Document:

Exhibit 10.1

 

EXECUTION   VERSION CREDIT AGREEMENT Dated as of September 6, 2017 among TRINSEO HOLDING   S.À R.L., as Holdings, TRINSEO MATERIALS S.À R.L., as Intermediate Holdings,   TRINSEO MATERIALS OPERATING S.C.A., as the Lead Borrower, TRINSEO MATERIALS   FINANCE, INC., as the Co-Borrower, THE GUARANTORS PARTY HERETO FROM TIME TO   TIME, THE LENDERS PARTY HERETO FROM TIME TO TIME and DEUTSCHE BANK AG NEW   YORK BRANCH, as Administrative Agent, Collateral Agent, L/C Issuer and Swing   Line Lender BARCLAYS BANK PLC, DEUTSCHE BANK SECURITIES INC., CITIGROUP   GLOBAL MARKETS INC., HSBC SECURITIES (USA) INC., GOLDMAN SACHS BANK USA, THE   BANK OF NOVA SCOTIA, BNP PARIBAS SECURITIES CORP., MIZUHO BANK, LTD., MORGAN   STANLEY SENIOR FUNDING, INC. and, SUMITOMO MITSUI BANKING CORPORATION, as Joint   Lead Arrangers and Joint Bookrunners 

    

 

Table of   Contents Page ARTICLE I DEFINITIONS AND ACCOUNTING TERMS 2 Section 1.01   Defined Terms 2 Section 1.02 Luxembourg Terms 62 Section 1.03 [Reserved] 63   Section 1.04 Other Interpretive Provisions 63 Section 1.05 Accounting Terms   63 Section 1.06 Rounding 64 Section 1.07 References to Agreements, Laws, Etc.   64 Section 1.08 Times of Day 64 Section 1.09 Timing of Payment of Performance   64 Section 1.10 Pro Forma Calculations 64 Section 1.11 Currency Equivalents   67 Section 1.12 Exchange Rate 67 Section 1.13 Additional Alternative   Currencies 67 Section 1.14 Cashless Settlement 68 ARTICLE II THE COMMITMENTS   AND CREDIT EXTENSIONS 68 Section 2.01 The Loans 68 Section 2.02 Borrowings,   Conversions and Continuations of Loans 69 Section 2.03 Letters of Credit 71   Section 2.04 Swing Line Loans 79 Section 2.05 Prepayments 82 Section 2.06   Termination or Reduction of Commitments 87 Section 2.07 Repayment of Loans 88   Section 2.08 Interest 88 Section 2.09 Fees 89 Section 2.10 Computation of   Interest and Fees 90 Section 2.11 Evidence of Indebtedness 90 Section 2.12   Payments Generally 90 Section 2.13 Sharing of Payments 92 Section 2.14   Reverse Dutch Auction Repurchases 93 Section 2.15 Open Market Purchases 95   Section 2.16 Incremental Credit Extensions 95 Section 2.17 Refinancing   Amendments 103 Section 2.18 Extensions of Term Loans and Revolving Credit   Commitments 109 Section 2.19 Defaulting Lenders 113 Section 2.20 Borrower   Obligations Joint and Several 115 ARTICLE III TAXES, INCREASED COSTS   PROTECTION AND ILLEGALITY 115 Section 3.01 Taxes 115 Section 3.02 Illegality   119 Section 3.03 Inability to Determine Rates 120 Section 3.04 Increased Cost   and Reduced Return; Capital Adequacy; Reserves on LIBO Rate Loans 120 Section   3.05 Funding Losses 121 Section 3.06 Matters Applicable to All Requests for   Compensation 121 Section 3.07 Replacement of Lenders under Certain   Circumstances 122 Section 3.08 Survival 124 (i) 

    

 

ARTICLE IV   CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 124 Section 4.01 First Credit Event   124 Section 4.02 All Credit Events 126 ARTICLE V REPRESENTATIONS AND   WARRANTIES 127 Section 5.01 Existence, Qualification and Power; Compliance   with Laws 127 Section 5.02 Authorization; No Contravention 127 Section 5.03   Governmental Authorization; Other Consents 127 Section 5.04 Binding Effect   128 Section 5.05 Financial Statements; No Material Adverse Effect 128 Section   5.06 Litigation 129 Section 5.07 Ownership of Property; Liens 129 Section   5.08 Environmental Matters 129 Section 5.09 Taxes 129 Section 5.10 ERISA   Compliance 130 Section 5.11 Subsidiaries; Equity Interests 130 Section 5.12   Margin Regulations; Investment Company Act 131 Section 5.13 Disclosure 131   Section 5.14 Labor Matters 131 Section 5.15 Intellectual Property; Licenses,   Etc. 131 Section 5.16 Solvency 131 Section 5.17 Subordination of Junior   Financing 132 Section 5.18 Collateral Documents; Valid Liens 132 Section 5.19   Centre of Main Interest 132 Section 5.20 Pensions Act 132 Section 5.21 Commercial   Benefit 132 Section 5.22 USA Patriot Act, Anti-Corruption Laws, Anti-Money   Laundering Laws and Sanctions 132 Section 5.23 Luxembourg Specific   Representations 133 ARTICLE VI AFFIRMATIVE COVENANTS 133 Section 6.01   Financial Statements 133 Section 6.02 Certificates; Other Information 135   Section 6.03 Notices 136 Section 6.04 Payment of Taxes 136 Section 6.05   Preservation of Existence, Etc. 136 Section 6.06 Maintenance of Properties   137 Section 6.07 Maintenance of Insurance 137 Section 6.08 Compliance with   Laws 137 Section 6.09 Books and Records 137 Section 6.10 Inspection Rights   138 Section 6.11 Additional Collateral; Additional Guarantors 138 Section   6.12 Compliance with Environmental Laws 144 Section 6.13 [Reserved] 145   Section 6.14 Further Assurances 145 Section 6.15 Designation of Subsidiaries   145 Section 6.16 Corporate Rating 145 Section 6.17 Use of Proceeds 146   Section 6.18 Post-Closing Actions 146 Section 6.19 Compliance with   Anti-Corruption Laws 146 (ii) 

    

 

ARTICLE VII   NEGATIVE COVENANTS 146 Section 7.01 Liens 146 Section 7.02 [Reserved] 150   Section 7.03 Indebtedness 150 Section 7.04 Fundamental Changes 154 Section   7.05 Dispositions 156 Section 7.06 Restricted Payments 158 Section 7.07   Change in Nature of Business 161 Section 7.08 Transactions with Affiliates   161 Section 7.09 Burdensome Agreements 162 Section 7.10 [Reserved] 164   Section 7.11 Financial Covenant 164 Section 7.12 Accounting Changes 164   Section 7.13 Prepayments, Etc. of Indebtedness 164 Section 7.14 Permitted   Activities 165 ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES 166 Section 8.01   Events of Default 166 Section 8.02 Remedies Upon Event of Default 168 Section   8.03 Application of Funds 169 Section 8.04 Lead Borrower’s Right to Cure 170   ARTICLE IX ADMINISTRATIVE AGENT AND OTHER AGENTS 171 Section 9.01 Appointment   and Authorization of Agents 171 Section 9.02 Delegation of Duties 174 Section   9.03 Liability of Agents 174 Section 9.04 Reliance by Agents 174 Section 9.05   Notice of Default 175 Section 9.06 Credit Decision; Disclosure of Information   by Agents 175 Section 9.07 Indemnification of Agents 175 Section 9.08 Agents   in their Individual Capacities 176 Section 9.09 Successor Agents 176 Section   9.10 Administrative Agent May File Proofs of Claim 178 Section 9.11   Collateral and Guaranty Matters 178 Section 9.12 Other Agents; Arrangers and   Managers 179 Section 9.13 Appointment of Supplemental Agents 179 Section 9.14   [Reserved] 180 Section 9.15 Parallel Debt owed to Collateral Agent 180   ARTICLE X MISCELLANEOUS 181 Section 10.01 Amendments, Etc. 181 Section 10.02   Notices and Other Communications; Facsimile Copies 185 Section 10.03 No   Waiver; Cumulative Remedies 186 Section 10.04 Attorney Costs and Expenses 186   Section 10.05 Indemnification 186 Section 10.06 Payments Set Aside 187   Section 10.07 Successors and Assigns 188 Section 10.08 Confidentiality 193   Section 10.09 Setoff 194 Section 10.10 Interest Rate Limitation 194 Section   10.11 Counterparts 194 (iii) 

