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THIRD AMENDED AND RESTATED WAIVER TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT
This THIRD AMENDED AND RESTATED WAIVER TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Third A&R Waiver”), is dated as of August 3, 2020, by and among Valaris plc, an English public limited company (the “Parent”), Pride International LLC, a Delaware limited liability company and indirect wholly-owned Subsidiary of the Parent (“Pride” and together with the Parent, the “Borrowers”), the Guarantors, the Banks and Issuing Banks listed on the signature pages hereto (the “Required Banks”) (which in each case herein, constitute the “Majority Banks” under the Credit Agreement (as defined below)) and Citibank, N.A., as administrative agent (the “Administrative Agent”).
PRELIMINARY STATEMENTS:
WHEREAS, the Borrowers, the Banks, the Administrative Agent and the Issuing Banks are parties to that certain Fourth Amended and Restated Credit Agreement dated as of May 7, 2013 (as amended by the First Amendment dated as of September 30, 2014, the Second Amendment dated as of March 9, 2015, the Third Amendment dated as of July 1, 2016, the Extension Agreement dated as of October 4, 2016, the Fourth Amendment dated as of December 15, 2016, the Commitment Agreement and Fifth Amendment dated as of October 3, 2017 and effective as of October 6, 2017, and the Commitment Increase Agreement and Sixth Amendment to Fourth Amended and Restated Credit Agreement and as the same may be further amended, restated, increased and extended, the “Credit Agreement”).
WHEREAS, the Borrowers, the Administrative Agent and the Majority Banks entered into that certain Waiver to Fourth Amended and Restated Credit Agreement dated as of June 1, 2020 (the “Initial Waiver Date”), pursuant to which the Majority Banks party thereto waived certain provisions of the Credit Agreement on the terms and conditions set forth therein (the “Initial Waiver”), which was subsequently amended and restated pursuant to that certain Amended and Restated Waiver to Fourth Amended and Restated Credit Agreement dated as of June 30, 2020, pursuant to which the Majority Banks party thereto waived certain provisions of the Credit Agreement on the terms and conditions set forth therein (the “A&R Waiver”), and again subsequently amended and restated pursuant to that certain Second Amended and Restated Waiver to Fourth Amended and Restated Credit Agreement dated as of July 15, 2020, pursuant to which the Majority Banks party thereto waived certain provisions of the Credit Agreement on the terms and conditions set forth therein (the “Second A&R Waiver”).
WHEREAS, the parties hereto wish to amend and restate the Second A&R Waiver on the terms and conditions set forth herein.
WHEREAS, (a) the Parent is the “Issuer” under the (i) 4.875% Senior Notes due 2022 (the “2022 Notes”), (ii) 5.40% Senior Notes due 2042 (the “2042 Notes”, and together with the 2022 Notes, collectively the “June 1 Interest Rowan Notes”), (iii) 7.375% Senior Notes due 2025 (the “2025 Notes” or the “June 15 Interest Rowan Notes”), (iv) 4.75% Senior Notes due 2024 (the “2024 Notes”), (v) 5.85% Senior Notes due 2044 (the “2044 Notes”, and together with the 2024 Notes, collectively the “July 15 Interest Rowan Notes”; and together with the June 1 Interest Rowan Notes and the June 15 Interest Rowan Notes, collectively, the “Rowan Notes”), (vi) 7.75% Senior Notes due 2026 (the “2026 Notes” or the “August 1 Interest Valaris Notes”) and (vii) 8.0% Senior Notes due 2024 (the “8.0% 2024 Notes”), (b) Jersey FinCo is the Parent’s Subsidiary and the “Issuer” under the 3.0% Exchangeable Senior Notes due 2024 (the “3.0% 2024 Notes”, and together with the 8.0% 2024 Notes, collectively the “July 31 Interest 

Notes”), and (c) Pride is the Parent’s Subsidiary and the “Issuer” under (i) the 7.875% Senior Notes due 2040 (the “2040 Notes”) and (ii) the 6.875% Senior Notes due 2020 (the “2020 Notes”, and together with the 2040 Notes, collectively the “Pride Notes”).
WHEREAS, the Borrowers have advised the Required Banks that the Parent and/or one or more of its Subsidiaries, as applicable, (i) failed to make all or any part of its required interest payments due on (a) June 1, 2020, with respect to the June 1 Interest Rowan Notes (the “Missed June 1 Payments”), (b) June 15, 2020, with respect to the June 15 Interest Rowan Notes (the “Missed June 15 Payments”), (ii) have failed or may fail to make all or any part of its required interest payments due on July 15, 2020, with respect to the July 15 Interest Rowan Notes (the “Missed July 15 Payments”), (iii) have failed or may fail to make all or any part of its required interest payments due on July 31, 2020, with respect to the July 31 Interest Notes (the “Missed July 31 Payments”), (iv) have failed or may fail to make all or any part of its required interest payments due on August 1, 2020, with respect to the August 1 Interest Valaris Notes (the “Missed August 1 Payments”), and (v) have failed or may fail to make all or any part of its required (a) interest payments due on August 15, 2020, with respect to the Pride Notes (which amounts for the avoidance of doubt are payable on August 17, 2020) and (b) principal payment due on August 15, 2020, with respect to the 2020 Notes (the “Missed August 15 Payments” and, together with the Missed June 1 Payments, the Missed June 15 Payments, the Missed July 15 Payments, the Missed July 31 Payments and the Missed August 1 Payments, collectively, the “Missed Payments”).
WHEREAS, the respective indentures for the June 1 Interest Rowan Notes, the June 15 Interest Notes and the July 15 Interest Rowan Notes contain a 30 day grace period for the payment of interest when due under such notes, which (x) with respect to the Missed June 1 Payments expired on July 2, 2020, (y) with respect to the Missed June 15 Payments expired on July 16, 2020 and (z) with respect to the Missed July 15 Payments will expire on August 15, 2020 (the “Grace Period Expiration Date”).
WHEREAS, the Parent did not make the Missed June 1 Payments prior to the Grace Period Expiration Date, which failure resulted in an event of default under each of the June 1 Interest Rowan Notes, June 15 Interest Rowan Notes, the 2024 Notes and the 2044 Notes (collectively, the “First Rowan Notes Cross Default”).  
WHEREAS, the Parent received a written forbearance from holders of the Rowan Notes with respect to certain of the holders’ exercise of remedies relating to the Missed June 1 Payments, Missed June 15 Payments and the First Rowan Notes Cross Default, pursuant to that certain Forbearance Agreement dated as of June 30, 2020, among the Parent and the holders party thereto (the “First Forbearance Agreement”).
WHEREAS, the Parent did not make the Missed June 15 Payments prior to the Grace Period Expiration Date, which failure resulted in an event of default under the Rowan Notes (collectively, the “Second Rowan Notes Cross Default”).
WHEREAS, the Parent received a written forbearance from holders of the Rowan Notes with respect to certain of the holders’ exercise of remedies relating to the Missed June 1 Payments, Missed June 15 Payments, the First Rowan Notes Cross Default, the Missed July 15 Payments, the Missed July 31 Payments, the Missed August 1 Payments and the Second Rowan Notes Cross Default, pursuant to that certain Forbearance Agreement dated as of July 15, 2020, among the Parent and the holders party thereto (the “Second Forbearance Agreement”).
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WHEREAS, the Parent has informed the Required Banks that, subject to receipt of the Forbearance Agreement (as defined below), it does not intend on making the Missed July 15 Payments prior to the Grace Period Expiration Date, which failure will result in an event of default under the Rowan Notes (collectively, the “Third Rowan Notes Cross Default” and together, with the First Rowan Notes Cross Default and the Second Rowan Notes Cross Default, collectively the “Rowan Notes Cross Defaults”).
WHEREAS, the Parent has informed the Required Banks that it is seeking a written forbearance from holders of the Rowan Notes with respect to the exercise of remedies relating to the Missed Payments and the Rowan Notes Cross Defaults.
WHEREAS, the Parent has informed the Required Banks that the Parent’s Subsidiary, Alpha Archer Company, a corporation organized and existing under the laws of the Cayman Islands (“Alpha Archer Co.”), did not make a required payment of a holding fee payable under that certain Contract for the Construction and Sale of Drillship, dated as of June 24, 2013, between Alpha Archer Co. and Daewoo Shipbuilding & Marine Engineering Co., Ltd., a corporation organized and existing under the laws of the Republic of Korea, as supplemented through the date hereof (the “Missed DS14 Payment”). 
WHEREAS, pursuant to the Credit Agreement, each of (i) the failure of the Parent to make the Missed June 1 Payments, (ii) the Rowan Notes Cross Defaults, (iii) the failure of the Parent to make the Missed June 15 Payments, (iv) the failure of Parent to make the Missed July 15 Payments, (v) the failure of Jersey FinCo or the Parent, as applicable, to make the Missed July 31 Payments, (vi) the failure of the Parent to make the Missed August 1 Payments, and (vii) the failure of Pride to make the Missed August 15 Payments, results (or will result) in the existence of a Default under the Credit Agreement and, after giving effect to any and all applicable grace periods afforded under the respective Rowan Notes, results (or will result) in an Event of Default pursuant to Section 7.01(e) of the Credit Agreement (for the avoidance of doubt, both under Section 7.01(e)(i) on account of such Missed Payments and under Section 7.01(e)(ii) on account of the Rowan Notes Cross Defaults) (the “Specified Notes Defaults”).
WHEREAS, the Borrowers have requested that the Required Banks waive (a) the Specified Notes Defaults and, if applicable, any Default or Event of Default resulting from the Missed DS14 Payment; (b) any misrepresentation that might arise under Section 4.11 of the Credit Agreement solely as a result of the Specified Notes Defaults and, if applicable, any Default or Event of Default resulting from the Missed DS14 Payment; and (c) any requirement to provide notice of the occurrences described in clauses (a) and (b) (clauses (a), (b) and (c), together, the “Specified Defaults”) and the Administrative Agent and the Required Banks have agreed to do so subject to the terms and conditions of this Third A&R Waiver.
NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.    Defined Terms.  Unless otherwise specifically defined herein, each term used herein (including in the recitals above) that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.
Section 2.    Waiver.  
Effective as of the Third A&R Waiver Effective Date (as defined below), subject to the terms and conditions of this Third A&R Waiver and in reliance upon the representations and warranties of the Loan Parties set forth in Section 4 below, the Required Banks hereby waive the Specified Defaults, with effect 
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from the Initial Waiver Date until the earliest of (a) 11:59 p.m. ET on August 15, 2020, (b) the termination or invalidity of the Forbearance Agreement, the Forbearance Agreement otherwise ceasing to be in full force and effect, or the Forbearance Agreement being amended, supplemented or otherwise modified in each case without the consent of the Majority Banks, (c) the acceleration by the holders of any of the Rowan Notes in accordance with the terms thereof, and (d) the date on which the aggregate amount of Advances outstanding under the Credit Agreement exceed $630,000,000. This is a limited, one-time waiver and, except as expressly set forth herein, shall not be deemed to: (x) constitute a waiver of any other Default, Event of Default or any other breach of the Credit Agreement or any of the other Loan Documents, whether now existing or hereafter arising, (y) constitute a waiver of any right or remedy of any of the Administrative Agent, Banks or Issuing Banks under the Loan Documents which does not arise as a result of the Specified Defaults (all such rights and remedies being expressly reserved by the Administrative Agent, Banks and Issuing Banks) or (z) establish a custom or course of dealing or conduct between the Administrative Agent, Banks and Issuing Banks, on the one hand, and the Borrowers, the Guarantors or any other Loan Party on the other hand.  The foregoing waiver shall not be deemed to constitute a consent of any other act, omission or any breach of the Credit Agreement or any of the other Loan Documents.
Section 3.    Reaffirmation of Guaranty.  Each Guarantor hereby ratifies, confirms, acknowledges and agrees that its Obligations under the Guaranty to which it is a party are in full force and effect and that such Guarantor continues to unconditionally and irrevocably guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, all of the Obligations in accordance with the terms of such Guaranty and its execution and delivery of this Third A&R Waiver does not indicate or establish an approval or consent requirement by such Guarantor under such Guaranty in connection with the execution and delivery of amendments, consents or waivers to the Credit Agreement, the Rowan Notes or any of the other Loan Documents.
Section 4.    Representations True; No Default. Each of the Loan Parties represents that:
(a)this Third A&R Waiver has been duly authorized, executed and delivered on its behalf, and the Credit Agreement and the other Loan Documents to which it is a party, constitute the legal, valid and binding obligations of such Loan Party, enforceable against such Loan Party in accordance with their terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and by general principles of equity;
(b)after giving effect to this Third A&R Waiver, the representations and warranties of such Loan Party contained in Article IV of the Credit Agreement and in the other Loan Documents to which it is a party are true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof (other than (i) those representations and warranties that expressly relate to a specific earlier date, which representations and warranties were true and correct in all material respects as of such earlier date and (ii) those representations and warranties that are by their terms subject to a materiality qualifier, which representations and warranties are true and correct in all respects); and
(c)after giving effect to this Third A&R Waiver, no Default or Event of Default under the Credit Agreement has occurred and is continuing.
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Section 5.    Effectiveness.  This Third A&R Waiver shall become effective as of the first date (the “Third A&R Waiver Effective Date”) on which each of the conditions precedent set forth in this Section 5 is satisfied: 
(a)the Administrative Agent (or its counsel) shall have received counterparts of this Third A&R Waiver duly and validly executed and delivered by duly authorized officers of:
(i)each Loan Party;
(ii)the Administrative Agent; and
(iii)the Required Banks;
(b)after giving effect to this Third A&R Waiver, the representations and warranties of such Loan Party contained in Article IV of the Credit Agreement and in the other Loan Documents to which it is a party shall be true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof (other than (i) those representations and warranties that expressly relate to a specific earlier date, which representations and warranties shall be true and correct in all material respects as of such earlier date and (ii) those representations and warranties that are by their terms subject to a materiality qualifier, which representations and warranties shall be true and correct in all respects);
(c)after giving effect to this Third A&R Waiver, no Event of Default under the Credit Agreement shall have occurred and be continuing;
(d)the Borrowers shall have paid all reasonable and documented fees and out-of-pocket expenses of counsel and advisors for the Administrative Agent which are payable pursuant to Section 9.04 of the Credit Agreement, to the extent invoiced at least one Business Day prior to the Third A&R Waiver Effective Date; and
(e)either (i) a forbearance or other agreement in form and substance satisfactory to the Administrative Agent, or (ii) an extension of the Second Forbearance Agreement (including by way of confirmation in an e-mail from the requisite holders described in the following clauses (x) and (y) or their representatives) (as described in either clause (i) or (ii), the “Forbearance Agreement”) shall, prior to or contemporaneously with the Third A&R Waiver Effective Date, have been executed and delivered (including, in the case of any extension of the Second Forbearance Agreement by way of confirmation in an e-mail from such holders or their representatives) to the Borrowers by holders of (x) greater than 40% of the aggregate outstanding obligations under the 2022 Notes and (y) greater than 50% of the aggregate outstanding obligations under each of the other Rowan Notes, which Forbearance Agreement shall be effective in accordance with its terms.
Section 6.    Miscellaneous Provisions.
(a)From and after the execution, delivery, and effectiveness of this Third A&R Waiver as set forth in Section 5 above, the Credit Agreement shall continue in full force and effect.  Each Loan Party hereby agrees and acknowledges that the Administrative Agent, the Issuing Banks, and the Banks require and will require strict performance by such Loan Party of all of its respective obligations, agreements and covenants contained in the Credit Agreement, and the other Loan Documents to which it is a party (including any action or circumstance which is prohibited or limited during the existence of a Default or Event of Default), and no inaction or action by the Administrative Agent, any Issuing Bank, or any Bank regarding any Default or Event of Default is intended to be or shall be a waiver thereof (other 
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than as set forth herein).  Each Loan Party hereby also agrees and acknowledges that no course of dealing and no delay in exercising any right, power, or remedy conferred to the Administrative Agent, any Issuing Bank, or any Bank in the Credit Agreement or in any other Loan Documents or now or hereafter existing at law, in equity, by statute, or otherwise shall operate as a waiver of (other than as set forth herein) or otherwise prejudice any such right, power, or remedy.
(b)      The Administrative Agent, the Issuing Banks, and the Banks hereby expressly reserve all of their rights, remedies, and claims under the Loan Documents.  Nothing in this Third A&R Waiver shall constitute a waiver (other than as set forth herein) or relinquishment of (i) any Default or Event of Default under any of the Loan Documents, (ii) any of the agreements, terms or conditions contained in any of the Loan Documents, (iii) any rights or remedies of the Administrative Agent, any Issuing Bank, or any Bank with respect to the Loan Documents, or (iv) the rights of the Administrative Agent, any Issuing Bank, or any Bank to collect the full amounts owing to them under the Loan Documents.
(c)    The Credit Agreement and this Third A&R Waiver shall be read and construed as one and the same instrument; provided that no provision of this Third A&R Waiver may be waived or modified without the consent of all the parties hereto.
(d)    Any reference in any of the Loan Documents to the Credit Agreement shall be a reference to the Credit Agreement as modified by this Third A&R Waiver.
(e)    This Third A&R Waiver is a Loan Document for purposes of the provisions of the other Loan Documents. Without limiting the foregoing, any breach of the representations, warranties, and covenants under this Third A&R Waiver may be a Default or an Event of Default under the Loan Documents.
(f)    This Third A&R Waiver shall be construed in accordance with and governed by the laws of the State of New York.
(g)    This Third A&R Waiver may be signed in any number of counterparts and by different parties in separate counterparts and may be in original or facsimile form, each of which shall be deemed an original but all of which together constitute one and the same instrument.  The words “executed,” “execution,” “signed,” “signature” and words of like import in this Third A&R Waiver shall be deemed to include electronic signatures or the keeping of electronic 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.
(h)    The headings herein shall be accorded no significant in interpreting this Third A&R Waiver.
Section 7.    Binding Effect.  This Third A&R Waiver shall be binding upon and inure to the benefit of the Loan Parties, the Banks, the Issuing Banks and the Administrative Agent and their respective successors and assigns, except that the Loan Parties shall not have the right to assign their rights hereunder or any interest herein.
[Signature Pages Follow.]

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IN WITNESS WHEREOF, the parties hereto have caused this Third A&R Waiver to be duly executed by their respective officers thereunto duly authorized, as of the date first above written.
BORROWERS:

VALARIS PLC

By:    /s/ Darin Gibbins    
                                                                     Name:  Darin Gibbins
                                                                     Title:    An Authorized Signatory

PRIDE INTERNATIONAL LLC

By:    /s/ Derek Sample    
                                                                     Name:  Derek Sample
                                                                      Title:    An Authorized Signatory

GUARANTORS:

ENSCO JERSEY FINANCE LIMITED

By:    /s/ Jonathan P. Cross    
                                                                     Name:  Jonathan P. Cross
                                                                     Title:    An Authorized Signatory

ALPHA ACHIEVER COMPANY
ENSCO OCEAN 2 COMPANY
ENSCO OFFSHORE INTERNATIONAL COMPANY
ENSCO OVERSEAS LIMITED
ENSCO MANAGEMENT CORP.
PRIDE GLOBAL II LTD.

By:    /s/ Derek A. Sangster    
                                                                     Name:  Derek A. Sangster
                                                                     Title:    An Authorized Signatory

ENSCO GLOBAL GMBH
ENSCO INTERCONTINENTAL GMBH
ENSCO WORLDWIDE GMBH

By:    /s/ Derek A. Sangster    
                                                                     Name:  Derek A. Sangster
                                                                     Title:    An Authorized Signatory

Signature Page to Third Amended and Restated Waiver to Fourth Amended and Restated Credit Agreement (Valaris)

Rowan Offshore Luxembourg S.à r.l.
Rowan rigs S.à r.l.

By:    /s/ Derek A. Sangster    
                                                                     Name:  Derek A. Sangster
                                                                     Title:    An Authorized Signatory

Signature Page to Third Amended and Restated Waiver to Fourth Amended and Restated Credit Agreement (Valaris)

ADMINISTRATIVE AGENT:

CITIBANK, N.A., as Administrative Agent

By:    /s/ Derrick Lenz    
                                                                     Name:  Derrick Lenz
                                                                     Title:    Vice President

REQUIRED BANKS:

CITIBANK, N.A., as a Bank and an Issuing Bank

By:    /s/ Derrick Lenz    
                                                                     Name:  Derrick Lenz
                                                                     Title:    Vice President

 
Signature Page to Third Amended and Restated Waiver to Fourth Amended and Restated Credit Agreement (Valaris)

CITICORP NORTH AMERICA, INC., as a Bank 

By:    /s/ Peter Baumann    
                                                                     Name:  Peter Baumann
                                                                     Title:    Vice President

Signature Page to Third Amended and Restated Waiver to Fourth Amended and Restated Credit Agreement (Valaris)

DNB CAPITAL LLC, as a Bank 

By:    /s/ Mita Zalavadia    
                                                                     Name:  Mita Zalavadia
                                                                     Title:    Assistant Vice President

By:    /s/ Ahelia Singh    
                                                                     Name:  Ahelia Singh
                                                                     Title:    Assistant Vice President

Signature Page to Third Amended and Restated Waiver to Fourth Amended and Restated Credit Agreement (Valaris)

DNB Bank ASA, NEW YORK Branch, as an Issuing Bank 

By:    /s/ Mita Zalavadia    
                                                                     Name:  Mita Zalavadia
                                                                     Title:    Assistant Vice President

By:    /s/ Ahelia Singh    
                                                                     Name:  Ahelia Singh
                                                                     Title:    Assistant Vice President

Signature Page to Third Amended and Restated Waiver to Fourth Amended and Restated Credit Agreement (Valaris)

DEUTSCHE BANK AG NEW YORK BRANCH., as a Bank and an Issuing Bank

By:    /s/ Ming K Chu    
                                                                     Name:  Ming K Chu
                                                                      Title:    Director
 
By:    /s/ Annie Chung    
                                                                     Name:  Annie Chung
                                                                     Title:    Director

Signature Page to Third Amended and Restated Waiver to Fourth Amended and Restated Credit Agreement (Valaris)

BNP PARIBAS, as a Bank

By:    /s/ Sriram Chandrasekaran    
                                                                     Name:  Sriram Chandrasekaran
                                                                     Title:    Director

By:    /s/ Amy Krischner    
                                                                     Name:  Amy Krischner
                                                                     Title:    Managing Director

Signature Page to Third Amended and Restated Waiver to Fourth Amended and Restated Credit Agreement (Valaris)

Goldman Sachs Bank USA, as a Bank

By:    /s/ Jamie Minieri    
                                                                     Name:  Jamie Minieri
                                                                     Title:    Authorized Signatory

Signature Page to Third Amended and Restated Waiver to Fourth Amended and Restated Credit Agreement (Valaris)exhibit101atlassian-cred

                                                  Execution Version                                      Published CUSIP Number: 04947QAA8                         Revolving Credit Facility CUSIP Number: 04947QAC4                              Term Loan Facility CUSIP Number: 04947QAB6                                                CREDIT AGREEMENT                                             Dated as of October 28, 2020                                                     among                                          ATLASSIAN CORPORATION PLC,                       as the Parent,                     ATLASSIAN, INC.,                      as the Borrower,                                            BANK OF AMERICA, N.A.,     as Administrative Agent, Swing Line Lender and L/C Issuer,                                               MUFG BANK, LTD.,              as Syndication Agent and L/C Issuer,                                                 TRUIST BANK             as Documentation Agent and L/C Issuer                                                      and                              THE OTHER L/C ISSUERS AND LENDERS PARTY HERETO                                                                              Arranged By:                                             BOFA SECURITIES, INC.,                                               MUFG BANK, LTD.,                           and                 TRUIST SECURITIES, INC.          as Joint Lead Arrangers and Joint Bookrunners                                              

 

                            TABLE OF CONTENTS                                                                                                                     Page     ARTICLE I     DEFINITIONS AND ACCOUNTING TERMS ............................................................ 1        1.01    Defined Terms ................................................................................................................ 1        1.02    Other Interpretive Provisions ....................................................................................... 31        1.03    Accounting Terms ........................................................................................................ 32        1.04    Rounding ...................................................................................................................... 33        1.05    Times of Day ................................................................................................................ 33        1.06    Letter of Credit Amounts ............................................................................................. 33        1.07    Timing of Payment or Performance ............................................................................. 33        1.08    Interest Rates ................................................................................................................ 33  ARTICLE II    COMMITMENTS AND CREDIT EXTENSIONS ..................................................... 34        2.01    Loans ............................................................................................................................ 34        2.02    Committed Revolving Borrowings and Term Borrowings; Conversions and                Continuations of Committed Revolving Loans and Term Loans ................................ 34        2.03    Letters of Credit ........................................................................................................... 36        2.04    Swing Line Loans ......................................................................................................... 44        2.05    Prepayments ................................................................................................................. 46        2.06    Termination or Reduction of Commitments ................................................................ 47        2.07    Repayment of Loans ..................................................................................................... 48        2.08    Interest .......................................................................................................................... 48        2.09    Fees ............................................................................................................................... 49        2.10    Computation of Interest and Fees; Retroactive Adjustments of Applicable                Rate ............................................................................................................................... 49        2.11    Evidence of Debt .......................................................................................................... 50        2.12    Payments Generally; Administrative Agent’s Clawback ............................................. 50        2.13    Sharing of Payments by Lenders .................................................................................. 52        2.14    Increases in Aggregate Revolving Commitments ........................................................ 52        2.15    Cash Collateral ............................................................................................................. 53        2.16    Defaulting Lenders ....................................................................................................... 54        2.17    Extension of Revolving Maturity Date ........................................................................ 56  ARTICLE III   TAXES, YIELD PROTECTION AND ILLEGALITY ............................................... 58        3.01    Taxes ............................................................................................................................ 58        3.02    Illegality ....................................................................................................................... 62        3.03    Inability to Determine Rates ........................................................................................ 63                                         i   

 

                            TABLE OF CONTENTS                                    (continued)                                                                            Page         3.04    Increased Costs ............................................................................................................. 66        3.05    Compensation for Losses ............................................................................................. 68        3.06    Mitigation Obligations; Replacement of Lenders ........................................................ 69        3.07    Survival ........................................................................................................................ 69  ARTICLE IV    CONDITIONS PRECEDENT TO CREDIT EXTENSIONS ...................................... 69        4.01    Conditions Precedent to Effectiveness and the Initial Credit Extensions .................... 69        4.02    Conditions to all Credit Extensions .............................................................................. 70  ARTICLE V     REPRESENTATIONS AND WARRANTIES ............................................................ 71        5.01    Existence, Qualification, Power and Standing ............................................................. 71        5.02    Authorization, Validity and Binding Effect ................................................................. 71        5.03    No Conflict; Government Consent ............................................................................... 71        5.04    Financial Statements .................................................................................................... 72        5.05    No Material Adverse Effect ......................................................................................... 72        5.06    Litigation ...................................................................................................................... 72        5.07    Investment Company Act ............................................................................................. 72        5.08    Disclosure ..................................................................................................................... 72        5.09    Solvency ....................................................................................................................... 73        5.10    OFAC, FCPA ............................................................................................................... 73        5.11    Affected Financial Institutions ..................................................................................... 73        5.12    Regulation U ................................................................................................................ 73  ARTICLE VI    AFFIRMATIVE COVENANTS .................................................................................. 73        6.01    Financial Reporting ...................................................................................................... 74        6.02    Notice of Default .......................................................................................................... 75        6.03    Payment of Taxes ......................................................................................................... 75        6.04    Preservation of Existence, Etc ...................................................................................... 75        6.05    Maintenance of Properties and Intellectual Property ................................................... 75        6.06    Maintenance of Insurance ............................................................................................ 76        6.07    Compliance with Laws ................................................................................................. 76        6.08    Inspection; Keeping of Books and Records ................................................................. 76        6.09    Use of Proceeds ............................................................................................................ 76        6.10    OFAC, FCPA ............................................................................................................... 76  ARTICLE VII   NEGATIVE COVENANTS ........................................................................................ 76        7.01    Liens ............................................................................................................................. 77                                         ii         

 

                            TABLE OF CONTENTS                                    (continued)                                                                            Page         7.02    Indebtedness ................................................................................................................. 78        7.03    Fundamental Changes .................................................................................................. 79        7.04    Use of Proceeds; OFAC, FCPA ................................................................................... 80        7.05    Financial Covenant ....................................................................................................... 80  ARTICLE VIII  EVENTS OF DEFAULT AND REMEDIES ............................................................... 80        8.01    Events of Default .......................................................................................................... 80        8.02    Remedies Upon Event of Default ................................................................................. 82        8.03    Application of Funds .................................................................................................... 83  ARTICLE IX    ADMINISTRATIVE AGENT ..................................................................................... 83        9.01    Appointment and Authority ......................................................................................... 83        9.02    Rights as a Lender ........................................................................................................ 84        9.03    Exculpatory Provisions ................................................................................................ 84        9.04    Reliance by Administrative Agent ............................................................................... 85        9.05    Delegation of Duties ..................................................................................................... 85        9.06    Resignation of Administrative Agent ........................................................................... 85        9.07    Non-Reliance on Administrative Agent and Other Lenders ........................................ 87        9.08    No Other Duties, Etc .................................................................................................... 87        9.09    Administrative Agent May File Proofs of Claim ......................................................... 88        9.10    Collateral Matters ......................................................................................................... 88        9.11    Certain ERISA Matters ................................................................................................ 88  ARTICLE X     CONTINUING GUARANTY ..................................................................................... 89        10.01   Guaranty ....................................................................................................................... 89        10.02   Rights of Lenders ......................................................................................................... 90        10.03   Certain Waivers ............................................................................................................ 90        10.04   Obligations Independent .............................................................................................. 90        10.05   Subrogation .................................................................................................................. 90        10.06   Termination; Reinstatement ......................................................................................... 90        10.07   Stay of Acceleration ..................................................................................................... 91        10.08   Condition of the Borrower or the Relevant Subsidiaries ............................................. 91        10.09   Subordination ............................................................................................................... 91  ARTICLE XI    MISCELLANEOUS ..................................................................................................... 91        11.01   Amendments, Etc ......................................................................................................... 91        11.02   Notices; Effectiveness; Electronic Communication ..................................................... 93                                         iii         

 

                            TABLE OF CONTENTS                                    (continued)                                                                            Page         11.03   No Waiver; Cumulative Remedies; Enforcement ........................................................ 95        11.04   Expenses; Indemnity; Damage Waiver ........................................................................ 96        11.05   Payments Set Aside ...................................................................................................... 98        11.06   Successors and Assigns ................................................................................................ 98        11.07   Treatment of Certain Information; Confidentiality .................................................... 102        11.08   Right of Setoff ............................................................................................................ 103        11.09   Interest Rate Limitation .............................................................................................. 104        11.10   Counterparts; Integration; Effectiveness .................................................................... 104        11.11   Survival of Representations and Warranties .............................................................. 104        11.12   Severability ................................................................................................................. 105        11.13   Replacement of Lenders ............................................................................................. 105        11.14   Governing Law; Jurisdiction; Etc .............................................................................. 106        11.15   Waiver of Jury Trial ................................................................................................... 107        11.16   No Advisory or Fiduciary Responsibility .................................................................. 107        11.17   USA PATRIOT Act Notice ........................................................................................ 108        11.18   Electronic Execution of Assignments and Certain Other Documents ....................... 108        11.19   Time of the Essence ................................................................................................... 108        11.20   Entire Agreement ....................................................................................................... 108        11.21   .Acknowledgement and Consent to Bail-In of Affected Financial Institutions ......... 109        11.22   Acknowledgement Regarding Any Supported QFCs ................................................ 109        11.23   Judgment Currency .................................................................................................... 110    SCHEDULES   2.01  Commitments and Applicable Percentages; L/C Commitments  7.01  Existing Liens  7.02  Existing Indebtedness  11.02 Administrative Agent’s Office; Certain Addresses for Notices   EXHIBITS   Form of   A     Loan Notice  B     Swing Line Loan Notice  C     Notice of Loan Prepayment  D-1   Revolving Note  D-2   Swing Line Note  D-3   Term Note                                         iv         

 

                            TABLE OF CONTENTS                                    (continued)                                                                            Page   E     Compliance Certificate  F     U.S. Tax Compliance Certificates  G     Assignment and Assumption  H     Letter of Credit Report                                             v         

 

                                CREDIT AGREEMENT         This CREDIT AGREEMENT (this “Agreement”) is entered into, as of October 28, 2020, among  Atlassian Corporation Plc, a public limited company incorporated under the laws of England and Wales  and parent of the Borrower (the “Parent”), Atlassian, Inc., a Delaware corporation (the “Borrower”), each  Lender from time to time party hereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender  and an L/C Issuer, and the other L/C Issuers party hereto.         The Borrower has requested that the Lenders provide the credit facilities set forth herein, and the  Lenders are willing to do so on the terms and conditions set forth herein.         In  consideration  of  the  mutual covenants  and  agreements  herein  contained,  the  parties  hereto  covenant and agree as follows:                                    ARTICLE I                      DEFINITIONS AND ACCOUNTING TERMS          1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings  set forth below:         “Acquisition” means any transaction or series of related transactions for the purpose of or resulting,  directly or indirectly, in (a) the acquisition by the Parent or any of its Subsidiaries of all or substantially all  of the assets of a Person, or of any business or division of a Person, (b) the acquisition by the Parent or any  of its Subsidiaries of in excess of 50% of the capital stock, partnership interests, membership interests or  equity of any Person (other than a Person that is a Subsidiary), or otherwise causing any Person to become  a Subsidiary of the Parent, (c) a merger or consolidation or any other combination by the Parent or any of  its Subsidiaries with another Person (other than a Person that is a Subsidiary) provided that the Parent (or a  Person that succeeds to the Parent pursuant to Section 7.03 in connection with such transaction or series of  related transactions) or a Subsidiary of the Parent (or a Person that becomes a Subsidiary of the Parent as a  result of such transaction) is the surviving entity; provided that any Person that is a Subsidiary at the time  of execution of the definitive agreement related to any such transaction or series of related transactions (or,  in the case of a tender offer or similar transaction, at the time of filing of the definitive offer document)  shall constitute a Subsidiary for purposes of this definition even if in connection with such transaction or  series of related transactions, such Person becomes a direct or indirect holding company of any Credit Party  or (d) the acquisition of real property by the Parent or any of its Subsidiaries that is expected to be used in  whole or in part in the normal operations of the Parent or its Subsidiaries.         “Acquisition  Debt”  means  any  Indebtedness  for  Borrowed  Money  of  the  Parent  or  any of its  Subsidiaries that has been borrowed or issued for the purpose of financing, in whole or in part, a Material  Acquisition and any related transactions or series of related transactions (including for the purpose of  refinancing or replacing all or a portion of any pre-existing Indebtedness for Borrowed Money of the Parent,  any of its Subsidiaries or the Person(s) or assets to be acquired); provided, that, either (a)(i) the release of  the proceeds thereof to the Parent and its Subsidiaries is contingent upon the consummation of such Material  Acquisition and, pending such release, such proceeds are held pursuant to an escrow or similar arrangement  and (ii) if the definitive agreement (or, in the case of a tender offer or similar transaction, the definitive  offer document) for such Material Acquisition is terminated prior to the consummation of such Material  Acquisition or if such Material Acquisition is otherwise not consummated by the date specified in the  definitive documentation relating to such Indebtedness for Borrowed Money, such proceeds shall be applied  within 30 days following such termination or, if later, the earliest date on which such Indebtedness for  Borrowed Money is permitted to be satisfied and discharged pursuant to the terms thereof, to satisfy and  discharge all obligations of the Parent and its Subsidiaries in respect of such Indebtedness for Borrowed                                             

 

   Money  or  (b)(i)  such  Indebtedness  for  Borrowed  Money  contains  a  “special  mandatory  redemption”  provision (or other similar provision) or otherwise permits such Indebtedness for Borrowed Money to be  redeemed or prepaid if such Material Acquisition is not consummated by the date specified in the definitive  documentation relating to such Indebtedness for Borrowed Money, and (ii) if the definitive agreement (or,  in  the  case  of  a  tender  offer  or  similar  transaction,  the  definitive offer  document)  for  such  Material  Acquisition  is  terminated  in  accordance  with  its  terms  prior  to  the  consummation  of  such  Material  Acquisition  or  such  Material  Acquisition  is  otherwise  not  consummated  by  the  date  specified  in  the  definitive  documentation relating  to  such  Indebtedness  for  Borrowed  Money,  such  Indebtedness  for  Borrowed Money is so redeemed or prepaid within 90 days of such termination or such specified date, as  the case may be.         “Additional Lender” has the meaning specified in Section 2.14(c).         “Administrative  Agent”  means  Bank  of  America  (or  any  of  its  designated  branch  offices  or  affiliates)  in  its  capacity  as  administrative  agent  under  any  of  the  Loan  Documents,  or  any  successor  administrative agent.         “Administrative  Agent’s  Office”  means the  Administrative  Agent’s  address  as  set  forth  on  Schedule 11.02, or such other address as the Administrative Agent may from time to time notify to the  Borrower and the Lenders in writing.         “Administrative Questionnaire” means an Administrative Questionnaire in a form approved by the  Administrative Agent.         “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial  Institution.         “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through  one or more intermediaries, Controls or is Controlled by or is under common Control with the Person  specified.         “Affiliated  Holders”  means  (a),  with  respect  to  any  specified  natural  person,  any  company,  partnership, trust, foundation or other entity or investment vehicle for which such specified natural person  (or such specified person’s estate) retains dispositive power with respect to the Equity Interests held by  such company, partnership, trust, foundation or other entity or investment vehicle, and the trustees, legal  representatives, beneficiaries and/or beneficial owners of such company, partnership, trust, foundation or  other entity or investment vehicle and (b) the estates of such specified natural person.         “Aggregate  Revolving  Commitments”  means,  as  of  any  date  of  determination,  the  Revolving  Commitments  of  all  the  Revolving  Lenders  as  of  such  date.  The  aggregate  principal  amount  of  the  Aggregate Revolving Commitments in effect on the Effective Date is FIVE HUNDRED MILLION and  No/100 DOLLARS ($500,000,000).         “Agreement” has the meaning specified in the introductory paragraph hereto.         “Agreement Accounting Principles” means IFRS, applied in a manner consistent with that used in  preparing  the  financial  statements  of  the Parent referred  to  in  Section  5.04;  provided,  however,  that  notwithstanding  anything  contained  in  Section  1.03  to  the  contrary,  if  the  Borrower  notifies  the  Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the  effect of any change in IFRS occurring after the Effective Date (or any change in IFRS that occurred on or  prior to the Effective Date but was not reflected in the financial statements included in the Parent SEC                                         2   

 

   Report) 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 IFRS or in the application thereof, then such provision shall  be interpreted on the basis of IFRS 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.         “Agreement Currency” has the meaning specified in Section 11.23.         “Anniversary Date” has the meaning specified in Section 2.17(a).         “Anti-Corruption Laws” means all laws, rules and regulations of any jurisdiction applicable to the  Credit  Parties or  any  of  their  Subsidiaries  from  time  to  time  concerning  or  relating  to  bribery,  money  laundering or corruption, including the United States Foreign Corrupt Practices Act of 1977, as amended.         “Applicable Percentage” means: (a) in respect of the Aggregate Revolving Commitments, with  respect to any Revolving Lender at any time, the percentage (carried out to the ninth decimal place) of the  Aggregate Revolving Commitments represented by such Revolving Lender’s Revolving Commitment at  such time, subject to adjustment as provided in Section 2.16; provided, that, if the commitment of each  Revolving Lender to make Committed Revolving Loans and the obligation of each L/C Issuer to make L/C  Credit  Extensions  has  been  terminated  pursuant  to Section  8.02,  or  if  the  Aggregate  Revolving  Commitments have expired or been terminated pursuant to Section 2.06(a), then the Applicable Percentage  of  each  Revolving  Lender  shall  be  determined  based  on  the  Applicable  Percentage  of  such  Revolving  Lender most recently in effect, giving effect to any subsequent assignments; (b) in respect of the Term  Commitments, with respect to any Term Lender at any time, the percentage (carried out to the ninth decimal  place) of the Term Commitments represented by such Term Lender’s Term Commitment at such time  (provided, that, if the commitment of each Term Lender to make Term Loans has been terminated pursuant  to Section 8.02, or if the Term Facility has expired or been terminated pursuant to Section 2.06(b), then the  Applicable Percentage of each Term Lender shall be determined based on the Applicable Percentage of  such Term Lender most recently in effect, giving effect to any subsequent assignments), and (c) in respect  of the Term Loans, with respect to any Term Lender at any time, the percentage (carried out to the ninth  decimal place) of the aggregate Term Loans then outstanding represented by the aggregate outstanding  principal amount of such Term Lender’s Term Loans at such time. The Applicable Percentage of each  Lender, after giving effect to this Agreement (along with any amendments made hereto and any increases  in the Aggregate Revolving Commitments pursuant to Section 2.14), is set forth opposite the name of such  Lender on Schedule 2.01, as it may change from time to time in accordance with the terms hereof.         “Applicable Rate” means, with respect to Committed Revolving Loans, Term Loans, Swing Line  Loans, the Letter of Credit Fee, the Commitment Fee and the Ticking Fee, the following percentages per  annum, based upon the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Parent for the  most recently-ended four quarter period as set forth in the most recent Compliance Certificate received by  the Administrative Agent pursuant to Section 6.01(c):    Pricing  Consolidated   Commitment          Eurodollar Rate         Base    Level  Leverage Ratio Fee/Ticking Fee  Loans/Letter of Credit Fee Rate Loans     1     Less than 0.75x    0.075%               0.875%              0.00%      2      Greater than or   0.100%               1.00%               0.00%            equal to 0.75x            and less than               1.25x                                         3   

 

      3      Greater than or   0.125%               1.125%             0.125%            equal to 1.25x            and less than               2.0x      4      Greater than or   0.150%               1.250%             0.250%            equal to 2.0x            and less than               3.0x      5      Greater than or   0.175%               1.375%             0.375%            equal to 3.0x            and less than               3.5x      6      Greater than or   0.200%               1.500%             0.500%            equal to 3.50x                                                                            Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio  shall become effective as of the first Business Day immediately following the date a Compliance Certificate  is delivered pursuant to Section 6.01(c); provided, that, if a Compliance Certificate is not delivered when  due in accordance with Section 6.01(c), then, upon the request of the Required Lenders, Pricing Level 6  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 first Business Day immediately following the  date on which such Compliance Certificate is delivered in accordance with Section 6.01(c), whereupon the  Applicable Rate shall be adjusted based upon the calculation of the Consolidated Leverage Ratio contained  in such Compliance Certificate. The Applicable Rate in effect from the Effective Date through the first  Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section  6.01(c) for the fiscal quarter ending September 30, 2020 shall be determined based upon Pricing Level 3.  Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable  Rate for any period shall be subject to the provisions of Section 2.10(b).         “Applicable Revolving Percentage” means, with respect to any Revolving Lender at any time, such  Revolving Lender’s Applicable Percentage in respect of the Aggregate Revolving Commitments at such  time.         “Appropriate Lender” means (a) with respect to the Aggregate Revolving Commitments or any  Committed Revolving Loan, a Revolving Lender, (b) with respect to the Letter of Credit Sublimit, (i) each  L/C Issuer, and (ii) if any Letters of Credit have been  issued  pursuant  to Section  2.03,  the  Revolving  Lenders, (c) with respect to the Swing Line Sublimit, (i) the Swing Line Lender, and (ii) if any Swing Line  Loans are outstanding pursuant to Section 2.04(a), the Revolving Lenders, and (d) with respect to the Term  Commitments or any Term Loan, a Term Lender.         “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate  of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.         “Arranger” means each of BofA Securities, MUFG and Truist Securities, each in its capacity as a  joint lead arranger and a joint bookrunner.                                          4   

