	40

	Section 9.1    Rights and Remedies.
	40

	Section 9.2    Power of Attorney
	42

	Section 9.3    Protective Payments
	42

	Section 9.4    Application of Payments and Proceeds
	43

	Section 9.5    Liability for Collateral
	43

	Section 9.6    Licenses Related to Included Products
	44

	Section 9.7    Distressed Disposal
	44

	Section 9.8    No Waiver; Remedies Cumulative
	44

	Section 9.9    Demand Waiver
	44

	Article X NOTICES; Service of process
	45

	Article XI CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER
	46

	Article XII GUARANTY
	46

	Section 12.1    The Guarantee
	46

	Section 12.2    Obligations Unconditional
	47

	Section 12.3    Reinstatement
	48

	Section 12.4    Subrogation
	48

	Section 12.5    Remedies
	48

	Section 12.6    Instrument for the Payment of Money
	49

	Section 12.7    Continuing Guarantee
	49

	Section 12.8    Rights of Contribution
	49

	Section 12.9    General Limitation on Guarantee Obligations.
	49

	Section 12.10    Guarantee Limitations for German Guarantors
	50

	Article XIII GENERAL PROVISIONS
	52

	Section 13.1    Successors and Assigns.
	52

	Section 13.2    Indemnification
	53

	Section 13.3    Time of Essence
	54

	Section 13.4    Severability of Provisions
	54

	Section 13.5    Correction of Note Documents
	54

	Section 13.6    Amendments in Writing; Integration.
	54

	Section 13.7    Counterparts
	55

	Section 13.8    Survival
	55

	Section 13.9    Confidentiality
	55

	Section 13.10    Press Releases
	56

	Section 13.11    Right of Set Off
	56

	Section 13.12    Cooperation of Issuer
	56

	Section 13.13    Representations and Warranties of the Purchasers
	56

	Section 13.14    Agency
	57

	Section 13.15    Original Issue Discount
	60

	Article XIV Tax
	60

									
		iii
	

			
	ACTIVE/113218772.5 

TABLE OF CONTENTS
(continued)
Page

						
	Section 14.1    Definitions
	60

	Section 14.2    Tax Gross-Up.
	64

	Section 14.3    Tax Indemnity.
	67

	Section 14.4    Tax Credit.
	67

	Section 14.5    Purchaser Status Confirmation.
	68

	Section 14.6    Stamp Taxes
	68

	Section 14.7    VAT.
	68

	Section 14.8    FATCA Information.
	69

	Section 14.9    FATCA Deduction.
	71

	Article XV DEFINITIONS
	71

	Section 15.1    Definitions
	71

	Section 15.2    Divisions
	104

									
		iv
	

			
	ACTIVE/113218772.5 

SCHEDULES:
Schedule 1.1        Purchasers and Commitments
Schedule 3.7        Restricted Licenses
Schedule 5.11(a)    Product Intellectual Property
Schedule 13.1        Disqualified Lender List
EXHIBITS:
Exhibit A-1    Description of Collateral
Exhibit A-2    Agreed Security Principles
Exhibit A-3    English Collateral Documents
Exhibit A-4    French Collateral Documents
Exhibit A-5    German Collateral Documents
Exhibit B    Form of Purchase Notice
Exhibit C    Compliance Certificate
Exhibit D    Form of Note
Exhibit E    Form of Guarantee Assumption Agreement
Exhibit F    Customary Subordination Terms
Exhibit G    Form of Press Release
Exhibit H    Form of Revenue Report
Exhibit I    Form of QPP Certificate
Exhibit J    Form of Authorizing Resolutions

									
		v
	

			
	ACTIVE/113218772.5 

NOTE PURCHASE AGREEMENT
This Note Purchase Agreement (as the same may from time to time be amended, modified, supplemented or restated, this “Agreement”) is made and dated as of October 1, 2021 (the “Effective Date”) among the Purchasers listed on Schedule 1.1 hereof or otherwise a party hereto from time to time (each a “Purchaser” and collectively, the “Purchasers”), Cocoon SA LLC, a Delaware limited liability company, as agent for the Purchasers (in such capacity, “Purchaser Agent”), Centessa Pharmaceuticals plc, a public company incorporated under the laws of England & Wales having its registered office at 3rd floor, 1 Ashley Road, Altrincham, Cheshire, UK, WA14 2DT (“Issuer”), and the other Obligors from time to time party hereto.  The parties agree as follows:
Article I
ACCOUNTING AND OTHER TERMS
Except as specifically provided otherwise in this Agreement, all accounting terms used herein that are not specifically defined have the meanings given to them in accordance with GAAP as in effect from time to time, provided that if Issuer notifies Purchaser Agent and the Purchasers that Issuer requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith; provided, further, that all terms of an accounting or financial nature (including the definitions of Capital Lease Obligations and Indebtedness) shall be construed without giving effect to (i) any changes to the current GAAP accounting model for leases of the type described in ASU 2016-02, Leases (Topic 842) issued by the FASB, (ii) any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of Issuer or any Subsidiary at “fair value,” as defined therein and (iii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof.
Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Article XV.
All other capitalized terms contained in this Agreement that are not defined in this Agreement or Article XV, unless otherwise indicated, shall have the meaning provided by the UCC to the extent such terms are defined therein.
All references to “Dollars” or “$” are United States Dollars, unless otherwise noted.  For purposes of this Agreement, (a) the words “include,” “includes” and “including” shall be deemed to be followed by the words without limitation”; (b) the word “or” is not exclusive; and (c) the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement as a whole. The definitions given for any defined terms in this Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. Any notice or delivery to Purchasers shall be satisfied by notice or delivery (as applicable) to Purchaser Agent. Unless the context otherwise requires, references herein to: 
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(x) Articles, Sections, and Exhibits mean the Articles and Sections of, and Exhibits attached to, this Agreement and (y) an agreement, instrument or other document means such agreement, instrument or other document as amended, amended and restated, supplemented and modified from time to time to the extent permitted by the provisions thereof.
Article II
NOTES; TERMS OF PAYMENT; REVENUE PARTICIPATION; MILESTONE PAYMENT
Section II.1Purchase and Sale of Notes.
(a)Subject to the terms and conditions of this Agreement (including the conditions precedent set forth in Sections 3.1, 3.2 and 3.6), on the First Purchase Date, the Purchasers agree, severally and not jointly, to purchase Notes from Issuer, and Issuer agrees to issue and sell Notes to each Purchaser, in an aggregate principal amount of Seventy Five Million Dollars ($75,000,000) in one (1) purchase according to each Purchaser’s Commitment as set forth on Schedule 1.1 hereto for a purchase price equal to 100% of the principal amount thereof (the “First Purchase”).
(b)Subject to the terms and conditions of this Agreement (including the conditions precedent set forth in Sections 3.1, 3.3 and 3.6), on the Second Purchase Date, at the sole option (but without obligation) of Issuer, the Purchasers agree, severally and not jointly, to purchase Notes from Issuer, and Issuer agrees to issue Notes to each Purchaser, in an aggregate principal amount of Seventy Five Million Dollars ($75,000,000), in one (1) purchase according to each Purchaser’s Commitment as set forth on Schedule 1.1 hereto for a purchase price equal to 100% of the principal amount thereof (the “Second Purchase”).  
(c)Subject to the terms and conditions of this Agreement (including the conditions precedent set forth in Sections 3.1, 3.4 and 3.6), on the Third Purchase Date, at the sole option (but without obligation) of Issuer, the Purchasers agree, severally and not jointly, to purchase Notes from Issuer, and Issuer agrees to issue Notes to each Purchaser, in an aggregate principal amount of Fifty Million Dollars ($50,000,000), in one (1) purchase according to each Purchaser’s Commitment as set forth on Schedule 1.1 hereto for a purchase price equal to 100% of the principal amount thereof  (the “Third Purchase”).  
(d)Subject to the terms and conditions of this Agreement (including the conditions precedent set forth in Sections 3.1, 3.5 and 3.6), on the Fourth Purchase Date, at the sole option (but without obligation) of Issuer and subject to the approval of the Purchasers in their sole discretion (and without obligation), each Purchaser may, severally and not jointly, purchase Notes from Issuer, and Issuer agrees to issue Notes to each Purchaser, in an aggregate principal amount of up to One Hundred Million Dollars ($100,000,000) in no more than four (4) minimum increments of Twenty Million Dollars ($20,000,000) according to each Purchaser’s Fourth Purchase Percentage for a purchase price equal to 100% of the principal amount thereof (each, a “Fourth Purchase”; together with the First Purchase, any Second Purchase and any Third Purchase, individually, a “Purchase” and collectively the “Purchases”), in each case for the purpose of financing a Permitted Acquisition.
Notwithstanding anything to the contrary herein, each Purchaser’s Commitments shall expire on the applicable Commitment Termination Date and no Purchaser shall be committed to purchase any Notes as part of the Fourth Purchase.
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Section II.2Payments of Principal, Revenue Participation Payments, Milestone Amount and the Final Payment Amount.
(a)Repayment of the Notes.  The outstanding principal amount of the Notes, together with all accrued and unpaid interest thereon, shall be due and payable in full on the earlier of (x) the Maturity Date and (y) the date that all Obligations are accelerated and become due and payable pursuant to Section 9.1 or otherwise.  To the extent redeemed or otherwise repaid, the Notes may not be re-issued and the principal amount thereunder may not be re-borrowed.
(b)Voluntary Redemption and Payment. Issuer shall have the option to redeem all, but not less than all, of the outstanding Notes (if any) and pay all other outstanding Obligations under this Agreement, provided Issuer provides at least ten (10) days’ advance written notice to Purchaser Agent of the date of such redemption and payment.  On the applicable date, Issuer shall repurchase the Notes and pay all other Obligations by paying the Final Payment Amount, plus all accrued and unpaid default interest, Reimbursable Expenses and all other Obligations to the Purchasers.  Notwithstanding anything to the contrary contained in this Agreement, Issuer may rescind any notice of redemption and payment pursuant to this Section 2.2(b) if such redemption would have resulted from a refinancing of the Obligations, which refinancing shall not be consummated or shall otherwise be delayed; provided that Issuer must provide Purchaser Agent with a new notice at least five (5) days prior to any redemption date if Issuer has rescinded the prior notice. Upon redemption of the Notes pursuant to this Section 2.2(b), the Purchasers’ remaining Commitments shall immediately and irrevocably terminate.
(c)Asset Sale Repurchase Events.  In the event of any Asset Sale Repurchase Event, Issuer shall provide ten (10) days’ prior written notice of the anticipated date of such Asset Sale Repurchase Event to Purchaser Agent and the Purchasers. In connection with any Asset Sale Repurchase Event, the Required Purchasers in their sole discretion (and without obligation) may require Issuer to pay in cash an amount equal to the Applicable Redemption Percentage of Net Proceeds from such Asset Sale Repurchase Event to repurchase all or a portion of the Notes and prepay the Obligations in connection with all or such portion, as applicable, of the Notes.  If the Required Purchasers require Issuer to repurchase all or a portion of the Notes and prepay the other Obligations in connection with such Notes being repurchased pursuant to this Section 2.2(c), the Required Purchasers (or Purchaser Agent on behalf of the Required Purchasers) shall provide written notice thereof no later than five (5) days after receipt of Issuer’s notice of an Asset Sale Repurchase Event and Issuer shall apply the Applicable Redemption Percentage of Net Proceeds from such Asset Sale Repurchase Event to repurchase the Notes and prepay the other Obligations within two (2) Business Days of each date on which such Net Proceeds are received (or such later date as is acceptable to the Required Purchasers in their sole discretion (and without obligation)) with such amount of Net Proceeds being allocated first, to the Reimbursable Expenses then due and payable; second, to any outstanding and unpaid default interest; third, to repurchase such principal amount of the Notes equal to the product of such Net Proceeds (after deducting amounts paid pursuant to the first and second clauses immediately above) multiplied by the quotient obtained by dividing (x) the outstanding principal amount of the Notes by (y) the Final Payment Amount (in each case of the proceeding prongs (x) and (y), as determined immediately prior to such payment); and fourth, to the remaining Obligations payable under Section 2.2(g) (the amount so prepaid pursuant to this clause fourth, the “Prepaid Amount”).  For the avoidance of doubt, to the extent an Asset Sale Repurchase Event also constitutes a Change of Control, Section 2.2(f) shall apply in lieu of this Section 2.2(c). 
(d)Revenue Participation Payments.
(i)From and after the commencement of the Revenue Participation Period, Issuer shall pay to the Purchasers the Revenue Participation Payments quarterly in cash on each Payment 
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Date, until the earlier of (x) payment in full of the Obligations and (ii) the end of the Revenue Participation Period. 
(ii)With respect to each fiscal quarter, the relevant amount payable in respect of the Revenue Participation Payments for such fiscal quarter shall be paid on the applicable Payment Date, with such payment to be calculated (x) with respect to Issuer and its Subsidiaries, based on the Cash Receipts for the period ending two (2) Business Days prior to the end of such fiscal quarter or (y) with respect to any Lixivaptan Transferee, Net Sales reported by such Person for the prior fiscal quarter; provided that all payments in respect of any fiscal quarter in respect of Net Sales by Issuer and its Subsidiaries shall be subject to reconciliation based on the final Net Sales for the applicable fiscal quarter on the Payment Date for the subsequent fiscal quarter, with such reconciliation being prepared by Issuer and delivered to the Purchasers as part of the Revenue Report for such fiscal quarter, and based on Net Sales for the applicable fiscal year in which such fiscal quarter occurs based on, in the case of Net Sales by Issuer and its Subsidiaries, the audited consolidated financial statements of Issuer for the applicable fiscal year. With respect to each reconciliation, any overpayments shall be credited against, and any underpayments shall be added to, the immediately subsequent payment in respect of the Revenue Participation Payments.  For the avoidance of doubt, the Purchasers shall not be required to refund any Revenue Participation Payments.   
(iii)All Revenue Participation Payments and other payments pursuant to this Section 2.2(d) shall be made to each Purchaser in accordance with its Pro Rata Share.
(e)Milestone Payments.  
(i)Upon the occurrence of the Milestone Event, Issuer shall pay to the Purchasers the Milestone Amount in twenty (20) (or, if fewer than five (5) years remain prior to the End of Term, such lesser number equal to the number of Payment Dates remaining prior to the End of Term) equal quarterly installments on each Payment Date, commencing with the first Payment Date following the earlier of (i) the six month anniversary of the Milestone Event and (ii) the date of the First Commercial Sale of the Included Product subject to such Milestone Event (the “Milestone Period”).  
(ii)Upon the issuance of additional Notes after the occurrence of the Milestone Event, each Milestone Payment due thereafter shall be increased to take into account of such issuance of additional Notes and paid ratably over the remaining Milestone Period.
(iii)All Milestone Payments shall be made to each Purchaser in accordance with its Pro Rata Share.
(f)Change of Control.  In the event of any Change of Control, Issuer shall provide thirty (30) days’ prior written notice of the anticipated date of such Change of Control to Purchaser Agent and the Purchasers. In connection with any Change of Control, the Required Purchasers in their sole discretion (and without obligation) may require Issuer to repurchase the outstanding Notes (if any) and pay all other outstanding Obligations under this Agreement.  If the Required Purchasers require Issuer to repurchase the outstanding Notes (if any) and pay all other Obligations, the Required Purchasers (or Purchaser Agent on behalf of the Required Purchasers) shall provide written notice thereof no later than fifteen (15) days after receipt of Issuer’s notice of a Change of Control. If the Required Purchasers have elected to require Issuer to repurchase the Notes (if any) and pay all other Obligations, Issuer shall make such repurchase and payment on the effective date of such Change of Control (or such later date as is acceptable to the Required Purchasers in their sole discretion (and without obligation)) by paying the Final Payment Amount, plus all accrued and unpaid default interest, Reimbursable Expenses and all other Obligations to the Purchasers.   
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(g)Final Payment Amount.  The Final Payment Amount, together with any accrued and unpaid default interest, Reimbursable Expenses and all other Obligations, shall be due and payable in full on the earliest of (v) the End of Term, (w) the election of Issuer to redeem all outstanding Notes and pay all other Obligations pursuant to Section 2.2(b), (x) upon the repurchase or redemption of all of the Notes pursuant to Section 2.2(c), (y) the election of the Required Purchasers to require such payment pursuant to Section 2.2(f) or Section 3.7(h)(iii), and (z) the date that all Obligations are accelerated and become due and payable pursuant to Section 9.1 or otherwise.  Notwithstanding anything to the contrary herein, upon the termination or expiration of all Commitments and the receipt by the Purchasers of an aggregate amount of principal and interest (other than payments of default interest) on the Notes issued under this Agreement, Revenue Participation Payments, Milestone Payments and any Prepaid Amount equal to the then-applicable Capped Payment Amount, no further payments (except as provided in Article XIV) shall be due and payable by the Obligors under Section 2.2.  If at any time there are no Notes outstanding and Issuer has paid the Capped Payment Amount, Issuer may finally and irrevocably terminate the Commitments by written notice to Purchaser Agent.  
Section II.3Payment of Interest
(a)Interest Payments.  Issuer shall make quarterly payments of interest in arrears on each outstanding Note and any other Obligations commencing on the first (1st) Payment Date following the First Purchase Date and continuing on each successive Payment Date thereafter through and including the Payment Date immediately preceding the Maturity Date.
(b)Interest Rate.  Subject to Section 2.3(c), the principal amount outstanding under the Notes and any other Obligations shall accrue interest at per annum rate equal to the Applicable Rate, which interest shall be payable quarterly in arrears in accordance with Sections 2.3(a) and 2.3(f).  Interest shall accrue on each Note commencing on, and including, the Purchase Date of such Note, and shall accrue on the principal amount outstanding under such Note through and including the day on which such Note is paid in full.  Interest shall accrue on all other Obligations commencing on, and including, the date that such Obligations are due, and shall accrue on the unpaid amount of such Obligations through and including the day on which such Obligations are paid in full. 
(c)Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default, all outstanding Obligations shall accrue interest at a floating per annum rate equal to the rate that is otherwise applicable thereto plus four percentage points (4.00%) (the “Default Rate”).   Payment or acceptance of the increased interest rate provided in this Section 2.3(c) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Purchaser Agent or any Purchaser.
(d)360Day Year.  Interest shall be computed on the basis of a three hundred sixty (360) day year, and the actual number of days elapsed. 
(e)Inability to Determine Rates; Illegality; Effect of Benchmark Transition Event.
(i)Inability to Determine Rates. If, on or prior to the first day of any Interest Period (an “Affected Interest Period”), Purchaser Agent determines (which determination shall be conclusive and binding on Issuer and the other Obligors absent manifest error) that, by reason of circumstances affecting the London interbank eurodollar market, Base LIBOR cannot be determined pursuant to the definition thereof, Purchaser Agent will promptly so notify Issuer in writing. For each Affected Interest Period thereafter, until Purchaser Agent provides written notice that Base LIBOR is 
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available for the Interest Period immediately following the date of such notice, all Notes shall bear interest at the Applicable Rate using the following adjustments: 
(1)the Prime Rate shall replace LIBOR and the Prime Rate Floor shall replace the LIBOR Floor; and
(2)the Applicable Margin shall be adjusted to equal (1) 7.75% minus (2) the difference between the Prime Rate and LIBOR in effect as of the immediately preceding Interest Period.
(ii)Illegality. If Purchaser Agent or any Purchaser determines that any applicable law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Purchaser or its applicable lending office to purchase or hold Notes whose interest is determined by reference to LIBOR, or to determine or charge interest rates based upon LIBOR, or any Governmental Authority has imposed material restrictions on the authority of any Purchaser to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, upon written notice thereof by Purchaser Agent to Issuer, any obligation of the Purchasers to purchase or hold Notes whose interest is determined by reference to LIBOR shall be suspended until Purchaser Agent notifies Issuer that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice that it is illegal for any Purchaser to make or maintain loans whose interest is determined by reference to LIBOR, all Notes shall thereafter bear interest at the Applicable Rate subject to the adjustments provided pursuant to Section 2.3(e)(i)(1) and Section 2.3(e)(i)(2).  
(iii)Effect of Benchmark Transition Event.  
(1)Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Note Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, Purchaser Agent and Issuer may, by mutual agreement, amend this Agreement to replace LIBOR with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after Purchaser Agent has posted such proposed amendment to all Purchasers and Issuer so long as Purchaser Agent has not received, by such time, written notice of objection to such amendment from Purchasers comprising the Required Purchasers. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Purchasers comprising the Required Purchasers have delivered to Purchaser Agent written notice that such Required Purchasers accept such amendment. No replacement of LIBOR with a Benchmark Replacement pursuant to this Section 2.3(e)(iii) will occur prior to the applicable Benchmark Transition Start Date.
(2)Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, Purchaser Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Note Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.
(3)Notices; Standards for Decisions and Determinations. Purchaser Agent will notify Issuer and the Purchasers of (1) any occurrence of a Benchmark Transition Event (other than a Benchmark Transition Event that occurred prior to the Effective Date) or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (2) the implementation of any Benchmark Replacement, (3) the effectiveness of any Benchmark Replacement Conforming Changes and (4) the commencement or conclusion of any Benchmark Unavailability Period. 
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Any determination, decision or election that may be made by Purchaser Agent or Purchasers pursuant to this Section 2.3(e)(iii), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.3(e)(iii).
(4)Benchmark Unavailability Period. Upon Issuer’s receipt of notice of the commencement of a Benchmark Unavailability Period, all Notes shall bear interest at the Applicable Rate subject to the adjustments provided in Sections 2.3(e)(i)(1) and 2.3(e)(i)(2).
(f)Debit of Accounts.  Purchaser Agent and each Purchaser may debit (or ACH) the Designated Deposit Account, or, to the extent adequate funds are not available in the Designated Deposit Account, any other Deposit Account maintained by Issuer or any of its Subsidiaries, including for principal and interest payments or any other amounts Issuer owes the Purchasers under the Note Documents when due.  Any such debits (or ACH activity) shall not constitute a setoff.  
(g)Payments.  Except as otherwise expressly provided herein, all payments by Issuer under the Note Documents shall be made to the respective Purchaser to which such payments are owed (or in the case of any Obligations owed to Purchaser Agent, to Purchaser Agent), at such Purchaser’s office (or if applicable, Purchaser Agent’s office) in immediately available funds on the date specified herein. Payments received after 1:00 pm Eastern time are considered received at the opening of business on the next Business Day.  When a payment is due on a day that is not a Business Day, the payment is due the next preceding Business Day. All payments to be made by Issuer or any Guarantor hereunder or under any other Note Document, including payments of principal and interest, and all fees, expenses, indemnities and reimbursements, shall be made without setoff, recoupment or counterclaim, in lawful money of the United States and in immediately available funds.
Section II.4Form of Notes; Note Record.  The Notes shall be substantially in the form attached as Exhibit D hereto, and the terms of this Agreement shall be incorporated by reference into the Notes as if set forth therein; provided that in the event of any conflict between the terms of this Agreement and the Notes, the terms of this Agreement shall control.  Issuer irrevocably authorizes each Purchaser to make or cause to be made, on or about the Purchase Date of any Notes or at the time of receipt of any payment of principal on such Purchaser’s Note, an appropriate notation on such Purchaser’s Note Record reflecting the purchase of such Notes or (as the case may be) the receipt of such payment.  The outstanding amount of each Note set forth on such Purchaser’s Note Record shall be prima facie evidence of the principal amount thereof owing and unpaid to such Purchaser, but the failure to record, or any error in so recording, any such amount on such Purchaser’s Note Record shall not limit or otherwise affect the obligations of Issuer under any Note or any other Note Document to make payments of principal of or interest on, or the Final Payment Amount in respect of, any Note when due.  Upon receipt of an affidavit of an officer of a Purchaser as to the loss, theft, destruction, or mutilation of its Note, Issuer shall issue, in lieu thereof, a replacement Note in the same principal amount thereof and of like tenor.
Section II.5Reimbursable Expenses.  Issuer shall pay to Purchaser Agent all Reimbursable Expenses (including reasonable attorneys’ fees and expenses for documentation and negotiation of this Agreement) incurred through and after the Effective Date, when due.  It is the intention of the parties hereto that Issuer shall pay Reimbursable Expenses directly.  In the event Purchaser Agent or any Purchaser pays any of such expenses directly, Issuer will reimburse Purchaser Agent or such Purchaser for such expenses and interest on such expenses shall accrue beginning on the third (3rd) Business Day following written notice to Issuer of such expenses until reimbursed at the interest rate specified in Section 2.3(b) (or, subject to Section 2.3(c), the Default Rate).
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Article III
CONDITIONS
Section III.1Conditions Precedent to the Effective Date.  The effectiveness of this Agreement is subject to the condition precedent that Purchaser Agent and each Purchaser shall consent to or shall have received, in form and substance satisfactory to Purchaser Agent and each Purchaser, such documents, and completion of such other matters, as Purchaser Agent and each Purchaser may have reasonably requested, the satisfaction or performance of which may be waived by the Required Purchasers in their sole discretion (and without obligation), including, without limitation:
(a)this Agreement, duly executed by Issuer and each Guarantor, as applicable;
(b)an irrevocable Purchase Notice delivered by Issuer in respect of the First Purchase; and
(c)a completed Perfection Certificate for Issuer and each of its Subsidiaries.
Section III.2Conditions Precedent to the First Purchase Date.  The obligation of each Purchaser to make the First Purchase is subject to the satisfaction of the following conditions precedent, the satisfaction or performance of which may be waived by the Required Purchasers in their sole discretion (and without obligation): 
(a)duly executed Control Agreements, with respect to any U.S. Collateral Accounts maintained by Issuer or any of its Subsidiaries;
(b)UCC-1 financing statements in proper form for filing against each Obligor in its Jurisdiction of Organization (determined in accordance with the UCC) or in the District of Columbia with respect to each Obligor organized outside of the United States;
(c)short-form security agreements for Intellectual Property in proper form for filing against each Obligor with the United States Patent and Trademark Office or the United States Copyright Office, as applicable;
(d)the English Collateral Documents, duly executed and perfected;
(e)insurance certificates in form and substance reasonably satisfactory to Purchaser Agent;
(f)the Operating Documents of each Obligor, certified by the secretary or an assistant secretary or director or, in case of an Obligor incorporated in the Federal Republic of Germany, managing director of the applicable Obligor, and, to the extent available in the jurisdiction of incorporation of that Obligor, good standing certificates of each Obligor certified by the Secretary of States (or equivalent agency) of such Obligor’s jurisdiction of organization or formation and each material jurisdiction in which each Obligor is qualified to conduct business, each as of a date no earlier than thirty (30) days (or in the case of an Obligor incorporated in the Federal Republic of Germany, fourteen (14) days) prior to the First Purchase Date;
(g)in the case of an Obligor incorporated in the Federal Republic of Germany, an up to date certified list of all members of the supervisory board, the advisory board or any other board (if any) and a copy of the rules of procedure of the supervisory board and the advisory board (if any); 
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(h)certified copies of resolutions duly approved by the board of directors (or other governing body, and in the case of an Obligor incorporated in the Federal Republic of Germany, including any resolution of the supervisory board, the advisory board and/or any other board) of the Obligors and any resolutions, consent or waiver duly approved by the requisite holders of each Obligor’s Equity Interests and any other person or board under the relevant agreements, if applicable (or, other than in relation to an Obligor incorporated in the Federal Republic of Germany, certifying that no such resolutions, consent or waiver is required), authorizing and approving the transactions contemplated hereunder and the execution, delivery and performance of this Agreement and the other Note Documents to which it is a party;
(i)in the case of an Obligor incorporated in the Federal Republic of Germany, evidence that all necessary exemptions from section 181 BGB have been validly granted; 
(j)certified copies, dated as of date no earlier than thirty (30) days (or in the case of an Obligor incorporated in England and Wales, one (1) Business Day) prior to the First Purchase Date, of lien searches (or in the case of an Obligor incorporated in England and Wales, searches of any security registered at Companies House), as Purchaser Agent shall request, accompanied by written evidence (including any UCC termination statements) that the Liens revealed from such searches either constitute Permitted Liens or have been or, in connection with Notes issued on the First Purchase Date, will be terminated or released;
(k)one or more duly executed legal opinions of counsel to the Obligors including (without limitation), in the case of any Obligor incorporated under the laws of the Federal Republic of Germany, a legal capacity opinion of counsel to the Obligors, in each case dated as of the First Purchase Date and in form and substance satisfactory to Purchaser Agent;
(l)Issuer shall pay all Reimbursable Expenses then due and payable; and
(m)an ACH authorization with respect to each Deposit Account and Securities Account of the Obligors in form and substance satisfactory to Purchaser Agent.
Section III.3Conditions Precedent to the Second Purchase Date. The obligation of each Purchaser to make the Second Purchase is subject to the satisfaction of the following conditions precedent, the satisfaction or performance of which may be waived by the Required Purchasers in their sole discretion (and without obligation):
(a)the First Purchase shall have occurred; and
(b)the Second Purchase Date shall occur on or prior to the applicable Commitment Termination Date.
Section III.4Conditions Precedent to the Third Purchase Date.  The obligation of each Purchaser to make the Third Purchase is subject to the satisfaction of the following conditions precedent, the satisfaction or performance of which may be waived by the Required Purchasers in their sole discretion (and without obligation):
(a)the Second Purchase shall have occurred; and
(b)the Third Purchase Date shall occur on or prior to the applicable Commitment Termination Date.
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Section III.5Conditions Precedent to any Fourth Purchase Date.  In addition to the approval of each Purchaser, in its sole discretion (and without obligation), each Fourth Purchase is subject to the satisfaction of the following condition precedent, the satisfaction or performance of which may be waived by the Required Purchasers in their sole discretion (and without obligation):  
(a)the terms and conditions of the Permitted Acquisition relating to the applicable Fourth Purchase shall have been satisfied and Issuer shall have delivered evidence satisfactory to Purchaser Agent of the occurrence of such Permitted Acquisition (or the occurrence thereof substantially concurrently with such Fourth Purchase).  It is understood and agreed that the making of any Fourth Purchase shall be at each Purchaser’s sole discretion (and without obligation). 
Section III.6Conditions Precedent to all Note Purchases.  The obligation of each Purchaser to make any Purchase is subject to the following conditions precedent, the satisfaction or performance of which may be waived by the Required Purchasers in their sole discretion (and without obligation):
(a)within the time period required by Section 3.9 (or such shorter period as agreed in writing by Purchaser Agent and the Purchasers), receipt by Purchaser Agent of an executed Purchase Notice in the form of Exhibit B attached hereto;
(b)the representations and warranties in Article V hereof shall be true, accurate and complete in all material respects on the date of the Purchase Notice and on the Purchase Date of each purchase of Notes; provided that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, 
(c)no Event of Default shall have occurred and be continuing or result from the purchase of Notes;
(d)there has not been any event or circumstance, either individually or in the aggregate, that has resulted in or could reasonably be expected to result in a Material Adverse Change;
(e)duly executed Notes, in number, form and content reasonably acceptable to each Purchaser, and in favor of each Purchaser with respect to the Notes purchased by such Purchaser  in such Purchase;
(f)Issuer shall have provided updates, if any, to the information in the Perfection Certificate since the Effective Date or the most recent updated thereto and all financial statements, reports or notices required under the Note Documents prior to the applicable Purchase Date, including, without limitation, those required under Section 6.2; and
(g)payment of Reimbursable Expenses then due as specified in Section 2.5 hereof.
Section III.7Post-Closing Items.  After the Effective Date, Issuer agrees to deliver to Purchaser Agent the following documents: 
(a)No later than five (5) days after the Effective Date, (i) evidence satisfactory to Purchaser Agent of the ratification by Issuer’s Board of Directors of resolutions in the form attached as Exhibit J authorizing the execution, delivery and performance of this Agreement, the English Collateral Documents and the transactions contemplated hereby and thereby and (ii) an unqualified legal capacity opinion of counsel to either the Obligors or the Purchaser Agent with respect to each Obligor incorporated in England and Wales, in form and substance satisfactory to Purchaser Agent;
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(b)No later than ten (10) days after the Effective Date, the certificate(s) for the Shares (in each case to the extent certificated), together with Assignment(s) Separate from Certificate, duly executed in blank, in each case subject to the Agreed Security Principles;
(c)No later than twenty-one (21) days after the Effective Date, confirmation satisfactory to Purchaser Agent of completion of registration of the security granted by any Obligor incorporated in England and Wales; 
(d)No later than thirty (30) days after the Effective Date, Issuer’s additional insured, lender’s loss payee and notice of cancellation insurance endorsements;
(e)No later than thirty (30) days after the Effective Date, a landlord consent executed in favor of Purchaser Agent in respect of Issuer’s headquarters located at 5 Walnut Grove Drive, Suite 120, Horsham, PA 19044; 
(f)No later than thirty (30) days after the Effective Date:
(i)a process agent appointment letter in Germany;
(ii)the German Collateral Documents and the French Collateral Documents, in each case duly executed and perfected, and evidence that (i) all relevant notices and acknowledgements (including waivers) to be delivered under the German Collateral Documents have been received and (ii) all relevant registrations under the German Collateral Documents have been made successfully;
(iii)documents and evidences as per Sections 3.2(f) through (i) in each case dated as of the date of the German Collateral Documents, provided that any resolution which has been validly passed prior to or on the First Purchase Date and were attached to the relevant certificate of the managing directors is not required to be updated in case it is neither superseded nor amended as well as suffices to authorize the entering into and the performance under the German Collateral Documents; and
(iv)one or more duly executed legal opinions of counsel to the Obligors in customary form and scope for transactions of this type, in each case dated as of the date of the German Collateral Documents or French Collateral Documents, as applicable, and in form and substance satisfactory to Purchaser Agent; provided that legal opinions as to enforceability with respect to the German Collateral Documents and the French Collateral Documents shall be delivered by counsel to Purchasers and Purchaser Agent;
(g)No later than one hundred and twenty (120) days after the Effective Date, consents in form and substance reasonably acceptable to Purchaser Agent with respect to the Restricted Licenses set forth on Schedule 3.7; and
(h)French Subsidiary Restructuring Requirement
(i)No later than one (1) year after the Effective Date, (w) evidence satisfactory to Purchaser Agent in its sole discretion that (A) the French Subsidiary shall have been re-domiciled in the United States or England and Wales or (B) the business and assets of the French Subsidiary shall have been transferred in full to a Subsidiary established in the United States or England and Wales for reasonably equivalent value in a manner that would not impair the priority and value of the Liens to be granted to the Purchaser Agent pursuant to the Note Documents on such transferred business and assets, (x) a Guarantee Assumption Agreement, duly executed by such re-domiciled or successor Subsidiary, (y) in the case of a re-domicile or successor Subsidiary in England and Wales, collateral and security documents consistent with the English Collateral Documents, duly executed by such re-
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domiciled or successor Subsidiary, and (z) such other collateral and security documents and other actions as would be required for a new Subsidiary pursuant to Section 6.12, in each case reasonably satisfactory to Purchaser Agent.  
(ii) Notwithstanding the requirements set forth in the above Section 3.7(h)(i), if the requirements of Section 3.7(h)(i) have not been met within one (1) year after the Effective Date, then in lieu of compliance with such requirements, Issuer shall establish a Deposit Account that is subject to a blocked Control Agreement in favor of the Purchaser Agent, in form and substance satisfactory to Purchaser Agent (the “Blocked Account”) and deposit $25,000,000 in such Blocked Account, in each case no later than one (1) year after the Effective Date.  Purchaser Agent shall have sole dominion and control over all funds deposited in the Blocked Account and such funds may be withdrawn therefrom only with the consent of Purchaser Agent.  The Blocked Account and the blocked Control Agreement covering such Block Account shall remain in place until the receipt of the Marketing Approval from the FDA or EMA of any Included Product of an Obligor other than the French Subsidiary. For the avoidance of doubt, this Section 3.7(h)(ii) does not substitute, replace or release the Obligors from any other obligations under the Transaction Documents, including, without limitation, those under Section 6.6.
(iii)  In the event that (x) the requirements of Section 3.7(h)(i) have not been met within one (1) year after the Effective Date and (y) Marketing Approval from FDA or EMA shall have been obtained for any of the Included Products of the French Subsidiary prior to receipt of Marketing Approval from the FDA or EMA for any of the Included Products of the other Obligors (the date that both events specified in clauses (x) and (y) have occurred, the “Specified Repurchase Trigger Date”), the Required Purchasers in their sole discretion (and without obligation) may require Issuer to repurchase the outstanding Notes (if any) and pay all other outstanding Obligations under this Agreement.  If the Required Purchasers require Issuer to repurchase the outstanding Notes (if any) and pay all other Obligations, the Required Purchasers (or Purchaser Agent on behalf of the Required Purchasers) shall provide written notice thereof within thirty (30) days of the Specified Repurchase Trigger Date and the repurchase date shall be the one year anniversary of the receipt of such Marketing Approval from the FDA or EMA. If the Required Purchasers have elected to require Issuer to repurchase the Notes (if any) and pay all other Obligations, Issuer shall make such repurchase and payment on the repurchase date specified in this Section 3.7(h)(iii) by paying the Final Payment Amount, plus all accrued and unpaid default interest, Reimbursable Expenses and all other Obligations to the Purchasers.   
Section III.8Covenant to Deliver.  Issuer agrees to deliver to Purchaser Agent and the Purchasers each item required to be delivered to Purchaser Agent under this Agreement as a condition precedent to any purchase of Notes.  Issuer expressly agrees that a purchase of Notes made prior to the receipt by Purchaser Agent or any Purchaser of any such item shall not constitute a waiver by Purchaser Agent or any Purchaser of Issuer’s obligation to deliver such item, and any such purchase of Notes in the absence of a required item shall be made in each Purchaser’s sole discretion (and without obligation).
Section III.9Procedures for Issuance and Purchase.  Subject to the prior satisfaction of all other applicable conditions to the purchase of Notes set forth in this Agreement, to issue Notes, Issuer shall notify the Purchasers (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 12:00 noon Eastern time, in the case of the First Purchase, on the Effective Date or, in the case of any other Purchase, fifteen (15) Business Days (or such shorter periods as agreed in writing by Purchaser Agent and the Purchasers) prior to the date the Notes are to be issued.  Together with any such electronic, or telephonic notification, Issuer shall deliver to the Purchasers by electronic mail a completed Purchase Notice executed by a Responsible Officer or his or her designee.  The Purchasers may rely on any telephone notice given by a person whom a Purchaser reasonably believes is a Responsible Officer or designee.  On each Purchase Date, each Purchaser shall credit and/or transfer (as applicable) to the Designated Deposit Account or such other Deposit Account of Issuer to which Purchaser Agent agrees in 
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its sole discretion (without obligation), an amount equal to the purchase price of the Notes purchased by such Purchaser on such Purchase Date.
Section III.10Material Weakness.  Issuer shall use its reasonable best efforts to address any findings of material weakness in its internal controls identified prior to the Effective Date prior to the end of the fiscal year ending December 31, 2022. 
Article IV
CREATION OF SECURITY INTEREST
Section IV.1Grant of Security Interest.  Each Obligor hereby grants Purchaser Agent, for the benefit of the Secured Parties, to secure the payment and performance in full of all of the Obligations, a continuing security interest in all of such Obligor’s right, title and interest in, to and under the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof.  Each Obligor represents, warrants and covenants that, upon the filing of applicable financing statements by the Purchasers, the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral, subject only to Permitted Liens that are permitted by the terms of this Agreement to have priority to Purchaser Agent’s Lien.  If any Obligor shall acquire a Commercial Tort Claim, such Obligor shall promptly notify Purchaser Agent in a writing signed by Issuer, as the case may be, of the general details thereof (and further details as may be reasonably required by Purchaser Agent) and grant to Purchaser Agent, for the benefit of the Secured Parties, in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Purchaser Agent.
If this Agreement is terminated, Purchaser Agent’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity or reimbursement obligations) are repaid in full in cash.  Upon payment in full in cash of the Obligations (other than inchoate indemnity or reimbursement obligations) and at such time as the Commitments have been terminated, Purchaser Agent shall, at the sole cost and expense of the Obligors, release its Liens in the Collateral and all rights therein shall revert to the Obligors.  Upon such termination, and from time to time thereafter, Purchaser Agent shall, at the sole cost and expense of the Obligors, execute and deliver such instruments, documents and filings the Obligors reasonably request to evidence such termination and release.
Section IV.2Authorization to File Financing Statements.  Each Obligor hereby authorizes Purchaser Agent to file financing statements, make any registration, or take any other necessary action (as determined by Purchaser Agent), without notice to any Obligor, with all jurisdictions deemed necessary (as determined by Purchaser Agent) to perfect or protect Purchaser Agent’s interest or rights under the Note Documents. Each Obligor incorporated in the Federal Republic of Germany hereby (i) releases the Purchaser Agent and the Purchasers from the restrictions of section 181 German Civil Code (Bürgerliches Gesetzbuch), and (ii) authorizes the Purchaser Agent and the Purchasers to delegate their powers of attorney, including the exemption from the restriction in section 181 German Civil Code (Bürgerliches Gesetzbuch). Each Obligor represents to each of the Purchaser Agent and the Purchasers that the release hereby granted is effective under the term of its constitutional documents.
Section IV.3Pledge of Collateral.  Each Obligor hereby pledges, collaterally assigns and grants to Purchaser Agent, for the benefit of the Secured Parties, a security interest in all the Shares, together with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or granted in connection therewith, and all other cash and noncash proceeds of the foregoing, as security for the performance of the Obligations.  On the First Purchase Date, or, to the extent not certificated as of the First Purchase Date, within ten (10) days of the certification of any Shares, the certificate or certificates for the Shares will be delivered to Purchaser 
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Agent, accompanied by an instrument of assignment duly executed in blank by the applicable Obligor.  To the extent required by the terms and conditions governing the Shares, the Obligors shall cause the books of each entity whose Shares are part of the Collateral and any transfer agent to reflect the pledge of the Shares.  Upon the occurrence and during the continuance of an Event of Default hereunder, Purchaser Agent may effect the transfer of any securities included in the Collateral (including but not limited to the Shares) into the name of Purchaser Agent and cause new (as applicable) certificates representing such securities to be issued in the name of Purchaser Agent or its transferee.  Each Obligor will execute and deliver such documents, and take or cause to be taken such actions, as Purchaser Agent may, insofar as the law governing the security interest concerned so permits, according to the terms and conditions of the relevant security interest, reasonably request to perfect or continue the perfection of Purchaser Agent’s security interest in the Shares.  Unless an Event of Default shall have occurred and be continuing, each Obligor shall be entitled, insofar as the law governing the security interest concerned so permits, according to the terms and conditions of the relevant security interest, to exercise any voting rights with respect to the Shares and to give consents, waivers and ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms of this Agreement or which would constitute or create any violation of any of such terms.  Except as otherwise set forth in the Foreign Collateral Documents, all such rights to vote and give consents, waivers and ratifications shall terminate upon the occurrence and continuance of an Event of Default.  The terms of this Section 4.3 shall, in each case, be subject to the Agreed Security Principles.
Article V
REPRESENTATIONS AND WARRANTIES
Each Obligor represents and warrants to Purchaser Agent and the Purchasers as follows:
Section V.1Due Organization, Authorization: Power and Authority.  Issuer and each of its Subsidiaries is duly existing and (other than with respect to Obligors incorporated in England and Wales and/or in the Federal Republic of Germany) in good standing as a Registered Organization in its jurisdictions of organization, incorporation or formation and Issuer and each of its Subsidiaries is qualified and licensed to do business and (other than with respect to Obligors incorporated in England and Wales or in the Federal Republic of Germany) is in good standing in any jurisdiction in which the conduct of its businesses or its ownership of property requires that it be qualified except where the failure to do so could not reasonably be expected to result in a Material Adverse Change.  In connection with this Agreement, Issuer on behalf of itself and its Subsidiaries has delivered to Purchaser Agent a completed perfection certificate signed by an officer of Issuer (the “Perfection Certificate”).  Each Obligor represents and warrants that (a) such Obligor’s exact legal name is that which is indicated on the Perfection Certificate and on the signature page of each Note Document to which it is a party; (b) each Obligor is an organization of the type and is organized or incorporated in the jurisdiction set forth on the Perfection Certificate; (c) the Perfection Certificate accurately set forth each Obligor’s organizational or company identification number or accurately states that such Obligor has none; (d) the Perfection Certificate accurately sets forth each Obligor’s place of business, or, if more than one, its chief executive office as well as each Obligor’s mailing address (if different than its chief executive office); (e)  each Obligor (and each of its respective predecessors) have not, in the past five (5) years, changed its jurisdiction of organization or incorporation, organizational structure or type, or any organizational or company number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate pertaining to the Obligors and the Subsidiaries, is accurate and complete in all material respects (it being understood and agreed that Issuer and each of its Subsidiaries shall from time to time update certain information in the Perfection Certificate after the Effective Date) pursuant to Section 3.6 and/or Section 6.2; such updated Perfection Certificate subject to the review and approval of Purchaser Agent.  If Issuer or any of its Subsidiaries is not now a Registered Organization but later becomes one, Issuer shall notify Purchaser Agent of such occurrence and provide Purchaser Agent with such Person’s 
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organizational identification number within five (5) Business Days of receiving such organizational or company identification number.
The execution, delivery and performance by each Obligor of the Note Documents to which it is a party have been duly authorized, and do not (i) conflict with such Obligors’ organizational or organizational documents, including its respective Operating Documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law applicable thereto, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Issuer or such Obligor, or any of their property or assets may be bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect) or are being obtained pursuant to Section 6.1(b), or (v) constitute an event of default under any material agreement by which Issuer or any of such Obligor, or their respective properties, is bound.  No Obligor is in default under any agreement to which it is a party or by which it or any of its assets is bound in which such default could reasonably be expected to result in a Material Adverse Change.
Section V.2Collateral.
(a)Each Obligor has good title to, have rights in, and the power to transfer each item of the Collateral upon which it purports to grant a Lien under the Note Documents, free and clear of any and all Liens except Permitted Liens, and no Obligor has any Deposit Accounts, Securities Accounts, Commodity Accounts or other bank or investment accounts other than the Collateral Accounts and the Excluded Accounts, if any, described in the Perfection Certificate delivered to Purchaser Agent in connection herewith with respect of which Issuer or such Obligor has given Purchaser Agent notice and, other than with respect to the Excluded Accounts, taken such actions as are necessary to give Purchaser Agent a perfected security interest therein. Each Account owned by any Obligor is a bona fide, existing obligation of the applicable Account Debtor.
(b)On the Effective Date, and except as disclosed on the Perfection Certificate, the Collateral (other than (i) mobile equipment such as laptop computers and personal digital assistants in the possession of any Obligor’s employees or agents and (ii) other Collateral with a fair market value not to exceed (a) One Million Dollars ($1,000,000) in any single location or (b) Two Million Five Hundred Thousand Dollars ($2,500,000) in the aggregate in all locations, excluding, for purposes of this clause (ii)(b), any single location holding Collateral with a fair market value of less than One Hundred and Seventy Five Thousand Dollars ($175,000) in the aggregate) is not in the possession of any third party bailee (such as a warehouse).  None of the components of the Collateral shall be maintained at locations other than as disclosed in the Perfection Certificate on the Effective Date or as permitted pursuant to Section 6.10.
(c)All Inventory, if any, owned by any Obligor is free from material defects and, with respect to any goods held for sale, is in all material respects of good and marketable quality. 
(d)Except as noted on the Perfection Certificate, no Obligor is a party to, nor is bound by, any Restricted License.  Issuer shall provide written notice to Purchaser Agent and each Purchaser within ten (10) days of any Obligor entering into or becoming bound by any material license or material agreement with respect to which an Obligor is the licensee (other than overthecounter software that is commercially available to the public).
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(e)As of the Effective Date, neither Issuer nor any of its Subsidiaries owns or has title to or interest in, any real property, except for leasehold interest in the real property leased by it as is necessary or desirable to the conduct of its business.
Section V.3Litigation.  Except as disclosed (i) in the Perfection Certificate or (ii) in accordance with Section 6.9 hereof, there are no actions, audits, suits, investigations, or proceedings (including any Environmental Claims) pending or, to the knowledge of the Responsible Officers, threatened in writing by or against Issuer or any of its Subsidiaries involving more than One Million Dollars ($1,000,000).  Except as disclosed on the Perfection Certificate delivered on or prior to the Effective Date, there are no actions, audits, suits, investigations or proceedings (including any Environmental Claims) pending or threatened in writing by or against Issuer or any of its Subsidiaries, which either (x), if adversely determined, could reasonably be expected to result in a Material Adverse Change or (y) is not covered by independent third party insurance as to which liability has been accepted by the carrier providing such insurance.  