    

 

Section 10.12   Integration 194 Section 10.13 Survival of Representations and Warranties 195   Section 10.14 Severability 195 Section 10.15 GOVERNING LAW 195 Section 10.16   WAIVER OF RIGHT TO TRIAL BY JURY 196 Section 10.17 Binding Effect 196 Section   10.18 USA Patriot Act 196 Section 10.19 No Advisory or Fiduciary   Responsibility 197 Section 10.20 Judgment Currency 198 Section 10.21 Certain   Undertakings with Respect to any Securitization Subsidiary 198 Section 10.22   INTERCREDITOR AGREEMENTS 199 ARTICLE XI GUARANTEE 199 Section 11.01 The Guarantee   199 Section 11.02 Obligations Unconditional 200 Section 11.03 Reinstatement   201 Section 11.04 Subrogation; Subordination 201 Section 11.05 Remedies 201   Section 11.06 Instrument for the Payment of Money 201 Section 11.07   Continuing Guarantee 201 Section 11.08 General Limitation on Guarantee   Obligations 201 Section 11.09 Specific Limitation for Swiss Guarantors 202   Section 11.10 Specific Limitation for German Guarantors 203 Section 11.11   Specific Limitation for Hong Kong Guarantors 204 Section 11.12 [Reserved] 205   Section 11.13 Specific Limitation for Luxembourg Guarantors 205 Section 11.14   Specific Limitation for Irish Guarantors 206 Section 11.15 Release of   Guarantors 206 Section 11.16 Right of Contribution 207 Section 11.17 Keepwell   207 Section 11.18 Certain Dutch Guarantors 207 Section 11.19 Acknowledgment   and Consent to Bail-In of EEA Financial Institutions 207 (iv) 

    

 

SCHEDULES   Schedule 1.01A -- Commitments Schedule 1 .01B -- Existing Letters of Credit   Schedule 1.01D -- Unrestricted Subsidiaries Schedule 1.01E -- Existing   Investments Schedule 1 .01F(a) -- Existing Secured Hedge Agreements Schedule   1 .01F(b) -- Existing Treasury Services Agreement Schedule 2.14 -- Reverse   Dutch Auction Procedures Schedule 4.01(b) -- Other Collateral Documents   Schedule 5.07 -- Ownership of Property Schedule 5.08(a) -- Environmental   Matters Schedule 5.11 -- Subsidiaries; Equity Interests Schedule 6.18 --   Post-Closing Actions Schedule 7.01(b) -- Existing Liens Schedule 7.03(b) --   Existing Indebtedness Schedule 7.08 -- Transactions with Affiliates Schedule   7.09 -- Certain Contractual Obligations Schedule 10.02 -- Notices and Other   Communications EXHIBITS Form of Exhibit A -- Committed Loan Notice Exhibit B   -- Swing Line Loan Notice Exhibit C-1 -- Term Note Exhibit C-2 -- Revolving   Credit Note Exhibit C-3 -- Swing Line Note Exhibit D -- Compliance   Certificate Exhibit E -- Assignment and Assumption Exhibit F -- Pledge and   Security Agreement Exhibit G -- Global Intercompany Note Exhibit H --   Guarantor Joinder Exhibit I -- Solvency Certificate Exhibit J -- Request for   L/C Issuance Exhibit K -- First Lien Intercreditor Agreement Exhibit L --   Second Lien Intercreditor Agreement Exhibit M -- Cashless Settlement Letter   (v)

    

 

CREDIT   AGREEMENT This CREDIT AGREEMENT (this “Agreement”) is entered into as of   September 6, 2017, among TRINSEO HOLDING S.À R.L., a private limited   liability company (société à responsabilité limitée), organized and   established under the laws of the Grand Duchy of Luxembourg, having its   registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand   Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and   Companies (“RCS”) under number B 153582 (“Holdings”), TRINSEO MATERIALS S.À   R.L., a private limited liability company (société à responsabilité limitée),   organized and established under the laws of the Grand Duchy of Luxembourg,   having its registered office at 46A, avenue John F. Kennedy, L-1855   Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B   162639 (“Intermediate Holdings”), TRINSEO MATERIALS OPERATING S.C.A., a   partnership limited by shares (societe en commandite par actions) organized   and established under the laws of the Grand Duchy of Luxembourg, having its   registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg,   registered with the RCS under number B153586 (the “Lead Borrower”), acting by   its general partner, Intermediate Holdings, TRINSEO MATERIALS FINANCE, INC.,   a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower,   the “Borrowers” and each, a “Borrower”) the Guarantors party hereto from time   to time, the Lenders party hereto from time to time (collectively, the   “Lenders” and individually, a “Lender”) and DEUTSCHE BANK AG NEW YORK BRANCH,   as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender.   PRELIMINARY STATEMENTS The Borrowers have requested that the Lenders extend   credit to the Borrowers in the form of (i) Term B Loans (as this and other   capitalized terms used in these preliminary statements are defined in Section   1.01 below) on the Closing Date in an aggregate principal amount of   $700,000,000 and (ii) Revolving Credit Commitments in an aggregate principal   amount of $375,000,000. The Revolving Credit Commitments permit the making of   Revolving Credit Loans, Swing Line Loans and the issuance of Letters of   Credit from time to time. The proceeds of the Term B Loans, together with the   proceeds of the Senior Notes, will be used by the Borrowers to (i) repay in full   all indebtedness outstanding under the Credit Agreement (other than any   cashless settlement pursuant to Section 1.14, which shall be effected in   accordance with the terms thereof), dated as of May 5, 2015, among the Lead   Borrower, Deutsche Bank AG New York Branch, as administrative agent (the   “Existing Agent”), and each lender from time to time party thereto (as   amended, supplemented or modified from time to time in accordance with the   terms thereof prior to the date hereof, and including all annexes and schedules   thereto, the “Existing Credit Agreement”) and terminate and release all   commitments, security interests and guarantees in connection therewith, it   being understood that any Secured Hedge Agreements, Treasury Services   Agreements, letters of credit, bank guarantees and similar accommodations   outstanding under the Existing Credit Agreement may remain outstanding to the   extent continued under this Agreement as Existing Secured Hedge Agreements,   Existing Treasury Services Agreements, or Existing Letters of Credit (as the   case may be) or, in the case of such letters of credit, bank guarantees and   similar accomodations that are not continued under this agreement as Existing   Letters of Credit, otherwise cash collateralized or backstopped by one or   more Letters of Credit issued on the Closing Date, (ii) either (x) redeem or   repay in full all of the outstanding 6.750% Dollar Notes due 2022 and 6.375%   Euro Notes due 2022, in each case, issued under that certain indenture, dated   as of May 5, 2015 (the “Existing Senior Notes Indenture”), among the Lead   Borrower, the Co-Borrower and The Bank of New York Mellon, acting through its   London Branch, as trustee, as amended or supplemented from time to time in   accordance with the terms thereof prior to the date hereof (the “Existing   Senior Notes”) or (y) provide notice for the redemption or repayment of all   of the Existing Senior Notes and deposit proceeds sufficient to redeem or   repay in full the Existing Senior Notes (including any accrued and unpaid   interest thereon and premium related thereto) with such trustee to satisfy   and discharge the Existing Senior Notes Indenture, and, in each case   terminate and release all commitments, security 