 

         “Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two  or more Approved Funds managed by the same investment advisor.         “Assignment and Assumption” means an assignment and assumption entered into by a Lender and  an Eligible Assignee (with the consent of any party whose consent is required by Section 11.06(b)), and  accepted by the Administrative Agent, in substantially the form of Exhibit G or any other form (including  electronic  documentation  generated  by  use  of  an  electronic  platform)  approved  by  the  Administrative  Agent.          “Auto-Extension Letter of Credit” has the meaning specified in Section 2.03(b).         “Availability Period” means (a) in respect of the Aggregate Revolving Commitments, the period  from and including the Effective Date to the earliest of (i) the Revolving Maturity Date, (ii) the date of  termination of the Aggregate Revolving Commitments pursuant to Section 2.06(a), and (iii) the date of  termination of the commitment of each Revolving Lender to make Committed Revolving Loans and of the  obligation of each L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02, and (b) in respect of  the Term Facility, the period from and including the Effective Date to the earliest of (i) October 28, 2021,  (ii) the date of termination of the Term Facility pursuant to Section 2.06(b), and (iii) the date of termination  of the commitment of each Term Lender to make Term Loans pursuant to Section 8.02.         “Bail-In Action” means 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” means (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).          “Bank of America” means Bank of America, N.A. and its successors.         “Bank of America Fee Letter” means the fee letter agreement, dated October 1, 2020, among the  Borrower, Bank of America and BofA Securities.         “Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal  Funds Rate plus one-half of one percent (0.50%), (b) the rate of interest in effect for such day as publicly  announced from time to time by Bank of America as its “prime rate,” and (c) the Eurodollar Rate plus one  percent (1.00%); provided, that, if the Base Rate shall be less than zero, such rate shall be deemed zero for  purposes of this Agreement. The “prime rate” is a rate set by Bank of America based upon various factors  including Bank of America’s costs and desired return, general economic conditions and other factors, and  is used as a reference point for pricing some loans, which may be priced at, above, or below such announced  rate. Any change in such “prime rate” announced by Bank of America shall take effect at the opening of  business on the day specified in the public announcement of such change. If the Base Rate is being used as  an alternate rate of interest pursuant to Section 3.03, then the Base Rate shall be the greater of clauses (a)  and (b) above and shall be determined without reference to clause (c) above.         “Base Rate Loan” means a Committed Revolving Loan or a Term Loan that bears interest based  on the Base Rate.                                         5   

 

         “Beneficial Ownership Certification” means a certification regarding beneficial ownership required  by the Beneficial Ownership Regulation.         “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.         “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject  to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code, or (c) any Person  whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA  or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.         “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.         “Board of Directors” means (a) with respect to a corporation or limited company, the board of  directors of the corporation or limited company, as applicable or any committee thereof duly authorized to  act on behalf of such board, (b) with respect to a partnership, the Board of Directors of the general partner  of the partnership, (c) with respect to a limited liability company, the managing member or members or any  controlling committee of managing members thereof or if not member-managed, the managers thereof or  any committee of managing members or managers thereof duly authorized to act on behalf of such Persons,  and (d) with respect to any other Person, the board or committee of such Person serving a similar function.         “BofA Securities” means BofA Securities, Inc.         “Bond  Hedge  Transaction”  means any call  or  capped  call  option  (or  substantively  equivalent  derivative transaction) on the Guarantor’s Equity Interests purchased by the Borrower in connection with  the Convertible Notes.          “Borrower” has the meaning specified in the introductory paragraph hereto.         “Borrower Materials” has the meaning specified in Section 6.01.         “Borrowing”  means  a  Committed  Revolving  Borrowing,  a  Term  Borrowing  or  a  Swing  Line  Borrowing, as the context may require.         “Business Day” means any day other than a Saturday, Sunday or other day on which commercial  banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative  Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day that is  also a London Banking Day.          “Capitalized Lease” of a Person means any lease of Property by such Person as lessee which would  be  capitalized  on  a  balance  sheet  of  such  Person  prepared  in  accordance  with  Agreement  Accounting  Principles; provided that notwithstanding anything contained in the definition of Agreement Accounting  Principles to the contrary, unless the Borrower otherwise elects by delivery of a notice to the Administrative  Agent, all leases of any Person that are or would be characterized as operating leases in accordance with  IFRS as in effect and applied immediately prior to January 1, 2019 (whether or not such operating leases  were in effect on such date) shall continue to be accounted for as operating leases (and not as Capitalized  Leases) for purposes of this Agreement regardless of any change in IFRS following the date that would  otherwise require such obligations to be recharacterized as Capitalized Leases.         “Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person  under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared                                         6   

 

   in accordance with Agreement Accounting Principles; provided that notwithstanding anything contained in  the definition of Agreement Accounting Principles to the contrary, unless the Borrower otherwise elects by  delivery of a notice delivered to the Administrative Agent, all obligations under any leases of any Person  that are or would be characterized as operating lease obligations in accordance with IFRS as in effect and  applied immediately prior to January 1, 2019 (whether or not such operating lease obligations were in effect  on such date) shall continue to be accounted for as operating lease obligations (and not as Capitalized Lease  Obligations) for purposes of this Agreement regardless of any change in IFRS following the date that would  otherwise require such obligations to be recharacterized as Capitalized Lease Obligations.          “Cash Collateralize” or “Cash Collateralized” means to pledge and deposit with or deliver to the  Administrative Agent, for the benefit of one or more of the L/C Issuers, the Swing Line Lender or the  Revolving Lenders, as collateral for L/C Obligations, the Obligations in respect of Swing Line Loans or  obligations of the Revolving Lenders to fund participations in respect of L/C Obligations or Swing Line  Loans (as the context may require), (a) cash or deposit account balances, (b) backstop letters of credit  entered  into  on  terms,  from issuers and  in  amounts  satisfactory  to  the  Administrative  Agent  and  the  applicable L/C Issuer and/or (c) if the Administrative Agent and the applicable L/C Issuers or Swing Line  Lender, as applicable, shall agree, in their sole discretion, other credit support, in each case, in Dollars and  pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and  the applicable L/C Issuers or the Swing Line Lender, as applicable.         “Cash Collateral” has a meaning correlative to the definition of “Cash Collateralize” and includes  the proceeds of such cash collateral and other credit support.         “Cash  Management  Agreement”  shall  mean  any  agreement  or  arrangement  to  provide  cash  management services, including treasury, depository, overdraft, credit or debit card, stored value card,  electronic funds transfer, purchasing cards, netting services, check drawing services, automated payment  services  (including  depository,  overdraft,  controlled  disbursement,  ACH  transactions,  return  items  and  interstate depository network services), positive pay service, employee credit card programs, cash pooling  services and any arrangements or services similar to any of the foregoing and/or otherwise in connection  with cash management deposit accounts.         “Cash Management Obligations” shall mean, as to any Person, any and all obligations of such  Person, whether absolute or contingent and however and whenever created, arising, evidenced or acquired  (including all renewals, extensions and modifications thereof and substitutions therefor), under any Cash  Management Agreement.         “Change in Law” means the occurrence, after the Effective Date, of any of the following: (a) the  adoption  or  taking  effect  of  any  applicable  Law,  (b)  any  change  in  any  applicable  Law  or  in  the  administration, interpretation, implementation or application thereof by any Governmental Authority, or  (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of  Law) by any Governmental Authority; provided, that, notwithstanding anything herein to the contrary, (i)  the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or  directives  thereunder  or  issued  in  connection  therewith  or  in  the  implementation  thereof,  and  (ii)  all  requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel  Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign  regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in  Law”, regardless of the date enacted, adopted, issued or implemented.         “Change  of  Control”  means  an  event  or  series  of  events  by  which (i) any  “person”  or  “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of  1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person                                         7   

 

   or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan),  other than the Permitted Holders, becomes the “beneficial owner” (as defined in Rules 13d-3 and  13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed  to have “beneficial ownership” of all securities that such person or group has the right to acquire,  whether such right is exercisable immediately or only after the passage of time (such right, an  “option right”)), directly or indirectly, of forty percent (40%) or more of the Equity Interests of the  Parent entitled to vote for members of the Board of Directors of the Parent on a fully-diluted basis  (and  taking  into  account  all  such  securities  that  such  person  or  group  has  the  right  to  acquire  pursuant to any option right) or (ii) the Parent shall at any time fail to beneficially own, directly or  indirectly, 100% of the Equity Interests of the Borrower.         “Code” means the Internal Revenue Code of 1986.         “Commitment”  means  a  Revolving  Commitment  or  a  Term  Commitment,  as  the  context  may  require.         “Commitment Fee” has the meaning specified in Section 2.09(a).         “Committed  Revolving  Borrowing”  means  a  borrowing  consisting  of  simultaneous  Committed  Revolving Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest  Period made by each of the Revolving Lenders pursuant to Section 2.01(a).         “Committed Revolving Loan” has the meaning specified in Section 2.01(a).         “Communication” has the meaning specified in Section 11.18(a).         “Compliance Certificate” means a certificate substantially in the form of Exhibit E.         “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by  net income (however denominated) or that are franchise Taxes or branch profits Taxes.         “Consolidated Assets” means, as of any date of determination, the total assets of the Parent and its  Subsidiaries on a consolidated basis in accordance with the Agreement Accounting Principles as of such  date.          “Consolidated EBITDA” means, for any period, for Parent and its Subsidiaries on a consolidated  basis, an amount equal to Consolidated Net Income for such period plus         (a)   the following (without duplication) to the extent deducted in calculating such Consolidated  Net Income for such period:               (i)   Consolidated Interest Charges for such period;               (ii)  the  provision  for  federal,  state,  local  and  foreign  income  taxes  payable  by the        Parent and its Subsidiaries for such period, including, without limitation, any franchise taxes or        other taxes based on income, profits or capital and all other taxes that are included in the provision        for income tax line item on the consolidated income statement of the Parent and its Subsidiaries for        such period;                                          8   

 

               (iii) depreciation and amortization expense (for avoidance of doubt, excluding        amortization of deferred commissions, capitalized costs to acquire revenue contracts or        substantially equivalent items, but including amortization of right-to-use assets with respect to        operating leases) for such period;               (iv)  any increases in deferred or unearned revenue or substantially equivalent items for        such period (net of any increases in deferred costs (which deferred costs, for avoidance of doubt,        do not include deferred commissions, capitalized costs to acquire revenue contracts or substantially        equivalent items) for such period);               (v)   all non-cash expenses, losses or charges for such period (other than any such non-       cash expenses, losses or charges that represent an accrual or reserve for future cash expenses, losses        or charges or that relate to the write-down of current assets), including, without limitation, non-       cash stock based employee compensation expenses for such period and non-cash expenses, losses        or charges for such period in connection with (A) “goodwill impairment losses” under IAS 36        (Impairment of Assets), (B) unrealized losses resulting from mark-to-market accounting in respect        of Convertible Notes, Swap Contracts, Bond Hedge Transactions and other derivative or similar        instruments, (C) unrealized losses on equity investments and (D) expenses, losses and charges for        deferred tax asset valuation allowances;               (vi)  in connection with any Acquisition (except for an Acquisition of the type set forth        in clause (d) of the definition thereof), all non-recurring restructuring costs, facilities relocation        costs, acquisition integration costs and fees, including cash severance payments, and non-recurring        fees and expenses, in each case paid during such period in connection with such Acquisition and        within 12 months of the completion of such Acquisition; provided that the amount added back to        Consolidated Net Income pursuant to this clause (vi)  in respect of any such costs, fees, payments        and  expenses  paid  in  cash  in  connection  with  all  such  Acquisitions  shall  not  exceed  15%  of        Consolidated EBITDA (calculated before giving effect to this clause (vi)  in the aggregate for any        period of four fiscal quarters of the Parent);               (vii) any extraordinary expenses, charges or losses;         minus         (b)   the following (without duplication) to the extent included in calculating such Consolidated  Net Income:               (i)   any extraordinary gains (less all fees and expenses related thereto);               (ii)  any decreases in deferred or unearned revenue or substantially equivalent items for        such period (net of any decreases in deferred costs (which deferred costs, for avoidance of doubt,        do not include deferred commissions, capitalized costs to acquire revenue contracts or substantially        equivalent items) for such period); and               (iii) all  non-cash  income  or  gains  for  such  period  including,  without  limitation,        unrealized gains resulting from mark-to-market accounting in respect of Convertible Notes, Swap        Contracts, Bond Hedge Transactions and other derivative or similar instruments and unrealized        gains on equity investments.                                          9   

 

         In  addition,  in  the  event  that the  Parent or  any  of  its Subsidiaries,  during  the  relevant  period,  consummated an Acquisition or Disposition, Consolidated EBITDA will be determined on a Pro Forma  Basis to the extent required by Section 1.03(d).         “Consolidated Interest Charges” means, for any period, for the Parent and its Subsidiaries on a  consolidated basis, the sum of, without duplication, (a) all interest, premium payments, amortization of debt  discount, fees, charges and related expenses in connection with Indebtedness (including capitalized interest)  or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in  accordance with IFRS plus (b) the portion of rent expense with respect to such period under Capitalized  Leases  that  is  treated  as  interest  in  accordance  with IFRS plus  (c)  the  implied  interest  component  of  Synthetic Lease Obligations with respect to such period.         “Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a) Indebtedness  for  Borrowed  Money  of  the  Parent and  its Subsidiaries  on  a  consolidated  basis  as  of  such  date  to  (b)  Consolidated  EBITDA  for  the  most  recently completed  four  fiscal  quarters; provided,  that, during  the  period from the date the definitive agreement for any Material Acquisition shall have been executed (or, in  the case of a Material Acquisition in the form of a tender offer or similar transaction, from the date the offer  shall have been launched) until the earlier of (x) the consummation of such Material Acquisition and (y)  the  termination  of  the  definitive  documentation  (or  termination  of  such  offer,  as  applicable)  in  respect  thereof (or such later date as such indebtedness ceases to constitute Acquisition Debt as set forth in the  definition of “Acquisition Debt”)), any Acquisition Debt that has been borrowed or incurred in connection  with such Material Acquisition shall be excluded from the calculation of Consolidated Leverage Ratio.         “Consolidated Net Income” means, for any period, for the Parent and its Subsidiaries calculated on  a consolidated basis, net income for that period, as determined in accordance with Agreement Accounting  Principles.         “Contingent Obligation” means, for any Person, any agreement, undertaking or arrangement by  which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the  payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any other  Person  that  constitute  Indebtedness  (other  than  Indebtedness  of  the  type  described  in  clause  (v)  of  the  definition of such term), or agrees to maintain the net worth or working capital or other financial condition  of any other Person, or otherwise assures any creditor of such other Person against loss, including, without  limitation, any comfort letter, operating agreement, take-or-pay contract or the obligations of any such  Person as general partner of a partnership with respect to the liabilities of the partnership.          “Control” means the possession, directly or indirectly, of the power to direct or cause the direction  of the management or policies of a Person, whether through the ability to exercise voting power, by contract  or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.         “Controlled Group” means all members of a controlled group of corporations or other business  entities and all trades or businesses (whether or not incorporated) under common control which, together  with Credit Parties or any of their Subsidiaries, are treated as a single employer under Section 414 of the  Code.         “Convertible Notes” means the Borrower’s 0.625% Cash Exchangeable Senior Notes due 2023.          “Covered Entity” means any of the following: (a) a “covered entity” as that term is defined in, and  interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined in, and  interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that term is defined in, and  interpreted in accordance with, 12 C.F.R. § 382.2(b).                                         10   

 

         “Covered Party” has the meaning specified in Section 11.22.         “Credit Extension” means each of the following: (a) a Borrowing; and (b) an L/C Credit Extension.         “Credit Parties” shall mean each of the Parent and the Borrower.         “Current Revolving Maturity Date” has the meaning specified in Section 2.17(a).         “Debtor Relief Laws” means the Bankruptcy Code of the United States, 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 and affecting the rights of creditors generally.         “Default” means any event or condition that constitutes an Event of Default or that, with the giving  of any notice, the passage of time, or both, would be an Event of Default.         “Default Rate” means (a) with respect to any Obligation for which a rate is specified, a rate per  annum equal to two percent (2%) in excess of the rate otherwise applicable thereto, and (b) with respect to  any Obligation for which a rate is not specified or available, a rate per annum equal to the Base Rate plus  the Applicable Rate for Base Rate Loans plus two percent (2%), in each case, to the fullest extent permitted  by applicable Law.         “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.         “Defaulting Lender” means, subject to Section 2.16(b), any Lender that (a) has failed to (i) perform  any of its funding obligations hereunder, including in respect of its Loans within two (2) 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 good faith 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, any L/C Issuer, the Swing Line Lender or any other Lender any other amount  required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing  Line  Loans)  within  two  (2)  Business  Days  of  the  date  when  due,  (b)  has  notified  the  Borrower,  the  Administrative Agent, any L/C Issuer or the Swing Line Lender in writing that it does not intend to comply  with its funding obligations hereunder, or has made a public statement to that effect with respect to its  funding obligations hereunder, or generally under other agreements in which it commits to extend credit  (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and  states that such position is based on such Lender’s determination that a condition precedent to funding  (which condition precedent, together with any applicable default, shall be specifically identified in such  writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written  request by the Administrative Agent or the 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 each of 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                                         11   

 

   or indirect parent company thereof by a Governmental Authority so long as such ownership interest does  not result in or provide such Lender with immunity from the jurisdiction of courts within the United States  or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such  Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with  such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under  any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive  and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to  Section 2.16(b)) as of the date established therefor by the Administrative Agent in a written notice of such  determination, which shall be delivered by the Administrative Agent to the Borrower, each L/C Issuer, the  Swing Line Lender and each other Lender promptly following such determination.         “Designated  Counterparty”  shall  mean (i) any  Person  that  is  a  Lender,  an  Arranger,  the  Administrative Agent or an Affiliate of a Lender, an Arranger or the Administrative Agent at the time the  applicable Swap Contract or Cash Management Agreement was entered into and (ii) any Person designated  in writing by the Borrower to the Administrative Agent as a Designated Counterparty from time to time.         “Designated Jurisdiction” means any country or territory to the extent that such country or territory  itself is, or its government is, the subject or target of any Sanction.         “Disqualified Stock” means any capital stock that, 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, matures or is  mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of  the holder thereof, in whole or in part, on or prior to the date that is 91 days after the Termination Date.         “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including  any  Sale  and  Leaseback  Transaction)  of  any  property  by  any  Person,  including  any  sale,  assignment,  transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and  claims associated therewith.         “Dollar” and “$” mean lawful money of the United States.         “EEA Financial Institution” means (a) any credit institution or investment firm established in any  EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity  established in an EEA Member Country which is a parent of an institution described in clause (a) of this  definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of  an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with  its parent.         “EEA  Member  Country”  means  any  of  the  member  states  of  the  European  Union,  Iceland,  Liechtenstein, and Norway.         “EEA Resolution Authority” means any public administrative authority or any Person entrusted  with  public  administrative  authority  of  any  EEA  Member  Country  (including  any  delegee)  having  responsibility for the resolution of any EEA Financial Institution.         “Effective Date” means October 28, 2020.         “Eligible Assignee” means any Person that meets the requirements to be an assignee under Section  11.06(b)(iv), (v) and (vi) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)).                                          12   

 

         “Environmental Laws” means any and all federal, state, local and foreign statutes, laws, judicial  decisions,  regulations,  ordinances,  rules,  judgments,  orders,  decrees,  plans,  injunctions,  permits,  concessions, grants, franchises, licenses, agreements and other governmental restrictions relating to (a) the  protection of the environment, (b) the effect of the environment on human health, (c) emissions, discharges  or releases of pollutants, contaminants, hazardous substances or wastes into surface water, ground water or  land, or (d) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling  of pollutants, contaminants, hazardous substances or wastes or the clean-up or other remediation thereof.         “Environmental  Liability”  means  any  liability  (including  any  liability  for  damages,  costs  of  environmental remediation, fines, penalties or indemnities), of the Parent or any of its Subsidiaries directly  or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use,  handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any  Hazardous Materials, (d) the release of any Hazardous Materials into the environment, or (e) any contract,  agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect  to any of the foregoing.         “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other  ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or  acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such  Person,  all  of  the  securities  convertible  into  or  exchangeable  for  shares  of  capital  stock  of  (or  other  ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition  from such Person of such shares (or such other interests), and all of the other ownership or profit interests  in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and  whether or not such shares, warrants, options, rights or other interests are outstanding on any date of  determination.         “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to  time, including (unless the context otherwise requires) the rules or regulations promulgated thereunder.         “ERISA  Affiliate”  means  any  trade  or  business  (whether  or  not  incorporated)  under  common  control with the Parent within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and  (o) of the Code for purposes of provisions relating to Section 412 of the Code).         “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the  Loan Market Association (or any successor person), as in effect from time to time.         “Eurodollar Rate” means:         (a)   for any Interest Period, with respect to any Eurodollar Rate Loan, the rate per annum equal  to the London Interbank Offered Rate as administered by ICE Benchmark Administration (or any other  Person that takes over the administration of such rate for Dollars for a period equal in length to such Interest  Period (“LIBOR”) as published on the applicable Bloomberg screen page (or such other commercially  available source providing such quotations as may be designated by the Administrative Agent from time to  time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such  Interest  Period,  for  Dollar  deposits  (for  delivery  on  the  first  day  of  such  Interest  Period)  with  a  term  equivalent to such Interest Period;         (b)   for any interest rate calculation with respect to a Base Rate Loan on any date, the rate per  annum equal to LIBOR, at or about 11:00 a.m. (London time) determined two Business Days prior to such  date for Dollar deposits being delivered in the London interbank market for deposits in Dollars with a term  of one month commencing that day;                                         13   

 

   provided, that: (i) to the extent a comparable or successor rate is approved by the Administrative Agent in  connection with any rate set forth in this definition, the approved rate shall be applied in a manner consistent  with market practice; provided, further, that,  to  the  extent  such  market  practice  is  not  administratively  feasible  for  the  Administrative  Agent, such  approved  rate  shall  be  applied  in  a  manner  as  otherwise  reasonably determined by the Administrative Agent; and (ii) if the Eurodollar Rate shall be less than zero,  such rate shall be deemed zero for purposes of this Agreement.         “Eurodollar Rate Loan” means a Committed Revolving Loan or a Term Loan that bears interest at  a rate based on clause (a) of the definition of “Eurodollar Rate”.         “Event of Default” has the meaning specified in Section 8.01.         “Excluded Swap Obligation” shall mean, with respect to any Credit Party, any Swap Obligation if,  and to the extent that, all or a portion of the Guaranty of such Credit Party of such Swap Obligation is or  becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity  Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such  Credit  Party’s failure  for  any  reason  to  constitute  an  “eligible  contract  participant”  as  defined  in  the  Commodity Exchange Act and the regulations thereunder at the time the Guaranty of such Credit Party  becomes  effective  with  respect  to  such  Swap  Obligation  (which  for  the  avoidance  of  doubt  shall  be  determined after giving effect to any “keepwell, support or other agreement” (as such terms are used under  the  Commodity  Exchange  Act  or  any  rule,  regulation  or  order  of  the  Commodity  Futures  Trading  Commission (or the application or official interpretation of any thereof) by virtue of such Credit Party’s  failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange  Act and the regulations thereunder at the time the Guaranty of such Credit Party becomes effective with  respect to such Swap Obligation).  If a Swap Obligation arises under a master agreement governing more  than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable  to swaps for which the Guaranty is or becomes illegal.         “Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient  or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured  by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed  as a result of such Recipient being organized under the laws of, or having its principal office or, in the case  of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision  thereof), or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes  imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in  a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such  interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under  Section  11.13),  or  (ii)  such  Lender  changes  its  Lending  Office,  except  in  each  case  to  the  extent  that  pursuant to Section 3.01(a)(ii), (a)(iii) or (c), amounts with respect to such Taxes were payable either to  such  Lender’s  assignor  immediately  before  such  Lender  became  a  party  hereto  or  to  such  Lender  immediately  before  it  changed  its  Lending  Office,  (c)  Taxes  attributable  to  such  Recipient’s  failure  to  comply with Section 3.01(e), and (d) any U.S. federal withholding taxes imposed under FATCA.          “Extending Lender” has the meaning specified in Section 2.17(d).         “FATCA”  means  Sections  1471  through  1474  of  the  Code,  as  of  the Effective  Date (or  any  amended or successor version that is substantively comparable and not materially more onerous to comply  with) and any current or future regulations or official interpretations thereof and 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 Governmental  Authorities entered into in connection with the implementation of such sections of the Code.                                         14   

 

         “Federal Funds Rate” means, for any day, the rate per annum calculated by the Federal Reserve  Bank of New York based on such day’s federal funds transactions by depository institutions (as determined  in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to  time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the  federal funds effective rate; provided, that, if the Federal Funds Rate as so determined would be less than  zero, such rate shall be deemed to be zero for purposes of this Agreement.         “Fee Letter” means each of (a) the Bank of America Fee Letter, (b) the MUFG Fee Letter, (c) the  Truist Fee Letter and (d) the Joint Fee Letter.         “Foreign Lender” means, with respect to the Borrower, a Lender that is not a U.S. Person. For  purposes of this definition, the United States, each State thereof and the District of Columbia shall be  deemed to constitute a single jurisdiction.         “Foreign Pension Plan” means any defined benefit plan as described in Section 3(35) of ERISA for  which the Parent, any Subsidiary or any member of the Controlled Group is a sponsor or administrator or  to which the Parent, any Subsidiary or any member of the Controlled Group has any liability, and which  (a) is maintained or contributed to for the benefit of employees of the Parent, any of its Subsidiaries or any  member of its Controlled Group, (b) is not covered by ERISA pursuant to Section 4(b)(4) of ERISA, and  (c) under applicable local law, is required to be funded through a trust or other funding vehicle.          “Fronting Exposure” means, at any time there is a Defaulting Lender that is a Revolving Lender,  (a)  with  respect  to  each  L/C  Issuer,  such  Defaulting  Lender’s  Applicable  Revolving  Percentage  of  the  outstanding L/C Obligations with respect to Letters of Credit issued by such L/C Issuer, other than any such  L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other  Revolving Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the  Swing Line Lender, such Defaulting Lender’s Applicable Revolving Percentage of Swing Line Loans other  than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated  to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof.         “Fund” means any Person (other than a natural person) that is (or will be) engaged in making,  purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the  ordinary course of its activities.         “Governmental Authority” means the government of the United States 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 the Financial  Conduct Authority, the Prudential Regulation Authority and any supra-national bodies such as the European  Union or the European Central Bank).         “Guarantee”  means,  as  to  any  Person,  any  obligation,  contingent  or  otherwise,  of  such  Person  guaranteeing or having the economic effect of guaranteeing any Indebtedness of the kind described in the  definition thereof or other obligation payable or performable by another Person (the “primary obligor”) in  any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect,  (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or  other obligation, (b) to purchase or lease property, securities or services for the purpose of assuring the  obligee  in  respect  of  such  Indebtedness  or  other  obligation  of  the  payment  or  performance  of  such  Indebtedness  or  other  obligation,  (c)  to  maintain  working  capital,  equity capital  or  any  other  financial  statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such  Indebtedness or other obligation, or (d) entered into for the purpose of assuring in any other manner the                                         15   

 

   obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to  protect such obligee against loss in respect thereof (in whole or in part); provided, that, the term Guarantee  shall not include endorsements for collection or deposit in the ordinary course of business. The amount of  any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related  primary  obligation,  or  portion  thereof,  in  respect  of  which  such  Guarantee  is  made  or,  if  not  stated  or  determinable,  the  maximum  reasonably  anticipated  liability  in  respect  thereof  as  determined  by  the  guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning.         “Guaranteed Cash Management Agreement” shall mean any Cash Management Agreement that (a)  is in effect on the Effective Date between any Credit Party or any of its Subsidiaries and a Designated  Counterparty  or  (b)  is  entered  into  after  the Effective Date  between any Credit  Party or  any  of its  Subsidiaries and any counterparty that is a Designated Counterparty at the time such Cash Management  Agreement is entered into, in each case, that has been designated to the Administrative Agent by written  notice from the Borrower as being a Guaranteed Cash Management Agreement for the purposes of the Loan  Documents, it being understood that each Designated Counterparty thereto shall be deemed to appoint the  Administrative Agent as its agent under the applicable Loan Documents.         “Guaranteed Cash Management Obligations” shall mean all Cash Management Obligations of any  Credit Party or any of its Subsidiaries under any Guaranteed Cash Management Agreement.         “Guaranteed Obligations” means all Obligations of the Borrower together with (a) all Guaranteed  Cash Management Obligations and (b) all Guaranteed Swap Obligations.         “Guaranteed Party” means each of the Administrative Agent, the Arrangers, the Lenders (including  each L/C Issuer in its capacity as such) and the Designated Counterparties, from time to time,         “Guaranteed Swap Obligations” shall mean all Swap Obligations of any Credit Party or any of its  Subsidiaries under each Swap Contract that (a) is in effect on the Effective Date between any Credit Party  or any of its Subsidiaries and a Designated Counterparty or (b) is entered into after the Effective Date  between any Credit Party or any of its Subsidiaries and any counterparty that is a Designated Counterparty  at the time such Swap Contract is entered into, in each case, that has been designated to the Administrative  Agent by written notice from the Borrower as being a Guaranteed Swap Obligation for the purpose of the  Loan Documents, it being understood that each Designated Counterparty thereto shall be deemed to appoint  the Administrative Agent as its agent under the applicable Loan Documents.         “Guaranty” means the Guarantee made by the Parent under Article X.         “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous  or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or  asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all  other substances or wastes of any nature regulated pursuant to any Environmental Law.         “HMT” has the meaning specified in the definition of “Sanction(s).”         “IFRS” means International Financial Reporting Standards and applicable accounting requirements  set by the International Accounting Standards Board or any successor thereto, that are applicable to the  circumstances as of the date of determination, consistently applied.         “Impacted Loans” has the meaning specified in Section 3.03(a).         “Increase Effective Date” has the meaning specified in Section 2.14(d).                                         16   

 

         “Incremental Amount” means, as of any date of determination, the sum of (a) $250,000,000, minus  (b) the aggregate principal amount of increases in the Aggregate Revolving Commitments implemented  pursuant to Section 2.14 prior to such date.         “Indebtedness” of a Person means, without duplication, (a) the obligations of such Person (i) for  borrowed money, (ii) under or with respect to notes payable which represent extensions of credit (whether  or  not  representing  obligations  for  borrowed  money)  to  such  Person,  (iii) constituting  reimbursement  obligations with respect to letters of credit and banker’s acceptances issued for the account of such Person,  (iv) for the deferred purchase price of property or services (other than current accounts payable arising in  the  ordinary  course  of  such  Person’s  business  payable  on  terms  customary  in  the trade),  (v) for  its  Contingent  Obligations,  (vi) for  its  Net  Mark-to-Market  Exposure  under  Swap  Contracts,  (vii) for  its  Capitalized Lease Obligations and (viii) with respect to Disqualified Stock, (b) the obligations of others,  whether or not assumed, secured by Liens on property of such Person or payable out of the proceeds of, or  production from, property or assets now or hereafter owned or acquired by such Person and (c) any other  obligation or other financial accommodation which in accordance with Agreement Accounting Principles  would be shown as a liability on the consolidated balance sheet of such Person.         “Indebtedness for Borrowed Money” of a Person means, without duplication, (a) the outstanding  principal amount of indebtedness for borrowed money (whether or not evidenced by bonds, debentures,  notes or similar instruments), (b) obligations for the deferred purchase price of property or services (other  than (i) trade accounts payable, intercompany charges and expenses, deferred revenue and other accrued  liabilities (including deferred payments in respect of services by employees), in each case incurred in the  ordinary course of business and (ii) any earn-out obligation or other post-closing balance sheet adjustment  prior to such time as it becomes a liability on the balance sheet of the Parent in accordance with IFRS), (c)  Capitalized Lease Obligations, (d) unpaid reimbursement obligations with respect to drawn letters of credit  and banker’s acceptances issued for the account of such Person (to the extent not already cash collateralized)  and  (e)  obligations  under  direct  or  indirect  guaranties  in  respect  of,  and  obligations  (contingent  or  otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of,  indebtedness or obligations of any other Person of the kinds referred to in clause (a), (b), (c) or (d) above.  Notwithstanding the foregoing, clause (c) shall not include any obligations of the Parent or any Subsidiary  classified as Capitalized Lease Obligations under IFRS or for other accounting purposes, but for which the  Parent and its Subsidiaries do not make and are not required to make any cash payment.         “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to  any payment made by or on account of any obligation of the Borrower under any Loan Document, and (b)  to the extent not otherwise described in clause (a), Other Taxes.         “Indemnitee” has the meaning specified in Section 11.04(b).         “Information” has the meaning specified in Section 11.07.         “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of  each Interest Period applicable to such Loan and the Revolving Maturity Date or the Term Maturity Date,  as applicable; provided, that, if any Interest Period for such Loan exceeds three months, the respective dates  that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates;  and (b) as to any Base Rate Loan and any Swing Line Loan, the last Business Day of each April, July,  October and January and the Revolving Maturity Date or the Term Maturity Date, as applicable.         “Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such  Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on  the date one, two, three or six months thereafter (in each case, subject to availability for the interest rate                                         17   

 

   applicable to the relevant currency) as selected by the applicable Borrower in its Loan Notice, or such other  period  that  is 12 months or less requested by the applicable Borrower and consented to by all of the  Appropriate Lenders; provided, that: (a) any Interest Period that would otherwise end on a day that is not a  Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in  another calendar month, in which case such Interest Period shall end on the next preceding Business Day;  (b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there  is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on  the last Business Day of the calendar month at the end of such Interest Period; and (c) no Interest Period  shall extend beyond the Revolving Maturity Date or the Term Maturity Date, as applicable.         “IRS” means the United States Internal Revenue Service.         “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.         “ISP” means the International Standby Practices, International Chamber of Commerce Publication  No. 590 (or such later version thereof as may be in effect at the time of the applicable L/C Credit Extension).         “Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application,  and any other document, agreement and instrument entered into by an L/C Issuer and the Borrower (or any  Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit.         “Joint Fee Letter” means the fee letter agreement, dated October 1, 2020, among the Borrower,  Bank of America, BofA Securities, MUFG and Truist.         “Judgment Currency” has the meaning specified in Section 11.23.         “Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties,  rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities,  including the interpretation or administration thereof by any Governmental Authority charged with the  enforcement,  interpretation  or  administration  thereof,  and  all  applicable  administrative  orders,  directed  duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority,  in each case whether or not having the force of law.         “L/C Commitment” means, with respect to each L/C Issuer, such L/C Issuer’s commitment to issue  Letters of Credit hereunder. The initial amount of each L/C Issuer’s L/C Commitment is set forth on  Schedule 2.01. The L/C Commitment of an L/C Issuer may be modified from time to time by agreement  between such L/C Issuer and the Borrower, and notified to the Administrative Agent.         “L/C  Credit  Extension”  means,  with  respect  to  any  Letter  of  Credit,  the  issuance  thereof  or  extension of the expiry date thereof, or the increase of the amount thereof.         “L/C Disbursement” means a payment made by an L/C Issuer pursuant to a Letter of Credit.         “L/C Issuer” means each of Bank of America, MUFG and Truist, in each case in its capacity as  issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder. Each L/C Issuer  may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such L/C Issuer,  in which case the term “L/C Issuer” shall include any such Affiliate with respect to Letters of Credit issued                                          18   

 

   by such Affiliate. Each reference herein to the “L/C Issuer” in connection with a Letter of Credit or other  matter shall be deemed to be a reference to the relevant L/C Issuer with respect thereto.         “L/C Obligations” means, as at any date of determination, the aggregate amount available to be  drawn  under  all  outstanding  Letters  of  Credit, plus the  aggregate  of  all  Unreimbursed  Amounts.  For  purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such  Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement,  if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn  thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be  “outstanding” in the amount so remaining available to be drawn.         “Lender” means each of the Persons identified as a “Lender” on the signature pages hereto, each  other Person that becomes a “Lender” in accordance with this Agreement and their successors and permitted  assigns and, unless the context requires otherwise, includes the Swing Line Lender.          “Lending Office” means, as to the Administrative Agent, any L/C Issuer or any Lender, the office  or offices of such Person described as such in such Person’s Administrative Questionnaire, or such other  office or offices as such Person may from time to time notify the Borrower and the Administrative Agent  in writing, which office may include any Affiliate of such Person or any domestic or foreign branch of such  Person or such Affiliate.         “Letter of Credit” means any standby letter of credit issued hereunder. Letters of Credit issued by  any L/C Issuer shall only be issued in Dollars.         “Letter of Credit Application” means an application and agreement for the issuance or amendment  of a Letter of Credit in the form from time to time in use by the applicable L/C Issuer.         “Letter  of  Credit  Expiration  Date”  means  the  date  that  is seven Business  Days  prior  to  the  Revolving Maturity Date.         “Letter of Credit Fee” has the meaning specified in Section 2.03(l).         “Letter of Credit Report” means a certificate substantially the form of Exhibit J or any other form  approved by the Administrative Agent.         “Letter of Credit Sublimit” means, as of any date of determination, an amount equal to the lesser  of (a) $50,000,000, and (b) the amount of the Aggregate Revolving Commitments as of such date. The  Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments.          “LIBOR” has the meaning specified in the definition of “Eurodollar Rate.”         “LIBOR Replacement Date” has the meaning specified in Section 3.03(c).         “LIBOR Screen Rate” means the LIBOR quote on the applicable screen page the Administrative  Agent  designates  to  determine  LIBOR  (or  such  other  commercially  available  source  providing  such  quotations as may be designated by the Administrative Agent from time to time).         “LIBOR Successor Rate” has the meaning specified in Section 3.03(c).         “LIBOR  Successor  Rate  Conforming  Changes”  means,  with  respect  to  any  proposed  LIBOR  Successor  Rate,  any  conforming  changes  to  the  definition  of  Base  Rate,  Interest  Period,  timing  and                                         19   

 

   frequency  of  determining  rates  and  making  payments  of  interest  and  other  technical,  administrative  or  operational matters  (including,  for  the  avoidance  of  doubt,  the  definition  of  Business  Day,  timing  of  borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as  may  be  appropriate,  in  the  discretion  of  the  Administrative  Agent,  to  reflect  the  adoption  and  implementation  of  such  LIBOR  Successor  Rate  and  to  permit  the  administration  thereof  by  the  Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative  Agent determines that adoption of any portion of such market practice is not administratively feasible or  that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner  of administration as the Administrative Agent determines is reasonably necessary in connection with the  administration of this Agreement and any other Loan Document).          “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit  arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement  of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any  conditional sale, Capitalized Lease or other title retention agreement).         “Loan” means an extension of credit by a Lender to a Borrower under Article II in the form of a  Committed Revolving Loan, a Term Loan or a Swing Line Loan.         “Loan Documents” means this Agreement, each Note, each Issuer Document, each Fee Letter, any  agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of this Agreement,  each Assumption Agreement and each other document, instrument or agreement designated in writing by  the Borrower and the Administrative Agent as a “Loan Document” (in each case, including all exhibits and  schedules thereto).         “Loan Notice” means a notice of (a) a Committed Revolving Borrowing or a Term Borrowing, (b)  a  conversion  of  Committed  Revolving  Loans  or  Term  Loans  from  one  Type  to  the  other,  or  (c)  a  continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which shall be substantially in the form  of Exhibit A or such other form as may be approved by the Administrative Agent (including any form on  an electronic platform or electronic transmission system as shall be approved by the Administrative Agent),  appropriately completed and signed by a Responsible Officer of the applicable Borrower.         “London Banking Day” means any day on which dealings in Dollar deposits are conducted by and  between banks in the London interbank eurodollar market.         “Major Subsidiary” means any Subsidiary which has at any time total assets (after intercompany  eliminations) exceeding 10% of Consolidated Assets.         “Mandatory Cost” means any amount incurred periodically by any Lender during the term of this  Agreement which constitutes fees, costs or charges imposed on lenders generally in the jurisdiction in which  such Lender is domiciled, is subject to regulation by any Governmental Authority, or has its Lending Office.         “Master Agreement” has the meaning specified in the definition of “Swap Contract.”         “Material Acquisition” shall mean any Acquisition the total consideration for which is equal to or  greater than $350,000,000.         “Material Adverse Effect” means a material adverse effect on (a) the financial condition, results of  operations, business or Property of the Parent and its Subsidiaries taken as a whole or (b) the rights of or  remedies available to the Lenders or the Administrative Agent against the Credit Parties under the Loan  Documents, taken as a whole.                                         20   

 

         “Maturity Date” means the Revolving Maturity Date or the Term Maturity Date, as the context may  require.         “Maximum Rate” has the meaning specified in Section 11.09.         “Minimum Collateral Amount” means, at any time, (a) with respect to Cash Collateral consisting  of cash or deposit account balances, an amount equal to one hundred two percent (102%) of the Fronting  Exposure of the L/C Issuers with respect to Letters of Credit issued and outstanding at such time and (b)  otherwise, an amount determined by the Administrative Agent and the L/C Issuers in their sole discretion.         “MUFG” means MUFG Bank, Ltd. and its successors.         “MUFG Fee Letter” means the fee letter agreement, dated October 1, 2020, among the Borrower  and MUFG.         “Multiemployer Plan” means a multiemployer plan as defined in Section 3(37) of ERISA that is  subject to Title IV of ERISA and is maintained pursuant to a collective bargaining agreement or any other  arrangement to which the Parent, any Subsidiary or any member of the Controlled Group is a party to which  more than one employer is obligated to make contributions.         “Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including  the Borrower or any ERISA Affiliate) at least two of whom are not under common control, as such a plan  is described in Section 4064 of ERISA.         “Net Mark-to-Market Exposure” of a Person means, as of any date of determination, the excess (if  any)  of  all  unrealized  losses  over  all  unrealized  profits  of  such  Person  arising  from  Swap  Contracts.  “Unrealized losses” means the fair market value of the cost to such Person of replacing such Swap Contract  as of the date of determination (assuming the Swap Contract were to be terminated as of that date), and  “unrealized profits” means the fair market value of the gain to such Person of replacing such Swap Contract  as of the date of determination (assuming such Swap Contract were to be terminated as of that date).         “Non-Consenting  Lender”  means  any  Lender  that  does  not  approve  any  consent,  waiver  or  amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms  of Section 11.01, and (b) has been approved by the Required Lenders.         “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such  time.         “Non-Extending Lender” has the meaning specified in Section 2.17(b).         “Non-Extension Notice Date” has the meaning specified in Section 2.03(b).         “Non-Reimbursement Notice” has the meaning specified in Section 2.03(f).         “Note” means a Revolving Note, a Term Note or a Swing Line Note.         “Notice Date” has the meaning specified in Section 2.17(b).         “Notice of Loan Prepayment” means a notice of prepayment with respect to a Loan, which shall be  substantially in the form of Exhibit C or such other form as may be approved by the Administrative Agent                                          21   