Section V.4No Material Deterioration in Financial Condition; Financial Statements.  
(a)All consolidated financial statements for Issuer and its Subsidiaries and the consolidated financial statements for each Subsidiary for the periods prior to the acquisition thereof by Issuer delivered to Purchaser Agent fairly present, in conformity with GAAP, in all material respects the consolidated financial condition of Issuer and its Subsidiaries or such Subsidiary, as applicable, and the consolidated results of operations of Issuer and its Subsidiaries or such Subsidiary, as applicable as of the date thereof and for the periods covered thereby.  There has not been any material deterioration in the consolidated financial condition of Issuer and its Subsidiaries since the date of the most recent financial statements submitted to any Purchaser.   
(b)Since January 29, 2021, as of the Effective Date and each Purchase Date, there has not been any Transfer by Issuer or any Subsidiary of any material part of the business or property of Issuer or such Subsidiary and there has been no Investment or acquisition of any business or property by Issuer or any Subsidiary, in each case that has not been reflected in the most recent consolidated financial statements for Issuer.
Section V.5Solvency. Each Obligor is, and will be, after giving effect to the issuance of the Notes, Solvent.  
Section V.6Compliance with Laws.
(a)Neither Issuer nor any of its Subsidiaries is an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended.  Neither Issuer nor any of its Subsidiaries is engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors).  Issuer and each of its Subsidiaries has complied in all material respects with the Federal Fair Labor Standards Act.  
(b)Neither Issuer nor any of its Subsidiaries is an AIF or an AIFM.
(c)No Issuer nor any of its Subsidiaries has violated any laws, ordinances or rules, the violation of which could reasonably be expected to result in a Material Adverse Change. Neither Issuer nor any of its Subsidiaries is a “holding company” or an “affiliate” of a “holding company” or a 
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“subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005.  Neither Issuer’s nor any of its Subsidiaries’ properties or assets has been used by Issuer or such Subsidiary or, to the Knowledge of Issuer and its Subsidiaries, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than in material compliance with applicable laws.  Issuer and each of its Subsidiaries has obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental Authorities that are necessary to continue their respective businesses as currently conducted.  
(d)None of Issuer, any of its Subsidiaries, or any of Issuer’s or its Subsidiaries’ Affiliates or any of their respective agents acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement is (i) in violation of any AntiTerrorism Law or Anti-Corruption Laws, (ii) engaging in or conspiring to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding or attempts to violate, any of the prohibitions set forth in any AntiTerrorism Law or Anti-Corruption Laws, or (iii) is a Sanctioned Person.  None of Issuer, any of its Subsidiaries or, to the Knowledge of Issuer and its Subsidiaries, any of their Affiliates or agents, acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement, (x) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Sanctioned Person, or (y) deals in, or otherwise engages in any transaction relating to, any property or interest in property blocked or sanctioned pursuant to any Sanctions (including Executive Order No. 13224, any similar executive order), other AntiTerrorism Law or other Anti-Corruption Laws; provided that this Section 5.6(d) shall not be interpreted or applied in relation to it, Issuer, any of its Subsidiaries, or any of Issuer’s or its Subsidiaries’ Affiliates or any of their respective agents acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement, the Purchaser Agent or any Purchaser to the extent that the representations made under this Section 5.6(d) violate or expose such entity or any director, officer or employee thereof to any liability under any applicable anti-boycott or blocking law, regulation or statute that is in force from time to time in the European Union and/or any of its member states or the United Kingdom that are applicable to such entity (including EU Regulation (EC) No 2271/96) and/or Section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung) in connection with Section 4 of the German Foreign Trade Act (Außenwirtschaftsgesetz).
Section V.7Investments.  Neither Issuer nor any of its Subsidiaries owns any Equity Interests except for Permitted Investments.
Section V.8Tax; Pension Contributions.  
(a)Issuer and each of its Subsidiaries has timely filed, or submitted extensions for, all required tax returns and reports, and Issuer and each of its Subsidiaries, has timely paid, or submitted extensions for, all foreign, federal, state, provincial and local taxes, assessments, deposits and contributions owed by Issuer and such Subsidiaries, in all jurisdictions in which Issuer or any such Subsidiary is subject to taxes, including the United States and Canada, unless (i) such taxes are being contested in accordance with the following sentence or (ii) such taxes, assessments, deposits and contributions do not, individually or in the aggregate, exceed Three Hundred Fifty Thousand Dollars ($350,000).  
(b)Issuer and each of its Subsidiaries, may defer payment of any contested taxes, provided that Issuer or such Subsidiary, (i) in good faith contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (ii) notifies Purchaser Agent in writing of the commencement of, and any material development in, the proceedings, and (iii) posts bonds or takes any other steps required to prevent the Governmental Authority levying such contested taxes 
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from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.”  Neither Issuer nor any of its Subsidiaries is aware of any claims or adjustments proposed for any of Issuer’s or such Subsidiaries’ prior tax years which could result in additional taxes becoming due and payable by Issuer or any of its Subsidiaries.  
(c)Issuer is not required to make any Tax Deduction (as defined in Section 14.1) from any payment it may make under any Note Document to a Purchaser which is:
(i)a Qualifying Purchaser (as defined in Section 14.1): (x) falling within clause (a)(i) of the definition of “Qualifying Purchaser”; or (y) except where a Direction has been given under section 931 of the ITA in relation to the payment concerned, falling within clause (a)(ii) of the definition of “Qualifying Purchaser”; or (z) falling within clause (b) of the definition of “Qualifying Purchaser”; 
(ii)a Treaty Purchaser and the payment is one specified in a direction given by the Commissioners of Revenue & Customs under Regulation 2 of the Double Taxation Relief (Taxes on Income) (General) Regulations 1970 (SI 1970/488); or
(iii)a QPP Purchaser.
(d)Under the law of each Obligors’ jurisdiction of organization or incorporation it is not necessary that any stamp, registration or similar tax be paid on or in relation to the Note Documents or the transactions contemplated thereby (excluding any assignment or transfer of any Notes or other divestment of an interest in any Notes by a Finance Party).
(e)Issuer and each of its Subsidiaries have paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans, if any, in accordance with their terms, and neither Issuer nor any of its Subsidiaries have, withdrawn from participation in, and have not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Issuer or its Subsidiaries, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental Authority.
Section V.9Use of Proceeds.  Issuer shall use the proceeds of the Notes (other than Notes issued in respect of the Fourth Purchase) solely as working capital and to fund its general business requirements in accordance with the provisions of this Agreement, and not for personal, family, household or agricultural purposes. Any Notes issued on any Fourth Purchase Date shall be used by Issuer to fund Permitted Acquisitions including the payment of Acquisition Costs and provide working capital to fund the general business requirements of acquired companies, and not for personal, family, household or agricultural purposes.
Section V.10Shares.  Each Obligor has full power and authority to create a first lien on the Shares pledged by it pursuant to the Note Documents and no disability or contractual obligation exists that would prohibit Issuer from pledging the Shares pursuant to the Note Documents.  To the Knowledge of Issuer and its Subsidiaries, there are no subscriptions, warrants, except as set forth in the Perfection Certificate, rights of first refusal or other restrictions on transfer relative to, or options exercisable with respect to the Shares.  The Shares have been and will be duly authorized and validly issued, and are fully paid and nonassessable.  To the Knowledge of Issuer and its Subsidiaries, the Shares are not the subject of any present or threatened suit, action, arbitration, administrative or other proceeding, and Issuer knows of no reasonable grounds for the institution of any such proceedings.
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Section V.11Intellectual Property. 
(a)Schedule 5.11(a) sets forth, as of the Effective Date, a true and complete list of all (i) Patents, including the jurisdiction and patent number and indicating which Subsidiary owns or has license to such Patents, (ii) Trademarks, (iii) registered Copyrights or applications for registered Copyrights and (iv) domain name registrations and websites, in each case with respect to clauses (i), (ii), (iii) and (iv) above in this clause (a) that constitute Product Intellectual Property.  Except as disclosed therein, (A) each issued Patent and Trademark listed on Schedule 5.11(a) is subsisting and has not lapsed, expired, been cancelled or become abandoned, except in the ordinary course of business or where such lapse or abandonment, either individually or in the aggregate, could not reasonably be likely to result in a Material Adverse Change, and (B) each pending Patent listed on Schedule 5.11(a) is subsisting and has not lapsed, expired, been cancelled or become abandoned, except in the ordinary course of business or where such lapse or abandonment could not reasonably be likely to result in a Material Adverse Change.
(b)To the Knowledge of Issuer and its Subsidiaries, neither Issuer nor any Subsidiary has in the past three (3) years infringed or misappropriated, nor are such Persons infringing or misappropriating (including with respect to its current use and Development of Included Products) any Patents or other Intellectual Property that is owned or controlled by a Third Party. To the Knowledge of Issuer and its Subsidiaries as of each date this representation is made (or in the case of Included Products that are in pre-clinical development, to the actual Knowledge (without a duty of inquiry) of Issuer and its Subsidiaries as of the Effective Date), the use, Development, Manufacture, import or Commercialization by Issuer and its Subsidiaries of the Included Products as currently contemplated does not and will not infringe any Patents or misappropriate any other Intellectual Property that is owned or controlled by a Third Party and to which Issuer and/or its Subsidiaries do not have a license. 
(c)There are no unpaid maintenance, annuity or renewal fees currently overdue for any of the Patents that constitute Product Intellectual Property.
(d)Except as disclosed in the Perfection Certificate, there is no pending, decided or settled opposition, interference proceeding, reexamination proceeding, cancellation proceeding, injunction, claim, lawsuit, declaratory judgment, administrative post-grant review proceeding, other administrative or judicial proceeding, hearing, investigation, complaint, arbitration, mediation, International Trade Commission investigation, decree, or any other filed claim (collectively referred to hereinafter as “Disputes”) related to any of the Patents that constitute Product Intellectual Property has any such Dispute been threatened in writing challenging the legality, validity, enforceability or ownership of any Patents that constitute Product Intellectual Property. There are no Disputes by any Person or Third Party against Issuer, its Affiliates or its Licensees or its licensor, and Issuer has not received any written notice or claim of any such Dispute as pertaining to the Included Products.
(e)Issuer and its Affiliates have taken commercially reasonable measures and precautions to protect and maintain (i) the confidentiality of all trade secrets with respect to any Included Product that it owns or exclusively licenses and (ii) the value of all Intellectual Property related to any Included Product, except where such failure to take action, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change.
(f) No material trade secret owned or controlled by Issuer or any of its Affiliates with respect to any Included Product has been published or disclosed to any Person except pursuant to a written agreement requiring such Person to keep such trade secret confidential and except where such disclosure could not reasonably be expected to result in a Material Adverse Change.
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(g)The Patents included in the Product Intellectual Property have all been assigned by the inventors to Issuer (either directly or through its Subsidiaries) (“Assigned Patents”) or, to the Knowledge of Issuer and its Subsidiaries, to the applicable licensor (“Licensed Patents”); either Issuer, or one of its Subsidiaries, or, to the Knowledge of Issuer, the applicable licensor is currently recorded (for applications that have been filed at the United States Patent and Trademark Office), or will be recorded (for applications that are to be filed at the United States Patent and Trademark Office at National Phase entry) at the United States Patent and Trademark Office as the sole assignee of such Assigned Patents or Licensed Patents; to the Knowledge of Issuer and its Subsidiaries, there are no currently asserted or unasserted claims of any persons disputing the inventorship or ownership of any of such Patents; and there are no liens, security interests or encumbrances that have been filed against any of such Patents. 
Section V.12Regulatory Approvals.
(a)Issuer and its Affiliates and Licensees have made available to Purchaser Agent any written reports or other written communications received from a Governmental Authority that would indicate that any Regulatory Authority (i) is likely to revise or revoke any current Regulatory Approval granted by any Regulatory Authority with respect to any Included Product or (ii) is likely to pursue any material compliance actions against any Obligor. To the Knowledge of Issuer and its Subsidiaries, there are no other facts or circumstances that would reasonably be expected to (A) indicate that any of the events specified in the immediately preceding clauses (i) or (ii) may occur or (B) cause Issuer or any of its Subsidiaries to voluntarily revise, withdraw or not apply for any Regulatory Approval.
(b)Issuer and its Subsidiaries possess all Regulatory Approvals issued or required by the Regulatory Agencies, which Regulatory Approvals are necessary to conduct the business relating to the Included Products as of each date this representation is made, including to conduct the current Clinical Trials relating to the Included Products, and neither Issuer nor its Subsidiaries has received any notice of proceedings relating to, and there are no facts or circumstances to the Knowledge of Issuer and its Subsidiaries that would reasonably be expected to lead to, the revocation, suspension, termination or modification of any such Regulatory Approvals. All applications, notifications, submissions, information, claims, reports and statistics and other data and conclusions derived therefrom, utilized as the basis for or submitted in connection with any and all requests for a Regulatory Approval from the FDA or other Regulatory Authority relating to Issuer or any Subsidiary, their business operations and Included Products, when submitted to the FDA or other Regulatory Authority were true, complete and correct in all material respects as of the date of submission or any necessary or required updates, changes, corrections or modifications to such applications, submissions, information and data have been submitted to the FDA or other Regulatory Authority.  None of the officers or directors, or, to the Knowledge of Issuer and its Subsidiaries, employees or Affiliates of Issuer or any Subsidiary or any agent or consultant has (i) made an untrue statement of material fact or fraudulent statement to any Regulatory Authority or failed to disclose a material fact required to be disclosed to a Regulatory Authority; or (ii) committed an act, made a statement, or failed to make a statement that could reasonably be expected to provide a basis for the FDA to invoke its policy respecting “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities,” set forth in 56 Fed. Reg. 46191 (September 10, 1991). 
(c)Issuer and its Affiliates and Licensees are in compliance with, and have complied with, all applicable federal, state, local and foreign laws, rules, regulations, standards, orders and decrees governing its business, including all regulations promulgated by each Regulatory Authority, the failure of compliance with which, either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change; Issuer and its Affiliates and Licensees have not received any written notice citing action or inaction by any of them that would constitute any non-compliance with any applicable federal, state, local and foreign laws, rules, regulations, or standards, which could reasonably be expected to result in a Material Adverse Change.
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(d)Non-clinical investigations and Clinical Trials conducted on behalf of Issuer or its Affiliates or Licensees relating to each Included Product were conducted in all material respects in compliance with applicable laws and, in all material respects, in accordance with experimental protocols, procedures and controls pursuant to, where applicable, accepted professional and scientific standards. The descriptions and the results of such trials provided to Purchaser Agent are accurate in all material respects. Neither Issuer nor its Affiliates and Licensees has received any written notices, written correspondence or, to the Knowledge of Issuer and its Subsidiaries, other communications from any Regulatory Authority or comparable authority (including any independent data monitoring committee or similar oversight body) requiring or recommending the termination, suspension, clinical hold or material modification of any Clinical Trials conducted by or on behalf of Issuer or its Affiliates and Licensees with respect to any Included Product.  
(e)Neither Issuer nor any of its Affiliates or Licensees have received any written notices from, or had any written or oral communications with, (i) any Governmental Authority or (ii) any pricing and reimbursement representative of any Person, in each case exercising authority with respect to pricing and reimbursement for the Included Products, that have resulted in, or would reasonably be expected to result in, any non-coverage decision in respect of, or material reduction in the expected pricing of, the Included Products.
(f)All manufacturing operations conducted by or on behalf of Issuer and its Affiliates and Licensees relating to the Included Products have been and are being conducted in compliance with current good manufacturing practices set forth in 21 C.F.R. Parts 210 and 211 and applicable FDA guidance documents and any other applicable current good manufacturing practices in all material respects.  Without limiting the generality of the foregoing, with respect to any Included Product being tested or manufactured by Issuer and its Subsidiaries, as of the Effective Date, to the Knowledge of Issuer and its Subsidiaries, neither Issuer nor any Subsidiary has received any written notice from any applicable Governmental Authority (including the FDA) that such Governmental Authority is conducting an investigation or review of (i) Issuer and its Subsidiaries’ (or any third party contractors therefor) manufacturing facilities and processes for manufacturing such Included Product or the marketing and sales of such Included Product, in each case which have identified any material deficiencies or violations of any Requirement of Law or any permit related to the manufacture, marketing and/or sales of such Included Product that, either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change, or (ii) any such Regulatory Approval that could be reasonably expected to result in a revocation or withdrawal of such Regulatory Approval, nor has any such Governmental Authority issued any order or recommendation stating that the development, testing, manufacturing, marketing or sales of such Included Product by Issuer and its Subsidiaries should cease or that such Included Product should be withdrawn from the marketplace. Neither Issuer nor any Subsidiary of Issuer has experienced any significant failures in the manufacturing of any Included Product for commercial sale that has had or could reasonably be expected to have, if such failure occurred again, a Material Adverse Change.
(g)Neither Issuer nor any Subsidiary has received from the FDA, a Warning Letter, Form FDA-483, “Untitled Letter,” or similar written correspondence or notice alleging violations of laws and regulations enforced by the FDA, or any comparable correspondence from any other Governmental Authority with regard to any Included Product or the manufacture, processing, packaging or holding thereof, the subject of which communication is unresolved and if determined adversely to Issuer or such Subsidiary could reasonably be expected to result in a Material Adverse Change.
(h)(i) there have been no Safety Notices, (ii) to the Knowledge of Issuer and its Subsidiaries, there are no unresolved material product complaints with respect to the Included Products which could reasonably be expected to result in a Material Adverse Change, and (iii) to the Knowledge of 
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Issuer and its Subsidiaries, there are no facts that would be reasonably likely to result in (A) a material Safety Notice with respect to the Included Products, (B) a material change in the expected labeling of any of the Included Products.
(i)Neither Issuer nor its Affiliates nor their respective officers or employees nor, to the Knowledge of Issuer and its Subsidiaries, its agents, has been convicted of any crime or engaged in any conduct for which (i) debarment is mandated by 21 U.S.C. § 335a(a) or authorized by 21 U.S.C. § 335a(b); or (ii) exclusion is required pursuant to 42 U.S.C. § 1320a-7b and related regulations, nor, to the Knowledge of Issuer and its Subsidiaries, is any such debarment or exclusion threatened in writing or pending.
(j)Issuer and its Affiliates are in material compliance with all applicable federal, state and local laws and regulations regarding the privacy and security of health information and electronic transactions, including the Health Insurance Portability and Accountability Act (HIPAA), and has implemented adequate policies and procedures designed to assure continued compliance and to detect non-compliance. 
(k)Issuer has made available to the Purchasers all Regulatory Approvals and all material correspondence with Governmental Authorities (including the FDA) with respect to such Regulatory Approvals, with respect to the Included Products and all requested documents related to the Included Products in each case in the possession and control of Issuer or its Subsidiaries.
Section V.13Material Agreements.  Issuer has made available to Purchasers true and complete copies of all Material Agreements.  Neither Issuer nor its Affiliates is in material breach of any Material Agreement or in material default under any Material Agreement. There is no event or circumstance that would reasonably be expected to (a) constitute a material breach or default by Issuer and/or its Affiliates, (b) give any Person the right to receive or require a material rebate, or chargeback  (in each case, except in the ordinary course of business contemplated by such Material Agreement), or penalty (excluding interest for late payment in the ordinary course) or results in material, non-ordinary course delay (and excluding causes of delays impacting the industry as a whole) in the overall project delivery schedule (and not, for the avoidance of doubt, a component thereof) under any Material Agreement, (c) give any Person the right to accelerate the maturity or performance of any Material Agreement in any material respect or (d) give any Person the right to cancel, terminate or materially adversely modify any Material Agreement. Neither Issuer nor its Affiliates has received any written notice or, to the Knowledge of Issuer and its Subsidiaries, any threat of termination of any such Material Agreement. To the Knowledge of Issuer and its Subsidiaries, no other party to a Material Agreement is in material breach of or in default under such Material Agreement. All Material Agreements are valid and binding on Issuer and its Affiliates (as applicable) and, to the Knowledge of Issuer and its Subsidiaries, on each other party thereto, and are in full force and effect.
Section V.14Broker Fees.  There are no brokerage commissions payable in connection with the financing described in this Agreement and the services of a broker have not been engaged by Issuer or any of its Subsidiaries or Affiliates in connection with the financing described in this Agreement.
Section V.15Full Disclosure.  No written representation, warranty or other statement of Issuer or any of its Subsidiaries in any certificate or written statement given to Purchaser Agent or any Purchaser, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written statements, in light of the circumstances in which they are made, given to Purchaser Agent or any Purchaser, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized that the projections and forecasts provided by Issuer in good faith and 
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based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 
Section V.16Centre of Main Interests and Establishments.  For the purposes of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the “Regulation”), each Obligor incorporated 
(a)in England and Wales has its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in England and Wales and has no “establishment” (as that term is used in Article 2(10) of the Regulation) in any other jurisdiction;
(b)in France has its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in France and has no “establishment” (as that term is used in Article 2(10) of the Regulation) in any other jurisdiction; and
(c)in the Federal Republic of Germany has its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in the Federal Republic of Germany and has no “establishment” (as that term is used in Article 2(10) of the Regulation) in any other jurisdiction;
Section V.17Insurance.  All policies of insurance maintained by or on behalf of such Obligor and its Subsidiaries are in full force and effect and are of a nature and provide such coverage as is customarily carried by businesses of the size and character of such Obligor and its Subsidiaries. All policies of insurance maintained by Issuer and its Subsidiaries are correctly set forth in the Perfection Certificate.
Section V.18ERISA Compliance, Employee and Labor Matters.  
(a)Except as could not reasonably be expected, either individually or in the aggregate, to result in a Material Adverse Change, (i) each Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state laws and (ii) each Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the IRS to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the IRS to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is currently being processed by the IRS, and, to the Knowledge of Issuer and its Subsidiaries, nothing has occurred that would prevent or cause the loss of such tax-qualified status.
(b)There are no pending or, to the Knowledge of Issuer and its Subsidiaries, threatened in writing claims (other than routine claims for benefits in the ordinary course), actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that, either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change.  There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that, either individually or in the aggregate, has had or could reasonably be expected to result in a Material Adverse Change.
(c)No ERISA Event has occurred, and neither Issuer nor any ERISA Affiliate is aware of any fact, event or circumstance that, either individually or in the aggregate, could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan that, either individually or in the aggregate, has had or could reasonably be expected to result in a Material Adverse Change.
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(d)The present value of all accrued benefits under each Pension Plan (based on those assumptions used to fund such Pension Plan) 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 Pension Plan allocable to such accrued benefits by a material amount.  As of the most recent valuation date for each Multiemployer Plan, the potential liability of Issuer or any ERISA Affiliate for a complete withdrawal from such Multiemployer Plan (within the meaning of Section 4203 or Section 4205 of ERISA), when aggregated with such potential liability for a complete withdrawal from all Multiemployer Plans, is zero.
(e)To the extent applicable, each Foreign Plan has been maintained in compliance with its terms and with the requirements of any and all applicable requirements of Law and has been maintained, where required, in good standing with applicable regulatory authorities, except to the extent that the failure so to comply could not reasonably be expected, either individually or in the aggregate, to result in a Material Adverse Change.  Neither Issuer nor any of its Subsidiaries has incurred any material obligation in connection with the termination of or withdrawal from any Foreign Plan.  The present value of the accrued benefit liabilities (whether or not vested) under each Foreign Plan that is funded, determined as of the end of the most recently ended fiscal year of Issuer or any of its Subsidiaries, as applicable, on the basis of actuarial assumptions, each of which is reasonable, did not exceed the current value of the property of such Foreign Plan by a material amount, and for each Foreign Plan that is not funded, the obligations of such Foreign Plan are properly accrued.
(f)Neither Issuer or any of its Subsidiaries (i) is or has at any time been an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004 (U.K.)) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Pensions Schemes Act 1993 (U.K.)), and (ii) is or has at any time been “connected” with or an “associate” of (as those terms are used in sections 38 and 43 of the Pensions Act 2004 (U.K.)) such an employer. Neither Issuer or any of its Subsidiaries has any liability under ERISA or the Code with respect to any citizen of the United States who performs services outside of the United States.
(g)There are no collective bargaining agreements covering employees of any Obligor or any of its Subsidiaries
Section V.19Environmental Matters. 
(a)Except with respect to any matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change, neither such Obligor nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received written notice of any claim with respect to any Environmental Liability or (iv) has Knowledge of any basis for any Environmental Liability.
(b)The operations and property of each Obligor and its Subsidiaries comply with all applicable Environmental Laws, except to the extent the failure to so comply (either individually or in the aggregate) could not reasonably be expected to result in a Material Adverse Change.
Section V.20Definition of “Knowledge.”  For purposes of the Note Documents, whenever a representation or warranty is made to Issuer’s or a Subsidiary’s knowledge or awareness, to the “best of” Issuer’s or Subsidiary’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of the Responsible Officers or the President, Chief Executive Officer, Chief Financial Officer, Chief Medical Officer, Chief Scientific Officer, Chief Technology Officer or other officers with responsibilities equivalent to those of the foregoing officers of such Person, as applicable.
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Section V.21Designated Deposit Account.  The Designated Deposit Account is Issuer’s primary operating account.  
Article VI
AFFIRMATIVE COVENANTS
Each Obligor shall, and shall cause each of its Subsidiaries to, do all of the following:
Section VI.1Government Compliance.
(a)Maintain its and all its Subsidiaries’ legal existence and good standing (to the extent such concept is recognized in its or its Subsidiaries’ jurisdiction of incorporation) in their respective jurisdictions of organization or incorporation and maintain qualification in each jurisdiction in which the failure to so qualify could reasonably be expected to result in a Material Adverse Change.  Comply with all Requirement of Law, the noncompliance with which, either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change.
(b)Obtain and keep in full force and effect, all of the material Governmental Approvals, including those from or by the FDA, the EMA or the MHRA, necessary for the performance by Issuer and its Subsidiaries of their respective businesses and obligations under the Note Documents and the grant of a security interest to Purchaser Agent for the benefit of the Secured Parties, in all of the Collateral. 
Section VI.2Financial Statements, Reports, Certificates.
(a)Deliver to Purchaser Agent and each Purchaser:
(i)as soon as available, but no later than forty-five (45) days after the last day of each of the first three (3) calendar quarters of each fiscal year, a company prepared consolidated and consolidating balance sheet, income statement and cash flow statement covering the consolidated operations of Issuer and its Subsidiaries for such quarter certified by a Responsible Officer and in a form reasonably acceptable to Purchaser Agent, together with a duly completed Compliance Certificate signed by a Responsible Officer; 
(ii)as soon as available, but no later than ninety (90) days after the last day of Issuer’s fiscal year or within five (5) days of filing with the SEC, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion (without a “going concern” or similar qualification or exception and without any qualification or exception as to the scope of the audit on which such opinion is based; provided that any qualification resulting solely from the scheduled maturity of the Notes occurring within one year from the date such opinion is delivered shall be permitted) on the financial statements from a top four independent certified public accounting firm (Deloitte, Ernst and Young, KPMG, and PricewaterhouseCoopers) or such other independent certified public accounting firm reasonably acceptable to Purchaser Agent, together with a duly completed Compliance Certificate signed by a Responsible Officer;
(iii)to the extent Issuer is obligated to produce pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002, as soon as available but no later than ninety (90) days after the last day of Issuer’s fiscal year or within five (5) days of filing with the SEC, an auditor attestation, and report, on Issuer’s internal controls together with Issuer’s plan for addressing any material weaknesses identified therein.  For the avoidance of doubt, the existence of a material weakness shall not solely in itself be considered an Event of Default; 
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(iv)no later than forty-five (45) days after the end of each of the first three calendar quarters of each fiscal year and no later than ninety (90) days after the last day of Issuer’s fiscal year, as applicable, (a) a reasonably detailed quarterly report setting forth, with respect to such same period, the Clinical Updates, the Regulatory Updates, the Commercial Updates, and the Intellectual Property Updates, (b) updates to the Perfection Certificate to reflect any amendments, modifications and updates, if any, to the information in the Perfection Certificate since the Effective Date or the most recent update thereto (to the extent not covered in the Intellectual Property Update), (c) cash flow projections for the four quarter period following such fiscal quarter set forth in a quarter-by-quarter format, and (d) a financial “DashBoard” report which shall include unrestricted cash and Cash Equivalents, marketable securities, revenue for the reporting month, and year-to-date revenue.  Issuer shall also provide Purchaser Agent with such additional information regarding the updates included in each such quarterly report as Purchaser Agent may reasonably request from time to time;
(v)as soon as available after approval thereof by Issuer’s Board of Directors, but no later than thirty (30) days after the last day of each of Issuer’s fiscal years, Issuer’s annual financial projections for the entire current fiscal year as approved by Issuer’s Board of Directors, which may consist of compiled budgets for Issuer and each of its Subsidiaries or such other format, in each case, as submitted and approved by Issuer’s Board of Directors for annual budgeting purposes and which  shall be set forth in a quarter-by-quarter format (such annual financial projections as originally delivered to Purchaser Agent and the Purchasers are referred to herein as the “Annual Projections”; provided that any revisions of the Annual Projections submitted to and/or approved by Issuer’s Board of Directors shall be delivered promptly to Purchaser Agent and the Purchasers and in any event no later than five (5) Business Days after such approval);
(vi)within five (5) Business Days of delivery, copies of all statements, reports and notices made available to Issuer’s security holders, or required to be delivered to the holders (or their agent or trustee) of Permitted Convertible Notes; 
(vii)promptly and in any event no later than five (5) Business Days after each regularly-scheduled meeting of Issuer’s Board of Directors, the board kit (or board pack) and other materials delivered to the directors in connection with any such meeting; provided that, if Issuer, upon the advice of counsel, reasonably determines that any such information constitutes attorney-client privileged information and the disclosure thereof would adversely impair the attorney-client privilege between Issuer and such counsel with respect to such information, then Issuer will promptly permit Purchaser Agent and the Purchasers to enter into a customary common interest agreement with respect to such information and, unless and until Purchaser Agent and the Purchasers have entered into such agreement, Issuer shall be entitled to withhold delivery of, or redact, any such information (and only such information) from Purchaser Agent and the Purchasers; provided, further, that any such board kit, board pack or other material delivered to the directors may be redacted in a readily identifiable manner by Issuer to exclude (x) information relating to a proposed refinancing of the Notes and Issuer’s strategy regarding the Notes and (y) personal data (as defined in the UK General Data Protection Regulation (the “UK GDPR”)) where disclosure by Issuer of such personal data is not permitted by the UK GDPR.
(viii)until Issuer has successfully addressed all findings of material weakness in its internal controls identified prior to the Effective Date, substantially concurrently with the delivery to the Audit Committee of the Board of Directors or any other committee of the Board of Directors engaged in addressing such findings of material weakness, all materials delivered to such committee in respect of such material weakness.
(ix)prompt notice (and in any event within five (5) Business Days) of any change to the name of Issuer of any of its Subsidiaries, and concurrently with the delivery of Compliance 
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Certificates under Section 6.2(a)(i), notice of any other amendments of or changes to the Operating Documents of Issuer or any of its Subsidiaries, in each case, together with any copies reflecting such amendments or changes with respect to the Operating Documents of Issuer or the applicable Subsidiary;
(x)prompt notice (and in any event no later than ten (10) Business Days) of any event that could reasonably be expected to materially and adversely affect the value of the Product Intellectual Property; 
(xi)notice of any Asset Sale Repurchase Event or Change of Control (no later than fifteen (15) days prior to the anticipated date of such event (but only to the extent Issuer becomes aware of such anticipated Change of Control)), together with a description of such Asset Sale Repurchase Event or Change of Control event, copies of such documents entered into in connection with the transaction giving rise to the event as Purchaser Agent may request and in the case of Asset Sale Repurchase Event, calculations in form reasonably acceptable to Purchaser Agent of the amount of Net Proceeds, if any, arising from such Asset Sale Repurchase Event;
(xii)prompt notice (and in any event no later than five (5) Business Days) of any Milestone Event;
(xiii)prompt notice (and in any event no later than five (5) Business Days) of (A) the termination of any Material Agreement (other than upon the expiration thereof in accordance with its terms); (B) the receipt by Issuer or any of its Subsidiaries of any material notice under any Material Agreement; (C) the entering into of any new Material Agreement by an Obligor; or (D) any material amendment to a Material Agreement;
(xiv)as soon as possible, and in any event within five (5) Business Days after the occurrence of any ERISA Event that, either individually or together with any other ERISA Events, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding  One Million Dollars ($1,000,000) prior to the Milestone Event or Two Million Five Hundred Thousand Dollars ($2,500,000) after the Milestone Event;
(xv)as soon as possible, and in any event within five (5) Business Days after receipt thereof, true and correct copies of all Form 483s, notices of adverse finding, warning letters, untitled letters and other written correspondence or written notices from the FDA, the EMA, the MHRA or any other Governmental Authority having jurisdiction over the facilities or business of Issuer or any of its Subsidiaries;
(xvi)promptly (and in any event no later than five (5) Business Days) following receipt thereof, copies of all non-privileged written environmental reports submitted to a Governmental Authority, whether prepared by personnel of any Obligor or by independent consultants, Governmental Authorities or any other Persons, with respect to significant environmental matters at any Facility that could be reasonably expected to result in a Material Adverse Change or with respect to any Environmental Claims that could be reasonably expected to result in a Material Adverse Change.
(xvii)to the extent not delivered pursuant to Sections 6.2(a)(xiii) and (a)(xiv) above, within five (5) days after the same are sent or received by any Obligor or Subsidiary or Affiliate thereof, copies of all material correspondence, reports, documents and other filings with any Governmental Authority that could reasonably be expected to have a material adverse effect on any of the Governmental Approvals material to Issuer’s business or otherwise could reasonably be expected to result in a Material Adverse Change; 
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(xviii)promptly (and in any event no later than ten (10) Business Days) following Purchaser Agent’s request from time to time, such information respecting the operations, properties, business or condition (financial or otherwise) of the Obligors pursuant to or in response to any environmental, social and governance policies and questionnaires of Purchaser Agent or any Purchaser; and 
(xix)other information as reasonably requested by Purchaser Agent or any Purchaser.  
Notwithstanding the foregoing, documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which (A) Issuer posts such documents, or provides a link thereto, on Issuer’s website on the internet at Issuer’s website address or (B) such documents are posted on Issuer’s behalf on the internet or an intranet website, if any, to which Purchaser Agent and the Purchasers have access. 
Any documents required to be delivered pursuant to Section 6.2(a)(vii) or (viii) may be delivered to the Person specified as receiving notices for the Purchaser Agent in accordance with Article X or uploaded in downloadable form to a data room or data portal to which such Person has access and download privileges; provided that such Person shall have received notice that such documents are available for download (it being agreed that such materials shall be shared with personnel of Purchaser Agent and the Purchasers on a need-to-know basis, as determined by the general counsel of Oberland Capital Management LLC; provided, that for the avoidance of doubt, all professionals involved with the management of this Agreement and the Purchasers’ investment hereunder have a need to know such information).
(b)Promptly following the end of each fiscal quarter (but in any event no later than forty-five (45) days after the end of each of the first three fiscal quarters and ninety (90) days after the end of each fiscal year) during the Revenue Participation Period, deliver to the Purchasers a written report in the form set forth on Exhibit H (the “Revenue Report”) setting forth (i) the calculation of the Revenue Participation Payments payable to the Purchasers for such fiscal quarter and each other fiscal quarter in the same fiscal year identifying Net Sales by Issuer and its Subsidiaries for such fiscal quarter, and Net Sales for the prior fiscal quarter by any Lixivaptan Transferee; (ii) quarterly and the year-to-date Revenue Participation Payments as of the end of such fiscal quarter; and (iii) the difference of (x) the amount  the Purchasers have received with respect to such fiscal quarter (and each other fiscal quarter in such fiscal year) in payments from Issuer under Section 2.2(d) in respect of the fiscal year, minus (y) the actual Revenue Participation Payments owed to the Purchasers calculated based on Net Sales by Issuer and its Subsidiaries for such fiscal quarter and Net Sales by Lixivaptan Transferees for the prior fiscal quarter  (the “Revenue Participation True-Up Amount”).  Each Revenue Report shall attach the Lixivaptan Transferee Reports received by Issuer or any Subsidiary since the last delivery of a Revenue Report hereunder.
(c)After delivery of the financial statements pursuant to Section 6.2(a) at the request of Purchaser Agent, Issuer shall cause its chief financial officer to participate in a conference call with Purchaser Agent and the Purchasers to discuss, among other things, the financial condition of each Obligor, any financial or earnings reports and the other reports delivered pursuant to this Section 6.2; provided that such conference call shall be held during normal business hours and, so long as no Event of Default has occurred and is continuing, not more frequently than once per fiscal quarter.
(d)Keep proper books of record and account in accordance with GAAP in all material respects, in which full, true and correct entries shall be made of all dealings and transactions in 
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relation to its business and activities.  Commencing respect to the preparation of the financial statements for the fiscal year ending December 31, 2021 and at all times thereafter, Issuer shall, and shall cause each of its Subsidiaries to (i) maintain effective disclosure controls and procedures required by Rule 13a-15 or Rule 15d-15 under the Exchange Act, and (ii) maintain a system of internal accounting controls sufficient to provide reasonable assurance that (A) transactions are executed in accordance with management’s general or specific authorizations, (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset and liability accountability, (C) access to assets or incurrence of liability is permitted only in accordance with management’s general or specific authorization and (D) the recorded accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable intervals and appropriate action is taken with respect to any differences.
(e)Allow, at the sole cost of Issuer, Purchaser Agent or any Purchaser, during regular business hours upon reasonable prior notice (provided that no notice shall be required when an Event of Default has occurred and is continuing), to visit and inspect any of its properties, to examine and make abstracts or copies from any of its Books, to conduct a collateral audit and analysis of its operations and the Collateral and to conduct an audit of Net Sales (and audit, or cause Issuer or any Subsidiary to exercise any audit rights in respect of Net Sales by any Lixivaptan Transferee) and the application of proceeds from Asset Sale Repurchase Events.  Such audits shall be conducted no more often than once every year unless (and more frequently if) an Event of Default has occurred and is continuing.
Section VI.3Maintenance of Properties.  (a) Maintain, preserve and protect all of its material properties and equipment (if any) necessary in the operation of its business in good working order and condition (ordinary wear and tear excepted) and (b) make all necessary repairs thereto and renewals and replacements thereof, except, in each case, to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Change.  
Section VI.4Taxes; Pensions.  Timely file and require each of its Subsidiaries to timely file or submit extensions for, all required federal and other material tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all applicable foreign, federal, state and local taxes, assessments, deposits and contributions owed by Issuer or its Subsidiaries, except for deferred payment of any taxes permitted pursuant to the terms of Section 5.8 hereof, and shall deliver to Purchasers, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans (if any) in accordance with the terms of such plans.
Section VI.5Insurance.  
(a)Keep Issuer’s and its Subsidiaries’ business and the Collateral insured for risks and in amounts standard for companies in Issuer’s and its Subsidiaries’ industry and location.  Insurance policies shall be in amounts that are reasonably satisfactory to Purchaser Agent and Purchasers.  All property policies (if any) shall have a lender’s loss payable endorsement showing Purchaser Agent as lender loss payee and waive subrogation against Purchaser Agent, and all liability policies shall show, or have endorsements showing, Purchaser Agent, as additional insured.  Purchaser Agent shall be named as lender loss payee and/or additional insured with respect to any such insurance providing coverage in respect of any Collateral, and each provider of any such insurance shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to Purchaser Agent, that it will give Purchaser Agent thirty (30) days prior written notice before any such policy or policies shall be materially altered or canceled; provided that, if any such provider does not agree to provide such notice, then Issuer shall not materially alter or cancel any such policy or policies without giving Purchaser Agent 
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thirty (30) days prior written notice.  At Purchaser Agent’s reasonable request, Issuer shall deliver certified copies of policies and evidence of all premium payments.  
(b)So long as no Event of Default has occurred and is continuing, Issuer shall have the option of applying the proceeds of any casualty policy toward the replacement or repair of destroyed or damaged property; provided that any such replaced or repaired property (i) shall be of equal or like value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Purchaser Agent has been granted a first priority (except to the extent such replaced or repaired property was for property subject to a Permitted Lien) security interest. After the occurrence and during the continuance of an Event of Default, all proceeds payable under such casualty policy shall, at the sole option (but without obligation) of Purchaser Agent, be payable to Purchaser Agent, for the benefit of the Secured Parties, on account of the Obligations.  
(c)If Issuer or any of its Subsidiaries fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of payment to third persons, Purchaser Agent and/or any Purchaser may make, at Issuer’s expense, all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Purchaser Agent or such Purchaser, acting reasonably, deems prudent.
Section VI.6Operating Accounts.
(a)Maintain all of Obligors’ Collateral Accounts in accounts which are subject to a Control Agreement in favor of Purchaser Agent or other appropriate instrument with respect to such Collateral Account to perfect Purchaser Agent’s Lien in such Collateral Account in accordance with the terms under this Agreement or other Note Documents, which in case of a Collateral Account is maintained in the Federal Republic of Germany or United Kingdom includes the respective bank’s or financial institution’s acknowledgement of the notice receipt (including a waiver of several rights as set out in the Note Documents).
(b)Issuer shall provide Purchaser Agent five (5) Business Days’ prior written notice before any Obligor or any of its Subsidiaries establishes any Collateral Account at or with any Person other than the institutions identified to Purchaser Agent in the Perfection Certificate delivered by Issuer as of the Effective Date.  In addition, for each Collateral Account that an Obligor or any of its Subsidiaries, at any time establishes after the Effective Date, such Obligor or such Subsidiary shall cause the applicable bank or financial institution at or with which such Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Purchaser Agent’s Lien in such Collateral Account and/or any other relevant security interest in accordance with the terms hereunder (which in case of a Collateral Account is maintained in the Federal Republic of Germany or United Kingdom includes the respective bank’s or financial institution’s acknowledgement of the notice receipt (including a waiver of several rights as set out in the Note Documents)) prior to the establishment of such Collateral Account, which Control Agreement may not be terminated without prior written consent of Purchaser Agent.  
(c)No Obligor shall maintain any Collateral Accounts except Collateral Accounts maintained in accordance with Sections 6.6(a) and (b).
(d)Maintain the Designated Deposit Account as Issuer’s primary operating account at all times.
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Section VI.7Regulatory Approvals; Protection of Intellectual Property Rights.  
(a)Maintain, in full force and effect in all material respects, each Regulatory Approval required to conduct their respective businesses as presently conducted; provided that such Obligor or such Subsidiary shall not be required to preserve any such Regulatory Approval if such Obligor or such Subsidiary shall determine in its reasonable good faith judgment that the preservation thereof is no longer necessary in the conduct of the Commercialization, Development or Manufacture of any Included Product.