    

 

interests and   guarantees in respect thereof (the actions under clauses (i) and (ii) above,   the “Refinancing”) and (iii) pay the Transaction Expenses in connection with   the foregoing. The applicable Lenders are willing to lend and the L/C Issuer   is willing to issue Letters of Credit, in each case, on the terms and subject   to the 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 Section 1.01 Defined   Terms. As used in this Agreement, the following terms shall have the meanings   set forth below: “ACRA” means the Accounting and Corporate Regulatory   Authority of Singapore. “Additional Lender” means any Person that is not an   existing Lender and has agreed to provide Incremental Commitments pursuant to   Section 2.16 or Refinancing Commitments pursuant to Section 2.17.   “Administrative Agent” means DBNY, 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 and   account as set forth on Schedule 10.02, or such other address or account as   the Administrative Agent may from time to time notify the Lead Borrower and   the Lenders. “Administrative Questionnaire” means an Administrative   Questionnaire in a form supplied by the Administrative Agent. “Affiliate”   means, with respect to any Person, another Person that directly, or   indirectly through one or more intermediaries, Controls or is Controlled by   or is under common Control with the Person specified. “Agent-Related Persons”   means the Agents, together with their respective Affiliates, and the   officers, directors, employees, agents and attorneys-in-fact of such Persons   and Affiliates. “Agents” means, collectively, the Administrative Agent, the   Collateral Agent and the Supplemental Agents (if any). “Aggregate   Commitments” means the Commitments of all the Lenders. “Agreement” means this   Credit Agreement, as the same may be amended, supplemented or otherwise   modified from time to time. “AHYDO Payment” means a payment in respect of   Indebtedness in an amount sufficient to ensure that such Indebtedness will   not be an “applicable high yield discount obligation” within the meaning of   Section 163(i)(1) of the Code. “Alternative Currency” means Euros, Pounds   Sterling and each other currency that is approved in accordance with Section   1.13. “All-In Yield” means, as to any Indebtedness, the yield thereof,   whether in the form of interest rate, margin, OID, upfront fees, a LIBO Rate   or Base Rate floor, or otherwise, in each case, incurred or 2 

    

 

payable by the   applicable Borrower generally to all lenders of such Indebtedness; provided   that OID and upfront fees shall be equated to interest rate assuming a 4-year   average life to maturity on a straight line basis (e.g. 100 basis points of   original issue discount equals 25 basis points of interest rate margin); and   provided, further, that “All-In Yield” shall not include amendment fees,   arrangement fees, structuring fees, ticking fees, unused line fees,   commitment fees, underwriting fees and other similar fees not paid generally   to all lenders in the primary syndication of such Indebtedness. “AML Laws”   means the Bank Secrecy Act, as amended by the USA Patriot Act, and all laws,   rules, and regulations of any jurisdiction in which any Loan Party or any   Subsidiary is located or is doing business from time to time concerning or   relating to anti-money laundering and ensuring that all sources of funding   are lawful and identifiable. “Annual Financial Statements” means the audited   consolidated balance sheets and related statements of comprehensive income,   shareholders’ equity and cash flows of Topco and its Subsidiaries for the   fiscal years ended December 31, 2016 and December 31, 2015. “Anti-Corruption   Laws” means all laws, rules, and regulations of any jurisdiction from time to   time concerning or relating to bribery or corruption applicable to Holdings   or its Subsidiaries by virtue of such Person being organized or operating in   such jurisdiction. “Applicable ECF Percentage” means, for any fiscal year of   the Lead Borrower (commencing with the fiscal year beginning on January 1,   2016), (a) 50% if the First Lien Net Leverage Ratio as of the last day of   such fiscal year is greater than 2.50:1.00, (b) 25% if the First Lien Net   Leverage Ratio as of the last day of such fiscal year is less than or equal   to 2.50:1.00 and greater than 2.00:1.00 and (c) zero if the First Lien Net Leverage   Ratio as of the last day of such fiscal year is less than or equal to   2.00:1.00. “Applicable Margin” means a percentage per annum equal to: (a) (b)   with respect to unused Revolving Credit Commitments, 0.375%; with respect to   Term B Loans maintained as (i) Base Rate Loans, 1.50% and (ii) LIBO Rate   Loans, 2.50%; (c) with respect to Revolving Credit Loans, Swing Line Loans   (which are to be maintained solely as Base Rate Loans) and Letters of Credit   fees, (i) until delivery of financial statements for the first full fiscal   quarter ending after the Closing Date pursuant to Section 6.01, (A) for Base   Rate Loans, 1.50% and (B) for LIBO Rate Loans and Letter of Credit fees,   2.50%, and (ii) thereafter, the following percentages per annum, based upon   the Total Net Leverage Ratio as set forth in the most recent Compliance   Certificate received by the Administrative Agent pursuant to Section 6.02(a):   Applicable Margin for Revolving Credit Loans, Swing Line Loans, Letter of   Credit Fees Total Net Leverage Ratio LIBO Rate and Letter of Credit Fees   Pricing Level Base Rate 1 > 2.25:1.00 < 2.25:1.00 and > 1.75:1.00   < 1.75:1.00 2.50% 1.50% 2 3 2.25% 2.00% 1.25% 1.00% Any increase or   decrease in the Applicable Margin resulting from a change in the Total Net   Leverage Ratio shall become effective as of the first Business Day   immediately following the date a Compliance Certificate is delivered pursuant   to Section 6.02(a); provided that, if notification is provided 3 

    

 