 

   (including any form on an electronic platform or electronic transmission system as shall be approved by the  Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.         “Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of,  each Credit Party arising under any Loan Document or otherwise with respect to any Loan or Letter of  Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or  to  become  due,  now  existing  or  hereafter  arising  and  including  interest  and  fees  that  accrue  after  the  commencement by or against any Credit Party of any proceeding under any Debtor Relief Laws naming  such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed  claims in such proceeding.         “OFAC”  means  the  Office  of  Foreign  Assets  Control  of  the  United  States  Department  of  the  Treasury.         “Organization Documents” means: (a) with respect to any corporation, the certificate or articles of  incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non- U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation  or organization and operating agreement (or equivalent or comparable constitutive documents with respect  to any non-U.S. jurisdiction); and (c) with respect to any partnership, joint venture, trust or other form of  business entity, the partnership, joint venture or other applicable agreement of formation or organization  (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); and (d)  with  respect  to  any  entity,  any  agreement,  instrument,  filing  or  notice  with  respect  thereto  filed  in  connection  with  its  formation  or  organization  with  the  applicable  Governmental  Authority  in  the  jurisdiction of its formation or organization.         “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a  present or former connection between such Recipient and the jurisdiction imposing such Tax (other than  connections arising solely from such Recipient having executed, delivered, become a party to, performed  its obligations under, received payments under, received or perfected a security interest under, engaged in  any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any  Loan or Loan Document).         “Other Taxes” means all present or future stamp, documentary, intangible, recording or filing taxes  or any similar taxes, charges or levies arising from the execution, delivery or enforcement of, or otherwise  with  respect  to,  this  Agreement  or  any  other  Loan  Document,  except  any  such  Taxes  that  are  Other  Connection  Taxes  imposed  with  respect  to  an  assignment  (other  than  an  assignment  made  pursuant  to  Section 3.06).         “Outstanding Amount” means (a) with respect to Committed Revolving Loans, Term Loans and  Swing Line Loans on any date, the aggregate outstanding principal amount thereof after giving effect to  any borrowings and prepayments or repayments of Committed Revolving Loans, Term Loans and Swing  Line Loans, as the case may be, occurring on such date, and (b) with respect to any L/C Obligations on any  date, the aggregate outstanding amount of such L/C Obligations on such date after giving effect to any L/C  Credit  Extension  occurring  on  such  date  and  any  other  changes  in  the  aggregate  amount  of  the  L/C  Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed  Amounts.         “Overnight Rate” means, for any day, the greater of (i) the Federal Funds Rate and (ii) an overnight  rate determined by the Administrative Agent, the applicable L/C Issuer, or the Swing Line Lender, as the  case may be, in accordance with banking industry rules on interbank compensation.                                         22   

 

         “Parent” has the meaning specified in the introductory paragraph hereto.         “Parent SEC Report” means the Parent’s Annual Report on Form 20-F for the fiscal year ended  June 30, 2020.         “Participant” has the meaning specified in Section 11.06(d).         “Participant Register” has the meaning specified in Section 11.06(d).         “PATRIOT Act” has the meaning specified in Section 11.17.         “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.         “Permitted Holders” means (a) Michael Cannon-Brookes, the Parent’s Co-Chief Executive Officer  on the date hereof, and Scott Farquhar, the Parent’s Co-Chief Executive Officer on the date hereof, and (b)  each of the respective Affiliated Holders of the persons referred to in clause (a) of this definition.          “Permitted Refinancing” means, with respect to any Indebtedness of any Person, any modification,  refinancing, refunding, renewal or extension of such Indebtedness; provided, that, the principal amount  thereof does not exceed the sum of (a) the outstanding principal amount of the Indebtedness so modified,  refinanced,  refunded,  renewed  or  extended, plus (b)  prepayment  premiums  paid  by  such  Person,  and  reasonable and customary fees and expenses incurred by such Person, in connection with such modification,  refinancing, refunding, renewal or extension.         “Person” means any natural person, corporation, limited liability company, trust, joint venture,  association, company, partnership, Governmental Authority or other entity.         “Plan” means an employee benefit plan other than a Multiemployer Plan which is covered by Title  IV of ERISA or subject to the minimum funding standards under Section 412 of the Code as to which the  Parent, any Subsidiary or any member of the Controlled Group may have liability.         “Platform” has the meaning specified in Section 6.01.         “Pre-Adjustment Successor Rate” has the meaning specified in Section 3.03(c).         “Pro Forma Basis” means, that in the calculation of (a) any financial ratio or test hereunder, or (b)  the financial covenant set forth in Section 7.05, in connection with any transaction described in Section  1.03(d) (including the incurrence of any Indebtedness in connection therewith), such transaction shall be  deemed to have occurred as of the first day of the most recent four fiscal quarter period preceding the date  of such transaction for which financial statements were required to be delivered pursuant to Section 6.01(a)  or Section  6.01(b).  In  connection  with  the  foregoing,  (i)  with  respect  to  any  Disposition,  (A)  income  statement and cash flow statement items (whether positive or negative) attributable to the property disposed  of shall be excluded, and (B) Indebtedness which is retired or repaid shall be excluded and deemed to have  been retired as of the first day of the applicable period, (ii) with respect to any Acquisition, (A) income  statement and cash flow statement items attributable to the Person or property acquired shall be included to  the extent (1) such items are not otherwise included in such income statement and cash flow statement items  for the Parent and its Subsidiaries in accordance with IFRS or in accordance with any defined terms set  forth  in Section 1.01,  and  (2)  such  items  are  supported  by  financial  statements  or  other  information  reasonably  relied  upon  by the Parent (it  being  understood  and  agreed  that  to  the  extent  such  financial  statements or other information reasonably relied upon by the Parent are not available with respect to any  Acquisition, the items described in this clause (ii)(A) shall not be included for such Acquisition), and (B)                                         23   

 

   any Indebtedness incurred or assumed by the Parent or any Subsidiary (including the Person or property  acquired) in connection with such transaction and any Indebtedness of the Person or property acquired  which is not retired in connection with such transaction (1) shall be deemed to have been incurred as of the  first day of the applicable period, and (2) if such Indebtedness has a floating or formula rate, shall have an  implied rate of interest for the applicable period for purposes of this definition determined by utilizing the  rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination,  and (iii) with respect to the incurrence of any Indebtedness, (A) such Indebtedness shall be deemed to have  been incurred as of the first day of the applicable period, and (B) if such Indebtedness has a floating or  formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition  determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the  relevant date of determination.         “Property” of a Person means any and all property, whether real, personal, tangible, intangible, or  mixed, of such Person, or other assets owned, leased or operated by such Person.         “PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as  any such exemption may be amended from time to time.         “Public Lender” has the meaning specified in Section 6.01.         “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).         “QFC Credit Support” has the meaning specified in Section 11.22.         “Rate Determination Date” means, with respect to any Interest Period, two Business Days prior to  the commencement of such Interest Period (or such other day as is generally treated as the rate fixing day  by market practice in such interbank market, as determined by the Administrative Agent; provided, that, to  the extent such market practice is not administratively feasible for the Administrative Agent, then “Rate  Determination Date” means such other day as otherwise reasonably determined by the Administrative  Agent).         “Recipient” means the Administrative Agent, any Lender, any L/C Issuer or any other recipient of  any payment to be made by or on account of any obligation of the Borrower hereunder.         “Register” has the meaning specified in Section 11.06(c).         “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as  from time to time in effect and any successor or other regulation or official interpretation of said Board of  Governors.         “Regulation X” means Regulation X of the Board of Governors of the Federal Reserve System as  from time to time in effect and any successor or other regulation or official interpretation of said Board of  Governors.         “Related  Adjustment”  means,  in  determining  any  LIBOR  Successor  Rate,  the  first  relevant  available  alternative  set  forth  in  the  order  below  that  can  be  determined  by  the  Administrative  Agent  applicable to such LIBOR Successor Rate:                            (A)   the spread adjustment, or method for calculating or determining              such  spread  adjustment,  that  has  been  selected  or  recommended  by  the  Relevant                                         24   

 

               Governmental Body for the relevant Pre-Adjustment Successor Rate (taking into account              the interest period, interest payment date or payment period for interest calculated and/or              tenor thereto) and which adjustment or method (x) is published on an information service              as selected by the Administrative Agent from time to time in its reasonable discretion or              (y) solely with respect to Term SOFR, if not currently published, which was previously so              recommended for Term SOFR and published on an information service acceptable to the              Administrative Agent; or                            (B)   the spread adjustment that would apply (or has previously been              applied) to the fallback rate for a derivative transaction referencing the ISDA Definitions              (taking into account the interest period, interest payment date or payment period for interest              calculated and/or tenor thereto).         “Related Indemnified Party” of an Indemnitee means (a) any Controlling Person or Controlled  Affiliate of such Indemnitee, (b) the respective directors, officers or employees of such Indemnitee or any  of its Controlling Persons or Controlled Affiliates, and (c) the respective agents of such Indemnitee or any  of its Controlling Persons or Controlled Affiliates, in the case of this clause (c), acting on behalf of, or at  the express instructions of, such Indemnitee, Controlling Person or such Controlled Affiliate; provided,  that,  each  reference  to  a  Controlling  Person,  Controlled  Affiliate,  director,  officer  or  employee  in  this  definition pertains to a Controlling Person, Controlled Affiliate, director, officer or employee involved in  the negotiation of the Loan Documents or the syndication of the credit facility provided for herein.         “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,  directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of  such Person and of such Person’s Affiliates.         “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.         “Removal Effective Date” has the meaning specified in Section 9.06(b).         “Reportable  Event”  means  a  reportable  event,  as  defined  in  Section  4043  of  ERISA  and  the  regulations issued under such Section, with respect to a Plan, excluding, however, such events as to which  the PBGC has by regulation or otherwise waived the requirement of Section 4043(a) of ERISA that it be  notified within thirty (30) days of the occurrence of such event; provided, however, that a failure to meet  the  minimum  funding  standard  of  Section  412  of  the  Code  and  of  Section  302  of  ERISA  shall  be  a  Reportable Event regardless of the issuance of any such waiver of the notice requirement in accordance  with either Section 4043(a) of ERISA or Section 412(c) of the Code.          “Request for Credit Extension” means (a) with respect to a Committed Revolving Borrowing or a  Term Borrowing, or a conversion or continuation of Committed Revolving Loans or Term Loans, a Loan  Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to  a Swing Line Borrowing, a Swing Line Loan Notice.         “Required Lenders” means, at any time, Lenders having Total Credit Exposures representing more  than  fifty  percent  (50)%  of  the  Total  Credit  Exposures  of  all  Lenders  at  such  time.  The  Total  Credit  Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time;  provided, that, the amount of any participation in any Swing Line Loan and Unreimbursed Amounts that  such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender                                          25   

 

   shall be deemed to be held by the Lender that is the Swing Line Lender or the applicable L/C Issuer, as the  case may be, in making such determination.         “Required Revolving Lenders” means, at any time, Revolving Lenders having Total Revolving  Credit Exposures representing more than fifty percent (50%) of the Total Revolving Credit Exposures of  all Revolving Lenders at such time. The Total Revolving Credit Exposure of any Defaulting Lender shall  be disregarded in determining Required Revolving Lenders at any time; provided, that, the amount of any  participation in any Swing Line Loan and Unreimbursed Amounts that such Defaulting Lender has failed  to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the  Lender that is the Swing Line Lender or the applicable L/C Issuer, as the case may be, in making such  determination.         “Requisite Amount” means $175,000,000.         “Resignation Effective Date” has the meaning specified in Section 9.06(a).         “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial  Institution, a UK Resolution Authority.         “Responsible  Officer”  means,  with  respect  to any  Credit  Party,  (a)  the  chief  executive  officer,  president, co-president, chief financial officer (or principal financial officer with similar responsibilities),  treasurer, assistant treasurer, controller, general counsel, secretary or director of such Credit Party, (b) solely  for  purposes  of  the  delivery  of  secretary  and/or  incumbency  certificates,  the  secretary,  any  assistant  secretary or any director of such Credit Party, and (c) solely for purposes of notices given pursuant to Article  II, (i) any other officer or employee of such Credit Party so designated by any Responsible Officer of such  Credit Party identified in clause (a) or clause (b) above in a notice to the Administrative Agent, (ii) any  other officer or employee of any Credit Party designated by such Credit Party pursuant to an agreement  between such Credit Party and the Administrative Agent or (iii) any director of such Credit Party. Any  document delivered hereunder that is signed by a Responsible Officer of a Credit Party shall be conclusively  presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of  such Credit Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of  such Credit Party. To the extent requested by the Administrative Agent, each Responsible Officer of the  Credit Parties will provide an incumbency certificate in form and substance reasonably satisfactory to the  Administrative Agent.         “Revolving  Commitment”  means,  as  to  each  Revolving  Lender,  its  obligation  to  (a)  make  Committed Revolving Loans to the Borrower pursuant to Section 2.01(a), (b) purchase participations in  L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at  any one time outstanding not to exceed the amount set forth opposite such Revolving Lender’s name on  Schedule  2.01 or  in  the  Assignment  and  Assumption  or  other documentation pursuant  to  which  such  Revolving Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time  in accordance with this Agreement.         “Revolving  Credit  Exposure”  means,  as  to  any  Revolving  Lender  at  any  time,  the  aggregate  principal amount of such Revolving Lender’s outstanding Committed Revolving Loans at such time, plus  such  Revolving  Lender’s  participation  in  L/C Obligations at  such  time, plus such  Revolving  Lender’s  participation in Swing Line Loans at such time.         “Revolving Lender” means, at any time (a) so long as any Revolving Commitment is in effect, any  Person that has a Revolving Commitment at such time, or (b) if the Aggregate Revolving Commitments                                          26   

 

   have been terminated or have expired, any Person that has a Committed Revolving Loan or a participation  in L/C Obligations or Swing Line Loans at such time.         “Revolving Maturity Date” means October 28, 2025; provided, that, if such date is not a Business  Day, the Revolving Maturity Date shall be the next preceding Business Day.         “Revolving Note” means a promissory note made by the Borrower in favor of a Revolving Lender  evidencing  Committed  Revolving  Loans  made  by  such  Revolving  Lender,  substantially  in  the  form  of  Exhibit D-1.         “Sale and Leaseback Transaction” means, with respect to any Person, any arrangement, directly or  indirectly, whereby such Person shall sell or transfer any property used or useful in its business, whether  now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends  to use for substantially the same purpose or purposes as the property being sold or transferred.         “Sanction(s)” means  any  economic  or  financial  sanctions  or  trade  embargoes  imposed,  administered or enforced by the United States Government (including, without limitation, OFAC or the  U.S. Department of State), the United Nations Security Council, the European Union or Her Majesty’s  Treasury of the United Kingdom (“HMT”) or other applicable sanctions authority.         “Scheduled Unavailability Date” has the meaning specified in Section 3.03(c).         “SEC”  means  the  Securities  and  Exchange  Commission,  or  any  Governmental  Authority  succeeding to any of its principal functions.         “Securitization Subsidiary” means any Subsidiary in each case formed for the purpose of and that  solely engages in one or more Securitization Transactions and other activities reasonably related thereto.          “Securitization Transaction” means, with respect to any Person, any financing transaction or series  of  financing transactions  (including  factoring  arrangements)  pursuant  to  which  such  Person  or  any  Subsidiary of such Person may sell, convey or otherwise transfer, or grant a security interest in, accounts,  payments,  receivables,  rights  to  future  lease  payments  or  residuals  or  similar  rights  to  payment  to  a  Securitization Subsidiary of such Person.          “SOFR” with respect to any Business Day means the secured overnight financing rate published  for  such  day  by  the  Federal  Reserve  Bank  of  New  York,  as  the  administrator  of  the  benchmark  (or  a  successor administrator) on the Federal Reserve Bank of New York’s website (or any successor source) at  approximately 8:00 a.m. (New York City time) on the immediately succeeding Business Day and, in each  case, that has been selected or recommended by the Relevant Governmental Body.         “Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on  such date (a) the fair value of the property of such Person is greater than the total amount of liabilities,  including contingent liabilities, of such Person, (b) 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, (c) such Person does not intend to, and does not believe that it  will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature,  (d) 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 an unreasonably small capital, and (e) such  Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature  in the ordinary course of business. The amount of contingent liabilities at any time shall be computed as                                          27   

 

   the amount that, in the light of all the facts and circumstances existing at such time, represents the amount  that would reasonably be expected to become an actual or matured liability.         “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company  or other business entity of which a majority of the shares of securities or other interests having ordinary  voting power for the election of directors or other governing body (other than securities or interests having  such power only by reason of the happening of a contingency) are at the time beneficially owned, or the  management of which is otherwise controlled, directly, or indirectly through one or more intermediaries,  or  both,  by  such  Person.  Unless  otherwise  specified,  all  references  herein  to  a  “Subsidiary”  or  to  “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Parent (whether direct or indirect).         “Substantial  Portion”  means,  on  any  date  of  determination,  with  respect  to  the  Property  of  the  Parent and its Subsidiaries, Property which represents more than ten percent (10%) of the Consolidated  Assets of the Parent and its Subsidiaries on such date.         “Supported QFC” has the meaning specified in Section 11.22.         “Swap  Contract” means (a) any  and  all  rate  swap  transactions,  basis  swaps,  credit  derivative  transactions,  forward  rate  transactions,  commodity  swaps,  commodity options,  forward  commodity  contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or  forward  bond  or  forward  bond  price  or  forward  bond  index  transactions,  interest  rate  options,  forward  foreign  exchange  transactions,  cap  transactions,  floor  transactions,  collar  transactions,  currency  swap  transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar  transactions or any combination of any of the foregoing (including any options to enter into any of the  foregoing), whether or not any such transaction is governed by or subject to any master agreement, and  (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and  conditions of, or governed by, any form of master agreement published by the International Swaps and  Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master  agreement  (any  such  master  agreement,  together  with  any  related  schedules,  a  “Master  Agreement”),  including any such obligations or liabilities under any Master Agreement. For the avoidance of doubt, the  following shall not be deemed a “Swap Contract”: (i) any phantom stock or similar plan (including any  stock  option  plan)  providing  for  payments  only  on  account  of  services  provided  by  current  or  former  directors, officers, employees or consultants of the Parent or its Subsidiaries, (ii) any stock option or warrant  agreement  for  the  purchase  of  equity  interests  of the  Parent,  (iii) the  purchase  of  equity  interests  or  Indebtedness  (including  securities  convertible  into  equity  interests)  of  the  Parent  pursuant  to  delayed  delivery contracts or (iv) any of the foregoing to the extent that it constitutes a derivative embedded in a  convertible security issued by the Parent.         “Swap Obligations” means all obligations, indebtedness and liabilities (other than Excluded Swap  Obligations) of any Credit Party or any of its Subsidiaries, to any Lender or any Affiliate of any Lender  which arise pursuant to any Swap Contract with any Credit Party or any of its Subsidiaries, whether now  existing  or  hereafter  arising,  whether  direct,  indirect,  related,  unrelated,  fixed,  contingent,  liquidated,  unliquidated, joint, several, or joint and several, including, without limitation, all fees, costs and expenses  (including reasonable attorneys’ fees and expenses) provided for in such Swap Contracts.         “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into  account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any  date on or after the date such Swap Contracts have been closed out and termination value(s) determined in  accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause  (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based                                         28   

 

   upon one or more mid-market or other readily available quotations provided by any recognized dealer in  such Swap Contracts (which may include a Lender or any Affiliate of a Lender).         “Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04.         “Swing Line Lender” means Bank of America in its capacity as provider of Swing Line Loans, or  any successor swing line lender hereunder.         “Swing Line Loan” has the meaning specified in Section 2.04(a).         “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b),  which shall be substantially in the form of Exhibit B or such other form as approved by the Administrative  Agent (including any form on an electronic platform or electronic transmission system as shall be approved  by  the  Administrative  Agent),  appropriately  completed  and  signed  by  a  Responsible  Officer  of the  Borrower.         “Swing Line Note” means a promissory note made by the Borrower in favor of the Swing Line  Lender evidencing Swing Line Loans made by the Swing Line Lender, substantially in the form of Exhibit  D-2.         “Swing Line Sublimit” means, as of any date of determination, an amount equal to the lesser of (a)  $100,000,000, and (b) the amount of the Aggregate Revolving Commitments as of such date. The Swing  Line Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments.         “Synthetic  Lease  Obligation”  means  the  monetary  obligation  of  a  Person  under  (a)  a  so-called  synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property  creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency  or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard  to accounting treatment).         “Taxes”  means  all  present  or  future  taxes,  levies,  imposts,  duties,  deductions,  withholdings  (including  backup  withholdings),  assessments,  fees  or  other  charges  imposed  by  any  Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.         “Term Borrowing” means a borrowing consisting of simultaneous Term Loans of the same Type  and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Term  Lenders pursuant to Section 2.01(b).         “Term Commitment” means, as to each Term Lender, its obligation to make Term Loans to the  Borrower pursuant to Section 2.01(b) in an aggregate principal amount at any one time outstanding not to  exceed the amount set forth opposite such Term Lender’s name on Schedule 2.01, as such amount may be  adjusted from time to time in accordance with this Agreement. The aggregate principal amount of the Term  Commitments in effect on the Effective Date is ONE BILLION and No/100 DOLLARS ($1,000,000,000).         “Term Facility” means, at any time, (a) during the Availability Period for the Term Facility, the  sum of (i) the aggregate principal amount of the Term Commitments at such time, plus (ii) the aggregate  principal amount of the Term Loans outstanding at such time, and (b) thereafter, the aggregate principal  amount of the Term Loans of all Term Lenders outstanding at such time.                                          29   

 

         “Term Lender” means (a) at any time during the Availability Period for the Term Facility, any  Person that has a Term Commitment or holds a Term Loan at such time, and (b) at any time after the  Availability Period for the Term Facility, any Person that holds a Term Loan at such time.         “Term Loan” means an advance made by any Term Lender pursuant to Section 2.01(b).         “Term Loan Borrowing Amount” has the meaning specified in Section 2.01(b).         “Term Maturity Date” means October 28, 2025; provided, that, if such date is not a Business Day,  the Term Maturity Date shall be the next preceding Business Day.         “Term Note” means a promissory note made by the Borrower in favor of a Term Lender evidencing  the Term Loans made by such Term Lender, substantially in the form of Exhibit D-3.         “Term  SOFR” means  the  forward-looking  term  rate  for  any  period  that  is  approximately  (as  determined  by  the  Administrative  Agent)  as  long as  any  of  the  Interest  Period  options  set  forth  in  the  definition of “Interest Period” and that is based on SOFR and that has been selected or recommended by  the Relevant Governmental Body, in each case as published on an information service as selected by the  Administrative Agent from time to time in its reasonable discretion.         “Termination Date” means the date on which (a) the Aggregate Revolving Commitments have  expired or terminated, (b) all Loans and Obligations (other than contingent indemnification obligations for  which no claim or demand has been made) have been paid in full, and (c) all Letters of Credit have expired  or have been terminated (or have been Cash Collateralized or back-stopped by a letter of credit or otherwise  in a manner reasonably satisfactory to the Administrative Agent and the applicable L/C Issuer).         “Ticking Fee” has the meaning specified in Section 2.09(b).         “Total Credit Exposure” means, as to any Lender at any time, the unused Commitments of such  Lender at such time, plus the Revolving Credit Exposure of such Lender at such time, plus the Outstanding  Amount of the Term Loans of such Lender at such time.         “Total Revolving Credit Exposure” means, as to any Revolving Lender at any time, the unused  Revolving Commitment of such Revolving Lender at such time, plus the Revolving Credit Exposure of  such Revolving Lender at such time.         “Total Revolving Outstandings” means, as of any date of determination, an amount equal to (a) the  aggregate Outstanding Amount of all Committed Revolving Loans at such time, plus (b) the aggregate  Outstanding Amount of all Swing Line Loans at such time, plus (c) the aggregate Outstanding Amount of  all L/C Obligations at such time.         “Truist” means Truist Bank and its successors.         “Truist Fee Letter” means the fee letter agreement, dated October 1, 2020, among the Borrower  and Truist Securities.         “Truist Securities” means Truist Securities, Inc. and its successors.         “Type” means, with respect to a Committed Revolving Loan or a Term Loan, its character as a  Base Rate Loan or a Eurodollar Rate Loan.                                          30   

 

         “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New  York.         “UK Financial Institution” means 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 subject to 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” means the Bank of England or any other public administrative authority  having responsibility for the resolution of any UK Financial Institution.         “Unfunded Liabilities” means the amount (if any) by which the present value of all vested and  unvested accrued benefits under all Plans exceeds the fair market value of all such Plan assets allocable to  such benefits, all determined as of the then most recent valuation date for such Plans using PBGC actuarial  assumptions for single employer plan terminations.         “United States” and “U.S.” mean the United States of America.         “Unreimbursed Amount” has the meaning specified in Section 2.03(f).         “U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30)  of the Code.         “U.S. Special Resolution Regimes” has the meaning specified in Section 11.22.         “U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(3).          “Withholding Agent” means the Borrower and the Administrative Agent.         “Write-Down and Conversion Powers” means, (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 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.          1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan  Document, unless otherwise specified herein or in such other Loan Document:               (a)   The definitions of terms herein shall apply equally to the singular and plural forms  of  the  terms defined.  Whenever  the  context  may  require,  any  pronoun  shall  include  the  corresponding  masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed  to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same  meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or  reference to any agreement, instrument or other document (including any Organization Document) shall be  construed as referring to such agreement, instrument or other document as from time to time amended,                                         31   

 

   restated, amended and restated, supplemented or otherwise modified or extended, replaced or refinanced,  including by way of any supplement or joinder agreement (subject to any restrictions on such amendments,  restatements,  amendments  and  restatements,  supplements,  modifications,  extensions,  replacements  or  refinancings set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall  be construed to include such Person’s successors and permitted assigns, (iii) the words “herein,” “hereof”  and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer  to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a  Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and  Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any  reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing  or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer  to such law or regulation as amended, restated, amended and restated, modified or supplemented from time  to time, (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and  to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and  contract rights and (vii) definitions given in singular form shall, when used in their plural form, mean a  collective reference to each such person, place or thing and definitions given in plural form shall, when  used in their singular form, mean an (or the applicable) individual person place or thing among the group  of persons, places or things defined. Any and all references to “Credit Party” regardless of whether preceded  by the term “a”, “any”, “each of”, “all”, “and/or”, or any other similar term shall be deemed to refer, as the  context requires, to each and every (and/or any, one or all) parties constituting a Credit Party, individually  and/or in the aggregate.               (b)   In the computation of periods of time from a specified date to a later specified date,  the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;”  and the word “through” means “to and including.”               (c)   Section  headings  herein  and  in  the  other  Loan  Documents  are  included  for  convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan  Document.               (d)   Any reference herein to a merger, consolidation, amalgamation, assignment, sale,  disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability  company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a  division or allocation), as if it were a merger, consolidation, amalgamation, assignment, sale, disposition or  transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability  company shall constitute a separate Person hereunder (and each division of any limited liability company  that is a Subsidiary, joint venture or any other like term shall also constitute such a Person).          1.03 Accounting Terms. (a) Generally. All accounting terms not specifically or completely  defined herein shall be construed in conformity with, and all financial data (including financial ratios and  other  financial  calculations)  required  to  be  submitted  pursuant  to  this  Agreement  shall  be  prepared  in  conformity with, IFRS, as in effect from time to time, except as otherwise specifically prescribed herein.  Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used  herein shall be construed, and all computations of amounts and ratios referred to herein shall be made  without giving effect to any election under Accounting Standards Codification 825 or Accounting Standard  Codification 470-20 (or any other Financial Accounting Standard or Accounting Standards Codification  having a similar result or effect) to value any Indebtedness or other liabilities of the Credit Parties or any  Subsidiary at “fair value,” as defined therein.               (b)   Changes in IFRS. If at any time any change in IFRS would affect the computation  of  any  financial  ratio  or  requirement  set  forth  in  any  Loan  Document,  and  either the  Borrower or  the                                         32   

 

   Required Lenders shall so request, the Administrative Agent and the Borrower shall negotiate in good faith  to amend such ratio or requirement (without the payment of any amendment or similar fee) to preserve the  original intent thereof in light of such change in IFRS (subject to the approval of the Required Lenders);  provided, that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance  with IFRS prior to such change therein, and (ii) the Borrower shall provide to the Administrative Agent  (for distribution to the Lenders) financial statements and other documents required under this Agreement  or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or  requirement made before and after giving effect to such change in IFRS.               (c)   Consolidation of Variable Interest Entities. All references herein to consolidated  financial statements of the Parent and its Subsidiaries or to the determination of any amount for the Parent  and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include  each material variable interest entity that any Credit Party is required to consolidate pursuant to FASB  Accounting Standards Codification 810 - Consolidation of Variable Interest Entities: an interpretation of  ARB No. 51 (January 2003) as if such variable interest entity were a Subsidiary as defined herein.               (d)   Calculations.  Notwithstanding  the  above,  the  parties  hereto  acknowledge  and  agree that all calculations of financial ratios and tests or the financial covenant in Section 7.05 (including  for purposes of determining the Applicable Rate) for any period shall be made on a Pro Forma Basis with  respect to (i) any Disposition of all of the Equity Interests of, or all or substantially all of the assets of, a  Subsidiary, occurring during such period, (ii) any Disposition of a line of business or division of the Parent  or any Subsidiary occurring during such period, (iii) any Acquisition consummated in such period, and (iv)  the incurrence of any Indebtedness in such period.          1.04 Rounding. Any financial ratios required to be maintained by any Credit Party pursuant to  this Agreement shall be calculated by dividing the appropriate component by the other component, carrying  the result to one place more than the number of places by which such ratio is expressed herein and rounding  the result up or down to the nearest number (with a rounding-up if there is no nearest number).          1.05 Times of Day. Unless otherwise specified, all references herein to times of day shall be  references to Eastern time (daylight or standard, as applicable).          1.06 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of  Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time;  provided, that, with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document  related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of  such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving  effect to all such increases, whether or not such maximum stated amount is in effect at such time.          1.07 Timing of Payment or Performance. When payment of any obligation or the performance  of any covenant, duty or obligation is stated to be due or performance required on a day which is not a  Business Day, the date of such payment (other than as described in the definition of “Interest Period”,  “Revolving Maturity Date”, “Term Maturity Date” and as described in Section 2.17(c) and Section 2.17(d))  or performance shall extend to the immediately succeeding Business Day, and, in the case of any payment  accruing interest or fees, interest or fees thereon shall be payable for the period of such extension.          1.08 Interest  Rates.   The  Administrative  Agent  does  not  warrant,  nor  accept  responsibility,  nor  shall  the  Administrative  Agent  have  any  liability  with  respect  to  the  administration, submission or any other matter related to the rates in the definition of “Eurodollar  Rate” or with respect to any rate that is an alternative or replacement for or successor to any of                                         33   

 

   such rate (including, without limitation, any LIBOR Successor Rate) or the effect of any of the  foregoing, or of any LIBOR Successor Rate Conforming Changes.                                    ARTICLE II                   COMMITMENTS AND CREDIT EXTENSIONS          2.01 Loans. (a) Subject to the terms and conditions set forth herein, each Revolving Lender  severally agrees to make revolving loans (each such loan, a “Committed Revolving Loan”) to the Borrower  in  Dollars  from  time  to  time,  on  any  Business  Day  during  the  Availability  Period  for  the  Aggregate  Revolving Commitments, in an aggregate amount not to exceed at any time outstanding the amount of such  Revolving  Lender’s  Revolving  Commitment; provided, that,  after  giving  effect  to  any  Committed  Revolving Borrowing, (i) the Total Revolving Outstandings shall not exceed the Aggregate Revolving  Commitments and (ii) the Revolving Credit Exposure of any Revolving Lender shall not exceed such  Revolving  Lender’s  Revolving  Commitment.  Within  the  limits  of  each  Revolving  Lender’s  Revolving  Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this  Section 2.01(a), prepay under Section 2.05, and reborrow under this Section 2.01(a). Committed Revolving  Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein; provided, that, all  Committed Revolving Borrowings made on the Effective Date shall be made as Base Rate Loans, unless  the Borrower submits a funding indemnity letter, in form and substance satisfactory to the Administrative  Agent, at least three (3) Business Days prior to the Effective Date, for any Eurodollar Rate Loans requested  to be made on the Effective Date.               (b)   Subject to the terms and conditions set forth herein, each Term Lender severally  agrees to make, from time to time, on any Business Day during the Availability Period for the Term Facility,  Term  Loans to the  Borrower in  Dollars; provided, that,  (A)  the  aggregate  amount  of all  Term  Loans  advanced pursuant to all such Term Borrowings shall not exceed $1,000,000,000, (B) no Term Lender’s  Term Loan made as part of such Term Borrowing shall exceed such Term Lender’s Applicable Percentage  in  respect  of  the  Term  Commitments advanced  as Term  Loans  as part  of  such  Term  Borrowing  (the  aggregate amount of all Term Loans advanced as part of such Term Borrowing being referred to herein as  the “Term Loan Borrowing Amount”) and (C) no more than five Term Borrowings shall be made during  the Availability Period. Each Term Borrowing shall consist of Term Loans made simultaneously by the  Term  Lenders  in  accordance  with  their  respective  Applicable  Percentage in  respect  of  the  Term  Commitments. Term Borrowings repaid or prepaid may not be reborrowed. Term Loans may be Base Rate  Loans or Eurodollar Rate Loans, as further provided herein.          2.02 Committed  Revolving  Borrowings  and  Term  Borrowings;  Conversions  and  Continuations of Committed Revolving Loans and Term Loans. (a) Each Borrowing, each conversion  of Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon  the applicable Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone  or a Loan Notice; provided, that, any telephonic notice by the applicable Borrower pursuant to this Section  2.02(a) must  be  confirmed  promptly  by  delivery  to  the  Administrative  Agent  of  a  Loan  Notice,  appropriately completed and signed by a Responsible Officer of the applicable Borrower. Each Loan Notice  must be received by the Administrative Agent not later than 1:00 p.m. (i) three (3) Business Days (or, in  the case of any Borrowing of Eurodollar Rate Loans on the Effective Date, two (2) Business Days) prior to  the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any  conversion of Eurodollar Rate Loans to Base Rate Loans and (ii) one (1) Business Day prior to the requested  date of any Borrowing of Base Rate Loans; provided, that, if the applicable Borrower wishes to request  Eurodollar Rate Loans having an Interest Period other than one (1), two (2), three (3) or six (6) months in  duration as provided in the definition of “Interest Period,” the applicable Loan Notice must be received by  the Administrative Agent not later than 1:00 p.m. four (4) Business Days prior to the requested date of such                                         34   

 

   Borrowing, conversion or continuation of Eurodollar Rate Loans, whereupon the Administrative Agent  shall give prompt notice to the Appropriate Lenders of such request and determine whether the requested  Interest Period is acceptable to all of the Appropriate Lenders. Not later than 1:00 p.m. three (3) Business  Days before the requested date of such Borrowing, conversion or continuation of Eurodollar Rate Loans,  the Administrative Agent shall notify the applicable Borrower (which notice may be by telephone) whether  or not the requested Interest Period has been consented to by all the Appropriate Lenders. Each Borrowing  of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or  a whole multiple of $1,000,000 in excess thereof. Except as provided in Sections 2.03(c) and 2.04(c), each  Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole  multiple of $100,000 in excess thereof. Each Loan Notice shall specify (a) the applicable facility and (b)  whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a  continuation of Eurodollar Rate Loans, (c) the requested date of the Borrowing, conversion or continuation,  as the case may be (which shall be a Business Day), (d) the principal amount of Loans to be borrowed,  converted or continued, (e) the Type of Loans to be borrowed or to which existing Loans are to be converted  and (f) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify  a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or  continuation, then the applicable Loans shall be made as, converted to or continued as, Eurodollar Rate  Loans with an Interest Period of one (1) month. Any such automatic continuation of Eurodollar Rate Loans  shall  be  effective  as  of  the  last  day  of  the  Interest  Period  then  in  effect  with  respect  to  the  applicable  Eurodollar  Rate  Loans. If  the  Borrower  requests  a  Borrowing  of,  conversion  to,  or  continuation  of  Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to  have specified an Interest Period of one (1) month.               (b)   Following  receipt  of  a  Loan  Notice,  the  Administrative  Agent  shall  promptly  notify each Appropriate Lender of the amount of its Applicable Percentage of the applicable Loans, and if  no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent  shall promptly notify each Appropriate Lender of the details of any conversion to or automatic continuation  of Eurodollar Rate Loans, as described in the preceding subsection. In the case of a Borrowing, each  Appropriate Lender shall make the amount of its Loan available to the Administrative Agent in immediately  available funds at the Administrative Agent’s Office not later than 3:00 p.m. on the Business Day specified  in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 and,  if such Borrowing is the initial Credit Extension, Section 4.01, the Administrative Agent shall make all  funds so received available to the Borrower in like funds as received by the Administrative Agent either by  (i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds,  or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably  acceptable to) the Administrative Agent by the Borrower.               (c)   Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or  converted only on the last day of an Interest Period for such Eurodollar Rate Loan. During the continuance  of a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans, in each  case without the consent of the Required Lenders and the Required Lenders may demand that any or all of  the outstanding Eurodollar Rate Loans be converted immediately to Base Rate Loans on the last day of the  then current Interest Period with respect thereto.               (d)   Each determination of an interest rate by the Administrative Agent pursuant to any  provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence  of manifest error.               (e)   After giving effect to all Borrowings, all conversions of Loans from one Type to  the other, and all continuations of Loans as the same Type, there shall not be more than ten (10) Interest  Periods in effect with respect to Eurodollar Rate Loans.                                         35   

 

               (f)   Notwithstanding anything  to  the  contrary  in  this  Agreement,  any  Lender  may  exchange, continue or rollover all or any portion of its Loans in connection with any refinancing, extension,  loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless  settlement mechanism approved by the Borrower, the Administrative Agent, and such Lender.               (g)   Notwithstanding anything to the contrary in this Agreement, this Section 2.02 shall  not apply to Swing Line Loans.          2.03 Letters  of  Credit. (a) The  Letter  of  Credit  Commitment.  Subject  to  the  terms  and  conditions set forth herein, in addition to the Loans provided for in Section 2.01, the Borrower may request  that any L/C Issuer, and each L/C Issuer agrees to, in reliance on the agreements of the Revolving Lenders  set forth in this Section 2.03, issue, at any time and from time to time during the Availability Period for the  Aggregate Revolving Commitments, Letters of Credit denominated in Dollars for its own account or the  account of any of its Subsidiaries in such form as is acceptable to the Administrative Agent and such L/C  Issuer in its reasonable determination. Letters of Credit issued hereunder shall constitute utilization of the  Aggregate Revolving Commitments.               (b)   Notice of Issuance, Amendment, Extension, Reinstatement or Renewal.                     (i)   To request the issuance of a Letter of Credit (or the amendment of the        terms and conditions, extension of the terms and conditions, extension of the expiration date, or        reinstatement of amounts paid, or renewal of an outstanding Letter of Credit), the Borrower shall        deliver (or transmit by electronic communication, if arrangements for doing so have been approved        by the applicable L/C Issuer) to an L/C Issuer selected by it and to the Administrative Agent not        later  than  1:00  p.m.  at  least  three  (3)  Business  Days  (or  such  later  date  and  time  as  the        Administrative Agent and such L/C Issuer may agree in a particular instance in their sole discretion)        prior to the proposed issuance date or date of amendment, as the case may be, a notice requesting        the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, extended,        reinstated or renewed, and specifying the date of issuance, amendment, extension, reinstatement or        renewal (which shall be a Business Day), the date on which such Letter of Credit is to expire (which        shall comply with Section 2.03(d)), the amount of such Letter of Credit, the name and address of        the beneficiary thereof, the purpose and nature of the requested Letter of Credit and such other        information  as  shall  be  necessary  to  prepare,  amend,  extend,  reinstate  or  renew  such  Letter  of        Credit. If requested by the applicable L/C Issuer, the Borrower also shall submit a Letter of Credit        Application and a reimbursement agreement on such L/C Issuer’s standard form in connection with        any  request  for  a  Letter  of  Credit.  In  the  event  of  any  inconsistency  between  the  terms  and        conditions of this Agreement and the terms and conditions of any Letter of Credit Application, any        reimbursement agreement, any other Issuer Document or any other agreement submitted by the        Borrower to, or entered into by the Borrower with, an L/C Issuer relating to any Letter of Credit,        the terms and conditions of this Agreement shall control.                     (ii)  If the Borrower so requests in any applicable Letter of Credit Application        (or the amendment of an outstanding Letter of Credit), the applicable L/C Issuer may, in its sole        discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-       Extension Letter of Credit”); provided, that, any such Auto-Extension Letter of Credit shall permit        such  L/C  Issuer  to  prevent  any  such  extension  at  least  once  in  each  twelve  (12)-month  period        (commencing  with  the  date  of  issuance  of  such  Letter  of  Credit)  by  giving  prior  notice  to  the        beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve        (12)-month period to be agreed upon by the Borrower and the applicable L/C Issuer at the time        such Letter of Credit is issued. Unless otherwise directed by the applicable L/C Issuer, the Borrower        shall not be required to make a specific request to such L/C Issuer for any such extension. Once an                                         36   

 

                Auto-Extension Letter of Credit has been issued, the Revolving Lenders shall be deemed to have  authorized (but may not require) the applicable L/C Issuer to permit the extension of such Letter of  Credit at any time to an expiration date not later than the date permitted pursuant to Section 2.03(d);  provided, that, such L/C Issuer shall not (A) permit any such extension if (1) such L/C Issuer has  determined that it would not be permitted, or would have no obligation, at such time to issue such  Letter of Credit in its extended form under the terms hereof (except that the expiration date may be  extended to a date that is no more than one (1) year from the then-current expiration date), or (2) it  has received notice (which may be in writing or by telephone (if promptly confirmed in writing))  on or before the day that is seven (7) Business Days before the Non-Extension Notice Date from  the Administrative Agent that the Required Revolving Lenders have elected not to permit such  extension, or (B) be obligated to permit such extension if it has received notice (which may be in  writing or by telephone (if promptly confirmed in writing)) on or before the day that is seven (7)  Business  Days  before  the  Non-Extension  Notice  Date  from  the  Administrative  Agent,  any  Revolving Lender or the Borrower that one or more of the applicable conditions set forth in Section  4.02 is  not  then  satisfied,  and  in  each  such  case  directing  such  L/C  Issuer  not  to  permit  such  extension.         (c)   Limitations on Amounts, Issuance and Amendment.               (i)   A  Letter  of  Credit  shall  be  issued,  amended,  extended,  reinstated  or  renewed only if (and upon issuance, amendment, extension, reinstatement or renewal of each Letter  of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such  issuance,  amendment,  extension,  reinstatement  or  renewal  (A)  unless  otherwise  agreed  by  the  applicable L/C Issuer in its sole discretion, the aggregate amount of the outstanding Letters of  Credit issued by such L/C Issuer shall not exceed such L/C Issuer’s L/C Commitment, (B) the  aggregate L/C Obligations shall not exceed the Letter of Credit Sublimit, (C) the Revolving Credit  Exposure  of  any  Revolving  Lender  shall  not  exceed  such  Revolving  Lender’s  Revolving  Commitment, and (D) the Total Revolving Credit Exposures of all Revolving Lenders shall not  exceed the Aggregate Revolving Commitments.               (ii)  No L/C Issuer shall be under any obligation to issue any Letter of Credit  if: (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms  purport to enjoin or restrain such L/C Issuer from issuing the Letter of Credit, or any Law applicable  to such L/C Issuer or any request or directive (whether or not having the force of law) from any  Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or request that such  L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular  or shall impose upon such L/C Issuer with respect to the Letter of Credit any restriction, reserve or  capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in  effect on the Effective Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or  expense which was not applicable on the Effective Date and which such L/C Issuer in good faith  deems material to it; (B) the issuance of such Letter of Credit would violate one or more policies  of such L/C Issuer applicable to letters of credit generally; (C) except as otherwise agreed by the  Administrative Agent and such L/C Issuer, the Letter of Credit is in an initial stated amount less  than $250,000; (D) any Revolving Lender is at that time a Defaulting Lender, unless such L/C  Issuer  has  entered  into  arrangements,  including  the  delivery  of  Cash  Collateral,  reasonably  satisfactory to such L/C Issuer (in its sole discretion) with the Borrower or such Revolving Lender  to eliminate such L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section  2.16(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then  proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such L/C  Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion; or (E) the                                   37                