(b)Issuer shall, at its sole expense, either directly or by causing any Subsidiary or Licensee (subject to all restrictions and limitations contained in any applicable license agreement) to do so, use commercially reasonable efforts (including taking legal action to specifically enforce the applicable terms of any License Agreement) to prepare, execute, deliver, file and have registered any and all agreements, documents or instruments which are necessary to diligently maintain the Product Intellectual Property. Issuer shall use commercially reasonable efforts to ensure that all Patent applications corresponding to the Product Intellectual Property are diligently prosecuted with the intent to protect the Included Products. Issuer shall use commercially reasonable efforts to diligently defend or assert all Intellectual Property owned by or licensed to Issuer and relating to the Included Products against infringement or interference by any other Persons, and against any claims of invalidity or unenforceability (including, without limitation, by bringing any legal action for infringement or defending any claim of invalidity or action of a third party for declaratory judgment of non-infringement or non-enforceability), except where the failure to do so, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change. Issuer shall not, and shall use its commercially reasonable efforts to cause any Licensee (subject to all restrictions and limitations contained in any applicable license agreement) not to, disclaim or abandon, or fail to take any action necessary to prevent the disclaimer or abandonment of, the Product Intellectual Property, except where the failure to do so, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change.  
(c)In the event that Issuer becomes aware that any Included Product infringes or violates any Intellectual Property that is owned or controlled by a Third Party, Issuer shall use commercially reasonable efforts to attempt to secure the right to use such intellectual property on behalf of itself and any affected Licensee, as applicable, except where the failure to do so, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change.
(d)Issuer shall directly, or through a Subsidiary or Licensee (subject to all restrictions and limitations contained in any applicable license agreement), take all commercially reasonable actions and prepare, execute, deliver and file any and all agreements, documents or instruments to secure and maintain, all applicable Regulatory Approvals, except where the failure to do so, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change. 
(e)In the event that any Obligor or any of its Subsidiaries acquires Intellectual Property during the term of this Agreement, then the provisions of this Agreement shall automatically apply thereto and any such Intellectual Property shall automatically constitute part of the Collateral under this Agreement, without further action by any party, in each case from and after the date of such acquisition (except that any representations or warranties of any Obligor shall apply to any such Intellectual Property only from and after the date, if any, subsequent to such acquisition that such representations and warranties are brought down or made anew as provided herein). For the avoidance of doubt, this Section 6.7(e) shall not supersede or replace the Obligor’s obligation to provide Intellectual Property Updates pursuant to Section 6.2(a)(iii).
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Section VI.8Litigation Cooperation.  Commencing on the Effective Date and continuing through the termination of this Agreement, make available to Purchaser Agent and the Purchasers, without expense to Purchaser Agent or the Purchasers, Issuer and each of Issuer’s officers, employees and agents and Books, to the extent that Purchaser Agent or any Purchaser may reasonably deem them necessary to prosecute or defend any thirdparty suit or proceeding instituted by or against Purchaser Agent or any Purchaser with respect to any Collateral or relating to Issuer.
Section VI.9Notices of Litigation and Default.  Issuer will give prompt written notice (and in any event within five (5) Business Days) to Purchaser Agent and the Purchasers of any litigation or governmental proceedings pending or threatened (in writing) against Issuer or any of its Subsidiaries, which, if adversely determined, could reasonably be expected to result in damages or costs to Issuer or any of its Subsidiaries of One Million Dollars ($1,000,000) or more prior to the Milestone Event or Two Million Five Hundred Thousand Dollars ($2,500,000) or more after the Milestone Event or which, if adversely determined, could reasonably be expected to result in a Material Adverse Change.  Without limiting or contradicting any other more specific provision of this Agreement, promptly (and in any event within three (3) Business Days) upon Issuer becoming aware of the existence of any Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default, Issuer shall give written notice to Purchaser Agent and the Purchasers of such occurrence, which such notice shall include a reasonably detailed description of such Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default.
Section VI.10Landlord Waivers; Bailee Waivers.  In the event that any Obligor, after the Effective Date, intends to add any new offices or business locations, including warehouses, or otherwise store any portion of the Collateral with, or deliver any portion of the Collateral to, a bailee, in each case pursuant to Section 7.2, then, in the event that the new location is the chief executive office of such Obligor, or the value of Collateral at any such new location has a fair market value in excess of One Million Dollars ($1,000,000) or the fair market value of Collateral at all locations that are not subject to landlord or bailee waivers exceeds Two Million Five Hundred Thousand ($2,500,000) (excluding any single location holding Collateral with a fair market value of less than One Hundred and Seventy Five Thousand Dollars ($175,000)), at the request of Purchaser Agent, such Obligor shall use commercially reasonable efforts to obtain a bailee waiver or landlord waiver, as applicable, from such bailee or landlord in form and substance reasonably satisfactory to Purchaser Agent.  
Section VI.11Material Agreements.
(a)Each of Issuer and its Affiliates shall comply with all material terms and conditions of and fulfill all of its material obligations under all Material Agreements. Upon the occurrence of a breach of any Material Agreements by any other party thereto, Issuer shall seek to enforce all of its (and cause its Affiliates to seek to enforce all of their) rights and remedies thereunder if such breach, either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change.  
(b)Neither Issuer nor any of its Subsidiaries shall, without the prior consent of Purchaser Agent, not to be unreasonably withheld, delayed or conditioned, (i) amend, modify, restate, cancel, supplement, terminate or waive any provision of any Material Agreements, or grant any consent thereunder, or agree to do any of the foregoing, in each case which, either individually or in the aggregate, could reasonably be expected to impair the rights and remedies of Purchaser Agent and the Purchasers, increase in any material respect the amount of milestone payments, royalty and/or similar payment obligations of Issuer and its Subsidiaries, or result in a Material Adverse Change or (ii) enter into any Restricted License.  
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Section VI.12Creation/Acquisition of Subsidiaries.  In the event Issuer, or any of its Subsidiaries creates or acquires any Subsidiary, Issuer shall provide prior written notice to Purchaser Agent and each Purchaser of the creation or acquisition of such new Subsidiary and shall promptly (and in any case within thirty (30) days of such formation or acquisition) take all such action as may be reasonably required by Purchaser Agent or any Purchaser to cause each such Subsidiary (other than any Excluded Subsidiary) to guarantee the Obligations of Issuer under the Note Documents (including, without limitation, the execution and delivery of a Guarantee Assumption Agreement, supplement(s) to or granting new Foreign Collateral Documents (perfected and, if applicable, evidence that (i) all relevant notices and acknowledgements to be delivered under any Foreign Collateral Documents have been received; and (ii) all relevant registrations under any Foreign Collateral Documents have been made), officer’s certificate and, if reasonably requested by Purchaser Agent, an opinion of counsel) and, in each case, grant a continuing pledge and security interest in and to the assets of such Subsidiary (substantially as described on Exhibit A-1 hereto); and Issuer (or its Subsidiary, as applicable) shall grant and pledge to Purchaser Agent, for the benefit of the Secured Parties, a perfected security interest in the Shares of each such newly created or acquired Subsidiary; provided, however, that any foreign guarantees (including any Guarantee Assumption Agreement by a foreign Subsidiary), foreign security and pledge of foreign Shares shall be limited or not required as, and to the extent, set forth in the Agreed Security Principles.
Section VI.13Pari Passu Ranking.  Each Obligor shall ensure that at all times any unsecured and unsubordinated claims of a Secured Party against it under the Note Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to such Obligor.
Section VI.14Employee and Pension Matters. 
(a)Issuer shall ensure that all pension schemes operated by or maintained for the benefit of members of Issuer and its Subsidiaries and/or any of their employees are fully funded based on the statutory funding objective under sections 221 and 222 of the Pensions Act 2004 and operated in accordance with applicable law, that all pension remittances for members of Issuer and its Subsidiaries and/or any of their employees are made in accordance with applicable law, and that no action or omission is taken by any member of Issuer and its Subsidiaries in relation to such a pension scheme which has or is reasonably likely to result in a Material Adverse Change (including, without limitation, the termination or commencement of winding-up proceedings of any such pension scheme or any Obligor or Subsidiary  ceasing to employ any member of such a pension scheme).
(b)Issuer shall ensure that no member of Issuer and its Subsidiaries is or has been at any time an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004 of the United Kingdom) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Pension Schemes Act 1993 of the United Kingdom) or “connected” with or an “associate” of (as those terms are used in sections 38 or 43 of the Pensions Act 2004 of the United Kingdom) such an employer.
(c)Issuer shall deliver to Purchaser Agent (i) at such times as those reports are prepared in order to comply with the then current statutory or auditing requirements (as applicable either to the trustees of any relevant schemes or to Issuer), actuarial reports in relation to all pension schemes mentioned in clause (a) above and (ii) prompt notification of any material change in the rate of contributions to any pension schemes mentioned in clause (a) above paid or recommended to be paid (whether by the scheme actuary or otherwise) or required (by law or otherwise).
(d)No Issuer or any ERISA Affiliate shall sponsor, establish, maintain, participate in or incur any liability in respect of any “employee benefit plan” as defined in Section 3(3) of ERISA which 
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is, or within the preceding six years was, sponsored, maintained or contributed to by, or required to be contributed by, any member of Issuer and its Subsidiaries or any of their respective ERISA Affiliates.
Section VI.15People with Significant Control Regime.  Each Obligor incorporated in England and Wales shall (and shall ensure that any of its Subsidiary incorporated in England and Wales will):
(a)within the relevant timeframe, comply with any notice it receives pursuant to Part 21A of the Companies Act 2006 from any company incorporated in the United Kingdom whose shares are the subject of the security interest granted under the Note Documents; and
(b)promptly provide Purchaser Agent with a copy of that notice.
Section VI.16Further Assurances.  Execute any further instruments and take further action as Purchaser Agent or any Purchaser reasonably requests to perfect or continue Purchaser Agent’s Lien in the Collateral or to effect the purposes of this Agreement, subject to the Agreed Security Principles.
Article VII
NEGATIVE COVENANTS
Each Obligor shall not, and not permit any of its Subsidiaries to, do any of the following without the prior written consent of the Required Purchasers:
Section VII.1Transfers.  Convey, sell, lease, license (including by way of covenants not to sue), transfer, assign, contribute or otherwise dispose of (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, or permit any of its Subsidiaries to issue any Equity Interests (other than to an Obligor), except for (a) Transfers of Inventory in the ordinary course of business; (b) Transfers of Equipment, Inventory and other Goods that are worn out, obsolete, or surplus; (c) Transfers from a Subsidiary of an Obligor to an Obligor or from one Obligor to another Obligor, provided that any assets so Transferred will continue to be subject to a first priority security interest in favor of Purchaser Agent (subject to Permitted Liens) and Transfers from Full Guarantors to Limited Guarantors shall be for Fair Market Value cash consideration; (d) Permitted Liens (other than clause (i)(b) of the definition thereof), Permitted Investments and Permitted Licenses; (e) the use of Cash in the ordinary course of business in a manner not otherwise prohibited by this Agreement, and for Permitted Acquisitions and Permitted Investments; and (f) any Transfer, or issuance of Equity Interests, that constitutes an Asset Sale Repurchase Event; provided that, in the case of this clause (f), (i) no Default or Event of Default has occurred and is continuing or would reasonably be expected to occur as a result of such Transfer, (ii) the Obligor or the applicable Subsidiary receives the consideration for such Transfer equal to the Fair Market Value of the asset subject to such Transfer, (iii) at least 75% of the consideration is, or will be when paid, in the form of Cash, and (iv) the Net Proceeds thereof will be applied in accordance with Section 2.2(c); provided that, notwithstanding anything to the contrary in this Agreement, neither any Obligor nor Subsidiary shall Transfer, or permit the Transfer of, any Lixivaptan Product unless each applicable Lixivaptan Transferee agrees in a writing to provide Lixivaptan Transferee Reports and to provide customary audit rights to the applicable Obligor or Subsidiary and the Purchaser Agent with respect to any Net Sales by such Lixivaptan Transferee.
Section VII.2Changes in Business, Management, Ownership, or Business Locations.  (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses engaged in by Issuer and such Subsidiary, as applicable, as of the Effective Date or reasonably related thereto; or (b) liquidate or dissolve (other than (x) as permitted by Section 7.3 or (y) with respect to any German Obligor, to the extent explicitly permitted under the applicable German Collateral Documents).  
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No Obligor shall, without at least ten (10) days’ prior written notice to Purchaser Agent: (A) add any new offices or locations where Collateral is located, including warehouses (unless the Purchaser Agent would not have a right to request a bailee waiver or landlord waiver pursuant to Section 6.10 with respect to such new officers or locations and such new offices or locations (i) contain less than One Million Dollars ($1,000,000) in assets or property of Issuer or any of its Subsidiaries and (ii) are not Issuer’s or its Subsidiaries’ chief executive office), (B) change its jurisdiction of organization or incorporation, (C) change its organizational structure or type, (D) change its legal name, or (E) change any organizational or company number (if any) assigned by its jurisdiction of organization or incorporation.  No Obligor incorporated under the laws of the Federal Republic of Germany shall enter into a silent partnership within the meaning of sections 230 German Commercial Code (Handelsgesetzbuch) et seqq. or any other (typical or atypical) silent participations in a business operated by a person (including any jouissance rights (Genussrechte)), irrespective of the laws the relevant silent partnership or other participation is governed by.
Section VII.3Mergers or Acquisitions.  Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the Equity Interests or property of another Person; provided that, (a) nothing herein shall prohibit any Obligor from effecting such a transaction to the extent it qualifies as a “Permitted Acquisition” or to the extent it qualifies as an Asset Sale Repurchase Event permitted pursuant to Section 7.1, and (b) an Obligor or a Subsidiary of an Obligor may merge, consolidate, liquidate or dissolve into another Obligor or Subsidiary of an Obligor (provided that (x) if any such Obligor is Issuer, Issuer is the surviving legal entity, (y) if such Subsidiary is an Obligor, the surviving Subsidiary shall be an Obligor, and (z) if such Subsidiary is a Full Guarantor, the surviving Subsidiary shall be a Full Guarantor), in each case so long as no Event of Default is occurring prior thereto or arises as a direct result therefrom and, in the case of any merger or consolidation with respect to any German Obligor, such merger or consolidation is explicitly permitted pursuant to the applicable German Collateral Documents.  Without limiting the foregoing, Issuer shall not, without Purchaser Agent’s prior written consent, not to be unreasonably withheld, delayed or conditioned, enter into any legally binding contractual arrangement with any Person to facilitate a merger or acquisition of Issuer, unless (i) no Event of Default exists when such agreement is entered into by Issuer, and (ii) such agreement does not give such Person the right to claim any fees, payments or damages from Issuer in excess of Two Million Five Hundred Thousand Dollars ($2,500,000) prior to the repayment of the Obligations.
Section VII.4Indebtedness.  Create, incur, assume, or be liable for any Indebtedness, other than Permitted Indebtedness.
Section VII.5Encumbrance.  Create, incur, allow, or suffer any Lien on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, except for Permitted Liens, or permit any Collateral not to be subject to the first priority security interest granted herein (except for Permitted Liens that are permitted by the terms of this Agreement to have priority over Purchaser Agent’s Lien or to the extent provided in the Agreed Security Principles), or enter into any agreement, document, instrument or other arrangement (except with or in favor of Purchaser Agent, for the benefit of the Secured Parties) with any Person which directly or indirectly prohibits or has the effect of prohibiting Issuer, or any of its Subsidiaries, from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Issuer’s or such Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of “Permitted Liens” herein.
Section VII.6Maintenance of Collateral Accounts.  Maintain any Collateral Account except pursuant to the terms of Section 6.6 hereof.
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Section VII.7Distributions; Investments. (a) Pay any dividends (other than dividends payable solely in Equity Interests of Issuer) or make any distribution or payment in respect of or redeem, retire or purchase any Equity Interests (other than Permitted Distributions); (b) directly or indirectly make any Investment other than Permitted Investments; or (c) use the proceeds of the Notes to finance or refinance the acquisition of any Equity Interests of any Person incorporated or organized under the laws of France.
Section VII.8Domination and/or profit and loss absorption agreements.  Enter into any domination and/or profit and loss absorption agreement (Beherrschungs- und/oder Gewinnabführungsvertrag) governed by the laws of the Federal Republic of Germany.
Section VII.9Transactions with Affiliates.  Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of Issuer or any of its Subsidiaries, except for (a) transactions that are in the ordinary course of Issuer’s or such Subsidiary’s business, upon fair and reasonable terms that are no less favorable to Issuer or such Subsidiary than would be obtained in an arm’s length transaction with a nonaffiliated Person), (b) sales of equity securities (other than Disqualified Equity Interests) that are not prohibited by the terms of this Agreement, (c) customary compensation and other benefits arrangements (including retirement, health, stock option, and other benefit plans and indemnification arrangements approved by the relevant board of directors, board of managers or equivalent corporate body) with Issuer’s and its Subsidiaries’ employees, officers, directors and managers approved by Issuer’s or such Subsidiary’s board of directors, and (d) transactions permitted pursuant to Section 7.7.
Section VII.10Permitted Convertible Notes.  (a) Repurchase or redeem (or call for redemption) any Permitted Convertible Notes or settle any conversions of any Permitted Convertible Notes in cash (other than cash in lieu of fractional shares), or (b)  amend any provision in any document relating to the Permitted Convertible Notes which would increase the amount thereof, accelerate the principal or other payment in respect thereof, increase the interest rate or premiums payable thereon or adversely affect the subordination thereof to Obligations owed to the Purchasers.
Section VII.11Compliance with Laws.
(a)Become an “investment company” or a company controlled by an “investment company”, under the Investment Company Act of 1940, as amended, and/or under any other similar applicable law in any relevant jurisdiction, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any issuance of Notes for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation, either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change; withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any liability of Issuer or any of its Subsidiaries, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental Authority.
(b)Cause or suffer to exist (a) any event that could result in the imposition of a Lien with respect to any Pension Plan or Multiemployer Plan or any similar Lien under applicable law in the relevant jurisdictions or (b) any other ERISA Event that, in the aggregate, could reasonably be expected to result in a Material Adverse Change. 
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(c)Take (or omit to take) any action to the extent that doing so will, or is reasonably likely to, result in an Obligor or any of its Subsidiary being an AIF or an AIFM.
(d)Purchaser Agent hereby notifies Issuer and each of its Subsidiaries that pursuant to the requirements of AntiTerrorism Laws and Anti-Corruption Laws, and Purchaser Agent’s policies and practices, Purchaser Agent is required to obtain, verify and record certain information and documentation that identifies Issuer and each of its Subsidiaries and their principals, which information includes the name and address of Issuer and each of its Subsidiaries and their principals and such other information that will allow Purchaser Agent to identify such party in accordance with AntiTerrorism Laws and/or Anti-Corruption Laws.  
(e)Neither Issuer nor any of its Subsidiaries shall, nor shall Issuer or any of its Subsidiaries permit any Affiliate to, directly or indirectly, knowingly enter into any documents, instruments, agreements or contracts with any Sanctioned Person.  Issuer and each of its Subsidiaries shall immediately notify Purchaser Agent if Issuer or such Subsidiary has knowledge that Issuer, or any Subsidiary or Affiliate of Issuer, is an Sanctioned Person or (a) is convicted on, (b) pleads nolo contendere to, (c) is indicted on, or (d) is arraigned and held over on charges involving money laundering or predicate crimes to money laundering.  Neither Issuer nor any of its Subsidiaries shall, nor shall Issuer or any of its Subsidiaries, permit any Affiliate to, directly or indirectly, (i) conduct any business or engage in any transaction or dealing with any Sanctioned Person, including, without limitation, the making or receiving of any contribution of funds, goods or services to or for the benefit of any Sanctioned Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked or Sanctioned pursuant to any Sanctions (including Executive Order No. 13224 or any similar executive order), other AntiTerrorism Law or other Anti-Corruption Laws, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Sanctions (including Executive Order No. 13224 or any similar executive order), other AntiTerrorism Law or other Anti-Corruption Laws.
(f)Each Obligor will comply, and shall cause each of its Subsidiaries and all other Persons, if any, on or occupying any Facilities to comply, with all Environmental Laws. If Purchaser Agent at any time has a reasonable basis to believe that there is any material violation by an Obligor of any Environmental Law, each Obligor will, and will cause each Subsidiary to, (i) cause the performance of such environmental audits and testing, and preparation of such environmental reports, at Issuer’s sole cost and expense, as Purchaser Agent may from time to time reasonably request with respect to any parcel of real property subject to a Note Document that is a mortgage, deed of trust or similar instrument, which shall be conducted by Persons reasonably acceptable to Purchaser Agent and shall be in form and substance reasonably acceptable to Purchaser Agent, and (ii) permit Purchaser Agent or its representatives to have access to all such real property for the purpose of conducting, at Issuer’s sole cost and expense, such environmental audits and testing as Purchaser Agent shall reasonably deem appropriate.
(g)Each Obligor will not, and will not permit any of its Subsidiaries to, use, generate, manufacture, install, treat, release, store or dispose of any Hazardous Material, except in compliance with all applicable Environmental Laws or where the failure to comply could not reasonably be expected to result in a Material Adverse Change.
Section I.12Limitation of Negative Covenants to German Obligors. 
(a)The restrictions imposed under Sections 7.1, 7.2 (except for the second sentence thereof) and 7.3 above shall not apply to any Obligor incorporated in the Federal Republic of Germany (a “German Obligor”).
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(b)Issuer and each German Obligor shall give the Purchaser Agent notice in writing and in good time of the intention of it or of any its subsidiaries incorporated in the Federal Republic of Germany to carry out any of the acts or take any of the steps prohibited under any of the clauses referred to in the foregoing Section 7.12(a) to be carried out or to be taken by any Obligor. Any such notification shall render an explanation if and how such steps might affect the financial situation of an Obligor, or the Purchasers’ and Purchaser Agent’s risk and security position, and it shall not be made later than twenty (20) Business Days before such measure shall be implemented, or in case of urgent matters requiring an implementation on shorter notice, immediately after the need for the relevant measure arises; provided, that the reasons for such urgent implementation are described in the notification.
(c)The Purchaser Agent shall be entitled within eight (8) Business Days of receipt of the relevant German Guarantor’s notice under Section 7.12(a) to request the relevant German Obligor to supply to the Purchaser Agent any relevant information in connection with the proposed action or steps referred to in such notice.
(d)The Purchaser Agent shall notify the relevant German Obligor, within fifteen (15) Business Days of receipt of the relevant German Obligor’s notice under Section 7.12(a) or, if additional information has been requested by the Purchaser Agent under Section 7.12(c), within fifteen (15) Business Days of receipt of such information, whether the proposed action or steps under Section 7.12(b) is, or is in the reasonable opinion of the Purchaser Agent, likely to have material adverse consequences for the Purchasers’ risk or security position.
(e)If the proposed action or steps under Section 7.12(b) is considered by the Purchaser Agent to be likely to have material adverse consequences for the Purchasers’ risk or security position and the relevant German Obligor nevertheless takes such action or steps or if the relevant German Obligor takes such actions or steps before expiry of the time period described under Section 7.12(b), this shall constitute an immediate Event of Default and the Purchaser Agent shall consequently be entitled to any or all of its rights and remedies under the Note Documents.
Article VIII
EVENTS OF DEFAULT
Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement:
Section VIII.1Payment Default.  
(a)Issuer fails to (i) make any payment of principal or any Milestone Payments when such payment is due, or (ii) make any payment of interest on any Notes or any Revenue Participation Payment within two (2) Business Days of when such payment is due; or   
(b)Issuer fails to pay any other Obligations within five (5) Business Days after such Obligations are due and payable (which five (5) Business Day grace period shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1(a) hereof). 
Section VIII.2Covenant Default.
(a)Issuer or any of its Subsidiaries fails or neglects to perform any obligations in Section 3.7, 3.10, 6.1, 6.2, 6.6, 6.7, 6.9, 6.11 or 6.12 or violates any covenant in Article VII; or
(b)Issuer, or any of its Subsidiaries, fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Note 
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Documents, and as to any Default (other than those specified in this Article VIII) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the Default within fifteen (15)  Business Days after the occurrence thereof; provided that if the Default cannot by its nature be cured within the (15)  Business Day period or cannot after diligent attempts by Issuer be cured within such (15)  Business Day period, and such Default is likely to be cured within a reasonable time, then Issuer shall have an additional period (which shall not in any case exceed thirty (30) days or such longer period as Purchaser Agent may agree in its sole discretion (without obligation)) to attempt to cure such Default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Notes shall be purchased during such cure period).  Grace periods provided under this Section 8.2(b) shall not apply, among other things, to financial covenants, if any, or any other covenants set forth in Section 8.2(a) above.
Section VIII.3Material Adverse Change.  A Material Adverse Change occurs.
Section VIII.4Attachment; Levy; Restraint on Business.
(a)(i) The service of process seeking to attach, by trustee or similar process, any funds of Issuer or any of its Subsidiaries or of any entity under control of Issuer or its Subsidiaries on deposit with any bank or other institution at which Issuer or any of its Subsidiaries maintains a Collateral Account, or (ii) a notice of lien, levy, or assessment is filed against Issuer or any of its Subsidiaries or their respective assets by any government agency, or any analogous process in any jurisdiction and the same under subclauses (i) and (ii) hereof are not, within twenty (20) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided that, no Notes shall be purchased during any twenty (20) day cure period; and
(b)(i) Any material portion of Issuer’s or any of its Subsidiaries’ assets is attached, expropriated, sequestrated, seized, levied on, or comes into possession of a trustee or receiver or any analogous process in any jurisdiction, or (ii) any court order enjoins, restrains, or prevents Issuer or any of its Subsidiaries from conducting any material part of its business.
Section VIII.5Insolvency.  (a) Issuer or any of its Subsidiaries is or becomes Insolvent; (b) Issuer or any of its Subsidiaries begins an Insolvency Proceeding; (c) an Insolvency Proceeding is begun against Issuer or any of its Subsidiaries and not dismissed or stayed within fortyfive (45) days (or in the case of an Obligor or a Subsidiary incorporated in England and Wales twenty one (21) days; or in the case of an Obligor or a Subsidiary incorporated in the Federal Republic of Germany ten (10) days) of commencement; or (d) a moratorium is declared in respect of any indebtedness of any Obligor and for the avoidance of doubt, if a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.
Section VIII.6Other Agreements.  There is a default in any agreement  to which Issuer or any of its Subsidiaries is a party with a third party or parties (a) that could entitle or permit such third party or parties, after the giving of notice or the expiration of any applicable grace periods,  to accelerate the maturity of any Indebtedness in an aggregate amount in excess of Five Million Dollars ($5,000,000) (even if such third party is restricted from accelerating the maturity of such Indebtedness, including pursuant to the terms of a subordination or other similar agreement) or (b) that could reasonably be expected to result in a Material Adverse Change.
Section VIII.7Judgments.  One or more judgments, orders, or decrees for the payment of money in an amount, individually or in the aggregate, of at least Five Million Dollars ($5,000,000) (not covered by independent thirdparty insurance as to which liability has been accepted by such insurance 
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carrier) shall be rendered against Issuer or any of its Subsidiaries and shall remain unsatisfied, unvacated or unstayed for a period of twenty (20) Business Days after the entry thereof.
Section VIII.8Misrepresentations.   Any representation, warranty or statement made or deemed made by or on behalf of any Obligor in or in connection with any Note Document or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Note Document or any amendment or modification hereof or thereof shall: (i) prove to have been incorrect when made or deemed made to the extent that such representation or warranty contains any materiality or Material Adverse Change qualifier; or (ii) prove to have been incorrect in any material respect when made or deemed made to the extent that such representation or warranty does not otherwise contain any materiality or Material Adverse Change qualifier. 
Section VIII.9Permitted Convertible Notes.  A default, breach or other event that could trigger any mandatory repurchases or redemptions in excess of Five Million Dollars ($5,000,000) occurs under  the indenture or such other document governing the terms of the Permitted Convertible Notes, whether or not such default or breach that would allow the holders or the trustee (on behalf of the holders) to declare an event of default or accelerate the Indebtedness under the Permitted Convertible Notes or the holders or the trustee (on behalf of the holders) has required Issuer to repurchase or redeem the Permitted Convertible Notes pursuant to such event. 
Section VIII.10Guaranty.   (a) Any Guaranty terminates or ceases for any reason to be in full force and effect; (b) any circumstance described in Section 8.3, 8.4, 8.5, 8.7 or 8.8 occurs with respect to any Guarantor, or (c) the liquidation, winding up, or termination of existence of any Guarantor (except as expressly permitted by Section 7.3(b)). 
Section VIII.11Governmental Approvals.  Any Governmental Approval shall have been revoked, rescinded, suspended, modified in an adverse manner, or not renewed in the ordinary course for a full term and such revocation, rescission, suspension, modification or nonrenewal has resulted in or could reasonably be expected to result in a Material Adverse Change.
Section VIII.12Lien Priority.  Any Lien created hereunder or by any other Note Document shall at any time fail to constitute a valid and perfected Lien on any of the Collateral purported to be secured thereby, subject to no prior or equal Lien, other than Permitted Liens which are permitted to have priority in accordance with the terms of this Agreement.
Section VIII.13Delisting.  The ordinary shares or American Depository Shares (“ADS”) of Issuer are delisted from the Nasdaq Global Market because of failure to comply with continued listing standards thereof or due to a voluntary delisting which results in such shares or ADSs not being listed on any other nationally recognized stock exchange in the United States having listing standards at least as restrictive as the Nasdaq Global Market.
Article IX
RIGHTS AND REMEDIES
Section IX.1Rights and Remedies.
(a)Upon the occurrence and during the continuance of an Event of Default, Purchaser Agent may, and at the written direction of Required Purchasers shall, without notice or demand, do any or all of the following: (i) deliver notice of the Event of Default to Issuer, (ii) by notice to Issuer declare the Final Payment Amount and all other Obligations immediately due and payable (but if 
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an Event of Default described in Section 8.5 occurs the Final Payment Amount and all other Obligations shall be immediately due and payable without any action by Purchaser Agent or the Purchasers) or (iii) by notice to Issuer suspend or terminate the Commitments (but if an Event of Default described in Section 8.5 occurs all Commitments shall be immediately terminated without any action by Purchaser Agent or the Purchasers).
(b)Without limiting the rights of Purchaser Agent and the Purchasers set forth in Section 9.1(a) above, and subject to any limitations and further requirements (if any) set forth in any applicable Foreign Collateral Documents, upon the occurrence and during the continuance of an Event of Default, Purchaser Agent shall have the right at the written direction of the Required Purchasers, without notice or demand, to do any or all of the following:
(i)foreclose upon and/or sell or otherwise liquidate, the Collateral;
(ii)apply to the Obligations any (a) balances and deposits of Issuer that Purchaser Agent or any Purchaser holds or controls, or (b) any amount held or controlled by Purchaser Agent or any Purchaser owing to or for the credit or the account of Issuer; 
(iii)commence and prosecute an Insolvency Proceeding or consent to any Obligor commencing any Insolvency Proceeding; and/or
(iv)exercise all of its rights and remedies as provided under the Foreign Collateral Documents.
(c)Without limiting the rights of Purchaser Agent and the Purchasers set forth in Sections 9.1(a) and (b) above, upon the occurrence and during the continuance of an Event of Default, Purchaser Agent shall have the right, without notice or demand, to do any or all of the following:
(i)settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Purchaser Agent considers advisable, notify any Person owing Issuer money of Purchaser Agent’s security interest in such funds, and verify the amount of such account;
(ii)make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the Collateral.  Each Obligor shall assemble the Collateral if Purchaser Agent requests and make it available in a location Purchaser Agent reasonably designates.  Purchaser Agent may peaceably enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred.  Each Obligor grants Purchaser Agent a license to enter and occupy any of its premises, without charge by Issuer, to exercise any of Purchaser Agent’s rights or remedies;
(iii)ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, and/or advertise for sale, the Collateral.  Purchaser Agent is hereby granted a nonexclusive, royaltyfree license or other right to use, without charge, each Obligor and  each of its Subsidiaries’ labels, patents, copyrights, mask works, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Purchaser Agent’s exercise of its rights under this Section 9.1, each Obligor’s and each of its Subsidiaries’ rights under all licenses and all franchise agreements inure to Purchaser Agent, for the benefit of the Secured Parties;
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(iv)place a “hold” on any account maintained with Purchaser Agent or the Purchasers and/or deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral;
(v)demand and receive possession of any Obligor’s Books;
(vi)appoint a receiver to seize, manage and realize any of the Collateral, and such receiver shall have any right and authority as any competent court will grant or authorize in accordance with any applicable law, including any power or authority to manage the business of Issuer or any of its Subsidiaries; and
(vii)subject to Sections 9.1(a) and (b), exercise all rights and remedies available to Purchaser Agent and each Purchaser under the Note Documents or at law or equity, including all remedies provided under the UCC (including disposal of the Collateral pursuant to the terms thereof).
Notwithstanding any provision of this Section 9.1 to the contrary, upon the occurrence of any Event of Default, Purchaser Agent shall have the right to exercise any and all remedies referenced in this Section 9.1 without the written consent of Required Purchasers following the occurrence of an Exigent Circumstance.  As used in the immediately preceding sentence, “Exigent Circumstance” is any event or circumstance that, in the reasonable judgment of Purchaser Agent, imminently threatens the ability of Purchaser Agent to realize upon all or any material portion of the Collateral, such as, without limitation, fraudulent removal, concealment, or abscondment thereof, destruction or material waste thereof, or failure of Issuer or any of its Subsidiaries after reasonable demand to maintain or reinstate adequate casualty insurance coverage, or which, in the judgment of Purchaser Agent, could reasonably be expected to result in a material diminution in value of the Collateral.  For the avoidance of doubt the Final Payment Amount shall be due and payable at any time the Obligations become due and payable or are otherwise accelerated hereunder for any reason, whether due to acceleration pursuant to the terms of this Agreement (in which case it shall be due immediately, upon the giving of notice to Issuer in accordance with Section 9.1(a), or automatically, in accordance with the parenthetical to Section 9.1(a)(ii)), by operation of law or otherwise (including where bankruptcy filings or the exercise of any bankruptcy right or power, whether in any plan of reorganization or otherwise, results or would result in a payment, discharge, modification or other treatment of the Notes or Note Documents that would otherwise evade, avoid, or otherwise disappoint the expectations of the Purchasers in receiving the full benefit of their bargained-for Final Payment Amount).  The Obligors acknowledge and agree that none of the Final Payment Amount shall constitute unmatured interest, whether under section 502(b)(2) of the United States Bankruptcy Code or otherwise, but instead is reasonably calculated to ensure that the Purchasers receive the benefit of their bargain under the terms of this Agreement.  The Obligors acknowledge and agree that the Purchasers shall be entitled to recover the full amount of the Final Payment Amount in each and every circumstance such amount is due pursuant to or in connection with this Agreement, including in the case of any Insolvency Proceeding affecting Issuer or any of its Subsidiaries, so that the Purchasers shall receive the benefit of their bargain hereunder and otherwise receive full recovery as agreed under every possible circumstance, and each of the Obligors hereby waives any defense to payment, whether such defense may be based in public policy, ambiguity, or otherwise.  The Obligors further acknowledge and agree, and waive any argument to the contrary, that payment of such amounts does not constitute a penalty or an otherwise unenforceable or invalid obligation. Any damages that the Purchasers may suffer or incur resulting from or arising in connection with any breach hereof or thereof by any Obligor shall constitute secured obligations owing to the Purchasers.
Section IX.2Power of Attorney.  Each Obligor hereby irrevocably appoints Purchaser Agent by way of security as its lawful attorneyinfact, exercisable only upon the occurrence and during the continuance of an Event of Default, to: (a) endorse such Obligor’s or any of its Subsidiaries’ name on any 
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checks or other forms of payment or security; (b) sign such Obligor’s or any of its Subsidiaries’ name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Purchaser Agent determines reasonable; (d) make, settle, and adjust all claims under Issuer’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Purchaser Agent or a third party as the UCC or any applicable law permits.  Each Obligor hereby appoints Purchaser Agent as its lawful attorneyinfact to sign such Obligor’s or any of its Subsidiaries’ name on any documents necessary to perfect or continue the perfection of Purchaser Agent’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations (other than inchoate indemnity or reimbursement obligations) have been satisfied in full and Purchaser Agent and the Purchasers are under no further obligation to purchase Notes hereunder.  Purchaser Agent’s foregoing appointment as each Obligor’s or any of its Subsidiaries’ attorney in fact, and all of Purchaser Agent’s rights and powers, coupled with an interest, are irrevocable until all Obligations (other than inchoate indemnity or reimbursement obligations) have been fully repaid and performed and Commitments have been terminated.
Section IX.3Protective Payments.  If Issuer or any of its Subsidiaries fail to timely obtain the insurance called for by Section 6.5 or fails to timely pay any premium thereon or fails to timely pay any other amount which Issuer or any of its Subsidiaries is obligated to pay under this Agreement or any other Note Document and provided any applicable grace period has expired, Purchaser Agent may, by written notice to Issuer at least five (5) Business Days prior, obtain such insurance or make such payment, and all amounts so paid by Purchaser Agent are Reimbursable Expenses and immediately due and payable, bearing interest at the Default Rate, and secured by the Collateral.  Purchaser Agent will make reasonable efforts to provide Issuer with notice of Purchaser Agent obtaining such insurance or making such payment at the time it is obtained or paid or within a reasonable time thereafter.  No such payments by Purchaser Agent are deemed an agreement to make similar payments in the future or Purchaser Agent’s waiver of any Event of Default.
Section IX.4Application of Payments and Proceeds.  Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence and during the continuance of an Event of Default, (a) each Obligor irrevocably waives the right to direct the application of any and all payments at any time or times thereafter received by Purchaser Agent from or on behalf of any Obligor or any of its Subsidiaries of all or any part of the Obligations, and, as between the Obligors on the one hand and Purchaser Agent and Purchasers on the other, Purchaser Agent shall have the continuing and exclusive right to apply and to reapply any and all payments received against the Obligations in such manner as Purchaser Agent may deem advisable notwithstanding any previous application by Purchaser Agent, and (b) to the extent permitted by applicable law, the proceeds of any sale of, or other realization upon all or any part of the Collateral shall be applied: first, to the Reimbursable Expenses; second, to accrued and unpaid interest on the Obligations (including any interest which, but for the provisions of the United States Bankruptcy Code, would have accrued on such amounts); third, to the principal amount of the Obligations outstanding; and fourth, to any other indebtedness or obligations of the Obligors owing to Purchaser Agent or any Purchaser under the Note Documents.  Any balance remaining shall be delivered to applicable Obligor or to whoever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct.  In carrying out the foregoing, (x) amounts received shall be applied in the numerical order provided until exhausted prior to the application to the next succeeding category, and (y) each of the Persons entitled to receive a payment in any particular category shall receive an amount equal to its pro rata share of amounts available to be applied pursuant thereto for such category.  Any reference in this Agreement to an allocation between or sharing by the Purchasers of any right, interest or obligation “ratably,” “proportionally” or in similar terms shall refer to Pro Rata Share unless expressly 
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provided otherwise.  Purchaser Agent, or if applicable, each Purchaser, shall promptly remit to the other Purchasers such sums as may be necessary to ensure the ratable repayment of each Purchaser’s portion of any Note and the ratable distribution of interest, fees and reimbursements paid or made by any Obligor.  Notwithstanding the foregoing, a Purchaser receiving a scheduled payment shall not be responsible for determining whether the other Purchasers also received their scheduled payment on such date; provided that, if it is later determined that a Purchaser received more than its ratable share of scheduled payments made on any date or dates, then such Purchaser shall remit to Purchaser Agent or other Purchasers such sums as may be necessary to ensure the ratable payment of such scheduled payments, as instructed by Purchaser Agent.  If any payment or distribution of any kind or character, whether in cash, properties or securities, shall be received by a Purchaser in excess of its ratable share, then the portion of such payment or distribution in excess of such Purchaser’s ratable share shall be received by such Purchaser in trust for and shall be promptly paid over to the other Purchaser for application to the payments of amounts due on the other Purchasers’ claims.  To the extent any payment for the account of an Obligor is required to be returned as a voidable transfer or otherwise, the Purchasers shall contribute to one another as is necessary to ensure that such return of payment is on a pro rata basis.  If any Purchaser shall obtain possession of any Collateral, it shall hold such Collateral for itself and as agent and bailee for Purchaser Agent and other Purchasers for purposes of perfecting Purchaser Agent’s security interest therein.
Section IX.5Liability for Collateral.  So long as Purchaser Agent and the Purchasers comply with reasonable banking practices and applicable law regarding the safekeeping of any Collateral, as applicable, in the possession or under the control of Purchaser Agent and the Purchasers, Purchaser Agent and the Purchasers shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person.  Except as a result of Purchaser Agent’s or any Purchaser’s gross negligence or willful misconduct, the Obligors bear all risk of loss, damage or destruction of the Collateral.
Section IX.6Licenses Related to Included Products.   For the purpose of enabling Purchaser Agent and Purchasers to exercise rights and remedies under this Article 9 and the other Note Documents (including in order to take possession of, collect, receive, assemble, process, appropriate, remove, realize upon, sell, assign, license out, convey, transfer or grant options to purchase any Collateral), each Obligor hereby grants to Purchaser Agent an irrevocable, nonexclusive, assignable license (which license may be exercised only upon the occurrence and during the continuance of an Event of Default and for the purposes of, or in connection with, the exercise of remedies under this Article 9 and the other Note Documents), without payment of royalty, return on net sales, revenue share or other compensation to Issuer or any of its Subsidiaries or Affiliates, including the right to practice, use, sublicense or otherwise exploit, solely in connection with the Included Products or other items in the Collateral, any Intellectual Property owned or controlled by such Person, wherever the same may be located, and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof to the extent that such non-exclusive license is not prohibited by any applicable law.  Any license, sublicense or other transaction entered into by Purchaser Agent in accordance with the provisions of this Section 9.6 will be binding upon any applicable Obligor, notwithstanding any subsequent cure of an Event of Default.
Section IX.7Distressed Disposal.  If a Distressed Disposal is being effected, Purchaser Agent is irrevocably authorized (at the cost of Issuer and without the consent, sanction, authority or further confirmation of Issuer or any Subsidiary) to release any intercompany loans, claims or other liabilities owed to Issuer or any Subsidiary, on the one hand, by Issuer or any Subsidiary, on the other, whose shares or Equity Interests are the subject of that Distressed Disposal. Issuer irrevocably undertakes to promptly do all such things and execute all such documents (or to procure that the relevant Subsidiary does all such 
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things and executes all such documents) requested by Purchaser Agent necessary to give effect to the provisions of this Section 9.7.
Section IX.8No Waiver; Remedies Cumulative.  Failure by Purchaser Agent or any Purchaser, at any time or times, to require strict performance by the Obligors of any provision of this Agreement or any other Note Document shall not waive, affect, or diminish any right of Purchaser Agent or any Purchaser thereafter to demand strict performance and compliance herewith or therewith.  No waiver hereunder shall be effective unless signed by Purchaser Agent and the Required Purchasers and then is only effective for the specific instance and purpose for which it is given.  The rights and remedies of Purchaser Agent and the Purchasers under this Agreement and the other Note Documents are cumulative.  Purchaser Agent and the Purchasers have all rights and remedies provided under the UCC, any applicable law, by law, or in equity.  The exercise by Purchaser Agent or any Purchaser of one right or remedy is not an election, and Purchaser Agent’s or any Purchaser’s waiver of any Event of Default is not a continuing waiver.  Purchaser Agent’s or any Purchaser’s delay in exercising any remedy is not a waiver, election, or acquiescence.
Section IX.9Demand Waiver.  Each Obligor waives, to the fullest extent permitted by law, demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default, notice of nonpayment at maturity, release, compromise, settlement, extension, or renewal of Accounts, documents, Instruments, Chattel Paper, or guarantees held by Purchaser Agent or any Purchaser on which Issuer or any Subsidiary is liable.
Article X
NOTICES; SERVICE OF PROCESS
All notices, consents, requests, approvals, demands or other communication (collectively, “Communication”) by any party to this Agreement or any other Note Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by facsimile or email transmission as evidenced by a transmission confirmation sheet or server delivery confirmation notice, as applicable; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if handdelivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number or email address indicated below.  Any of Purchaser Agent, the Purchasers or Issuer may change its mailing address, email address, or facsimile number by giving the other party written notice thereof in accordance with the terms of this Article X.
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	If to any Obligor:	c/o Centessa Pharmaceuticals plc
3rd Floor 1 Ashley Road, Altrincham, Cheshire, United Kingdom, WA14 2DT
Attention: General Counsel
Email: [***]