to the Lead   Borrower that the Administrative Agent or the Required Lenders have so   elected, the highest pricing level shall apply (x) as of the first Business   Day after the date on which a Compliance Certificate was required to have   been delivered but was not delivered, and shall continue to so apply to and   including the date on which such Compliance Certificate is so delivered (and   thereafter the pricing level otherwise determined in accordance with this   definition shall apply) and (y) as of the first Business Day after an Event   of Default under Section 8.01(a), (f) or (g) shall have occurred and be   continuing hereunder and shall continue to so apply to but excluding the date   on which such Event of Default is cured or waived (and thereafter the pricing   level otherwise determined in accordance with this definition shall apply).   Notwithstanding the foregoing, (a) the Applicable Margin in respect of any   Class of Extended Revolving Credit Commitments or any Extended Term Loans or   Revolving Credit Loans or Swing Line Loans made pursuant to any Extended Revolving   Credit Commitments shall be the applicable percentages per annum set forth in   the relevant Extension Amendment, (b) the Applicable Margin in respect of any   Class of Incremental Commitments, and Class of Incremental Term Loans or any   Class of Incremental Revolving Credit Loans shall be the applicable   percentages per annum set forth in the relevant Incremental Amendment, (c)   the Applicable Margin in respect of any Class of Replacement Term Loans shall   be the applicable percentages per annum set forth in the relevant agreement,   (d) the Applicable Margin in respect of any Class of Refinancing Revolving   Credit Commitments, any Class of Refinancing Revolving Credit Loans or any   Class of Refinancing Term Loans shall be the applicable percentages per annum   set forth in the relevant Refinancing Amendment and (e) in the case of the   Term B Loans, the Applicable Margin shall be increased as, and to the extent,   necessary to comply with the provisions of Section 2.16. “Appropriate Lender”   means, at any time, (a) with respect to Loans of any Class, the Lenders of   such Class, (b) with respect to Letters of Credit, (i) the relevant L/C   Issuers and (ii) the Revolving Credit Lenders and (c) with respect to the   Swing Line Facility, (i) the relevant Swing Line Lender and (ii) if any Swing   Line Loans are outstanding pursuant to Section 2.04(a), the Revolving Credit   Lenders. “Approved Bank” has the meaning set forth in clause (c) of the   definition of “Cash Equivalents”. “Approved Fund” means any Fund that is   administered, advised or managed by (a) a Lender, (b) an Affiliate of a   Lender or (c) an entity or an Affiliate of an entity that administers,   advises or manages a Lender. “Arrangers” means Barclays Bank PLC, Deutsche   Bank Securities Inc., Citi Group Global Markets Inc., HSBC Securities (USA)   Inc., Goldman Sachs Bank USA, The Bank of Nova Scotia, BNP Paribas Securities   Corp., Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc. and Sumitomo   Mitsui Banking Corporation. “ASIC” means the Australian Securities and   Investments Commission. “Assignees” has the meaning set forth in Section   10.07(b). “Assignment and Assumption” shall mean an assignment and assumption   entered into by a Lender and an assignee (with the consent of any party whose   consent is required by Section 10.07), in the form of Exhibit E or any other   form approved by the Administrative Agent and the Lead Borrower. “Associate”   means (i) any Person of which the Lead Borrower or its Restricted   Subsidiaries are the legal and beneficial owners of between 20% and 50% of   all outstanding voting Equity Interests and (ii) any joint venture entered   into by the Lead Borrower or any Restricted Subsidiary of the Borrower.   “Attorney Costs” means and includes all reasonable, documented fees, expenses   and disbursements of any law firm or other external legal counsel required to   be reimbursed by any Loan Party pursuant to the terms of any Loan Document. 4   

    

 

 

“Attributable   Indebtedness” means, on any date, in respect of any Capitalized Lease of any   Person, the capitalized amount thereof that would appear on a balance sheet   of such Person prepared as of such date in accordance with GAAP. “Auction”   shall have the meaning set forth in Section 2.14(a). “Auction Manager” shall   mean the Administrative Agent; provided that the Lead Borrower shall not   designate the Administrative Agent or any Affiliate thereof as the Auction   Manager without the written consent of the Administrative Agent or such   Affiliate, as applicable (it being understood that neither the Administrative   Agent nor any Affiliate thereof shall be under any obligation to agree to act   as the Auction Manager); provided, further, that neither Holdings nor any of   its Subsidiaries may act as the Auction Manager. “Auction Notice” has the   meaning set forth in Schedule 2.14. “Auditors” means a firm of recognised   international auditors. “Auditors’ Determination” has the meaning as defined   in Section 11.10(d). “Auto-Extension Letter of Credit” has the meaning set   forth in Section 2.03(b)(iii). “Bail-In Action” means the exercise of any   Write-Down and Conversion Powers by the applicable EEA Resolution Authority   in respect of any liability of an EEA Financial Institution. “Bail-In   Legislation” means, with respect to any EEA Member Country implementing   Article 55 of Directive 2014/59/EU of the European Parliament and of the   Council of the European Union, the implementing law for such EEA Member   Country from time to time which is described in the EU Bail-In Legislation   Schedule. “Base Rate” means for any day a fluctuating rate per annum equal to   the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of   interest in effect for such day as publicly announced from time to time by   DBNY as its “prime rate” and (c) the LIBO Rate for an Interest Period of one   month commencing on such day plus 1.00% per annum; provided that in no event   shall the Base Rate be less than 2.00% per annum for all Term B Loans   maintained as Base Rate Loans. The “prime rate” is a rate set by DBNY based   upon various factors including DBNY costs and desired return, general   economic conditions and other factors, and is used as a reference point for   pricing some loans, which may be priced at, above, or below such announced   rate. Any change in such rate announced by the Administrative Agent shall   take effect at the opening of business on the day specified in the public   announcement of such change. “Base Rate Loan” means a Loan that bears   interest based on the Base Rate. “Board of Directors” means, for any Person,   the board of directors, the general partner or other governing body of such   Person or, if such Person does not have such a board of directors, general   partner or other governing body and is owned or managed by a single entity,   the Board of Directors or board of managers (conseil de gérance) of such   entity, or, in either case, any committee thereof duly authorized to act on   behalf of such Board of Directors. Unless otherwise provided, “Board of   Directors” means the Board of Directors of the Lead Borrower. “Borrower” has   the meaning provided in the introductory paragraph hereof. “Borrower Retained   Prepayment Amounts” has the meaning set forth in Section 2.05(b)(vii).   “Borrowing” means a Revolving Credit Borrowing, a Swing Line Borrowing, or a   Term Borrowing, as the context may require. 5 

    

 

“Business Day”   means (a) 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, Luxembourg or the State where the Administrative Agent’s Office   with respect to Loans denominated in Dollars is located, (b) if such day   relates to any interest rate settings as to a LIBO Rate Loan denominated in   Dollars, any fundings, disbursements, settlements and payments in respect of   any such LIBO Rate Loan denominated in Dollars, or any other dealings to be   carried out pursuant to this Agreement in respect of any such LIBO Rate Loan   denominated in Dollars, any such day described in clause (a) above which is   also a day on which dealings in deposits are conducted by and between banks   in the London Interbank Eurodollar Market and (c) if such day relates to any   interest rate settings as to a LIBO Rate Loan denominated in Euros, any   fundings, disbursements, settlements and payments in respect of any such LIBO   Rate Loan denominated in Euros, or any other dealings to be carried out   pursuant to this Agreement in respect of any such LIBO Rate Loan denominated   in Euros, any such day described in clause (a) above that is also a TARGET   Day. “Calculation Date” shall mean (a) the first Business Day of each   calendar month, (b) each date (with such date to be reasonably determined by   the Administrative Agent) that is on or about the date of the issuance,   amendment, renewal or extension of a Letter of Credit denominated in an   Alternative Currency, (c) each date (with such date to be reasonably   determined by the Administrative Agent) that is on or about the date of a   Revolving Credit Borrowing of LIBO Rate Loans denominated in Euros and each   continuation of a LIBO Rate Loan denominated in Euros and (d) if an Event of   Default has occurred and is continuing, any Business Day as determined by the   Administrative Agent in its sole discretion. “Capital Expenditures” means,   for any period, the aggregate of all expenditures (whether paid in cash or   accrued as liabilities and including in all events all amounts expended or   capitalized under Capitalized Leases) by the Lead Borrower and its Restricted   Subsidiaries during such period that, in conformity with GAAP, are or are   required to be included as capital expenditures on the consolidated statement   of cash flows of the Lead Borrower and its Restricted Subsidiaries. “Capital   Impairment” has the meaning set forth in Section 11.10(c). “Capitalized   Leases” means all leases that have been or are required to be, in accordance   with GAAP, recorded as capitalized leases; provided that for all purposes   hereunder the amount of obligations under any Capitalized Lease shall be the   amount thereof accounted for as a liability in accordance with GAAP. “Captive   Insurance Subsidiary” means any Subsidiary of the Lead Borrower that is   subject to regulation as an insurance company (or any Subsidiary thereof).   “Cash Collateral” has the meaning specified in Section 2.03(g). “Cash   Collateral Account” means a blocked account at DBNY (or another commercial   bank selected in compliance with Section 9.09) in the name of the   Administrative Agent and under the sole dominion and control of the   Administrative Agent, and otherwise established in a manner satisfactory to   the Administrative Agent. “Cash Collateralize” has the meaning specified in   Section 2.03(g). “Cash Equivalents” means any of the following types of   Investments: (a) (i) Dollars, Pounds Sterling, Canadian Dollars or Euros; or   (ii) any other currency held by the Borrower and its Restricted Subsidiaries   from time to time in the ordinary course of business; 6 