 

         Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any        drawing thereunder.                     (iii) No L/C Issuer shall be under any obligation to amend any Letter of Credit        if (A) such L/C Issuer would have no obligation at such time to issue the Letter of Credit in its        amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not accept        the proposed amendment to the Letter of Credit.               (d)   Expiration Date. Each Letter of Credit shall have a stated expiration date no later  than the earlier of (i) the date twelve (12) months after the date of the issuance of such Letter of Credit (or,  in the case of any extension of the expiration date thereof, whether automatic or by amendment, twelve (12)  months after the then current expiration date of such Letter of Credit), and (ii) the Letter of Credit Expiration  Date.               (e)   Participations.                     (i)   By the issuance of a Letter of Credit (or an amendment to a Letter of Credit        increasing the amount or extending the expiration date thereof), and without any further action on        the  part  of  the  applicable  L/C  Issuer  or  the  Lenders,  such  L/C  Issuer  hereby  grants  to  each        Revolving  Lender,  and  each  Revolving  Lender  hereby  acquires  from  such  L/C  Issuer,  a        participation  in  such  Letter  of  Credit  equal  to such  Revolving  Lender’s  Applicable  Revolving        Percentage  of  the  aggregate  amount  available  to  be  drawn  under  such  Letter  of  Credit.  Each        Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to        this Section 2.03(e)(i) in respect of Letters of Credit is absolute, unconditional and irrevocable and        shall  not  be  affected  by  any  circumstance  whatsoever,  including  any  amendment,  extension,        reinstatement or renewal of any Letter of Credit or the occurrence and continuance of a Default or        reduction  or  termination  of  the  Aggregate  Revolving  Commitments.  Each  Revolving  Lender        further acknowledges and agrees that its participation in each Letter of Credit will be automatically        adjusted  to  reflect  such  Revolving  Lender’s  Applicable  Revolving  Percentage  of  the  aggregate        amount available to be drawn under such Letter of Credit at each time such Revolving Lender’s        Aggregate Revolving Commitment is amended pursuant to the provisions of this Agreement.                     (ii)  In consideration and in furtherance of the foregoing, upon receipt of any        Non-Reimbursement  Notice,  each  Revolving  Lender  hereby  absolutely,  unconditionally  and        irrevocably agrees to pay to the Administrative Agent, for account of the applicable L/C Issuer,        such Revolving Lender’s Applicable Revolving Percentage of each L/C Disbursement made by        such L/C Issuer not later than 3:00 p.m. on the Business Day specified in such Non-Reimbursement        Notice (provided that such Non-Reimbursement Notice is received by 1:00 p.m. on or prior to the        Business Day specified, otherwise payment will be due on the following Business Day), until such        L/C Disbursement is reimbursed by the Borrower or at any time after any reimbursement payment        is required to be refunded to the Borrower for any reason, including after the Revolving Maturity        Date.  Such  payment  shall  be  made  without  any  offset,  abatement,  withholding  or  reduction        whatsoever, and shall otherwise be made in the same manner as provided in Section 2.02 with        respect to Committed Revolving Loans made by such Revolving Lender (and Section 2.02 shall        apply, mutatis  mutandis,  to  the  payment  obligations  of  the  Revolving  Lenders  pursuant  to  this        Section 2.03(e)(ii)). The Administrative Agent shall promptly pay to the applicable L/C Issuer the        amounts  so  received  by  it  from  the  Revolving  Lenders.  Promptly  following  receipt  by  the        Administrative  Agent  of  any  payment  from the  Borrower pursuant  to Section  2.03(f),  the        Administrative Agent shall distribute such payment to such L/C Issuer or, to the extent that the        Revolving Lenders have made payments pursuant to this Section 2.03(e)(ii) to reimburse such L/C        Issuer, then to such Revolving Lenders and the applicable L/C Issuer as their interests may appear.                                         38   

 

         Any payment made by a Revolving Lender pursuant to this Section 2.03(e)(ii) to reimburse any        L/C Issuer for any L/C Disbursement (other than, for the avoidance of doubt, any Committed        Revolving Loan made by a Revolving Lender pursuant to the first proviso set forth in Section        2.03(f)) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse        such L/C Disbursement.                     (iii) If  any  Revolving  Lender  fails  to  make  available  to  the  Administrative        Agent  for  the  account  of  the  applicable  L/C  Issuer  any  amount  required  to  be  paid  by  such        Revolving Lender pursuant to the provisions of Section 2.03(e)(ii), then, without limiting the other        provisions  of  this  Agreement,  the  applicable  L/C  Issuer  shall  be  entitled  to  recover  from  such        Revolving  Lender  (acting  through  the  Administrative  Agent),  on  demand, such  amount  with        interest thereon for the period from the date such payment is required to the date on which such        payment is immediately available to such L/C Issuer at a rate per annum equal to the greater of the        applicable Overnight Rate and a rate determined by the applicable L/C Issuer in accordance with        banking industry rules on interbank compensation, plus any administrative, processing or similar        fees customarily charged by such L/C Issuer in connection with the foregoing. A certificate of such        L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to        any amounts owing under this Section 2.03(e)(iii) shall be conclusive absent manifest error.               (f)   Reimbursement. If any L/C Issuer shall make any L/C Disbursement in respect of  a Letter of Credit, the Borrower shall reimburse such L/C Issuer in respect of such L/C Disbursement by  paying to the Administrative Agent an amount equal to such L/C Disbursement not later than 12:00 noon  on (i) the Business Day that the Borrower receives notice of such L/C Disbursement, if such notice is  received prior to 10:00 a.m., or (ii) the Business Day immediately following the day that the Borrower  receives such notice, if such notice is not received prior to such time; provided, that, the Borrower may,  subject to the conditions to borrowing set forth herein (other than the minimums and multiples required for  Base Rate Loans pursuant to Section 2.02), request in accordance with Section 2.02 that such payment be  financed with a Committed Revolving Borrowing of Base Rate Loans in an equivalent amount and, to the  extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by  the resulting Committed Revolving Borrowing of Base Rate Loans. If the Borrower fails to make such  payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable L/C  Disbursement, the payment then due from the Borrower in respect thereof (the “Unreimbursed Amount”)  and  such  Revolving  Lender’s  Applicable  Revolving  Percentage  thereof  (each  such  notice,  a  “Non- Reimbursement  Notice”).  Promptly  upon  receipt  of  any  Non-Reimbursement  Notice,  each  Revolving  Lender shall pay to the Administrative Agent its Applicable Revolving Percentage of the Unreimbursed  Amount pursuant to Section 2.03(e)(ii), subject to the amount of the unutilized portion of the Revolving  Commitments. Any notice given by any L/C Issuer or the Administrative Agent pursuant to this Section  2.03(f) may be given by telephone if immediately confirmed in writing; provided, that, the lack of such an  immediate confirmation shall not affect the conclusiveness or binding effect of such notice.               (g)   Obligations Absolute. The Borrower’s obligation to reimburse L/C Disbursements  as provided in Section 2.03(f) shall be absolute, unconditional and irrevocable, and shall be performed  strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and  irrespective of: (i) any lack of validity or enforceability of this Agreement, any other Loan Document or  any Letter of Credit, or any term or provision herein or therein; (ii) the existence of any claim, counterclaim,  setoff,  defense  or  other right  that the  Borrower or  any  Subsidiary  may  have  at  any  time  against  any  beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any  such  transferee  may  be  acting),  any  L/C  Issuer  or  any  other  Person,  whether  in  connection  with  this  Agreement,  the  transactions  contemplated  hereby  or  by  such  Letter  of  Credit  or  any  agreement  or  instrument  relating  thereto,  or  any  unrelated  transaction;  (iii)  any  draft,  demand,  certificate  or  other  document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in                                         39   

 

   any respect or any statement in such draft or other document being untrue or inaccurate in any respect; or  any loss or delay in the transmission or otherwise of any document required in order to make a drawing  under such Letter of Credit; (iv) waiver by any L/C Issuer of any requirement that exists for such L/C  Issuer’s protection and not the protection of the Borrower or any waiver by such L/C Issuer which does not  in fact materially prejudice the Borrower; (v) honor of a demand for payment presented electronically even  if such Letter of Credit required that demand be in the form of a draft; (vi) any payment made by any L/C  Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of,  or the date by which documents must be received under such Letter of Credit if presentation after such date  is authorized by the UCC or the ISP, as applicable; (vii) payment by the applicable L/C Issuer under a Letter  of Credit against presentation of a draft or other document that does not comply strictly with the terms of  such Letter of Credit; or any payment made by any L/C Issuer under such Letter of Credit to any Person  purporting  to  be  a  trustee  in  bankruptcy,  debtor-in-possession,  assignee  for  the  benefit  of  creditors,  liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter  of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or (viii)  any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but  for the provisions of this Section 2.03, constitute a legal or equitable discharge of, or provide a right of  setoff against, the Borrower’s obligations hereunder.               (h)   Examination. The Borrower shall promptly examine a copy of each Letter of Credit  and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the  Borrower’s  instructions  or  other  irregularity, the  Borrower will immediately notify the applicable L/C  Issuer. The Borrower shall be conclusively deemed to have waived any such claim against such L/C Issuer  and its correspondents unless such notice is given as aforesaid.               (i)   Liability. None of the Administrative Agent, any Lender, any L/C Issuer, or any  of their Related Parties shall have any liability or responsibility by reason of or in connection with the  issuance or transfer of any Letter of Credit by the applicable L/C Issuer or any payment or failure to make  any payment thereunder (irrespective of any of the circumstances referred to in Section 2.03(g)), or any  error,  omission,  interruption,  loss  or  delay  in  transmission  or  delivery  of  any  draft,  notice  or  other  communication  under  or  relating  to  any  Letter  of  Credit  (including  any  document  required  to  make  a  drawing  thereunder),  any  error  in  interpretation  of  technical  terms,  any  error  in  translation  or  any  consequence  arising  from  causes  beyond  the  control  of  the  applicable  L/C  Issuer; provided, that,  the  foregoing shall not be construed to excuse an L/C Issuer from liability to the Borrower to the extent of any  direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the  Borrower to the extent permitted by applicable Law) suffered by the Borrower that are caused by such L/C  Issuer’s failure to exercise care when determining whether drafts and other documents presented under a  Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of  gross negligence or willful misconduct on the part of an L/C Issuer (as finally determined by a court of  competent jurisdiction), such L/C Issuer shall be deemed to have exercised care in each such determination,  and that: (i) an L/C Issuer may replace a purportedly lost, stolen, or destroyed original Letter of Credit or  missing  amendment  thereto  with  a  certified  true  copy  marked  as  such  or  waive  a  requirement  for  its  presentation;  (ii)  an  L/C  Issuer  may  accept  documents  that  appear  on  their  face  to  be  in  substantial  compliance with the terms of a Letter of Credit without responsibility for further investigation, regardless  of any notice or information to the contrary, and may make payment upon presentation of documents that  appear on their face to be in substantial compliance with the terms of such Letter of Credit and without  regard to any non-documentary condition in such Letter of Credit; (iii) an L/C Issuer shall have the right,  in its sole discretion, to decline to accept such documents and to make such payment if such documents are  not in strict compliance with the terms of such Letter of Credit; and (iv) this sentence shall establish the  standard of care to be exercised by an L/C Issuer when determining whether drafts and other documents  presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to  the extent permitted by applicable Law, any standard of care inconsistent with the foregoing). Without                                         40   

 

   limiting  the  foregoing,  none  of  the  Administrative  Agent,  any  Lender,  any  L/C  Issuer,  or  any  of  their  Related Parties shall have any liability or responsibility by reason of (A) any presentation that includes  forged or fraudulent documents or that is otherwise affected by the fraudulent, bad faith, or illegal conduct  of the beneficiary or other Person, (B) an L/C Issuer declining to take-up documents and make payment,  (C) against documents that are fraudulent, forged, or for other reasons by which that it is entitled not to  honor, (D) following the Borrower’s waiver of discrepancies with respect to such documents or request for  honor  of  such  documents,  or  (E)  an  L/C  Issuer  retaining  proceeds  of  a  Letter  of  Credit  based  on  an  apparently  applicable  attachment  order,  blocking  regulation,  or  third-party  claim  notified  to  such  L/C  Issuer.               (j)   Applicability  of  ISP.  Unless  otherwise  expressly  agreed  by  the  applicable  L/C  Issuer and the Borrower when a Letter of Credit is issued by it, the rules of the ISP shall apply to each  Letter of Credit. Notwithstanding the foregoing, no L/C Issuer shall be responsible to the Borrower for, and  no L/C Issuer’s rights and remedies against the Borrower shall be impaired by, any action or inaction of  any L/C Issuer required or permitted under any law, order, or practice that is required or permitted to be  applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where  any L/C Issuer or the beneficiary is located, the practice stated in the ISP, or in the decisions, opinions,  practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for  Finance  and  Trade - International  Financial  Services  Association  (BAFT-IFSA),  or  the  Institute  of  International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.               (k)   Benefits. Each L/C Issuer shall act on behalf of the Lenders with respect to any  Letters of Credit issued by it and the documents associated therewith, and each L/C Issuer shall have all of  the benefits and immunities (i) provided to the Administrative Agent in Article IX with respect to any acts  taken or omissions suffered by such L/C Issuer in connection with Letters of Credit issued by it or proposed  to  be  issued  by  it  and  Issuer  Documents  pertaining  to  such  Letters  of  Credit  as  fully  as  if  the  term  “Administrative  Agent”  as  used  in Article  IX included  such  L/C  Issuer  with  respect  to  such  acts  or  omissions, and (ii) as additionally provided herein with respect to such L/C Issuer.               (l)   Letter of Credit Fees. The Borrower shall pay to the Administrative Agent, for the  account of each Revolving Lender in accordance with its Applicable Revolving Percentage, a Letter of  Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate for Letters of  Credit times the daily amount available to be drawn under such Letter of Credit. For purposes of computing  the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall  be  determined  in  accordance  with Section  1.06.  Letter  of  Credit  Fees  shall  be  (i)  payable  on  the  first  Business Day following the end of each April, July, October and January, commencing with the first such  date to occur after the issuance of such Letter of Credit, on the Revolving Maturity Date and thereafter on  demand, and (ii) accrued through and including the last day of each calendar quarter in arrears. If there is  any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each  Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during  such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained  herein, upon the request of the Required Revolving Lenders, while any Event of Default exists, all Letter  of Credit Fees shall accrue at the Default Rate.               (m)   Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers.  The Borrower shall pay directly to the applicable L/C Issuer for its own account a fronting fee with respect  to each Letter of Credit, at the rate per annum equal to the percentage set forth in the Joint Fee Letter,  computed on the daily amount available to be drawn under such Letter of Credit on a quarterly basis in  arrears. Such fronting fee shall be due and payable no later than the 10th Business Day after the end of each  April, July, October and January in the most recently-ended quarterly period (or portion thereof, in the case  of the first payment), commencing with the first such date to occur after the issuance of such Letter of                                         41   

 

   Credit, on the Revolving Maturity Date and thereafter on demand. In addition, the Borrower shall pay  directly to the applicable L/C Issuer for its own account the customary issuance, presentation, amendment  and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of  credit as from time to time in effect. Such customary fees and standard costs and charges are due and  payable on demand and are nonrefundable.               (n)   Disbursement  Procedures.  Each  L/C  Issuer  shall,  with  respect  to  any  Letter  of  Credit issued by such L/C Issuer, within the time allowed by applicable Laws or the specific terms of the  Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for  payment under such Letter of Credit. Such L/C Issuer shall promptly after such examination notify the  Administrative Agent and the Borrower in writing of such demand for payment if such L/C Issuer has made  or will make an L/C Disbursement thereunder; provided, that, any failure to give or delay in giving such  notice shall not relieve the Borrower of its obligation to reimburse such L/C Issuer and the Revolving  Lenders with respect to any such L/C Disbursement.               (o)   Interim Interest. If any L/C Issuer for any Letter of Credit shall make any L/C  Disbursement, then, unless the Borrower shall reimburse such L/C Disbursement in full on the date such  L/C Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including  the date such L/C Disbursement is made to but excluding the date that the Borrower reimburses such L/C  Disbursement, at the rate per annum then applicable to Base Rate Loans; provided, that, if the Borrower  fails to reimburse such L/C Disbursement when due pursuant to Section 2.03(f), then Section 2.08(b) shall  apply. Interest accrued pursuant to this Section 2.03(o) shall be for account of such L/C Issuer, except that  interest accrued on and after the date of payment by any Revolving Lender pursuant to Section 2.03(f) to  reimburse such L/C Issuer shall be for account of such Revolving Lender to the extent of such payment.               (p)   Replacement of any L/C Issuer. Any L/C Issuer may be replaced at any time by  written  agreement  between the  Borrower,  the  Administrative  Agent,  the  replaced  L/C  Issuer  and  the  successor L/C Issuer. The Administrative Agent shall notify the Revolving Lenders of any such replacement  of an L/C Issuer. At the time any such replacement shall become effective, the Borrower shall pay all unpaid  fees accrued for the account of the replaced L/C Issuer. From and after the effective date of any such  replacement, (i) the successor L/C Issuer shall have all the rights and obligations of an L/C Issuer under  this Agreement with respect to Letters of Credit to be issued by it thereafter, and (ii) references herein to  the  term  “L/C Issuer”  shall  be  deemed  to  include  such  successor  or  any  previous  L/C  Issuer,  or  such  successor and all previous L/C Issuers, as the context shall require. After the replacement of an L/C Issuer  hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and  obligations of an L/C Issuer under this Agreement with respect to Letters of Credit issued by it prior to such  replacement, but shall not be required to issue additional Letters of Credit.               (q)   Cash Collateralization. If any Event of Default shall occur and be continuing, on  the  Business  Day  that the  Borrower receives  notice  from  the  Administrative  Agent  or  the  Required  Revolving Lenders (or, if the maturity of the Committed Revolving Loans has been accelerated, Revolving  Lenders  with  L/C  Obligations  representing  at  least  fifty  percent  (50%)  of  the  total  L/C  Obligations)  demanding the deposit of Cash Collateral pursuant to this Section 2.03(q), the Borrower shall immediately  deposit into an account established and maintained on the books and records of the Administrative Agent  an amount in cash equal to one hundred two percent (102%) of the total L/C Obligations as of such date,  plus any accrued and unpaid interest thereon; provided, that, the obligation to deposit such Cash Collateral  shall become effective immediately, and such deposit shall become immediately due and payable, without  demand or other notice of any kind, upon the occurrence of any Event of Default described in Section  8.01(f) or Section 8.01(g). Such deposit shall be held by the Administrative Agent as collateral for the  payment and performance of the obligations of the Borrower under this Agreement. In addition, and without  limiting the foregoing or Section 2.03(d), if any L/C Obligations remain outstanding after the expiration                                         42   

 

   date specified in Section 2.03(d), the Borrower shall immediately deposit into an account established and  maintained on the books and records of the Administrative Agent an amount in cash equal to one hundred  two percent (102%) of the total L/C Obligations as of such date, plus any accrued and unpaid interest  thereon. The Administrative Agent shall have exclusive dominion and control, including the exclusive right  of withdrawal, over any Cash Collateral deposited pursuant to this Section 2.03(q). Other than any interest  earned on the investment of such deposits, which investments shall be made at the option and sole discretion  of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest.  Interest  or  profits,  if  any,  on  such  investments  shall  accumulate  in  the  accounts  into  which  such  Cash  Collateral is deposited. Cash Collateral deposited pursuant to this Section 2.03(q) shall be applied by the  Administrative  Agent  to  reimburse  any  L/C  Issuer  for  L/C  Disbursements  for  which  it  has  not  been  reimbursed, together with related fees, costs, and customary processing charges, and, to the extent not so  applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the L/C  Obligations at such time or, if the maturity of the Committed Revolving Loans has been accelerated (but  subject to the consent of Revolving Lenders with L/C Obligations representing at least fifty percent (50%)  of the total L/C Obligations), be applied to satisfy other obligations of the Borrower under this Agreement.  If the Borrower is required to provide an amount of Cash Collateral hereunder as a result of the occurrence  of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower  within three (3) Business Days after all Events of Default have been cured or waived.               (r)   Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit  issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary,  the  Borrower shall  be  obligated  to  reimburse,  indemnify  and  compensate  the  applicable  L/C  Issuer  hereunder for any and all drawings under such Letter of Credit as if such Letter of Credit had been issued  solely for the account of the Borrower. The Borrower irrevocably waives any and all defenses that might  otherwise be available to it as a guarantor or surety of any or all of the obligations of such Subsidiary in  respect of such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit  for the account of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business  derives substantial benefits from the businesses of such Subsidiaries.                (s)   Letter of Credit Reports. Unless otherwise agreed by the Administrative Agent,  each L/C Issuer shall, in addition to its notification obligations set forth elsewhere in this Section 2.03,  provide  the  Administrative  Agent  a  report,  in  form  and  substance  reasonably  satisfactory  to  the  Administrative Agent, as set forth below: (i) reasonably prior to the time that such L/C Issuer issues,  amends, renews, increases or extends a Letter of Credit, the date of such issuance, amendment, renewal,  increase or extension and the stated amount of the applicable Letters of Credit after giving effect to such  issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed); (ii) on  each Business Day on which such L/C Issuer makes a payment pursuant to a Letter of Credit, the date and  amount of such payment; (iii) on any Business Day on which the Borrower fails to reimburse a payment  made pursuant to a Letter of Credit required to be reimbursed to such L/C Issuer on such day, the date of  such failure and the amount of such payment; (iv) for so long as any Letter of Credit issued by an L/C Issuer  is outstanding, such L/C Issuer shall deliver to the Administrative Agent (A) on the last Business Day of  each calendar month, (B) at all other times a Letter of Credit Report is required to be delivered pursuant to  this Agreement, and (C) on each date that (1) an L/C Credit Extension occurs or (2) there is any expiration,  cancellation and/or disbursement, in each case, with respect to any such Letter of Credit, a Letter of Credit  Report appropriately completed with the information for every outstanding Letter of Credit issued by such  L/C Issuer; and (v) on any other Business Day, such other information as the Administrative Agent shall  reasonably request as to the Letters of Credit issued by such L/C Issuer.               (t)   Conflict with Issuer Documents. In the event of any conflict between the terms  hereof and the terms of any Issuer Document, the terms hereof shall control.                                         43   

 

          2.04 Swing  Line  Loans. (a) The  Swing  Line.  Subject  to  the  terms  and  conditions  set  forth  herein, the Swing Line Lender, in reliance upon the agreements of the other Revolving Lenders set forth in  this Section 2.04, may in its sole discretion make loans (each such loan, a “Swing Line Loan”) to the  Borrower,  in  Dollars,  from  time  to  time  on  any  Business  Day  during  the  Availability  Period  for  the  Aggregate Revolving Commitments in an aggregate amount not to exceed at any time outstanding the  amount of the Swing Line Sublimit; provided, that, (i) after giving effect to any Swing Line Loan, the Total  Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (ii) after giving effect to  any  Swing  Line  Loan,  the  Revolving  Credit  Exposure  of  any  Revolving Lender shall not exceed such  Revolving Lender’s Revolving Commitment, (iii) after giving effect to any Swing Line Loan, the sum of  (without  duplication)  (A)  the  Revolving  Credit  Exposure  of  the  Swing  Line  Lender, plus (B)  the  Outstanding  Amount  of  all  Swing  Line  Loans,  shall  not  exceed  the  Swing  Line  Lender’s  Revolving  Commitment, (iv) the Borrower shall not use the proceeds of any Swing Line Loan to refinance any  outstanding Swing Line Loan, and (v) the Swing Line Lender shall not be under any obligation to make  any Swing Line Loan if it shall determine (which determination shall be conclusive and binding absent  manifest error) that it has, or by such Credit Extension may have, Fronting Exposure. Within the foregoing  limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section  2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each Swing Line Loan shall bear  interest at the rate per annum specified in Section 2.08(a)(iii). Immediately upon the making of a Swing  Line Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees  to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal  to the product of such Revolving Lender’s Applicable Revolving Percentage times the amount of such  Swing Line Loan.               (b)   Borrowing  Procedures.  Each  Swing  Line  Borrowing  shall  be  made  upon the  Borrower’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given  by telephone or by a Swing Line Loan Notice; provided, that, any telephonic notice must be confirmed  promptly by delivery to the Swing Line Lender and the Administrative Agent of a Swing Line Loan Notice,  appropriately completed and signed by a Responsible Officer of the Borrower. Each Swing Line Loan  Notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m.  on the requested borrowing date (or such later time as shall be acceptable to the Administrative Agent and  the Swing Line Lender in their sole discretion), and shall specify (i) the amount to be borrowed, which shall  be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business Day. Promptly  after receipt by the Swing Line Lender of any Swing Line Loan Notice, the Swing Line Lender will confirm  with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received  such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by  telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by  telephone or in writing) from the Administrative Agent (including at the request of the Required Lenders)  prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender  not to make such Swing Line Loan as a result of the limitations set forth in the proviso to the first sentence  of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Section 4.02 is not then  satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 3:00  p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line  Loan available to the Borrower in immediately available funds.               (c)   Refinancing of Swing Line Loans.                     (i)   The Swing Line Lender at any time in its sole and absolute discretion may        request, on behalf of the Borrower (which hereby irrevocably authorizes the Swing Line Lender to        so request on its behalf), that each Revolving Lender make a Committed Revolving Loan that is a        Base Rate Loan in an amount equal to such Revolving Lender’s Applicable Revolving Percentage        of the amount of Swing Line Loans then outstanding. Such request shall be made in writing (which                                         44   

 

                written request shall be deemed to be a Loan Notice for purposes hereof) and in accordance with  the requirements of Section 2.02, without regard to the minimum and multiples specified therein  for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Aggregate  Revolving Commitments and the conditions set forth in Section 4.02. The Swing Line Lender shall  furnish the Borrower with a copy of the applicable Loan Notice promptly after delivering such  notice to the Administrative Agent. Each Revolving Lender shall make an amount equal to its  Applicable Revolving Percentage of the amount specified in such Loan Notice available to the  Administrative Agent in immediately available funds (and the Administrative Agent may apply  Cash Collateral available with respect to the applicable Swing Line Loan) for the account of the  Swing Line Lender at the Administrative Agent’s Office for Dollar-denominated payments not later  than 1:00 p.m. on the day specified in such Loan Notice (provided that such Loan Notice is received  by 11:00 a.m. on or prior to the Business Day specified, otherwise payment will be due on the  following Business Day), whereupon, subject to Section 2.04(c)(ii), each Revolving Lender that so  makes funds available shall be deemed to have made a Committed Revolving Loan that is a Base  Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so  received to the Swing Line Lender.               (ii)  If for any reason any Swing Line Loan cannot be refinanced by such a  Committed Revolving Borrowing in accordance with Section 2.04(c)(i), the request for Committed  Revolving Loans that are Base Rate Loans submitted by the Swing Line Lender as set forth herein  shall be deemed to be a request by the Swing Line Lender that each of the Revolving Lenders fund  its risk participation in the relevant Swing Line Loan and each Revolving Lender’s payment to the  Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall  be deemed payment in respect of such participation.               (iii) If  any  Revolving  Lender  fails  to  make  available  to  the  Administrative  Agent for the account of the Swing Line Lender any amount required to be paid by such Revolving  Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section  2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Revolving Lender (acting  through the Administrative Agent), on demand, such amount with interest thereon for the period  from the date such payment is required to the date on which such payment is immediately available  to the Swing Line Lender at a rate per annum equal to the applicable Overnight Rate from time to  time in effect, plus any administrative, processing or similar fees customarily charged by the Swing  Line Lender in connection with the foregoing. If such Revolving Lender pays such amount (with  interest  and  fees  as  aforesaid),  the  amount  so  paid  shall  constitute  such  Revolving  Lender’s  Committed Revolving Loan included in the relevant Committed Revolving Borrowing or funded  participation in the relevant Swing Line Loan, as the case may be. A certificate of the Swing Line  Lender submitted to any Revolving Lender (through the Administrative Agent) with respect to any  amounts owing under this clause (iii) shall be conclusive absent manifest error.               (iv)  Each Revolving Lender’s obligation to make Committed Revolving Loans  or to purchase and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c)  shall be absolute and unconditional and shall not be affected by any circumstance, including (A)  any setoff, counterclaim, recoupment, defense or other right which such Revolving Lender may  have against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever,  (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition,  whether or not similar to any of the foregoing; provided, that, each Revolving Lender’s obligation  to make Committed Revolving Loans pursuant to this Section 2.04(c) is subject to the conditions  set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair  the obligation of the Borrower to repay Swing Line Loans, together with interest as provided herein.                                   45                

 

               (d)   Repayment of Participations.                     (i)   At any time after any Revolving Lender has purchased and funded a risk        participation in a Swing Line Loan, if the Swing Line Lender receives any payment on account of        such  Swing  Line  Loan,  the  Swing  Line  Lender  will  distribute  to  such  Revolving  Lender  its        Applicable Revolving Percentage thereof in the same funds as those received by the Swing Line        Lender.                     (ii)  If any payment received by the Swing Line Lender in respect of principal        or interest on any Swing Line Loan is required to be returned by the Swing Line Lender under any        of the circumstances described in Section 11.05 (including pursuant to any settlement entered into        by the Swing Line Lender in its discretion), each Revolving Lender shall pay to the Swing Line        Lender its Applicable Revolving Percentage thereof on demand of the Administrative Agent, plus        interest thereon from the date of such demand to the date such amount is returned, at a rate per        annum equal to the applicable Overnight Rate. The Administrative Agent will make such demand        upon the request of the Swing Line Lender. The obligations of the Revolving Lenders under this        clause shall survive the Termination Date.               (e)   Interest  for  Account  of  Swing  Line  Lender.  The  Swing  Line  Lender  shall  be  responsible for invoicing the Borrower for interest on the Swing Line Loans. Until each Revolving Lender  funds its Committed Revolving Loan or risk participation pursuant to this Section 2.04 to refinance such  Revolving Lender’s Applicable Revolving Percentage of any Swing Line Loan, interest in respect of such  Applicable Revolving Percentage shall be solely for the account of the Swing Line Lender.               (f)   Payments Directly to Swing Line Lender. The Borrower shall make all payments  of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender.          2.05 Prepayments. (a) The Borrower may, upon notice to the Administrative Agent, at any time  or from time to time voluntarily prepay Committed Revolving Loans and/or Term Loans in whole or in part  without premium or penalty; provided, that, except as otherwise agreed by the Administrative Agent in its  sole discretion, (i) such notice must be in the form of a Notice of Loan Prepayment and be received by the  Administrative Agent not later than 1:00 p.m. (A) three (3) Business Days prior to any date of prepayment  of Eurodollar Rate Loans and (B) on the date of prepayment of Base Rate Loans, (ii) any prepayment of  Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in  excess thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or  a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof  then outstanding. Each Notice of Loan Prepayment shall specify the date and amount of such prepayment  and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s)  of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each Notice of  Loan Prepayment, and of the amount of such Lender’s Applicable Percentage of such prepayment. If a  Notice of Loan Prepayment is given by the Borrower, the Borrower shall make such prepayment and the  payment amount specified in such Notice of Loan Prepayment shall be due and payable on the date specified  therein; provided, that, a Notice of Loan Prepayment delivered by the Borrower may state that such notice  is conditioned upon the effectiveness of other transactions, in which case such notice may be revoked by  the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such  condition is not satisfied. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued  interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05.  Each prepayment of Term Loans pursuant to this Section 2.05(a) shall be applied to the principal repayment  installments of the Term Loans as directed by the Borrower (or, in the absence of direction by the Borrower,  such prepayment of Term Loans shall be applied to the principal repayment installments of the Term Loans                                         46   

 

   in direct order of maturity). Each such prepayment shall be applied to the Committed Revolving Loans or  Term Loans, as applicable, of the Lenders in accordance with their respective Applicable Percentages.               (b)   The Borrower may, upon notice to the Swing Line Lender (with a copy to the  Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or  in part without premium or penalty; provided, that, except as otherwise agreed by the Swing Line Lender  in its sole discretion, (i) such notice must be in the form of a Notice of Loan Prepayment and be received  by  the  Swing  Line  Lender  and  the  Administrative  Agent  not  later  than  1:00  p.m.  on  the  date  of  the  prepayment, and (ii) any such prepayment shall be in a minimum principal amount of $100,000. Each  Notice of Loan Prepayment shall specify the date and amount of such prepayment. If a Notice of Loan  Prepayment is given by the Borrower, the Borrower shall make such prepayment and the payment amount  specified in such notice shall be due and payable on the date specified therein; provided, that, a Notice of  Loan  Prepayment  delivered  by the  Borrower may  state  that  such  notice  is  conditioned  upon  the  effectiveness of other transactions, in which case such notice may be revoked by the Borrower (by notice  to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.               (c)   If  for  any  reason  the  Total  Revolving  Outstandings  at  any  time  exceed  the  Aggregate Revolving Commitments then in effect, the Borrower shall, within one Business Day of receipt  of written notice from the Administrative Agent, prepay Committed Revolving Loans and Swing Line  Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided,  that, the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section  2.05(c) unless, after the prepayment in full of the Committed Revolving Loans and Swing Line Loans, the  Total Revolving Outstandings exceed the Aggregate Revolving Commitments then in effect.          2.06 Termination or Reduction of Commitments. (a) The Borrower may, upon notice to the  Administrative Agent, terminate the Aggregate Revolving Commitments, or from time to time permanently  reduce  the  Aggregate  Revolving  Commitments; provided, that,  except  as  otherwise  agreed  by  the  Administrative Agent in its sole discretion, (i) any such notice shall be received by the Administrative  Agent not later than 11:00 a.m. five Business Days prior to the date of such termination or reduction, (ii)  any  such  partial  reduction  shall  be  in  an  aggregate  amount  of  $10,000,000  or  any  whole  multiple  of  $1,000,000 in excess thereof, (iii) the Borrower shall not terminate or reduce the Aggregate Revolving  Commitments  if,  after  giving  effect  thereto  and  to  any  concurrent  prepayments  hereunder,  the  Total  Revolving Outstandings would exceed the Aggregate Revolving Commitments, and (iv) if, after giving  effect to any reduction of the Aggregate Revolving Commitments, the Letter of Credit Sublimit or the  Swing Line Sublimit exceeds the amount of the Aggregate Revolving Commitments, the Letter of Credit  Sublimit or the Swing Line Sublimit, as applicable, shall be automatically reduced by the amount of such  excess.  The  Administrative  Agent  will  promptly  notify  the  Revolving  Lenders  of  any  such  notice  of  termination or reduction of the Aggregate Revolving Commitments. Any notice delivered by the Borrower  pursuant to this Section 2.06(a) may state that such notice is conditioned upon the effectiveness of other  transactions, in which case such notice may be revoked by the Borrower (by notice to the Administrative  Agent on or prior to the specified effective date) if such condition is not satisfied. Any reduction of the  Aggregate Revolving Commitments shall be applied to the Revolving Commitment of each Revolving  Lender according to its Applicable Revolving Percentage. All fees accrued until the effective date of any  termination  of  the  Aggregate  Revolving  Commitments  shall  be  paid  on  the  effective date  of  such  termination.               (b)   The Borrower may, upon notice to the Administrative Agent, terminate the Term  Facility,  or  from  time  to  time  permanently  reduce  the  Term  Commitments  under  the  Term  Facility;  provided, that, except as otherwise agreed by the Administrative Agent in its sole discretion, (i) any such  notice shall be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to  the date of such termination or reduction, and (ii) any such partial reduction shall be in an aggregate amount                                         47   

 

   of $10,000,000 or any whole multiple of $1,000,000 in excess thereof. The Administrative Agent will  promptly notify the Term Lenders of any such notice of termination or reduction of the Term Commitments.  Any  notice  delivered  by the  Borrower pursuant  to  this Section  2.06(b) may  state  that  such  notice  is  conditioned upon the effectiveness of other transactions, in which case such notice may be revoked by the  Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition  is not satisfied. Any reduction of the Term Facility shall be applied to the Term Commitment of each Term  Lender according to its Applicable Percentage with respect to the Term Commitments. All fees accrued  until the effective date of any termination of the Term Facility shall be paid on the effective date of such  termination.               (c)   The  aggregate  Term  Commitments  shall  be automatically  and  permanently  reduced (i) by the amount of any Term Borrowing on the date of such Term Borrowing pursuant to Section  2.01(b), and (ii) to zero on the last day of the Availability Period for the Term Facility.          2.07 Repayment  of  Loans. (a) The  Borrower  shall  repay  to  the  Revolving  Lenders  on  the  Revolving Maturity Date the aggregate principal amount of all Committed Revolving Loans outstanding  on such date.               (b)   The Borrower shall repay each Swing Line Loan on the earlier to occur of (i) the  date 10 Business Days after such Swing Line Loan is made, and (ii) the Revolving Maturity Date. At any  time that there shall exist a Defaulting Lender, immediately upon the request of the Swing Line Lender, the  Borrower shall repay the outstanding Swing Line Loans made by the Swing Line Lender in an amount  sufficient to eliminate any Fronting Exposure in respect of such Swing Line Loans.               (c)   Following the third anniversary of the Effective Date, the Borrower shall repay the  outstanding principal amount of the Term Loans in installments on the last Business Day of each April,  July, October and January (commencing with the last Business Day of October, 2023) each in an amount  equal to 1.25% of the Term Loan Borrowing Amount (which installment amounts may be reduced as a  result of the application of prepayments in accordance with Section 2.05(a)), unless accelerated sooner  pursuant to Section 8.02; provided, that, the final principal repayment installment of the Term Loans shall  be repaid on the Term Maturity Date and in any event shall be in an amount equal to the aggregate principal  amount of all Term Loans outstanding on such date.          2.08 Interest. (a) Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan  shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum  equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate for Eurodollar Rate Loans;  (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable  borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for Base Rate Loans;  and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the  applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for Base  Rate Loans.               (b)   (i) If any Event of Default has occurred and is continuing under Section 8.01(b),  whether at stated maturity, by acceleration or otherwise, the overdue amount shall thereafter bear interest  at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted  by applicable Laws.                     (ii)  Accrued and unpaid interest on past due amounts (including interest on        past due interest) shall be due and payable upon demand.                                          48   

 

               (c)   Interest on each Loan shall be due and payable in arrears on each Interest Payment  Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due  and  payable  in  accordance  with  the  terms  hereof  before  and  after  judgment,  and  before  and  after  the  commencement of any proceeding under any Debtor Relief Law.          2.09 Fees. In addition to certain fees described in Sections 2.03(l) and (m):               (a)   Commitment  Fee.  The  Borrower shall  pay  to  the  Administrative  Agent  for  the  account of each Revolving Lender in accordance with its Applicable Revolving Percentage, a commitment  fee (the “Commitment Fee”) in Dollars equal to the Applicable Rate times the actual daily amount by which  the  Aggregate  Revolving  Commitments  exceed  the  sum  of  (i)  the  Outstanding  Amount  of  Committed  Revolving Loans, plus (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided  in Section 2.16. For the avoidance of doubt, the Outstanding Amount of Swing Line Loans shall not be  counted  towards  or  considered  usage  of  the  Aggregate  Revolving  Commitments  for  purposes  of  determining the Commitment Fee. The Commitment Fee shall accrue at all times during the Availability  Period for the Aggregate Revolving Commitments, including at any time during which one or more of the  conditions in Section 4.02 is not met, and shall be due and payable quarterly in arrears on the last Business  Day of each April, July, October and January, commencing with the first  such  date  to  occur  after  the  Effective Date, and on the last day of the Availability Period for the Aggregate Revolving Commitments.  The Commitment Fee shall be calculated quarterly in arrears, and if there is any change in the Applicable  Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate  separately for each period during such quarter that such Applicable Rate was in effect.               (b)   Ticking Fee. The Borrower shall pay to the Administrative Agent for the account  of each Term Lender in accordance with its Applicable Percentage of the Term Commitments, a ticking fee  (each, a “Ticking Fee”) in Dollars equal to the Applicable Rate times the amount of such Term Lender’s  Term Commitment. The Ticking Fees shall accrue at all times during the Availability Period for the Term  Facility, including at any time during which one or more of the conditions in Section 4.02 is not met, and  shall be due and payable quarterly in arrears on the last Business Day of each April, July, October and  January, commencing with the first such date to occur after the Effective Date, and on the last day of the  Availability Period for the Term Facility. The Ticking Fees shall be calculated quarterly in arrears, and if  there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed  and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable  Rate was in effect.               (c)   Other Fees.                     (i)   The Borrower shall pay to each Arranger and the Administrative Agent,        for their own respective accounts, in Dollars, fees in the amounts and at the times specified in the        Fee Letters. Such fees shall be fully earned when paid and shall not be refundable for any reason        whatsoever.                     (ii)  The Borrower shall pay to the Lenders, in Dollars, such fees as shall have        been separately agreed upon in writing in the amounts and at the times so specified. Such fees shall        be fully earned when paid and shall not be refundable for any reason whatsoever.          2.10 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate. (a)  All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to  the Eurodollar Rate) shall be made on the basis of a year of three hundred sixty-five (365) or three hundred  sixty-six (366) days, as the case may be, and actual days elapsed. All other computations of fees and interest  shall be made on the basis of a three hundred sixty (360) day year and actual days elapsed (which results in                                         49   