		
	with a copy (which shall not constitute notice) to:	Goodwin Procter LLP
100 Northern Ave.
Boston, MA, 02210
Attention:  Mark D. Smith
Email: [***]

		
	If to Purchaser Agent:	Cocoon SA LLC
c/o Oberland Capital Management LLC
1700 Broadway, 37th Floor
New York, NY 10019
Attn: Kristian Wiggert
Facsimile:  [***]
Telephone:  [***]
E-mail: [***]

		
	with a copy (which shall not constitute notice) to:	Cooley LLP
3 Embarcadero Center, 20th Floor
San Francisco, CA 94111
Attention: Gian-Michele a Marca
Fax: [***]
Email: [***]

		
	If to any Purchaser:	As specified on the applicable signature page hereto.
		

Each party hereto irrevocably consents to service of process in any action or proceeding arising out of or relating to any Note Document, in the manner provided for notices in this Article X. Nothing in this Agreement or any other Note Document will affect the right of any party hereto to serve process in any other manner permitted by applicable laws. Each of Issuer and other Foreign Obligor hereby irrevocably appoints Centessa Pharmaceuticals, Inc. as its agent for service of process with respect to all of the Note Documents and all other related agreements to which it is a party (the “Process Agent”) and Centessa Pharmaceuticals, Inc. hereby accepts such appointment as the Process Agent and hereby agrees to forward promptly to Issuer and such other Foreign Obligor, as applicable, all legal process addressed to Issuer and such other Foreign Obligor, as applicable, received by the Process Agent.
Article XI
CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER
This Agreement and the other Note Documents and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Note Document (except as may be expressly otherwise provided in any Note Document) shall be governed by, and construed in accordance with, the law of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules).
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Each Obligor, Purchaser Agent and each Purchaser each submit to the exclusive jurisdiction of the courts of the State of New York sitting in the City and County of New York and of the United States District Court of the Southern District of New York and any appellate court thereof and agrees that all claims in respect of any such action, litigation or proceeding shall be heard and determined in such state court or, to the fullest extent permitted by applicable law, in such federal court; provided that the foregoing shall not preclude Purchaser Agent from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral.  Each of the parties hereto agrees that a final judgment in any such action, litigation 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.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER NOTE DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER NOTE DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS ARTICLE XI.
Article XII
GUARANTY
Section XII.1The Guarantee.  Each Guarantor hereby jointly and severally with each other Guarantor guarantees to Purchaser Agent and the Purchasers, and their successors and assigns, (i) the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of the principal of and interest on the Notes, all fees and other amounts and Obligations from time to time owing to Purchaser Agent and the Purchasers by Issuer and each other Obligor under the Notes, this Agreement or any other Note Document and (ii) the full and prompt performance and observance by Issuer and the other Guarantors of each and all of the covenants, liabilities, obligations and agreements required to be performed or observed by such Obligors under the Notes, this Agreement or any other Note Document, in each case strictly in accordance with the terms hereof and thereof (such obligations being herein collectively called the “Guaranteed Obligations”).  Each Guarantor hereby further jointly and severally with each other Guarantor agrees that if Issuer or any other Obligor shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, such Guarantor will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment, or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.
Section XII.2Obligations Unconditional.  The Guaranteed Obligations of the Guarantors are absolute and unconditional, joint and several, independent and irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of Issuer under the Notes, this Agreement or any other agreement or instrument referred to herein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by law, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 12.2 that the obligations of the Guarantors hereunder shall be absolute and unconditional, joint and several, under any and all circumstances.  Without limiting the generality of the foregoing, it is agreed that the occurrence of any 
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one or more of the following shall not alter or impair the liability of the Guarantors hereunder, which shall remain absolute and unconditional as described above:
(a)at any time or from time to time, without notice to the Guarantors, the manner, place, time for any payment, performance of or compliance with any of the Guaranteed Obligations shall be extended, amended, modified or waived;
(b)any of the acts mentioned in any of the provisions of this Agreement or any other agreement or instrument referred to herein shall be done or omitted or any failure, lack of diligence, omission or delay on the part of Purchaser Agent or any Purchaser to enforce, assert or exercise any right, power or remedy conferred on it thereunder; 
(c)the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be modified, supplemented or amended in any respect, or any right under this Agreement or any other agreement or instrument referred to herein shall be waived or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; or
(d)any Lien or security interest granted to, or in favor of, Purchaser Agent as security for any of the Guaranteed Obligations shall fail to be perfected or any manner of sale, disposition or application of proceeds of any collateral or other assets to all or part of the Guaranteed Obligations;
(e)any voluntary or involuntary bankruptcy, insolvency, reorganization, arrangement, readjustment, assignment for the benefit of creditors, composition, receivership, liquidation, marshalling of assets and liabilities or similar events or proceedings with respect to any Obligor or any other guarantor of the Guaranteed Obligations, as applicable, or any of their respective property or creditors, or any action taken by any trustee or receiver or by any court in any such proceeding;
(f)any merger or consolidation of any Obligor into or with any entity, or any sale, lease or transfer of any of the assets of any Obligor or any other guarantor of the Guaranteed Obligations to any other person or entity;
(g)any change in the ownership of any Obligor or any change in the relationship between any Obligor or any other guarantor of the Guaranteed Obligations, or any termination of any such relationship;
(h)the existence of any claim, set-off or other right which any Guarantor may have at any time against any Obligor, Purchaser Agent, any Purchaser or any other Person;
(i)any failure by Purchaser Agent or any Purchaser to disclose to the Guarantors any information relating to the business, condition (financial or otherwise), operations, performance, properties or prospects of any Obligor now or hereafter known to Purchaser Agent or any Purchaser;
(j)any obligations or liabilities the Obligors or any other guarantor of the Guaranteed Obligations owed to any Guarantor;
(k)the acceptance or the availability of any other security, collateral or guarantee, or other assurance of payment, for all or any part of the Guaranteed Obligations;
(l)any default, act or omission to act or delay of any kind (willful or otherwise) by any Obligor, Purchaser Agent, any Purchaser or any other Person or any other circumstance whatsoever which might, but for the provisions of this clause, constitute a legal or equitable discharge of the 
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Guarantors’ obligations hereunder (except that the Guarantors may assert the defense of payment in full of the Guaranteed Obligations); or
(m)any notice of any sale, transfer or other disposition of any right, title or interest of Purchaser Agent or any Purchasers under the Notes, this Agreement or any other Note Document.
The Guarantors hereby expressly waive diligence, presentment, demand of payment, notice of acceptance, notice of non-performance, nonpayment, default, acceleration, dishonor, protest and any other notices whatsoever, which may be required by statute, rule of law or otherwise, now or hereafter in effect, to preserve any rights against the Guarantors with respect to or under the Notes, this Agreement or any other Note Document or any failure on the part of any Obligor, Guarantors or any other guarantor of the Guaranteed Obligations to perform or comply with any covenant, agreement, term or condition of the Notes, this Agreement or any other Note Document.  The Guarantors further expressly waive any requirement that Purchaser Agent or any Purchaser exhaust any right, power or remedy or proceed against Issuer under this Agreement or any other agreement or instrument referred to herein, or against any other Person under any other guarantee of, or against or exhaust any security or collateral for, any of the Guaranteed Obligations.
Section XII.3Reinstatement.  The obligations of the Guarantors under this Article XII shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of Issuer in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, and the Guarantors jointly and severally agree that they will indemnify Purchaser Agent and the Purchasers on demand for all reasonable costs and expenses (including fees of counsel) incurred by such Persons in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law.
Section XII.4Subrogation.  The Guarantors hereby jointly and severally agree that, until the payment and satisfaction in full of all Guaranteed Obligations and the expiration and termination of the Commitments, they shall not exercise any right or remedy arising by reason of any performance by them of their guarantee in Section 12.1, whether by subrogation or otherwise, against Issuer or any other guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.
Section XII.5Remedies.  The Guarantors jointly and severally agree that, as between the Guarantors, on one hand, and Purchaser Agent and the Purchasers, on the other hand, the obligations of Issuer under the Notes, this Agreement and under the other Note Documents may be declared to be forthwith due and payable as provided in Section 9.1 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 9.1) for purposes of Section 12.1 notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against Issuer and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by Issuer) shall forthwith become due and payable by the Guarantors for purposes of Section 12.1.
Section XII.6Instrument for the Payment of Money.  Each Guarantor hereby acknowledges that the guarantee in this Article XII constitutes an Instrument for the payment of money, and consents and agrees that  Purchaser Agent and the Purchasers, at their sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to proceed by motion for summary judgment in lieu of complaint pursuant to N.Y. Civ. Prac. L&R § 3213.
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Section XII.7Continuing Guarantee.  The guarantee in this Article XII is a continuing guarantee, and shall apply to all Guaranteed Obligations whenever arising.
Section XII.8Rights of Contribution.  The Guarantors hereby agree, as between themselves, that if any Guarantor shall become an Excess Funding Guarantor (as defined below) by reason of the payment by such Guarantor of any Guaranteed Obligations, each other Guarantor shall, on demand of such Excess Funding Guarantor (but subject to the next sentence), pay to such Excess Funding Guarantor an amount equal to such Guarantor’s Fair Share (as defined below and determined, for this purpose, without reference to the properties, debts and liabilities of such Excess Funding Guarantor) of the Excess Payment (as defined below) in respect of such Guaranteed Obligations.  The payment obligation of a Guarantor to any Excess Funding Guarantor under this Section 12.8 shall be subordinate and subject in right of payment to the prior payment in full of the obligations of such Guarantor under the other provisions of this Article XII and such Excess Funding Guarantor shall not exercise any right or remedy with respect to such excess until payment and satisfaction in full of all of such obligations. For purposes of this Section 12.8, (i) “Excess Funding Guarantor” means, in respect of any Guaranteed Obligations, a Guarantor that has paid an amount in excess of its Fair Share of such Guaranteed Obligations, (ii) “Excess Payment” means, in respect of any Guaranteed Obligations, the amount paid by an Excess Funding Guarantor in excess of its Fair Share of such Guaranteed Obligations and (iii) “Fair Share” means, for any Guarantor, the ratio (expressed as a percentage) of (x) the amount by which the aggregate present fair saleable value of all properties of such Guarantor (excluding any shares of stock of any other Guarantor) exceeds the amount of all the debts and liabilities of such Guarantor (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder and any obligations of any other Guarantor that have been guaranteed by such Guarantor) to (y) the amount by which the aggregate fair saleable value of all properties of all of the Guarantors exceeds the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of Issuer and the Guarantors hereunder and under the other Note Documents) of all of the Guarantors, determined (A) with respect to any Guarantor that is a party hereto on the Effective Date, as of the Effective Date, and (B) with respect to any other Guarantor, as of the date such Guarantor becomes a Guarantor hereunder. 
Section XII.9General Limitation on Guarantee Obligations.
(a)In any action or proceeding involving any provincial, territorial or state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 12.1 would otherwise, taking into account the provisions of Section 12.8, be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 12.1, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Guarantor, Purchaser Agent, any Purchaser or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.
Section XII.10Guarantee Limitations for German Guarantors 
(a)Subject to Sections 12.10(b) through 12.10(g), the enforcement of the Guarantee Obligations shall be limited in relation to German Guarantors as follows:
(i)Each Secured Party agrees not to enforce the Guarantee Obligations if and to the extent:
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(1)    the Guarantee Obligations relate to any obligations of, or amounts owed by, an Affiliate of a German Guarantor (other than such German Guarantor’s Subsidiaries (each an “Upstream Affiliate”); and
(2)such enforcement would cause the German Guarantor’s Net Assets to be reduced below zero or further reduced if already below zero (such circumstances constituting a “Share Capital Impairment”).
(ii)For the purposes of the calculation of the Net Assets, the following balance sheet items shall be adjusted as follows:
(1)the amount of any increase of the registered share capital (Stammkapital) of the German Guarantor, after the date of this Agreement that has been effected without the prior written consent  of the Purchaser Agent shall be deducted from the relevant registered share capital (Stammkapital);
(2)in case the registered share capital of the German Guarantor is not fully paid up (nicht voll eingezahlt), the amount which is not paid up shall be deducted from the relevant registered share capital (Stammkapital);
(3)loans and other liabilities which are subordinated (including, without limitation, pursuant to this Agreement or section 39 sub-section 1 no. 5 InsO) to any Indebtedness outstanding under this Agreement (including liabilities in respect of guarantees for loans or other liabilities which is so subordinated) shall be disregarded;  and
(4)loans or other liabilities incurred in violation of the provisions of this Agreement shall be disregarded.
(b)In relation to the limitations applicable in case of a Share Capital Impairment pursuant to Section 12.10(a), the German Guarantor hereby undertakes vis-à-vis the Secured Parties to deliver to the Purchaser Agent, within 10 Business Days after receipt from the Purchaser Agent of a notice stating that the Purchaser Agent intends to demand payment of the Guarantee Obligations from a German Guarantor, (i) an up-to-date balance sheet of the German Guarantor together with (ii) a detailed calculation (satisfactory to the Purchaser Agent of the amount of the Net Assets of the German Guarantor taking into account the adjustments set forth in Section 12.10(a)(ii) (a “Net Asset Determination”). Any such balance sheet and Net Asset Determination shall be prepared in accordance with the Accounting Principles as consistently applied and shall be, upon the Purchaser Agent's request, confirmed by the German Guarantor’s Auditors within a period of 20 Business Days following such request. Based upon the Net Asset Determination (as and to the extent confirmed by the German Guarantor’s Auditors, if such confirmation has been requested by the Purchaser Agent), the German Guarantor shall fulfil its Guarantee Obligations, and each Secured Party shall be entitled to enforce the Guarantee Obligations, in an amount which would, in accordance with the Net Asset Determination (as and to the extent confirmed by the German Guarantor’s Auditors, if such confirmation has been requested by the Purchaser Agent), not cause a Share Capital Impairment on the German Guarantor’s part.
(c)If the Guarantee Obligations, based upon the relevant Net Asset Determination (as and to the extent confirmed by the German Guarantor’s Auditors, if such confirmation has been requested by the Purchaser Agent), may not be fully enforced for reasons of a Share Capital Impairment of the German Guarantor, the German Guarantor shall, within three months after a written request of the Purchaser Agent, convert into money (in Geld umsetzen), to the extent legally permitted, any and all of its assets shown in the German Guarantor’s, balance sheet with a book value (Buchwert) that is substantially 
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lower than the market value of the relevant assets. After the expiry of the three-months period, the German Guarantor shall, within three (3) Business Days, (i) notify the Purchaser Agent of the amount of the net proceeds obtained from the relevant sale or other disposition by means of which the conversion into cash was effected and (ii) submit to the Purchaser Agent an updated Net Asset Determination in relation to the German Guarantor itself, taking into account such proceeds. Any such updated Net Asset Determination shall supersede that Net Asset Determination previously applicable for the limitations of the enforcement of the Guarantee Obligations for reasons of a Share Capital Impairment pursuant to Section 12.10(b).  Upon the Purchaser Agent’s request, any such updated Net Asset Determination shall be confirmed by the German Guarantor's Auditors within a period of 20 Business Days following the request and, once confirmed, it shall be superseding as aforementioned to the extent so confirmed.
(d)The limitations set out in Section 12.10(a) in relation to Share Capital Impairments shall not apply: 
(i)to any Guarantee Obligations which relate to any monies borrowed under this Agreement which (i) have been on-lent or otherwise made available to the German Guarantor or any of its Subsidiaries and (ii) are still outstanding whereas each German Guarantor shall at any time upon the Purchaser Agent's request produce evidence to the Purchaser Agent (in form and substance satisfactory to the Purchaser Agent as to whether any monies borrowed under this Agreement have been on-lent or otherwise made available to it or any of its Subsidiaries; or
(ii)if, at the time of enforcement of the Guarantee Obligations a domination agreement (Beherrschungsvertrag) and/or a profit transfer agreement (Gewinnabführungsvertrag) (either directly or through an unbroken chain of domination and/or profit absorption agreements) is effective or should be effective pursuant to the terms and conditions of any Note Document, respectively, between the German Guarantor and:
(1)in case the German Guarantor is a Subsidiary of the relevant Upstream Affiliate whose obligations are secured by the relevant Guarantee Obligations, that Upstream Affiliate; or
(2)in case the German Guarantor and the relevant Upstream Affiliate whose obligations are secured by the relevant Guarantee Obligations are both Subsidiaries of a joint (direct or indirect) Holding, such Holding as dominating entity (beherrschendes Unternehmen);
(iii)if and to the extent any payment of Guarantee Obligations demanded by the Purchaser Agent from, and due to be made by, a German Guarantor is covered (gedeckt) by means of a fully recoverable claim for consideration or return (vollwertiger Gegenleistungs- oder Rückgewähranspruch) of the German Guarantor against the Upstream Affiliate whose obligations are secured by the relevant Guarantee Obligations. 
(e)The limitations set out in Section 12.10(a) in relation to Share Capital Impairments shall further not apply:
(i)for so long as the German Guarantor has not complied with (in case of a Share Capital Impairment) its obligations pursuant to Section 12.10(b) and Section 12.10(c); and/or
(ii)if and to the extent, at the time of enforcement of the Guarantee Obligations, such limitations are not required to protect the managing directors of the German Guarantor from the risk of personal liability arising from such enforcement of the Guarantee Obligations.
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(f)For the avoidance of doubt, nothing in this Section 12.10 shall be interpreted as a restriction or limitation of (i) the enforcement of the Guarantee Obligations to the extent the relevant Guarantee Obligations guarantee or relate to obligations of a German Guarantor itself in its capacity as Issuer or obligations of any of its direct or indirect Subsidiaries including, in each case, their legal successors or (ii) the enforcement of any claim of any Secured Party against an Issuer (in such capacity) under this Agreement.
(g)No reduction of the amount enforceable under the Guarantee Obligations in accordance with the above limitations will prejudice the rights of the Secured Parties to continue enforcing the Guarantee Obligations (subject always to the operation of the limitation set out above at the time of such enforcement) until full satisfaction of the guaranteed claims.
Article XIII
GENERAL PROVISIONS
Section XIII.1Successors and Assigns.
(a)This Agreement binds and is for the benefit of the successors and permitted assigns of each party.  Issuer may not transfer, pledge or assign this Agreement or any rights or obligations under it without Purchaser Agent’s and each Purchaser’s prior written consent (which may be granted or withheld in Purchaser Agent’s and each Purchaser’s sole discretion (without obligation), subject to Section 13.6).  The Purchasers have the right, without the consent of or notice to Issuer, to sell, transfer, assign, pledge, negotiate, or grant participation in (any such sale, transfer, assignment, negotiation or grant of a participation, a “Purchaser Transfer”) all or any part of, or any interest in, the Notes and the Purchasers’ obligations, rights, and benefits under this Agreement and the other Note Documents to any Person.  Issuer and Purchaser Agent shall be entitled to continue to deal solely and directly with such Purchaser in connection with the interests so assigned until Purchaser Agent shall have received and accepted an effective assignment or transfer agreement in form satisfactory to Purchaser Agent executed, delivered and fully completed by the applicable parties thereto, and shall have received such other information regarding the recipient of a Purchaser Transfer as Purchaser Agent reasonably shall require.  Notwithstanding anything to the contrary contained herein, so long as no Default or Event of Default has occurred and is continuing, no Purchaser Transfer (other than a Purchaser Transfer in connection with (x) assignments by a Purchaser due to a forced divestiture at the request of any regulatory agency; or (y) upon the occurrence of a default, event of default or similar occurrence with respect to a Purchaser’s own financing or securitization transactions) shall be permitted, without Issuer’s consent, to any Person that is not an Eligible Assignee.  
(b)Purchaser Agent, acting solely for this purpose as a non-fiduciary agent of Issuer, shall maintain at its office referred to in Article X a copy of each assignment and assumption delivered to it and a register for the recordation of the names and addresses of the Purchasers, and the commitments of, and principal amounts (and stated interest) of the Obligations owing to, each Purchaser pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive absent manifest error, and Issuer, Purchaser Agent and each Purchaser shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Purchaser hereunder for all purposes of the Note Documents.  The Register shall be available for inspection by Issuer and each Purchaser, at any reasonable time and from time to time upon reasonable prior notice.  For the avoidance of doubt, (i) each Note issued pursuant to this Agreement is a registered obligation, (ii) the right, title and interest of each Purchaser and its assignees in and to such Notes shall be transferable only upon notation of such transfer in the Register and (iii) no assignment thereof or participation therein shall be effective until recorded therein.  This Section 13.1(b) shall be construed so that each Note is at all times maintained in “registered 
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form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and Section 5f.103-1(c) of the United States Treasury Regulations.
(c)If: (i) a Purchaser assigns or transfers any of its rights or obligations under the Note Documents or changes its applicable Facility Office; and (ii) as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the recipient of a Purchaser Transfer or Purchaser acting through its new Facility Office under Article XIV, then the recipient of the Purchaser Transfer or Purchaser acting through its new Facility Office is only entitled to receive payment under that Article XIV to the same extent as the assigning or transferring Purchaser or Purchaser acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This Section 13.1(c) shall not apply in relation to Section 14.2, to a Treaty Purchaser that has included a confirmation of its scheme reference number and its jurisdiction of tax residence in accordance with Section 14.2(g)(ii) if the Obligor making the payment has not made an Issuer DTTP Filing in respect of that Treaty Purchaser.
Section XIII.2Indemnification.  Issuer agrees to indemnify, defend and hold Purchaser Agent and the Purchasers and their respective directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Purchaser Agent or the Purchasers (each, an “Indemnified Person”) harmless against:  (a) all obligations, demands, claims, and liabilities (collectively, “Claims”) asserted by any other party (including Issuer or any of its Subsidiaries) in connection with, related to, following, or arising from, out of or under, (i) the transactions contemplated by the Note Documents, (ii) any Notes or the use or proposed use of the proceeds therefrom or (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Obligor or any of its Subsidiaries, or any Environmental Liability related in any way to any Obligor or any of its Subsidiaries; and (b) all losses or Reimbursable Expenses incurred, or paid by Indemnified Person in connection with, related to, following, or arising from, out of or under, the transactions contemplated by the Note Documents between Purchaser Agent, and/or the Purchasers and Issuer (including reasonable attorneys’ fees and expenses), except for Claims and/or losses are determined by a court of competent jurisdiction by final and nonappealable judgment to have directly resulted from such Indemnified Person’s gross negligence or willful misconduct.  Issuer hereby further indemnifies, defends and holds each Indemnified Person harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the fees and disbursements of counsel for such Indemnified Person) in connection with any investigative, response, remedial, administrative or judicial matter or proceeding, whether or not such Indemnified Person shall be designated a party thereto and including any such proceeding initiated by or on behalf of Issuer or any of its Subsidiaries, and the reasonable expenses of investigation by engineers, environmental consultants and similar technical personnel and any commission, fee or compensation claimed by any broker (other than any broker retained by Purchaser Agent or Purchasers) asserting any right to payment for the transactions contemplated hereby which may be imposed on, incurred by or asserted against such Indemnified Person as a result of or in connection with the transactions contemplated hereby and the use or intended use of the proceeds of the Notes except for liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements directly caused by such Indemnified Person’s gross negligence or willful misconduct. 
Section XIII.3Time of Essence.  Without prejudice to any grace periods contained in this Agreement, time is of the essence for the performance of all Obligations in this Agreement.
Section XIII.4Severability of Provisions.  Each provision of this Agreement is severable from every other provision in determining the enforceability of any provision.
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Section XIII.5Correction of Note Documents.  Purchaser Agent and the Purchasers may correct patent errors and fill in any blanks in this Agreement and the other Note Documents consistent with the agreement of the parties.
Section XIII.6Amendments in Writing; Integration.
(a)No amendment, modification, termination or waiver of any provision of this Agreement or any other Note Document, no approval or consent thereunder, or any consent to any departure by Issuer or any of its Subsidiaries therefrom, shall in any event be effective unless the same shall be in writing and signed by Issuer, Purchaser Agent and the Required Purchasers provided that:
(i)no such amendment, waiver or other modification that would have the effect of increasing or reducing a Purchaser’s Commitment or Commitment Percentage shall be effective as to such Purchaser without such Purchaser’s written consent;
(ii)no such amendment, waiver or modification that would affect the rights and duties of Purchaser Agent shall be effective without Purchaser Agent’s written consent or signature; and
(iii)no such amendment, waiver or other modification shall, unless signed by all the Purchasers directly affected thereby, (A) reduce the principal of, rate of interest on or any fees with respect to any Note or forgive any principal, interest (other than default interest) or fees (other than late charges) with respect to any Note; (B) postpone the date fixed for, or waive, any payment of principal of any Note or of interest on any Note  (other than default interest) or any fees provided for hereunder (other than late charges or for any termination of any commitment); (C) reduce the applicable Revenue Participation Payments, the Milestone Payments or Final Payment Amount; (D) change the definition of the term “Required Purchasers” or the percentage of Purchasers which shall be required for the Purchasers to take any action hereunder; (E) release all or substantially all of the Collateral, authorize Issuer to sell or otherwise dispose of all or substantially all or any material portion of the Collateral or release any Guarantor of all or any portion of the Obligations or its guaranty obligations with respect thereto, except, in each case with respect to this clause (E), as otherwise may be expressly permitted under this Agreement or the other Note Documents (including in connection with any disposition permitted hereunder); (F) amend, waive or otherwise modify this Section 13.6 or the definitions of the terms used in this Section 13.6 insofar as the definitions affect the substance of this Section 13.6; (G) consent to the assignment, delegation or other transfer by Issuer of any of its rights and obligations under any Note Document or release Issuer of its payment obligations under any Note Document, except, in each case with respect to this clause (G), pursuant to a merger or consolidation permitted pursuant to this Agreement; (H) amend any of the provisions of Section 9.4 or amend any of the definitions of Pro Rata Share, Commitment, Commitment Percentage or that provide for the Purchasers to receive their Pro Rata Shares of any fees, payments, setoffs or proceeds of Collateral hereunder; (I) subordinate the Liens granted in favor of Purchaser Agent securing the Obligations; or (J) amend any of the provisions of Section 13.11.  It is hereby understood and agreed that all Purchasers shall be deemed directly affected by an amendment, waiver or other modification of the type described in the preceding clauses (C), (D), (E), (F), (G), (H) and (I) and (J) of the preceding sentence;
(b)Other than as expressly provided for in Sections 13.6(a)(i), (ii) and (iii), Purchaser Agent may, if requested by the Required Purchasers, from time to time designate covenants in this Agreement less restrictive by notification to a representative of Issuer.
(c)This Agreement and the Note Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.  All prior agreements, understandings, 
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representations, warranties, and negotiations between the parties about the subject matter of this Agreement and the Note Documents merge into this Agreement and the Note Documents.
Section XIII.7Counterparts.  This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement.
Section XIII.8Survival.  All covenants, representations and warranties made in this Agreement continue in full force and effect until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity or reimbursement obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) have been satisfied.  The obligation of Issuer in Section 13.2 to indemnify each Purchaser and Purchaser Agent, as well as the confidentiality provisions in Section 13.9  and the Obligations under Section 2.5 and under Article XIV, shall survive until the statute of limitations with respect to such claim or cause of action shall have run.
Section XIII.9Confidentiality.  In handling any confidential information of Issuer, the Purchasers and Purchaser Agent shall exercise the same degree of care that it exercises for their own proprietary information (but in no event less than a reasonable standard of care), but disclosure of information may be made: (a) subject to the terms and conditions of this Agreement, to the Purchasers’ and Purchaser Agent’s Subsidiaries or Affiliates, or in connection with a Purchaser’s own financing or securitization transactions and upon the occurrence of a default, event of default or similar occurrence with respect to such financing or securitization transaction; (b) to prospective transferees (other than those identified in (a) above) or purchasers of any interest in the Notes (provided that, the Purchasers and Purchaser Agent shall obtain such prospective transferee’s or purchaser’s agreement to the terms of this provision or to similar confidentiality terms); (c) as required by law, regulation, subpoena, or other order; (d) to Purchasers’ or Purchaser Agent’s regulators or as otherwise required in connection with an examination or audit; (e) as Purchaser Agent reasonably considers necessary in exercising remedies under the Note Documents; and (f) on a need-to-know basis, to third party service providers of the Purchasers and/or Purchaser Agent so long as such service providers have executed a confidentiality agreement with the Purchasers and Purchaser Agent with terms no less restrictive than those contained herein. The Purchasers and Purchaser Agent shall be responsible for any breach of the terms of this Confidentiality provision by any persons in (a) and (f) above to whom it provides confidential information of Issuer or its Subsidiaries. Purchasers and Purchaser Agent shall use commercially reasonable efforts to limit any disclosures of confidential information of Issuer or its Subsidiaries pursuant to (c) and (d) above to the minimum required disclosure, and to notify Issuer promptly of such disclosure to the extent Purchaser and/or Purchaser Agent is legally permitted to so notify. Confidential information does not include information that either: (i) is in the public domain or in the Purchasers’ and/or Purchaser Agent’s possession when disclosed to the Purchasers and/or Purchaser Agent, or becomes part of the public domain after disclosure to the Purchasers and/or Purchaser Agent; or (ii) is disclosed to the Purchasers and/or Purchaser Agent by a third party, if the Purchasers and/or Purchaser Agent does not know that the third party is prohibited from disclosing the information.  Subject to the foregoing, Purchaser Agent and the Purchasers may use confidential information for the development of client databases, reporting purposes, and market analysis.  The provisions of the immediately preceding sentence shall survive the termination of this Agreement.  The agreements provided under this Section 13.9 supersede all prior agreements, understanding, representations, warranties, and negotiations between the parties about the subject matter of this Section 13.9.  

Section XIII.10Press Releases.  On or around the Effective Date (as reasonably determined by Issuer), Issuer shall issue a press release substantially in the form attached as Exhibit G in respect of the transactions contemplated by the Note Documents.  Each of Issuer and Purchaser Agent shall mutually agree on any additional press releases or other public communications with respect to the transactions 
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contemplated by the Note Documents except (a) Issuer may file a Current Report on Form 8-K with the Securities and Exchange Commission in connection with the execution and delivery of this Agreement, and (b) originate any such publicity, news release or other similar public announcement as may be required by Law or any listing or trading agreement concerning its publicly traded securities, provided in the case of each of (a) and (b), Issuer shall use commercially reasonable efforts to consult with the Purchaser Agent reasonably in advance of such release.
Section XIII.11Right of Set Off.  Issuer hereby grants to Purchaser Agent and to each Purchaser, a lien, security interest and right of set off as security for all Obligations to Purchaser Agent and each Purchaser hereunder, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Purchaser Agent or the Purchasers or any entity under the control of Purchaser Agent or the Purchasers (including a Purchaser Agent affiliate) or in transit to any of them.  At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Purchaser Agent or the Purchasers may set off the same or any part thereof and apply the same to any Obligation of Issuer even though unmatured and regardless of the adequacy of any other collateral securing the Obligations.  ANY AND ALL RIGHTS TO REQUIRE PURCHASER AGENT TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF ISSUER ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.
Section XIII.12Cooperation of Issuer.  If necessary, Issuer agrees to (i) execute any documents (including new Notes) reasonably required to effectuate and acknowledge each assignment of a Commitment or Note to an assignee in accordance with Section 13.1, (ii) make Issuer’s management available to meet with Purchaser Agent and prospective participants and assignees of Commitments or Notes (which meetings shall be conducted no more often than twice every twelve months unless an Event of Default has occurred and is continuing), and (iii) assist Purchaser Agent or the Purchasers in the preparation of information relating to the financial affairs of Issuer as any prospective participant or assignee of a Commitment or Note reasonably may request. Subject to the provisions of Section 13.9, Issuer authorizes each Purchaser to disclose to any prospective participant or assignee of a Commitment, any and all information in such Purchaser’s possession concerning Issuer and its financial affairs which has been delivered to such Purchaser by or on behalf of Issuer pursuant to this Agreement, or which has been delivered to such Purchaser by or on behalf of Issuer in connection with such Purchaser’s credit evaluation of Issuer prior to entering into this Agreement.
Section XIII.13Representations and Warranties of the Purchasers.  Each Purchaser, severally and not jointly, represents and warrants to Issuer as of the date such Person becomes a Purchaser and as of each Purchase Date, that:
(a)Each of the Notes to be received by such Purchaser hereunder will be acquired for such Purchaser’s own account, and not with a view to the resale or distribution of any part thereof in violation of the Securities Act, except pursuant to sales registered or exempted under the Securities Act, and such Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same in violation of the Securities Act without prejudice, however, to such Purchaser’s right at all times to sell or otherwise dispose of all or any part of such Notes in compliance with applicable federal and state securities laws.
(b)Such Purchaser can bear the economic risk and complete loss of its investment in the Notes and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment contemplated hereby. 
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(c)Such Purchaser has had an opportunity to receive, review and understand all information related to Issuer requested by it and to ask questions of and receive answers from Issuer regarding Issuer, its Subsidiaries, its business and the terms and conditions of the offering of the Notes, and has conducted and completed its own independent due diligence. 
(d)Based on the information such Purchaser has deemed appropriate, it has independently made its own analysis and decision to enter into the Note Documents.
(e)Such Purchaser understands that the Notes are characterized as “restricted securities” under the U.S. federal securities laws inasmuch as they are being acquired from Issuer in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances.  Such Purchaser understands that no United States federal or state agency, or similar agency of any other country, has reviewed, approved, passed upon, or made any recommendation or endorsement of Issuer or the purchase of the Notes.
(f)Such Purchaser is an “accredited investor” as defined in Regulation D promulgated under the Securities Act.
(g)Such Purchaser did not learn of the investment in the Notes as a result of any general solicitation or general advertising. 
Section XIII.14Agency.  
(a)Each Purchaser hereby irrevocably appoints Purchaser Agent to act on its behalf as Purchaser Agent and fiduciary trustee (Sicherheitentreuhänder) hereunder and under the other Note Documents and authorizes Purchaser Agent to take such actions on its behalf, to exercise such powers as are delegated to Purchaser Agent by the terms hereof or thereof and to act as agent of such Purchaser for purposes of acquiring, holding, enforcing and perfecting all Liens granted by the Obligors on the Collateral to secure any of the Obligations, in each case together with such actions and powers as are reasonably incidental thereto.  For the purposes of the French Collateral Documents, in accordance with the provisions of articles 2488-6 et seq. of the French civil code, the Purchasers hereby appoints the Purchaser Agent, which accepts it, as security agent, with the mandate to represent it for all the deeds, notifications and formalities concerning its relations with the concerned Obligors and to take all the steps and exercise all the rights, discretionary powers given or assigned to it in accordance with the provisions of the relevant French Collateral Documents, including those which arise therefrom. As a consequence, in accordance with the provisions of article 2488-6 of the French civil code, as from the date hereof and until complete payment and repayments of the Notes, Purchaser Agent shall act in its own name to exercise, for the benefit of the Purchasers, all the rights, powers, authorities and discretionary powers of assessment of any of Purchasers under this agreement and the relevant French Collateral Documents.
(b)The Purchaser Agent shall, in respect of German Collateral Documents and the German Parallel Debt Agreement:
(i)hold and administer for itself as well as in a fiduciary capacity (treuhänderisch) for the Purchasers any Collateral which is granted in the form of a non-accessory Security (nicht-akzessorische Sicherheit) (including the German Parallel Debt Agreement); and
(ii)administer for itself as well as for the benefit of the Purchasers any Collateral granted under the German Collateral Documents which is granted in the form of an accessory 
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Security (akzessorische Sicherheit) or which, under applicable law, cannot be held in a fiduciary capacity (treuhänderisch) for the benefit of another person.
(c)Each of the Purchasers hereby releases the Purchaser Agent from the restrictions of section 181 BGB and similar restrictions applicable to it pursuant to any other applicable law, in each case to the extent legally possible to such Purchaser; the Purchaser Agent is authorized to delegate its powers of attorney, including the exemption from the restriction in section 181 BGB and similar restrictions applicable to it pursuant to any other applicable law, in each case to the extent legally possible to such Purchaser. A Purchaser which is barred by its constitutional documents or otherwise granting such exemption shall notify the Purchaser Agent accordingly. Irrespective of the granting of an exemption, at the request of the Purchaser Agent, the Purchasers shall grant special powers of attorney to the Purchaser Agent to enter into any Note Document, or any amendments thereof, on their behalf.
(d)Each Purchaser  agrees to indemnify Purchaser Agent in its capacity as such (to the extent not reimbursed by the Obligors and without limiting the obligation of the Obligors to do so), according to its respective Pro Rata Share (in effect on the date on which indemnification is sought under this Section 13.14), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time be imposed on, incurred by or asserted against Purchaser Agent in any way relating to or arising out of, the Notes, this Agreement, any of the other Note Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by Purchaser Agent under or in connection with any of the foregoing. The agreements in this Section 13.14 shall survive the payment of the Final Payment Amount and all other amounts payable hereunder.
(e)The Person serving as Purchaser Agent hereunder shall have the same rights and powers in its capacity as Purchaser as any other Purchaser and may exercise the same as though it were not Purchaser Agent and the term “Purchaser” shall, unless otherwise expressly indicated or unless the context otherwise requires, include each such Person serving as Purchaser Agent hereunder in its individual capacity. 
(f)Purchaser Agent shall have no duties or obligations except those expressly set forth herein and in the other Note Documents.  Without limiting the generality of the foregoing, Purchaser Agent shall not:
(i)be subject to any fiduciary or other implied duties, regardless of whether any Default or any Event of Default has occurred and is continuing;
(ii)have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Note Documents that Purchaser Agent is required to exercise as directed in writing by any Purchaser; provided that Purchaser Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose Purchaser Agent to liability or that is contrary to any Note Document or applicable law; and
(iii)except as expressly set forth herein and in the other Note Documents, have any duty to disclose, and Purchaser Agent shall not be liable for the failure to disclose, any information relating to Issuer or any of its Affiliates that is communicated to or obtained by any Person serving as Purchaser Agent or any of its Affiliates in any capacity.
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(g)Purchaser Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Purchasers or as Purchaser Agent shall believe in good faith shall be necessary, under the circumstances or (ii) in the absence of its own gross negligence or willful misconduct.
(h)Purchaser 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 Note Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Note Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article III or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to Purchaser Agent. 
(i)Purchaser Agent may rely, and shall be fully protected in acting, or refraining to act, upon, any resolution, statement, certificate, instrument, opinion, report, notice, request, consent, order, bond or other paper or document that it has no reason to believe to be other than genuine and to have been signed or presented by the proper party or parties or, in the case of cables, telecopies and telexes, to have been sent by the proper party or parties.  In the absence of its gross negligence or willful misconduct, Purchaser Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to Purchaser Agent and conforming to the requirements of this Agreement or any of the other Note Documents.  Purchaser Agent may consult with counsel, and any opinion or legal advice of such counsel shall be full and complete authorization and protection in respect of any action taken, not taken or suffered by Purchaser Agent hereunder or under any Note Documents in accordance therewith.  Purchaser Agent shall have the right at any time to seek instructions concerning the administration of the Collateral from any court of competent jurisdiction.  Purchaser Agent shall not be under any obligation to exercise any of the rights or powers granted to Purchaser Agent by this Agreement and the other Note Documents at the request or direction of the Required Purchasers unless Purchaser Agent shall have been provided by the Purchasers with adequate security and indemnity against the costs, expenses and liabilities that may be incurred by it in compliance with such request or direction.
(j)Purchaser Agent may resign at any time by delivering notice of such resignation to the Purchasers and Issuer, effective on the date set forth in such notice or, if no such date is set forth therein, upon the date such notice shall be effective.  If Purchaser Agent delivers any such notice, the Required Purchasers shall have the right to appoint a successor Purchaser Agent.  If, within 30 days after the retiring Purchaser Agent having given notice of resignation, no successor Purchaser Agent has been appointed by the Required Purchasers that has accepted such appointment, then the retiring Purchaser Agent may, on behalf of the Purchasers, appoint a successor Purchaser Agent from among the Purchasers.  Each appointment under this Section 13.14(h) shall be subject to the prior consent of Issuer, which may not be unreasonably withheld, delayed or conditioned but shall not be required during the continuance of an Event of Default.  Effective immediately upon its resignation, (i) the retiring Purchaser Agent shall be discharged from its duties and obligations under the Note Documents, (ii) the Purchasers shall assume and perform all of the duties of Purchaser Agent until a successor Purchaser Agent shall have accepted a valid appointment hereunder, (iii) the retiring Purchaser Agent shall no longer have the benefit of any provision of any Note Document other than with respect to any actions taken or omitted to be taken while such retiring Purchaser Agent was, or because such Purchaser Agent had been, validly acting as Purchaser Agent under the Note Documents and (iv) subject to its rights under Section 13.14, the retiring Purchaser Agent shall take such action as may be reasonably necessary to assign to the successor Purchaser Agent its rights as Purchaser Agent under the Note Documents.  Effective immediately upon its acceptance of a 
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valid appointment as Purchaser Agent, a successor Purchaser Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Purchaser Agent under the Note Documents.
Section XIII.15Original Issue Discount
(a)Issuer does not intend to file United States federal or state tax returns, information statements, or similar tax filings (“U.S. Tax Returns”). If Issuer expects to file U.S. Tax Returns it will contact Purchasers at least 45 days in advance and Issuer and Purchasers shall use commercially reasonable efforts to agree on the reporting of the Notes for United States federal and state tax purposes provided that Issuer shall not take a reporting position on any U.S. Tax Returns inconsistent with the Purchasers’ (or its direct and indirect owners’) tax position unless required by law and supported by a written “more likely than not” tax opinion from a qualified U.S. tax advisor.
(b)Issuer shall cooperate with the Purchasers and provide such information as is reasonably requested by the Purchasers to allow Purchasers (and their direct or indirect owners) to properly file their U.S. Tax Returns.
Article XIV
TAX
Section XIV.1Definitions.  As used in this Article XIV:
1“Cancelled Certificate” means any QPP Certificate in respect of which HM Revenue & Customs has given a notification under regulation 7(4)(b) of the QPP Regulations so that such QPP Certificate is a cancelled certificate for the purposes of the QPP Regulations.
2“CTA” means the Corporation Tax Act 2009.
3“FATCA” means:
(a)sections 1471 to 1474 of the Code or any associated regulations;
(b)any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in clause (a) above; or
(c)any agreement pursuant to the implementation of any treaty, law or regulation referred to in clause (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