    

 

(b) readily   marketable obligations issued or directly and fully Guaranteed or insured by   the United States or Canadian governments or, in each case, any agency or   instrumentality of thereof (provided that the full faith and credit of such   country or such member state is pledged in support thereof), having   maturities of not more than 24 months from the date of acquisition; (c)   certificates of deposit, time deposits, eurodollar time deposits, overnight   bank deposits or bankers’ acceptances issued by any (i) Lender or (ii) (a)   commercial bank or trust company bank that is organized under the Laws of the   United States, any state thereof or the District of Columbia or is the   principal banking Subsidiary of a bank holding company organized under the   Laws of the United States, any state thereof or the District of Columbia and   is a member of the Federal Reserve System, and (b) has combined capital and   surplus in excess of $100,000,000 (any such Persons referenced in the   foregoing clauses (i) and (ii) being an “Approved Bank”), in each case with   maturities not exceeding 24 months from the date of acquisition thereof; (d)   repurchase obligations for underlying securities of the types described in   clauses (b) and (c) entered into with any Approved Bank; (e) commercial paper   and variable or fixed rate notes rated at the time of acquisition thereof at   least “A-2” (or the equivalent thereof by S&P) or “P-2” (or the   equivalent thereof by Moody’s) or carrying an equivalent rating by a   Nationally Recognized Statistical Rating Organization (if both of the two   named rating agencies cease publishing ratings of investments) or, if no   rating is available in respect of the commercial paper, the issuer of which   has an equivalent rating in respect of its long-term debt, and in any case   maturing within 24 months after the date of acquisition thereof; (f)   territory of government readily marketable direct obligations issued by any   state, commonwealth or the United States of America, any province of Canada   or any other foreign or any political subdivision or taxing authority   thereof, in each case, having an investment grade rating from either Moody’s   or S&P (or, if at the time, neither is issuing comparable ratings, then a   comparable rating of another Nationally Recognized Statistical Rating   Organization) with maturities of not more than 24 months from the date of   acquisition; (g) bills of exchange issued in the United States or Canada   eligible for rediscount at the relevant central bank and accepted by a bank   (or any dematerialized equivalent); (h) Investments with average maturities   of 24 months or less from the date of acquisition in money market funds rated   AAA– (or the equivalent thereof) or better by S&P or Aaa3 (or the   equivalent thereof) or better by Moody’s; (i) for purposes of Section   7.05(f), the marketable securities portfolio owned by the Lead Borrower and   its Subsidiaries on the Closing Date; (j) Investments, classified in   accordance with GAAP as current assets, in money market investment programs   which are registered under the Investment Company Act of 1940 or which are   administered by financial institutions having capital of at least   $100,000,000, and, in either case, the portfolios of which are limited such   that substantially all of such Investments are of the character, quality and   maturity described in clauses (a) through (h) of this definition; (k)   instruments equivalent to those referred to in clauses (a) through (h) above   and clause (j) above denominated in Euros or any other currency comparable in   credit quality and tenor to those referred to above and customarily used by   corporations for cash management purposes in any jurisdiction outside the   United States to the extent reasonably required in 7 

    

 

connection with   any business conducted by any Restricted Subsidiary organized in such   jurisdiction; and (l) any interest in any investment funds investing at least   90% of their assets in instruments of the type specified in clauses (a)   through (h) above and clauses (j) and (k) above. “Cash Management   Obligations” means obligations owed by the Lead Borrower or any Restricted   Subsidiary to any Lender or any Affiliate of a Lender in respect of any   overdraft and related liabilities arising from treasury, depository and cash   management services or any automated clearing house transfers of funds.   “Casualty Event” means any event that gives rise to the receipt by the Lead   Borrower or any Restricted Subsidiary of any insurance proceeds or   condemnation awards in respect of any equipment, fixed assets or real   property (including any improvements thereon) to replace or repair such   equipment, fixed assets or real property. “Change of Control” shall be deemed   to occur if: (a) any (1) Person (other than the Management Stockholders that   in the aggregate own, beneficially or of record, no more than ten percent   (10%) of the outstanding voting stock of Holdings) or (2) Persons (other than   the Management Stockholders that in the aggregate own, beneficially or of   record, no more than ten percent (10%) of the outstanding voting stock of   Holdings) constituting a “group” (within the meaning of Rules 13d-3 and 13d-5   under the Exchange Act as in effect on the Closing Date), becomes the   beneficial owner, directly or indirectly, of Equity Interests representing   more than forty percent (40%) of the aggregate ordinary voting power represented   by the issued and outstanding Equity Interests of Holdings; (b) a “change of   control” (or similar event) shall occur in any document pertaining to any   Incremental Equivalent Debt, any Refinancing Equivalent Debt, any Senior   Notes or, in each case, any Permitted Refinancing thereof and such   Indebtedness is in an aggregate outstanding principal amount in excess of the   Threshold Amount; or (c) Holdings or one or more Intermediate Holding   Companies ceases to own, in the aggregate, 100% of the Equity Interests of   the Lead Borrower. “Class” (a) when used with respect to Commitments or   Loans, refers to those of such Commitments or Loans that have the same terms   and conditions (without regard to differences in the Type of Loan, Interest   Period, upfront fees, OID or similar fees paid or payable in connection with   such Commitments or Loan, or differences in tax treatment (e.g.   “fungibility”)); provided that such Commitments or Loans may be designated in   writing by the Lead Borrower and Lenders holding such Commitments or Loans as   a separate Class from other Commitments or Loans that have the same terms and   conditions and (ii) with respect to Lenders, those of such Lenders that have   Commitments or Loans of a particular Class. “Closing Date” means the first   date on which all the conditions precedent in Section 4.01 are satisfied or   waived in accordance with Section 4.01. “Closing Date Guarantors” means   Holdings and each Subsidiary of Holdings (other than the Borrowers) party to   this Agreement on the Closing Date. “Code” means the U.S. Internal Revenue   Code of 1986, as amended from time to time, and the rules and regulations   related thereto. 8 

    

 