 

   more fees or interest, as applicable, being paid than if computed on the basis of a three hundred sixty-five  (365) day year or a three hundred sixty-six (366) day year). Interest shall accrue on each Loan for the day  on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the  Loan or such portion is paid; provided, that, any Loan that is repaid on the same day on which it is made  shall, subject to Section 2.12(a), bear interest for one (1) day. Each determination by the Administrative  Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest  error.               (b)   If, as a result of any restatement of or other adjustment to the financial statements  of the Credit Parties and their Subsidiaries or for any other reason, the Credit Parties or the Administrative  Agent reasonably determine that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of  any applicable date was inaccurate, and (ii) a proper calculation of the Consolidated Leverage Ratio would  have resulted in higher pricing for such period, the Borrower shall promptly and retroactively be obligated  to pay to the Administrative Agent for the account of the applicable Lenders, the applicable L/C Issuers or  the Swing Line Lender, as the case may be, 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 any L/C Issuer), 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 any L/C Issuer, as the  case may be, under Section 2.03, Section 2.08(b) or under Article VIII. The Borrower’s obligations under  this paragraph shall survive the Termination Date.          2.11 Evidence of Debt. (a) The Credit Extensions made by each Lender shall be evidenced by  one  or  more  accounts  or  records  maintained  by  such  Lender  in  the  ordinary  course  of  business.  The  Administrative Agent shall maintain the Register in accordance with Section 11.06(c). The accounts or  records maintained by each Lender shall be conclusive absent manifest error of the amount of the Credit  Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so  record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower  hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between  the  accounts  and  records  maintained  by  any  Lender  and  the  Register,  the  Register  shall  control  in  the  absence of manifest error. Upon the written request of any Lender made through the Administrative Agent,  the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note or Notes,  which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach  schedules to its Note(s) and endorse thereon the date, Type (if applicable), amount and maturity of its Loans  and payments with respect thereto.               (b)   In addition to the accounts and records referred to in Section 2.11(a), each Lender  and  the  Administrative  Agent  shall  maintain  in  accordance  with  its  usual  practice  accounts  or  records  evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing Line  Loans. In the event of any conflict between the accounts and records maintained by the Administrative  Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of  the Administrative Agent shall control in the absence of manifest error.          2.12 Payments Generally; Administrative Agent’s Clawback. (a) General. All payments to  be  made  by  the  Borrower  shall  be  made  free  and  clear  of  and  without  condition  or  deduction  for  any  counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments  by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective  Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately  available  funds  not  later  than  2:00  p.m.  on  the  date  specified  herein.  The  Administrative  Agent  will  promptly distribute to each Appropriate Lender its Applicable Percentage (or other applicable share as                                         50   

 

   provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office.  All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next  succeeding Business Day and any applicable interest or fee shall continue to accrue.               (b)   (i) Funding  by  Lenders;  Presumption  by  Administrative  Agent.  Unless  the  Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing  of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 2:00 p.m. on the  date  of  such  Borrowing)  that  such  Lender  will  not  make  available  to  the  Administrative  Agent  such  Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such  share available on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate  Loans, that such Lender has made such share available in accordance with and at the time required by  Section 2.02) and may, in reliance upon such assumption, make available to the Borrower a corresponding  amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing 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 in immediately available funds  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 (A) in the case of a payment  to  be  made  by  such  Lender,  the  Overnight  Rate, plus any  administrative,  processing  or  similar  fees  customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of  a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. 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 to the Administrative  Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. 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.                     (ii)  Payments 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 any L/C Issuer        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 applicable L/C Issuers, 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  applicable L/C  Issuers,  as  the  case  may  be,  severally  agrees  to  repay  to  the        Administrative Agent forthwith on demand the amount so distributed to such Lender or such L/C        Issuer, in immediately available funds with interest thereon, for each day from and including the        date such amount is distributed to it to but excluding the date of payment to the Administrative        Agent, at the Overnight Rate. A notice of the Administrative Agent to any Lender or the Borrower        with respect to any amount owing under this Section 2.12(b) shall be conclusive, absent manifest        error.               (c)   Failure  to  Satisfy  Conditions  Precedent.  If  any  Lender  makes  available  to  the  Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions  of this Article II, and such funds are not made available to the Borrower by the Administrative Agent  because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived  in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as  received from such Lender) to such Lender, without interest.               (d)   Obligations of Lenders Several. The obligations of the Lenders hereunder to make  Loans, to fund participations in Letters of Credit and Swing Line Loans and to make payments pursuant to                                         51   

 

   Section 11.04(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such  participation or to make any payment under Section 11.04(c) on any date required hereunder shall not  relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be  responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make  its payment under Section 11.04(c).               (e)   Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain  the funds for any Loan in any particular place or manner or to constitute a representation by any Lender  that it has obtained or will obtain the funds for any Loan in any particular place or manner.          2.13 Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff  or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Loans  made by it, or the participations in L/C Obligations or in Swing Line Loans held by it resulting in such  Lender’s receiving payment of a proportion of the aggregate amount of such Loans or participations and  accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving  such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at  face value) participations in the Loans and subparticipations in L/C Obligations and Swing Line Loans of  the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such  payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of  and accrued interest on their respective Loans and other amounts owing them; provided, that:                     (i)   if any such participations or subparticipations are purchased and all or any        portion of the payment giving rise thereto is recovered, such participations or subparticipations        shall be rescinded and the purchase price restored to the extent of such recovery, without interest;        and                     (ii)  the provisions of this Section 2.13 shall not be construed to apply to (A)        any payment made by or on behalf of the Borrower pursuant to and in accordance with the express        terms  of  this  Agreement  (including  the  application  of  funds  arising  from  the  existence  of  a        Defaulting Lender), (B) the application of Cash Collateral provided for in Section 2.15, or (C) any        payment obtained by a Lender as consideration for the assignment of or sale of a participation in        any of its Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or        participant, other than an assignment to the Borrower or any Subsidiary (as to which the provisions        of this Section 2.13 shall apply). The Borrower 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 the Borrower 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.          2.14 Increases in Aggregate Revolving Commitments. (a) Request for Increase. Upon notice  to the Administrative Agent (which shall promptly notify the Revolving Lenders), at any time prior to the  Revolving Maturity Date, the Borrower may request an increase in the Aggregate Revolving Commitments  by  an  amount  not  exceeding  the  Incremental  Amount; provided, that,  unless  otherwise  agreed  by  the  Administrative Agent in its sole discretion, any such request for an increase shall be in a minimum principal  amount of $10,000,000 and in $1,000,000 increments in excess thereof. At the time of sending such notice,  the Borrower (in consultation with the Administrative Agent) shall specify the time period within which  each Revolving Lender is requested to respond (which shall in no event be less than 10 Business Days from  the date of delivery of such notice to the Revolving Lenders), and the Borrower may also invite prospective  lenders to respond.                                          52   

 

               (b)   Revolving Lender Elections to Increase. Each Revolving Lender shall notify the  Administrative Agent within the time period specified in Section 2.14(a) whether or not it agrees to increase  its Revolving Commitment (which decision shall be made in the sole discretion of each Revolving Lender)  and, if so, whether by an amount equal to, greater than, or less than its Applicable Revolving Percentage of  such requested increase. Any Revolving Lender not responding within such time period shall be deemed to  have  declined  to  increase  its  Revolving  Commitment.  Each  prospective  lender  shall  notify  the  Administrative Agent within such time period whether or not it agrees to fund any portion of the requested  increase and, if so, by what amount. Any prospective lender not responding within such time period shall  be deemed to have declined to fund any portion of the requested increase.               (c)   Notification  by  Administrative  Agent;  Additional  Revolving  Lenders.  The  Administrative Agent shall notify the Borrower and each Revolving Lender of the Revolving Lenders’ and  prospective lenders’ responses to each request made hereunder. To achieve the full amount of a requested  increase and subject to the approval of the Administrative Agent (which approval shall not be unreasonably  withheld or delayed), each L/C Issuer and the Swing Line Lender, the Borrower may also invite additional  Eligible Assignees to become Revolving Lenders. If any prospective lender agrees to fund any portion of  the  requested  increase  in  the  Aggregate  Revolving  Commitments  (any  such  prospective  lender,  an  “Additional Lender”), such Additional Lender shall become a Revolving Lender hereunder pursuant to a  joinder agreement in form and substance reasonably satisfactory to the Administrative Agent.               (d)   Effective  Date  and  Allocations.  If  the  Aggregate  Revolving  Commitments  are  increased in accordance with this Section 2.14, the Administrative Agent and the Borrower shall determine  the effective date (the “Increase Effective Date”) and the final allocation of such increase which, for any  existing  Revolving  Lender  participating  in  such  increase,  need  not  be  ratable  in  accordance  with  its  Revolving  Commitment  prior  to  such  increase.  The  Administrative  Agent  shall  promptly  notify the  Borrower and the Lenders in writing of the final allocation of such increase and the Increase Effective Date.               (e)   Conditions  to  Effectiveness  of  Increase.  As  conditions  precedent  to  any  such  increase,  the  Borrower  shall  (i)  pay  any  fees  agreed  to  in  connection  therewith,  (ii)  deliver  to  the  Administrative Agent a certificate of the Borrower dated as of the Increase Effective Date signed by a  Responsible Officer of the Borrower  certifying that, before and after giving effect to such increase, (x) no  Default exists, and (y) the representations and warranties of the Borrower contained in Article V or any  other  Loan  Document  shall  be  true  and  correct  in  all  material  respects  (unless  already  qualified  by  materiality or “Material Adverse Effect,” in which case they shall be true and correct in all respects), on  and as of the date of such increase, except to the extent that such representations and warranties specifically  refer to an earlier date, in which case they shall be true and correct in all material respects (unless already  qualified by materiality or “Material Adverse Effect,” in which case they shall be true and correct in all  respects)  as  of  such  earlier  date,  and  except  that  for  purposes  of  this Section  2.14(e)(ii)(B)(y),  the  representations  and  warranties  contained  in Section  5.04 shall  be  deemed  to  refer  to  the  most  recent  statements furnished pursuant to Sections 6.01(a) and (b), respectively, and the references in Sections 5.05,  5.06 and 5.09 to “Effective Date” shall be deemed to refer to the Increase Effective Date and (iii) prepay  any  Committed  Revolving  Loans  outstanding  on  the  Increase  Effective  Date  (and  pay  any  additional  amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Committed  Revolving Loans ratable with any revised Revolving Commitments arising from any nonratable increase in  the Aggregate Revolving Commitments pursuant to this Section 2.14.               (f)   Conflicting Provisions. This Section 2.14 shall supersede any provisions in Section  2.13 or Section 11.01 to the contrary.          2.15 Cash  Collateral. (a) Obligation  to  Cash  Collateralize.  At  any  time  there  shall  exist  a  Defaulting Lender, within one (1) Business Day following the written request of the Administrative Agent                                         53   

 

   or any L/C Issuer (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize such  L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to  Section 2.16(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than  the Minimum Collateral Amount.               (b)   Grant  of  Security  Interest. The Borrower,  and  to  the  extent  provided  by  any  Defaulting  Lender,  such  Defaulting  Lender,  hereby  grants  to  (and  subjects  to  the  control  of)  the  Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuers and the Lenders, and  agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein,  and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as  security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.15(c). If at  any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any  Person other than the Administrative Agent or the applicable L/C Issuer 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 (determined in the case of Cash Collateral  provided pursuant to Section 2.16(a)(v), after giving effect to Section 2.16(a)(v) and any Cash Collateral  provided by the Defaulting Lender). All Cash Collateral (other than credit support not constituting funds  subject  to  deposit)  shall  be  maintained  in  blocked,  non-interest  bearing  deposit  accounts  at  Bank  of  America. The Borrower shall pay on demand therefor from time to time all customary account opening,  activity and other administrative fees and charges in connection with the maintenance and disbursement of  Cash Collateral.               (c)   Application.  Notwithstanding  anything  to  the  contrary  contained  in  this  Agreement, Cash Collateral provided under any of this Agreement in respect of Letters of Credit shall be  held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein  (including, as to Cash Collateral provided by a Revolving Lender that is a Defaulting Lender, any interest  accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to  any other application of such property as may be provided for herein.               (d)   Release. Cash Collateral (or the appropriate portion thereof) provided to reduce  Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of  the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of  Defaulting Lender status of the applicable Revolving Lender (or, as appropriate, its assignee following  compliance  with Section  11.06(b)(vii))),  or  (ii)  the  determination  by  the  Administrative  Agent  or  the  applicable L/C Issuer, as applicable, that there exists excess Cash Collateral; provided, that, (A) any such  release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral shall be and  remain subject to the other applicable provisions of the Loan Documents, and (B) the Person providing  Cash Collateral and the applicable L/C Issuer may agree that Cash Collateral shall not be released but  instead held to support future anticipated Fronting Exposure or other obligations.          2.16 Defaulting Lenders. (a) Adjustments. Notwithstanding anything to the contrary contained  in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no  longer a Defaulting Lender, to the extent permitted by applicable Law:                     (i)   Waivers and Amendments. Such Defaulting Lender’s right to approve or        disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as        set forth in the definition of “Required Lenders”, “Required Revolving Lenders” and Section 11.01.                     (ii)  Defaulting Lender Waterfall. Any payment of principal, interest, fees or        other amounts received by the Administrative Agent for the account of such Defaulting Lender                                         54   

 

                (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by  the Administrative Agent from a Defaulting Lender pursuant to Section 11.08 shall be applied at  such time or times as may be determined by the Administrative Agent as follows: first, to the  payment of any amounts owing by 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  L/C  Issuer  or  the  Swing  Line  Lender  hereunder; third,  to  Cash  Collateralize  the  L/C  Issuers’  Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.15; fourth,  as the Borrower may request (so long as no Default has occurred and is continuing), 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 (A) satisfy such Defaulting Lender’s potential future funding obligations with respect  to  Loans  under  this  Agreement,  and  (B)  Cash  Collateralize  the  L/C  Issuers’  future  Fronting  Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued  under this Agreement, in accordance with Section 2.15; sixth, to the payment of any amounts owing  to  the  Non-Defaulting  Lenders,  the  L/C  Issuers  or  the  Swing  Line  Lender  as  a  result  of  any  judgment of a court of competent jurisdiction obtained by any Non-Defaulting Lender, any L/C  Issuer or the Swing Line Lender against such Defaulting Lender as a result of such Defaulting  Lender’s breach of its obligations under this Agreement; seventh, 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  (1)  such  payment  is  a  payment  of  the  principal amount of any Loans or Unreimbursed Amounts in respect of which such Defaulting  Lender has not fully funded its appropriate share, and (2) such Loans were made or the related  Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied  or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to,  all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans  of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded  and unfunded participations in L/C Obligations and Swing Line Loans are held by the Lenders pro  rata in accordance with the Revolving Commitments hereunder without giving effect to Section  2.16(b). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that  are  applied  (or  held)  to  pay  amounts  owed  by  a  Defaulting  Lender  or  to  post  Cash  Collateral  pursuant  to  this Section  2.16(a)(ii) shall  be  deemed  paid  to  and  redirected  by  such  Defaulting  Lender, and each Lender irrevocably consents hereto.               (iii) Certain Fees.                      (A)   No  Defaulting  Lender  shall  be  entitled  to  receive  any        Commitment  Fee  or  any  Ticking  Fee  for  any  period  during  which  that  Lender  is  a        Defaulting Lender (and the Borrower shall not be required to pay any Commitment Fee or        any  Ticking  Fee  that  otherwise  would  have  been  required  to  have  been  paid  to  that        Defaulting Lender).                     (B)   Each  Defaulting  Lender  shall  be  entitled  to  receive  Letter  of        Credit Fees for any period during which that Lender is a Defaulting Lender only to the        extent allocable to its Applicable Revolving Percentage of the stated amount of Letters of        Credit for which it has provided Cash Collateral pursuant to Section 2.15.                     (C)   With respect to any Letter of Credit Fee not required to be paid to        any Defaulting Lender pursuant to clause (B) above, the Borrower shall (1) pay to each                                   55                

 

               Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting              Lender with respect to such Defaulting Lender’s participation in L/C Obligations that has              been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (2) pay to              each L/C Issuer the amount of any such fee otherwise payable to such Defaulting Lender              to the extent allocable to such L/C Issuer’s Fronting Exposure to such Defaulting Lender,              and (3) not be required to pay the remaining amount of any such fee.                     (iv)  Reallocation  of  Applicable  Revolving  Percentages  to  Reduce  Fronting        Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations and Swing        Line Loans shall be reallocated among the Non-Defaulting Lenders that are Revolving Lenders in        accordance with their respective Applicable Revolving Percentages (calculated without regard to        such Defaulting Lender’s Revolving Commitment) but only to the extent that such reallocation        does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed        such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 11.21, no reallocation        hereunder  shall  constitute  a  waiver  or  release  of  any  claim  of  any  party  hereunder  against  a        Defaulting Lender arising from that Lender having become a Defaulting Lender, including any        claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure        following such reallocation.                     (v)   Cash  Collateral,  Repayment  of  Swing  Line  Loans.  If  the  reallocation        described  in clause  (iv) above  cannot,  or  can  only  partially,  be  effected,  then,  within  one  (1)        Business Day following notice by the Administrative Agent, the Borrower shall, without prejudice        to any right or remedy available to it hereunder or under applicable Law, (A) first, prepay Swing        Line Loans in an amount equal to the Swing Line Lender’s Fronting Exposure, and (B) second,        Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth        in Section 2.15.               (b)   Defaulting Lender Cure. If the Borrower, the Administrative Agent, the Swing  Line Lender and each L/C Issuer agree in writing that a Lender is no longer a Defaulting Lender, the  Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such  notice and subject to any conditions set forth therein (which may include arrangements with respect to any  Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans  of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary  to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be  held on a pro rata basis by the Lenders in accordance with the applicable Commitments (without giving  effect to Section 2.16(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided, that,  no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf  of the Borrower while that Lender was a Defaulting Lender; provided, further, that, except to the extent  otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender  will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having  been a Defaulting Lender.               (c)   New Swing Line Loans/Letters of Credit. So long as any Revolving Lender is a  Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans unless it  is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan, and (ii) no  L/C Issuer shall be required to issue, extend, increase, reinstate or renew any Letter of Credit unless it is  satisfied that it will have no Fronting Exposure after giving effect thereto.          2.17 Extension of Revolving Maturity Date.                                          56   

 

               (a)   Requests for Extension. The Borrower may, no more than two (2) times during the  term of this Agreement, by notice to the Administrative Agent (which notice shall be promptly delivered  by the Administrative Agent to each Revolving Lender), no earlier than sixty (60) days and no later than  thirty (30) days prior to any anniversary of the Effective Date (each such anniversary date, an “Anniversary  Date”), request that each Revolving Lender extend the Revolving Maturity Date then applicable to such  Revolving  Lender’s  Revolving  Commitment  (the  Revolving  Maturity  Date  then  applicable  to  such  Revolving Lender’s Revolving Commitment being such Revolving Lender’s “Current Revolving Maturity  Date”) for one (1) year.               (b)   Revolving Lender Elections to Extend. Each Revolving Lender, acting in its sole  discretion,  shall,  by  notice  to  the  Administrative  Agent  given  promptly  after  such  Revolving  Lender’s  receipt of a notice of request for extension delivered by the Borrower pursuant to Section 2.17(a) and, in  any event, no later than fifteen (15) days prior to the applicable Anniversary Date (such date, with respect  to  any  Anniversary  Date,  the  “Notice  Date”),  advise  the  Administrative  Agent  whether  or  not  such  Revolving Lender agrees to such extension (each Revolving Lender that determines not to so extend such  Revolving  Lender’s  Current  Revolving  Maturity  Date  being  referred  to  herein  as  a  “Non-Extending  Lender”); provided, that, any Revolving Lender that does not so advise the Administrative Agent on or  before the Notice Date for the applicable Anniversary Date shall be deemed to be a Non-Extending Lender.  The election of any Revolving Lender to agree to such extension shall not obligate any other Revolving  Lender to so agree. For the avoidance of doubt, each Non-Extending Lender shall be required to maintain  its original Revolving Commitment pursuant to the terms and conditions contained herein to and including  such Revolving Lender’s Current Revolving Maturity Date (without giving effect to such extension).               (c)   Notification by Administrative Agent. The Administrative Agent shall notify the  Borrower of each Revolving Lender’s determination under Section 2.17(b) no later than the date ten (10)  days prior to the applicable Anniversary Date (or, if such date is not a Business Day, on the next preceding  Business Day).               (d)   Minimum Extension Requirement. If (and only if) the aggregate amount of the  Revolving Commitments of the Revolving Lenders that have agreed to so extend their Current Revolving  Maturity Dates (each, an “Extending Lender”) shall be more than fifty percent (50%) of the Aggregate  Revolving Commitments in effect immediately prior to the applicable Anniversary Date, then, subject to  the satisfaction of the conditions set forth in Section 2.17(f), effective as of the applicable Anniversary  Date, the Current Revolving Maturity Date of each Extending Lender shall be extended to the date falling  one (1) year after such Revolving Lender’s Current Revolving Maturity Date (except that, if such date is  not a Business Day, such Revolving Maturity Date as so extended shall be the next preceding Business  Day).               (e)   Replacement  of  Non-Extending  Lenders.  Subject  to  the  satisfaction  of  the  minimum extension requirement in Section 2.17(d) and the other conditions to the effectiveness of any such  extension set forth in Section 2.17(f), the Borrower shall have the right (but not the obligation), in its sole  discretion, to, no later than the date that occurs sixty (60) days following the applicable Anniversary Date,  elect  to  replace  any  Non-Extending  Lender  pursuant  to Section  11.13 by  causing  such  Non-Extending  Lender to assign and delegate, without recourse, its interests, rights and obligations as a Revolving Lender  to one or more existing Revolving Lenders or Eligible Assignees (provided, that, the applicable existing  Revolving Lender or Eligible Assignee agrees to the extension of the Current Revolving Maturity Date as  requested by the Borrower).               (f)   Conditions  to  Effectiveness  of  Extensions.  Notwithstanding  the  foregoing,  the  extension of the Current Revolving Maturity Date of any Revolving Lender pursuant to this Section 2.17  shall not be effective with respect to any Extending Lender unless, on the applicable Anniversary Date, the                                         57   

 

   Borrower shall (i) pay any fees agreed to in connection therewith, (ii) deliver to the Administrative Agent  a certificate of the Borrower dated as of the applicable Anniversary Date signed by a Responsible Officer  of  the  Borrower  (A)  certifying  and  attaching  the  resolutions  adopted  by  such  Borrower  approving  or  consenting to such extension, and (B) in the case of the certificate delivered by the Borrower, certifying  that, before and after giving effect to such extension, (1) no Default exists, and (2) the representations and  warranties of the Credit Parties contained in Article V or any other Loan Document shall be true and correct  in all material respects (unless already qualified by materiality or “Material Adverse Effect,” in which case  they shall be true and correct in all respects), on and as of the date of such extension, except to the extent  that such representations and warranties specifically refer to an earlier date, in which case they shall be true  and correct in all material respects (unless already qualified by materiality or “Material Adverse Effect,” in  which case they shall be true and correct in all respects) as of such earlier date, and except that for purposes  of this Section 2.17(f)(ii)(B)(2), the representations and warranties contained in Sections 5.04 and Section  5.05 shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b),  respectively,  and  (iii)(A)  deliver  to  the  Administrative  Agent  such  Organization  Documents  and  legal  opinions as may be reasonably requested by the Administrative Agent or any Lender in connection with  such extension, (B) provide to the Administrative Agent and the Lenders the documentation and other  information reasonably requested by the Administrative Agent and the Lenders as required by United States  regulatory  authorities  under  applicable  “know  your  customer” and  anti-money-laundering  rules  and  regulations, including the PATRIOT Act, and (C) in each case if any Credit Party qualifies as a “legal entity  customer”  under  the  Beneficial  Ownership  Regulation,  provide  to  the  Administrative  Agent  and  each  Lender,  to the  extent  reasonably  requested  by  the  Administrative  Agent  or  such  Lender,  a  Beneficial  Ownership Certification in relation to such Credit Party.               (g)   Conflicting  Provisions.  This Section  2.17 shall  supersede  any  provisions  in  Sections 2.13 or Section 11.01 to the contrary.                                    ARTICLE III                                                             TAXES, YIELD PROTECTION AND ILLEGALITY          3.01 Taxes. (a) Payments  Free  of  Taxes;  Obligation  to  Withhold;  Payments  on  Account  of  Taxes.                     (i)   Any and all payments by or on account of any obligation of the Borrower        under any Loan Document shall be made without deduction or withholding for any Taxes, except        as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion        of an applicable Withholding Agent) require the deduction or withholding of any Tax from any        such payment by the Withholding Agent, then the Withholding Agent shall be entitled to make        such deduction or withholding, upon the basis of the information and documentation to be delivered        pursuant to subsection (e) below.                     (ii)  If a Withholding Agent shall be required by the Code to withhold or deduct        any Taxes, including both United States Federal backup withholding and withholding taxes, from        any payment, then (A) the applicable Withholding Agent shall withhold or make such deductions        as  are  determined  by  the  Withholding  Agent  to  be  required  based  upon  the  information  and        documentation it has received pursuant to subsection (e) below, (B) the Withholding Agent shall        timely  pay  the  full  amount  withheld  or  deducted  to  the  relevant  Governmental  Authority  in        accordance with the Code, and (C) to the extent that the withholding or deduction is made on        account of Indemnified Taxes, the sum payable by the Borrower shall be increased as necessary so        that after any required withholding or the making of all required deductions (including deductions                                         58   

 

         applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an        amount equal to the sum it would have received had no such withholding or deduction been made.                     (iii) If a Withholding Agent shall be required by any applicable Laws other        than  the  Code  to  withhold  or deduct  any  Taxes  from  any  payment,  then  (A)  the  applicable        Withholding Agent, as required  by  such  Laws,  shall  withhold  or  make  such  deductions  as  are        determined by it to be required based upon the information and documentation it has received        pursuant to subsection (e) below, (B) the Withholding Agent, to the extent required by such Laws,        shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in        accordance with such Laws, and (C) to the extent that the withholding or deduction is made on        account of Indemnified Taxes, the sum payable by the Borrower shall be increased as necessary so        that after any required withholding or the making of all required deductions (including deductions        applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an        amount equal to the sum it would have received had no such withholding or deduction been made.               (b)   Payment  of  Other  Taxes  by  the  Borrower.  Without  limiting  the  provisions  of  subsection (a) above, the Borrower shall timely pay to the relevant Governmental Authority in accordance  with applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of,  any Other Taxes.               (c)   Tax Indemnifications.                     (i)   The Borrower shall, and do hereby indemnify each Recipient, and shall        make payment in respect thereof within 30 days after written demand therefor, for the full amount        of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to        amounts  payable  under  this Section  3.01)  payable  or  paid  by  such  Recipient  or  required  to  be        withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable        expenses  arising  therefrom  or  with  respect  thereto  (other  than  penalties,  interest  and  expenses        payable by reason of the gross negligence or willful misconduct of such Recipient), whether or not        such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental        Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by        a Lender or an L/C Issuer (with a copy to the Administrative Agent), or by the Administrative        Agent on its own behalf or on behalf of a Lender or an L/C Issuer, shall be conclusive absent        manifest error.                     (ii)  Each  Lender  or  each  L/C  Issuer  shall,  and  does  hereby,  severally        indemnify, and shall make payment in respect thereof within 30 days after demand therefor, (A)        the Administrative Agent against any Indemnified Taxes attributable to such Lender or such L/C        Issuer (but only to the extent that the Borrower has not already indemnified the Administrative        Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so),        (B) the Administrative Agent and the Borrower, as applicable, against any Taxes attributable to        such Lender’s failure to comply with the provisions of Section 11.06(d) relating to the maintenance        of a Participant Register and (C) the Administrative Agent against any Excluded Taxes attributable        to  such  Lender  or  such  L/C  Issuer  that  are  payable  or  paid  by  the  Administrative  Agent  in        connection  with  any Loan  Document,  and  any  reasonable  expenses  arising  therefrom  or  with        respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the        relevant  Governmental  Authority.  A  certificate  as  to  the  amount  of  such  payment  or  liability        delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.        Each Lender or each L/C Issuer hereby authorizes the Administrative Agent to set off and apply        any and all amounts at any time owing to such Lender or such L/C Issuer, as the case may be, under                                         59   

 

         this Agreement or any other Loan Document against any amount due to the Administrative Agent        under this clause (ii).               (d)   Evidence of Payments. Upon request by the Borrower or the Administrative Agent,  as the case may be, after any payment of Taxes by the Borrower or by the Administrative Agent to a  Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative  Agent or the Administrative Agent shall deliver to the Borrower, as the case may be, the original or a  certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any  return required by Laws to report such payment or other evidence of such payment reasonably satisfactory  to the Borrower or the Administrative Agent, as the case may be.               (e)   Status of Lenders; Tax Documentation.                     (i)   Any  Lender  that  is  entitled  to  an  exemption  from  or  reduction  of        withholding Tax with respect to payments made under any Loan Document shall deliver to the        Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower        or  the  Administrative  Agent,  such  properly  completed  and  executed  documentation  reasonably        requested by the Borrower or the Administrative Agent as will permit such payments to be made        without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably        requested by the Borrower or the Administrative Agent, shall deliver such other documentation        prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent        as will enable the Borrower or the Administrative Agent to determine whether or not such Lender        is subject to backup withholding or information reporting requirements. Notwithstanding anything        to the contrary in the preceding two sentences, the completion, execution and submission of such        documentation (other than such documentation set forth in Section 3.01(e)(ii)(A), (ii)(B) and (ii)(D)        below) shall not be required if in the Lender’s reasonable judgment such completion, execution or        submission would subject such Lender to any material unreimbursed cost or expense or would        materially prejudice the legal or commercial position of such Lender.                     (ii)  Without  limiting  the  generality  of  the  foregoing,  in  the  event  that the        Borrower is a U.S. Person,                           (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 or  information  reporting              requirements;                           (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:                                 (1)   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 establishing an exemption from, or reduction of,                    U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty                                         60   

 

                      and (y) with respect to any other applicable payments under any Loan Document,        IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or        reduction of, U.S. federal withholding Tax pursuant to the “business profits” or        “other income” article of such tax treaty;                     (2)   executed copies of IRS Form W-8ECI;                     (3)   in the case of a Foreign Lender claiming the benefits of        the  exemption  for  portfolio  interest  under  Section  881(c)  of  the  Code,  (x)  a        certificate substantially in the form of Exhibit F-1 to the effect that such Foreign        Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a        “10  percent  shareholder”  of the Borrower  within  the  meaning  of  Section        881(c)(3)(B)  of  the  Code,  or  a  “controlled  foreign  corporation”  described  in        Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y)        executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or                     (4)   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,  IRS  Form  W-8BEN-E,  a  U.S.  Tax  Compliance  Certificate        substantially in the form of Exhibit F-2 or Exhibit F-3, IRS Form W-9, and/or other        certification documents from each beneficial owner, as applicable; provided that if        the Foreign Lender is a partnership and one or more direct or indirect partners of        such Foreign Lender are claiming the portfolio interest exemption, such Foreign        Lender may provide a U.S. Tax Compliance Certificate substantially in the form        of Exhibit F-4 on behalf of each such direct and indirect partner;               (C)   any Foreign Lender shall, to the extent it is legally entitled to do  so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall  be reasonably 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  (or  originals,  as  required)  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.                             61                

 

                     Solely for purposes of this clause (D), “FATCA” shall include any amendments                    made to FATCA after the Effective Date.                     (iii) Each Lender agrees that if any form or certification it previously delivered        pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall        update such form or certification or promptly notify the Borrower and the Administrative Agent in        writing of its legal inability to do so.               (f)   Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall  the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or an  L/C Issuer, or have any obligation to pay to any Lender or any L/C Issuer, any refund of Taxes withheld or  deducted from funds paid for the account of such Lender or such L/C Issuer, as the case may be. If any  Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes  (including any application or carry-over of such refund amount to reduce any cash Taxes otherwise payable  to the refunding Governmental Authority) as to which it has been indemnified by an indemnifying party or  with respect to which it has been paid additional amounts pursuant to this Section 3.01, it shall promptly  pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments  made, or additional amounts paid, under this Section 3.01 with respect to the Taxes giving rise to such  refund and including any interest paid or credited by the relevant Governmental Authority with respect to  such refund), net of all reasonable out-of-pocket expenses (including Taxes) incurred by such Recipient,  and without interest (other than any interest paid by the relevant Governmental Authority with respect to  such refund), provided that such indemnifying party, upon the request of the Recipient, agrees to repay the  amount paid over to such indemnifying party (plus any penalties, interest or other charges imposed by the  relevant Governmental Authority in connection therewith) to the Recipient in the event the Recipient is  required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary  in  this  subsection,  in  no  event  will  the  applicable  Recipient  be  required  to  pay  any  amount  to  an  indemnifying party pursuant to this subsection the payment of which would place the Recipient in a less  favorable  net  after-Tax  position  than  such  Recipient  would  have  been  in  if  the  Tax  subject  to  indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and  the indemnification payments or additional amounts with respect to such Tax had never been paid. This  subsection shall not be construed to require any Recipient to make available its tax returns (or any other  information relating to its taxes that it deems confidential) to the Borrower or any other Person.               (g)   Survival.  Each  party’s  obligations  under  this Section  3.01 shall  survive  the  resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement  of, a Lender or an L/C Issuer, and the Termination Date.          3.02 Illegality. (a) If any Lender reasonably determines that any Law has made it unlawful, or  that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending  Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate,  or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has  imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of,  Dollars in the applicable interbank market, then, on notice thereof by such Lender to the Borrower through  the Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Rate Loans in  the affected currency or currencies or, in the case of Eurodollar Rate Loans in Dollars, to convert Base Rate  Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such  Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the  Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender  shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to  the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative  Agent and the Borrower that the circumstances giving rise to such determination no longer exist (which                                         62   

 

   notice such Lender agrees to give promptly). Upon receipt of such notice, (A) the Borrower shall, upon  demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable and such  Loans are denominated in Dollars, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans  (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be  determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base  Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain  such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to  maintain  such  Eurodollar  Rate  Loans,  and  (B)  if  such  notice  asserts  the  illegality  of  such  Lender  determining  or  charging interest  rates  based  upon  the  Eurodollar  Rate,  the  Administrative  Agent  shall  during the period of such suspension compute the Base Rate applicable to such Lender without reference  to the Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such  Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the  Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on  the amount so prepaid or converted, together with any additional amounts required pursuant to Section 3.05.               (b)   If, in any applicable jurisdiction, the Administrative Agent, any L/C Issuer or any  Lender reasonably determines that any Law has made it unlawful, or that any Governmental Authority has  asserted that it is unlawful, for the Administrative Agent, any L/C Issuer or any Lender to (i) perform any  of  its  obligations  hereunder  or under  any  other  Loan  Document  or (ii)  to  fund,  hold  a  commitment  or  maintain  its  participation in  any  Loan  or  Letter  of  Credit,  such  Person  shall  promptly  notify  the  Administrative Agent, and, upon the Administrative Agent notifying the Borrower, and until such notice  by such Person is revoked, any obligation of such Person to issue, make, maintain, fund or charge interest  or  fees  with  respect  to  any  such  Credit  Extension  shall  be  suspended,  and  to  the  extent  required  by  applicable  Law,  cancelled.  Upon  receipt  of  such  notice,  the  Borrower  shall  (A)  repay  that  Person’s  participation in the Loans or other applicable Obligations on the last day of the Interest Period for each  Loan or other Obligation occurring after the Administrative Agent has notified the Borrower or, if earlier,  the date specified by such Person in the notice delivered to the Administrative Agent (being no earlier than  the last day of any applicable grace period permitted by applicable Law), (B) to the extent applicable to any  L/C  Issuer,  Cash  Collateralize  that  portion  of  applicable  L/C  Obligations  comprised  of  the  aggregate  undrawn  amount of Letters of Credit to the extent not otherwise Cash Collateralized, and (C) take all  reasonable actions requested by such Person to mitigate or avoid such illegality.          3.03 Inability to Determine Rates. (a) If in connection with any request for a Eurodollar Rate  Loan or a conversion to or continuation thereof, (i) the Administrative Agent determines that (A) Dollar  deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount  and Interest Period of such Eurodollar Rate Loan, or (B) (x) adequate and reasonable means do not exist  for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar  Rate  Loan  or  in  connection  with  an  existing  or  proposed  Base  Rate  Loan  and  (y)  the  circumstances  described in Section 3.03(c)(i) do not apply (in each case with respect to this clause (i), “Impacted Loans”)  or (ii) the Administrative Agent or the Required Lenders determine that for any reason the Eurodollar Rate  for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and  fairly reflect the cost to such Lenders of funding such Eurodollar Rate Loan, the Administrative Agent will  promptly so notify the Borrower and each Lender.  Thereafter, (x) the obligation of the Lenders to make or  maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or  Interest Periods) and (y) in the event of a determination described in the preceding sentence with respect to  the  Eurodollar  Rate  component  of  the  Base  Rate,  the  utilization  of  the  Eurodollar  Rate  component  in  determining the Base Rate shall be suspended, in each case until the Administrative Agent (or, in the case  of  a  determination  by  the  Required  Lenders  described  in  clause  (ii)  of  Section  3.03(a),  until  the  Administrative Agent upon instruction of the Required Lenders) revokes such notice.  Upon receipt of such  notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of  Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing                                         63   

 

   that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in  the amount specified therein.               (b)   Notwithstanding  the  foregoing,  if  the  Administrative  Agent  has  made  the  determination described in clause (i) of Section 3.03(a), the Administrative Agent, in consultation with the  Borrower and Required Lenders, may establish an alternative interest rate for the Impacted Loans, in which  case,  such  alternative  rate  of  interest  shall  apply  with  respect  to  the  Impacted  Loans  until  (i)  the  Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (i) of  the  first  sentence  of  Section  3.03(a),  (ii)  the  Administrative  Agent  or  the  Required  Lenders  notify  the  Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly  reflect the cost to such Lenders of funding the Impacted Loans or (iii) any Lender determines that any Law  has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender  or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference  to such alternative rate of interest or to determine or charge interest rates based upon such rate or any  Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the  foregoing and provides the Administrative Agent and the Borrower written notice thereof.               (c)   Notwithstanding anything to the contrary in this Agreement or any other Loan  Documents,  if  the  Administrative  Agent  determines  (which  determination  shall be  conclusive  absent  manifest error), or the Borrower or Required Lenders notify the Administrative Agent (with, in the case of  the Required Lenders, a copy to the Borrower) that the Borrower or Required Lenders (as applicable) have  determined, that:                     (i)   adequate and reasonable means do not exist for ascertaining LIBOR for        any Interest Period hereunder or any other tenors of LIBOR, including, without limitation, because        the LIBOR Screen Rate is not available or published on a current basis and such circumstances are        unlikely to be temporary;                      (ii)  the administrator of the LIBOR Screen Rate or a Governmental Authority        having  jurisdiction  over  the  Administrative  Agent  or such  administrator  has  made  a  public        statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer        be made available, or used for determining the interest rate of loans, provided that, at the time of        such statement, there is no successor administrator that is satisfactory to the Administrative Agent,        that will continue to provide LIBOR after such specific date (such specific date, the “Scheduled        Unavailability Date”);                     (iii) the administrator of the LIBOR Screen Rate or a Governmental Authority        having jurisdiction over such administrator has made a public statement announcing that all Interest        Periods and other tenors of LIBOR are no longer representative; or                     (iv)  syndicated loans currently being executed, or that include language similar        to that contained in this Section 3.03, are being executed or amended (as applicable) to incorporate        or adopt a new benchmark interest rate to replace LIBOR,   then, in the case of clauses (i)-(iii) above, on a date and time determined by the Administrative Agent (any  such date, the “LIBOR Replacement Date”), which date shall be at the end of an Interest Period or on the  relevant interest payment date, as applicable, for interest calculated and shall occur reasonably promptly  upon the occurrence of any of the events or circumstances under clauses (i), (ii) or (iii) above and, solely  with respect to clause (ii) above, no later than the Scheduled Unavailability Date, LIBOR will be replaced  hereunder and under any Loan Document with, subject to the proviso below, the first available alternative  set forth in the order below for any payment period for interest calculated that can be determined by the                                         64   

 

   Administrative Agent, in each case, without any amendment to, or further action or consent of any other  party to, this Agreement or any other Loan Document (the “LIBOR Successor Rate”; and any such rate  before giving effect to the Related Adjustment, the “Pre-Adjustment Successor Rate”):          (x)   Term SOFR plus the Related Adjustment; and                (y)   SOFR plus the Related Adjustment;           and  in  the  case  of  clause  (iv)  above,  the  Borrower  and Administrative Agent may amend this  Agreement solely for the purpose of replacing LIBOR under this Agreement and under any other Loan  Document in accordance with the definition of “LIBOR Successor Rate” and such amendment will become  effective at 5:00 p.m., on the fifth Business Day  after the Administrative Agent shall have notified all  Lenders and the Borrower of the occurrence of the circumstances described in clause (iv) above unless,  prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent  written  notice  that  such  Required  Lenders  object  to  the  implementation  of  a  LIBOR  Successor  Rate  pursuant to such clause;          provided  that, if the Administrative Agent determines that Term SOFR has become available, is  administratively  feasible  for  the  Administrative  Agent  and  would  have  been  identified  as  the  Pre- Adjustment Successor Rate in accordance with the foregoing if it had been so available at the time that the  LIBOR Successor Rate then in effect was so identified, and the Administrative Agent notifies the Borrower  and each Lender of such availability, then from and after the beginning of the Interest Period, relevant  interest payment date or payment period for interest calculated, in each case, commencing no less than  thirty (30) days after the date of such notice, the Pre-Adjustment Successor Rate shall be Term SOFR and  the LIBOR Successor Rate shall  be Term SOFR plus the relevant Related Adjustment.           The Administrative Agent will promptly (in one or more notices) notify the Borrower and each  Lender of (x) any occurrence of any of the events, periods or circumstances under clauses (i) through (iii)  above, (y) a LIBOR Replacement Date and (z) the LIBOR Successor Rate.         Any LIBOR Successor Rate shall be applied in a manner consistent with market practice; provided  that to the extent such market practice is not administratively feasible for the Administrative Agent, such  LIBOR  Successor  Rate  shall  be  applied  in  a  manner  as otherwise  reasonably  determined  by  the  Administrative Agent.          Notwithstanding anything else herein, if at any time any LIBOR Successor Rate as so determined  would otherwise be less than zero, the LIBOR Successor Rate will be deemed to be zero for the purposes  of this Agreement and the other Loan Documents.         In connection with the implementation of a LIBOR Successor Rate, the Administrative Agent will  have the right to make LIBOR Successor Rate Conforming Changes from time to time and, notwithstanding  anything  to  the  contrary  herein  or  in  any  other  Loan  Document,  any  amendments  implementing  such  LIBOR Successor Rate Conforming Changes will become effective without any further action or consent  of any other party to this Agreement; provided that, with respect to any such amendment effected, the  Administrative  Agent  shall  post  each  such  amendment  implementing  such  LIBOR  Successor  Rate  Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes  effective.          If the events or circumstances of the type described in Section 3.03(c)(i)-(iii) have occurred with  respect to the LIBOR Successor Rate then in effect, then the successor rate thereto shall be determined in  accordance with the definition of “LIBOR Successor Rate.”                                          65   

 