4“FATCA Application Date” means:
(a)in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or
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(b)in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within clause (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA.
5“FATCA Deduction” means a deduction or withholding from a payment under a Note Document required by FATCA.
6“FATCA Exempt Party” means a party that is entitled to receive payments free from any FATCA Deduction.
7“Finance Party” means a Purchaser or the Purchaser Agent.
8“Issuer DTTP Filing” means an HM Revenue & Customs’ Form DTTP2 duly completed and filed by the relevant Issuer, which:
(a)where it relates to a Treaty Purchaser that is an Purchaser listed on Schedule 1.1 hereof (an “Original Purchaser”), contains the scheme reference number and jurisdiction of tax residence stated opposite that Purchaser’s name in Schedule 1.1 and
(i)where Issuer is Issuer on the date of this Agreement, is filed with HM Revenue & Customs within 30 days of the date of this Agreement; or
(ii)where Issuer becomes an Issuer after the date of this Agreement, is filed with HM Revenue & Customs within 30 days of the date on which that Issuer becomes an Issuer; or
(b)where it relates to a Treaty Purchaser that is not an Original Purchaser, contains the scheme reference number and jurisdiction of tax residence stated in respect of that Purchaser in the documentation which it executes on becoming a party as a Purchaser; and
(i)where Issuer is an Issuer as at the date on which that Treaty Purchaser becomes a Party as a Purchaser, is filed with HM Revenue & Customs within 30 days of that date; or
(ii)where Issuer is not an Issuer as at the date on which that Treaty Purchaser becomes a Party as a Purchaser, is filed with HM Revenue & Customs within 30 days of the date on which that Issuer becomes an Issuer.
9“ITA” means the Income Tax Act 2007.
10“Protected Party” means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Note Document.
11“QPP Certificate” means a creditor certificate for the purposes of the QPP Regulations, given in the form set out in Exhibit I.
12“QPP Purchaser” means a Purchaser which has delivered a QPP Certificate to Issuer, provided that such QPP Certificate is not a Withdrawn Certificate or a Cancelled Certificate.
13“QPP Regulations” means the Qualifying Private Placement Regulations 2015 (2015 No. 2002) of the United Kingdom.
14“Qualifying Purchaser” means:
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(a)a Purchaser which is beneficially entitled to interest payable to that Purchaser in respect of an advance under a Note Document and is:
(i)a Purchaser:
(1)which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under a Note Document and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance or would be within such charge as respects such payments apart from section 18A of the CTA; or
(2)in respect of an advance made under a Note Document by a person that was a bank (as defined for the purpose of section 879 of the ITA) at the time that that advance was made and within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance; 
(ii)a Purchaser which is:
(1)a company resident in the United Kingdom for United Kingdom tax purposes; or
(2)a partnership each member of which is:
a.a company so resident in the United Kingdom; 
b.a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or
c.a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company; 
(iii)a Treaty Purchaser; or
(iv)a QPP Purchaser; or 
(b)a Purchaser which is a building society (as defined for the purpose of section 880 of the ITA) making an advance under a Note Document.
15“Tax Confirmation” means a confirmation by a Purchaser that the person beneficially entitled to interest payable to that Purchaser in respect of an advance under a Note Document is either:
(a)a company resident in the United Kingdom for United Kingdom tax purposes;
(b)a partnership each member of which is:
(i)a company so resident in the United Kingdom; or
(ii)a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in 
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computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or
(iii)a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company.
16“Tax Credit” means a credit against, relief or remission for, or repayment of any Tax.
17“Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Note Document, other than a FATCA Deduction.
18“Tax Payment” means either the increase in a payment made by an Obligor to a Finance Party under Section 14.2 or a payment under Section 14.3.
19“Treaty Purchaser” means a Purchaser which:
(a)is treated as a resident of a Treaty State for the purposes of the Treaty;
(b)does not carry on a business in the United Kingdom through a permanent establishment with which that Purchaser’s participation in the purchase of the Notes is effectively connected; and
(c)meets all other conditions in the Treaty for a recipient of interest to be able to benefit from full exemption from Tax imposed by the United Kingdom on interest, except that for this purpose it shall be assumed that the following are satisfied: 
(i)any condition which relates (expressly or by implication) to there not being a special relationship between Issuer and a Purchaser or between both of them and another person, or to the terms of the Note Documents or to any other matter outside the control of that Purchaser; and
(ii)any necessary procedural requirements.
20“Treaty State” means a jurisdiction having a double taxation agreement (a “Treaty”) with the United Kingdom which makes provision for full exemption from tax imposed by the United Kingdom on interest.
21“UK Non-Bank Purchaser” a Purchaser which is not an Original Purchaser and which gives a Tax Confirmation in the documentation which it executes on becoming a Party as a Purchaser.
22“US Tax Obligor” means:
(a)an Issuer which is resident for tax purposes in the US; or
(b)an Obligor some or all of whose payments under the Note Documents are from sources within the US for US federal income tax purposes.
23“VAT” means:
(a)any value added tax imposed by the Value Added Tax Act 1994;
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(b)any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and
(c)any other tax of a similar nature, whether imposed in the United Kingdom or a member state of the European Union in substitution for, or levied in addition to, such tax referred to in clause (a) above, or imposed elsewhere.
Unless a contrary indication appears, in this Article XIV a reference to “determines” or “determined” means a determination made in the absolute discretion of the person making the determination acting reasonably.
“Withdrawn Certificate” means a withdrawn certificate for the purposes of the QPP Regulations.
Section XIV.2Tax Gross-Up.
(a)Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law.
(b)Issuer shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify Purchaser Agent accordingly.  Similarly, a Purchaser shall notify Purchaser Agent on becoming so aware in respect of a payment payable to that Purchaser (provided that, in the event that Purchaser divests of any interest in the Notes by way of participation (and only in such case), Purchaser shall (with no further liability to any other Person on the part of Purchaser) use commercially reasonable efforts to make reasonable enquiries in respect of such matter).  If Purchaser Agent receives such notification from a Purchaser it shall notify Issuer  and that Obligor as soon as reasonably practicable.
(c)If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.
(d)A payment shall not be increased under Section 14.2(c) above by reason of a Tax Deduction on account of Tax imposed by the United Kingdom, if on the date on which the payment falls due:
(i)the payment could have been made to the relevant Purchaser without a Tax Deduction if the Purchaser had been a Qualifying Purchaser, but on that date that Purchaser is not or has ceased to be a Qualifying Purchaser other than as a result of any change after the date it became a Purchaser under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty or any published practice or published concession of any relevant taxing authority; or
(ii)the relevant Purchaser is a Qualifying Purchaser solely by virtue of clause (a)(ii) of the definition of Qualifying Purchaser and:
(1)an officer of H.M. Revenue & Customs has given (and not revoked) a direction (a “Direction”) under section 931 of the ITA which relates to the payment and that Purchaser has received from the Obligor making the payment or from Issuer a certified copy of that Direction; and
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(2)the payment could have been made to the Purchaser without any Tax Deduction if that Direction had not been made; or
(iii)the relevant Purchaser is a Qualifying Purchaser solely by virtue of clause (a)(ii) of the definition of Qualifying Purchaser and:
(1)the relevant Purchaser has not given a Tax Confirmation to Issuer; and
(2)the payment could have been made to the Purchaser without any Tax Deduction if the Purchaser had given a Tax Confirmation to Issuer, on the basis that the Tax Confirmation would have enabled Issuer to have formed a reasonable belief that the payment was an “excepted payment” for the purpose of section 930 of the ITA; or
(iv)the relevant Purchaser is a Treaty Purchaser and the Obligor making the payment is able to demonstrate that the payment could have been made to the Purchaser without the Tax Deduction had that Purchaser complied with its obligations under Section 14.2(g) or (i) (as applicable) below.
(e)If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.
(f)Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to Purchaser Agent for the Finance Party entitled to the payment a statement under section 975 of the ITA or other evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.
(g)
(i)Subject to clause (ii) immediately below, a Treaty Purchaser and each Obligor which makes a payment to which that Treaty Purchaser is entitled shall co-operate in completing any procedural formalities necessary for that Obligor to obtain authorization to make that payment without a Tax Deduction.
(ii)
(1)A Treaty Purchaser which is an Original Purchaser and that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence opposite its name in Schedule 1.1 and
(2)a Treaty Purchaser which is not an Original Purchaser and that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence in the documentation which it executes on becoming a Party as a Purchaser, 
and, having done so, that Purchaser shall be under no obligation pursuant to clause (i) immediately above.
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(h)A Treaty Purchaser which obtains a passport under the HMRC DT Treaty Passport scheme after the date of this Agreement (in the case of a Treaty Purchaser which becomes a party on the day on which this Agreement is entered into) or after the date on which it becomes a Purchaser under this Agreement (in the case of a Treaty Purchaser which becomes a party after the day on which this Agreement is entered into), and in any case which wishes the scheme to apply to this Agreement in respect of payments made after the date on which the passport is obtained, shall notify its scheme reference number and its jurisdiction of tax residence in writing to Purchaser Agent and Purchaser Agent shall notify the Obligors accordingly,
(i)If a Purchaser has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with Section 14.2(g)(ii) above and:
(i)an Issuer making a payment to that Purchaser has not made an Issuer DTTP Filing in respect of that Purchaser; or
(ii)an Issuer making a payment to that Purchaser has made an Issuer DTTP Filing in respect of that Purchaser but:
(1)that Issuer DTTP Filing has been rejected by HM Revenue & Customs;
(2)HM Revenue & Customs has not given Issuer authority to make payments to that Purchaser without a Tax Deduction within 60 days of the date of Issuer DTTP Filing; or
(3)HM Revenue & Customs has given Issuer authority to make payments to that Purchaser without a Tax Deduction but such authority has subsequently been revoked or expired,
and in each case, Issuer has notified that Purchaser in writing, that Purchaser and Issuer shall co-operate in completing any additional procedural formalities necessary for that Issuer to obtain authorization to make that payment without a Tax Deduction.
(j)If a Purchaser has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with Section 14.2(g)(ii) or (h) above, no Obligor shall make an Issuer DTTP Filing or file any other form relating to the HMRC DT Treaty Passport scheme in respect of that Purchaser’s Commitment(s) or its participation in any Note unless the Purchaser otherwise agrees.
(k)An Issuer shall, promptly on making an Issuer DTTP Filing, deliver a copy of that Issuer DTTP Filing to Purchaser Agent for delivery to the relevant Purchaser.
(l)If Issuer receives a notification from HM Revenue & Customs that a QPP Certificate given by a Purchaser has no effect, Issuer shall promptly deliver a copy of that notification to that Purchaser.
(m)A UK Non-Bank Purchaser shall promptly notify Issuer and Purchaser Agent if there is any change in the position from that set out in the Tax Confirmation.
Section XIV.3Tax Indemnity.
(a)Issuer shall (within three Business Days of demand by Purchaser Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be 
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or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Note Document.
(b)Section 14.3(a) above shall not apply:
(i)with respect to any Tax assessed on a Finance Party:
(1)under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or
(2)under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction,
(ii)if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or
(iii)to the extent a loss, liability or cost:
(1)is compensated for by an increased payment under Section 14.2;
(2)would have been compensated for by an increased payment under Section 14.2 but was not so compensated solely because one of the exclusions in Section 14.2(d) applied; or
(3)relates to a FATCA Deduction required to be made by a Party.
(c)A Protected Party making, or intending to make, a claim under Section 14.3(a) above shall promptly notify Purchaser Agent of the event which will give, or has given, rise to the claim, following which Purchaser Agent shall notify Issuer.
(d)A Protected Party shall, on receiving a payment from an Obligor under this Section 14.3, notify Purchaser Agent.
Section XIV.4Tax Credit.
(a)If an Obligor makes a Tax Payment and the relevant Finance Party determines that:
(i)a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and
(ii)that Finance Party has obtained and utilised that Tax Credit,
(b)the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor.
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Section XIV.5Purchaser Status Confirmation.
(a)Each Purchaser which is not an Original Purchaser shall indicate, in the documentation which it executes on becoming a party as a Purchaser, and for the benefit of Purchaser Agent and without liability to any Obligor, which of the following categories it falls in:
(i)not a Qualifying Purchaser;
(ii)a Qualifying Purchaser (other than a Treaty Purchaser or a QPP Purchaser); 
(iii)a QPP Purchaser; or
(iv)a Treaty Purchaser
(b)If such a Purchaser fails to indicate its status in accordance with this Section 14.5 then that Purchaser shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Purchaser until such time as it notifies Purchaser Agent which category applies (and Purchaser Agent, upon receipt of such notification, shall inform Issuer).  For the avoidance of doubt, the documentation which a Purchaser executes on becoming a Party as a Purchaser shall not be invalidated by any failure of a Purchaser to comply with this Section 14.5.
Section XIV.6Stamp Taxes. Issuer shall pay and, within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Note Document; provided that (other than when an Event of Default is continuing) this Section 14.6 shall not apply in respect of any stamp duty, registration and other similar Taxes payable in connection with any assignment or transfer of any Notes or other divestment of an interest in any Notes by a Finance Party. 
Section XIV.7VAT.
(a)All amounts expressed to be payable under a Note Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to Section 14.7(b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Note Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).
(b)If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party (the “Recipient”) under a Note Document, and any Party other than the Recipient (the “Relevant Party”) is required by the terms of any Note Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):
(i)(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT.  The Recipient must (where this clause (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and
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(ii)(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT.
(c)Where a Note Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.
(d)Any reference in this Section 14.7 to any Party shall, at any time when such Party is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules (provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) or any other similar provision in any jurisdiction which is not a member state of the European Union) so that a reference to a party shall be construed as a reference to that party or the relevant group or unity (or fiscal unity) of which that party is a member for VAT purposes at the relevant time or the relevant representative member (or head) of that group or unity (or fiscal unity) at the relevant time (as the case may be).
(e)In relation to any supply made by a Finance Party to any Party under a Note Document, if reasonably requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party’s VAT registration and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting requirements in relation to such supply.
Section XIV.8FATCA Information.
(a)Subject to Section 14.8(c) below, each Party shall, within ten (10) Business Days of a reasonable request by another Party:
(i)confirm to that other Party whether it is:
(1)a FATCA Exempt Party; or
(2)not a FATCA Exempt Party;
(ii)supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA; and
(iii)supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party’s compliance with any other law, regulation, or exchange of information regime.
(b)If a Party confirms to another Party pursuant to Section 14.8(a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.
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(c)Section 14.8(a) above shall not oblige any Finance Party to do anything, and Section 14.8(a)(iii) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:
(i)any law or regulation;
(ii)any fiduciary duty; or
(iii)any duty of confidentiality.
(d)If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with Section 14.8(a)(i) or (a)(ii) above (including, for the avoidance of doubt, where Section 14.8(c) above applies), then such Party shall be treated for the purposes of the Note Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.
(e)If an Obligor is a US Tax Obligor or Purchaser Agent reasonably believes that its obligations under FATCA or any other applicable law or regulation require it, each Purchaser shall, within ten Business Days of:
(i)where an Original Issuer is a US Tax Obligor and the relevant Purchaser is an Original Purchaser, the date of this Agreement;
(ii)where an Obligor is a US Tax Obligor on a date on which any other Purchaser becomes a Party as a Purchaser, that date;
(iii)the date a new US Tax Obligor accedes as an Issuer; or
(iv)where an Obligor is not a US Tax Obligor, the date of a request from Purchaser Agent,
(f)supply to Purchaser Agent:
(i)a withholding certificate on Form W-8, Form W-9 or any other relevant form; or
(ii)any withholding statement or other document, authorization or waiver as Purchaser Agent may require to certify or establish the status of such Purchaser under FATCA or that other law or regulation.
(g)Purchaser Agent shall provide any withholding certificate, withholding statement, document, authorization or waiver it receives from a Purchaser pursuant to Section 14.8(e) above to the relevant Issuer.
(h)If any withholding certificate, withholding statement, document, authorization or waiver provided to Purchaser Agent by a Purchaser pursuant to Section 14.8(e) above is or becomes materially inaccurate or incomplete, that Purchaser shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorization or waiver to Purchaser Agent unless it is unlawful for the Purchaser to do so (in which case the Purchaser shall promptly notify the Agent).  Purchaser Agent shall provide any such updated withholding certificate, withholding statement, document, authorization or waiver to the relevant Issuer.
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(i)Purchaser Agent may rely on any withholding certificate, withholding statement, document, authorization or waiver it receives from a Purchaser pursuant to Section 14.8(e) or (g) above without further verification.  Purchaser Agent shall not be liable for any action taken by it under or in connection with Section 14.8(e), (f) or (g) above    
Section XIV.9FATCA Deduction.
(a)Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.
(b)Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify Issuer and Purchaser Agent and Purchaser Agent shall notify the other Finance Parties.
Article XV
DEFINITIONS
Section XV.1Definitions.  As used in this Agreement, the following terms have the following meanings:
24“ADS” means Issuer’s American Depositary Shares.
25“Account” means any “account” as defined in the UCC with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Issuer.
26“Account Debtor” means any “account debtor” as defined in the UCC with such additions to such term as may hereafter be made.
27“Acquisition” means (a) any transaction, or any series of related transactions, by which any Person directly or indirectly, by means of a take-over bid, tender offer, amalgamation, merger, purchase of business, assets or shares or similar transaction having the same effect as any of the foregoing, (i) acquires any business or product or all or substantially all of the assets of any Person engaged in any business or any business, product, Intellectual Property, business line or product line, division or other unit operation of any Person, (ii) acquires control of securities of a Person engaged in a business representing more than 50% of the ordinary voting power for the election of directors or other governing body if the business affairs of such Person are managed by a board of directors or other governing body or (iii) acquires control of more than 50% of the ownership interest in any Person engaged in any business that is not managed by a board of directors or other governing body and (b) any Product In-License.
28“Acquisition Cost” means, with respect to each Permitted Acquisition, (a) consideration paid or payable for such Permitted Acquisition, including all upfront/closing consideration, earnouts (whether earned or contingent), milestone payments, deferred purchase price and any other contractual commitment, whether fixed or contingent, and (b) all costs incurred or reasonably expected to be incurred in connection with such Permitted Acquisition, including (x) any transition support costs and (y) dedicated post-closing research and development spend for the eighteen (18) months following the closing of such Permitted Acquisition (as presented to Issuer’s Board of Directors in connection with such 
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Permitted Acquisition), but in all cases excluding (i) royalties on sales calculated on an arm’s-length basis, (ii) in the case of a Permitted Acquisition of a product that becomes an Included Product hereunder, any contingent consideration subject to milestones satisfied by Marketing Approval of such Included Product and any commercial milestones for such Included Product following such Marketing Approval and (iii) any projected post-closing research and development spend after the eighteen (18) months following the closing of such Permitted Acquisition.
29“Affected Interest Period” is defined in Section 2.3(e)(i).
30“Affiliate” of any Person means a Person that owns or controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company, that Person’s managers and members.  For purposes of Section 7.8, Affiliate shall include any portfolio company of the Permitted Holders.
31“Agreed Security Principles” means the agreed security principles set forth on Exhibit A-2.
32“Agreement” is defined in the preamble hereof.
33“AIF” has the meaning given to the term under AIFMD Law.
34“AIFM” has the meaning given to the term under AIFMD Law.
35“AIFMD” means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010, as the same may be amended, supplemented, superseded or re-adopted from time to time (whether with or without qualifications).
36“AIFMD Law” means (a) the AIFMD, and (b) any applicable law of a member state of the European Union implementing the AIFMD.
37“Annual Projections” is defined in Section 6.2(a)(iv).
38“Anti-Corruption Laws” means all laws of any jurisdiction applicable to Issuer or its Subsidiaries from time to time prohibiting bribery or corruption, including without limitation: (a) the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, 1997; (b) the United Kingdom Bribery Act 2010; (c) the United States Foreign Corrupt Practices Act of 1977; and (d) other similar laws, rules and regulations in other jurisdictions. 
39“Anti-Terrorism Laws” means any laws relating to terrorism or money laundering, including, without limitation, (i) the Money Laundering Control Act of 1986 (e.g., 18 U.S.C. §§ 1956 and 1957), (ii) the Bank Secrecy Act of 1970 (e.g., 31 U.S.C. §§ 5311 – 5330), as amended by the USA PATRIOT Act, (iii) the laws, regulations and Executive Orders administered by OFAC, (iv) the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 and implementing regulations by the United States Department of the Treasury, (v) any legislation or regulations applicable to any Party and relating to the fight against money laundering for capital arising from drug-trafficking and the activities of criminal organizations and counter-terrorist financing, in any legal system whatsoever, (vi) any law prohibiting or directed against terrorist activities or the financing of terrorist activities (e.g., 18 U.S.C. §§ 2339A and 2339B), or (vii) any similar laws enacted in the United States, United Kingdom, European Union or any other jurisdictions in which the parties to this agreement 
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operate, and all other present and future legal requirements of any Governmental Authority governing, addressing, relating to, or attempting to eliminate, terrorist acts and acts of war.
40“Applicable Margin” means 7.75%, subject to potential adjustment pursuant to Section 2.3(e).
41“Applicable Rate” means a rate per annum equal to the sum of (a) the greater of (i) LIBOR (subject to LIBOR being replaced with the Prime Rate pursuant to Section 2.3(e)), and (ii) the LIBOR Floor (subject to the LIBOR Floor being replaced with the Prime Rate Floor pursuant to Section 2.3(e)) plus (b) the Applicable Margin; provided that, for the avoidance of doubt, the Applicable Rate shall never be less than 8.00% (including following implementation of a Benchmark Replacement and any Benchmark Replacement Conforming Changes). If a Benchmark Transition Event or an Early Opt-in Election, as applicable, has occurred, this definition shall be modified (except as provided in the proviso in the immediately preceding sentence) as part of the Benchmark Replacement Conforming Changes.
42“Applicable Redemption Percentage” means 75%; provided that if only the First Purchase has occurred (and no other Purchase has occurred), the Applicable Redemption Percentage on any cumulative Net Proceeds in excess of Seventy Five Million Dollars ($75,000,000) shall be 25%.
43“Approved Fund” means any (i) investment company, fund, trust, securitization vehicle or conduit that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business or (ii) any Person (other than a natural person) which temporarily warehouses loans for any Purchaser or any entity described in the preceding clause (i) and that, with respect to each of the preceding clauses (i) and (ii), is administered or managed by (a) a Purchaser, (b) an Affiliate of a Purchaser or (c) a Person (other than a natural person) or an Affiliate of a Person (other than a natural person) that administers or manages a Purchaser.  Notwithstanding anything contrary herein, Approved Fund shall not include any Distressed Debt Investor.
44“Approved Purchaser” is defined in Section 13.1(a). 
45 “Asset Sale Repurchase Event” means any Transfer by any Obligor or any Subsidiary of all or any part of its business or property or any issuance of Equity Interests by any Subsidiary to any Person that is not an Obligor for consideration consisting at least 75% of Cash and not expressly permitted pursuant to Section 7.1(a) through (e).
“Assigned Patents” is defined in Section 5.11(g). 
46“Base LIBOR” means, with respect to any Interest Period for any Note, the rate for deposits in Dollars for three month LIBOR appearing on the applicable Bloomberg page (or on any successor or substitute page or service providing quotations of interest rates applicable to Dollar deposits in the London interbank market comparable to those currently provided on such page, as determined by Purchaser Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period.
47“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by Purchaser Agent and Issuer giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to LIBOR for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement 
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as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.
48“Benchmark Replacement Adjustment” means, with respect to any replacement of LIBOR with an Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Purchaser Agent and Issuer giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time.
49“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Prime Rate,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that Purchaser Agent and Issuer agree (acting reasonably) may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by Purchaser Agent in a manner substantially consistent with market practice (or, if Purchaser Agent decides that adoption of any portion of such market practice is not administratively feasible or if Purchaser Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as Purchaser Agent and Issuer agree (acting reasonably) is reasonably necessary in connection with the administration of this Agreement).
50“Benchmark Replacement Date” means the earlier to occur of the following events with respect to LIBOR: (a) in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR; or (b) in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.
51“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to LIBOR: (a) a public statement or publication of information by or on behalf of the administrator of LIBOR announcing that such administrator has ceased or will cease to provide LIBOR, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR; (b) a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for LIBOR, a resolution authority with jurisdiction over the administrator for LIBOR or a court or an entity with similar insolvency or resolution authority over the administrator for LIBOR, which states that the administrator of LIBOR has ceased or will cease to provide LIBOR permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR; or (c) a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR announcing that LIBOR is no longer representative.
52“Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the 
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expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by Purchaser Agent or the Required Purchasers, as applicable, by written notice to Issuer, Purchaser Agent (in the case of such notice by the Required Purchasers) and the Purchasers.
53“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR and solely to the extent that LIBOR has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced LIBOR for all purposes hereunder in accordance with Section 2.3(e)(iii) and (y) ending at the time that a Benchmark Replacement has replaced LIBOR for all purposes hereunder pursuant to Section 2.3(e)(iii).
54“Blocked Account” is defined in Section 3.7(h)(ii).
55“Books” are Issuer’s or any of its Subsidiaries’ books and records including ledgers, federal, and state tax returns, records regarding Issuer’s or its Subsidiaries’ assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information.
56“Business Day” is any day of the year on which banks are open for business in New York, New York and London, England, and in respect of any matter concerning a Foreign Obligor, the capital city of the country of domicile of such Foreign Obligor.
57“Cash” means all cash and Cash Equivalents.
58“Capital Lease” is any lease or similar arrangement which is of a nature that payment obligations of the lessee or obligor thereunder at the time are or should be capitalized and shown as liabilities (other than current liabilities) upon a balance sheet of such lessee or obligor prepared in accordance with GAAP.
59“Capital Lease Obligations” are, with respect to any Capital Lease, the amount of the obligation of the lessee thereunder that would, in accordance with GAAP, appear on a balance sheet of such lessee with respect to such Capital Lease.
60“Capped Payment Amount” means, as of any date:
(a)on or prior to the third anniversary of the First Purchase Date, an amount equal to  175.0% of the principal amount of the Notes issued pursuant to this Agreement; provided that if (x) only the First Purchase has occurred (and no other Purchase has occurred) and (y) the Required Purchasers have elected to require the repurchase of Notes and the prepayment of Obligations pursuant to Section 2.2(c), then solely in connection with the repayment in full of all Obligations on or prior to the third anniversary of the First Purchase Date, the Capped Payment Amount shall be calculated as an amount equal to 148.0% of the principal amount of the Notes issued pursuant to this Agreement;
(b)after the third anniversary of the First Purchase Date and on or prior to the sixth anniversary of the First Purchase Date, an amount equal to 185.0% of the principal amount of the Notes issued pursuant to this Agreement; and
(c)after the sixth anniversary of the First Purchase Date, an amount equal to 205.0% of the principal amount of the Notes issued pursuant to this Agreement.
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61“Cash Equivalents” are (i) securities issued or unconditionally guaranteed or insured by the United States of America, United Kingdom, France or Germany or any agency or instrumentality thereof, backed by the full faith and credit of the United States of America, United Kingdom, France or Germany  and maturing within one year from the date of acquisition, (ii) commercial paper issued by any Person organized under the laws of the United States of America, United Kingdom, France or Germany, maturing within 360 days from the date of acquisition and, at the time of acquisition, having a rating of at least A-1 or the equivalent thereof by Standard & Poor’s Ratings Services or at least P-1 or the equivalent thereof by Moody’s Investors Service, Inc., or F-1 or better by Fitch Investor Services, (iii) time deposits and certificates of deposit maturing within 360 days from the date of issuance and issued by a bank or trust company organized under the laws of the United States of America (or any state thereof), United Kingdom, France or Germany  (A) that has combined capital and surplus of at least $500,000,000 or (B) that has (or is a subsidiary of a bank holding company that has) a long-term unsecured debt rating of at least A or the equivalent thereof by Standard & Poor’s Ratings Services or at least A2 or the equivalent thereof by Moody’s Investors Service, Inc. or A or better by Fitch Investor Services, and (iv) money market funds that are SEC registered 2a-7 eligible only, have assets in excess of $1,000,000,000, offer a daily purchase/redemption feature and seek to maintain a constant share price; provided that, the Obligors will invest only in ‘no-load’ funds which have a constant $1.00 net asset value target. 
62“Cash Receipts” are, for any fiscal quarter, the actual cash receipts of Issuer and its Subsidiaries (excluding any royalty receipts or other cash payments received from Lixivaptan Transferees) during such fiscal quarter arising from the sale and distribution of the Lixivaptan Products.
63“Change of Control” is:
(a)any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of Issuer or its Subsidiaries (and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) and excluding the Permitted Holders, files a Schedule 13D or 13G showing that, or any Obligor otherwise obtains Knowledge that, such “person” or “group” has become the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than forty percent (40%) of the Equity Interests of Issuer entitled to vote for members of its Board of Directors on a fully diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); 
(b)a merger or consolidation of Issuer with any Person in which the stockholders of Issuer immediately prior to such merger or consolidation do not continue to hold immediately following the closing of such merger or consolidation at least fifty-one percent (51%) of the aggregate ordinary voting power entitled to vote for the election of directors of Issuer represented by the issued and outstanding Equity Interests of the entity surviving or resulting from such consolidation;
(c)(A) the Transfer in one or a series of transactions (whether or not related) of more than 49.9% of the consolidated assets of Issuer and its Subsidiaries to Persons that are not Full Guarantors or (B) the Transfer in one or more Asset Sale Repurchase Events of consolidated assets of the Obligors and their Subsidiaries for a cumulative purchase price for all such Transfers equal to more than 49.9% of the Market Capitalization (determined as of the date of each such Transfer); or
(d)the occurrence of a change of control, “fundamental change” or other similar provision, as defined in any agreement or instrument evidencing any Indebtedness in an aggregate amount in excess of Five Million Dollars ($5,000,000) triggering a default, a mandatory prepayment or other obligation to repurchase, redeem or repay such Indebtedness.
64“Claims” are defined in Section 13.2.
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65“Clinical Trial” means any clinical or pre-clinical trial or study of the Included Products conducted by or on behalf of Issuer or any of its Subsidiaries.
66“Clinical Updates” means material information and developments with respect to each Clinical Trial, including, without limitation, any serious adverse event in any Clinical Trial.
67“Code” is the Internal Revenue Code of 1986, as amended, or any successor federal tax code. Any reference to any provision of the Code shall also include the income tax regulations promulgated thereunder, whether final, temporary or proposed.
68“Collateral” is any and all properties, rights and assets of Obligors described on Exhibit A-1.
69“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account, or any other bank account maintained by Issuer or any Subsidiary at any time (other than any Excluded Account).
70“Commercial Updates” means material information and developments with respect to Issuer’s Commercialization plans and prospects for the Included Products.
71“Commercialization” means any and all activities, other than manufacturing, directed to the preparation for sale of, or sale of any product (excluding sales prior to receipt of Marketing Approval such as so called “treatment IND sales”, “named patient sales”, “compassionate use sales”, test marketing, sampling and promotions), including activities related to marketing, promoting, distributing, and importing such product, and interacting with Regulatory Agencies regarding any of the foregoing. When used as a verb, “to Commercialize” and “Commercializing” means to engage in Commercialization, and “Commercialized” has a corresponding meaning.
72“Commitment” is, for any Purchaser, the obligation of such Purchaser to purchase Notes, up to the principal amount shown on Schedule 1.1.  “Commitments” means the aggregate amount of such commitments of all Purchasers.
73“Commitment Percentage” is set forth in Schedule 1.1, as amended from time to time.
74“Commitment Termination Date” is the earliest of (i) (a) with respect to the First Purchase, the First Purchase Date, (b) with respect to the Second Purchase, the earlier of (1) September 30, 2023 (or such later date as specified in writing by the Required Purchasers in their sole discretion (and without obligation)) and (2) the purchase of Seventy Five Million Dollars ($75,000,000) of principal amount of Notes pursuant to the Second Purchase and (c) with respect to the Third Purchase, the earlier of (1) September 30, 2023 (or such later date as specified in writing by the Required Purchasers in their sole discretion (and without obligation)) and (2) the purchase of Fifty Million Dollars ($50,000,000) of principal amount of Notes pursuant to the Third Purchase, (ii) the occurrence of a Change of Control, (iii) the redemption or repurchase by Issuer in full of all outstanding Notes pursuant to Section 2.2(b), (iv) the termination of the Commitments by Issuer pursuant to the last sentence of Section 2.2(g), and (v) the termination of the Commitments pursuant to Section 9.1.
75“Commodity Account” is any “commodity account” as defined in the UCC with such additions to such term as may hereafter be made.
76“Communication” is defined in Article X.
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77“Compliance Certificate” is that certain certificate in the form attached hereto as Exhibit C.
78“Contingent Obligation” shall mean, as to any Person, any obligation, agreement, understanding or arrangement of such person guaranteeing or intended to guarantee any Indebtedness, leases, dividends or other obligations (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of such person, whether or not contingent, (a) to purchase any such primary obligation or any property constituting direct or indirect security therefor; (b) to advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor; (c) 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; (d) with respect to bankers’ acceptances, letters of credit and similar credit arrangements, until a reimbursement obligation arises (which reimbursement obligation shall constitute Indebtedness); or (e) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof; provided, however, that the term “Contingent Obligation” shall not include endorsements of instruments for deposit or collection in the ordinary course of business, typical contractual indemnities provided in the ordinary course of business or any product warranties. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which such person may be liable, whether singly or jointly, pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such person is required to perform thereunder) as determined by such person in good faith. 
79“Control Agreement” is any control agreement entered into among the depository institution at which Issuer or any Obligor maintains a Deposit Account or the securities intermediary or commodity intermediary at which Issuer or any of its Subsidiaries maintains a Securities Account or a Commodity Account, Issuer and such Subsidiary, and Purchaser Agent pursuant to which Purchaser Agent obtains control (within the meaning of the UCC or any other perfection regime) for the benefit of the Secured Parties over such Deposit Account, Securities Account, or Commodity Account.
80“Copyrights” are any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret.
81“Corporate Benefit Limitations” means, with respect to any Guaranty or the grant or perfection of any security interest by any Foreign Obligor, any limitations on such Guaranty or such grant or perfection imposed pursuant to the Agreed Security Principles (other than limitations that do not impair the rights and remedies of the Secured Parties more than analogous restrictions imposed under the laws of the United States as reasonably determined by Purchaser Agent). 
82“Default” is any event that upon the giving of notice, the passage of time or both, would constitute an Event of Default.
83“Default Rate” is defined in Section 2.3(c).
84“Deposit Account” is any “deposit account” as defined in the UCC with such additions to such term as may hereafter be made.
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85“Designated Deposit Account” is Issuer’s Deposit Account, account number [***], maintained with Barclays, and any successor Deposit Account designated by Issuer as such by written notice to Purchaser Agent; provided that the Designated Deposit Account shall be (a) located in the United States or United Kingdom, (b) held with a financial institution that meets the requirements set forth in clause (iii) of the definition of “Cash Equivalents”, and (c) at all times subject to a Control Agreement (or the equivalent in the United Kingdom) and an ACH authorization in favor of Purchaser Agent.
86“Development” means all activities related to discovery, research and development of a product, including creation and prosecution of Intellectual Property, pre-clinical and other non-clinical testing, test method development and stability testing, toxicology, formulation, process development, manufacturing scale-up, qualification and validation, quality assurance/quality control, Clinical Trials, including Manufacturing in support thereof, statistical analysis and report writing, the preparation and submission of applications for Regulatory Approval, regulatory affairs with respect to the foregoing and all other activities necessary or reasonably useful or otherwise requested or required by a Regulatory Authority as a condition or in support of obtaining or maintaining a Regulatory Approval for such product. When used as a verb, “Develop” means to engage in Development.
87“Disputes” is defined in Section 5.11(d).
88“Disqualified Equity Interests” shall mean any Equity Interest which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, (a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, on or prior to 181 days after the End of Term, (b) is convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Equity Interests referred to this definition, in each case at any time on or prior to 181 days after the End of Term, or (c) contains any repurchase obligation or provides for mandatory distributions which may come into effect prior to payment in full of all Obligations; provided, however, that any Equity Interests that would not constitute Disqualified Equity Interests  but for provisions thereof giving holders thereof (or the holders of any security into or for which such Equity Interests is convertible, exchangeable or exercisable) the right to require the issuer thereof to redeem such Equity Interests upon the occurrence of a change in control occurring prior to the 181st day after the End of Term shall not constitute Disqualified Equity Interests if the payment upon such redemption is contractually subordinated in right of payment to the Obligations.
89“Distressed Debt Investor” means, as reasonably determined by the Purchaser Agent, any investor or investment fund specializing in distressed debt and a majority of whose investment portfolio at all times consists of distressed debt; provided, that for the avoidance of doubt, any investment fund that is not itself a Distressed Debt Investor, but whose parent or operator also owns or operates one or more investment funds that are Distressed Debt Investors, shall not be deemed to be a Distressed Debt Investor.
90“Distressed Disposal” means any disposal or appropriation of the shares or Equity Interests of Issuer or any Subsidiary, in each case whose shares are subject to the security granted under this Agreement or the Foreign Collateral Documents.
91“Dollars,” “dollars” and “$” each are lawful money of the United States.
92“Early Opt-in Election” means the occurrence of: (a) (i) a determination by Purchaser Agent or (ii) a notification by the Required Purchasers to Purchaser Agent (with a copy to Issuer) that the 
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Required Purchasers have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in Section 2.3(e)(iii), are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace LIBOR, and (b) (i) the election by Purchaser Agent or (ii) the election by the Required Purchasers to declare that an Early Opt-in Election has occurred and the provision, as applicable, by Purchaser Agent of written notice of such election to Issuer and the Purchasers or by the Required Purchasers of written notice of such election to Purchaser Agent.
93“Effective Date” is defined in the preamble of this Agreement.
94“Eligible Assignee” means (i) a Purchaser, (ii) an Affiliate of a Purchaser, (iii) an Approved Fund and (iv) any commercial bank, savings and loan association or savings bank or any other entity which is an “accredited investor” (as defined in Regulation D under the Securities Act of 1933, as amended) and which extends credit or buys loans as one of its businesses, including insurance companies, mutual funds, lease financing companies and commercial finance companies, in each case of this clause (iv), which either (A) has a rating of BBB or higher from Standard & Poor’s Rating Group and a rating of Baa2 or higher from Moody’s Investors Service, Inc. at the date that it becomes a Purchaser or (B) has total assets in excess of Five Billion Dollars ($5,000,000,000); provided that, notwithstanding the foregoing, “Eligible Assignee” shall not include any Person that is (a) an Affiliate or Subsidiary of Issuer or a direct competitor of Issuer, as reasonably determined by Purchaser Agent, (b) a Distressed Debt Investor or (c) listed on the Disqualified Lender List attached hereto as Schedule 13.1.
95“EMA” means the European Medicines Agency or any successor agency thereto.
96“End of Term” means the earlier of (i) tenth anniversary date of the First Purchase Date, and (ii) the date six months prior to the stated maturity date, or first stated repurchase date, of any Permitted Convertible Notes.
97“English Collateral Documents” means each of the documents listed in Exhibit A-3.
98“Environmental Claims” means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive (conditional or otherwise), by any Governmental Authority or any other Person, arising (i) pursuant to or in connection with any actual or alleged violation of any Environmental Law; (ii) in connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (iii) in connection with any actual or alleged damage, injury, threat or harm to health, safety, natural resources or the environment, arising out of a violation of Environmental Law or any Hazardous Material Activity.
99“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to (i) environmental matters, including those relating to any Hazardous Materials Activity; (ii) the generation, use, storage, transportation or disposal of Hazardous Materials; or (iii) to the extent related to Hazardous Material Activity, occupational safety and health, industrial hygiene, land use or the protection of human, plant or animal health or welfare, in any manner applicable to Issuer or any of its Subsidiaries or any Facility.
100“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of any Obligor or any of its Subsidiaries directly or indirectly resulting from or based upon (i) violation of any Environmental Law, (ii) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (iii) exposure to any Hazardous Materials, (iv) the release or threatened release 
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of any Hazardous Materials into the environment or (v) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
101“Equipment” means all “equipment” as defined in the UCC with such additions to such term as may hereafter be made, and includes without limitation all machinery, Fixtures, Goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing.
102“Equity Interest” means, with respect to any Person, any and all shares (including any American Depository Shares, each representing one or more of such shares), interests, partnership interests (whether general or limited), membership interests (including such interest in a joint venture), rights to purchase, warrants, options, participations or other equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such Person, and any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of property of, such Person; provided that Equity Interest shall not include any Permitted Convertible Notes.
103“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and its regulations.
104“ERISA Affiliate” means any Person, trade or business (whether or not incorporated) under common control with Issuer within the meaning of Section 414(b) or (c) of the Code (and Sections 414(b), (c), (m) and (o) of the Code for purposes or Section 4001(b) of ERISA.
105“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the failure by Issuer or any ERISA Affiliate to meet all applicable requirements under the Pension Funding Rules or the filing of an application for the waiver of the minimum funding standards under the Pension Funding Rules; (c) the incurrence by Issuer or any ERISA Affiliate of any liability pursuant to Section 4063 or 4064 of ERISA or a cessation of operations with respect to a Pension Plan within the meaning of Section 4062(e) of ERISA; (d) a complete or partial withdrawal by Issuer or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization or insolvent (within the meaning of Title IV of ERISA); (e) the filing of a notice of intent to terminate a Pension Plan under, or the treatment of a Pension Plan amendment as a termination under, Section 4041 of ERISA; (f) the institution by the PBGC of proceedings to terminate a Pension Plan; (g) any event or condition that constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (h) the determination that any Pension Plan is in at-risk status (within the meaning of Section 430 of the Code or Section 303 of ERISA) or that a Multiemployer Plan is in endangered or critical status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (i) the imposition or incurrence of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon Issuer or any ERISA Affiliate; (j) the engagement by Issuer or any ERISA Affiliate in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; (k) the imposition of a lien upon Issuer pursuant to Section 430(k) of the Code or Section 303(k) of ERISA; or (l) the making of an amendment to a Pension Plan that could result in the posting of bond or security under Section 436(f)(1) of the Code.
106“Eurocurrency Reserve Requirements” for any day, means the aggregate (without duplication) of the maximum rates (expressed as a fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves) under any regulations of the Board of Governors of the Federal Reserve System or other Governmental Authority having jurisdiction with respect thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System.
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107“Event of Default” is defined in Article VIII.
108“Exchange Act” means the Securities Exchange Act of 1934, as amended.
109“Excluded Accounts” means, collectively, (a) any Deposit Account of any Obligor that is used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Issuer’s or any of its Subsidiaries’ employees and (b) any escrow accounts, Deposit Accounts and trust accounts that are pledged or otherwise encumbered pursuant to clauses (m) and (n) of Permitted Liens.
110“Excluded Subsidiary” means (a) any Subsidiary that is prohibited by any Requirement of Law or by any contractual obligation existing on the Effective Date (or, if later, the date of acquisition or formation of such Subsidiary) (provided such contractual obligation was not entered into in contemplation thereof) from guaranteeing the Obligations, (b) any Subsidiary that would require any Governmental Approval in order to guarantee the Obligations unless such Governmental Approval has been received or can be obtained by the Subsidiary through the use of commercially reasonable efforts and (c) subject to compliance with Section 3.7(h), the French Subsidiary.
111“Facility” means any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or heretofore owned, leased, operated or used by any Obligor or any of its Subsidiaries.
“Facility Office” means the office or offices through which it will perform its obligations under the Note Documents.
112“Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the Board of Directors of Issuer.
113“FDA” means the United States Food and Drug Administration and any successor agency thereto.
“Final Payment Amount” means, as of any date of determination, the Capped Payment Amount as of such date minus, in each case, the sum, without duplication, of (i) all regularly scheduled interest paid prior to such date with respect to the Notes (for the avoidance of doubt, excluding any default interest), plus (ii) the principal amount of Notes redeemed, repurchased or repaid prior to such date, plus (iii) all Revenue Participation Payments and Milestone Payments made to the Purchasers prior to such date, plus (iv) all Prepaid Amounts pursuant to Section 2.2(c); provided that the Final Payment Amount shall not be less than zero.  Unless otherwise expressly specified herein, the Final Payment Amount shall be determined as of the date of the payment thereof.
114“First Commercial Sale” means, with respect to an Included Product and a country, the first sale for monetary value for use or consumption by the end user of such Included Product in such country after Marketing Approval for such Included Product has been obtained in such country. Sales prior to receipt of Marketing Approval for such Included Product, such as so-called “treatment IND sales,” “named patient sales,” “compassionate use sales,” test marketing, sampling, and promotionals shall not be construed as a First Commercial Sale.
115“First Purchase” is defined in Section 2.1(a).
116“First Purchase Date” means the Purchase Date in respect of the First Purchase, which shall occur no later than October 4, 2021 (or such later date as specified in writing by the Required Purchasers in their sole discretion).
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117“Foreign Collateral Documents” means the English Collateral Documents, the French Collateral Documents and the German Collateral Documents, the German Parallel Debt Agreement and any other document governed by the laws of a jurisdiction other than the United States or any territory thereof.
118“Foreign Obligor” means a Subsidiary or Platform Company that is not an entity organized under the laws of the United States or any territory thereof.
119“Foreign Plan” means any employee pension benefit plan, program, policy, arrangement or agreement maintained or contributed to by Issuer or any Subsidiary with respect to employees employed outside the United States (other than any governmental arrangement).
120“Foreign Purchaser” means any Purchaser that is not a United States Person.
121“Fourth Purchase” is defined in Section 2.1(d).
122“Fourth Purchase Date” means any Purchase Date in respect of a Fourth Purchase.
123“Fourth Purchase Percentage” means, for any Purchaser, the percentage set forth on Schedule 1.1 opposite such Purchaser’s name. 
124“French Collateral Documents” means each of the documents listed in Exhibit A-4.
125“French Subsidiary” means Pega-One SAS, a French société par actions simplifiée having its registered office located at 31-35, rue de la Fédération – 75015 Paris and registered to the Paris trade and companies register under single identification number 853 093 458.
126“Full Guarantor” means any Guarantor that is not a Limited Guarantor.
127“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession in the United States, which are applicable to the circumstances as of the date of determination.
128“General Atlantic” means General Atlantic, its Affiliates and each fund or investment vehicle managed by General Atlantic or its Affiliates.
129“General Intangibles” means all “general intangibles” as defined in the UCC in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, all copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative work, whether published or unpublished, any patents, trademarks, service marks and, to the extent permitted under applicable law, any applications therefor, whether registered or not, any trade secret rights, including any rights to unpatented inventions, Payment Intangibles, royalties, contract rights, goodwill, franchise agreements, purchase orders, customer lists, route lists, telephone numbers, domain names, claims, income and other tax refunds, security and other deposits, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of insurance and rights to payment of any kind.
130“German Collateral Documents” means each of the documents listed in Exhibit A-5.
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131“German Guarantor” means any Guarantor incorporated in the Federal Republic of Germany as a private limited company (Gesellschaft mit beschränkter Haftung).
132“German Obligor” means any Obligor incorporated or organized in the Federal Republic of Germany.
133“German Parallel Debt Agreement” means a parallel debt agreement, between, inter alios, Issuer, PearlRiver Bio GmbH and the Purchaser Agent governed by the laws of the Federal Republic of Germany;
134“Governmental Approval” means any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority (including, without limitation, the FDA, the EMA, the MHRA and any similar state or foreign Governmental Authority).
135“Governmental Authority” means 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, any securities exchange and any selfregulatory organization.
136“Guarantee Obligations” means the obligations of any Guarantor granted or incurred under the guarantee pursuant to Article XII.
137“Guarantor” means each Person that is a guarantor of the Obligations under a Guaranty, including, without limitation, a Person that becomes a guarantor pursuant to a Guarantee Assumption Agreement. 
138“Guarantee Assumption Agreement” means a Guarantee Assumption Agreement substantially in the form of Exhibit E by a Person that, pursuant to Section 6.12, is required to become a “Guarantor” hereunder; provided that any Guarantee Assumption Agreement by a foreign Subsidiary shall be subject to the Agreed Security Principles.
139“Guaranty” means the guaranty set forth in Article XII and/or any guarantee of all or any part of the Obligations in form and substance reasonably satisfactory to Purchaser Agent, as the same may from time to time be amended, restated, modified or otherwise supplemented.
140“Hazardous Materials” means any chemical, material or substance, exposure to which is prohibited, limited or regulated by any Governmental Authority or which may or would reasonably be expected to pose a hazard to the health and safety of the owners, occupants or any Persons in the vicinity of any Facility or to the indoor or outdoor environment.
141“Hazardous Materials Activity” means any past, current, proposed or threatened activity, event or occurrence involving any Hazardous Materials, including the use, manufacture, possession, storage, holding, presence, existence, location, release, threatened release, discharge, placement, generation, transportation, processing, construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Materials, and any corrective action or response action with respect to any of the foregoing.
142“Included Products” means (a) any Lixivaptan Product, and (b) all other products designed, Developed, owned, licensed, Manufactured or Commercialized by Issuer or any Subsidiary from time to time. Notwithstanding the foregoing, after the Effective Date and prior to the receipt of any Marketing Approval from either the FDA or the EMA (but not any other Regulatory Authority) of an 
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Included Product, if any Included Product (other than any Lixivaptan Product) is Transferred in its entirety to a Third Party, then such product shall cease to be considered an Included Product after giving effect to such Transfer so long as the Obligors have complied with the requirements set forth in Section 2.2(c).  