“Collateral”   means the “Collateral” as defined in the Security Agreement and all the   “Collateral” or “Pledged Assets” as defined in any other Collateral Document   and any other assets pledged pursuant to any Collateral Document. “Collateral   Agent” means DBNY, in its capacity as collateral agent or pledgee in its own   name under any of the Loan Documents, or any successor collateral agent.   “Collateral and Guarantee Requirement” means, at any time, the requirement   that: (a) on the Closing Date the Administrative Agent shall have received   each Collateral Document to the extent required to be delivered on the   Closing Date pursuant to Section 4.01(e), subject to the limitations and   exceptions of this Agreement, duly executed by each Loan Party thereto; (b)   the Obligations shall have been secured by a first-priority security interest   in (i) all the Equity Interests of the Borrowers and (ii) all Equity   Interests of each Restricted Subsidiary of the Borrowers that is directly   owned by a Loan Party and that is not an Excluded Subsidiary; (c) the   Obligations shall have been secured by a first-priority perfected security   interest in, and Mortgages on, substantially all tangible and intangible   assets of the Lead Borrower, the Co-Borrower and each Guarantor (including   intercompany debt, accounts, inventory, equipment, investment property,   contract rights, securities, patents, trademarks, other intellectual   property, other general intangibles, cash, bank and securities deposit   accounts, Material Real Property and proceeds of the foregoing), in each   case, subject to exceptions and limitations otherwise set forth in this   Agreement and the Collateral Documents (to the extent appropriate in the   applicable jurisdiction); (d) subject to limitations and exceptions of this   Agreement and the Collateral Documents, to the extent a security interest in   and Mortgages on any Material Real Property is required under Section 6.11,   Section 6.14 or 6.18 (together with any Material Real Property that is   subject to a Mortgage on the Closing Date, each, a “Mortgaged Property”), the   Administrative Agent shall have received (i) counterparts of a Mortgage with   respect to such Mortgaged Property duly executed and delivered by the record   owner of such property in form suitable for filing or recording in all filing   or recording offices that the Administrative Agent may reasonably deem   necessary or desirable in order to create a valid and subsisting perfected   Lien on the property and/or rights described therein in favor of the   Administrative Agent for the benefit of the Secured Parties, and evidence   that all filing and recording taxes, stamp duty and fees have been paid or   otherwise provided for in a manner reasonably satisfactory to the   Administrative Agent (it being understood that if a mortgage tax or notary   fee or registration fee or other similar tax will be owed or calculated on   the entire amount of the indebtedness evidenced hereby, then the amount   secured by the Mortgage shall be limited to 100% of the fair market value of   the property at the time the Mortgage is entered into if such limitation   results in such mortgage tax being calculated based upon such fair market   value), (ii) other than with respect to Mortgaged Properties located in   Germany, Hong Kong (unless the Administrative Agent determines, in its   reasonable opinion, there to be a defect in such title), Luxembourg, The   Netherlands, Singapore, Switzerland and any other jurisdiction, as reasonably   determined by the Collateral Agent, in which title insurance is not   customary, fully paid policies of title insurance (or marked-up title   insurance commitments having the effect of policies of title insurance) on   the Mortgaged Property that is owned in fee by the applicable Loan Party (the   “Mortgage Policies”) issued by a title insurance company reasonably   acceptable to the Administrative Agent in form and substance and in an amount   reasonably acceptable to the Administrative Agent (not to exceed 100% of the   fair market value of the real properties covered thereby), insuring the   Mortgages to be valid subsisting Liens on the 9 

    

 

property   described therein, free and clear of all Liens other than Liens permitted   pursuant to Section 7.01 and other Liens reasonably acceptable to the   Administrative Agent each of which shall (A) to the extent reasonably   necessary, include such reinsurance arrangements (with provisions for direct   access, if reasonably necessary) as shall be reasonably acceptable to the   Collateral Agent, (B) contain a “tie-in” or “cluster” endorsement, if   available under applicable law (i.e., policies which insure against losses   regardless of location or allocated value of the insured property up to a   stated maximum coverage amount) and (C) have been supplemented by such   endorsements (or where such endorsements are not available, opinions of   special counsel, architects or other professionals reasonably acceptable to   the Collateral Agent) as shall be reasonably requested by the Collateral   Agent (which may include endorsements on matters relating to usury, first   loss, last dollar, zoning, contiguity, revolving credit, doing business,   non-imputation public road access, variable rate, environmental lien,   subdivision, mortgage recording tax, separate tax lot, and so-called   comprehensive coverage over covenants and restrictions, in each case only if   available after the applicable Loan Party uses commercially reasonable   efforts), (iii) customary legal opinions (as determined with reference to any   applicable jurisdiction), addressed to the Administrative Agent and the   Secured Parties, reasonably acceptable to the Administrative Agent as to such   matters as the Administrative Agent may reasonably request, and (iv) a   completed “life of the loan” Federal Emergency Management Agency Standard   Flood Hazard Determination with respect to each U.S. Mortgaged Property and,   to the extent required, duly executed and acknowledged by the appropriate   Loan Parties and evidence of flood insurance, in the event any improved   parcel of U.S. Mortgaged Property is located in a special flood hazard area,   which evidence shall comply with the Flood Laws and be otherwise reasonably   satisfactory to the Administrative Agent; and (e) after the Closing Date,   each Restricted Subsidiary of the Borrowers (other than any Immaterial   Subsidiary or Excluded Subsidiary) shall become a Guarantor and signatory to   this Agreement pursuant to a Guarantor Joinder in accordance with Section   6.11 or 6.18 and a party to the respective Collateral Documents in accordance   with Section 6.11 or 6.18; provided that notwithstanding the foregoing provisions,   any Subsidiary of the Borrowers that Guarantees any Junior Financing shall be   a Guarantor hereunder for so long as it Guarantees such Indebtedness.   Notwithstanding the foregoing provisions of this definition or anything in   this Agreement or any other Loan Document to the contrary: (i) The foregoing   definition shall not require and the Loan Documents shall not contain any   requirements as to the creation or perfection of pledges of, security   interests in, Mortgages on, or the obtaining of title insurance, surveys,   abstracts or appraisals or taking other actions with respect to, any Excluded   Assets. (ii) No actions in any non-U.S. jurisdiction that is not a Qualified   Jurisdiction or required by the Laws of any non-U.S. jurisdiction that is not   a Qualified Jurisdiction shall be required in order to create any security   interests in assets located or titled outside of the U.S. in a jurisdiction   that is not a Qualified Jurisdiction or to perfect such security interests,   including any intellectual property registered in any non-U.S. jurisdiction   that is not a Qualified Jurisdiction (it being understood that there shall be   no security agreements or pledge agreements governed under the Laws of any   non-U.S. jurisdiction that is not a Qualified Jurisdiction). (iii) No actions   shall be required with respect to Collateral requiring perfection through   control agreements or perfection by “control” (as defined in the UCC)   (including deposit accounts or other bank accounts or securities accounts) or   possession, 10 

    

 

other than in   respect of (x) certificated Equity Interests of the Borrowers and wholly   owned Restricted Subsidiaries (other than any Immaterial Subsidiaries)   directly owned by the Borrowers or by any Subsidiary Guarantor otherwise required   to be pledged pursuant to the provisions of clause (b) of this definition of   “Collateral and Guarantee Requirement” and not otherwise constituting an   Excluded Asset and (y) Pledged Debt (as defined in the Security Agreement) to   the extent required to be delivered to the Collateral Agent pursuant to the   terms of the Security Agreement; (iv) The Administrative Agent in its   discretion may grant extensions of time for the creation or perfection of   security interests in, and Mortgages on, or obtaining of title insurance or   taking other actions with respect to, particular assets (including extensions   beyond the Closing Date) or any other compliance with the requirements of   this definition where it reasonably determines, in consultation with the Lead   Borrower, that the creation or perfection of security interests in, and   Mortgages on, or obtaining of title insurance or taking other actions, or any   other compliance with the requirements of this definition cannot be   accomplished without undue delay, burden or expense by the time or times at   which it would otherwise be required by this Agreement or the Collateral   Documents; and (v) Liens required to be granted from time to time pursuant to   the Collateral and Guarantee Requirement shall be subject to exceptions and limitations   set forth in this Agreement and the Collateral Documents. “Collateral   Documents” means, collectively, the Security Agreement, each of the   Mortgages, collateral assignments, security agreements, pledge agreements,   Intellectual Property Security Agreements, deeds of hypothecs, bonds, bond   pledge agreements or other similar agreements delivered to the Administrative   Agent pursuant to Sections 4.01, 6.11 or 6.14, and each of the other   agreements, instruments or documents that creates or purports to create a   Lien in favor of the Administrative Agent and/or the Collateral Agent (as   relevant), in each case for the benefit of the Secured Parties. “Commitment”   means a Term Commitment or a Revolving Credit Commitment, as the context may   require. “Committed Loan Notice” means a notice of (a) a Borrowing, (b) a   conversion of Loans denominated in Dollars from one Type to the other, or (c)   a continuation of LIBO Rate Loans, pursuant to Section 2.02(a), which, if in   writing, shall be substantially in the form of Exhibit A. “Compensation   Period” has the meaning set forth in Section 2.12(c)(iv). “Compliance   Certificate” means a certificate substantially in the form of Exhibit D.   “Consolidated EBITDA” means, for any period, Consolidated Net Income for such   period, plus (a) without duplication, the following amounts (in each case,   except with respect to clauses (vii) and (x) below, to the extent deducted   (and not added back) in arriving at such Consolidated Net Income for such   period) for such period with respect to the Lead Borrower and its Restricted   Subsidiaries: (i) total interest expense determined in accordance with GAAP   and, to the extent not reflected in such total interest expense, any losses   on hedging obligations or 11 