           (d)   Notwithstanding anything to the contrary herein, (i) after any such determination by the  Administrative Agent or receipt by the Administrative Agent of any such notice described under Section  3.03(c)(i)-(iii), as applicable, if the Administrative Agent determines that none of the LIBOR Successor  Rates is available on or prior to the LIBOR Replacement Date, (ii) if the events or circumstances described  in Section 3.03(c)(iv) have occurred but none of the LIBOR Successor Rates is available, or (iii) if the  events or circumstances of the type described in Section 3.03(c)(i)-(iii) have occurred with respect to the  LIBOR Successor Rate then in effect and the Administrative Agent determines that none of the LIBOR  Successor Rates is available, then in each case, the Administrative Agent and the Borrower may amend this  Agreement  solely  for  the  purpose  of  replacing  LIBOR  or  any  then  current  LIBOR  Successor  Rate  in  accordance  with  this  Section  3.03  at  the  end of  any  Interest  Period,  relevant  interest  payment  date  or  payment period for interest calculated, as applicable, with another alternate benchmark rate giving due  consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated  credit facilities for such alternative benchmarks and, in each case, including any Related Adjustments and  any other mathematical or other adjustments to such benchmark giving due consideration to any evolving  or  then  existing  convention  for  similar  U.S.  dollar  denominated  syndicated  credit  facilities  for  such  benchmarks,  which  adjustment  or  method  for  calculating  such  adjustment  shall  be  published  on  an  information service as selected by the Administrative Agent from time to time in its reasonable discretion  and may be periodically updated. For the avoidance of doubt, any such proposed rate and adjustments shall  constitute a LIBOR Successor Rate. Any such amendment shall become effective at 5:00 p.m. on the fifth  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 written notice that such Required Lenders object to such amendment.         (e)   If, at the end of any Interest Period, relevant interest payment date or payment period for  interest calculated, no LIBOR Successor Rate has been determined in accordance with clauses (c) or (d) of  this Section  3.03 and  the  circumstances  under  clauses  (c)(i)  or  (c)(iii)  above  exist  or  the  Scheduled  Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the  Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar  Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans, Interest Periods, interest  payment dates or payment periods) and (y) the Eurodollar Rate component shall no longer be utilized in  determining the Base Rate, until the LIBOR Successor Rate has been determined in accordance with clauses  (c) or (d). Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of,  conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans,  Interest  Periods,  interest  payment  dates  or  payment  periods)  or,  failing  that,  will  be  deemed  to  have  converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause  (y)) in the amount specified therein.          3.04 Increased Costs. (a) Increased Costs Generally. If any Change in Law shall:                     (i)   impose,  modify  or  deem  applicable  any  reserve,  special  deposit,        compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the        account of, or credit extended or participated in by, any Lender (except any reserve requirement        contemplated by Section 3.04(f)) or any L/C Issuer;                     (ii)  subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B)        Taxes  described  in clauses  (b) through (d) of  the  definition  of  “Excluded  Taxes”,  and  (C)        Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other        obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or                                          66   

 

                     (iii) impose on any Lender or any L/C Issuer or the applicable interbank market        any other condition, cost or expense (other than Taxes) affecting this Agreement or Eurodollar Rate        Loans made by such Lender or any Letter of Credit or participation therein;               and the result of any of the foregoing shall be to increase the cost to such Lender of making,              converting to, continuing or maintaining any Loan the interest on which is determined by              reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan),              or to increase the cost to such Lender or such L/C Issuer of participating in, issuing or              maintaining any Letter of Credit (or of maintaining its obligation to participate in or to              issue any Letter of Credit), or to reduce the amount of any sum received or receivable by              such  Lender  or  such  L/C  Issuer  hereunder  (whether  of  principal,  interest  or  any  other              amount) then, upon request of such Lender or such L/C Issuer, the Borrower will pay to              such Lender or such L/C Issuer, as the case may be, such additional amount or amounts as              will compensate such Lender or such L/C Issuer, as the case may be, for such additional              costs incurred or reduction suffered.               (b)   Capital Requirements. If any Lender or any L/C Issuer reasonably determines that  any Change in Law affecting such Lender or such L/C Issuer or any Lending Office of such Lender or such  Lender’s or such L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or  would have the effect of reducing the rate of return on such Lender’s or such L/C Issuer’s capital or on the  capital of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence of this Agreement,  the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swing Line  Loans held by, such Lender, or the Letters of Credit issued by such L/C Issuer, to a level below that which  such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company could have achieved  but for such Change in Law (taking into consideration such Lender’s or such L/C Issuer’s policies and the  policies  of  such  Lender’s  or  such  L/C  Issuer’s  holding  company  with  respect  to  capital  adequacy  and  liquidity), then from time to time the Borrower will pay to such Lender or such L/C Issuer, as the case may  be, such additional amount or amounts as will compensate such Lender or such L/C Issuer or such Lender’s  or such L/C Issuer’s holding company for any such reduction suffered.               (c)   Mandatory Costs. If any Lender or any L/C Issuer incurs any Mandatory Costs  attributable to the Obligations, then from time to time the Borrower will pay to such Lender or such L/C  Issuer, as the case may be, such Mandatory Costs. Such amount shall be expressed as a percentage rate per  annum and shall be payable on the full amount of the applicable Obligations.               (d)   Certificates for Reimbursement. A certificate of a Lender or an L/C Issuer setting  forth  the  amount  or  amounts  necessary to  compensate  such  Lender  or  such  L/C  Issuer  or  its  holding  company, as the case may be, as specified in Sections 3.04(a), (b) or (c), setting forth in reasonable detail  the  manner  in  which  such  amount  or  amounts  was  determined  and  delivered  to the  Borrower shall  be  conclusive absent manifest error. The Borrower shall pay such Lender or such L/C Issuer, as the case may  be, the amount shown as due on any such certificate within 10 days after receipt thereof.               (e)   Delay in Requests. Failure or delay on the part of any Lender or any L/C Issuer to  demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of  such Lender’s or such L/C Issuer’s right to demand such compensation; provided, that, the Borrower shall  not be required to compensate a Lender or an L/C Issuer pursuant to the foregoing provisions of this Section  for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender  or such L/C Issuer, 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 such L/C Issuer’s intention to claim compensation  therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive,                                         67   

 

   then  the 180-day  period  referred  to  above  shall  be  extended  to  include  the  period  of  retroactive  effect  thereof).               (f)   Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as  long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of  or including eurocurrency funds or deposits (currently known as “Eurodollar liabilities”), additional interest  on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves  allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination  shall be conclusive), which shall be due and payable on each date on which interest is payable on such  Loan; provided, that, the Borrower shall have received at least 10 days’ prior written notice (with a copy to  the Administrative Agent) of such additional interest or costs from such Lender. If a Lender fails to give  written notice 10 days prior to the relevant Interest Payment Date, such additional interest shall be due and  payable 10 days from receipt of such notice.               (g)   Requests for Compensation. Any request by a Lender for compensation pursuant  to the foregoing provisions of this Section 3.04 shall be made in accordance with such Lender’s policies as  applied generally to other similarly situated borrowers of similar creditworthiness with respect to their  similarly affected commitments, loans and/or participations under agreements with such borrowers having  provisions similar to the provisions of this Section 3.04 (it being acknowledged and agreed that nothing in  this section shall require the Administrative Agent or any Lender to disclose any information related to  similarly  situated  customers,  comparable  provisions  of  similar  agreements  or  otherwise  that  the  Administrative Agent or such Lender (as applicable), in its sole discretion, deems proprietary, privileged  or confidential, and the Administrative Agent’s or applicable Lender's failure to provide such information  shall not preclude it from asserting that such other customer is similarly situated under a similar agreement  to the Borrower).          3.05 Compensation for Losses. Within 10 days of written demand by any Lender (with a copy  to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for  and hold such Lender harmless from any loss, cost or expense (other than loss of profit) incurred by it as a  result of:               (a)   any conversion, payment or prepayment of any Eurodollar Rate Loan on a day  other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by  reason of acceleration, or otherwise);               (b)   any failure by the Borrower (for a reason other than the failure of such Lender to  make a Loan) to prepay, borrow, continue or convert any Eurodollar Rate Loan on the date or in the amount  notified by the Borrower; or               (c)   any assignment of a Eurodollar Rate Loan 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 11.13;   excluding  any  loss  of  anticipated  profits,  but  including  any  loss  or  expense  arising  from  any  foreign  exchange losses, the liquidation or reemployment of funds obtained by it to maintain such Loan or from  fees payable to terminate the deposits from which such funds were obtained or from the performance of  any foreign exchange contract. The Borrower shall also pay any customary administrative fees charged by  such Lender in connection with the foregoing.   For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each  Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for  such Loan by a matching deposit or other borrowing in the offshore interbank market for such currency for                                         68   

 

   a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact  so funded.          3.06 Mitigation  Obligations;  Replacement  of  Lenders. (a) Designation  of  a  Different  Lending Office. Each Lender may make any Credit Extension to the Borrower through any Lending Office;  provided, that, the exercise of this option shall not affect the obligation of the Borrower to repay the Credit  Extension in accordance with the terms of this Agreement. If any Lender requests compensation under  Section 3.04, or the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender,  any L/C Issuer or any Governmental Authority for the account of any Lender or any L/C Issuer pursuant to  Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of the Borrower  such Lender or such L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending  Office  for  funding  or  booking  its  Credit  Extensions  hereunder  or  to  assign  its  rights  and  obligations  hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or such L/C  Issuer,  as  applicable,  such  designation  or  assignment  (i)  would  eliminate  or  reduce  amounts  payable  pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice  pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or such L/C  Issuer,  as  the  case  may  be,  to  any  unreimbursed  cost  or  expense  and  would  not  otherwise  be  disadvantageous to such Lender or such L/C Issuer, as the case may be. The Borrower hereby agrees to pay  all reasonable and documented costs and expenses incurred by any Lender or any L/C Issuer in connection  with any such designation or assignment.               (b)   Replacement of Lenders. If any Lender requests compensation under Section 3.04  or gives a notice pursuant to Section 3.02, or if the Borrower is required to pay any Indemnified Taxes or  additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant  to Section 3.01, and, in each case, such Lender has declined or is unable to designate a different lending  office  in  accordance  with Section  3.06(a), the  Borrower may replace such Lender in accordance with  Section 11.13.          3.07 Survival.  All  of the  Borrower’s obligations  under  this Article  III shall  survive  the  Termination Date and any resignation of the Administrative Agent.                                    ARTICLE IV                 CONDITIONS PRECEDENT TO CREDIT EXTENSIONS          4.01 Conditions  Precedent  to  Effectiveness  and  the  Initial  Credit  Extensions.  The  effectiveness of this Agreement and the obligation of each L/C Issuer and each Lender to make its initial  Credit Extension hereunder is subject to satisfaction of the following conditions precedent:               (a)   The  Administrative  Agent’s  receipt  of  the  following,  each of  which  shall  be  originals, telecopies or .pdf copies unless otherwise specified, each properly executed by a Responsible  Officer  of the  Parent (where  applicable), the  Borrower (where  applicable), in each case (to  the  extent  applicable) dated the Effective Date (or, in the case of certificates of governmental officials, a recent date  before the Effective Date):                     (i)   executed counterparts of this Agreement from each of the Credit Parties,        the Administrative Agent, each Lender, each L/C Issuer and the Swing Line Lender;                     (ii)  Notes executed by the Borrower in favor of each Lender requesting a Note;                     (iii) such certificates with respect to resolutions or other action, incumbency        certificates  and/or  other  certificates  of  Responsible  Officers  of each  Credit  Party as  the                                         69   

 

         Administrative Agent may reasonably require evidencing the identity, authority and capacity of        each Responsible Officer of such Credit Party authorized to act as a Responsible Officer of such        Credit Party in connection with this Agreement and the other Loan Documents;                     (iv)  such  documents  and  certifications  as  the  Administrative  Agent  may        reasonably require to evidence that each Credit Party is duly organized or formed, and, to the extent        customarily available, that each Credit Party is validly existing, in good standing and qualified to        engage in business in the jurisdiction of its organization;                     (v)   a customary legal opinion or opinions from counsel to the Credit Parties,        addressed to the Administrative Agent, each Lender and each L/C Issuer party to this Agreement        as of the Effective Date; and                      (vi)  a certificate signed by the chief executive officer, chief financial officer        (or  principal  financial  officer  with  similar  responsibilities),  treasurer  or  controller  that  is  a        Responsible Officer of the Borrower certifying that the conditions specified in Sections 4.02(a) and        (b) have been satisfied.               (b)   The Borrower shall have provided to the Administrative Agent and the Lenders  the documentation and other information reasonably requested by the Administrative Agent and the Lenders  as required by United States regulatory authorities under applicable “know your customer” and anti-money- laundering rules and regulations, including the PATRIOT Act, in each case at least three Business Days  prior to the Effective Date to the extent requested at least ten Business Days prior to the Effective Date.               (c)   If any  Credit  Party qualifies  as  a  “legal  entity  customer”  under  the  Beneficial  Ownership Regulation, receipt by the Administrative Agent and each Lender, to the extent requested by the  Administrative Agent or such Lender, of a Beneficial Ownership Certification in relation to such Credit  Party, at least three Business Days prior to the Effective Date to the extent requested at least ten Business  Days prior to the Effective Date.               (d)   Any fees required to be paid pursuant to the Loan Documents on or before the  Effective Date shall have been paid.               (e)   The Borrower shall have paid all reasonable and documented out-of-pocket fees,  charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by  the Administrative Agent) to the extent invoiced prior to the Effective Date, plus such additional amounts  of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and  disbursements incurred or to be incurred by such counsel through the closing proceedings, to the extent  such  estimate  is  received  prior  to  the Effective  Date (provided, that,  such  estimate  shall  not  thereafter  preclude a final settling of accounts between the Borrower and the Administrative Agent). Without limiting  the  generality  of  the  provisions  of  the  last  paragraph  of Section  9.03,  for  purposes  of  determining  compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement  shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other  matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender  unless the Administrative Agent shall have received written notice from such Lender prior to the proposed  Effective Date specifying its objection thereto.          4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any Request  for Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type, or  a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent:                                         70   

 

               (a)   The representations and warranties of the Credit Parties contained in Article V or  any other Loan Document shall be true and correct, in all material respects (unless already qualified by  materiality or “Material Adverse Effect” in which case, they shall be true and correct in all respects), on  and as of the date of such Credit Extension, except to the extent that such representations and warranties  specifically refer to an earlier date, in which case they shall be true and correct, in all material respects  (unless already qualified by materiality or “Material Adverse Effect”, in which case, they shall be true and  correct  in  all  respects),  as  of  such  earlier  date,  and  except  that  for  purposes  of  this Section  4.02,  the  representations  and  warranties  contained  in Sections  5.04 shall  be  deemed  to  refer  to  the  most  recent  statements furnished pursuant to Sections 6.01(a) and (b), respectively; provided, that, solely in connection  with any Credit Extension made after the Effective Date (other than the Term Borrowing to be made after  the Effective Date), this Section 4.02(a) shall not require the representations and warranties set forth in  Section 5.05, Section 5.06 or Section 5.09 to be true and correct in all material respects (or in all respects  if already qualified by materiality or “Material Adverse Effect”) in connection with such Credit Extension.               (b)   No Default or Event of Default shall exist or be continuing, or would result, from  such proposed Credit Extension or from the application of the proceeds thereof.               (c)   The  Administrative  Agent  and,  if  applicable,  the  applicable  L/C  Issuer  or  the  Swing Line Lender, shall have received a Request for Credit Extension in accordance with the requirements  hereof.         Each Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans  to the other Type or a continuation of Eurodollar Rate Loans) submitted by a Borrower shall be deemed to  be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied  on and as of the date of the applicable Credit Extension.                                    ARTICLE V                       REPRESENTATIONS AND WARRANTIES         Each of the Credit Parties represents and warrants to the Administrative Agent, each L/C Issuer  and the Lenders that:          5.01 Existence, Qualification, Power and Standing. Each Credit Party and their respective  Subsidiaries (a) is a corporation, partnership, limited liability company or other entity duly and properly  incorporated or organized, as the case may be, validly existing and (to the extent such concept applies to  such entity) in good standing under the laws of its jurisdiction of incorporation or organization and (b) has  all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except  to the extent that the failure to have such authority would not reasonably be expected to have a Material  Adverse Effect.          5.02 Authorization, Validity and  Binding  Effect. Each  Credit  Party has  the  power  and  authority  and  legal  right  to  execute  and  deliver  the  Loan  Documents  and  to  perform  its  obligations  thereunder. The execution and delivery by each of Credit Party, as applicable, of the Loan Documents and  the performance of its obligations thereunder have been duly authorized by proper proceedings, and the  Loan  Documents  constitute  legal,  valid  and  binding  obligations  of the Credit Parties,  as  applicable,  enforceable against it in accordance with their terms, except as may be limited by bankruptcy, insolvency  or  similar  laws  relating  to  or  affecting  creditors’  rights  generally  and  by  general  principles  of  equity,  regardless of whether considered in a proceeding in equity or at law.          5.03 No Conflict; Government Consent. (a) Neither the execution and delivery by any Credit  Party of  the  Loan  Documents,  nor  the  consummation  of  the  transactions  therein  contemplated,  nor                                         71   

 

   compliance  with  the  provisions  thereof  will  violate  (i) any  law,  rule,  regulation,  order,  writ,  judgment,  injunction, decree or award binding on any Credit Party, (ii) any Credit Party’s respective bylaws, articles  or certificate of incorporation, partnership agreement, certificate of partnership, operating agreement or  other  management  agreement,  articles  or  certificate  of  organization  or  other  similar  formation,  organizational  or  governing  documents,  instruments  and  agreements,  as  the  case  may  be,  or  (iii) the  provisions of any indenture, instrument or agreement to which any Credit Party is a party or is subject, or  by which it, or its Property, is bound, except in the case of clauses (i) and (iii) where such violation would  not reasonably be expected to have a Material Adverse Effect.               (b)   No order, consent, adjudication, approval, license, authorization, or validation of,  or filing, recording or registration with, or exemption by, or other action in respect of any governmental or  public body or authority, or any subdivision thereof, which has not been obtained by the Credit Parties is  required to be obtained by the Credit Parties in connection with the execution and delivery of the Loan  Documents, the borrowings under the Loan Documents, the payment and performance by the Borrower of  its Obligations or the legality, validity, binding effect or enforceability of the Loan Documents.          5.04 Financial Statements. The June 30, 2020 audited consolidated financial statements of the  Parent and  its  Subsidiaries heretofore  delivered  to  the  Arrangers  and  the  Lenders,  copies  of  which  are  included in the Parent’s Annual Report on Form 20-F as filed with the SEC and, if applicable, the unaudited  consolidated financial statements of the Parent and its Subsidiaries as of the last day of the most recent  fiscal quarter (other than the fourth fiscal quarter of any fiscal year) for which the Parent has most recently  filed a quarterly report on Form 6-K, (a) were prepared in accordance with IFRS (except as otherwise  expressly noted therein), (b) fairly present in all material respects the consolidated financial condition and  operations of the Parent and its Subsidiaries at such date and the consolidated results of their operations and  cash flows for the period then ended (subject, in the case of unaudited quarterly reports, to the absence of  footnotes  and  to  normal  year-end  audit  adjustments)  and  (c) show  all  material  indebtedness  and  other  liabilities, direct or contingent, of the Parent and its Subsidiaries as of the date thereof that are required  under Agreement Accounting Principles to be reflected thereon.          5.05 No Material Adverse Effect. As of the Effective Date, except as disclosed in the Parent  SEC Report (excluding any disclosures set forth in any risk factor section and in any section relating to  forward-looking or safe harbor statements), since June 30, 2020, there has been no material adverse effect  on the financial condition, results of operations, business or Property of the Parent and its Subsidiaries taken  as a whole.          5.06 Litigation. As  of  the Effective  Date,  there  is  no  litigation,  arbitration,  governmental  investigation, proceeding or inquiry pending or, to the knowledge of any of their officers, threatened against  or affecting the Parent or any of its Subsidiaries which has not been disclosed in the Parent SEC Report  (a) that would reasonably be expected to have a Material Adverse Effect or (b) which seeks to prevent,  enjoin or delay the making of any Loan or otherwise calls into question the validity of any Loan Document  and as to which there is a reasonable possibility of an adverse decision.          5.07 Investment Company Act. No Credit Party nor any of their respective Subsidiaries is an  “investment company”, a company “controlled by” an “investment company” or a company required to  register as an “investment company,” each as defined in the Investment Company Act of 1940, as amended.          5.08 Disclosure. All written information other than financial projections and other forward- looking information and information of a general economic or industry nature (as used in this Section 5.08,  the “Information”) provided on or prior to the Effective Date by any Credit Party or their Subsidiaries or  on behalf of any Credit Party by its representatives to the Administrative Agent or the Lenders in connection  with the negotiation and syndication of and entry into this Agreement, and  any  Beneficial  Ownership                                         72   

 

   Certification, in each case, does not, when taken as a whole, contain any untrue statement of a material fact  or omit to state a material fact necessary to make the statements contained therein, when taken as a whole,  not  materially  misleading  when  taken  as  a  whole  and  in  light  of  the  circumstances  under  which  such  statements were made (giving effect to any supplements then or theretofore furnished).          5.09 Solvency. As of the Effective Date, (i) the Parent and its Subsidiaries on a consolidated  basis are able to pay their debts and other liabilities, contingent obligations and other commitments as they  mature in their ordinary course; (ii) the Parent and its Subsidiaries do not intend to, and do not believe that  they will, incur debts or liabilities beyond their ability to pay as such debts and liabilities mature in their  ordinary course; (iii) the Parent and its Subsidiaries on a consolidated basis are not engaged in a business  or a transaction, and are not about to engage in a business or a transaction, for which their property would  constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry  in which they are engaged; (iv) the fair value of the property and assets of the Parent and its Subsidiaries  on  a  consolidated  basis is  greater  than  the  total  amount  of  liabilities,  including,  without  limitation,  contingent liabilities, of the Parent and its Subsidiaries on a consolidated basis; and (v) the present fair  salable value of the property and assets of the Parent and its Subsidiaries on a consolidated basis is not less  than the amount that will be required to pay the probable liability of the Parent and its Subsidiaries on a  consolidated  basis  on  their  debts  as  they  become  absolute  and  matured.  In  computing  the  amount  of  contingent liabilities for purposes of this Section 5.09, it is intended that such liabilities will be computed  at the amount which, in light of all the facts and circumstances existing as of the date hereof, represents the  amount that can reasonably be expected to become an actual or matured liability, and all in accordance with  IFRS.          5.10 OFAC, FCPA. No Credit Party, nor any Subsidiary, nor, to the knowledge of any Credit  Party, any director, officer or employee thereof, is an individual or entity that is, or is 50% or more owned  (individually or in the aggregate, directly or indirectly) or controlled by individuals or entities (including  any agency, political subdivision or instrumentality of any government) that are (a) the subject or target of  any Sanctions or in violation of applicable Sanctions or Anti-Corruption Laws, (b) included on OFAC’s  List of Specially Designated Nationals, HMT’s Consolidated List of Financial Sanctions Targets and the  Investment  Ban  List,  or  any  similar  list  enforced  by  the  United  States  federal  government  (including,  without  limitation,  OFAC),  the  European  Union, HMT or  other applicable sanctions  authority, or  (c) located, organized or resident in a Designated Jurisdiction.          5.11 Affected  Financial  Institutions. No  Credit  Party, nor  any  Subsidiary, is  an  Affected  Financial Institution.          5.12 Regulation U. No Credit Party, nor any Subsidiary, is engaged principally, or as one of its  important activities, in the business of extending credit for the purpose, whether immediate, incidental or  ultimate of buying or carrying margin stock (within the meaning of Regulation U or Regulation X); and  after applying the proceeds of each Loan, margin stock (as defined in Regulation U) constitutes not more  than  twenty-five  percent  (25%) of  the  value  of those  assets  of  the  Borrower  which  are  subject  to  any  limitation on sale or pledge, or any other restriction hereunder.                                    ARTICLE VI                            AFFIRMATIVE COVENANTS   From the Effective Date, so long as any Lender shall have any Commitment hereunder, or any Loan or  other Obligation hereunder (other than any contingent indemnification obligations for which no claim has  been made) shall remain unpaid or unsatisfied or (except to the extent agreed by the L/C Issuer that has  issued such Letter of Credit or to the extent such Letter of Credit has been Cash Collateralized) any Letter  of Credit shall remain outstanding:                                         73   

 

          6.01 Financial Reporting. The Parent shall maintain, for itself and each of its Subsidiaries, a  system  of  accounting  established  and  administered  in  accordance  with IFRS,  and  furnish  to  the  Administrative Agent for the Administrative Agent’s distribution to the Lenders:               (a)   As soon as available, but in any event on or prior to the 120th day after the close  of each of its fiscal years (commencing with the first fiscal year of the Parent ending after the Effective  Date),  a  consolidated  balance  sheet  as  of  the  end  of  such  period,  related  statements  of  operations,  comprehensive income/loss, stockholder’s equity and cash flows prepared in accordance with IFRS on a  consolidated basis for itself and its Subsidiaries, together with an audit report certified by independent  certified public accountants of recognized standing, whose opinion shall not be qualified as to the scope of  the audit or as to the status of the Parent and its consolidated Subsidiaries as a going concern.               (b)   As soon as available, but in any event on or prior to the 45th day after the close of  the first three quarterly periods of each of its fiscal years (commencing with the first such fiscal quarter of  the Parent ending after the Effective Date), for itself and its Subsidiaries, a consolidated (or, at the Parent’s  option and to the extent filed (or to be filed) with the SEC in its quarterly report on Form 6-K, condensed  consolidated)  unaudited  balance  sheet  as  at  the  close  of  each  such  period  and  consolidated  unaudited  statements of operations, comprehensive income (loss) and cash flows for the period from the beginning of  such fiscal year to the end of such quarter, all certified by its chief financial officer, chief accounting officer  or treasurer.               (c)   Together with the financial statements required under Sections 6.01(a) and (b), a  Compliance Certificate signed by its chief financial officer, chief accounting officer, treasurer or a director  thereof showing the calculations necessary to determine compliance with the financial covenant set forth  in Section 7.05 and stating that no Default or Event of Default exists, or if any Default or Event of Default  exists, stating the nature and status thereof.               (d)   Promptly  upon  the  filing  thereof,  copies  of  all  registration  statements  or  other  regular  reports  not  otherwise  provided  pursuant  to  this Section  6.01 which the  Parent or  any  of its  Subsidiaries files with the SEC.               (e)   Promptly  following  any  reasonable  written  request,  information  and  documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance  with applicable “know your customer” and anti-money-laundering  rules  and  regulations,  including  the  PATRIOT Act and the Beneficial Ownership Regulation.               (f)   Such  other  information  with  respect  to  the  business,  condition  or  operations,  financial  or  otherwise,  and  Properties  of the  Parent and  its Subsidiaries  as  the  Administrative  Agent,  including at the request of any Lender, may from time to time reasonably request.   Documents  required  to  be  delivered  pursuant  to this Section  6.01(a), (b), (d) or (e) may  be  delivered  electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which any  Credit Party posts such documents, or provides a link thereto on the Parent’s website on the Internet at  investors.atlassian.com or such other website with respect to which any Credit Party may from time to time  notify the Administrative Agent and to which the Lenders have access; or (ii) on which such documents are  posted on any Credit Party’s behalf by the Administrative Agent on SyndTrak or another relevant website,  if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party  website or whether sponsored by the Administrative Agent) or filed electronically through EDGAR and  available on the Internet at www.sec.gov. The Administrative Agent shall have no obligation to request the  delivery  or  to  maintain  copies  of  the  documents  referred  to  above,  and  in  any  event  shall  have  no  responsibility to monitor compliance by any Credit Party with any such request for delivery.                                         74   

 

   Each Credit Party hereby acknowledges that (a) the Administrative Agent and/or the Arrangers will make  available to the Lenders materials and/or information provided by or on behalf of any Credit Party hereunder  (collectively, “Borrower Materials”) by posting the Borrower Materials on SyndTrak or another similar  electronic  system  (the  “Platform”)  and  (b)  certain  of  the  Lenders  (each  a  “Public  Lender”)  may  have  personnel who do not wish to receive material non-public information with respect to the  Credit Parties or  their respective Affiliates, or the respective securities of any of the foregoing, and who may be engaged in  investment and other market-related activities with respect to such Persons’ securities. Each of the Credit  Parties hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall  be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”  shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC”, the  Credit Parties shall be deemed to have authorized the Administrative Agent, the Arrangers and the Lenders  to treat such Borrower Materials as not containing any material non-public information with respect to any  Credit Party or their securities for purposes of United States Federal and state securities laws (provided,  however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth  in Section 9.10 ); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through  a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the  Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable  only for posting on a portion of the Platform that is not designated “Public Side Information.”          6.02 Notice of Default. The Credit Parties shall give prompt notice in writing to the Lenders of  the occurrence of any Default or Event of Default.          6.03 Payment of Taxes. Each of the Credit Parties shall, and shall cause each Subsidiary to,  pay and discharge within 30 days of the date the same shall become due and payable, all its tax liabilities,  assessments and governmental charges or levies upon it or its properties, unless (a) the same are being  contested  in  good  faith  by  appropriate  proceedings  diligently  conducted  and  adequate  reserves  in  accordance with (and to the extent required by) IFRS are being maintained by the Credit Parties or such  Subsidiary in connection therewith, or (b) the failure to do so, individually or in the aggregate, would not  reasonably be expected to result in a Material Adverse Effect.          6.04 Preservation of Existence, Etc. (a) Each of the Credit Parties shall, and shall cause each  of their respective Subsidiaries to, except as otherwise permitted by Section 7.03, do all things necessary  to preserve, renew and maintain in full force and effect its (i) legal existence and (ii) to the extent applicable,  good standing as a corporation, partnership, limited liability company or other entity under the Laws of the  jurisdiction of its incorporation or organization, as the case may be, and maintain all requisite authority to  conduct its business in each jurisdiction in which its business is conducted, except in each case (other than  with respect to the valid existence of the Credit Parties), to the extent that failure to do so would not,  individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.               (b)   Each  of the Credit  Parties shall,  and  shall  cause  each of  their  respective  Subsidiaries to take all reasonable action to maintain all rights, privileges, permits, licenses and franchises  necessary in the normal conduct of its business, except to the extent that failure to do so could not reasonably  be expected to have a Material Adverse Effect          6.05 Maintenance of Properties and Intellectual Property. Each of the Credit Parties shall,  and shall cause each of their respective Subsidiaries to, (a) maintain, preserve and protect all of its properties  and equipment necessary in the operation of its business in good working order and condition, ordinary  wear and tear and casualty and condemnation excepted, (b) preserve, renew and maintain in full force and  effect,  all  rights,  licenses,  intellectual  property,  copyrights,  trademarks,  trade  names,  patents,  domain  names, permits, privileges, authorizations and other rights as are necessary for the conduct of its business,                                         75   

 

   except, in each case where the failure to do so would not reasonably be expected to have a Material Adverse  Effect.           6.06 Maintenance of Insurance. Each of the Credit Parties shall, and shall cause each of their  respective Subsidiaries to, maintain with financially sound and reputable insurance companies not Affiliates  of any Credit Party, insurance with respect to its properties and business against loss or damage of the kinds  customarily insured against by Persons engaged in the same or similar business, of such types and in such  amounts  (after giving  effect  to  any  self-insurance  compatible  with  the  following  standards)  as  are  customarily carried under similar circumstances by such other Persons.          6.07 Compliance with Laws. Each Credit Party shall, and shall cause each of their respective  Subsidiaries to, comply in all material respects with all applicable Laws, rules, regulations and orders (such  compliance to include, without limitation, compliance with ERISA and Environmental Laws), except to the  extent such noncompliance would not reasonably be expected to have a Material Adverse Effect.          6.08 Inspection; Keeping of Books and Records. Subject to applicable Law and third party  confidentiality agreements entered into by the Credit Parties or any of their respective Subsidiaries in the  ordinary  course  of  business, each  of the Credit  Parties shall,  and shall cause  each of  their  respective  Subsidiaries to, permit the Administrative Agent, during the continuance of a Default or Event of Default,  by its representatives and agents, to inspect any of the Property, books and financial records of the Credit  Parties and each of their respective Subsidiaries, to examine and make copies of the books of accounts and  other financial records of the Credit Parties and each of their respective Subsidiaries, and to discuss the  affairs,  finances  and  accounts  of the Credit  Parties and  each of  their  respective Subsidiaries with  their  respective officers at such reasonable times and intervals as the Administrative Agent may designate but in  all events upon reasonable prior notice to the Credit Parties. The Credit Parties shall keep and maintain, and  cause each of their respective Subsidiaries to keep and maintain, in all material respects, proper books of  record and account in which entries in conformity with IFRS shall be made of all dealings and transactions  in relation to their respective businesses and activities.          6.09 Use  of  Proceeds. The  Credit  Parties shall,  and shall cause  each  of their  respective  Subsidiaries to, use the proceeds of the Loans for general corporate purposes (which may include, without  limitation,  financing  the  consideration  for  and  fees  and  expenses  related  to  any  Acquisition and  the  prepayment, repayment or redemption of any Indebtedness). The Borrower shall use the proceeds of the  Loans in compliance with all applicable legal and regulatory requirements and any such use shall not result  in a violation of any such requirements, including, without limitation, Regulation U and Regulation X, the  Securities  Act  of  1933  and  the  Securities  Exchange  Act  of  1934  and  the  regulations  promulgated  thereunder.          6.10 OFAC, FCPA. Each of the Credit Parties shall maintain in effect and enforce policies and  procedures reasonably designed to promote and achieve compliance by the Credit Parties, their respective  Subsidiaries and their respective directors, employees and agents with Anti-Corruption Laws and applicable  Sanctions.                                   ARTICLE VII                              NEGATIVE COVENANTS   From the Effective Date, so long as any Lender shall have any Commitment hereunder, or any Loan or  other Obligation hereunder (other than any contingent indemnification obligations for which no claim has  been made) shall remain unpaid or unsatisfied or (except to the extent agreed by the L/C Issuer that has  issued such Letter of Credit or to the extent such Letter of Credit has been Cash Collateralized) any Letter  of Credit shall remain outstanding:                                         76   

 

          7.01 Liens. No Credit Party shall, and shall not permit any of their respective Subsidiaries to,  create or suffer to exist any Lien in or on any of its Property, in each case to secure or provide for the  payment of any Indebtedness for Borrowed Money, except:               (a)   Precautionary Liens provided by any Credit Party or any Subsidiary in connection  with the sale, assignment, transfer or other disposition of assets by the Credit Parties or any Subsidiary  which transaction is determined by the Board of Directors of such  Credit  Party or  such  Subsidiary  to  constitute a “sale” under accounting principles generally accepted in the United States;               (b)   Liens existing on the Effective Date securing Indebtedness for Borrowed Money  (x) with an individual value less than $10,000,000 or (y) as set forth on Schedule 7.01;               (c)   Usual  and customary  deposits  in  favor  of  lessors  and  similar  deposits  in  the  ordinary course of business;               (d)   Liens in favor of the Parent or any of its Subsidiaries;               (e)   Liens  existing  on  Property  of  any  Person  acquired  by Credit  Parties or  any  Subsidiary (which may include Property previously leased by the Parent or any of its Subsidiaries and  leasehold interests on such Property, provided that the lease terminates prior to or upon the acquisition),  other  than  any  such  Lien  or  security  interest  created  in  contemplation  of such  acquisition  (and  the  replacement, extension or renewal thereof upon or in the same Property);               (f)   Liens on Property of a Person existing at the time such Person is merged into or  consolidated with the Credit Parties or any Subsidiary, at the time such Person first becomes a Subsidiary  or at the time of a sale, lease or other disposition of all or substantially all of the Properties or assets of a  Person to the Credit Parties or any Subsidiary, provided that such Lien was not incurred in anticipation of  the merger, consolidation, sale, lease or other disposition;               (g)   Liens on fixed or capital assets (including real property) to secure the payment of  all or any part of the cost of acquisition, construction, development or improvement of such assets, or to  secure Indebtedness for Borrowed Money incurred to provide funds for any such purpose; provided, that  (i) the commitment of the creditor to extend the credit secured by any such Lien shall have been obtained  not later than 12 months after the completion of the acquisition, construction, development or improvement  of such assets, (ii) the aggregate outstanding principal amount of such Indebtedness for Borrowed Money  secured by such Lien, together with any outstanding Indebtedness for Borrowed Money pursuant to Section  7.02(e), does not exceed $500,000,000 and (iii) such Lien shall not apply to any other Property of the Credit  Parties or any Subsidiary, except for accessions and improvements to such fixed or capital assets covered  by such Lien and the proceeds and products thereof;               (h)   Liens  on  cash  and  securities  (and  deposit  and  securities  accounts)  securing  reimbursement obligations in respect of letters of credit and banker’s acceptances issued for the account of  any Credit Party or any Subsidiary in the ordinary course of business;               (i)   Liens with respect to any Cash Collateral provided by the Borrower pursuant to  any Loan Document;               (j)   other Liens  securing  Indebtedness for  Borrowed  Money,  together  with  any  outstanding Indebtedness for Borrowed Money pursuant to Section 7.02(k), in an aggregate outstanding  principal  amount  not  to  exceed  the  greater  of  (i)  $500,000,000  and  (ii)  an  amount  equal  to  10%  of  Consolidated Assets;                                         77   

 

               (k)   Liens on assets arising in connection with a Securitization Transaction permitted  pursuant to Section 7.02(i);                (l)   any  extension,  renewal  or  replacement  (or  successive  extensions,  renewals  or  replacements), as a whole or in part, of any Liens (or Indebtedness for Borrowed Money secured by Liens)  referred to in clauses (a) through (k), inclusive, provided that such extension, renewal or replacement Lien  shall be limited to all or a part of the same Property that secured the Lien extended, renewed or replaced  (plus improvements on and accessions to such Property), and (ii) the Indebtedness for Borrowed Money  secured by such Lien at such time is not increased (other than by an amount equal to any related financing  costs  (including,  but  not  limited  to,  the  accrued  interest  and  premium,  if  any,  on  the Indebtedness  for  Borrowed Money being refinanced); and               (m)   Liens created in substitution of any Liens permitted by clauses (a) through  (l),  inclusive, provided that, (i) based on a good faith determination of a senior officer of the Borrower, the  property encumbered by such substitute or replacement Lien is substantially similar in nature to the property  encumbered by the otherwise permitted Lien that is being replaced, and (ii) the Indebtedness for Borrowed  Money secured by such Lien at such time is not increased (other than by an amount equal to any related  financing costs (including, but not limited to, the accrued interest and premium, if any, on the Indebtedness  for Borrowed Money being refinanced)).           7.02 Indebtedness. No Credit Party shall permit any Subsidiary of the Parent (other than the  Borrower) to, directly or indirectly, create, incur, assume or suffer to exist any Indebtedness for Borrowed  Money, except:               (a)   Indebtedness under the Loan Documents;               (b)   Indebtedness  for  Borrowed  Money existing  on  the Effective  Date (x)  with  an  individual principal amount less than $10,000,000 or (y) as set forth on Schedule 7.02 and, in each case of  the foregoing clauses (x) and (y), any Permitted Refinancing thereof;               (c)   Indebtedness for Borrowed Money owed to the Parent or any Subsidiary;               (d)   (i) Indebtedness for Borrowed Money of a Person that becomes a Subsidiary after  the Effective Date; provided, that, such Indebtedness exists at the time such Person becomes a Subsidiary  and is not created in contemplation of or in connection with such Person becoming a Subsidiary; and (ii)  any Permitted Refinancing of any Indebtedness specified in clause (i);               (e)   Indebtedness for Borrowed Money in respect of fixed or capital assets (including  real property) incurred to finance the payment of all or any part of the cost of acquisition, construction,  development or improvement of such assets; provided, that, (i) the commitment of the creditor to provide  such Indebtedness  for  Borrowed  Money shall  have  been  obtained  not  later  than  12  months  after  the  completion  of  the  acquisition,  construction,  development  or  improvement  of  such  assets  and  (ii) the  aggregate  outstanding  principal  amount of such Indebtedness  for  Borrowed  Money,  together  with  any  outstanding Indebtedness for Borrowed Money that is secured by a Lien pursuant to Section 7.01(g), does  not exceed $500,000,000;               (f)   unsecured Indebtedness for Borrowed Money of any Subsidiary that has provided  a  Guarantee  of  the  Obligations  of  the Borrower hereunder on  terms  reasonably  acceptable  to  the  Administrative Agent;                                           78   

 

               (g)   guaranties  of  any  Indebtedness for  Borrowed  Money  of  any  Subsidiary  of the  Parent (other than the Borrower) otherwise permitted under this Section 7.02 (other than Section 7.02(f));                (h)   Indebtedness for Borrowed Money pursuant to tenders, statutory obligations, bids,  leases, governmental contracts, trade contracts, surety, stay, customs, appeal, performance and/or return of  money bonds or other similar obligations incurred in the ordinary course of business, and (ii) in respect of  any letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments to support  any of the foregoing items;                (i)   Indebtedness  for  Borrowed  Money of  a  Securitization  Subsidiary issued  or  undertaken in any Securitization Transaction in an aggregate outstanding principal amount not to exceed  $500,000,000;                (j)   Indebtedness for Borrowed Money arising in connection with customary  cash management services and from the honoring by a bank or financial institution of a check, draft or  similar instrument drawn against insufficient funds, in each case in the ordinary course of business; and               (k)   other Indebtedness for  Borrowed  Money,  together  with  any  outstanding  Indebtedness for Borrowed Money that is secured by a Lien pursuant to Section 7.01(j), in an aggregate  outstanding principal amount not to exceed the greater of (i) $500,000,000 and (ii) an amount equal to 10%  of Consolidated Assets.          7.03 Fundamental Changes.                (a)   No Credit Party shall, nor shall they permit any of their respective Subsidiaries to,  directly or indirectly, merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of  (whether in one transaction or in a series of transactions) all or substantially all of the assets (whether now  owned or hereafter acquired) of the Credit Parties and their respective Subsidiaries, taken as a whole, to or  in favor of any Person, except that, so long as no Default exists or would result therefrom: (i) any Subsidiary  may merge or consolidate with and into the Borrower, so long as the Borrower shall be the continuing or  surviving Person of such merger or consolidation; (ii) any Subsidiary may merge or consolidate with and  into  the  Parent,  so  long  as  the  Parent  shall  be  the  continuing  or  surviving  Person  of  such  merger  or  consolidation; (iii) any Subsidiary may merge or consolidate with or into any other Subsidiary, so long as  a Subsidiary is the continuing or surviving Person of such merger or consolidation; (iv) any Subsidiary may  merge or consolidate with or into any other Person; provided, that, (A) if such merger or consolidation  involves any Credit Party, such Credit Party shall be the continuing or surviving Person and (B) such merger  or consolidation does not result in the Disposition of all or substantially all of the assets of the Parent and  its Subsidiaries, taken as a whole; (v) any Subsidiary may dissolve or liquidate; provided, that, (A) such  dissolution or liquidation does not result in the Disposition of all or substantially all of the assets of the  Credit Parties and their respective Subsidiaries, taken as a whole, and (B) such dissolution or liquidation  could  not  reasonably  be  expected  to  have  a  Material  Adverse  Effect,  (vi)  the  Parent  may  Dispose  of  substantially all of its and its Subsidiaries assets, taken as a whole, to the Borrower and (vii) the Parent or  the Borrower may merge or consolidate with or into any other Person; provided that the resulting, surviving  or transferee Person (if other than the Parent or the Borrower, as applicable) is (A) a corporation organized  and existing under the laws of the United States, any state thereof or the District of Columbia or (B) an  entity treated as a corporation for U.S. federal income tax purposes organized and existing under the laws  of England and Wales and, in each case, such entity (if not the Parent or the Borrower, as applicable)  expressly assumes all of the obligations of the Parent or the Borrower, as applicable, under this Agreement  and the Administrative Agent shall have received a legal opinion from counsel, and in form and substance,  reasonably satisfactory to the Administrative Agent with respect thereto.                                          79   