143“Indebtedness” of any Person means, without duplication, (a) all obligations of such person for borrowed money or advances; (b) all obligations of such person evidenced by bonds, debentures, notes or similar instruments; (c) all obligations of such person under conditional sale or other title retention agreements relating to property purchased by such person; (d) all obligations of such person issued or assumed as the deferred purchase price of property or services (excluding trade accounts payable, accrued obligations incurred in the ordinary course of business on normal trade terms and not overdue by more than 90 days); (e) all Indebtedness of others secured by any Lien on property owned or acquired by such person, whether or not the obligations secured thereby have been assumed, but limited to the fair market value of such property; (f) all Capital Lease Obligations and synthetic lease obligations of such person; (g) all liability or obligations of such Person in respect of hedging agreements and other derivative contracts (for the net amount owed by such Person thereunder), (h) all Contingent Obligations of such Person; (i) all liability and obligations of such Person under guaranteed minimum purchase, take or pay or similar performance requirement contracts, (j) all liability and obligations under receivables factoring, receivable sales or similar transactions or arising under revenue interest agreements, royalty financing agreements or similar financings, (k) all deferred or contingent Acquisition Costs, and (l) Disqualified Equity Interests. 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 (other than in the case of general partner liability) to the extent that terms of such Indebtedness expressly provide that such person is not liable therefor. The amount of Indebtedness of any person for purposes of clause (e) above shall (unless such Indebtedness has been assumed by such person) be deemed to be equal to the lesser of (i) the aggregate unpaid amount of such Indebtedness and (ii) the fair market value of the property encumbered thereby as determined by such person in good faith.
144“Index Ventures” means Index Ventures, its Affiliates and each fund or investment vehicle managed by Index Ventures or its Affiliates.
145“Insolvency Proceeding” means: 
(a)with respect to any Obligor or any of its Subsidiaries not incorporated in England and Wales, France or Federal Republic of Germany any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief;
(b)with respect to any Obligor or any of its Subsidiaries incorporated in England and Wales or in the Federal Republic of Germany, any corporate action, legal proceedings or other formal procedure or step is taken in relation to:
(i)the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise) of that Obligor or any of its Subsidiaries;
(ii)a composition, compromise, assignment or arrangement with any creditor of that Obligor or any of its Subsidiaries;
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(iii)the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of that Obligor (or any of its Subsidiaries) or any of its assets; or 
(iv)enforcement of any security interest or Lien over any assets of any Obligor or any of its Subsidiaries, or any analogous procedure or step is taken in any jurisdiction, other than any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 21 days of commencement; and
(c)with respect to any Obligor or any of its Subsidiaries incorporated in France:
(i)being in default of payments (cessation des paiements) within the meaning of article L. 631-1 of the French commercial code;
(ii)being subject, on its own initiative or that of a third party (other than the Purchasers and/or the Purchaser Agent), as of the date of the request, (1) of a moratorium on any indebtedness, an administration or reorganization (by means of an agreement or otherwise), a voluntary liquidation or a dissolution, (2) a conciliation procedure within the meaning of article L. 611-4 of the French commercial code involving any creditor other than any Purchaser and/or the Purchaser Agent, (3) a request by any Obligor to appoint an ad hoc representative referred to in article L. 611-3 of the French commercial code involving any creditor other than any Purchaser and/or the Purchaser Agent, (4) a safeguard, accelerated safeguard, accelerated financial safeguard, receivership or compulsory liquidation procedure pursuant to Book VI of the French commercial code or (5) a total or partial assignment plan pursuant to Book VI Title II of the French commercial code;
(iii)suspending doing business, whether voluntarily or not;
(iv)if, applicable, in the event of an alert procedure, not providing a satisfactory response within the regulatory time limit, within the meaning of article L. 612-3 paragraph 2 of the French commercial code; or
(v)taking any measure or being the subject of any procedure or judgment with similar effects to those arising under any of the measures, procedures or judgments referred to in clauses (c)(i) through (c)(iv) above;
in each case, except any proceedings to liquidate or wind-up the operations of a Solvent Subsidiary as part of any planned group (including any Subsidiary) restructure or for tax and other planning purposes.
146“Insolvent” means not Solvent.
147“Intellectual Property” means all domestic, foreign and multinational intellectual property and other proprietary rights of any kind or nature, whether registered or unregistered and whether registrable or not, protected, created or arising under any law, including any and all rights in: proprietary information; technical data; laboratory notebooks; clinical data; priority rights; trade secrets; know-how; confidential information; inventions (whether patentable or unpatentable and whether or not reduced to practice or claimed in a pending patent application); Patents; Trademarks, trade names, service marks, trade dress, logos, slogans, including all goodwill associated therewith; domain names; Copyrights and all applications thereof; and all rights in works of authorship of any type, in all forms or media, designs rights, registered designs, database rights and rights in compilations of data. 
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148“Intellectual Property Updates” means (a) a summary of any new Patents, trademarks or copyrights issued that constitutes Product Intellectual Property and (b) a list of all patent, trademark or copyright applications filed, amended or supplemented, by Issuer or any Subsidiary (in form sufficient to allow Purchaser Agent to prepare appropriate filings in respect thereof to protect its Liens thereon).  
149“Interest Period” means, with respect to each Note, (a) initially, the period commencing on the  Purchase Date of such Note and ending on the last day of the calendar quarter in which such Purchase Date occurs, and (b) thereafter, each period beginning on the first day following the end of the immediately preceding Interest Period and ending on the last day of the next succeeding calendar quarter.
150“Inventory” means all “inventory” as defined in the UCC in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of any Person’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above.
151“Investment” means (a) any beneficial ownership interest in any Person (including Equity Interests or other securities), (b) any loan, advance, extension of credit, capital contribution or similar payment to any Person, (c) the incurrence of any Contingent Obligation or the assumption of any liabilities of any other Person, (d) any Acquisition, (d) the purchase or ownership of any futures contract or liability for the purchase or sale of currency or other commodities at a future date in the nature of a futures contract, and (e) any investment in any other items that are or would be classified as investments on a balance sheet of such Person prepared in accordance with GAAP. The amount of any Investment shall be the original cost of such Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment.
152“Issuer” is defined in the preamble thereof.
153“LIBOR” means, with respect to any Interest Period for any Note, the greater of (i) the rate per annum (rounded upward, if necessary, to the nearest whole 1/8 of 1%) and determined pursuant to the following formula: LIBOR = Base LIBOR / (1.00 – Eurocurrency Reserve Requirements); and (ii) 0.00%.
154“LIBOR Floor” is 0.25%.
155“License Agreement” means any existing or future license, commercialization, co-promotion, collaboration, distribution, marketing or partnering agreement entered into before or during the term of this Agreement by Issuer or any of its Affiliates that grants a license, covenants not to sue, or other similar rights with respect to any Product Intellectual Property.
156“Licensed Patents” is defined in Section 5.11(g). 
157“Licensees” means, collectively, the licensees and any sublicensees under any License Agreement; each a “Licensee”.  
158“Lien” means a claim, mortgage, deed of trust, levy, charge, pledge, security interest, or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property.
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159“Limited Guarantor” means any Guarantor whose Guaranteed Obligations, or the grant or perfection of a perfected, continuing security interest in whose assets, are limited by Corporate Benefit Limitations or which has not taken the requisite actions to grant a perfect continuing security interest in such Guarantor’s assets as required by Sections 3.7 and/or Section 6.12.
160“Lixivaptan” means lixivaptan, a vasopressin 2 receptor antagonist, in any form, formulation, dose or dosage form, under any brand name or as a generic product.
161“Lixivaptan Transferee” means (i) any Person (other than Issuer and its Subsidiaries) that licenses or sublicenses or otherwise acquires the Product Intellectual Property to Develop, Manufacture and/or Commercialize any Lixivaptan Product, and (ii) any Affiliate of such Person.   
162“Lixivaptan Transferee Report” means a report in form and substance satisfactory to Purchaser Agent, delivered no later than ninety (90) days following the end of each fiscal quarter, setting forth all requisite information needed to produce the Revenue Reports pursuant to Section 6.2(b).
163“Lixivaptan Product” means any pharmaceutical product comprising or containing Lixivaptan, whether as a single agent or in combination with other agents, including any improvements or modifications thereto and any follow-on or cannibalizing products to which Issuer or any of its Subsidiaries owns or has rights.
164“IRS” means the United States Internal Revenue Service.
165“Manufacture” and “Manufacturing” means all activities related to the production, manufacture, processing, filling, finishing, packaging, labeling, shipping, and holding of any product, or any intermediate thereof, including process development, process qualification and validation, scale-up, pre-clinical, clinical and commercial manufacture and analytic development, product characterization, stability testing, quality assurance, and quality control.
166“Market Capitalization” means, as at any date of determination, the product of (x) the number of issued and outstanding shares of ordinary shares of Issuer on such date multiplied by (y) the closing price per share of such ordinary shares (or if such ordinary shares are represented by ADSs, the closing price of such ADSs multiplied by the number of ordinary shares represented by each ADS).
167“Marketing Approval” means, with respect to any Included Product in any country, approval from the applicable Regulatory Authority sufficient for the promotion and sale of such Included Product in such jurisdiction in accordance with applicable law, including, without limitation, the approval by the FDA of a U.S. New Drug Application for such Included Product.
168“Material Adverse Change” means a material adverse effect on (a) the business, operations, assets, or condition (financial or otherwise) of Issuer and its Subsidiaries, taken as a whole, (b) the validity or enforceability of any of the Note Documents, (c) the ability of Issuer or the Obligors to perform any of its or their material obligations under the Note Documents, (d) on the rights or remedies of Purchaser Agent or any Purchaser under any of the Note Documents, or (e) the validity, perfection (except to the extent permitted under this Agreement) or first priority of Liens in favor of Purchaser Agent for the benefit of the Secured Parties (except to the extent resulting solely from any actions or inactions on the part of Purchaser Agent and the Purchasers despite timely receipt of information regarding Issuer and its Subsidiaries as required by this Agreement). 
169“Material Agreement” means: (a) any “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the Securities Act of 1933, as amended, other than those 
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agreements and arrangements described in Item 601(b)(10)(iii)) with respect to Issuer or its Affiliates that involves the Development, Manufacture, or Commercialization of any Included Product; (b) any material development, collaboration, marketing, co-promotion, license, option, or partnering agreement or similar agreement with respect to Issuer or its Affiliates related to the Development, Manufacture, or Commercialization of any Included Product; or (c) any other agreement (excluding any and all agreements with clinical research organizations, clinical manufacturing organization, clinical trial agreements, fee-for-service arrangements (including master services agreements) and consultancy agreements except to the extent a termination of or failure to renew any such agreement could reasonably be expected to result in a Material Adverse Change) with respect to Issuer or its Affiliates relating to any Included Product, for which breach, non-performance or failure to renew by Issuer or its Affiliates or the respective counterparty could reasonably be expected to result in a Material Adverse Change. “Material Agreement” shall include, without limitation, all License Agreements.
170“Maturity Date” means the earlier of  (i) the sixth anniversary of the First Purchase Date, and (ii) the date six months prior to the stated maturity date, or first stated repurchase date, of any Permitted Convertible Notes.
171“Medicxi”  means Medicxi Ventures, its Affiliates and each fund or investment vehicle managed by Medicxi Ventures or its Affiliates.
172“MHRA” means the Medicines and Healthcare products Regulatory Agency in the United Kingdom or any successor agency thereto. 
173“Milestone Event” means the receipt of the first Marketing Approval from the FDA or EMA  of any Included Product.
174“Milestone Amount” means, as of the date of determination, an amount equal to 30% of the aggregate principal amount of Notes issued under this Agreement minus the aggregate amount of Milestone Payments received by the Purchasers.
175“Milestone Payments” means the quarterly payments of the Milestone Amount pursuant to Section 2.2(e). 
176“Milestone Period” is defined in Section 2.2(e)(i).
177“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which Issuer or any ERISA Affiliate makes or is obligated to make contributions, during the preceding five plan years has made or been obligated to make contributions, or has any liability.
178“Multiple Employer Plan” means a Plan with respect to which Issuer or any ERISA Affiliate is a contributing sponsor, and that has two or more contributing sponsors at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.
179“Net Asset Determination” is defined in Section 12.10(b).
180“Net Assets” means, in relation to a German Guarantor, the amount of its assets (section 266 sub-section 2 A, B, C, D and E German Civil Code (“HGB”)) less (i) the aggregate of its liabilities (section 266 sub-section 3 B, C (but, for the avoidance of doubt, disregarding any Guarantee Obligations), D and E HGB), (ii) its stated share capital (Stammkapital), and (iii) the amount of profits (Gewinne) not available for any distributions to its shareholder(s) in accordance with section 268 sub-section 8 HGB.
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181“Net Proceeds” means the amount of all Cash proceeds, plus the fair market value of any non-cash proceeds as determined by the Purchaser Agent, acting reasonably (including, in each case, deferred and/or contingent compensation) received (directly or indirectly) by or on behalf of an Obligor or any Subsidiary (if on behalf, then for the account of such Obligor or such Subsidiary), or distributable to an Obligor or any Subsidiary, from time to time, as a result of an Asset Sale Repurchase Event, after deducting therefrom, without duplication, (x) reasonable fees, commissions, expenses and other direct costs related thereto and required to be paid or payable by such Obligor in connection with such Asset Sale Repurchase Event, and (y) taxes paid, payable, or determined by such Obligor to be payable or attributable for payment in connection with such transaction to any taxing authorities by such Obligor, to the extent then paid or payable and directly attributable to such transaction in the taxable year in which such Asset Sale Repurchase Event occurs, and (z) any cash reserves required to be maintained by such Obligor in connection with such transaction in accordance with GAAP or applicable law; provided that, in each case, when any reserve for fees, commissions, expenses, costs, taxes or other amounts or any portion thereof is no longer required to be maintained, or upon any refund of any fees, commissions, expenses, costs or taxes, such amount shall be considered Net Proceeds then received, and provided further, that Issuer shall, at Purchaser Agent’s request, provide such calculations or evidence of costs deducted in arriving at Net Proceeds as Purchaser Agent may reasonably require to confirm the calculation of Net Proceeds in accordance with the foregoing. Notwithstanding the above, for purpose of calculation, to the extent the Asset Sale Repurchase Event involves a collaboration or similar arrangement relating to an Included Product (including, for the avoidance of doubt, any co-development), the amount of “Net Proceeds” shall not include any proceeds (other than, for the avoidance of doubt, upfront payments, milestones and royalties) expressly and specifically required pursuant to the terms of such arrangement to be used to pay for out-of-pocket research and development expenses related to the Included Product subject to such collaboration or similar arrangement. Furthermore, any amount of Net Proceeds to be held in escrow shall not be considered as received until such amounts are released to Issuer from such escrow. 
182 “Net Sales” means, for the relevant fiscal period, the gross amount received by Issuer or a Lixivaptan Transferee and their respective Affiliates and sublicensees in respect of sales of Lixivaptan Product to third parties, less returns and less the following amounts (a) customary quantity, trade and/or cash discounts, refunds, chargebacks, allowances, rebates (including any and all federal, state or local government rebates. e.g. Medicaid rebates) and any price adjustments allowed or given; (b) sales and other excise taxes and duties directly related to the sale of Lixivaptan Product, to the extent such items are included in the gross invoice price; (c) credits for returned goods; (d) transportation charges to the extent included in the gross invoice price; and (e) agents’ commissions. Sales of Lixivaptan Product by Issuer, a Lixivaptan Transferee and their respective Affiliates and sublicensees, to any other Affiliate, transferee or sublicensee (including sales by Issuer and its Affiliates to a Lixivaptan Transferee) which is a reseller thereof shall be excluded, and only the subsequent sale of such Lixivaptan Product by Lixivaptan Transferee, Affiliates or sublicensees of Issuer to third parties shall be deemed Net Sales hereunder. Any transfer of a Lixivaptan Product by Issuer, a Lixivaptan Transferee, or their respective Affiliates or sublicensee, to any party in connection with the development, testing, marketing or promotion of any Lixivaptan Product shall also be excluded from Net Sales.  Notwithstanding the foregoing, with respect to Issuer and its Affiliates, Net Sales for any relevant fiscal period shall not be less than the consolidated net product sales for Lixivaptan Products for Issuer and its Affiliates properly recognized and reported under GAAP, consistently applied, during such period.    
183“Note Documents” means, collectively, this Agreement, the Notes, the Foreign Collateral Documents, each Guaranty, the Perfection Certificate, each Compliance Certificate, each Purchase Notice, any subordination agreements, notes or guaranties executed by Issuer or any other Obligor and any other present or future agreement entered into by Issuer, any Guarantor or any other Person, in each case, for the benefit of the Secured Parties in connection with this Agreement; all as amended, restated, or otherwise modified. 
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184“Note Record” means a record maintained by each Purchaser with respect to the outstanding Obligations owed by Issuer to Purchaser and credits made thereto.
185“Notes” means the senior secured notes issued from time to time pursuant to this Agreement.
186“Obligations” means, with respect to any Obligor, all amounts, obligations, liabilities, covenants and duties of every type and description owing by such Obligor to Purchaser Agent or any Purchaser, or any other indemnitee hereunder or any participant, arising out of, under, or in connection with, any Note Document, whether direct or indirect (regardless of whether acquired by assignment), absolute or contingent, due or to become due, whether liquidated or not, now existing or hereafter arising and however acquired, and whether or not evidenced by any instrument or for the payment of money, including, without duplication, (i) all principal, interest and other amounts owing under any Note, all Revenue Participation Payments, the Milestone Amount and the Final Payment Amount, whether or not accruing after the filing of any petition in bankruptcy or after the commencement of any insolvency, reorganization or similar proceeding, and whether or not a claim for post-filing or post-petition interest is allowed in any such proceeding and (ii) all other fees, expenses (including fees, charges and disbursement of counsel), interest, commissions, charges, costs, disbursements, indemnities and reimbursement of amounts paid and other sums chargeable to such Obligor under any Note Document.
187“Obligors” means, collectively, Issuer and the Guarantors.
188“OFAC” means the U.S. Department of Treasury Office of Foreign Assets Control.
189“Operating Documents” means, for any Person, such Person’s formation documents, and, (a) if such Person is a corporation, its constitutional documents or bylaws in current form, (b) if such Person is a limited liability company, its certificate of incorporation, memorandum and articles of association, limited liability company agreement or operating agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), limited liability company agreement or operating agreement (or similar agreement), and, if it is incorporated in the Federal Republic of Germany, its list of shareholders, (c) if such Person is a partnership, its partnership agreement (or similar agreement), and (d) if such Person is incorporated in the Federal Republic of Germany, such documents being obtained from the relevant commercial register (Handelsregister) either in terms of a certified copy (beglaubigte Abschrift) or an official printout (amtlicher Ausdruck), as available, each of the foregoing with all current amendments or modifications thereto and in relation to any Person incorporated in the Federal Republic of Germany a certified copy (beglaubigte Abschrift) of any shareholders’ resolution which requires, due to its subject matter, registration in the commercial register but has not yet been registered, including any resolution on changes to such Person’s articles of association or on the change of its managing directors.
190“Patents” means all patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals, reissues, revisions, extensions and continuations-in-part of the same and including all foreign equivalents.
191“Payment Date” means each March 31, June 30, September 30 and December 31, commencing on the first such date to occur following the First Purchase Date.
192“PBGC” means the Pension Benefit Guaranty Corporation.
193“Pension Act” means the Pension Protection Act of 2006.
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194“Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan, but excluding a Multiemployer Plan) that is maintained or is contributed to by Issuer or any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.
195“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum funding standards and minimum required contributions (including any installment payment thereof) to Pension Plans and Multiemployer Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.
196“Perfection Certificate” is defined in Section 5.1.
197“Permitted Acquisition” means an Acquisition to the extent that each of the following conditions shall have been satisfied:
(a)immediately prior to, and after giving effect thereto, no Event of Default shall have occurred and be continuing or would result therefrom;
(b)all transactions in connection therewith shall be consummated, in all material respects, in accordance with applicable law;
(c)in the case of the purchase or other acquisition of Equity Interests, (i) all of the Equity Interests (except for any such Equity Interest in the nature of directors’ qualifying shares required pursuant to applicable law) acquired or otherwise issued by such Person or any newly formed Subsidiary in connection with such acquisition shall be wholly owned by Issuer or a Subsidiary, and (ii) all Persons whose Equity Interests are being acquired shall become Obligors;
(d)Issuer shall have delivered to Purchaser Agent and Purchasers at least ten (10) Business Days (or such shorter period as may be acceptable to Purchaser Agent and Purchasers) prior to such proposed acquisition (i) a copy of the most recently available draft of the purchase agreement related to the proposed acquisition (and any related documents reasonably requested by Purchaser Agent and Purchasers), (ii) a general description of the acquired assets or acquired business line or unit or division and the competitive position of such business line or unit or division within the industry, (iii) the sources and uses of funds to finance the proposed acquisition and (iv) to the extent available, quarterly and annual audited financial statements of the Person whose Equity Interests or assets are being acquired for the twelve (12) month period immediately prior to such proposed acquisition;
(e)any assets acquired by Obligors from such Permitted Acquisition shall be subject to the security interest granted to Purchaser Agent under the Note Documents and the security interest in such assets shall be perfected in accordance with requirement set forth in this Agreement and other Note Documents; 
(f)the aggregate Acquisition Costs for all such Permitted Acquisitions, together with all Investments made (or which definitive documentation has been executed) in Platform Companies pursuant to clause (g) of the definition of Permitted Investments, shall not exceed ten percent (10%) of the Market Capitalization prior to the Milestone Event and twenty percent (20%) of the Market Capitalization after the Milestone Event, in each case measured as of each date of the definitive documentation for a  Permitted Acquisition; 
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(g)Purchaser Agent and the Purchasers have received a certificate from a Responsible Officer together with Board approved projections certifying and setting forth in reasonable detail that Issuer has enough cash on hand to pay its projected expenses and all debt service when due for a period of twelve (12) months after the consummation of such transaction (after giving effect to such transaction); 
(h)No Change of Control shall result from such Permitted Acquisition; 
(i)to the extent such Permitted Acquisition is a Product In-License, such Product In-License shall not constitute a Restricted License; and
(j)such Permitted Acquisition shall be consensual and shall have been approved by the target’s board of directors.
Notwithstanding anything to the contrary contained herein, in order for any acquisition of Equity Interests or assets of another Person to constitute a Permitted Acquisition, Issuer must comply with all of the following: (a) within thirty (30) days of the closing of such Permitted Acquisition, Issuer (or Subsidiary making such Permitted Acquisition) and the target shall have executed such documents and taken such actions as may be required under Section 6.12; (b) Issuer shall have delivered to Purchaser Agent and Purchasers, in form and substance satisfactory to Purchaser Agent and Purchasers and sufficiently in advance (and in any case no later than five (5) Business Days prior to such Permitted Acquisition), such other financial information, financial analysis, documentation or other information relating to such Permitted Acquisition in Issuer’s possession and the pro forma certifications required by clause (c) below, in each case, as Purchaser Agent and Purchasers shall reasonably request; and (c) on or prior to the date of such Permitted Acquisition, Purchaser Agent and Purchasers shall have received, in form and substance reasonably satisfactory to Purchaser Agent and Purchasers, a certificate of the chief financial officer of Issuer certifying compliance with the requirements contained in this definition of “Permitted Acquisition” and with the other terms of the Note Documents (before and after giving effect to such Permitted Acquisition).
198“Permitted Convertible Notes” means unsecured Indebtedness of Issuer or an Obligor formed for the purpose of issuing such Indebtedness in the form of senior subordinated convertible or exchangeable notes; provided that such convertible or exchangeable notes shall (a) be convertible into, or exchangeable for, Equity Interests (other than Disqualified Equity Interests) of Issuer and/or cash (in an amount determined by reference to such Equity Interests); provided that Issuer or such Obligor shall have the right to elect to settle all such conversions or exchanges in such Equity Interests (together with cash in lieu of fractional Equity Interests) and Issuer or such Obligor shall not elect cash or combination settlement upon conversion or exchange, (b) not be guaranteed by any Subsidiary of Issuer, (c) not provide for any scheduled amortization or mandatory prepayment of principal prior to the stated maturity thereof (other than customary payments upon a “change of control” or “fundamental change” (it being understood that conversion or exchange of any such Indebtedness shall not be considered a prepayment for purposes this clause (c)), (d) contain usual and customary subordination terms for underwritten or Rule 144A offerings of senior subordinated convertible notes, (e) specifically designate this Agreement and all Obligations as “designated senior indebtedness” or similar term so that the subordination terms referred to in clause (d) of this definition specifically refer to such notes as being subordinated to the Secured Obligations pursuant to such subordination terms, and (f) as of the date of issuance thereof contains terms, conditions, covenants, conversion or exchange rights, redemption rights and offer to repurchase rights, in each case, as are typical and customary for notes of such type.  For purposes of clause (d), language in substantially the same form and substance as set forth on Exhibit F shall be deemed “usual and customary”.
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199“Permitted Distributions” means:  
(a)repurchases pursuant to the terms of employee stock purchase plans, employee restricted stock agreements, stockholder rights plans, director or consultant stock option plans, or similar plans, provided such repurchases do not exceed (x) One Million Dollars ($1,000,000) in the aggregate during any fiscal year or (y) Five Million Dollars ($5,000,000) during the life of this Agreement,
(b)repurchases of Equity Interests deemed to occur upon the cash-less or net exercise of stock options, warrants or other convertible or exchangeable securities;
(c)repurchases of Equity Interests deemed to occur upon the withholding of a portion of the Equity Interests granted or awarded to a current or former officer, director, employee or consultant to pay for the taxes payable by such person upon such grant or award (or upon vesting or exercise thereof; 
(d)dividends or distributions by any Subsidiary of an Obligor to an Obligor; and
(e)dividends solely in common stock.
200“Permitted Holders” means General Atlantic, Index Ventures and Medicxi.
201“Permitted Indebtedness” means:
(a)the Obligors’ Indebtedness to the Purchasers and Purchaser Agent under this Agreement and the other Note Documents;
(b)Indebtedness existing on the Effective Date and disclosed on the Perfection Certificate and any renewals or refinancing of such Indebtedness in amounts not exceeding the principal amounts thereof (plus unpaid accrued interest and premium thereon and underwriting discounts, fees, commissions and expenses but less any required amortization according to the terms thereof);
(c)Permitted Convertible Notes;
(d)unsecured Indebtedness to trade creditors incurred in the ordinary course of business;
(e)Indebtedness consisting of Capitalized Lease Obligations and purchase money Indebtedness, in each case incurred by Issuer or any of its Subsidiaries to finance the acquisition, repair, improvement or construction of fixed or capital assets of such person, provided that the aggregate outstanding principal amount of all such Indebtedness does not exceed Two Million Dollars ($2,000,000) at any time;
(f)Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of Issuer’s business; 
(g)Contingent Obligations of Issuer and its Subsidiaries in respect of Indebtedness otherwise permitted hereunder of Issuer and any Subsidiary;
(h)Indebtedness incurred by Issuer or its Subsidiaries to finance the payment of insurance premiums;
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(i)Indebtedness owed to any Person providing worker’s compensation, health, disability or other employee benefits or property, casualty or liability insurance to Issuer or any Subsidiary incurred in connection with such Person providing such benefits or insurance pursuant to customary reimbursement or indemnification obligations to such Person;
(j)Contingent Obligations (or liabilities as a surety, endorser, accommodation endorser or otherwise) in respect of performance, surety, statutory, appeal or similar obligations incurred in the ordinary course of business but excluding guaranties with respect to any obligations for borrowed money;
(k)Indebtedness comprising Investments permitted by clause (f) of Permitted Investments; provided that any obligations of an Obligor owing pursuant to this clause (k) shall be subordinated to the Obligations;
(l)Indebtedness incurred in respect of credit card processing services, credit or debit cards, stored value cards (including so-called “procurement cards” or “P cards”), or any cash management or related services including treasury, depository, return items, overdraft, controlled disbursement, merchant store value cards, e-payables services, electronic funds transfer, interstate depository network, automatic clearing house transfer (including the Automated Clearing House processing of electronic funds transfers through the direct Federal Reserve Fedline system) and other cash management arrangements, in each case, incurred in the ordinary course of business; provided that the aggregate amount of all such Indebtedness shall not exceed Two Million Five Hundred Thousand Dollars ($2,500,000) at any time outstanding;
(m)Indebtedness consisting of obligations in respect (i) of purchase price adjustments in connection with the disposition of assets or acquisition of assets permitted hereunder or (ii) any earn-out, milestone or other contingent consideration in connection with a Permitted Acquisition, so long as (x) no Event of Default has occurred and is continuing and (y) such Indebtedness constitutes Acquisition Costs; and  
(n)reimbursement obligations in connection with letters of credit that are secured by Cash and issued on behalf of Issuer or a Subsidiary (x) for real estate purposes in the ordinary course of business in a face amount at any time outstanding not to exceed One Million Dollars ($1,000,000) prior to the Milestone Event and Two Million Five Hundred Thousand Dollars ($2,500,000) after the Milestone Event, less the amount of Cash subject to Liens pursuant to clause (n) of the definition of “Permitted Liens”), and (y) otherwise in a face amount at any time outstanding not to exceed One Million Dollars ($1,000,000) prior to the Milestone Event or Two Million Five Hundred Thousand Dollars ($2,500,000) after the Milestone Event.
202“Permitted Investments” means:
(a)Investments disclosed on the Perfection Certificate and existing on the Effective Date; 
(b)(i) Investments consisting of cash and Cash Equivalents, and (ii) any other Investments permitted by Issuer’s investment policy provided to the Purchaser Agent prior to the Effective Date, as amended from time to time, provided that any such amendment thereto has been approved in writing by Purchaser Agent;
(c)Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of Issuer;
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(d)Investments consisting of Deposit Accounts in which Purchaser Agent has a perfected security interest;
(e)Investments in connection with Transfers permitted by Section 7.1 (other than Asset Sale Repurchase Events);
(f)Investments by Obligors in other Obligors and the French Subsidiary; provided that Investments (i) by Issuer or Full Guarantors in Limited Guarantors and (ii) in the French Subsidiary shall not, in the aggregate, exceed Ten Million Dollars ($10,000,000) at any time outstanding;
(g)Investments by Issuer or any Full Guarantor consisting of (i) the ownership of Equity Interests of Platform Companies (to the extent not Obligors), provided that (A) any such Equity Interests held by an Obligor shall constitute pledged Shares, subject to the Agreed Security Principles, (B) all representations and warranties set forth in Section 5.10 shall be true and correct with respect to such pledged Shares, (C)(I) Issuer has taken all steps necessary to permit Purchaser Agent to become a transferee under the relevant organizational documents and any other relevant governing documents if Purchaser Agent exercises its remedies with respect to such Equity Interests, (II) no other consent, approval, authorization or other order of any Person and no consent or authorization of any governmental authority or regulatory body is required to be made or obtained by such Obligor either (x) for the pledge by such Obligor of such pledged Shares pursuant to this Agreement or (y) for the exercise by Purchaser Agent or Purchasers of the voting or other rights provided for in this Agreement, except for those which have been obtained and (III) the pledge, grant of security interest in and delivery of such pledged Shares to Purchaser Agent pursuant to this Agreement will create a valid first priority Lien on and in such Shares (subject to Permitted Liens pursuant to clauses (b) and (h) of Permitted Liens) upon the filing of any applicable financing statement by Purchase Agent and (ii) loans to a Platform Company, provided that (A) aggregate amount of Investments pursuant to this clause (g), together with the aggregate Acquisition Costs in respect of Permitted Acquisitions that have been consummated or for which definitive documentation has been executed, shall not exceed ten percent (10%) of Market Capitalization prior to the Milestone Event and twenty percent (20%) of Market Capitalization after the Milestone Event, in each case determined at the time of each applicable Investment), and (B) each such Platform Company shall have granted to Purchaser Agent, for the benefit of the Secured Parties, a first priority security interest upon the filing of any applicable financing statement by Purchase Agent (subject to Permitted Liens) in all cash and Cash Equivalents of such Platform Company and in all Collateral Transferred to such Platform Company, which security interest shall not be subject to any Corporate Benefit Limitations, and shall have taken such action as reasonably requested by Purchaser Agent in respect thereof;
(h)Investments consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Issuer or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by Issuer’s Board of Directors; not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate for (i) and (ii) in any fiscal year;
(i)Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; and
(j)Investments consisting of notes receivable of, or prepaid royalties and other credit extensions in the ordinary course of business in an aggregate amount at any time not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000);
(k)Permitted Acquisitions;
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(l)Investments consisting of trade credit extended in the ordinary course of business; and 
(m)other Investments in an aggregate amount at any time not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000).
203“Permitted Licenses” means (a) any License Agreement for the Development and/or Commercialization of the Included Products exclusively outside of the United States and Europe; provided that (i) the License Agreement is not a Restricted License and constitutes an arms-length transaction, the terms of which, on their face, do not provide for a sale or assignment of any Intellectual Property; and (ii) all upfront payments, royalties, milestone payments or other proceeds arising from the License Agreement that are payable to Issuer or any Subsidiary are paid to a Collateral Account; (b) any License Agreement relating to any Included Products acquired in an acquisition permitted under this Agreement; provided that such License Agreement existed at the time of such Permitted Acquisition and was not entered into in connection with or anticipation of such acquisition; (c) any license granted to any Third Party for the Manufacture of any product or otherwise granted to a contract to a vendor or service provider in order to provide services for the benefit of Issuer or its Affiliates but granting no rights to sell, offer to sell, have sold or otherwise Commercialize any Included Product; (d) any sponsored research or similar agreement providing for the Development of any product that does not grant the counterparty any right to sell, offer to sell, have sold or otherwise Commercialize any Included Product; and (e) any non-exclusive license of Intellectual Property granted to Third Parties in the ordinary course of business that is terminable at Issuer’s option without penalty or premium on not more than ninety (90) days’ notice. 
204“Permitted Liens” means:
(a)Liens existing on the Effective Date and disclosed on the Perfection Certificate or arising under this Agreement and the other Note Documents and Liens incurred in the extension, renewal or refinancing of the Indebtedness secured by Liens described in this clause (a); provided that any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not be increased;
(b)Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or (ii) being contested in good faith and for which Issuer maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Code;
(c)Liens securing Indebtedness permitted under clause (e) of the definition of “Permitted Indebtedness,” provided that (i) such Liens exist prior to the acquisition of, or attach substantially simultaneous with, or within twenty (20) days after the, acquisition, lease, repair, improvement or construction of, such property financed or leased by such Indebtedness and (ii) such Liens do not extend to any property of Issuer other than the property (and Proceeds thereof) acquired, leased or built, or the improvements or repairs, financed by such Indebtedness;
(d)Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed One Million Dollars ($1,000,000), and which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto;
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(e)Liens to secure payment of workers’ compensation, employment insurance, oldage pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA);
(f)leases or subleases of real property granted in the ordinary course of Issuer’s business (or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases, nonexclusive licenses or sublicenses of personal property (other than Product Intellectual Property) granted in the ordinary course of Issuer’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Purchaser Agent or any Purchaser a security interest therein;
(g)banker’s liens, rights of setoff and Liens in favor of financial institutions incurred in the ordinary course of business arising (i) in connection with Issuer’s deposit accounts or securities accounts held at such institutions; and (ii) under the respective financial institution’s standard terms and conditions (Allgemeine Geschäftsbedingungen) with respect to any other Collateral Account securing fees and costs of such financial institution, in each case provided such accounts are maintained in compliance with Section 6.6(b) hereof;
(h)Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Section 8.4 or 8.7;
(i)(a) Permitted Licenses, and (b) License Agreements so long as such License Agreements are not Restricted Licenses and Issuer shall have complied with Section 2.2(c) in respect of such License Agreements;
(j)easements, rights-of-way, zoning restrictions, minor defects or irregularities in title and other similar encumbrances not interfering in any material respect with the value or use of the property to which such Lien is attached;
(k)Liens on insurance policies and the proceeds thereof securing the financing of premiums with respect thereto to the extent permitted under this Agreement;
(l)Liens that secure Indebtedness existing on any property prior to a Permitted Acquisition or existing on any property of any Person that becomes an Obligor, provided that such lien is not created in contemplation of or in connection with such Permitted Acquisition or such Person becoming an Obligor and such Lien shall secure only those obligations which it secured on the date of such Permitted Acquisition or that such Person becomes an Obligor;
(m)Liens on Cash deposits securing Indebtedness permitted pursuant to (i) clause (l) of the definition of “Permitted Indebtedness”; provided that the aggregate amount of such Cash deposits does not exceed $2,500,000, and (ii) clause (n) of the definition of the definition of “Permitted Indebtedness”; provided that the amount of such Cash deposits in respect of any letter of credit does not exceed 105% of the face amount thereof;
(n)security deposits in connection with real property leases; 
(o)Liens arising from the filing of any precautionary financing statement on operating leases covering the leased property, to the extent such operating leases are permitted under this Agreement; and
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(p)other Liens which do not secure Indebtedness for borrowed money or letters of credit and as to which the aggregate amount of the obligations secured thereby does not exceed Five Hundred Thousand Dollars ($500,000).
205“Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency.
206“Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA, maintained for employees of Issuer or any of its Subsidiaries, or any such plan to which Issuer or any of its Subsidiaries required to contribute on behalf of any of its employees or with respect to which Issuer or such Subsidiary has any liability
207“Platform Company” means any Person in the life science sector and focused on the development and commercialization of products, and in which Issuer, any other Obligor or any Subsidiary has made an Investment (whether by capital contribution, the acquisition of the Equity Interests thereof or in connection with a joint venture, corporate collaboration or similar corporate structure) in accordance with the terms of this Agreement, including each Person in which Issuer maintains an Investment as of the Closing Date.
208“Prepaid Amount” is defined in Section 2.2(c).
209“Prime Rate” means, for any day, the per annum rate of interest in effect for such day quoted by the Wall Street Journal as the “prime rate”.
210“Prime Rate Floor” means, a rate equal to (a) if LIBOR prior to the time of LIBOR’s replacement by the Prime Rate (pursuant to Section 2.3(e)) was less than or equal to the LIBOR Floor at such time, the sum of (i) the Prime Rate in effect at such time of replacement plus (ii) the LIBOR Floor minus LIBOR and (b) if LIBOR prior to the time of LIBOR’s replacement by the Prime Rate (pursuant to Section 2.3(e)) was greater than the LIBOR Floor, the Prime Rate in effect at such time of conversion minus (ii) the difference between LIBOR and the LIBOR Floor.
211“Process Agent” is defined in Article X.
212“Product In-License” means any in-license of Intellectual Property rights by Issuer or any of its Subsidiaries to Develop, Manufacture or Commercialize a drug or pharmaceutical product (including combination products), companion diagnostics or medical device, other than a non-exclusive license under which neither Issuer nor any of its Subsidiaries is granted any right to Develop or Commercialize a pharmaceutical product, therapeutic, medical device or diagnostic.
213“Product Intellectual Property” means all Intellectual Property that is necessary for, or otherwise material to, the Development, Commercialization, and/or Manufacture, or other exploitation, of any Included Product that is owned, licensed or otherwise controlled by Issuer or any of its Subsidiaries as of the Effective Date or acquired, licensed or controlled by an Obligor thereafter, which shall initially include, without limitation, the Patents identified in Schedule 5.11(a).
214“Pro Rata Share” means, as of any date of determination, with respect to each Purchaser, a percentage (expressed as a decimal, rounded to the ninth decimal place) determined by dividing the outstanding principal amount of Notes held by such Purchaser by the aggregate outstanding principal amount of all Notes; provided that after repayment of the Notes, each Purchaser’s Pro Rata Share shall be calculated based on the outstanding Notes immediately prior to the repayment hereof. 
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“Purchase Date” is any date on which a purchase of Notes is made by the Purchasers, which date shall be a Business Day.
215“Purchase” is defined in Section 2.1(d).
216“Purchase Date” means each date on which a Purchase occurs pursuant to Section 2.1.
217“Purchase Notice” means that certain form attached hereto as Exhibit B.
218“Purchaser” means any one of the Purchasers.
219“Purchaser Transfer” is defined in Section 13.1(a).
220“Purchaser Agent” means Cocoon SA LLC, a Delaware limited liability company, not in its individual capacity, but solely in its capacity as agent on behalf of and for the benefit of the Purchasers.
221“Purchasers” are the Persons identified on Schedule 1.1 hereto and each assignee that becomes a party to this Agreement or that acquires a Note pursuant to Section 13.1.
222“QPP Certificate” is defined in Article XIV.
223“QPP Purchaser” is defined in Article XIV.
224“Register” is defined in Section 13.1(b).
225“Registered Organization” means any “registered organization” as defined in the UCC with such additions to such term as may hereafter be made.
226“Regulatory Approval” means any Governmental Approval, whether U.S. or non-U.S., relating to any Included Product or the Commercialization, Development or Manufacture of such Included Product.
227“Regulatory Authority” means a Governmental Authority (including the FDA, the EMA and the MHRA) with responsibility for the approval of the marketing and sale of pharmaceutical products.
228“Regulatory Filings” means all applications, filings, dossiers and the like submitted to a Regulatory Authority for the purpose of obtaining Regulatory Approval from that Regulatory Authority.  Regulatory Filings shall include, but not be limited to, all Drug Approval Applications.
229“Regulatory Updates” means material information and developments with respect to any Regulatory Filing.
230“Reimbursable Expenses” means all audit fees and expenses, documented out-of-pocket costs and expenses (including reasonable and documented out-of-pocket attorneys’ fees and expenses (provided Reimbursable Expenses shall include all documented out-of-pocket attorneys’ fees and expenses incurred during the continuance of an Event of Default or otherwise in connection with the enforcement of the Note Documents), as well as appraisal fees, consulting fees, advisory fees, fees incurred on account of lien searches, inspection fees and filing fees) for preparing, amending, negotiating, administering, defending and enforcing the Note Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred by Purchaser Agent and/or 
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the Purchasers in connection with the Note Documents; provided that Reimbursable Expenses incurred prior to the Effective Date in connection with the preparation and negotiation of the Note Documents (other than the fees and expenses of German counsel to the Purchaser Agent) shall not exceed Four Hundred Twenty Five Thousand Dollars ($425,000).
231“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.
232“Required Purchasers” means, at any time, (i) prior to the expiration of the Commitments, the Purchasers holding at least 50% of the aggregate principal amount of Notes and unused or unexpired Commitments, and (ii) thereafter, the Purchasers holding at least fifty percent (50%) of the Pro Rata Shares.  For purposes of Section 2.2(c), the Required Purchasers means the Purchasers holding at least fifty percent (50%) of the aggregate outstanding principal amount of the Notes.
233“Requirement of Law” means as to any Person, the organizational or governing documents of such Person, and any law (statutory or common), 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.
234“Responsible Officer” means any of the Chief Executive Officer, Chief Financial Officer, Chief Medical Officer or Chief Technology Officer of Issuer acting alone.
235“Restricted License” means any Material Agreement (i) under which a default or of which a termination could interfere with Purchaser Agent’s or any Purchaser’s right to sell any Collateral, (ii) that cannot be collaterally assigned to secure the Obligations or otherwise contains provisions that restrict or penalize the granting of a security interest in or Lien on such Material Agreement, (iii) that contains provisions that restrict or penalize the granting of a security interest in or Lien on, or the assignment or other Transfer of, any Product Intellectual Property, (iv) or that restricts the assignment of such Material Agreement upon the sale or other disposition of all or  substantially all of the assets to which such Material Agreement relates (other than customary provisions requiring the assumption by the applicable purchaser of all obligations under such Material Agreement), or (v) that does not permit the disclosure of information to be provided thereunder to Purchaser Agent and the Purchasers, to any purchaser or prospective purchaser in a foreclosure or other Transfer of all or any portion of the Collateral (subject to customary confidentiality obligations).
236“Revenue Participation Period” means the period beginning on the date of the First Commercial Sale of any Lixivaptan Product and ending on the End of Term. 
237“Revenue Participation Payments” means, for any fiscal quarter, (i) if only the First Purchase has been made, 1.00% of Net Sales for such fiscal quarter, (ii) if both the First Purchase and the Second Purchase have been made, 2.00% of Net Sales for such fiscal quarter, (iii) if the First Purchase, the Second Purchase and the Third Purchase have been made, 2.67% of Net Sales for such fiscal quarter, in each case, up to Two Hundred Million Dollars ($200,000,000) of Net Sales for the applicable fiscal year.  For the avoidance of doubt, Net Sales in excess of Two Hundred Million Dollars ($200,000,000) for any fiscal year shall not be subject to the Revenue Participation Payment.
238“Revenue Participation True-Up Amount” is defined in Section 6.2(b).
239“Revenue Report” is defined in Section 6.2(b).
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240“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any comprehensive territorial Sanctions.
241“Sanctioned Person” means, at any time, (i) any Person listed in any Sanctions-related list of designated Persons maintained by any Sanctions Authority, (ii) any Person operating, organized or resident in a Sanctioned Country or (iii) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (i) or (ii).
242“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by any Sanctions Authority.
243“Sanctions Authority” means the U.S. government (including OFAC and the U.S. Department of State), the United Nations Security Council, Her Majesty’s Treasury, the European Union, any European Union member state or any other relevant sanctions authority.
244“Secured Parties” means Purchaser Agent and the Purchasers.
245“Second Purchase” is defined in Section 2.1(b). 
246“Second Purchase Date” means the Purchase Date in respect of the Second Purchase.
247“Securities Account” means any “securities account” as defined in the UCC with such additions to such term as may hereafter be made.
248“Securities Act” means the Securities Act of 1933, as amended.
249“Shares” means one hundred percent (100%) of the issued and outstanding Equity Interests or other securities owned or held of record by any Obligor. 
250“Solvent” means, with respect to any Person: that as of the date of determination, such Person is “solvent” or not “unable to pay its debts” within the meaning given to such terms and similar terms under applicable laws relating to fraudulent transfers and conveyances or general insolvency law, including that (i) the present fair saleable value of the assets of such Person and its Subsidiaries on a consolidated basis (i.e., the amount that may be realized within a reasonable time, considered to be six months to one year, either through collection or sale at regular market value, conceiving regular market value as the amount that could be obtained for the property in question with such period by a capable and diligent businessperson from an interested buyer who is willing to purchase under ordinary selling conditions) is not less than the amount that will be required to pay the probable liability of such Person and its Subsidiaries on their debts (including contingent, unmatured and unliquidated liabilities) as they become absolute and matured, (ii) such Person and its Subsidiaries will not, on a consolidated basis, have an unreasonably small capital in relation to their business or with respect to any transaction then contemplated, (iii) such Person and its Subsidiaries, on a consolidated basis, will have sufficient cash flow to enable them to pay their debts as they mature, and (iv) the value of such Person’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.
In addition, with respect to any Person incorporated in England and Wales, “Solvent” shall also mean that (a) such Person (i) is not or has not been deemed to, or declared to, be unable to pay its debts under applicable law; (ii) has not suspended or threatened to suspend making payments on any of its debts; (iii) or by reason of actual or anticipated financial difficulties, has not commenced negotiations with one or more of its creditors (generally excluding any Purchaser and Purchaser Agent in its capacity as such) with a view to rescheduling any of its indebtedness, and (b) a moratorium has not been declared in respect of any indebtedness of such Person.  
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In addition, with respect to any Person incorporated in France, “Solvent” shall also mean that (a) such Person (i) is not or has not been deemed to, or declared to, be unable to pay its debts under applicable law; (ii) has not suspended or threatened to suspend making payments on any of its debts; (iii) or by reason of actual or anticipated financial difficulties, has not commenced negotiations with one or more of its creditors (generally excluding any Purchaser and Purchaser Agent in its capacity as such) with a view to rescheduling any of its indebtedness, and (b) a moratorium has not been declared in respect of any indebtedness of such Person and/or (c) is not subject to any voluntary or mandatory insolvency proceedings applicable in France pursuant to French law.
In addition, with respect to any Person incorporated in the Federal Republic of Germany, “Solvent” shall also mean that such Person:
(a)is not over-indebted (überschuldet) within the meaning of section 19 German Insolvency Act (Insolvenzordnung) (“InsO”) (as applicable from time to time) or is not unable to pay its debts as they fall due (zahlungsunfähig) within the meaning of section 17 InsO, has not suspended making payments on all or a material part of its debts and has not announced an intention to do so;
(b)has not commenced negotiations with any one or more of its creditors (other than a Purchaser) with a view to the general readjustment or rescheduling of its indebtedness or, for any of the reasons set out in sections 17 to 19 InsO;
(c)any such Person has not filed for insolvency (Antrag auf Eröffnung eines Insolvenzverfahrens) and the board of directors or management (Vorstand oder Geschäftsführung) of any such Person is not required by law to file for insolvency; or
(d)the competent court has not taken any of the actions set out in section 21 InsO and the competent court has not instituted or rejected (for reason of insufficiency of its funds to implement such proceedings) insolvency proceedings against any such Person (Eröffnung des Insolvenzverfahrens).
251“Specified Repurchase Trigger Date” is defined in Section 3.7(h)(iii).
252“Subsidiary” means, with respect to any Person, any Person of which more than fifty percent (50%) of the voting stock or other Equity Interests (in the case of Persons other than corporations) is owned or controlled, directly or indirectly, by such Person or through one or more intermediaries. Unless the context otherwise requires, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of Issuer.
253“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
254“Third Party” means any Person other than an Obligor, any Affiliate of an Obligor and for purposes of Section 7.1 and the definition of Included Products, any Permitted Holder and any Person that is an Affiliate of a Permitted Holder (including any portfolio company of a Permitted Holder). 
255“Third Purchase” is defined in Section 2.1(c).
256“Third Purchase Date” means the Purchase Date in respect of the Third Purchase.
257“Trademarks” means all trade names, trademarks and service marks, logos, trademark and service mark registrations, and applications for trademark and service mark registrations, including 
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all renewals of trademark and service mark registrations, together, in each case, with the goodwill of the business connected with the use thereof.
258“Transfer” is defined in Section 7.1.
259“UCC” means the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of New York; provided that, to the extent that the UCC is used to define any term herein or in any Note Document and such term is defined differently in different Articles or Divisions of the UCC, the definition of such term contained in Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Purchaser Agent’s Lien on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions.
260“UK GDPR” is defined in Section 6.2(a)(vii).
261“United States Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.
262“U.S. Collateral Accounts” means any Collateral Accounts maintained in the United States and its territories.
Section XV.2Divisions.  For all purposes under the Note Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.
[Balance of Page Intentionally Left Blank]