    

 

other   derivative instruments entered into for the purpose of hedging interest rate   risk, net of interest income and gains on such hedging obligations, and costs   of surety bonds in connection with financing activities (whether amortized or   immediately expensed), (ii) provision for taxes based on income, profits or   capital gains of the Lead Borrower and the Restricted Subsidiaries,   including, without limitation, federal, state, local, provincial, franchise   and similar taxes and foreign withholding taxes paid or accrued during such   period including penalties and interest related to such taxes or arising from   any tax examinations, (iii) (iv) accounted for depreciation and amortization,   earn-out and contingent consideration obligations (including to the extent as   bonuses, compensation or otherwise) and adjustments thereof and purchase   price adjustments, in each case in connection with acquisitions, (v) the   amount of any minority interest expense consisting of Restricted Subsidiary   income attributable to minority interests of third parties in any non-wholly   owned Restricted Subsidiary, (vi) any costs or expenses incurred pursuant to   any management equity plan or stock option plan or any other management or   employee benefit plan or agreement or any stock subscription or shareholder agreement,   to the extent that such costs or expenses are funded with cash proceeds   contributed to the capital of the Lead Borrower or net cash proceeds of an   issuance of Equity Interests of the Lead Borrower (other than Disqualified   Equity Interests), (vii) cash receipts (or any netting arrangements resulting   in reduced cash expenditures) not representing Consolidated EBITDA or   Consolidated Net Income in any period to the extent non-cash gains relating   to such income were deducted in the calculation of Consolidated EBITDA   pursuant to clause (b) below for any previous period and not added back,   (viii) non-cash expenses, charges and losses (including impairment charges or   asset write-offs, losses from investments recorded using the equity method,   stock-based awards compensation expense), in each case other than (A) any   non-cash charge representing amortization of a prepaid cash item that was   paid and not expensed in a prior period and (B) any non-cash charge relating   to write-offs, write-downs or reserves with respect to accounts receivable in   the normal course or inventory; provided that if any non-cash charges   referred to in this clause (viii) represent an accrual or reserve for   potential cash items in any future period, (1) the Lead Borrower may elect   not to add back such non-cash charge in the current period and (2) to the   extent the Lead Borrower elects to add back such non-cash charge, the cash   payment in respect thereof in such future period shall be subtracted from   Consolidated EBITDA in such future period to such extent paid, (ix) any net   loss from disposed, abandoned or discontinued operations (excluding   held-for-sale discontinued operations until actually disposed of), (x) the   amount of cost savings, operating expense reductions, other operating improvements   and synergies projected by the Lead Borrower in good faith to be realized in   connection with any Specified Transaction (or any other business combination,   acquisition (including, for the avoidance of doubt, acquisitions occurring   prior to the 12 

    

 

Closing Date)   or Disposition), any restructuring, any cost savings initiative, and any   other similar initiative and action (calculated on a Pro Forma Basis as   though such cost savings, operating expense reductions, other operating improvements   and synergies had been realized on the first day of such period and as if   such cost savings, operating expense reductions, other operating improvements   and synergies were realized during the entirety of such period), net of the   amount of actual benefits realized during such period from such actions;   provided that (A) such cost savings, operating expense reductions, other   operating improvements and synergies are reasonably identifiable and   factually supportable, in the good faith judgment of the Lead Borrower, and   expected to result from actions that have been taken or with respect to which   substantial steps are expected to be taken within 18 months after the   applicable Specified Transaction, business combination, acquisition or   Disposition is consummated or the applicable restructuring, cost savings   initiative, or other similar initiative or action and (B) no cost savings,   operating expense reductions and synergies shall be added pursuant to this   clause (x) to the extent duplicative of any expenses or charges otherwise   added to Consolidated EBITDA, whether through a pro forma adjustment or   otherwise, for such period, (xi) proceeds of business interruption insurance,   minus (b)without duplication and to the extent included in arriving at such   Consolidated Net Income, (i) non-cash gains (excluding any non-cash gain to   the extent it represents the reversal of an accrual or reserve for a   potential cash item that reduced Consolidated EBITDA in any prior period),   (ii) any net gain from disposed, abandoned or discontinued operations and   (iii) the amount of any minority interest income consisting of Restricted   Subsidiary losses attributable to minority interests of third parties in any   non-wholly owned Restricted Subsidiary; provided that, for the avoidance of   doubt, any gain representing the reversal of any non-cash charge referred to   in clause (a)(viii)(B) above for a prior period shall be added (together   with, without duplication, any amounts received in respect thereof to the   extent not increasing Consolidated Net Income) to Consolidated EBITDA in any   subsequent period to such extent so reversed (or received); provided that:   (i) to the extent included in Consolidated Net Income, there shall be   excluded in determining Consolidated EBITDA currency translation gains and   losses related to currency remeasurements of Indebtedness (including the net   loss or gain (i) resulting from Swap Contracts for currency exchange risk and   (ii) resulting from intercompany indebtedness), (ii) to the extent included   in Consolidated Net Income, there shall be excluded in determining   Consolidated EBITDA for any period any adjustments resulting from the   application of Statement of FASB Codification 815 and International   Accounting Standard No. 39 and their respective related pronouncements and   interpretations, and (iii) there shall be excluded in determining   Consolidated EBITDA for any period the effects of Net Raw Material Timing.   Notwithstanding anything else in the definition of Consolidated EBITDA or the   definitions used therein, the realized gain or loss of any currency   derivatives that are entered into for the express purpose 13 

    

 