 

               (b)   Notwithstanding  anything  to  the  contrary  in  this  Agreement, the  limitations  described in Section 7.03(a) shall not apply if, so long as no Default exists or would result therefrom, the  Parent  consolidates  with  or  merges  with  and  into  the  Borrower,  and,  in  such  case,  the  Parent  will  be  automatically and unconditionally released from all obligations under its Guaranty and the Guaranty shall  terminate and be discharged and be of no further force and effect and each reference in this Agreement to  the Parent shall thereafter be deemed to refer to the Borrower.          7.04 Use of Proceeds; OFAC, FCPA. No Credit Party nor any of their respective Subsidiaries  will directly, or, to any Credit Parties knowledge, indirectly, use the proceeds of any Loan or Letter of  Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of  money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) to fund any  activities of or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of  such funding, is the target of Sanctions or (c) in any other manner that will result in a violation of Sanctions.          7.05 Financial Covenant. As of the last day of each fiscal quarter of the Parent commencing  with the first fiscal quarter-end date occurring after the Effective Date, the Consolidated Leverage Ratio  shall not be greater than 3.50:1.00; provided, that, at the election of the Borrower, exercised by written  notice delivered by the Borrower to the Administrative Agent at any time prior to the date that is thirty  (30) days following consummation of any Material Acquisition by the Parent or any of its Subsidiaries,  such maximum Consolidated Leverage Ratio shall be increased to 4.50 to 1.00; provided, further, that such  increase (a) shall not be effective prior to the consummation of such Material Acquisition, (b) shall only  apply for a period of four full fiscal quarters after the consummation of such Material Acquisition and (c)  the Consolidated Leverage Ratio of the Parent shall not exceed 3.50 to 1.00 for a period of at least two  consecutive fiscal quarters after the expiration of such increase before the Borrower may make such election  with respect to any other Material Acquisition.                                   ARTICLE VIII                        EVENTS OF DEFAULT AND REMEDIES          8.01 Events of Default. Any of the following shall constitute an “Event of Default”:               (a)   Breach of Representations or Warranties. Any representation or warranty made by  any Credit Party to the Lenders or the Administrative Agent under this Agreement, or any certificate or  information delivered in connection with this Agreement, shall be incorrect in any material respect when  made or deemed made.               (b)   Failure to Make Payments When Due. Nonpayment of (a) principal of any Loan  when due or the Borrower’s obligation under Section 2.03(f) when due to reimburse an L/C Issuer the  amount of each draft under a Letter of Credit paid by such L/C Issuer, or (b) interest upon any Loan, any  Commitment Fee or other payment Obligations under any of the Loan Documents within five (5) Business  Days after such interest, fee or other Obligation becomes due.               (c)   Breach of Covenants. The breach by any Credit Party of (a) any of the terms or  provisions of Section 6.02, 6.04(a) (solely with respect to the valid existence of each Credit Party) and  Article VII or (b) any of the other terms or provisions of this Agreement which is not remedied within thirty  (30) days after such Credit Party knows of the occurrence thereof.               (d)   Cross Default.                     (i)   Any Credit Party or any of their respective Subsidiaries shall fail to pay        any principal of or premium or interest on any Indebtedness which is outstanding in a principal                                         80   

 

         amount  of  at  least  the  Requisite  Amount  in  the  aggregate  (but  excluding  indebtedness  arising        hereunder) of such Credit Party or such Subsidiary (as the case may be) when the same becomes        due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or        otherwise), and such failure shall continue after the applicable grace period, if any, specified in the        agreement  or  instrument  relating to  such  Indebtedness unless  adequate  provision  for  any  such        payment has been made in form and substance satisfactory to the Required Lenders.                     (ii)  Any  Indebtedness of any Credit  Party or  any of  their  respective        Subsidiaries which is outstanding in a principal amount of at least the Requisite Amount in the        aggregate  shall  be  declared  to  be  due  and  payable,  or  required  to  be  prepaid  (other  than  by  a        scheduled required prepayment), redeemed, purchased or defeased, or an offer to prepay, redeem,        purchase or defease such Indebtedness shall be required to be made, in each case prior to the stated        maturity thereof as a result of a breach by such Credit Party or such Subsidiary (as the case may        be) of the agreement or instrument relating to such Indebtedness and such failure shall continue        after the applicable grace period, if any, specified in the agreement or instrument relating to such        Indebtedness unless adequate provision for the payment of such Indebtedness has been made in        form and substance satisfactory to the Required Lenders.                     (iii) Any Credit Party or any Major Subsidiary becomes unable, or admits in        writing its inability, or fails to pay generally its debts as they become due.               (e)   Voluntary Bankruptcy; Appointment of Receiver; Etc. Any Credit Party or any  Major Subsidiary shall (i) have an order for relief entered with respect to it under applicable Debtor Relief  Laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek,  consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar  official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for  relief under applicable Debtor Relief Laws as now or hereafter in effect or seeking to adjudicate it bankrupt  or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or  composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief  of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding  filed against it, (v) take any corporate or partnership action to authorize or effect any of the foregoing  actions set forth in this Section 8.01(e), or (vi) fail to contest in good faith any appointment or proceeding  described in Section 8.01(f).                (f)   Involuntary Bankruptcy; Appointment of Receiver; Etc. Without the application,  approval or consent of any Credit Party or any Major Subsidiary, a Receiver, trustee, custodian, examiner,  liquidator  or  similar  official  shall  be  appointed  for any  Credit  Party or  any Major Subsidiary or  any  Substantial  Portion  of  its  Property,  or  a  proceeding  described  in Section 8.01(e)(iv) shall  be  instituted  against any Credit Party or any Major Subsidiary, and such appointment continues undischarged, or such  proceeding continues undismissed or unstayed, in each case, for a period of sixty (60) consecutive days.               (g)   Judgments. Any  Credit  Party or  any Major  Subsidiary shall  fail  within  sixty  (60) days to pay, bond or otherwise discharge one or more judgments or orders for the payment of money  (except to the extent covered by independent third party insurance and as to which the insurer has not  disclaimed coverage) in excess of the Requisite Amount (or the equivalent thereof in currencies other than  Dollars) in the aggregate, which judgment(s), in any such case, is/are not stayed on appeal or otherwise  being appropriately contested in good faith.               (h)   Unfunded Liabilities. (i) The aggregate Unfunded Liabilities of all Plans would  reasonably be expected to result in a material adverse effect on the financial condition, results of operations,  business  or  Property  of the  Parent and its Subsidiaries  taken  as  a  whole;  (ii) the  present  value  of  the                                         81   

 

   unfunded liabilities to provide the accrued benefits under all Foreign Pension Plans in the aggregate would  reasonably be expected to result in a material adverse effect on the financial condition, results of operations,  business or Property of the Parent and its Subsidiaries taken as a whole; or (iii) any Reportable Event shall  occur in connection with any Plan and such Reportable Event would reasonably be expected to result in a  material adverse effect on the financial condition, results of operations, business or Property of the Parent  and its Subsidiaries taken as a whole.               (i)   Change of Control. A Change of Control shall have occurred.               (j)   Other ERISA Liabilities. The Credit Parties, any Subsidiary, or any other member  of the Controlled Group shall have been notified by the sponsor of a Multiemployer Plan that it has incurred  withdrawal liability or become obligated to make contributions to a Multiemployer Plan in an amount  which, when aggregated with all other amounts required to be paid to Multiemployer Plans by the Credit  Parties, any Subsidiary, or any other member of the Controlled Group as withdrawal liability (determined  as of the date of such notification), would reasonably be expected to result in a material adverse effect on  the financial condition, results of operations, business or Property of the Parent and its Subsidiaries taken  as a whole.               (k)   Invalidity of Loan Documents. Any material provision of any Loan Document, at  any time after its execution and delivery and for any reason other than as expressly permitted hereunder or  thereunder or satisfaction in full of all the Obligations (other than contingent indemnification obligations  that survive the termination of this Agreement), ceases to be in full force and effect; or any Credit Party  contests in any manner the validity or enforceability of any Loan Document; or any Credit Party denies that  it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or  rescind any Loan Document for any reason other than as expressly permitted hereunder or thereunder.          8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the  Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, by prior  written notice to the Borrower (other than with respect to an Event of Default pursuant to Section 8.01(f),  which shall require no prior written notice), take any or all of the following actions:               (a)   declare the commitments of each Lender to make Loans and any obligation of each  L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligations  shall be terminated;               (b)   declare the unpaid principal amount of all outstanding Loans, all interest accrued  and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document  to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all  of which are hereby expressly waived by the Borrower;               (c)   require that the Borrower Cash Collateralize the L/C Obligations (in an amount  otherwise required by this Agreement); and               (d)   exercise on behalf of itself, the Lenders and the L/C Issuers all rights and remedies  available to it, the Lenders and the L/C Issuers under the Loan Documents;   provided, that, upon the occurrence of the entry of an order for relief with respect to any Credit Party under  applicable Debtor Relief Laws, the obligation of each Lender to make Loans and any obligation of each  L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all  outstanding  Loans  and  all  interest  and  other  amounts  as  aforesaid  shall  automatically  become  due  and                                          82   

 

   payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall  automatically become effective, in each case without further act of the Administrative Agent or any Lender.          8.03 Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after  the  Loans  have  automatically  become  immediately  due  and  payable  and  the  L/C  Obligations  have  automatically  been  required  to  be  Cash  Collateralized  as  set  forth  in  the  proviso  to Section  8.02),  any  amounts received on account of the Obligations shall, subject to the provisions of Section 2.15 and Section  2.16 be applied by the Administrative Agent in the following order:         First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and  other  amounts  (including  fees,  charges  and  disbursements  of  counsel  to  the  Administrative  Agent  and  amounts payable under Article III) payable to the Administrative Agent in its capacity as such;         Second,  to  payment  of  that  portion  of  the  Obligations  constituting  fees,  indemnities  and  other  amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuers  (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuers and  amounts payable under Article III), ratably among them in proportion to the respective amounts described  in this clause Second payable to them;         Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit  Fees and interest on the Loans, L/C Disbursements and other Obligations, ratably among the Lenders and  the L/C Issuers in proportion to the respective amounts described in this clause Third payable to them;         Fourth, to (a) payment of that portion of the Obligations constituting unpaid principal of the Loans  and  L/C  Disbursements,  and  (b)  Cash  Collateralize  that  portion  of  L/C  Obligations  comprised  of  the  aggregate  undrawn  amount  of  Letters  of  Credit  to  the  extent  not  otherwise  Cash  Collateralized  by the  Borrower pursuant to Section 2.03(q) and Section 2.15, in each case, ratably among the Administrative  Agent, the Lenders and the L/C Issuers, in proportion to the respective amounts described in this clause  Fourth payable to them; and         Last,  the  balance,  if  any,  after  the  occurrence  of  the  Termination  Date,  to  the  Borrower  or  as  otherwise required by Law.   Subject to Section 2.03(q) and Section 2.15, amounts used to Cash Collateralize the aggregate undrawn  amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such  Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of  Credit  have  either  been fully  drawn  or  expired,  such  remaining  amount  shall  be  applied  to  the  other  Obligations, if any, in the order set forth above.                                    ARTICLE IX                             ADMINISTRATIVE AGENT          9.01 Appointment and Authority. Each of the Lenders and the L/C Issuers hereby irrevocably  appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the other  Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise  such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such  actions and powers as are reasonably incidental thereto. The provisions of this Article (other than Section  9.06)  are  solely  for  the benefit  of  the  Administrative  Agent,  the  Lenders  and  the  L/C  Issuers,  and  no  Borrower 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)                                         83   

 

   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.          9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have  the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as  though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise  expressly  indicated  or  unless  the  context  otherwise  requires,  include  the  Person  serving  as  the  Administrative  Agent  hereunder  in  its  individual  capacity.  Such  Person  and  its  Affiliates  may  accept  deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity  for and generally engage in any kind of business with Credit Parties or any of their respective Subsidiaries  or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any  duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with respect thereto.          9.03 Exculpatory Provisions. Neither the Administrative Agent nor any Arranger shall 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, neither  the Administrative Agent nor any Arranger:               (a)   shall be subject to any fiduciary or other implied duties, regardless of whether a  Default has occurred and is continuing;               (b)   shall have any duty to take any discretionary action or exercise any discretionary  powers,  except  discretionary  rights  and  powers  expressly  contemplated  hereby  or  by  the  other  Loan  Documents that the Administrative Agent is required to exercise as directed in writing by the Required  Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in  the other Loan Documents); provided, that, the Administrative Agent shall not be required to take any  action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or  that is contrary to any Loan Document or applicable Law, including for the avoidance of doubt any action  that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture,  modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and               (c)   shall, except as expressly set forth herein and in the other Loan Documents, have  any duty to disclose, and neither the Administrative Agent nor any Arranger shall be liable for the failure  to  disclose,  to  any  Lender  or  any  L/C  Issuer  any  credit  or  other  information  concerning  the  business,  prospects, operations, property, financial and other condition or creditworthiness of the Borrower or any of  its Affiliates that is communicated to, or in the possession of, the Administrative Agent or such Arranger  in any capacity, except for notices, reports and other documents expressly required to be furnished to the  Lenders by the Administrative Agent herein.         Neither the Administrative Agent nor any of its Related Parties shall be liable for any action taken  or not taken by the Administrative Agent under or in connection with this Agreement or any other Loan  Document or the transactions contemplated hereby or thereby (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  Section 11.01 and Section 8.02), 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 Default unless and until notice describing such Default  is given to the Administrative Agent by a Borrower, a Lender or an L/C Issuer.                                          84   

 

         Neither the Administrative Agent nor any of its Related Parties have any duty or obligation to any  Lender  or  participant  or  any  other  Person  to  ascertain  or  inquire  into  (A)  any  statement,  warranty  or  representation made in or in connection with this Agreement or any other Loan Document, (B) the contents  of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or  therewith,  (C)  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, (D) the validity, enforceability,  effectiveness  or  genuineness  of  this  Agreement,  any  other  Loan  Document  or  any  other  agreement,  instrument or document, or (E) the satisfaction of any condition set forth in Article IV or elsewhere herein,  other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.          9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely  upon, and shall be fully protected in relying and shall not incur any liability for relying upon, any notice,  request, certificate, communication, 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 be fully protected in relying 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,  extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of  a Lender or an L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such  Lender or such L/C Issuer unless the Administrative Agent shall have received notice to the contrary from  such Lender or such L/C Issuer prior to the making of such Loan or the issuance, extension, renewal or  increase 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. For purposes of determining compliance with the conditions specified in Section 4.01, each Lender  that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied  with, each document or other matter required thereunder to be consented to or approved by or acceptable  or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender  prior to the proposed Effective Date specifying its objections.          9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and  exercise its rights and powers hereunder or under any other Loan Document by or through any one or more  sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may  perform any and all of its duties and exercise its rights and powers by or through their respective Related  Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related  Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in  connection  with  the  syndication  of  the  credit  facilities  provided  for  herein  as  well  as  activities  as  Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct  of  any  sub-agents  except  to  the  extent  that  a  court  of  competent  jurisdiction  determines  in  a  final  and  nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct  in the selection of such sub-agents.          9.06 Resignation of Administrative Agent. (a) The Administrative Agent may at any time give  notice of its resignation to the Lenders, the L/C Issuers and the Borrower. Upon receipt of any such notice  of resignation, the Required Lenders shall have the right, with the consent of the Borrower (such consent  (i) not to be unreasonably withheld or delayed, and (ii) not being required to the extent an Event of Default  under Section 8.01(a), (f) or (g) has occurred and is continuing), to appoint a successor, which shall be a  bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such  appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation                                         85   

 

   (or  such  earlier  day  as  shall  be  agreed  by  the  Required  Lenders  and  the  Borrower)  (the  “Resignation  Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the  Lenders and the L/C Issuers, appoint a successor Administrative Agent meeting the qualifications set forth  above (including consent of the Borrower, if applicable); provided, that, in no event shall any 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.               (b)   If the Person serving as Administrative Agent is a Defaulting Lender at such time  pursuant  to clause  (d) of  the  definition  thereof,  the  Required  Lenders  may,  to  the  extent  permitted  by  applicable Law, by notice in writing to such Person, and, in each case, with the consent of the Borrower  (such consent (i) not to be unreasonably withheld or delayed, and (ii) not being required to the extent an  Event of Default under Section 8.01(a), (f) or (g) has occurred and is continuing), remove such Person as  Administrative Agent and appoint a successor. If no such successor shall have been so appointed by the  Required  Lenders  (with  the  consent  of the  Borrower,  if  applicable)  and  shall  have  accepted  such  appointment within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders and the  Borrower)  (the  “Removal  Effective  Date”),  then  such  removal  shall  nonetheless  become  effective  in  accordance with such notice on the Removal Effective Date.               (c)   With effect from the Resignation Effective Date or the Removal Effective Date (as  applicable),  (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  L/C  Issuers  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  or  other  amounts  then  owed  to  the  retiring  or  removed  Administrative  Agent,  all  payments,  communications and determinations provided to be made by, to or through the Administrative Agent shall  instead be made by or to each Lender and each L/C Issuer directly, until such time, if any, as the Required  Lenders  appoint  a  successor  Administrative  Agent  as  provided  for  above.  Upon  the  acceptance  of  a  successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become  vested with all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent  (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other amounts  owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal  Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from  all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged  therefrom  as  provided  above  in  this  Section).  The  fees  payable  by the  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 11.04  shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and  their respective Related Parties in respect of any actions taken or omitted to be taken by any of them (A)  while the retiring or removed Administrative Agent was acting as Administrative Agent, and (B) after such  resignation or removal for as long as any of them continues to act in any capacity hereunder or under the  other Loan Documents, including in respect of any actions taken in connection with transferring the agency  to any successor Administrative Agent.               (d)   Any resignation or removal by Bank of America as Administrative Agent pursuant  to this Section shall also constitute its resignation as an L/C Issuer and the Swing Line Lender. If Bank of  America resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of an L/C Issuer  hereunder with respect to all Letters of Credit issued by it and outstanding as of the effective date of its  resignation as an L/C Issuer and all L/C Obligations with respect thereto, including the right to require the  Revolving  Lenders  to  make  Committed  Revolving  Loans  that  are  Base  Rate  Loans  or  fund  risk                                         86   

 

   participations in Unreimbursed Amounts pursuant to Section 2.03(f). If Bank of America resigns as the  Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with  respect  to  Swing  Line  Loans  made  by  it  and  outstanding  as  of  the  effective  date  of  such  resignation,  including the right to require the Revolving Lenders to make Committed Revolving Loans that are Base  Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c). Upon  the appointment by the Borrower of a successor L/C Issuer or successor Swing Line Lender hereunder  (which successor shall in all cases be a Lender other than a Defaulting Lender), (i) such successor shall  succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer  or the retiring Swing Line Lender, as applicable, (ii) the retiring L/C Issuer and the retiring Swing Line  Lender shall be discharged from all of their respective duties and obligations hereunder or under the other  Loan Documents, and (iii) the successor L/C Issuer shall issue Letters of Credit in substitution for the  Letters of Credit issued by such retiring L/C Issuer, if any, outstanding at the time of such succession or  make other arrangements reasonably satisfactory to Bank of America to effectively assume the obligations  of Bank of America with respect to such Letters of Credit.          9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and each L/C  Issuer  expressly  acknowledges  that  neither  the  Administrative  Agent  nor  any  Arranger  has  made  any  representation or warranty to it, and that no act by the Administrative Agent or any Arranger hereafter  taken, including any consent to, and acceptance of any assignment or review of the affairs of the Borrower  or any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative  Agent  or  any  Arranger  to  any  Lender  or  any  L/C  Issuer  as  to  any  matter,  including  whether  the  Administrative  Agent  or  such  Arranger  have  disclosed  material  information  in  their  (or  their  Related  Parties’) possession. Each Lender and each L/C Issuer represents to the Administrative Agent and each  Arranger that it has, independently and without reliance upon the Administrative Agent, such Arranger, any  other Lender or any of their respective Related Parties and based on such documents and information as it  has deemed appropriate, made its own credit analysis of, appraisal of, and investigation into, the business,  prospects, operations, property, financial and other condition and creditworthiness of the Borrower and its  Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated  hereby,  and  made  its  own  decision  to  enter  into  this  Agreement  and  to  extend  credit  to the  Borrower  hereunder. Each Lender and each L/C Issuer also acknowledges that it will, independently and without  reliance upon the Administrative Agent, any Arranger, any other Lender or any of their respective Related  Parties  and  based  on  such  documents  and  information  as  it  shall  from  time  to  time  deem  appropriate,  continue to make its own credit analysis, appraisals and 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, and to make such investigations as it deems necessary to inform itself as to the  business,  prospects,  operations,  property,  financial  and  other  condition  and  creditworthiness  of the  Borrower and its Subsidiaries. Each Lender and each L/C Issuer represents and warrants that (a) the Loan  Documents set forth the terms of a commercial lending facility, and (b) it is engaged in making, acquiring  or holding commercial loans in the ordinary course and is entering into this Agreement as a Lender or an  L/C Issuer for the purpose of making, acquiring or holding commercial loans and providing other facilities  set  forth  herein  as  may  be  applicable  to  such  Lender  or  such  L/C  Issuer,  and  not  for  the  purpose  of  purchasing, acquiring or holding any other type of financial instrument, and each Lender and each L/C  Issuer agrees not to assert a claim in contravention of the foregoing. Each Lender and each L/C Issuer  represents  and  warrants  that  it  is  sophisticated  with  respect  to  decisions  to  make,  acquire  and/or  hold  commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or  such L/C Issuer, and either it, or the Person exercising discretion in making its decision to make, acquire  and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring  or holding such commercial loans or providing such other facilities.          9.08 No  Other  Duties,  Etc.  Anything  herein  to  the  contrary  notwithstanding,  none  of  the  Arrangers, joint bookrunners, syndication agent or co-documentation agents listed on the cover page hereof                                         87   

 

   shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents,  except in its capacity, as applicable, as the Administrative Agent, a Lender or an L/C Issuer hereunder.          9.09 Administrative  Agent  May  File  Proofs  of  Claim.  In  case  of  the  pendency  of  any  proceeding under any Debtor Relief Law or any other judicial proceeding relative to the Borrower, the  Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be  due  and  payable  as  herein  expressed  or  by  declaration  or  otherwise  and  irrespective  of  whether  the  Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by  intervention in such proceeding or otherwise:               (a)   to file and prove a claim for the whole amount of the principal and interest owing  and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid  and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders,  the  L/C  Issuers  and  the  Administrative  Agent  (including  any  claim  for  the  reasonable  compensation,  expenses, disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and  their  respective  agents  and  counsel  and  all  other  amounts  due  the  Lenders,  the  L/C  Issuers  and  the  Administrative Agent under Section 2.03(j), Section 2.03(k), Section 2.09 and Section 11.04) allowed in  such judicial proceeding; and               (b)   to collect and receive any monies or other property payable or deliverable on any  such claims and to distribute the same;   and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such  judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the  Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such  payments directly to the Lenders and the L/C Issuers, to pay to the Administrative Agent any amount due  for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and  its  agents  and  counsel,  and  any  other  amounts  due  the  Administrative  Agent  under Sections  2.09 and  Section 11.04.         Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or  consent  to  or  accept  or  adopt  on  behalf  of  any  Lender  or  any  L/C  Issuer  any  plan  of  reorganization,  arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any L/C  Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or any L/C Issuer  in any such proceeding.          9.10 Collateral  Matters.  The  Lenders  and  the  L/C  Issuers  irrevocably  authorize  the  Administrative Agent, at its option and in its discretion, to release the Cash Collateral and any Lien thereon  in accordance with the terms and conditions set forth in Section 2.15.          9.11 Certain ERISA Matters. (a) Each Lender (x) represents and warrants, as of the date such  Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender  party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative  Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the  following is and will be true:                     (i)   such  Lender  is  not  using  “plan  assets”  (within  the  meaning  of  Section        3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance        into, participation in, administration of and performance of the Loans, the Letters of Credit, the        Commitments or this Agreement;                                         88   

 

                     (ii)  the transaction exemption set forth in one or more PTEs, such as PTE 84-       14 (a class exemption for certain transactions determined by independent qualified professional        asset  managers),  PTE  95-60  (a  class  exemption  for  certain  transactions  involving  insurance        company  general  accounts),  PTE  90-1  (a  class  exemption  for  certain  transactions  involving        insurance  company  pooled  separate accounts),  PTE  91-38  (a  class  exemption  for  certain        transactions  involving  bank  collective  investment  funds)  or  PTE  96-23  (a  class  exemption  for        certain transactions determined by in-house asset managers), is applicable with respect to such        Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters        of Credit, the Commitments and this Agreement;                     (iii)  (A)  such  Lender  is  an  investment  fund  managed  by  a  “Qualified        Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified        Professional Asset Manager made the investment decision on behalf of such Lender to enter into,        participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this        Agreement, (C) the entrance into, participation in, administration of and performance of the Loans,        the  Letters  of  Credit,  the  Commitments  and  this  Agreement  satisfies  the  requirements  of  sub-       sections (b) through (g) of Part I of PTE 84-14, and (D) to the best knowledge of such Lender, the        requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s        entrance  into,  participation  in,  administration  of  and  performance  of  the  Loans,  the  Letters  of        Credit, the Commitments and this Agreement; or                     (iv)  such  other  representation,  warranty  and  covenant  as  may  be  agreed  in        writing between the Administrative Agent, in its sole discretion, and such Lender.               (b)   In addition, unless either (i) clause (i) in the immediately preceding clause (a) is  true with respect to a Lender, or (ii) a Lender has provided another representation, warranty and covenant  in accordance with clause (iv) in the immediately preceding clause (a), such Lender further (A) represents  and warrants, as of the date such Person became a Lender party hereto, to, and (B) covenants, from the date  such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for  the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the  Borrower, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved  in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters  of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise  of  any  rights  by  the  Administrative  Agent  under  this  Agreement,  any  other  Loan  Document  or  any  documents related hereto or thereto).                                    ARTICLE X                             CONTINUING GUARANTY          10.01 Guaranty. The Parent hereby  absolutely  and  unconditionally  guarantees,  as  primary  obligor and as a guaranty of payment and performance and not merely as a guaranty of collection, prompt  payment when due, whether at stated maturity, by required prepayment, upon acceleration, as a mandatory  cash collateralization, upon demand or otherwise, and at all times thereafter, of any and all Guaranteed  Obligations; provided, that, the liability of the Parent with respect to this Guaranty shall be limited to an  aggregate amount equal to the largest amount that would not render its obligations hereunder subject to  avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of  any applicable state law or other applicable Law. Without limiting the generality of the foregoing, the  Guaranteed Obligations shall include any such indebtedness, obligations, and liabilities, or portion thereof,  which may be or hereafter become unenforceable or compromised or shall be an allowed or disallowed  claim under any proceeding or case commenced by or against the Borrower (or the relevant Subsidiary)  under any Debtor Relief Laws. The Administrative Agent’s books and records showing the amount of the                                         89   

 

   Guaranteed Obligations shall be admissible in evidence in any action or proceeding, and shall be binding  upon the Parent, and conclusive for the purpose of establishing the amount of the Guaranteed Obligations.  This  Guaranty  shall  not  be  affected  by  the  genuineness,  validity,  regularity  or  enforceability  of  the  Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the  existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any  fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to  the obligations of the Parent under this Guaranty, and the Parent hereby irrevocably waives any defenses it  may now have or hereafter acquire in any way relating to any or all of the foregoing.          10.02 Rights of Lenders. The Parent consents and agrees that the Administrative Agent, L/C  Issuers and Lenders may, at any time and from time to time, without notice or demand, and without affecting  the  enforceability  or  continuing  effectiveness  hereof,  amend,  extend,  renew,  compromise,  discharge,  accelerate or otherwise change the time for payment or the terms of the Guaranteed Obligations or any part  thereof. Without limiting the generality of the foregoing, the Parent consents to the taking of, or failure to  take, any action which might in any manner or to any extent vary the risks of the Parent under this Guaranty  or which, but for this provision, might operate as a discharge of the Parent.          10.03 Certain Waivers. The Parent waives: (a) any defense arising by reason of any disability  or other defense of the Borrower (or the relevant Subsidiary), or the cessation from any cause whatsoever  (including any act or omission of any of the Administrative Agent, any L/C Issuer or any Lender or other  Guaranteed Party) of the liability of the Borrower (or the relevant Subsidiary); (b) any defense based on  any claim that the Parent’s obligations exceed or are more burdensome than those of the Borrower (or the  relevant Subsidiary); (c) the benefit of any statute of limitations affecting the Parent’s liability hereunder;  (d) any right to proceed against the Borrower (or the relevant Subsidiary), or pursue any other remedy in  the power of any of the Administrative Agent, any L/C Issuer or any Lender or other Guaranteed Party  whatsoever; and (e) to the fullest extent permitted by law, any and all other defenses or benefits that may  be derived from or afforded by applicable Law limiting the liability of or exonerating guarantors or sureties.  the Parent expressly waives all setoffs and counterclaims and all presentments, demands for payment or  performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor  and  all  other  notices  or  demands  of  any  kind  or  nature  whatsoever  with  respect  to  the  Guaranteed  Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of  new or additional Guaranteed Obligations.          10.04 Obligations  Independent.  The  obligations the  Parent hereunder  are  those  of  primary  obligor, and not merely as surety, and are independent of the Guaranteed Obligations, and a separate action  may be brought against the Parent to enforce this Guaranty whether or not the Borrower (or the relevant  Subsidiary) or any other Person is joined as a party.          10.05 Subrogation. The Parent shall  not  exercise  any  right  of  subrogation,  contribution,  indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until  all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly  paid and performed in full and the Termination Date has occurred. If any amounts are paid to the Parent in  violation  of  the  foregoing  limitation,  then  such  amounts  shall  be  held  in  trust  for  the  benefit  of  the  Administrative Agent, L/C Issuers and Lenders and shall forthwith be paid to such to reduce the amount of  the Obligations, whether matured or unmatured, in accordance with the terms of this Agreement.          10.06 Termination; Reinstatement. This Guaranty is a continuing and irrevocable guaranty of  all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until the  Termination  Date (or  otherwise  as  set  forth  in Section  7.03(b)).  Notwithstanding  the  foregoing,  this  Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on  behalf of any Credit Party is made, or any of the Administrative Agent, any L/C Issuer or any Lender                                         90   

 

   exercises its right of setoff, in respect of the Obligations and such payment or the proceeds of such setoff  or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required  (including pursuant to any settlement entered into by any of the Administrative Agent, any L/C Issuer or  any Lender in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any  proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such  setoff had not occurred and whether or not the Administrative Agent, the L/C Issuers or the Lenders are in  possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination  or  reduction.  The  obligations  of the  Parent under  this Section  10.06 shall  survive  termination  of  this  Guaranty and the Termination Date.          10.07 Stay of Acceleration. If acceleration of the time for payment of any of the Guaranteed  Obligations is stayed, in connection with any case commenced by or against any Credit Party under any  Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Parent immediately  upon demand by the Administrative Agent, the L/C Issuers or the Lenders.          10.08 Condition of the Borrower or the Relevant Subsidiaries. The Parent acknowledges and  agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrower (or  the relevant Subsidiary) such information concerning the financial condition, business and operations of  the Borrower (or the relevant Subsidiary) as the Parent requires, and that none of the Administrative Agent,  any L/C Issuer or any Lender has any duty, and the Parent is not relying on any such Person, at any time,  to disclose to it any information relating to the business, operations or financial condition of the Borrower  (or the relevant Subsidiary) (the Parent waiving any duty on the part of the Administrative Agent, any L/C  Issuer or any Lender to disclose such information and any defense relating to the failure to provide the  same).          10.09 Subordination. The Parent hereby  subordinates  the  payment  of  all  obligations  and  indebtedness of the Borrower (or the relevant Subsidiary) owing to the Parent, whether now existing or  hereafter arising, including but not limited to any obligation of the Borrower (or the relevant Subsidiary) to  the Parent as subrogee of the Administrative Agent, the L/C Issuers and the Lenders or resulting from the  Parent’s performance under this Guaranty, to the indefeasible payment in full in cash of all Guaranteed  Obligations; provided, that, notwithstanding the foregoing, nothing shall prevent payment by the Borrower  (or the relevant Subsidiary) in respect of any such obligations and indebtedness in the ordinary course so  long as no Event of Default shall have occurred and be continuing. If the Administrative Agent, the L/C  Issuers and the Lenders so request after the occurrence and during the continuance of an Event of Default,  any such obligation or indebtedness of the Borrower (or the relevant Subsidiary) to the Parent shall be  enforced and performance received by the Parent as trustee for the Administrative Agent, the L/C Issuers  and the Lenders and the proceeds thereof shall be paid over to the Administrative Agent, the L/C Issuers  and the Lenders on account of the Guaranteed Obligations, but without reducing or affecting in any manner  the liability of the Parent under this Guaranty.                                    ARTICLE XI                                 MISCELLANEOUS          11.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any  other Loan Document, and no consent to any departure by any Credit Party therefrom, shall be effective  unless in writing signed by the Required Lenders (or the Administrative Agent with the consent of the  Required Lenders) and the Credit Parties, as the case may be, and acknowledged by the Administrative  Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific  purpose for which given; provided, that, no such amendment, waiver or consent shall:                                          91   

 

               (a)   extend the expiry date of, or increase, any Commitment of any Lender (or reinstate  any Commitment terminated pursuant to Section 8.02) without the written consent of such Lender (it being  understood and agreed that a waiver, modification or amendment of, or consent to departure from, any  condition precedent set forth in Section 4.02 or of any Default, representation or warranty or covenant, or  a mandatory prepayment of, or mandatory reduction in, Commitments is not considered an extension or  increase in any Commitment of any Lender);               (b)   postpone any date fixed by this Agreement or any other Loan Document for any  payment (other than any mandatory prepayment) of principal, interest, fees or other amounts due to the  Lenders (or any of them) without the written consent of each Lender directly affected thereby;               (c)   reduce the principal of, or the rate of interest specified herein on, any Loan or L/C  Disbursement or (subject to clause  (iv) of  the  second  proviso  to  this Section  11.01)  any  fees  or  other  amounts payable hereunder or under any other Loan Document without the written consent of each Lender  directly affected thereby; provided, that, only the consent of the Required Lenders shall be necessary to (i)  amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest, Letter of  Credit Fees or other amounts at the Default Rate, or (ii) amend any financial covenant hereunder (or any  defined term used therein), even if the effect of such amendment would be to reduce the rate of interest on  any Loan or any L/C Disbursement or to reduce any fee payable hereunder;               (d)   change Section 2.13 in a manner that would alter the pro rata sharing of payments  required thereby or change Section 8.03, in each case, without the written consent of each Lender directly  affected thereby;               (e)   change any provision of clauses (a) through (g) of this proviso or the definition of  “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required  to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent  hereunder without the written consent of each Lender;               (f)   release any Credit Party from its obligations hereunder without the written consent  of each Lender; or               (g)   change  the  definition  of  “Required  Revolving  Lenders”  without  the  written  consent of each Revolving Lender;    provided, further, that, notwithstanding anything herein to the contrary: (i)(A) no amendment, waiver or  consent shall, unless in writing and signed by the applicable L/C Issuer in addition to the Lenders required  above, directly or adversely affect the rights or duties of such L/C Issuer under this Agreement or any Issuer  Document relating to any Letter of Credit issued or to be issued by it, and (B) the L/C Commitment of any  L/C Issuer may be modified as contemplated by the definition of “L/C Commitment”; (ii) no amendment,  waiver or consent shall, unless in writing and signed by the Swing Line Lender in addition to the Lenders  required  above,  directly  or  adversely  affect  the  rights  or  duties  of  the  Swing  Line  Lender  under  this  Agreement; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative  Agent in addition to the Lenders required above, directly or adversely affect the rights or duties of the  Administrative Agent under this Agreement or any other Loan Document; (iv) each Fee Letter may be  amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto; (v) 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, or all Lenders or each affected Lender under a facility, may be effected with the  consent of the applicable Lenders other than Defaulting Lenders), except that (A) any Commitment of any  Defaulting Lender may not be increased or extended without the consent of such Lender, and (B) any                                         92   

 

   waiver, amendment or modification requiring the consent of all Lenders or each affected Lender, or all  Lenders  or  each  affected  Lender  under  a  facility,  that  by  its  terms  affects  any  Defaulting  Lender  disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting  Lender; (vi) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan  that  affects  the  Loans,  and  each  Lender  acknowledges  that  the  provisions  of  Section  1126(c)  of  the  Bankruptcy Code of the United States supersedes the unanimous consent provisions set forth herein; (vii)  the Required Lenders shall determine whether or not to allow a Borrower to use cash collateral in the  context of a bankruptcy or insolvency proceeding and such determination shall be binding on all of the  Lenders; (viii) in order to effect any increase in accordance with Section 2.14, this Agreement and any other  Loan Document may be amended for such purpose (but solely to the extent necessary to effect such increase  and otherwise in accordance with Section 2.14) by the Borrower, the Administrative Agent and each lender  providing a portion of such increase; (ix) in order to effect any extension in accordance with Section 2.17,  this Agreement and any other Loan Document may be amended for such purpose (but solely to the extent  necessary to effect such extension and otherwise in accordance with Section 2.17 (which may include, for  the avoidance of doubt, amendments to the definition of “Revolving Maturity Date”)) by the Borrower, the  Administrative Agent and each lender extending its Revolving Maturity Date; (x) this Agreement may be  amended (or amended and restated) with the written consent of the Required Lenders, the Administrative  Agent, the Borrower, and the relevant Lenders providing such additional credit facilities (A) to add one or  more additional credit facilities to this Agreement, to permit the extensions of credit from time to time  outstanding hereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of  this Agreement and the other Loan Documents with the Term Loans and the Committed Revolving Loans  and the accrued interest and fees in respect thereof and to include appropriately the Lenders holding such  credit  facilities  in  any  determination  of  the  Required  Lenders  and/or  Required  Revolving  Lenders,  as  applicable,  and  (B)  to change,  modify  or  alter  any  provision  hereof  relating  to  the  pro  rata  sharing  of  payments among the Lenders to the extent necessary to effectuate any of the amendments (or amendments  and restatements) enumerated in this clause (x); (xi) [reserved]; (xii) to the extent permitted by Section  1.10(b) or Section  1.10(c),  this  Agreement  may  be  amended  to  make  such  reasonable  changes  of  construction as the Administrative Agent may from time to time specify; (xiii) [reserved]; (xiv) in order to  implement any Successor Rate or any Successor Rate Conforming Changes, in each case in accordance  with Section 3.03(c), this Agreement may be amended for such purpose as provided in Section 3.03(c); (xv)  the L/C Commitment of any L/C Issuer may be terminated by the Administrative Agent and such L/C Issuer  in connection with the resignation of such L/C Issuer pursuant to this Agreement: (xvi) if following the  Effective  Date,  the  Administrative  Agent  and the  Borrower acting  together  identify  any  ambiguity,  omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan  Document (including the schedules and exhibits thereto), then the Administrative Agent and the Borrower  shall  be  permitted  to  amend,  modify  or  supplement  such  provision to  cure  such  ambiguity,  omission,  mistake, typographical error or other defect, and such amendment shall become effective without any  further action or consent of any other party to this Agreement; and (xvii) this Agreement may be amended  or amended and restated without the consent of any Lender (but with the consent of the Borrower and the  Administrative Agent) if, upon giving effect to such amendment or amendment and restatement, such  Lender  shall  no  longer  be  a  party  to  this  Agreement  (as  so  amended  or  amended  and  restated),  the  Commitments of such Lender shall have terminated, such Lender shall have no other commitment or other  obligation hereunder and such Lender shall have been paid in full all principal, interest and other amounts  owing to such Lender (or accrued for its account) under this Agreement and the other Loan Documents.          11.02 Notices; Effectiveness; Electronic Communication. (a) Notices Generally. Except in the  case of notices and other communications expressly permitted to be given by telephone (and except as  provided in clause (b) below), all notices and other communications provided for herein shall be in writing  and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent  by facsimile or electronic mail as follows, and all notices and other communications expressly permitted  hereunder to be given by telephone may be made to the applicable telephone number, as follows:                                         93   

 

                     (i)   if to any Credit Party, the Administrative Agent, Bank of America in its        capacity as an L/C Issuer or the Swing Line Lender, to the address, facsimile number, electronic        mail address or telephone number specified for such Person on Schedule 11.02; and                     (ii)  if to any other Lender (including such Lender in its capacity as an L/C        Issuer), to the address, facsimile number, electronic mail address or telephone number specified in        its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person        designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices        that may contain material non-public information relating to the Borrower).               Notices and other communications sent by hand or overnight courier service, or mailed by              certified or registered mail, shall be deemed to have been given when received; notices and              other communications sent by facsimile shall be deemed to have been given when sent              (except that, if not given during normal business hours for the recipient, shall be deemed              to have been given at the opening of business on the next Business Day for the recipient).              Notices and other communications delivered through electronic communications to the              extent provided in clause (b) below, shall be effective as provided in such clause (b).               (b)   Electronic Communications. Notices and other communications to the Lenders and  the L/C Issuers hereunder may be delivered or furnished by electronic communication (including e-mail,  FpML messaging and Internet or intranet websites) pursuant to procedures approved by the Administrative  Agent; provided, that, the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to  Article II if such Lender or such L/C Issuer, as applicable, has notified the Administrative Agent that it is  incapable of receiving notices under such Article by electronic communication. The Administrative Agent,  the Swing Line Lender, the L/C Issuers and the Borrower each agree hereunder to accept notices and other  communications to it hereunder by (x) email sent to its electronic email address set forth in Schedule 11.02  (or, in the case of an L/C Issuer other than Bank of America, as set forth in the Administrative Questionnaire  provided by such L/C Issuer) (in each case, as may be updated by written notice to the other parties hereto),  or (y) other electronic communications pursuant to procedures approved by it; provided, that, approval of  such procedures may be limited to particular notices or communications.         Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent  to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the  intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other  written acknowledgement), and (ii) notices and other communications posted to an Internet or intranet  website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as  described in the foregoing clause (i) of notification that such notice or communication is available and  identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or  other communication is not sent during the normal business hours of the recipient, such notice, email or  communication shall be deemed to have been sent at the opening of business on the next Business Day for  the recipient.               (c)   The  Platform.  THE  PLATFORM  IS  PROVIDED  “AS  IS”  AND  “AS  AVAILABLE.”  THE  AGENT  PARTIES  (AS  DEFINED  BELOW)  DO  NOT  WARRANT  THE  ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF  THE  PLATFORM,  AND  EXPRESSLY  DISCLAIM  LIABILITY  FOR  ERRORS  IN  OR  OMISSIONS  FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR  STATUTORY,  INCLUDING  ANY  WARRANTY  OF  MERCHANTABILITY,  FITNESS  FOR  A  PARTICULAR  PURPOSE,  NON-INFRINGEMENT  OF  THIRD  PARTY  RIGHTS  OR  FREEDOM  FROM  VIRUSES  OR  OTHER  CODE  DEFECTS,  IS  MADE  BY  ANY  AGENT  PARTY  IN  CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the                                         94   