105
			
	ACTIVE/113218772.5 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the Effective Date.
												
	ISSUER:		
			
	CENTESSA PHARMACEUTICALS PLC		
			
			
	By: /s/ Gregory Weinhoff		
	Name: Gregory Weinhoff		
	Title: Authorized Signatory		
			
	GUARANTORS:		
			
	Palladio Biosciences, Inc.

By: /s/Alex Martin

Name: Alex Martin

Title: Chief Executive Officer		
	Centessa Pharmaceuticals, Inc.

By: /s/Gregory Weinhoff

Name: Gregory Weinhoff

Title: Chief Financial Officer		
	Cardiokine, Inc.

By: /s/Alex Martin

Name: Alex Martin

Title: Chief Executive Officer	

[Signature Page to Note Purchase Agreement]
			
	ACTIVE/113218772.5 

												
	Cardiokine Biopharma LLC

By: /s/Alex Martin

Name: Alex Martin

Title: Chief Executive Officer

Centessa Limited

By: /s/Iqbal Hussain

Name: Iqbal Hussain

Title: Director

[Signatures continue on following page]

GUARANTORS (CONT’D)

ApcinteX Limited

By: /s/ Saurabh Saha       

Name: Saurabh Saha

Title: Director	
	CAPELLA BIOSCIENCE LTD
	
	
	By: /s/ Saurabh Saha       

	Name: Saurabh Saha
	Title: Director

[Signature Page to Note Purchase Agreement]
			
	ACTIVE/113218772.5 

												
	Inexia Limited

By: /s/ Saurabh Saha       

Name: Saurabh Saha

Title: Director

Janpix Limited

By: /s/ Saurabh Saha       

Name: Saurabh Saha

Title: Director

Lockbody Therapeutics LTD

By: /s/ Saurabh Saha       

Name: Saurabh Saha

Title: Director

Morphogen-IX Limited

By: /s/ Saurabh Saha       

Name: Saurabh Saha

Title: Director

[Signatures continue on following page]

GUARANTORS (CONT’D)

Z Factor Limited

By: /s/ Saurabh Saha       

Name: Saurabh Saha

Title: Director

Orexia Therapeutics Limited

By: /s/ Saurabh Saha       

Name: Saurabh Saha

Title: Director

Ultrahuman Two Limited

By: /s/ Saurabh Saha       

Name: Saurabh Saha

Title: Director

Ultrahuman Four Limited

By: /s/ Saurabh Saha       

Name: Saurabh Saha

Title: Director

PearlRiver Bio GmbH

By: /s/Johannes Heuckmann

Name: /s/Johannes Heuckmann

Title: Managing Director

[Signatures continue on following page]

[Signature Page to Note Purchase Agreement]
			
	ACTIVE/113218772.5 

												
	

		
			
	PURCHASER AGENT:		
	
	COCOON SA LLC		
			
			
	By: /s/David Dubinsky		
	Name: David Dubinsky		
	Title: Authorized Signatory		
			
	PURCHASER:		
			Address for notices:
	THREE PEAKS CAPITAL SOLUTIONS AGGREGATOR FUND		c/o Oberland Capital Management LLC
1700 Broadway, 37th Floor
New York, NY 10019
Facsimile:  [***]
Telephone:  [***]
E-mail: [***]

		
	By: /s/David Dubinsky	
	Name: David Dubinsky
Title: Authorized Signatory
	
			
			
			
			
			
			
			

[Signature Page to Note Purchase Agreement]
			
	ACTIVE/113218772.5 

SCHEDULE 1.1

Purchasers and Commitments
																		
	Purchaser	Commitments	
	First Purchase	Second Purchase	Third Purchase	Total	Fourth Purchase Percentage
	Three Peaks Capital Solutions Aggregator Fund	$75,000,000	$75,000,000	$50,000,000	$200,000,000	100%
	TOTAL	$75,000,000	$75,000,000	$50,000,000	$200,000,000	100%

The treaty passport scheme reference number and jurisdiction of tax residence for the Purchaser is as follows:

									
	Purchaser	Treaty Passport Scheme Reference Number	Jurisdiction of Tax Residence 

	Three Peaks Capital Solutions Aggregator Fund	N/A	Ireland

			
	ACTIVE/113218772.5 

SCHEDULE 3.7

Restricted Licenses

1.Exclusive Patent and Non-Exclusive Know-How License Agreement, dated as of December 7, 2016, between Cambridge Enterprises Limited and Apcintex Limited 
2.Agreement dated January 30, 2017, between Lonza Sales AG and Apcintex Limited
3.License Agreement, dated February 4, 2015, between Cambridge Enterprises Limited and Z Factor Limited
4.Research Collaboration and License Agreement, effective as of September 4, 2019, between X-Chem, Inc. and Orexia Limited
5.License Agreement and Research Services Agreement, dated January 2, 2019 between Heptares Therapeutics Limited and Orexia Limited
6.License Agreement and Research Services Agreement, dated January 31, 2019 between Heptares Therapeutics Limited and Orexia Limited, as successor to Inexia Limited
7.Patent and Know How License Agreement, dated October 30, 2015, between Cambridge Enterprises Limited and Morphogen-IX Limited
8.Research Collaboration Agreement, dated October 30, 2015, between The Chancellor, Masters and Scholars of the University of Cambridge and Morphogen-IX Limited
9.Agreement, dated October 16, 2017, between Lonza Sales AG, and Capella Bioscience Limited 
10.Patent and Know How License Agreement, dated July 31, 2017, between the Governing Council of the University of Toronto and Janpix Limited
11.License Agreement, dated as of the effective date specified therein, between F. Hoffmann-La Roche Ltd., Hoffmann-La Roche Inc. and PEGA-ONE SAS

In each case as amended, modified or otherwise supplemented.

			
	ACTIVE/113218772.5 

SCHEDULE 5.11(a)

Product Intellectual Property

Trademarks and Trademark Applications:
																		
	Owner	Mark	Application No.	Registration No.	Country	Registration or Filing Date
	LockBody	“LockBody”	1484406	 1484406	WIPO	 30-Apr-2019
	LockBody	“LockBody”	1484406	1484406	Australia	20-Feb-2020
	LockBody	“LockBody”	917278852	Pending	Brazil	 08-May-2019
	LockBody	“LockBody”	1966451	Pending	Canada	 03-June-2019
	LockBody	“LockBody”	1484406	1484406	China	14-Nov-2019
	LockBody	“LockBody”	018013857	018013857	European Union	 28-May-2019
	LockBody	“LockBody”	1484406	1484406	India	 30-Apr-2020
	LockBody	“LockBody”	1484406	1484406	Japan	 15-Oct-2020
	LockBody	“LockBody”	1484406	1484406	South Korea	 08-Apr-2021
	LockBody	“LockBody”	3361778	3361778	United Kingdom	 08-Mar-2019
	LockBody	LockBody	UK00918013857	UK00918013857	United Kingdom	28-May-2019
	LockBody	“LockBody”	79266075	 6,274,665	United States	 23-Feb-2021
	Palladio Biosciences Inc.	“Palladio Biosciences”	87128308	6034029	United States	14-Apr-2020
	Centessa Pharmaceuticals plc	CENTESSA	018398798	018398798	European Union	June 26, 2021

			
	ACTIVE/113218772.5 

																		
	Centessa Pharmaceuticals plc	CENTESSA	UK00003595514	UK00003595514	United Kingdom	June 25, 2021
	Centessa Pharmaceuticals plc	CENTESSA	90/872,691		United States	August 9, 2021
	Centessa Pharmaceuticals plc	CENTESSA	TBD		WIPO	July 30, 2021
	Centessa Pharmaceuticals plc	CENTESSA	TBD		Brazil
(IR Extension)
	July 30, 2021
	Centessa Pharmaceuticals plc	CENTESSA	TBD		Canada
(IR Extension)
	July 30, 2021
	Centessa Pharmaceuticals plc	CENTESSA	TBD		China 
(IR Extension)
	July 30, 2021
	Centessa Pharmaceuticals plc	CENTESSA	TBD		India
(IR Extension)
	July 30, 2021
	Centessa Pharmaceuticals plc	CENTESSA	TBD		Japan
(IR Extension)
	July 30, 2021
	Centessa Pharmaceuticals plc	CENTRESSA	018398799	018398799	European Union	June 22, 2021
	Centessa Pharmaceuticals plc	CENTRESSA	UK00003595490	UK00003595490	United Kingdom	June 25, 2021

Patents and Patent Applications:

																								
	Subsidiary	Owner (Co-) / Licensor(ee)	Patent	Application No.	Filing Date	Registration No.	Registration or Filing Date	Country

			
	ACTIVE/113218772.5 

																								
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	US15/103,420 	12/15/2014	US9,982,035	5/29/2018	USA
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	US15/971,692	5/4/2018	US10,351,619	7/16/2019	USA
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	7984	10/3/2018	Albania
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	2014363359	 	2014363359	4/18/2019	Australia
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	E1047906	10/3/2018	Austria
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Belgium
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	BR1120160135911	 	 	 	Brazil
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Bulgaria

			
	ACTIVE/113218772.5 

																								
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	2933508	 	2933508	4/6/2021	Canada
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	201480075522.60	 	ZL201480075522.6/CN105992771 (Patent #)	8/23/2019	China
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	201910704484.00	 	CN110330563A (App Pub #)	 	China (DIV)
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	P20182138	10/3/2018	Croatia
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	CY1121267	10/3/2018	Cyprus (S)
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Czech Republic
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Denmark
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Estonia

			
	ACTIVE/113218772.5 

																								
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	201691235	 	34050	12/23/2019	Eurasian Patent
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	 	European Patent
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Finland
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	France
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	6.02014E+11	10/3/2018	Germany
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3098239	10/3/2018	Greece
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	17102796.3	 	HK1229344	7/26/2019	Hong Kong
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	19119704.5	 	 	 	Hong Kong (DIV)

			
	ACTIVE/113218772.5 

																								
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	E042763	10/3/2018	Hungary
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Iceland
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	201627023712.00	 	 	 	India
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	PCT/EP2014/077783	12/15/2014	WO2015/086854	6/18/2015	International
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Ireland
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	246180	 	246180	3/1/2019	Israel
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	262879	 	 	 	Israel (DIV)
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	5.02019E+14	10/3/2018	Italy

			
	ACTIVE/113218772.5 

																								
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	2016-538525	 	6431541	11/9/2018	Japan
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	2018-204779	 	6723319	6/25/2020	Japan (DIV)
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Latvia
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Lithuania
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Luxembourg
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Malta
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	MX/A/2016/007711	 	357941	7/31/2018	Mexico
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	MX/A/2018/009281	 	 	 	Mexico (DIV)

			
	ACTIVE/113218772.5 

																								
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Monaco
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Netherlands
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	721918	 	721918	3/24/2020	New Zealand
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	R-909042	10/3/2018	North Macedonia
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Norway
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Poland
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Portugal
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Romania

			
	ACTIVE/113218772.5 

																								
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	San Marino
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	58191	10/3/2018	Serbia
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	E 29606	10/3/2018	Slovak Republic
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Slovenia
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	10-2016-7018756	 	10-1954945	2/27/2019	South Korea
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	10-2019-7006015	 	10/2186924	11/30/2020	South Korea (DIV)
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	2704058	10/3/2018	Spain
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	Sweden

			
	ACTIVE/113218772.5 

																								
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	12/14/2015	3080157	10/3/2018	Switzerland
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	TR 2018 19781 T4	10/3/2018	Turkey
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	14827185.1	 	3080157	10/3/2018	United Kingdom
	ApcinteX	Cambridge Enterprise Limited (Licensor of worldwide, exclusive rights to ApcinteX for SerpinPC)	MODIFIED SERPINS FOR THE TREATMENT OF BLEEDING DISORDERS	1322091.8	12/13/2013	 	 	United Kingdom
	Janpix	 	STAT INHIBITORS AND THEIR USE IN THE TREATMENT AND/OR PREVENTION OF CANCER	US61/651,757	5/25/2012	 	 	USA
	Janpix	UTI LP, University of Toronto, Indiana University Research and Technology Corp.	NEW SALICYLIC ACID DERIVATIVES, PHARMACEUTICALLY ACCEPTABLE SALT THEREOF, COMPOSITION THEREOF AND METHOD OF USE THEREOF	PCT/US2013/042689	5/24/2013	WO2013/177534	11/28/2013	WO
	Janpix	UTI LP, University of Toronto, Indiana University Research and Technology Corp.	NEW SALICYLIC ACID DERIVATIVES, PHARMACEUTICALLY ACCEPTABLE SALT THEREOF AND METHOD OF USE THEREOF	US14/550,293	5/24/2013	US9,650,399	5/16/2017	USA

			
	ACTIVE/113218772.5 

																								
	Janpix	UTI LP, University of Toronto, Indiana University Research and Technology Corp.	NEW SALICYLIC ACID DERIVATIVES, PHARMACEUTICALLY ACCEPTABLE SALT THEREOF AND METHOD OF USE THEREOF	US15/475,108	3/30/2017	US10,377,780	8/13/2019	USA
	Janpix	UTI LP, University of Toronto, Indiana University Research and Technology Corp.	SALICYLIC ACID DERIVATIVES, PHARMACEUTICALLY ACCEPTABLE SALT THEREOF, COMPOSITION THEREOF AND METHOD OF USE THEREOF	US16/451,883	6/25/2019	US 2019-0382422	12/19/2019	USA
	Janpix	Licensed from U. Toronto -- Exclusive, worldwide licence to practice technology for all use in humans and animals	SULFONAMIDE COMPOUNDS AND THEIR USE AS STAT5 INHIBITORS	US15/315,324 	11/30/2016	US10,519,107	12/31/2019	USA
	Janpix	 	ALPHA SUBSTITUTED STAT INHIBITORS AND COMPOSITIONS THEREOF	US62/985,685	3/5/2020	 	 	USA
	Janpix	 	STAT INHIBITOR COMPOUNDS AND COMPOSITION	US62/985,678	3/5/2020	 	 	USA
	Janpix	 	SQUARYL AND HETEROCYCLE CONTAINING STAT INHIBITORS AND COMPOSITIONS	US62/985,679	3/5/2020	 	 	USA
	Janpix	 	STAT INHIBITORY COMPOUNDS AND COMPOSITIONS	US63/074,905	9/4/2020	 	 	USA

			
	ACTIVE/113218772.5 

																								
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	112014029439-9	5/24/2013	 	 	Brazil
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	2013800384861	5/24/2013	ZL2013800384861	4/9/2019	China
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	 	5/24/2013	 	 	China
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	 	5/24/2013	 	 	Hong Kong
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	2014152697	5/24/2013	2641903	1/23/2018	Russia
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	2,874,057	5/24/2013	 	 	Canada
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	2015-514226	5/24/2013	6290871	2/16/2018	Japan

			
	ACTIVE/113218772.5 

																								
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	 	5/24/2013	6543366	6/21/2019	Japan
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	13794722.2	5/24/2013	2854819	1/15/2020	Europe
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	 	 	2854819	 	Finland
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	 	 	2854819	 	France
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	 	 	2854819	 	Germany
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	 	 	2854819	 	Italy
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	 	 	2854819	 	Netherlands

			
	ACTIVE/113218772.5 

																								
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	 	 	2854819	 	Norway
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	 	 	2854819	 	Spain
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	 	 	2854819	 	Sweden
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	 	 	2854819	 	Switzerland
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	 	 	2854819	 	United Kingdom
	Janpix	University of Toronto	New Salicylic Acid Derivatives, Pharmaceutically Acceptable Salt Thereof and Method of Use Therof	9201/CHENP/2014	5/24/2013	(Patent #) 333212	2/7/2020	India
	Janpix	University of Toronto	A NANOMOLAR-POTENCY SMALL MOLECULE INHIBITOR OF THE STAT5 PROTEIN	US62/005,308	5/30/2014	 	 	USA
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	PCT/CA2015/000348	5/29/2015	 	 	WO

			
	ACTIVE/113218772.5 

																								
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	112016028022-9	5/29/2015	 	 	Brazil
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	2,950,612	5/29/2015	 	 	Canada
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	2015800328184.00	5/29/2015	 	 	China
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	17107768.6	5/29/2015	 	 	Hong Kong
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	15800248.5	5/29/2015	3148967	9/4/2019	Europe
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	 	5/29/2015	3148967	9/4/2019	Finland
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	 	5/29/2015	3148967	9/4/2019	France
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	 	5/29/2015	3148967	9/4/2019	Germany
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	 	5/29/2015	3148967	9/4/2019	Italy

			
	ACTIVE/113218772.5 

																								
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	 	5/29/2015	3148967	9/4/2019	Netherlands
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	 	5/29/2015	3148967	9/4/2019	Norway
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	 	5/29/2015	3148967	9/4/2019	Spain
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	 	5/29/2015	3148967	9/4/2019	Sweden
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	 	5/29/2015	3148967	9/4/2019	Switzerland
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	 	5/29/2015	3148967	9/4/2019	United Kingdom
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	201627044666	5/29/2015	 	 	India
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	2016-569874	5/29/2015	6594908	10/4/2019	Japan
	Janpix	University of Toronto	A Nanomolar-Potency Small Molecule Inhibitor of the STAT5 Protein	2016150077	5/29/2015	2707094	11/22/2019	Russia

			
	ACTIVE/113218772.5 

																								
	Janpix	University of Toronto	NEW SALICYLIC ACID DERIVATIVES, PHARMACEUTICALLY ACCEPTABLE SALT THEREOF, COMPOSITION THEREOF AND METHOD OF USE THEREOF	US62/783,741	12/21/2018	 	 	USA
	Janpix	University of Toronto	NEW SALICYLIC ACID DERIVATIVES, PHARMACEUTICALLY ACCEPTABLE SALT THEREOF, COMPOSITION THEREOF AND METHOD OF USE THEREOF	PCT/CA2019/051884	12/20/2019	WO 2020/124262	6/25/2020	WO
	Capella	Capella Bioscience	ANTIGEN BINDING MOLECULES THAT BIND LIGHT	US62/621,346	1/24/2018	 	 	USA
	Capella	Capella Bioscience	ANTIGEN BINDING MOLECULES THAT BIND LIGHT	US16/256,688	1/24/2019	US 2019-0315876	10/17/2019	USA
	Capella	Capella Bioscience	ANTIGEN BINDING MOLECULES THAT BIND LIGHT	US16/480,367	7/24/2019	 	 	USA
	Capella	Capella Bioscience	Antigen Binding Molecules That Bind Light	2018800195877	1/24/2018	CN110461875A	11/15/2019	China
	Capella	Capella Bioscience	Antigen Binding Molecules That Bind Light	18702792.5	1/24/2018	3574014	12/4/2019	European Patent Convention
	Capella	Capella Bioscience	Antigen Binding Molecules That Bind Light	1701194.1	1/24/2017	 	 	United Kingdom
	Capella	Capella Bioscience	Antigen binding molecules that bind light	1820446.1	1/24/2018	2566389	3/13/2019	United Kingdom
	Capella	Capella Bioscience	Antigen Binding Molecules That Bind Light	62020007782.9	1/24/2018	40017324	9/18/2020	Hong Kong

			
	ACTIVE/113218772.5 

																								
	Capella	Capella Bioscience	Antigen Binding Molecules That Bind Light	2019-560493	1/24/2018	2020-505465	2/20/2020	Japan
	Capella	Capella Bioscience	Antigen Binding Molecules That Bind Light	10-2019-7024448	1/24/2018	 	 	Republic of Korea
	Capella	Capella Bioscience	Antigen Binding Molecules That Bind Light	PCT/GB2018/050203	1/24/2018	 WO 2018/138496	 8/2/2018	Patent Cooperation Treaty
	Capella	Capella Bioscience	Antigen binding molecules that bind BDCA-2	1911188.9	8/5/2019	 	 	United Kingdom
	Capella	Capella Bioscience	Antigen binding molecules that bind BDCA-2	PCT/EP2020/072051	8/5/2020	 WO 2021/023793	  2/11/2021	Patent Cooperation Treaty
	Capella	Capella Bioscience	Anti-PD-L1 antibodies	1910138.5	7/15/2019	 	 	United Kingdom
	Capella	Capella Bioscience	Anti-PD-L1 antibodies	PCT/EP2020/070065	7/15/2020	 WO 2021/009267	  1/21/2021	Patent Cooperation Treaty
	Capella	Capella Bioscience	Antigen binding molecules that bind BDCA-2	2000814	1/20/2020	 	 	United Kingdom
	LockBody	LockBody Therapeutics LTD	ANTI C-MET ANTIBODIES	US16/980,015	9/11/2020	US 2021-0009694	1/14/2021	USA
	LockBody	LockBody Therapeutics LTD	C-MET BINDING AGENTS	1803892.7	3/12/2018	 	 	United Kingdom
	LockBody	LockBody Therapeutics LTD	C-MET BINDING AGENTS	1812487.5	7/31/2018	 	 	United Kingdom
	LockBody	LockBody Therapeutics LTD	C-MET BINDING AGENTS	1816841.9	10/16/2018	 	 	United Kingdom
	LockBody	LockBody Therapeutics LTD	ANTI C-MET ANTIBODIES	PCT/EP2019/056178	3/12/2019	WO 2019/175186	9/19/2019	Patent Cooperation Treaty
	LockBody	LockBody Therapeutics LTD	ANTI C-MET ANTIBODIES	2019233511	3/12/2019	 	 	Australia
	LockBody	LockBody Therapeutics LTD	ANTI C-MET ANTIBODIES	3092526	3/12/2019	 	 	Canada
	LockBody	LockBody Therapeutics LTD	ANTI C-MET ANTIBODIES	201980017468.2	3/12/2019	 	 	China
	LockBody	LockBody Therapeutics LTD	ANTI C-MET ANTIBODIES	19711070.3	3/12/2019	 	 	European Patent Office
	LockBody	LockBody Therapeutics LTD	ANTI C-MET ANTIBODIES	2020-543219	3/12/2019	 	 	Japan

			
	ACTIVE/113218772.5 

																								
	LockBody	LockBody Therapeutics LTD	ACTIVATABLE PROTEIN CONSTRUCTS AND USES THEREOF	1906685.1	5/13/2019	 	 	United Kingdom
	LockBody	LockBody Therapeutics LTD	ACTIVATABLE PROTEIN CONSTRUCTS AND USES THEREOF	1910254	7/17/2019	 	 	United Kingdom
	LockBody	LockBody Therapeutics LTD	ACTIVATABLE PROTEIN CONSTRUCTS AND USES THEREOF	1917678.3	12/4/2019	 	 	United Kingdom
	LockBody	LockBody Therapeutics LTD	ACTIVATABLE PROTEIN CONSTRUCTS AND USES THEREOF	2001196.1	1/28/2020	 	 	United Kingdom
	LockBody	LockBody Therapeutics LTD	ACTIVATABLE BISPECIFIC ANTIBODIES COMPRISING A LINKER BETWEEN THE TWO BINDING DOMAINS WHICH IS A HUMAN IMMUNOGLOBULIN HINGE REGION, OR A VARIANT THEREOF, AND USES THEROF	PCT/EP2020/063362	5/13/2020	WO 2020/229553	11/19/2020	Patent Cooperation Treaty
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Two LTD	CD47 BINDING AGENTS	1804860.3	3/27/2018	 	 	United Kingdom
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Two LTD	CD47 BINDING AGENTS	1813693.7	8/22/2018	 	 	United Kingdom
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Two LTD	CD47 BINDING AGENTS	PCT/EP2019/057723	3/27/2019	WO2019/185717	10/3/2019	Patent Cooperation Treaty
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Two LTD	CD47 BINDING AGENTS	2019246401	3/27/2019	 	 	Australia
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Two LTD	CD47 BINDING AGENTS	3093777	3/27/2019	 	 	Canada
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Two LTD	CD47 BINDING AGENTS	201980021901.X	3/27/2019	 	 	China

			
	ACTIVE/113218772.5 

																								
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Two LTD	CD47 BINDING AGENTS	19715427.1	3/27/2019	 	 	European Patent Office
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Two LTD	CD47 BINDING AGENTS	277343	3/27/2019	n/a	10/29/2020	Israel
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Two LTD	CD47 BINDING AGENTS	2020-552716	3/27/2019	 	 	Japan
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Two LTD	CD47 BINDING AGENTS	10-2020-7029435	3/27/2019	 	 	Republic of Korea
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Two LTD	CD47 BINDING AGENTS	11202008965S	3/27/2019	 	 	Singapore
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Two LTD	CD47 BINDING AGENTS	17/041,100	3/27/2019	 	 	United States of America
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	2018316742	8/17/2018	 	 	Australia
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	1120200033065	8/17/2018	 	 	Brazil
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	3072998	8/17/2018	 	 	Canada
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	201880066662.5	8/17/2018	CN111212852A	 	People's Republic of China
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	18759711.7	8/17/2018	3668897	 	European Patent Office
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	1713298.6	8/18/2017	 	 	United Kingdom
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	1802595.7	2/16/2018	 	 	United Kingdom
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	1808570.4	5/24/2018	 	 	United Kingdom

			
	ACTIVE/113218772.5 

																								
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	62020017802.3	8/17/2018	 	 	Hong Kong
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	272643	8/17/2018	 	 	Israel
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	2020/17009526	8/17/2018	 	 	India
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	2020-530735	8/17/2018	 	 	Japan
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	2020-7007972	8/17/2018	 	 	Republic of Korea
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	MX/A/20/00187	8/17/2018	 	 	Mexico
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	2020109544	8/17/2018	 	 	Russian Federation
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	11202001425T	8/17/2018	 	 	Singapore
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	16/543884	8/17/2018	10683350	6/16/2020	USA
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	16/877938	8/17/2018	US-2020-0277375-A1	 	USA
	LockBody	LockBody Therapeutics LTD subsidary UltraHuman Four LTD	Binding Agents	PCT/GB2018/052347	8/17/2018	WO2019/034895	 	Patent Cooperation Treaty
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	US15/324,864 	1/9/2017	US10,336,800	7/2/2019	USA
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	US16/415,006	5/17/2019	US 2019-0359668	11/28/2019	USA

			
	ACTIVE/113218772.5 

																								
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	AL/P/20/000098	1/1/2020	Albania
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Austria
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	2015287397	7/9/2015	2015287397	12/3/2020	Australia
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Belgium
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Bulgaria
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	1120170001136	7/9/2015	1.12017E+12	 	Brazil
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	2954221	7/9/2015	2954221	 	Canada
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Switzerland
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	201580036984.1	7/9/2015	ZL201580036984.1	 	People's Republic of China

			
	ACTIVE/113218772.5 

																								
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Cyprus
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Czech Republic
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Germany
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Denmark
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Estonia
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	European Patent Office
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	 07/09/15	3669886	2/24/2021	European Patent Office
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	21158441.2	2/23/2021	 	 	European Patent Office
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Spain

			
	ACTIVE/113218772.5 

																								
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Finland
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	France
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	United Kingdom
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3103278	1/1/2020	Greece
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	17106250.3	7/9/2015	1232462	4/7/2020	Hong Kong
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	42020010016.2	 	40020167	 	Hong Kong
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	P20200418	1/1/2020	Croatia
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Hungary
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Ireland

			
	ACTIVE/113218772.5 

																								
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	201717003498	7/9/2015	2.01717E+11	 	India
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Iceland
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	5.0202E+14	1/1/2020	Italy
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	2017-500932	7/9/2015	6737770	 	Japan
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	2017-7003531	7/9/2015	2017-7003531	 	Republic of Korea
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Lithuania
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Luxembourg
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Latvia
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Monaco

			
	ACTIVE/113218772.5 

																								
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	MK/P/2020/118	1/1/2020	Macedonia (F.Y.R.O.M)
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Malta
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	MX/A/17/000448	7/9/2015	378431	 	Mexico
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	MX/A/20/011333	 	MX/A/20/011333	 	Mexico
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Netherlands
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Norway
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Poland
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Portugal
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Romania

			
	ACTIVE/113218772.5 

																								
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	60181	1/1/2020	Serbia
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	2017102381	7/9/2015	2017102381	 	Russian Federation
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Sweden
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	P-201531119	1/1/2020	Slovenia
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	3166628	1/1/2020	Slovakia
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	SM-T-202000171	1/1/2020	San Marino
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	15739658.1	7/9/2015	TR202001022T4	1/1/2020	Turkey
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Albania
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Austria

			
	ACTIVE/113218772.5 

																								
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Belgium
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Bulgaria
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Switzerland
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Cyprus
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Czech Republic
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Germany
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Denmark
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Estonia
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Spain

			
	ACTIVE/113218772.5 

																								
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Finland
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	France
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	United Kingdom
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Greece
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Croatia
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Hungary
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Ireland
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Iceland
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Italy

			
	ACTIVE/113218772.5 

																								
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Lithuania
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Luxembourg
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Latvia
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Monaco
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Macedonia (F.Y.R.O.M)
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Malta
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Netherlands
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Norway
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Poland

			
	ACTIVE/113218772.5 

																								
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Portugal
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Romania
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Serbia
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Sweden
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Slovenia
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	Slovakia
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	3669886	6/24/2020	San Marino
	Morphogen-IX	Cambridge Enterprise Limited (License for worldwide, exclusive rights to Morphogen-IX)	THERAPEUTIC USE OF BONE MORPHOGENETIC PROTEINS	19220066.5	7/9/2015	TR2021007538	6/24/2020	Turkey
	Orexia	Orexia Therapeutics	MEDIUM- OR MACRO-CYCLIC BENZYL-SUBSTITUTED HETEROCYCLE DERIVATIVES AND RELATED USES	US63/074,220	9/3/2020	 	 	USA

			
	ACTIVE/113218772.5 

																								
	Orexia	Orexia Therapeutics	BICYCLIC-HETEROCYCLE DERIVATIVES AND RELATED USES	US63/074,216	9/3/2020	 	 	USA
	Orexia	Orexia Therapeutics	2-(3-ETHYNYLBENZYL)-SUBSTITUTED HETEROCYCLE DERIVATIVES AND RELATED USES	63/170,099	4/2/2021	 	 	USA
	Palladio	Palladio Biosciences	FORMULATIONS OF LIXIVAPTAN FOR THE TREATMENT OF POLYCYSTIC DISEASE	US16/620,144	12/6/2019	US 2020-0147102	5/14/2020	USA
	Palladio	Cardiokine Biopharma LLC -- expired cases	TRICYCLIC DIAZEPINE VASOPRESSIN ANTAGONISTS AND OXYTOCIN ANTAGONISTS	US08/254,822	6/13/1994	US5,516,774	5/14/1996	USA
	Palladio	Cardiokine Biopharma LLC -- expired cases	TRICYCLIC DIAZEPINE VASOPRESSIN ANTAGONISTS AND OXYTOCIN ANTAGONISTS	US08/468,737	6/6/1995	US5,624,923	4/29/1997	USA
	Palladio	Cardiokine Biopharma LLC -- expired cases	VASOPRESSIN ANTAGONIST AND DIURETIC COMBINATION	US09/669,461	9/25/2000	US6,420,358	7/16/2002	USA
	Palladio	Cardiokine Biopharma LLC -- expired cases	VASOPRESSIN ANTAGONIST AND DIURETIC COMBINATION	US10/162,451	6/4/2002	US6,656,931	12/2/2003	USA
	Palladio	Cardiokine Biopharma LLC -- expired cases	VASOPRESSIN ANTAGONIST FORMULATION AND PROCESS	US09/668,883	9/25/2000	US6,352,718	3/5/2002	USA
	Palladio	Palladio Biosciences	FORMULATIONS OF LIXIVAPTAN FOR THE TREATMENT OF POLYCYSTIC DISEASE	PCT/US2018/36719	6/8/2018	WO 2018/227128	12/13/2018	WO

			
	ACTIVE/113218772.5 

																								
	Palladio	Palladio Biosciences	FORMULATIONS OF LIXIVAPTAN FOR THE TREATMENT OF POLYCYSTIC DISEASE	18814459.6	6/8/2018	EP3634395	4/15/2020	EP
	Palladio	Cardiokine Biopharma LLC	COMPOSITIONS FOR DELIVERY OF INSOLUBLE AGENTS	10812546.9	24-Aug-10	 	 	EP
	Palladio	Cardiokine Biopharma LLC	COMPOSITIONS FOR DELIVERY OF INSOLUBLE AGENTS	2012-526904	24-Aug-10	 	 	Japan
	Palladio	Cardiokine Biopharma LLC	COMPOSITIONS FOR DELIVERY OF INSOLUBLE AGENTS	PCT/US10/46452	24-Aug-10	 	 	WO
	Palladio	Cardiokine Biopharma LLC	COMPOSITIONS FOR DELIVERY OF INSOLUBLE AGENTS	13/391,440	21-Sep-12	8,877,746	4-Nov-14	USA
	Palladio	Cardiokine Biopharma LLC -- expired cases	PHARMACEUTICAL CARRIER FORMULATION	09/668,970	25-Sep-00	6,437,006	20-Aug-02	USA
	Palladio	Wyeth Holdings LLC -- expired cases	TRICYLIC BENZAZEPINE VASOPRESSIN ANTAGONISTS	2,128,955	27-Jul-94	2,128,955	14-Nov-06	Canada
	Palladio	Wyeth Holdings LLC -- expired cases	N-ACYLATED TRICYCLIC AZAHETERORINGS USEFUL AS VASOPRESSIN ANTAGONISTS	94111040.5	15-Jul-94	EP0640592	30-Dec-98	EP
	Palladio	Wyeth Holdings LLC -- expired cases	N-ACYLATED TRICYCLIC AZAHETERORINGS USEFUL AS VASOPRESSIN ANTAGONISTS	94111040.5	15-Jul-94	EP0640592	11-Feb-99	France
	Palladio	Wyeth Holdings LLC -- expired cases	N-ACYLATED TRICYCLIC AZAHETERORINGS USEFUL AS VASOPRESSIN ANTAGONISTS	69415614.0	15-Jul-94	EP0640592	11-Feb-99	Germany
	Palladio	Wyeth Holdings LLC -- expired cases	TRICYLIC BENZAZEPINE VASOPRESSIN ANTAGONISTS	94111040.5	15-Jul-94	EP0640592	11-Feb-99	Italy

			
	ACTIVE/113218772.5 

																								
	Palladio	Wyeth Holdings LLC -- expired cases	TRICYLIC BENZAZEPINE VASOPRESSIN ANTAGONISTS	195886/94	28-Jul-94	3630449	24-Dec-04	Japan
	Palladio	Wyeth Holdings LLC -- expired cases	TRICYLIC BENZAZEPINE VASOPRESSIN ANTAGONISTS	945747	28-Jul-94	203306	27-Jul-01	Mexico
	Palladio	Wyeth Holdings LLC -- expired cases	TRICYLIC BENZAZEPINE VASOPRESSIN ANTAGONISTS	94111040.5	15-Jul-94	EP0640592	11-Feb-99	Spain
	Palladio	Wyeth Holdings LLC -- expired cases	TRICYLIC BENZAZEPINE VASOPRESSIN ANTAGONISTS	94111040.5	15-Jul-94	EP0640592	11-Feb-99	United Kingdom
	Palladio	Palladio Biosciences	FORMULATIONS OF LIXIVAPTAN FOR THE TREATMENT POLYCYSTIC DISEASE	2018279843	8-Jun-18	 	 	Australia
	Palladio	Palladio Biosciences	FORMULATIONS OF LIXIVAPTAN FOR THE TREATMENT POLYCYSTIC DISEASE	3,065,910	8-Jun-18	 	 	Canada
	Palladio	Palladio Biosciences	FORMULATIONS OF LIXIVAPTAN FOR THE TREATMENT POLYCYSTIC DISEASE	2019-566936	8-Jun-18	 	 	Japan
	Palladio	Palladio Biosciences	FORMULATIONS OF LIXIVAPTAN FOR THE TREATMENT POLYCYSTIC DISEASE	10-2019-7037227	8-Jun-18	 	 	Korea, Republic of
	Palladio	Palladio Biosciences	FORMULATIONS OF LIXIVAPTAN FOR THE TREATMENT POLYCYSTIC DISEASE	MX/a/2019/014475	8-Jun-18	 	 	Mexico
	Palladio	Palladio Biosciences	FORMULATIONS OF LIXIVAPTAN FOR THE TREATMENT POLYCYSTIC KIDNEY DISEASE	62/517,793	 	 	 	USA

			
	ACTIVE/113218772.5 

																								
	Palladio	Palladio Biosciences	FORMULATIONS OF LIXIVAPTAN FOR THE TREATMENT POLYCYSTIC DISEASE	62/580,167	 	 	 	USA
	PearlRiver	PearlRiver Bio	2,3,5-Substituted pyrrolo[2,3-b]pyridines as ErbB modulators useful for treating cancer	20158617.9	2/20/2020	 	 	EP
	PearlRiver	PearlRiver Bio	2,3,5-Substituted pyrrolo[2,3-b]pyridines as ErbB modulators useful for treating cancer	20158619.5	2/20/2020	 	 	EP
	PearlRiver	PearlRiver Bio	2,3,5-Substituted pyrrolo[2,3-b]pyridines as ErbB modulators useful for treating cancer	PCT / EP2021 / 054211	2/19/2021	 	ca. 8/20/2021	PCT
	PearlRiver	PearlRiver Bio	2,3,5-Substituted pyrrolo[2,3-b]pyridines as ErbB modulators useful for treating cancer	PCT / EP2021 / 054153	2/19/2021	 	ca. 8/20/2021	PCT
	PearlRiver	Lead Discovery Center GmbH	4-substituted pyrrolo[2,3-b]pyridine as erbb modulators useful for treating cancer	PCT/EP2019/072564	8/23/2019	 	 	PCT
	Pega-One	Roche Glycart AG	GLYCOSYLATION ENGINEERING OF ANTIBODIES FOR IMPROVING ANTIBODY-DEPENDENT CELLULAR CYTOTOXICITY	US09/294,584	4/20/1999	US6,602,684	8/5/2003	USA
	Pega-One	Roche Glycart AG	ANTIBODY GLYCOSYLATION VARIANTS HAVING INCREASED ANTIBODY-DEPENDENT CELLULAR CYTOTOXICITY	2004106559	8/5/2002	2321630	 	Russia

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	ANTIBODY GLYCOSYLATION VARIANTS HAVING INCREASED ANTIBODY-DEPENDENT CELLULAR CYTOTOXICITY	US11/199,232	8/9/2005	US8,021,856	9/20/2011	USA
	Pega-One	Roche Glycart AG	ANTIBODY GLYCOSYLATION VARIANTS HAVING INCREASED ANTIBODY-DEPENDENT CELLULAR CYTOTOXICITY	US13/196,724	8/2/2011	US8,999,324	4/7/2015	USA
	Pega-One	Roche Glycart AG	ANTIBODY GLYCOSYLATION VARIANTS HAVING INCREASED ANTIBODY-DEPENDENT CELLULAR CYTOTOXICITY	US60/309,516	8/3/2001	 	 	USA
	Pega-One	Roche Glycart AG	ANTIBODY GLYCOSYLATION VARIANTS HAVING INCREASED ANTIBODY-DEPENDENT CELLULAR CYTOTOXICITY	PCT/US2002/24739	8/5/2002	WO 2003/011878	2/13/2003	WO
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	2004205802	1/22/2004	2004205802	2/18/2010	Australia
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	2010200408	2/4/2010	2010200408	10/25/2012	Australia
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	2012213963	8/15/2012	2012213963	3/12/2015	Australia

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	2513797	1/22/2004	2513797	5/3/2016	Canada
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	200480007564.2	1/22/2004	CN176174B	 	China
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	201310218123.8	1/22/2004	CN103540600B	 	China
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	PV2005-490	1/22/2004	 	 	Czech Rep.
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	4704310.4	1/22/2004	1587921	7/28/2010	EP

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	4704310.4	1/22/2004	1587921	7/28/2010	Austria
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	4704310.4	1/22/2004	1587921	7/28/2010	Belgium
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	4704310.4	1/22/2004	1587921	7/28/2010	Switzerland
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	4704310.4	1/22/2004	602004028337.10	7/28/2010	Germany
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	4704310.4	1/22/2004	1587921	7/28/2010	Spain

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	4704310.4	1/22/2004	1587921	7/28/2010	Finland
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	4704310.4	1/22/2004	1587921	7/28/2010	France
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	4704310.4	1/22/2004	1587921	7/28/2010	Great Britain
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	4704310.4	1/22/2004	1587921	7/28/2010	Hungary
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	4704310.4	1/22/2004	1587921	7/28/2010	Ireland

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	4704310.4	1/22/2004	1587921	7/28/2010	Italy
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	4704310.4	1/22/2004	1587921	7/28/2010	Netherlands
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	4704310.4	1/22/2004	1587921	7/28/2010	Sweden
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075273.2	6/25/2010	2248892	4/22/2015	EP
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075273.2	6/25/2010	602004047075.90	4/22/2015	Switzerland

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075273.2	6/25/2010	2248892	4/22/2015	Germany
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075273.2	6/25/2010	2248892	4/22/2015	Spain
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075273.2	6/25/2010	2248892	4/22/2015	France
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075273.2	6/25/2010	2248892	4/22/2015	Great Britain
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075273.2	6/25/2010	2248892	4/22/2015	Italy

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075273.2	6/25/2010	2248892	4/22/2015	Netherlands
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075273.2	6/25/2010	2248892	4/22/2015	Sweden
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075272.4	6/25/2010	2264152	5/20/2015	EP
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075272.4	6/25/2010	2264152	5/20/2015	Switzerland
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075272.4	6/25/2010	6020040407238.70	5/20/2015	Germany
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075272.4	6/25/2010	2264152	5/20/2015	Spain

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075272.4	6/25/2010	2264152	5/20/2015	France
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075272.4	6/25/2010	2264152	5/20/2015	Great Britain
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075272.4	6/25/2010	2264152	5/20/2015	Italy
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075272.4	6/25/2010	2264152	5/20/2015	Netherlands
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075272.4	6/25/2010	2264152	5/20/2015	Sweden
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075271.6	6/25/2010	2264151	4/20/2016	EP

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075271.6	6/25/2010	2264151	4/20/2016	Switzerland
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075271.6	6/25/2010	602004049129.20	4/20/2016	Germany
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075271.6	6/25/2010	2264151	4/20/2016	Spain
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075271.6	6/25/2010	2264151	4/20/2016	France
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075271.6	6/25/2010	2264151	4/20/2016	Great Britain
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075271.6	6/25/2010	2264151	4/20/2016	Italy

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10075271.6	6/25/2010	2016-G-280723	 	Turkey
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	6109471.3	8/25/2006	1089205	6/16/2017	Hong Kong
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	169805	1/22/2004	169805	 	Israel
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	203402	1/22/2004	203402	 	Israel
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	1628/KOLNP/2005	1/22/2004	235912	 	India

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	2006-500338	1/22/2004	5425365	12/6/2013	Japan
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	2013-146287	7/12/2013	5953271	6/17/2016	Japan
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10-2005-7013639	1/22/2004	101292000	7/26/2013	Republic of Korea
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	10-2013-7008302	4/1/2013	101498588	2/26/2015	Republic of Korea
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	PA/A/2005/007781	1/22/2004	279191	 	Mexico

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	MX/A/2010/010315	9/21/2010	 	 	Mexico
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	20053872	1/22/2004	 	 	Norway
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	541503	1/22/2004	541503	 	New Zealand
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	567320	4/10/2008	567320	 	New Zealand
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	582315	12/23/2009	582315	 	New Zealand

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	591970	3/29/2011	591970	 	New Zealand
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	603037	10/16/2012	603037	 	New Zealand
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	PL377967	1/22/2004	PL224786	 	Poland
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	PL393644	1/22/2004	PL222220	 	Poland
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	PL393645	1/22/2004	PL222206	 	Poland
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	PL393641	1/22/2004	PL222219	 	Poland

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	PL393646	1/22/2004	PL222222	 	Poland
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	PL393647	1/22/2004	PL222221	 	Poland
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	PL415463	1/22/2004	PL224787	 	Poland
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	2005123986	1/22/2004	2407796	 	Russia
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	2010135975	8/26/2010	2623167	 	Russia

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	200504568-7	1/22/2004	113373	 	Singapore
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	200804942-1	1/22/2004	167680	 	Singapore
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	201300559-0	1/22/2004	201300559-0	 	Singapore
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	US10/761,435	1/22/2004	US8,367,374	2/5/2013	USA
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	US13/759,925	2/5/2013	US8,859,234	10/14/2014	USA

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	US60/441,307	1/22/2003	 	 	USA
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	US60/491,254	7/31/2003	 	 	USA
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	US60/495,142	8/15/2003	 	 	USA
	Pega-One	Roche Glycart AG	FUSION CONSTRUCTS AND USE OF SAME TO PRODUCE ANTIBODIES WITH INCREASED FC RECEPTOR BINDING AFFINITY AND EFFECTOR FUNCTION	PCT/IB2004/000844	1/22/2004	WO 2004/065540	8/5/2004	WO
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	PI0607315-8	2/7/2006	 	 	Brazil
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	2596835	2/7/2006	2596835	8/20/2019	Canada

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	200680004310.4	2/7/2006	ZL200680004310.4	 	China
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	EP
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Greece
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Italy
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Austria
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Belgium
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Bulgaria

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Switzerland
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Czech Republic
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Germany
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Finland
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	France
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	United Kingdom
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Ireland

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Lithuania
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Netherlands
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Portugal
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Romania
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Sweden
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Slovakia
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Croatia

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Serbia
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Slovenia
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Turkey
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Spain
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	6710336.6	2/7/2006	1871805	9/25/2019	Denmark
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	19198853.4	9/23/2019	3660049A1	6/3/2020	EP

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	8105244.5	5/13/2008	1110873	5/13/2016	Hong Kong
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	184498	2/7/2006	184498	 	Israel
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	IN2007CN03878	2/7/2005	IN259199	 	India
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	2007-553735	2/7/2006	5336089	8/9/2013	Japan
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	2013-038450	2/28/2013	5763695	6/19/2015	Japan
	Pega-One	 	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	PT20060710336T	2/7/2005	PT1871805	 	Portugal
	Pega-One	 	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	UA20070010028	2/7/2005	UA95068	 	Ukraine

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	2007-7020499	2/7/2006	10-1467566	11/25/2014	Korea
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	2014-7002356	1/27/2014	10-1569300	11/9/2015	Korea
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	MX/A/2007/008619	2/7/2006	312487	 	Mexico
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	2007133439	2/7/2006	2488597	 	Russia
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	2013119417	4/26/2013	2610688	 	Russia
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	US11/348,526 	2/7/2007	US7,722,867	5/25/2010	USA
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	US11/889,981	8/17/2007	US7,846,432	12/7/2010	USA

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	US12/938,180	11/2/2010	US8,097,436	1/17/2012	USA
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	US13/315,989	12/9/2011	US8,614,065	12/24/2013	USA
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	US14/084,303	11/19/2013	US9,309,317	4/12/2016	USA
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	US15/050,821	2/23/2016	US9,957,326	5/1/2018	USA
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	US15/965,143	4/27/2018	US 2019-0106497	4/11/2019	USA
	Pega-One	Roche Glycart AG	CHIMERIC EGFR ANTIBODY, VECTORS ENCODING SAME, AND USES THEREOF	US60/650,115	2/7/2005	 	 	USA
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	PCT/IB2006/000238	2/7/2006	WO 2006/082515	8/10/2006	WO

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	PI0716639-7	8/9/2007	 	 	Brazil
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	2660584	8/9/2007	2660584	11/28/2017	Canada
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	200780037124.5	8/9/2007	ZL200780037124.5	 	China
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	7825698.9	8/9/2007	2057192	5/29/2013	EP
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	7825698.9	8/9/2007	2057192	5/29/2013	Switzerland
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	7825698.9	8/9/2007	602007030786.40	5/29/2013	Germany
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	7825698.9	8/9/2007	ES2424388	5/29/2013	Spain

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	7825698.9	8/9/2007	2057192	5/29/2013	France
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	7825698.9	8/9/2007	2057192	5/29/2013	Great Britain
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	7825698.9	8/9/2007	2057192	5/29/2013	Italy
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	7825698.9	8/9/2007	2013-G-273394	5/29/2013	Turkey
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	11193812.2	12/15/2011	2444422	4/20/2016	EP
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	11193812.2	12/15/2011	2444422	4/20/2016	Switzerland
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	11193812.2	12/15/2011	602007045985	4/20/2016	Germany
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	11193812.2	12/15/2011	ES2576137	4/20/2016	Spain

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	11193812.2	12/15/2011	2444422	4/20/2016	France
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	11193812.2	12/15/2011	2444422	4/20/2016	Great Britain
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	11193812.2	12/15/2011	2444422	4/20/2016	Italy
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	11193812.2	12/15/2011	2016-G-274517	4/20/2016	Turkey
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	9110543.2	11/12/2009	1131163	9/27/2013	Hong Kong
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	2009-523372	8/9/2007	5421105	11/29/2013	Japan

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	10-2009-7004840	8/9/2007	10-1452530	10/13/2014	Korea
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	MX/A/2009/001382	8/9/2007	296943	 	Mexico
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	2009107895	8/9/2007	2457219	 	Russia
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	US11/889,215	8/9/2007	US7,662,377	2/16/2010	USA
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	US11/892,010	8/17/2007	US7,727,741	6/1/2010	USA
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	US12/724,386	9/15/2010	US8,088,380	1/3/2012	USA
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	US13/308,334	11/30/2011	US8,273,328	9/25/2012	USA

			
	ACTIVE/113218772.5 

																								
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	US13/588,269	8/17/2012	US9,074,008	7/7/2015	USA
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	US60/836,371	8/9/2006	 	 	USA
	Pega-One	Roche Glycart AG	ANTIGEN BINDING MOLECULES THAT BIND EGFR, VECTORS ENCODING SAME, AND USES THEREOF	PCT/IB2007/003542	8/9/2007	WO 2008/017963	2/14/2008	WO
	Z Factor	Z Factor Ltd	Compound and its Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874)	1820450.3	 	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	PCT/GB2019/053552	12/13/2019	WO2020/120992	6/18/2020	Patent Cooperation Treaty
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	1820451.1	 	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF887 Family)	1820452.9	 	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF887 Family)	1820455.2	 	 	 	United Kingdom

			
	ACTIVE/113218772.5 

																								
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF887 Family)	1918410	12/13/2019	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF887 Family)	PCT/GB2020/053187	12/11/2020	WO2021/116703	6/17/2021	Patent Cooperation Treaty
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF1005 Family)	1918404.3	12/13/2019	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF1005 Family)	PCT/GB2020/053191	12/11/2020	WO2021/116706	6/17/2021	Patent Cooperation Treaty
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF942 Family)	1918413.4	12/13/2019	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF942 Family)	PCT/GB2020/053192	12/11/2020	WO2021/116707	6/17/2021	Patent Cooperation Treaty
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF994 Family)	1918414.2	12/13/2019	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF994 Family)	PCT/GB2020/053194	12/11/2020	WO2021/116709	6/17/2021	Patent Cooperation Treaty

			
	ACTIVE/113218772.5 

																								
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF935 Family)	1918416.7	12/13/2019	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF935 Family)	PCT/GB2020/053196	12/11/2020	WO2021/116710	6/17/2021	Patent Cooperation Treaty
	Z Factor	Z Factor Ltd	Process	2009069.2	6/15/2020	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Process	PCT/GB2021/051488	 	 	 	Patent Cooperation Treaty
	Z Factor	Z Factor Ltd	Compounds	2009073.4	6/15/2020	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds	2009070	6/15/2020	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds	2009068.4	6/15/2020	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds	2009065	6/15/2020	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compound	2009074.2	6/15/2020	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compound	PCT/GB2021/051496	 	 	 	Patent Cooperation Treaty
	Z Factor	Z Factor Ltd	Compounds	2108497.5	 	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds	2108498.3	 	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds	2108499.1	 	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds	2108501.4	 	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF887 dosage)	2108523.8	 	 	 	United Kingdom

			
	ACTIVE/113218772.5 

																								
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF887 analogues 1 (acids/saturated ring))	2108542.8	 	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF887 analogues 2 (amines/saturated ring))	2108543.6	 	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF887 analogues 1 (acids+ amines/modified rings))	2108544.4	 	 	 	United Kingdom
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	17/345928	6/11/2021	 	 	US
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency	63/211319	6/16/2021	 	 	US
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	WO2020/120992	6/11/2021	 	 	African Regional IP Organization
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	2019398520.00	6/11/2021	 	 	Australia

			
	ACTIVE/113218772.5 

																								
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	1120210114777.00	6/11/2021	 	 	Brazil
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	3122658.00	6/11/2021	 	 	Canada
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	202101522.00	6/11/2021	 	 	Chile
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	20198008707.20	6/11/2021	 	 	China
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	NC2021/0009083	6/11/2021	 	 	Columbia
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	2021-0376	6/11/2021	 	 	Costa Rica
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	20219239.00	6/11/2021	 	 	Eurasian Patent

			
	ACTIVE/113218772.5 

																								
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	SENADI-2021-51825	6/11/2021	 	 	Ecuador
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	857-2021	6/11/2021	 	 	Egypt
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	19835312.00	6/11/2021	 	 	European Patent Office
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	A2021-000107	6/11/2021	 	 	Guatemala
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	WO2020/120992	6/11/2021	 	 	Hong Kong
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	HN/P/2021/001518	6/11/2021	 	 	Honduras
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	PID202105194	6/11/2021	 	 	Indonesia

			
	ACTIVE/113218772.5 

																								
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	283938.00	6/11/2021	 	 	Israel
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	2021/17025673	6/11/2021	 	 	India
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	140050140003002	6/11/2021	 	 	Iran
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	WO2020/120992	6/11/2021	 	 	Japan
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	2021-7021705	6/11/2021	 	 	Korea, Republic of
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	MX/A/21/006884	6/11/2021	 	 	Mexico
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	WO2020/120992	6/11/2021	 	 	Nigeria

			
	ACTIVE/113218772.5 

																								
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	2021-000047	6/11/2021	 	 	Nicaragua
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	776915.00	6/11/2021	 	 	New Zealand
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	93529-01	6/11/2021	 	 	Panama
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	872-2021	6/11/2021	 	 	Peru
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	1-2021-551302	6/11/2021	 	 	Philippines
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	521422252.00	6/11/2021	 	 	Saudi Arabia
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	11202105878.00	6/11/2021	 	 	Singapore

			
	ACTIVE/113218772.5 

																								
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	2021006268.00	6/11/2021	 	 	El Salvador
	Z Factor	Z Factor Ltd	Compounds and their Use for the Treatment of Alpha1-Antitrypsin Deficiency (ZF874 Family)	2101003403.00	6/11/2021	 	 	Thailand

			
	ACTIVE/113218772.5 

SCHEDULE 13.1

Disqualified Lender List

1.Ableco Finance LLC
2.Appaloosa Management L.P.
3.Aurora Capital Group
4.Baupost Group
5.BlackDiamond Capital Management, L.L.C
6.Cerberus Capital Management
7.Elliott Management Corporation
8.Fir Tree Capital Management
9.Golden Gate Capital
10.GoldenTree Asset Management
11.Highland Capital Management, L.P.
12.Man GLG
13.Oaktree Capital Management (OCM)
14.Silver Point Capital
15.Wayzata Investment Partnership LLC
			
	ACTIVE/113218772.5 

Exhibit A-1

Description of Collateral
The Collateral consists of all of each Obligor’s right, title and interest in and to the following personal property:
(a)    all of each Obligor’s Goods, Accounts (including healthcare receivables, including Health-Care-Insurance Receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license agreements, franchise agreements, General Intangibles (including Intellectual Property), Commercial Tort Claims, Documents, Instruments (including any Promissory Notes), Chattel Paper (whether tangible or electronic), cash, Deposit Accounts and other Collateral Accounts, all certificates of deposit, Fixtures, Letters of Credit Rights (whether or not the Letter of Credit is evidenced by a writing), Shares, securities and all other Investment Property, Supporting Obligations, and Financial Assets, whether now owned or hereafter acquired, wherever located; and
(b)    all of each Obligor’s books relating to the foregoing, and any and all claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, Proceeds and insurance proceeds of any or all of the foregoing.
Notwithstanding the foregoing, the Collateral does not include (i) any Excluded Account, (ii) any rights or interest in any contract, lease, permit, license, or license agreement covering real or personal property if under the terms of such contract, lease, permit, license, or license agreement, or applicable law with respect thereto, the grant of a security interest or lien therein would result in the abandonment, invalidation, unlawfulness or unenforceability of any right or interest of any Obligor therein or is prohibited as a matter of law or under the terms of such contract, lease, permit, license, or license agreement and such prohibition or restriction has not been waived or the consent of the other party to such contract, lease, permit, license, or license agreement has not been obtained (provided that the foregoing exclusions of this clause (ii) shall in no way be construed to apply to the extent that any described prohibition or restriction is ineffective under Section 9-406, 9-407, 9-408, or 9-409 of the UCC or other applicable law, to apply to the extent that any consent or waiver has been obtained that would permit Purchaser Agent’s security interest or lien to attach notwithstanding the prohibition or restriction on the pledge of such contract, lease, permit, license, or license agreement, or to apply to any Proceeds or receivables thereof); and (iii) any United States intent-to-use trademark applications to the extent that, and solely during the period in which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark applications under applicable federal law, provided that upon submission and acceptance by the United States Patent and Trademark Office of an amendment to allege use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision), such intent-to-use trademark application shall be considered Collateral.

			
	ACTIVE/113218772.5 

Exhibit A-2

Agreed Security Principles
1.    CONSIDERATIONS
1.1    The guarantees and security required to be provided under this Agreement will be given in accordance with the security principles set out in this Exhibit A-2 (the Agreed Security Principles). These Agreed Security Principles shall apply only to (a) any security or guarantee to be provided by any Obligor which is not a U.S. Person and (b) any security documents subject to a governing law other that of the United States, any state or commonwealth thereof, or the District of Columbia.
1.2    In determining what security will be provided in support of the Obligations the following matters will be taken into account. Security shall not be created or perfected to the extent that it would:
(a)    result in any breach of corporate benefit, financial assistance, fraudulent preference or thin capitalization laws or regulations (or analogous restrictions) of any applicable jurisdiction; or
(b)    result in a significant risk to the officers of the relevant grantor of security of contravention of their fiduciary duties and/or of civil or criminal liability;
In addition, in requesting security, Purchaser Agent will consider whether the creation or perfection would result in costs that, in the opinion of Purchaser Agent (acting reasonably), are disproportionate to the benefit obtained by the beneficiaries of that security.
1.3    For the avoidance of doubt, in these Agreed Security Principles, “cost” includes, but is not limited to, income tax cost, registration taxes payable on the creation or enforcement or for the continuance of any security, stamp duties, out-of-pocket expenses, and other fees and expenses directly incurred by the relevant grantor of security or any of its direct or indirect owners, subsidiaries or Affiliates.
2.    OBLIGATIONS TO BE SECURED
2.1    Subject to Clause 1 (Considerations) above and to paragraph 2.2 below, the obligations to be secured are the Secured Obligations (as defined below).  The security is to be granted in favor of Purchaser Agent on behalf of each Secured Party from time to time or, in respect of any Swedish Security, in favor of the Secured Parties from time to time as represented by Purchaser Agent.
For ease of reference, the following definitions should, to the extent legally possible, be incorporated into each Security Document:
“Secured Obligations” means all the Obligations and all other present and future liabilities and obligations at any time due, owing or incurred by any Obligor to any Secured Party under or in connection with the Note Documents, both actual and contingent and whether incurred solely or jointly and as principal or surety or in any other capacity, and includes any obligation arising out of unjust enrichment (ungerechtfertigte Bereicherung) or tort (unerlaubte Handlung). This applies notwithstanding any increase of any of the Notes, any extension (Verlängerung) of the 
			
	ACTIVE/113218772.5 

Maturity Date or the End of Term or any change of the Final Payment Amount, the Revenue Participation Amount, the Milestone Amount or the interest rate charged by the Purchasers.
2.2    The secured obligations will be limited:
(a)    to the extent creating security for the relevant obligations would be in any breach of corporate benefit, financial assistance, fraudulent preference, thin capitalization rules or the laws or regulations (or analogous restrictions) of any applicable jurisdiction; and
(b)    to the extent creating security for the relevant Secured Obligations results in the officers of the applicable Obligor that is granting the security interest being in contravention of their fiduciary duties and/or civil or criminal or personal liability; and
3.    GENERAL
3.1    Where appropriate, defined terms in the Foreign Collateral Documents should mirror those in this Agreement.
3.2    The parties to this Agreement agree to negotiate the form of each Foreign Collateral Document in good faith and will ensure that all documentation required to be entered into as a condition precedent to first drawdown under this Agreement (or immediately thereafter) is in a finally agreed form as soon as reasonably practicable after the date of this Agreement.  The form of guarantee is set out in Article XII  of this Agreement and, with respect to any future Guarantor, is subject to any limitations set out in the relevant Guarantee Assumption Agreement.
3.3    The security interests and other collateral shall, to the extent possible under local law, only be enforceable following the Agent exercising any of its rights or serving any notices under Article IX (an “Enforcement Event”), save that steps which are preparatory to the exercise of a right or remedy in connection with an Enforcement Event may be taken while an Event of Default is continuing.
3.4    Collateral governed by the laws of the Federal Republic of Germany will (to the extent possible) be given in favor of the Purchasers and Purchaser Agent individually. Parallel debt provisions will be included in an individual document (the German Parallel Debt Agreement) in order to support any Collateral created under the German Collateral Documents but not as the sole method of creating a secured obligation or Collateral. 
4.    UNDERTAKINGS/REPRESENTATIONS AND WARRANTIES
4.1    Any representations, warranties or undertakings which are required to be included in any Foreign Collateral Document shall reflect (to the extent to which the subject matter of such representation, warranty and undertaking is the same as the corresponding representation, warranty and undertaking in this Agreement) the commercial deal set out in this Agreement (save to the extent that Secured Parties’ local counsel deem it necessary to include any further provisions (or deviate from those contained in this Agreement) in order to protect, perfect or preserve the security granted to the Secured Parties).
5.    GOVERNING LAW
5.1    Unless granted under a global security document governed by the law of the jurisdiction of an Obligor or under New York law, all security (other than as set out in paragraph 5.2 
			
	ACTIVE/113218772.5 

below) shall be governed by the law of the jurisdiction of incorporation of that Obligor or the laws of the jurisdiction where that asset is located.
5.2    Other than as security granted pursuant to the Security Agreement, security over shares shall be governed by the laws of the country in which the entity whose Shares are being secured is incorporated and not by the laws of the country in which the Obligor granting the security is incorporated. 
6.    SPECIFIC SECURITY DOCUMENTS
6.1    Bank accounts
(a)    An Obligor shall grant security over all of its bank accounts in existence at the date of this Agreement but shall be free to deal with those accounts in the course of its business until an Event of Default has occurred which is continuing, save in respect of cash collateral and mandatory prepayment holding accounts.
(b)    If required by local law to perfect the security or otherwise customary in the relevant jurisdiction, notice of the security will be served on the account bank within five business days of the security being granted and the Obligor shall use its reasonable endeavors to obtain the account bank’s acknowledgement of that notice.
(c)    Any security over bank accounts shall be subject to any prior security interests in favor of the account bank which are created either by law or in the standard terms and conditions of the account bank provided that such prior security interests must only secure fees and costs of such account bank. The notice of security must request these are waived by the account bank but the Obligor shall not be required to change its banking arrangements if these security interests are not waived or only partially waived.
(d)    If required under local law security over bank accounts will be registered.
6.2    Insurance policies
(a)    All insurance policies shall be charged in favor of the Secured Parties except for third party liability insurance (unless the respective insurance policy is governed by the laws of the Federal republic of Germany) and (y) insurance in favor of employees (to the extent permissible by applicable law).
(b)    Notice of the security will be served on the insurance provider within five business days of the security being granted and the Obligor shall use its reasonable endeavors to obtain the insurance provider’s agreement in principle to acknowledge that notice and, subsequently, an acknowledgement of that notice.
6.3    Intellectual Property
If required under local law to perfect the security as well as if an Event of Default has occurred, at the Obligor’s expenses, security over Intellectual Property will be registered in respect of registered Intellectual Property in the United States, United Kingdom, Germany, France, such other jurisdictions within the European Union as Purchaser Agent shall determine in its sole discretion, and each jurisdiction in which an Obligor or Platform Company is organized, however, in respect of community trademarks and community designs (including, in each case, corresponding applications) a registration may be effected at any time after the signing of the relevant German Collateral Documents.
			
	ACTIVE/113218772.5 

6.4    Trade receivables
(a)    Unless necessary to ensure the creation of a valid and/or perfected security interest, if an Obligor grants security over its trade receivables, subject to clause (b) below it shall be free to deal with, those receivables in the course of its business until an Event of Default has occurred which is continuing and Purchaser Agent notifies the Obligors that its consent is required for any further dealing.
(b)    No notice of security may be served until an Event of Default has occurred which is continuing or to preserve the Purchaser Agent’s or the Purchasers’ legitimate interests. 
(c)    If required under local law Security over trade receivables will be registered.
6.5    Intercompany receivables
(a)    If an Obligor grants security over its intercompany receivables (including receivables resulting from shareholder loans) it shall be free to deal with, those receivables in the course of its business until an Event of Default has occurred which is continuing.
(b)    Notice of the security will be served on the relevant Subsidiary in the respective German Collateral Documents to which the respective Subsidiary has to become a party in order to acknowledge this notice.
6.6    Acquisition, Sales and other receivables
(a)    If an Obligor grants security over its acquisition, sales and other receivables it shall be free to deal with, those receivables in the course of its business until an Event of Default has occurred which is continuing.
(b)    Notice of the security will be served upon the occurrence of an Event of Default and request by the Purchaser Agent
6.7    Shares
(a)    Each Obligor shall grant a charge or pledge over all Shares owned by it.
(b)    Notification of pledges governed by the laws of the Federal Republic of Germany over Shares and, in each case, any receivables pertaining thereto will be given to the companies and partnerships the shares or interest in which are pledged in the respective German Collateral Documents to which the respective company has to become a party in order to acknowledge this notice.
(c)    Until an Event of Default has occurred which is continuing, the Obligor executing a share charge will be permitted to retain and to exercise voting rights to any shares charged by it in a manner which does not adversely affect the validity, perfection, or enforceability of the security or cause an Event of Default to occur and the company whose shares have been charged will be permitted to pay dividends to the Obligor in those circumstances.
(d)    Where customary or required by law, at the time of execution of the share charge, the share certificate and (if applicable) a stock transfer form duly endorsed and executed (if applicable) in blank will be provided to Purchaser Agent and where required by law the share certificate 
			
	ACTIVE/113218772.5 

or shareholders register will be endorsed or written up and the endorsed share certificate and/or a copy of the written up register provided to Purchaser Agent.
(e)    Unless the restriction is required by law, the constitutional documents of the company whose shares have been charged will be amended to remove any restriction on the transfer or the registration of the transfer of the shares on enforcement of the security granted over them.
6.8    Real estate
(a)    Subject to paragraph 6.6(b) below, an Obligor will use commercially reasonable efforts to obtain any landlord’s consent required to grant security over its real estate. The amount secured by each security over real estate may be restricted to an agreed level in accordance with reasonable local market practice.
(b)    An Obligor shall not be required to grant security over its real estate comprising leasehold property where the lease is for a term of less than 7 years from the relevant term commencement date.

			
	ACTIVE/113218772.5 

Exhibit A-3

English Collateral Documents
1.  English law Security Agreement among Purchaser Agent, as Security Agent, and Centessa Pharmaceuticals plc, Centessa Limited, Zfactor Limited, Orexia Therapeutics Limited, Apcintex Limited, Morphogen-IX Limited, Capella Bioscience Ltd, Janpix Limited, Lockbody Therapeutics Ltd, Inexia Limited, Ultrahuman Two Limited and Ultrahuman Four Limited, as Chargors.
			
	ACTIVE/113218772.5 

EXHIBIT A-4

French Collateral Documents
1.  French law pledge of the financial securities account (nantissement de compte de titres financiers) of the French Subsidiary entered into between (i) Issuer as pledgor, (ii) the French Subsidiary as financial securities account holder and (iii) the Purchaser Agent as security agent.

			
	ACTIVE/113218772.5 

EXHIBIT A-5

German Collateral Documents
1. Security assignment of receivables (global assignment, including sale of goods; providing services; shareholder loans; insurance claims; all other claims), between, inter alios, Issuer and PearlRiver Bio GmbH as assignors and the Purchaser Agent as assignee.

2. Account pledge agreement, between, inter alios, PearlRiver Bio GmbH as pledgor and the Purchaser and the Purchaser Agent as pledgees.

3. IP pledge agreement, between, inter alios, PearlRiver Bio GmbH as pledgor and the Purchaser as well as the Purchaser Agent as pledgees.

4. Security transfer agreement of moveable assets, between, inter alios, PearlRiver Bio GmbH as transferor and the Purchaser Agent as transferee.

5. Share pledge agreement over shares in PearlRiver Bio GmbH, between, inter alios, Issuer as pledgor, the Purchaser and the Purchaser Agent as pledgees, and, as the case may be, PearlRiver Bio GmbH as company.

			
	ACTIVE/113218772.5 

Exhibit B

Form of Purchase Notice
[see attached]

			
	ACTIVE/113218772.5 

PURCHASE NOTICE 

[__], 202[_]
The undersigned, being the duly elected and acting                  of Centessa Pharmaceuticals plc, a public limited company organized under the laws of England and Wales (“Issuer”), does hereby certify to Cocoon SA LLC, a Delaware limited liability company, as  agent for the Purchasers (the “Purchaser Agent”) in connection with that certain Note Purchase Agreement dated as of October 1, 2021, by and among Issuer, the other Obligors party thereto Purchaser Agent and the Purchasers from time to time party thereto (the “Purchase Agreement”; with other capitalized terms used below having the meanings ascribed thereto in the Purchase Agreement) that:
1.    The representations and warranties made by Issuer in Article V of the Purchase Agreement and in the other Note Documents are true and correct in all material respects as of the date hereof; provided that such materiality qualifier are not applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided further that those representations and warranties expressly referring to a specific date are true, accurate and complete in all material respects as of such date, and no Event of Default shall have occurred and be continuing or result from the purchase of Notes hereunder.
2.    Issuer has provided all financial statements, reports or notices required under the Note Documents prior to the Purchase Date, including, without limitation, those required under Section 6.2.
3.    No Default or Event of Default has occurred and is continuing.
4.    Issuer is in compliance with the covenants and requirements contained in Articles III, V, VI and VII of the Purchase Agreement.
5.    All conditions referred to in Article III of the Purchase Agreement to the purchase of Notes to be made on or about the date hereof have been satisfied or waived by Purchaser Agent.
6.    No Material Adverse Change has occurred.
7.    The undersigned is a Responsible Officer.

[Balance of Page Intentionally Left Blank]

			
	ACTIVE/113218772.5 

7.    The proceeds of the Notes issued on the [First][Second][Third][Fourth] Purchase Date shall be disbursed as follows:
						
	From Purchasers:	
	Purchase Amount	$[__]
	Plus:
	
	[__]	$[__]
		
	Less:	
	

	
	[Interim Interest	($_________)]
	Purchasers’ Fees and Expenses	($_________)1
		
		
	TOTAL NET PROCEEDS FROM PURCHASERS	$_______________

8.    [The aggregate net proceeds of the Notes shall be transferred to the Designated Deposit Account as follows:][Issuer requests pursuant to Section 3.9 of the Purchase Agreement that the net proceeds of the Notes be transferred to the Deposit Account of Issuer set forth as follows:]
[Issuer Wire Instructions]

[Balance of Page Intentionally Left Blank]

* Legal fees and costs are through the Effective Date.  Postclosing legal fees and costs, payable after the Effective Date, to be invoiced and paid postclosing.
			
	ACTIVE/113218772.5 

Dated as of the date first set forth above.
									
	ISSUER:		
			
	CENTESSA PHARMACEUTICALS PLC		
			
			
	By:		
	Name:		
	Title:		
			
	PURCHASER AGENT:		
			
	COCOON SA LLC		
			
			
	By:		
	Name:		
	Title:		
			
			
			
			
			
			
			
			
			
			
			
			
			
			
			
			
			
			

[Signature Page to Purchase Notice]
			
	ACTIVE/113218772.5 

Exhibit C

Compliance Certificate
						
	TO:	Cocoon SA LLC, as Purchaser Agent
	FROM:	CENTESSA PHARMACEUTICALS PLC

The undersigned authorized officer (“Officer”) of CENTESSA PHARMACEUTICALS PLC (“Issuer”), hereby certifies that in accordance with the terms and conditions of the Note Purchase Agreement, dated as of October 1, 2021, by and among Issuer, Purchaser Agent, and the Purchasers from time to time party thereto (the “Purchase Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings given them in the Purchase Agreement),
(a)    Issuer is in complete compliance for the period ending _______________ with all required covenants except as noted below;
(b)    There are no Events of Default, except as noted below;
(c)    Except as noted below, all representations and warranties of Issuer stated in the Note Documents are true and correct in all material respects on this date and for the period described in (a), above; provided that, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date.
Attached are the required documents, if any, supporting our certification(s).  The Officer, on behalf of Issuer, further certifies that the attached financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes and except, in the case of unaudited financial statements, for the absence of footnotes and subject to yearend audit adjustments as to the interim financial statements.  
Please indicate compliance status since the last Compliance Certificate by circling Yes, No, or N/A under “Complies” column.
			
	ACTIVE/113218772.5 

																					
		Reporting Covenant	Requirement	Actual	Complies
	1)	Quarterly financial statements	Quarterly within 45 days		Yes	No	N/A
	2)	Annual (audited) financial statements	Within 90 days after FYE or within 5 days of filing with SEC		Yes	No	N/A
	3)	Clinical Updates	Quarterly within 45 days		Yes	No	N/A
	4)	Regulatory Updates	Quarterly within 45 days		Yes	No	N/A
	5)	Commercial Updates	Quarterly within 45 days		Yes	No	N/A
	6)	Intellectual Property Updates	Quarterly within 45 days		Yes	No	N/A
	7)	Updates to Perfection Certificate	Quarterly within 45 days		Yes	No	N/A
	8)	Cash flow projections	Quarterly within 45 days		Yes	No	N/A
	9)	“DashBoard” report	Quarterly within 45 days		Yes	No	N/A
	10)	Annual Projections (quarter-by-quarter format)	Annually (within 30 days of FYE), and when revised (within 5 Business Days)		Yes	No	N/A
	11)	Compliance Certificate	Quarterly within 45 days		Yes	No	N/A
	12)	Board kit	Within 5 Business Days of each meeting		Yes	No	N/A
	13)	Audit committee materials	Promptly while any material weakness identified prior to the Effective Date is outstanding		Yes	No	N/A
	14)	Revenue Report	Quarterly within 45 days after quarter end or 90 days after FYE		Yes	No	N/A
	15)	Regulatory Notice/Report	When required		Yes	No	N/A

Other Matters

			
	ACTIVE/113218772.5 

												
	1)	Have there been any changes in management since the last Compliance Certificate?	Yes	No
				
	2)	Have there been any transfers/sales/disposals/retirement of Collateral or IP prohibited by the Purchase Agreement?	Yes	No
				
	3)	Have there been any new or pending actions, audits, suits, investigations or proceedings initiated or threatened in writing against Issuer or other Obligors that involve more than One Million Dollars ($1,000,000)?	Yes	No
				
	4)	Have there been any amendments of or other changes to the Operating Documents of Issuer or any of its Subsidiaries?  If yes, provide copies of any such amendments or changes with this Compliance Certificate.	Yes	No
				
	5)	Have there been any terminations of Material Agreements, material notices under any Material Agreements, entries into new Material Agreements or material amendments to Material Agreements?	Yes	No
				
	6)	Have there been any significant development with respect to any prior (i) Clinical Update, (ii) the Regulatory Update, (iii) Commercial Update, or (iv) Intellectual Property Update?	Yes	No
				

			
	ACTIVE/113218772.5 

Exceptions

Please explain any exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions.”  Attach separate sheet if additional space needed.)

CENTESSA PHARMACEUTICALS PLC

By                  
Name:                  
Title:                  

Date:

						
	PURCHASER AGENT USE ONLY
		
	Received by:                 
	Date:          

		
	Verified by:                  
	Date:          

		
	Compliance Status:    Yes        No

			
	ACTIVE/113218772.5 

Exhibit D

Form of Note
[see attached]
			
	ACTIVE/113218772.5 

[THIS NOTE MAY BE ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR U.S. FEDERAL INCOME TAX PURPOSES.  THE ISSUE PRICE, AMOUNT OF OID, ISSUE DATE AND YIELD TO MATURITY WITH RESPECT TO THIS NOTE MAY BE OBTAINED BY WRITING TO ISSUER AT THE FOLLOWING ADDRESS: [__], ATTENTION: [__], FAX NUMBER: [__].]
NOTE

$[__]    Dated:  [__], 202[]
FOR VALUE RECEIVED, CENTESSA PHARMACEUTICALS PLC, a public limited company organized under the laws of England and Wales  (“Issuer”), hereby promises to pay to Three Peaks Capital Solutions Aggregator Fund (the “Purchaser”), at its offices located at c/o Oberland Capital Management LLC, 1700 Broadway, 37th Floor, New York, NY 10019 (or at such other place or places as the Purchaser may designate), at the times and in the manner provided in the Note Purchase Agreement, dated as of October 1, 2021 (as amended, modified, restated or supplemented from time to time, the “Note Purchase Agreement”), among Issuer, the other Obligors from time to time parties thereto, the Purchasers from time to time parties thereto, and Cocoon SA LLC, a Delaware limited liability company, as Purchaser Agent and a Purchaser, the principal sum of [__] ($[__]), under the terms and conditions of this senior secured note (this “Note”) and the Note Purchase Agreement.  If not sooner paid, the entire principal amount under this Note shall be due and payable on September 30, 2027 as set forth in the Note Purchase Agreement.  The defined terms in the Note Purchase Agreement are used herein with the same meaning. Issuer also promises to pay interest  on the aggregate unpaid principal amount of this Note at the rates applicable thereto from time to time and any applicable Revenue Participation Payments and Milestone Payments as provided in the Note Purchase Agreement.
This Note is one of the Notes referred to in the Note Purchase Agreement and is issued to evidence the purchase thereof by the Purchaser pursuant to the Note Purchase Agreement.  All of the terms, conditions and covenants of the Note Purchase Agreement are expressly made a part of this Note by reference in the same manner and with the same effect as if set forth herein at length, and any holder of this Note is entitled to the benefits of and remedies provided in the Note Purchase Agreement and the other Note Documents.  Reference is made to the Note Purchase Agreement for provisions relating to the interest rate, maturity, payment, prepayment, redemption and acceleration of this Note.
In the event of an acceleration of the maturity of this Note pursuant to the Note Purchase Agreement, this Note shall become immediately due and payable, without presentation, demand, protest or notice of any kind, all of which are hereby waived by Issuer.  In the event this Note is not paid when due at any stated or accelerated maturity, Issuer agrees to pay, in addition to the principal and interest, all costs of collection, including documented out-of-pocket attorneys’ fees and expenses.
This Note and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Note shall be governed by, and construed in accordance with, the law of the State of New York.  Issuer hereby submits to the nonexclusive jurisdiction and venue of the courts of the State of New York sitting in the City and County of New York and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, although the Purchaser shall not be limited to bringing an action in such courts.
The ownership of an interest in this Note shall be registered on a record of ownership maintained by Purchaser or its agent.  Notwithstanding anything else in this Note to the contrary, the right to the principal of, and stated interest on, this Note may be transferred only if the transfer is registered on such 
			
	ACTIVE/113218772.5 

record of ownership and the transferee is identified as the owner of an interest in the obligation.  Issuer shall be entitled to treat the registered holder of this Note (as recorded on such record of ownership) as the owner in fact thereof for all purposes and shall not be bound to recognize any equitable or other claim to or interest in this Note on the part of any other person or entity.

[Balance of Page Intentionally Left Blank]

			
	ACTIVE/113218772.5 

IN WITNESS WHEREOF, Issuer has caused this Note to be duly executed by one of its officers thereunto duly authorized on the date hereof.
									
			ISSUER:
			
			CENTESSA PHARMACEUTICALS PLC
			
			
			By
			Name:
			Title:

			
	ACTIVE/113218772.5 

Exhibit E

Form of Guarantee Assumption Agreement
[see attached]

			
	ACTIVE/113218772.5 

FORM OF GUARANTEE ASSUMPTION AGREEMENT
GUARANTEE ASSUMPTION AGREEMENT dated as of [DATE] (this “Agreement”) by [NAME OF ADDITIONAL SUBSIDIARY GUARANTOR], a ________ [corporation][limited liability company] (the “Additional Subsidiary Guarantor”), in favor of Cocoon SA LLC, a Delaware limited liability company, as Purchaser Agent for the benefit of the Secured Parties under that certain Note Purchase Agreement, dated as of October 1, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”), among CENTESSA PHARMACEUTICALS PLC, a public limited company organized under the laws of England and Wales  (“Issuer”), the other Obligors from time to time parties thereto, Purchaser Agent, and the Purchasers from time to time party thereto.  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Note Purchase Agreement.
Pursuant to Section 6.12 of the Note Purchase Agreement, the Additional Subsidiary Guarantor hereby agrees to become a “Guarantor” for all purposes of the Note Purchase Agreement[, and a “Grantor” for all purposes of the [applicable Foreign Collateral Document(s)]]2.  Without limiting the foregoing, the Additional Subsidiary Guarantor hereby, (i) jointly and severally with the other Guarantors, guarantees to Purchaser Agent and the Purchasers and their successors and assigns the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of all Guaranteed Obligations (as defined in Section 12.1 of the Note Purchase Agreement) in the same manner and to the same extent as is provided in Article XII of the Note Purchase Agreement and (ii) grants a security interest in the Collateral owned by such Additional Subsidiary Guarantor pursuant to, and on the terms and conditions set forth in, the Note Purchase Agreement. In addition, as of the date hereof, the Additional Subsidiary Guarantor hereby makes the representations and warranties set forth in Article V of the Note Purchase Agreement (other than Sections 5.4 and 5.9)[, and in Section [●] of the applicable Foreign Collateral Document(s)]3, with respect to itself and its obligations under this Agreement and the other Note Documents, as if each reference in such Sections to the Note Documents included reference to this Agreement, such representations and warranties to be made as of the date hereof.
The Additional Subsidiary Guarantor hereby instructs its counsel to deliver the opinions referred to in Section 6.12 of the Note Purchase Agreement to Purchaser Agent.
IN WITNESS WHEREOF, the Additional Subsidiary Guarantor has caused this Guarantee Assumption Agreement to be duly executed and delivered as of the day and year first above written. 

[ADDITIONAL SUBSIDIARY GUARANTOR]

By _______________________________________
Name:
Title:

2 Include the applicable Foreign Collateral Document(s) for non-US guarantors.
3 Include the section reference(s) to applicable reps and warranties in Foreign Collateral Document(s) for non-US guarantors.
			
	ACTIVE/113218772.5 

Exhibit F

Customary Subordination Terms
Capitalized terms used but not defined in this Exhibit F shall have the meaning provided in the Agreement.4
The payment in cash of the principal of and accrued and unpaid interest, if any, on, [the redemption price or]5 [fundamental change repurchase price]6 of, or any cash portion of the conversion obligation [(if the Company has elected cash settlement or combination settlement)] (excluding cash payable in lieu of delivering fractional shares of common stock)  due upon conversion of, the notes is subordinated to the prior payment in full, in cash or other payment satisfactory to the holders of senior indebtedness, of all then-existing senior indebtedness. 
If Issuer dissolves, winds-up, liquidates or reorganizes, or if Issuer is the subject of any bankruptcy, insolvency or similar proceeding, Issuer will pay the holders of senior indebtedness in full in cash or other payment satisfactory to the holders of senior indebtedness before Issuer pays the holders of the notes.
If the notes are accelerated because of an event of default under the indenture or subject to repurchase by Issuer at the option of the holders following a [fundamental change]7, Issuer must pay the holders of senior indebtedness in full all amounts due and owing thereunder before Issuer pays holders of the notes.
Issuer may not make any payment on or distribution to the trustee or any holder in respect of its obligations under the notes or repurchase[, redeem] or otherwise acquire the notes if:
•a default in the payment of any senior indebtedness occurs and is continuing beyond any applicable period of grace; or
•any other default (a “nonpayment default”) of designated senior indebtedness occurs and is continuing that permits any holder of designated senior indebtedness to accelerate its maturity and the trustee receives a notice of such default (a “payment blockage notice”) from Issuer or any other person permitted to give such notice under the indenture.
Issuer may resume payments on, repurchase[, redeem] or otherwise acquire, the notes:
•in case of a payment default of senior indebtedness, upon the date on which such default is cured or waived or ceases to exist; and
•in case of a nonpayment default of designated senior indebtedness, the earlier of the date on which such nonpayment default is cured, waived or ceases to exist or 179 days after the date on which the payment blockage notice is received by the trustee unless the maturity of any 

4 If the Permitted Convertible Notes are issued by a Subsidiary, the terms will be revised accordingly to apply same subordination terms to such Subsidiary (and any guarantee by Issuer).
5 To be included if the convertible notes include a redemption feature.
6 To be conformed to the applicable definition relating to change of control, fundamental change or similar provision.
7 To be conformed to the applicable definition relating to change of control, fundamental change or similar provision.
			
	ACTIVE/113218772.5 

designated senior indebtedness has been accelerated and all scheduled payments on the notes that have come due have been paid in full in cash.
No new period of payment blockage may be commenced for a default unless at least 365 days have elapsed since the trustee’s receipt of the prior payment blockage notice.
No nonpayment default that existed or was continuing on the date of the receipt by the trustee of any payment blockage notice shall be the basis for a subsequent payment blockage notice.
If either the trustee or any holder of notes receives any payment of any obligations with respect to the notes when:
•the payment is prohibited by these subordination provisions; and
•the trustee or the holder of notes has actual knowledge that the payment is prohibited,
the trustee or the holder of notes, as the case may be, will hold the payment in trust for the benefit of the holders of senior indebtedness. Upon the proper written request of the holders of senior indebtedness, the trustee or the holder of notes, as the case may be, will deliver the amounts held in trust to the holders of senior indebtedness or their proper representative.
Any claims of the trustee for compensation or indemnification shall not be subordinate to Issuer’s senior indebtedness and shall be senior to claims of holders of notes in respect of all funds collected or held by the trustee.
The trustee will not be deemed to owe any fiduciary duty to the holders of senior indebtedness and shall not be liable to any such holders of senior indebtedness if the trustee in good faith mistakenly pays over or distributes to holders or to Issuer or to any other person, cash, property or securities to which any holders of senior indebtedness are entitled by virtue of these subordination terms or otherwise. The trustee in its individual capacity will be entitled to all of the rights set forth in the indenture with respect to any senior indebtedness which may at any time be held by the trustee, to the same extent as any other holder of senior indebtedness.
Notwithstanding anything to the contrary above, the issuance and delivery of Issuer’s common stock (and cash in lieu of fractional shares of common stock) upon conversion of any note in accordance with the indenture and the notes or otherwise in exchange for any note will be deemed not to constitute a payment on or distribution in respect of Issuer’s obligations under any note or any repurchase, redemption or other acquisition of any note.
The following terms will be defined as follows in the indenture:
“Designated senior indebtedness” means (i) Issuer’s obligations under any particular senior indebtedness in which the instrument creating or evidencing the same or the assumption or guarantee thereof (or any related agreements or documents to which Issuer is a party) that has an aggregate principal amount outstanding of at least $[10.0]8 million (as of the date of determination) and expressly provides that such indebtedness is “designated senior indebtedness” for purposes of the indenture (provided that such instrument, agreement or other document may place limitations and conditions on the right of such senior indebtedness to exercise the rights of designated senior indebtedness), and (ii) Issuer’s obligations under the Note Purchase Agreement and the notes issued thereunder (regardless of whether the aggregate principal amount of outstanding obligations thereunder is at least $10.0 million).

8 A higher threshold will not affect the analysis of whether or not the subordination terms are “usual and customary.”  
    3
			
	ACTIVE/113218772.5 

“Exchange rate contract” means, with respect to any person, any currency swap agreement, forward exchange rate agreement, foreign currency future or option, exchange rate collar agreement, exchange rate insurance or other agreement or arrangement, or combination thereof, the principal purpose of which is to provide protection against fluctuations in currency exchange rates. An exchange rate contract may also include an interest rate agreement (as defined below).
“Interest rate agreement” means, with respect to any person, any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement the principal purpose of which is to protect the party indicated therein against fluctuations in interest rates.
“Indebtedness” means, without duplication:
(a)all of Issuer’s indebtedness, obligations and other liabilities (contingent or otherwise) for borrowed money (including any loans or advances from banks, whether or not evidenced by notes or similar instruments) or evidenced by credit or loan agreements, bonds, debentures, notes or similar instruments (whether or not the recourse of the lender is to the whole of our assets or to only a portion thereof), other than any trade accounts payable or other accrued current expense incurred in the ordinary course of business in connection with the obtaining of materials or services;
(b)all of Issuer’s indebtedness, obligations and other liabilities (contingent or otherwise) under the Note Purchase Agreement and the notes issued thereunder; 
(c)all of Issuer’s reimbursement obligations and other liabilities (contingent or otherwise) with respect to letters of credit, bank guarantees or bankers’ acceptances;
(d)all of Issuer’s obligations (contingent or otherwise) with respect to an interest rate agreement, exchange rate contract, treasury services agreement, cash management agreement or similar agreements or arrangements;
(e)all of Issuer’s direct or indirect guarantees, agreements to be jointly liable or similar agreements in respect of, and obligations or liabilities (contingent or otherwise) to purchase or otherwise acquire or otherwise assure a creditor against loss in respect of, indebtedness, obligations or liabilities of another person of the kind described in clauses (1) through (4) above;
(f)any indebtedness or other obligations described in clauses (1) through (5) above secured by any mortgage, pledge, lien or other encumbrance existing on property which is owned or held by Issuer, regardless of whether the indebtedness or other obligation secured thereby shall be assumed by Issuer; and
(g)any and all deferrals, renewals, extensions and refundings of, or amendments, modifications or supplements to, any indebtedness, obligation or liability of the kind described in clauses (a) through (f) above.
Notwithstanding the foregoing, the amount of indebtedness of any person at any date shall be the outstanding balance at such date of all unconditional obligations as described above, plus (without duplication) the maximum liability of such person for any such contingent obligations at such date.
“Note Purchase Agreement” means that certain Note Purchase Agreement, dated as of [●], 2021, by and among Issuer, the guarantors party thereto, and Cocoon SA LLC, a Delaware limited liability company, as the Purchaser Agent, and the purchasers party thereto, as amended, supplemented or otherwise modified from time to time.
    4
			
	ACTIVE/113218772.5 

“Senior indebtedness” means the principal of, premium, if any, interest, final payment amounts, revenue participation payment, milestone payments and all fees, costs, expenses and other amounts accrued or due on or in connection with Issuer’s indebtedness, whether secured or unsecured, absolute or contingent, due or to become due, outstanding on the date of the indenture or thereafter created (including all interest and other amounts accruing subsequent to the commencement of any bankruptcy, insolvency or similar proceeding, whether or not a claim for post-petition interest or such other amounts is allowable as a claim in any such proceeding), incurred, assumed, guaranteed or in effect guaranteed by Issuer, including all deferrals, renewals, extensions or refundings of, or amendments, modifications or supplements to, the foregoing, unless in the case of any particular indebtedness the instrument creating or evidencing the same expressly provides that such indebtedness shall not be senior in right of payment to the notes or expressly provides that such indebtedness is on the same basis as, or junior to, the notes. Senior indebtedness does not include:
(a)indebtedness that expressly provides that such indebtedness shall not be senior in right of payment to the notes or expressly provides that such indebtedness is on the same basis as, or junior in right of payment to, the notes;
(b)indebtedness that is expressly subordinated to any senior indebtedness;
(c)indebtedness subordinated by operation of law;
(d)our trade payables and accrued expenses (including, without limitation, accrued compensation and accrued restructuring charges) or deferred purchase price for goods, services or materials purchased or provided in the ordinary course of business;
(e)any indebtedness of Issuer to or among any of its subsidiaries, or to a joint venture in which Issuer or any of its subsidiaries has an interest;
(f)any indebtedness of Issuer that, when incurred, was without recourse to Issuer;
(g)any indebtedness to any employee of Issuer; and
(h)any repurchase, redemption or other obligation in respect of Issuer’s equity interests.

    5
			
	ACTIVE/113218772.5 

Exhibit G
Form of Press Release
[see attached]

    6
			
	ACTIVE/113218772.5 

Exhibit H
Form of Revenue Report
[see attached]

    7
			
	ACTIVE/113218772.5 

Exhibit I
Form of QPP Certificate

To:    [             ] as Issuer
From:    [Name of Purchaser]
Dated:
[Issuer] – [                   ] Note Purchase Agreement
dated [                   ] (the “Agreement”)
1.We refer to the Agreement.  This is a QPP Certificate.  Terms defined in the Agreement have the same meaning in this QPP Certificate unless given a different meaning in this QPP Certificate.
2.We confirm that:
(a)we are beneficially entitled to all interest payable to us as a Purchaser under the Agreement;
(b)we are a resident of a qualifying territory; and
(c)we are beneficially entitled to the interest which is payable to us under the Agreement for genuine commercial reasons, and not as part of a tax advantage scheme.
These confirmations together form a creditor certificate.
3.In this QPP Certificate the terms “resident”, “qualifying territory”, “scheme”, “tax advantage scheme” and “creditor certificate” have the meaning given to them in the Qualifying Private Placement Regulations 2015 (2015 No. 2002).

[Name of Purchaser]
By:

    8
			
	ACTIVE/113218772.5 

Exhibit J

Form of Authorizing Resolutions

[see attached]
    9
			
	ACTIVE/113218772.5

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