 

   Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) or any Credit Party or  their Related Parties have any liability to the Agent Parties, any Credit Party, any Lender, any L/C Issuer  or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract  or otherwise) arising out of the Parent’s, the Borrower’s or the Administrative Agent’s transmission of  Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging  service, or through the Internet.               (d)   Change of Address, Etc. Each of the Credit Parties, the Administrative Agent, each  L/C Issuer and the Swing Line Lender may change its address, facsimile or telephone number for notices  and other communications hereunder by notice to the other parties hereto. Each other Lender may change  its address, facsimile or telephone number for notices and other communications hereunder by notice to  each  of  the  Credit  Parties,  the  Administrative  Agent,  each  L/C  Issuer  and  the  Swing  Line  Lender.  In  addition,  each  Lender  agrees  to  notify  the  Administrative  Agent  from  time  to  time  to  ensure  that  the  Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile  number  and  electronic  mail  address  to  which  notices  and  other  communications  may  be  sent,  and  (ii)  accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one  individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information”  or similar designation on the content declaration screen of the Platform in order to enable such Public  Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law,  including United States Federal and state securities Laws, to make reference to Borrower Materials that are  not made available through the “Public Side Information” portion of the Platform and that may contain  material non-public information with respect to the Borrower or their respective securities for purposes of  United States Federal or state securities Laws.               (e)   Reliance by Administrative Agent, L/C Issuers and Lenders. The Administrative  Agent,  the  L/C  Issuers  and  the  Lenders  shall  be  entitled  to  rely  and  act  upon  any  notices  (including  telephonic notices, Loan Notices, Letter of Credit Applications and Swing Line Loan Notices) purportedly  given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein,  were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the  terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall  indemnify the Administrative Agent, each L/C Issuer, each Lender and the Related Parties from all losses,  reasonable costs and expenses, and liabilities resulting from the reliance by such Person on each notice  purportedly  given  by or  on  behalf  of the  Borrower.  All  telephonic  notices  to  and  other  telephonic  communications with the Administrative Agent may be recorded by the Administrative Agent, and each of  the parties hereto hereby consents to such recording.          11.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, any L/C  Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right,  remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial  exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof  or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges  herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided  by Law.         Notwithstanding anything to the contrary contained herein or in any other Loan Document, the  authority to enforce rights and remedies hereunder and under the other Loan Documents against any Credit  Party shall  be  vested  exclusively  in,  and  all  actions  and  proceedings  at  law  in  connection  with  such  enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with  Section 8.02 for the benefit of all the Lenders and all of the L/C Issuers; 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                                         95   

 

   Documents, (b) each L/C Issuer or the Swing Line Lender from exercising the rights and remedies that  inure to its benefit (solely in its capacity as an L/C Issuer or the Swing Line Lender, as the case may be)  hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance  with Section 11.08 (subject to the terms of Section 2.13), or (d) any Lender from filing proofs of claim or  appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Credit  Party under any Debtor Relief Law; provided, further, that, if at any time there is no Person acting as  Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall  have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02, and (ii) in addition  to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13, any  Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and  as authorized by the Required Lenders.          11.04 Expenses; Indemnity; Damage Waiver. (a) Costs and Expenses. The Borrower shall pay  (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its  Affiliates 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) (limited, in the case of any fees and  expenses of legal counsel, to the reasonable and documented out-of-pocket fees, disbursements and other  charges of (A) one primary counsel for the Administrative Agent, and (B) if reasonably necessary, one firm  of local counsel retained by the Administrative Agent in each relevant material jurisdiction and one firm of  specialty counsel in each relevant specialty), (ii) all reasonable and documented out-of-pocket expenses  incurred  by  each  L/C  Issuer  in  connection  with  the  issuance,  amendment,  renewal,  reinstatement  or  extension of  any  Letter  of  Credit  or  any  demand  for  payment  thereunder,  and  (iii)  all  reasonable  and  documented out-of-pocket expenses incurred by the Administrative Agent, any Lender or any L/C Issuer  (including the reasonable and documented out-of-pocket fees, charges and disbursements of any counsel  for  the  Administrative  Agent,  any  Lender  or  any  L/C  Issuer)  in  connection  with  the  enforcement  or  protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its  rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder,  including  all  such  reasonable  and  documented  out-of-pocket  expenses  incurred  during  any  workout,  restructuring or negotiations in respect of such Loans or Letters of Credit.               (b)   Indemnification  by the  Borrower.  The  Borrower  shall  indemnify  the  Administrative Agent (and any sub-agent thereof), each Lender and each L/C Issuer, and each Related Party  of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each  Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (limited, in  the case of any fees and expenses of legal counsel, to the reasonable and documented out-of-pocket fees,  disbursements and other charges of one firm of primary counsel for all Indemnitees, taken as a whole, and  if reasonably necessary, one firm of local counsel for all Indemnitees, taken as a whole, in each relevant  material jurisdiction, and, if reasonably necessary, one firm of specialty counsel for all Indemnitees, taken  as a whole, in each relevant specialty, and solely in the case of an actual or perceived conflict of interest,  one additional firm of counsel in each relevant jurisdiction to each group of affected Indemnitees, similarly  situated and taken as a whole) incurred by any Indemnitee or asserted against any Indemnitee by any Person  (including the Borrower) or arising out of, in connection with, or as a result of (i) the execution or delivery  of  this  Agreement,  any  other  Loan  Document  or  any  agreement  or  instrument  contemplated  hereby  or  thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the  consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative  Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and  the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or  Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any L/C  Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection                                         96   

 

   with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged  presence or release of Hazardous Materials on or from any property owned or operated by the Parent or any  of its Subsidiaries, or any Environmental Liability related in any way to the Parent or any of its Subsidiaries,  or  (iv)  any  actual  or  prospective  claim,  litigation,  investigation  or  proceeding  relating  to  any  of  the  foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by a  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 (A) are found in a final, nonappealable judgment by a court of competent jurisdiction to have  resulted from (1) the gross negligence, bad faith or willful misconduct of such Indemnitee (or any Related  Indemnified Party of such Indemnitee), or (2) a material breach of such Indemnitee’s obligations under this  Agreement or any other Loan Document, or (B) arise solely from a proceeding that does not involve or  arise from an act or omission by the Borrower or any of the Borrower’s Affiliates and that is brought by an  Indemnitee  against  any  other  Indemnitee  (other  than any  claims  against  the  Administrative  Agent,  an  Arranger, a Lender or any L/C Issuer in its capacity or in fulfilling its role as such). The Borrower shall not  be liable for any settlement of any claim effected by any Indemnitee without the consent of the Borrower  (which  consent  shall  not  be  unreasonably  withheld,  conditioned  or  delayed),  but  if  settled  with the  Borrower’s consent, or if there is a final judgment in any such proceeding, the Borrower shall indemnify  and hold harmless such Indemnitee in the manner set forth above. This Section 11.04(b) shall not apply  with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any  non-Tax claim.               (c)   Reimbursement by Lenders. To the extent that the Borrower for any reason fail to  indefeasibly pay any amount required under Section 11.04(a) or (b) to be paid by it to the Administrative  Agent (or any sub-agent thereof), any L/C Issuer, the Swing Line 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  L/C Issuer, the Swing Line 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 share of the Total Credit Exposures of all Lenders at such time) of such unpaid amount  (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made  severally among them based on such Lenders’ Applicable Percentage (determined as of the time that the  applicable  unreimbursed  expense  or  indemnity  payment  is  sought); provided, that,  the  unreimbursed  expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred  by or asserted against the Administrative Agent (or any such sub-agent), such L/C Issuer or the Swing Line  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), such L/C Issuer or the Swing Line Lender in connection  with such capacity. The obligations of the Lenders under this Section 11.04(c) are subject to the provisions  of Section 2.12(d).               (d)   Waiver  of  Consequential  Damages,  Etc. To  the  fullest  extent  permitted  by  applicable Law, no party hereto shall assert, and each party hereto hereby waives and acknowledges that  no other Person shall have, any claim against any Indemnitee or any other party hereto, on any theory of  liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)  arising out of, in connection with, or as a result of, this Agreement, 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; provided, that, the foregoing shall in no event limit  the  Borrower’  indemnification  obligations  under Section  11.04(b) to  the  extent  such  special,  indirect,  consequential or punitive damages are included in any third-party claim in connection with which such  Indemnitee  is  otherwise  entitled  to  indemnification  hereunder.  No  Indemnitee  referred  to  in Section  11.04(b) or any other party hereto shall be liable for any damages arising from the use by unintended  recipients  of  any  information  or  other  materials  distributed  to  such  unintended  recipients  by  such  Indemnitee or other party hereto through telecommunications, electronic or other information transmission                                         97   

 

   systems in connection with this Agreement or the other Loan Documents or the transactions contemplated  hereby or thereby.               (e)   Payments. All amounts due under this Section shall be payable not later than 15  days after receipt by the Borrower of written demand therefor.               (f)   Survival.  The  agreements  in  this  Section  shall  survive  the  resignation  of  the  Administrative Agent, any L/C Issuer and the Swing Line Lender, the replacement of any Lender, and the  Termination Date.          11.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is  made to the Administrative Agent, any L/C Issuer or any Lender, or the Administrative Agent, any L/C  Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any  part  thereof  is  subsequently  invalidated,  declared  to  be  fraudulent  or  preferential,  set  aside  or  required  (including pursuant to any settlement entered into by the Administrative Agent, such L/C Issuer or such  Lender in its discretion) to be repaid to a trustee, receiver or  any  other  party,  in  connection  with  any  proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation  or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as  if such payment had not been made or such setoff had not occurred, and (b) each Lender and each L/C  Issuer  severally  agrees  to  pay  to  the  Administrative  Agent  upon  demand  its  applicable  share  (without  duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon  from the date of such demand to the date such payment is made at a rate per annum equal to the applicable  Overnight Rate from time to time in effect, in the applicable currency of such recovery or payment. The  obligations of the Lenders and the L/C Issuers under clause (b) of the preceding sentence shall survive the  occurrence of the Termination Date.          11.06 Successors and Assigns. (a) Successors and Assigns Generally. The provisions of this  Agreement and the other Loan Documents shall be binding upon and inure to the benefit of the parties  hereto and their respective successors and assigns permitted hereby, except that no Credit Party may assign  or  otherwise  transfer any  of  its  rights  or  obligations  hereunder  or  thereunder  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  subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection  (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of  subsection (e) of this Section, (and any other attempted assignment or transfer by any party hereto shall be  null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any  Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants  to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby,  the Related Parties of each of the Administrative Agent, the L/C Issuers and the Lenders) any legal or  equitable right, remedy or claim under or by reason of this Agreement.               (b)   Assignments  by  Lenders.  Any  Lender  may  at  any  time  assign  to  one  or  more  Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a  portion of its Commitment(s) and the Loans (including for purposes of this subsection (b), participations in  L/C Obligations and in Swing Line Loans) at the time owing to it); provided, that, any such assignment  shall be subject to the following conditions:                     (i)   Minimum Amounts.                           (A)   In the case of an assignment of the entire remaining amount of any              of the assigning Lender’s Commitments and the Loans at the time owing to it or in the case                                         98   

 

                      of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum        amount need be assigned.                     (B)   In any case not described in subsection (b)(i)(A) of this Section,        the  aggregate  amount  of  the  Commitment  (which  for  this  purpose  includes  Loans        outstanding  thereunder)  or,  if  the  Commitment  is  not  then  in  effect,  the  principal        outstanding balance of the Loans (and participations in Letters of Credit and Swing Line        Loans) of the assigning Lender subject to each such assignment, determined as of the date        the  Assignment  and  Assumption  with  respect  to  such  assignment  is  delivered  to  the        Administrative Agent or, if a “Trade Date” is specified in the Assignment and Assumption,        as of such Trade Date, shall not be less than $5,000,000, in the case of any assignment in        respect  of  the  Aggregate  Revolving  Commitments,  or $1,000,000,  in  the  case  of  any        assignment in respect of the Term Facility, in either case, 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);        provided, that, concurrent assignments to members of an Assignee Group and concurrent        assignments from members of an Assignee Group to a single Eligible Assignee (or to an        Eligible  Assignee  and  members  of  its  Assignee  Group)  will  be  treated  as  a  single        assignment for purposes of determining whether such minimum amount has been met.               (ii)  Proportionate  Amounts.  Each  partial  assignment  shall  be  made  as  an  assignment of a proportionate part of all the assigning Lender’s rights and obligations under this  Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall  not (A) apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans, or  (B) prohibit any Lender from assigning (x) all or a portion of its rights and obligations among  separate facilities under this Agreement or (y) its Term Commitments or Term Loans, in each case,  on a non-pro rata basis.               (iii) Required  Consents.  No  consent  shall  be  required  for  any  assignment  except to the extent required by subsection (b)(i)(B) of this Section and, in addition:                     (A)   the consent of the Borrower (such consent not to be unreasonably        withheld,  conditioned  or delayed)  shall  be  required  unless  (1)  an  Event  of  Default  has        occurred and is continuing at the time of such assignment, or (2) such assignment is to a        Lender, an Affiliate of a Lender or an Approved Fund; provided, that, solely with respect        to assignments of Term Loans (but not with respect to assignments of commitments under        the Term Facility), the Borrower shall be deemed to have consented to any such assignment        requiring its consent under this clause (A) unless it shall object thereto by written notice to        the Administrative Agent within 10 Business Days after having received written notice        thereof;                     (B)   the consent of the Administrative Agent (such consent not to be        unreasonably withheld, conditioned or delayed) shall be required for assignments in respect        of (1) any unfunded Term Commitment or any Revolving Commitment if such assignment        is to a Person that is not a Lender with a Commitment in respect of the applicable facility,        an Affiliate of such Lender or an Approved Fund with respect to such Lender, or (2) any        Term Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund;        and                                    99                

 

                                  (C)   the consent of each L/C Issuer and the Swing Line Lender (such        consent not to be unreasonably withheld, conditioned or delayed) shall be required for any        assignment in respect of Revolving Commitments and/or Committed Revolving Loans.               (iv)  Assignment and Assumption. The parties to each assignment shall execute  and deliver to the Administrative Agent an Assignment and Assumption, together with a processing  and  recordation  fee  in  the  amount  of  $3,500  payable  by  the  assignor; provided, that,  the  Administrative Agent may, in its sole discretion, elect to waive such processing and recordation  fee  in  the  case  of  any  assignment.  The  assignee,  if  it  is  not  a  Lender,  shall  deliver  to  the  Administrative Agent an Administrative Questionnaire.               (v)   No Assignment to Certain Persons. No such assignment shall be made (A)  to any Credit Party or any Affiliates or any Subsidiaries, or (B) to any Defaulting Lender or to any  Person who, upon becoming a Lender hereunder, would constitute one of the foregoing Persons  described in this clause (B).               (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 one or more natural persons).               (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 set forth herein, the parties to the assignment  shall make such additional payments to the Administrative Agent in an aggregate amount sufficient,  upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee  of participations or subparticipations, or other compensating actions, including funding, with the  consent  of the  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  (A)  pay  and  satisfy  in  full  all  payment  liabilities then owed by such Defaulting Lender to the Administrative Agent, any L/C Issuer or any  Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as appropriate) its full  pro  rata  share  of  all  Loans  and  participations  in  Letters  of  Credit  and  Swing  Line  Loans  in  accordance with its Applicable Revolving Percentage. Notwithstanding the foregoing, in the event  that any assignment of rights and obligations of any Defaulting Lender hereunder shall become  effective under applicable Law without compliance with the provisions of this paragraph, then the  assignee  of  such  interest  shall  be  deemed  to  be  a  Defaulting  Lender  for  all  purposes  of  this  Agreement until such compliance occurs.         Subject  to  acceptance  and  recording  thereof  by  the  Administrative  Agent  pursuant  to        subsection  (c) of  this  Section,  from  and  after  the  effective  date  specified  in  each        Assignment and Assumption, the assignee thereunder shall be a party to this Agreement        and, to the extent of the interest assigned by such Assignment and Assumption, have the        rights  and  obligations  of  a  Lender  under  this  Agreement,  and  the  assigning  Lender        thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,        be released from its obligations under this Agreement (and, in the case of an Assignment        and Assumption covering all of the assigning Lender’s rights and obligations under this        Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled        to  the  benefits  of Sections  3.01, 3.04, 3.05,  and 11.04 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                                  100                

 

               arising from that Lender’s having been a Defaulting Lender. Upon request, the Borrower              (at their expense) shall execute and deliver a Note to the assignee Lender. Any assignment              or transfer by a Lender of rights or obligations under this Agreement that does not comply              with this subsection shall be treated for purposes of this Agreement as a sale by such Lender              of a participation in such rights and obligations in accordance with subsection (d) of this              Section.               (c)   Register.  The  Administrative  Agent,  acting  solely  for  this  purpose  as  a  non- fiduciary  agent  of the  Borrower (and  such  agency  solely  for  tax  purposes),  shall  maintain  at  the  Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent  thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and  the Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing  to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register  shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall  treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder  for all purposes of this Agreement. The 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.               (d)   Participations. 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 any Credit Party or any of its 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  Commitments and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing  Line Loans) owing to it); provided, that, (i) such Lender’s obligations under this Agreement shall remain  unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance  of such obligations, and (iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuers shall  continue  to  deal  solely  and  directly  with  such  Lender  in  connection  with  such  Lender’s  rights  and  obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the  indemnity under Section 11.04(c) without regard to the existence of any participation.         Any agreement or instrument pursuant to which a Lender sells such a participation shall provide  that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,  modification or waiver of any provision of this Agreement; provided, that, such agreement or instrument  may provide that such Lender will not, without the consent of the Participant, agree to any amendment,  waiver or other modification described in the first proviso to Section 11.01 that affects such Participant.  The Borrower agree that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to  the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b)  of this Section (subject to the requirements and limitations therein, including the requirements under Section  3.01(e)) (it being understood that the documentation required under Section 3.01(e) shall be delivered to  the Lender who sells the participation) to the same extent as if it were a Lender and had acquired its interest  by assignment pursuant to paragraph (b) of this Section; provided, that, such Participant (A) agrees to be  subject to the provisions of Section 3.06 and Section 11.13 as if it were an assignee under paragraph (b) of  this Section, and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with  respect to any participation, than the Lender from whom it acquired the applicable participation would have  been entitled to receive, except to the extent such entitlement to receive a greater payment results from a  Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells  a participation agrees, at the Borrower’ request and expense, to use reasonable efforts to cooperate with the  Borrower to effectuate the provisions of Section 3.06 with respect to any Participant. To the extent permitted  by law, each Participant also shall be entitled to the benefits of Section 11.08 as though it were a Lender;  provided, that, such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender                                        101   

 

   that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower,  maintain a register on which it enters the name and address of each Participant and the principal amounts  (and  stated  interest)  of  each  Participant’s interest  in  the  Loans  or  other  obligations  under  the  Loan  Documents (the “Participant Register”); provided, that, no Lender shall have any obligation to disclose all  or any portion of the Participant Register (including the identity of any Participant or any information  relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other Obligations  under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish  that  such  Commitment,  Loan,  Letter  of  Credit  or  other  Obligation  is  in  registered  form  under  Section  5f.103-1(c) of  the  United  States  Treasury  Regulations.  The  entries  in  the  Participant  Register  shall  be  conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the  Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding  any  notice  to  the  contrary.  For  the  avoidance  of  doubt,  the  Administrative  Agent  (in  its  capacity  as  Administrative Agent) shall have no responsibility for maintaining a Participant Register. The parties to  this Agreement acknowledge and agree that the Participant Register is intended to cause the Borrower’s  obligations  hereunder  to  be  issued  in  “registered  form”  under  Section  5f.103-1(c)  of  the  United  States  Treasury Regulations.               (e)   Certain Pledges. Any Lender may at any time pledge or assign a security interest  in  all  or  any  portion  of  its  rights  under  this  Agreement  (including  under  its  Note(s),  if  any)  to  secure  obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve  Bank; provided, that, no such pledge or assignment shall release such Lender from any of its obligations  hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.               (f)   Resignation  as  L/C  Issuer  or  Swing  Line  Lender  after  Assignment.  Notwithstanding anything to the contrary contained herein, if at any L/C Issuer or the Swing Line Lender  assigns all of its Revolving Commitment and Committed Revolving Loans pursuant to subsection (b) above,  such L/C Issuer or the Swing Line Lender, as applicable, may (i) upon 30 calendar days’ notice to the  Administrative Agent, the Borrower and the Lenders, resign as an L/C Issuer, and/or (ii) upon 30 calendar  days’ notice to the Borrower, resign as Swing Line Lender. In the event of any such resignation as an L/C  Issuer or the Swing Line Lender, the Borrower shall be entitled to appoint from among the Lenders a  successor L/C Issuer or Swing Line Lender hereunder; provided, that, no failure by the Borrower to appoint  any such successor shall affect the resignation of such L/C Issuer or the Swing Line Lender, as the case  may be. If an L/C Issuer resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties  of an L/C Issuer hereunder with respect to all Letters of Credit issued by it and outstanding as of the effective  date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to  require the Revolving Lenders to make Committed Revolving Loans that are Base Rate Loans or fund risk  participations in Unreimbursed Amounts pursuant to Section 2.03(f)). If Bank of America resigns as the  Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with  respect  to  Swing  Line  Loans  made  by  it  and  outstanding  as  of  the  effective  date  of  such  resignation,  including the right to require the Revolving Lenders to make Committed Revolving Loans that are Base  Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c). Upon  the appointment of a successor L/C Issuer and/or Swing Line Lender, (A) such successor shall succeed to  and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing  Line Lender, as the case may be, and (B) the successor L/C Issuer shall issue letters of credit in substitution  for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements  reasonably satisfactory to the resigning L/C Issuer to effectively assume the obligations of such L/C Issuer  with respect to such Letters of Credit.          11.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent,  the Lenders and the L/C Issuers agrees to maintain the confidentiality of the Information (as defined below),  except that Information may be disclosed (a) to its Affiliates, its auditors and its Related Parties (it being                                        102   

 

   understood that the Persons to whom such disclosure is made will be informed of the confidential nature of  such Information and instructed to keep such Information confidential), (b) upon request or demand by any  regulatory authority having jurisdiction over such Person or its Related Parties, (c) as may be compelled by  an order of any court or administrative agency or in any pending legal, judicial or administrative proceeding  or to the extent required by applicable Laws or regulations or by any subpoena or similar compulsory legal  process (in which case the Administrative Agent, such Lender or such L/C Issuer agrees to inform the  Borrower promptly thereof prior to such disclosure to the extent not prohibited by applicable Law), (d) to  any other party hereto, (e) to the extent reasonably necessary or advisable, in connection with the exercise  of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this  Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject  to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of  or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this  Agreement or any Eligible Assignee invited to become a Lender pursuant to Section 2.14(c) or Section  2.17(e), or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other  transaction under which payments are to be made by reference to the Borrower and its obligations, this  Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with  rating the Borrower or the credit facilities provided hereunder (provided that any such disclosure shall be  made  in  consultation  with the  Borrower),  or  (ii)  the  CUSIP  Service  Bureau  or  any  similar  agency  in  connection with the application, issuance, publishing and monitoring of CUSIP numbers or other market  identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the Borrower, (i)  to the extent such Information (A) becomes publicly available other than as a result of a breach of this  Section, (B) becomes available to the Administrative Agent, any Lender, any L/C Issuer or any of their  respective  Affiliates  on  a  nonconfidential  basis  from  a  source  other  than the  Borrower,  or  (C)  is  independently discovered or developed by a party hereto without utilizing any Information received from  the Borrower or violating the terms of this Section. In addition, the Administrative Agent and the Lenders  may  disclose  the  existence  of  this  Agreement  and  information  about  this  Agreement  to  market  data  collectors, similar service providers to the lending industry and service providers to the Administrative  Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents,  and the Commitments.         For purposes of this Section, “Information” means all information received from or on behalf of  the Parent or any of its Subsidiaries relating to the Parent or any of its Subsidiaries or any of their respective  businesses, other than any such information that is available to the Administrative Agent, any Lender or  any L/C Issuer on a nonconfidential basis prior to disclosure by any Credit Party or any of their respective  Subsidiaries or  any  of  their  representatives.  Any  Person  required  to  maintain  the  confidentiality  of  Information as provided in this Section shall be considered to have complied with its obligation to do so if  such Person has exercised the same degree of care to maintain the confidentiality of such Information as  such Person would accord to its own confidential information.         Each of the Administrative Agent, the Lenders and the L/C Issuers acknowledges that (1) the  Information may include material non-public information concerning the Parent or any of its Subsidiaries,  as the case may be, (2) it has developed compliance procedures regarding the use of material non-public  information and (3) it will handle such material non-public information in accordance with applicable Law,  including United States Federal and state securities Laws.          11.08 Right of Setoff. If an Event of Default shall have occurred and be continuing (but subject  to the provisions of Section 11.03), each Lender, each L/C Issuer and each of their respective Affiliates is  hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to  set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever  currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender,  such L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower against any and all                                        103   

 

   of  the  obligations  of the  Borrower now  or  hereafter  existing  under  this Agreement  or  any  other  Loan  Document to such Lender or such L/C Issuer or their respective Affiliates, irrespective of whether or not  such Lender, such L/C Issuer or such Affiliate 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 or Affiliate of such Lender or such L/C Issuer different from the branch or  office or Affiliate holding such deposit or obligated on such indebtedness; provided, that, in the event that  any Defaulting Lender shall exercise any such right of setoff, (a) all amounts so set off shall be paid over  immediately  to  the  Administrative  Agent  for  further  application  in  accordance  with  the  provisions  of  Section 2.16 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 L/C Issuers and the Lenders,  and (b) 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, each L/C Issuer, the Swing Line Lender and their respective Affiliates  under this Section are in addition to other rights and remedies (including other rights of setoff) that such  Lender, such L/C Issuer or their respective Affiliates may have. Each Lender and each L/C Issuer 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.          11.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan  Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum  rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative  Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest  shall  be  applied  to  the  principal  of  the  Loans  or,  if  it  exceeds  such  unpaid  principal,  refunded  to the  Borrower. In determining whether the interest contracted for, charged, or received by the Administrative  Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable  Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest,  (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread  in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations  hereunder.          11.10 Counterparts; Integration; Effectiveness. This Agreement and each of the other Loan  Documents 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, the other Loan Documents (including any Fee Letter), and any separate letter agreements  with respect to fees payable to the Administrative Agent or any L/C Issuer, constitute the entire contract  among the parties relating to the subject matter hereof and supersede any and all previous agreements and  understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01,  this Agreement shall become effective when it shall have been executed by the Administrative Agent and  when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the  signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of  this Agreement or any other Loan Document, or any certificate delivered thereunder, by fax transmission  or e-mail transmission (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart  of this Agreement or such other Loan Document or certificate. Without limiting the foregoing, to the extent  a manually executed counterpart is not specifically required to be delivered under the terms of any Loan  Document, upon the request of any party, such fax transmission or e-mail transmission shall be promptly  followed by such manually executed counterpart.          11.11 Survival of Representations and Warranties. All representations and warranties made  hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in  connection  herewith  or  therewith  shall  survive  the  execution  and  delivery  hereof  and thereof.  Such  representations and warranties have been or will be relied upon by the Administrative Agent and each                                        104   

 

   Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf  and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of  any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any  Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall  remain outstanding.          11.12 Severability. If any provision of this Agreement or the other Loan Documents is held to  be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions  of this Agreement and the other Loan Documents shall not be affected or impaired thereby, and (b) the  parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions  with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid  or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or  render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of  this Section 11.12, if and to the extent that the enforceability of any provisions in this Agreement relating  to  Defaulting  Lenders  shall  be  limited  by  Debtor  Relief  Laws,  as  determined  in  good  faith  by  the  Administrative Agent, any L/C Issuer or the Swing Line Lender, as applicable, then such provisions shall  be deemed to be in effect only to the extent not so limited.          11.13 Replacement of Lenders. If the Borrower is entitled to replace a Lender pursuant to the  provisions  of Section  2.17(e) or Section  3.06(b),  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 (and such Lender shall be obligated  to assign and delegate), without recourse (in accordance with and subject to the restrictions contained in,  and consents required by, Section 11.06), all of its interests, rights (other than its existing rights to payments  pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan Documents  to an Eligible Assignee that shall assume such obligations (which Eligible Assignee may be another Lender,  if a Lender accepts such assignment); provided, that:               (a)   with respect to any assignment, the Borrower shall have paid to the Administrative  Agent the assignment fee specified in Section 11.06(b);               (b)   such Lender shall have received payment of an amount equal to the outstanding  “par” principal amount of its Loans, accrued interest thereon, accrued fees and all other amounts payable  to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the  Eligible Assignee (to the extent of such outstanding principal and accrued interest and fees), in the case of  an assignment, or the Borrower (in the case of all other amounts);               (c)   in the case of any such assignment resulting from a claim for compensation under  Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a  reduction in such compensation or payments thereafter;               (d)   such assignment does not conflict with applicable Laws; and               (e)   in the case of an 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.                                         105   

 

         Each party hereto agrees that (i) an assignment required pursuant to this Section 11.13 may be  effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent  and the applicable Eligible Assignee, and (ii) the Lender required to make such assignment need not be a  party thereto in order for such assignment to be effective and shall be deemed to have consented to an be  bound by the terms thereof; provided, that, following the effectiveness of any such assignment, the other  parties  to  such  assignment  agree  to  execute  and  deliver  such  documents  necessary  to  evidence  such  assignment as reasonably requested by the applicable Lender; provided, further, that, any such documents  shall be without recourse to or warranty by the parties thereto.         Notwithstanding anything in this Section 11.13 to the contrary, (A) any Lender that acts as an L/C  Issuer may not be replaced hereunder at any time it has any Letter of Credit outstanding hereunder unless  arrangements satisfactory to such Lender (including the furnishing of a backstop standby letter of credit in  form and substance, and issued by an issuer, reasonably satisfactory to such L/C Issuer or the depositing of  Cash  Collateral  into  a  Cash  Collateral  account  in  amounts  and  pursuant  to  arrangements  reasonably  satisfactory to such L/C Issuer) have been made with respect to such outstanding Letter of Credit, and (B)  the Lender that acts as the Administrative Agent may not be replaced hereunder except in accordance with  the terms of Section 9.06.          11.14 Governing Law; Jurisdiction; Etc. (a) GOVERNING LAW. THIS AGREEMENT AND  THE  OTHER  LOAN  DOCUMENTS  (EXCEPT,  AS  TO  ANY  OTHER  LOAN  DOCUMENT,  AS  EXPRESSLY SET FORTH THEREIN) 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, ANY OTHER LOAN DOCUMENT (EXCEPT, AS  TO  ANY  OTHER  LOAN  DOCUMENT,  AS  EXPRESSLY  SET  FORTH  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.               (b)   SUBMISSION  TO  JURISDICTION. EACH  OF  THE CREDIT  PARTIES  IRREVOCABLY  AND  UNCONDITIONALLY  AGREE  THAT  IT  WILL  NOT  COMMENCE  ANY  ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW  OR  EQUITY,  WHETHER  IN  CONTRACT  OR  IN  TORT  OR  OTHERWISE,  AGAINST  THE  ADMINISTRATIVE AGENT, ANY LENDER, ANY L/C ISSUER, OR ANY RELATED PARTY OF  THE  FOREGOING  IN  ANY  WAY  RELATING  TO  THIS  AGREEMENT  OR  ANY  OTHER  LOAN  DOCUMENT  OR  THE  TRANSACTIONS  RELATING  HERETO  OR  THERETO,  IN  ANY  FORUM  OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY  AND  OF  THE UNITED  STATES  DISTRICT  COURT  OF  THE  SOUTHERN  DISTRICT  OF  NEW  YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES  HERETO  IRREVOCABLY  AND  UNCONDITIONALLY  SUBMITS  TO  THE  JURISDICTION  OF  SUCH  COURTS  AND  AGREES  THAT  ALL  CLAIMS  IN  RESPECT  OF ANY  SUCH  ACTION,  LITIGATION  OR  PROCEEDING  MAY  BE  HEARD  AND  DETERMINED  IN  SUCH  NEW  YORK  STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH  FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN  ANY SUCH ACTION, 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. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN  DOCUMENT  SHALL  AFFECT  ANY  RIGHT  THAT  THE  ADMINISTRATIVE  AGENT,  ANY  LENDER  OR  ANY  L/C  ISSUER  MAY  OTHERWISE  HAVE  TO  BRING  ANY  ACTION  OR  PROCEEDING  RELATING  TO  THIS  AGREEMENT  OR  ANY  OTHER  LOAN  DOCUMENT  AGAINST THE COMPANY OR ANY OTHER BORROWER OR ITS PROPERTIES IN THE COURTS  OF ANY JURISDICTION.                                        106   

 

               (c)   WAIVER OF VENUE. EACH OF THE PARTIES HERETO 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 SECTION  11.14(b). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST  EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM  TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.               (d)   SERVICE  OF  PROCESS.  EACH  PARTY  HERETO  IRREVOCABLY  CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION  11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO  SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.          11.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO  A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT  OF  OR  RELATING  TO  THIS  AGREEMENT  OR  ANY  OTHER  LOAN  DOCUMENT  OR  THE  TRANSACTIONS  CONTEMPLATED  HEREBY  OR  THEREBY  (WHETHER  BASED  ON  CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT  NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,  EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF  LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT  IT  AND  THE  OTHER  PARTIES  HERETO  HAVE  BEEN  INDUCED  TO  ENTER  INTO  THIS  AGREEMENT  AND   THE  OTHER  LOAN  DOCUMENTS  BY,  AMONG  OTHER  THINGS,  THE  MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.          11.16 No  Advisory  or  Fiduciary  Responsibility.  In  connection  with  all  aspects  of  each  transaction  contemplated  hereby  (including  in  connection  with  any  amendment,  waiver  or  other  modification hereof or of any other Loan Document), each  Credit  Party acknowledges  and  agrees  and  acknowledges  its  Affiliates’  understanding,  that:  (a)(i)  the  arranging  and  other  services  regarding  this  Agreement  provided  by  the  Administrative  Agent,  the  Arrangers  and  the  Lenders  are  arm’s-length  commercial  transactions  between  the Credit  Parties and their Affiliates,  on  the  one  hand,  and  the  Administrative  Agent,  the  Arrangers  and  the  Lenders,  on  the  other  hand,  (ii) the  Credit  Parties  have  consulted their own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate,  and  (iii) the Credit  Parties  are capable  of  evaluating,  and  understand  and  accept,  the  terms,  risks  and  conditions  of  the  transactions  contemplated  hereby  and  by  the  other  Loan  Documents;  (b)(i)  the  Administrative Agent, each Lender and each Arranger is and has been acting solely as a principal and,  except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as  an advisor, agent or fiduciary for the Credit Parties or any of their Affiliates, or any other Person, and (ii)  none of the Administrative Agent, any Arranger or any Lender has any obligation to the Credit Parties or  any  of their Affiliates with  respect  to  the  transactions  contemplated  hereby  except  those  obligations  expressly set forth herein and in the other Loan Documents; and (c) the Administrative Agent, the Lenders  and the Arrangers and their respective Affiliates may be engaged in a broad range of transactions that  involve  interests  that  differ  from  those  of  the Credit  Parties  and  their Affiliates,  and  none  of  the  Administrative Agent, any Arranger or any Lender has any obligation to disclose any of such interests to  the Credit Parties or any of their Affiliates. To the fullest extent permitted by law, the Credit Parties hereby  agree not to assert any claims against the Administrative Agent, any Arranger or any Lender with respect  to  any  alleged  breach  of  agency  or  fiduciary  duty  in  connection  with  any  aspect  of  any  transactions  contemplated by this Agreement and the other Loan Documents.                                        107   

 

          11.17 USA PATRIOT Act Notice. Each Lender that is subject to the PATRIOT Act and the  Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Credit Party that  pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October  26, 2001)) (the “PATRIOT Act”), it is required to obtain, verify and record information that identifies such  Credit Party, which information includes the name and address of such Credit Party and other information  that will allow such Lender or the Administrative Agent, as applicable, to identify such Credit Party in  accordance  with  the  PATRIOT  Act.  Each Credit  Party 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 reasonably requests in order to comply with its ongoing obligations  under applicable “know your customer” and anti-money laundering rules and regulations, including the  PATRIOT Act and the Beneficial Ownership Regulation.          11.18 Electronic Execution of Assignments and Certain Other Documents. (a) The words  “delivery,” “execute,” “execution,” “signed,” “signature,” and words of like import in any Loan Document  or any other document executed in connection herewith shall be deemed to include electronic signatures,  the electronic matching of assignment terms and contract formations on electronic platforms approved by  the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same  legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use  of  a  paper-based  recordkeeping  system,  as  the  case  may  be,  to  the  extent  and  as  provided  for  in  any  applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the  New  York  State  Electronic Signatures  and  Records  Act,  or  any  other  similar  state  laws  based  on  the  Uniform Electronic Transactions Act; provided, that, notwithstanding anything contained herein to the  contrary, the Administrative Agent is under no obligation to agree to accept electronic signatures in any  form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures  approved  by  it; provided, further, that, without  limiting  the  foregoing, upon  the  request  of  the  Administrative Agent, any electronic signature shall be promptly followed by such manually executed  counterpart.  For  the  avoidance  of  doubt,  the  authorization  under  this  paragraph  may  include,  without  limitation, use or acceptance by the Administrative Agent and each of the Lenders of a manually signed  paper  document,  amendment,  approval,  consent,  information,  notice,  certificate,  request,  statement,  disclosure or authorization related to this Agreement (each a “Communication”) which has been converted  into  electronic  form  (such  as  scanned into  PDF  format),  or  an  electronically  signed  Communication  converted into another format, for transmission, delivery and/or retention.               (b)   Each Credit Party hereby acknowledges the receipt of a copy of this Agreement  and all other Loan Documents. The Administrative Agent and each Lender may, on behalf of the Credit  Parties, create a microfilm or optical disk or other electronic image of this Agreement and any or all of the  other Loan Documents. The Administrative Agent and each Lender may store the electronic image of this  Agreement and the other Loan Documents in its electronic form and then destroy the paper original as part  of  the  Administrative  Agent’s  and each  Lender’s  normal  business  practices,  with  the  electronic  image  deemed to be an original and of the same legal effect, validity and enforceability as the paper originals.          11.19 Time of the Essence. Time is of the essence with respect to the Loan Documents.          11.20 Entire  Agreement.  THIS  AGREEMENT  AND  THE  OTHER  LOAN  DOCUMENTS  REPRESENT  THE  FINAL  AGREEMENT  AMONG  THE  PARTIES  HERETO  WITH  RESPECT  TO  THE  TRANSACTIONS  CONTEMPLATED  HEREBY  AND  MAY  NOT  BE  CONTRADICTED  BY  EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE  PARTIES.  THERE  ARE  NO  UNWRITTEN  ORAL  AGREEMENTS  AMONG  THE  PARTIES  WITH  RESPECT TO THE TRANSACTIONS CONTEMPLATED HEREBY.                                         108   

 

          11.21 .Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Solely  to the extent any Lender or L/C Issuer that is an Affected Financial Institution is a party to this Agreement  and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement  or understanding among any such parties, each party hereto acknowledges that any liability of any Lender  or L/C Issuer that is an Affected Financial Institution arising under any Loan Document, to the extent such  liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution  Authority and agrees and consents to, and acknowledges and agrees to be bound by:         (a)   the application of any Write-Down and Conversion Powers by the applicable Resolution  Authority to any such liabilities arising hereunder which may be payable to it by any Lender or L/C Issuer  that is an Affected Financial Institution; and         (b)   the effects of any Bail-In Action on any such liability, including, if applicable:               (i)   a reduction in full or in part or cancellation of any such liability;               (ii)  a conversion of all, or a portion of, such liability into shares or other instruments        of ownership in such 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               (iii) 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.          11.22 Acknowledgement  Regarding  Any  Supported  QFCs.  To  the  extent  that  the  Loan  Documents  provide  support,  through  a  guarantee  or  otherwise,  for  any  Swap  Contract  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 that, 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), 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 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.                                        109   

 

          11.23 Judgment  Currency.  If,  for  the  purposes  of  obtaining  judgment  in  any  court,  it  is  necessary  to  convert  a  sum  due  hereunder  or  any  other  Loan  Document  in  one  currency  into  another  currency, the rate of exchange used shall be that at which in accordance with normal banking procedures  the Administrative Agent could purchase the first currency with such other currency on the Business Day  preceding that on which final judgment is given. The obligation of each Credit Party in respect of any such  sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan Documents  shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such  sum  is  denominated  in  accordance  with  the  applicable  provisions  of  this  Agreement  (the  “Agreement  Currency”),  be  discharged  only  to  the  extent  that  on  the  Business  Day  following  receipt  by  the  Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment  Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal  banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the  Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any  Lender from any Credit Party in the Agreement Currency, such Credit Party agrees, as a separate obligation  and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case  may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum  originally due to the Administrative Agent or any Lender in such currency, the Administrative Agent or  such Lender, as the case may be, agrees to return the amount of any excess to such Credit Party (or to any  other Person who may be entitled thereto under applicable Law).                                [Signature Pages Follow]                                        110   

 

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.                                       PARENT:                                       ATLASSIAN CORPORATION PLC,                                      as the Parent                                       By: /s/ James Beer                                                                  Name: James Beer                                          Title: Chief Financial Officer                                       BORROWER:                                       ATLASSIAN, INC.,                                      as Borrower                                       By: /s/ James Beer                                                                  Name: James Beer                                          Title: Chief Financial Officer                                       ADMINISTRATIVE AGENT:                                       BANK OF AMERICA, N.A.,                                      as Administrative Agent                                       By: /s/ Tiffany Lin                                                                 Name: Tiffany Lin                                          Title: Assistant Vice President                                                                                                                                                                                                     111   

 

                LENDERS:   BANK OF AMERICA, N.A.,  as a Lender, an L/C Issuer and   the Swing Line Lender   By: /s/ Amanuel Assefa                          Name: Amanuel Assefa      Title: Vice President   MUFG BANK, LTD.,  as a Lender and an L/C Issuer   By: /s/ Matthew Antioco                         Name: Matthew Antioco      Title: Director   TRUIST BANK,  as a Lender and an L/C Issuer   By: /s/ Alfonso Brigham                         Name: Alfonso Brigham      Title: Vice President   BARCLAYS BANK PLC,  as a Lender    By: /s/ Martin Corrigan                         Name: Martin Corrigan      Title: Vice President   CITIBANK N.A.,  as a Lender    By: /s/ Robert G. Shaw                          Name: Robert G. Shaw      Title: Vice President        112                

 

                GOLDMAN SACHS BANK USA,  as a Lender    By: /s/ Rebecca Kratz                           Name: Rebecca Kratz      Title: Authorized Signatory   MORGAN STANLEY BANK, N.A.,  as a Lender    By: /s/ Julie Lilienfeld                        Name: Julie Lilienfeld      Title: Authorized Signatory   U.S. BANK NATIONAL ASSOCIATION,  as a Lender    By: /s/ Lukas Coleman                           Name: Lukas Coleman      Title: Vice President   OPTUS BANK,  as a Lender    By: /s/ Dominik Mjartan                         Name: Dominik Mjartan      Title: President and CEO                                 113

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