of reducing the   variability of the Lead Borrower’s non-Dollar denominated Consolidated EBITDA   will be included in the calculation of Consolidated EBITDA. Notwithstanding   anything to the contrary contained herein, for purposes of determining   Consolidated EBITDA under this Agreement for any period that includes any of   the fiscal quarters ended March 31, 2014, June 30, 2014, September 30, 2014   and December 31, 2014, Consolidated EBITDA for such fiscal quarters shall be   $78,828,000, $83,491,000, $65,543,000 and $112,034,000, respectively, as may   be subject to addbacks and pro forma adjustments (if any) pursuant to clause   (a)(x) above and Section 1.10. For the avoidance of doubt, Consolidated   EBITDA shall be calculated, including pro forma adjustments, in accordance   with Section 1.10. “Consolidated First Lien Net Debt” means, as of any date   of determination, (1) any Indebtedness described in clause (a) of the   definition of “Consolidated Total Net Debt” outstanding on such date (other   than (x) any such Indebtedness of a Restricted Subsidiary that is not the   Co-Borrower or a Guarantor and is not secured by any assets of any Loan Party   and (y) any such Indebtedness in which the applicable Liens are expressly   subordinated or junior to the Liens securing the Obligations that are secured   on a first lien basis) minus (2) the aggregate amount of cash and Cash   Equivalents (other than Restricted Cash) that would be reflected on a balance   sheet of the Lead Borrower and its Restricted Subsidiaries as of such date,   in each case, free and clear of all Liens (other than nonconsensual Liens   permitted by Section 7.01 and Liens permitted by Section 7.01(a), Section   7.01(b), clauses (ii) and (iii) of Section 7.01(l), Section 7.01(p), Section   7.01(q), Section 7.01(s), Section 7.01(w), Section 7.01(x), Section 7.01(dd),   Section 7.01(ee), Section 7.01(ff) and Section 7.01(gg)); provided that   Consolidated First Net Debt shall not include Indebtedness in respect of (i)   letters of credit, except to the extent of unreimbursed amounts thereunder   (provided that any unreimbursed amount under commercial letters of credit   shall not be included as Consolidated First Net Debt until three (3) Business   Days after such amount is drawn), (ii) Unrestricted Subsidiaries and (iii)   any Permitted Securitizations; it being understood, for the avoidance of   doubt, that obligations under Swap Contracts do not constitute Consolidated   First Lien Net Debt. “Consolidated Interest Expense” means, for any period,   the sum, without duplication, of (i) the cash interest expense (including   that attributable to Capitalized Leases), net of cash interest income, of the   Lead Borrower and its Restricted Subsidiaries, determined on a consolidated   basis in accordance with GAAP, with respect to all outstanding Indebtedness   of the Lead Borrower and its Restricted Subsidiaries, including all   commissions, discounts and other fees and charges owed with respect to letters   of credit and bankers’ acceptance financing and net cash costs under Swap   Contracts, and (ii) any cash payments made during such period in respect of   obligations referred to in clause (b) below relating to Funded Debt that were   amortized or accrued in a previous period, but excluding, however, (a)   amortization of deferred financing costs and any other amounts of non-cash   interest, (b) the accretion or accrual of discounted liabilities during such   period, (c) non-cash interest expense attributable to the movement of the   mark-to-market valuation of obligations under Swap Contracts or other   derivative instruments pursuant to Statement of Financial Accounting   Standards No. 133, (d) any cash costs associated with breakage in respect of   hedging agreements for interest rates, (e) fees and expenses associated with   the consummation of the Transactions, (f) annual agency fees paid to the   Administrative Agent and/or Collateral Agent, (g) costs associated with   obtaining Swap Contracts and (h) all non-recurring cash interest expense   consisting of liquidated damages for failure to timely comply with   registration rights obligations and financing fees, all as calculated on a   consolidated basis in accordance with GAAP. Notwithstanding anything to the   contrary contained herein, for purposes of determining Consolidated Interest   Expense (i) for any period ending prior to the first anniversary of the   Closing Date, Consolidated Interest Expense shall be an amount equal to   actual Consolidated Interest Expense from the Closing Date through the date   of determination multiplied by a fraction the numerator of which is 365 and   the denominator of which is the number of days from the Closing Date through   the date of determination and (ii) shall exclude the acquisition accounting   effects described in the last sentence of the definition of “Consolidated Net   Income”. 14 

    

 

 

“Consolidated   Net Income” means, for any period, the net income (loss) of the Lead Borrower   and its Restricted Subsidiaries for such period determined on a consolidated   basis in accordance with GAAP, provided, however, that, without duplication,   (a) (i) any after-tax effect of non-recurring, unusual or extraordinary items   (including gains or losses and all fees and expenses relating thereto) for   such period shall be excluded and (ii) duplicative running costs, severance,   relocation costs or expenses, Transaction Expenses, integration costs,   transition costs, pre-opening, opening, consolidation and closing costs for   facilities, costs incurred in connection with any non-recurring strategic   initiatives, costs incurred in connection with acquisitions and non-recurring   product and intellectual property development, other business optimization   expenses (including costs and expenses relating to business optimization   programs and new systems design and implementation costs), project start-up   costs and restructuring charges or reserves (including restructuring costs   related to acquisitions and to closure/consolidation of facilities, retention   charges, systems establishment costs and excess pension charges) and related   expenses for such period shall, in each case, be excluded, (b) the cumulative   effect of a change in accounting principles during such period to the extent   included in Consolidated Net Income shall be excluded, (c) any fees and   expenses incurred during such period (including, without limitation, any premiums,   make-whole or penalty payments), or any amortization thereof for such period,   in connection with any acquisition, investment, asset disposition, issuance   or repayment of debt, issuance of equity securities, refinancing transaction   or amendment or other modification of any debt instrument (in each case,   including any such transaction consummated on or prior to the Closing Date   and any such transaction undertaken but not completed) and any charges or   non-recurring merger costs incurred during such period as a result of any   such transaction, in each case for any such fee, expense, charge or cost   whether or not successful (including, for the avoidance of doubt, the effects   of expensing all transaction-related expenses in accordance with FASB   Accounting Standards Codification 805 and gains or losses associated with   FASB Accounting Standards Codification 460) shall be excluded, (d) accruals   and reserves that are established or adjusted within eighteen (18) months   after the Closing Date that are so required to be established as a result of   the Transactions (or within eighteen (18) months after the closing of any   acquisition that are so required to be established as a result of such   acquisition) in accordance with GAAP shall be excluded, (e) any net after-tax   gains or losses on abandoned, disposed of or discontinued operations shall be   excluded, (f) any net after-tax effect of gains or losses (less all fees,   expenses and charges relating thereto) attributable to asset dispositions or   abandonments or the sale or other disposition of any Equity Interests of any   Person in each case other than in the ordinary course of business, as   determined in good faith by the Lead Borrower, shall be excluded, (g) the net   income (loss) for such period of any Person that is not a Subsidiary of the   Lead Borrower, or is an Unrestricted Subsidiary, or that is accounted for by   the equity method of accounting, shall be excluded; provided that   Consolidated Net Income of the Lead Borrower shall be increased by the amount   of dividends or distributions or other payments that are actually paid in   cash or Cash Equivalents (or to the extent subsequently converted into cash   or Cash Equivalents) to the Lead Borrower or a Restricted Subsidiary thereof   in respect of such period or a prior period, 15 

    

 

(h)any   impairment charge or asset write-off or write-down, including impairment   charges or asset write-offs or write-downs related to intangible assets,   long-lived assets, investments in debt and equity securities or as a result   of a change in law or regulation, in each case, pursuant to GAAP, and the   amortization of intangibles arising pursuant to GAAP shall be excluded, (i)   any non-cash compensation charge or expense, including any such charge or   expense arising from the grants of stock appreciation or similar rights,   stock options, restricted stock or other rights or equity incentive programs   or any other equity-based compensation shall be excluded, (j) any expenses,   charges or losses that are covered by indemnification or other reimbursement   provisions in connection with any Investment, Permitted Acquisition or any   sale, conveyance, transfer or other disposition of assets permitted under   this Agreement, to the extent actually reimbursed or with respect to which   the Lead Borrower has made a determination that a reasonable basis exists for   indemnification or reimbursement (but only to the extent that such amount is   in fact indemnified or reimbursed within 365 days of such determination)   shall be excluded (with a deduction in the applicable future period of any   amount so excluded to the extent not so indemnified or reimbursed within such   365 days), (k) to the extent covered by insurance and actually reimbursed or   with respect to which the Lead Borrower has made a determination that there   exists reasonable evidence that such amount will in fact be reimbursed by the   insurer (but only to the extent that such amount is in fact reimbursed within   365 days of the date of such determination), expenses, charges or losses with   respect to liability or casualty events or business interruption shall be   excluded (with a deduction in the applicable future period for any amount so   excluded to the extent not so reimbursed within such 365 days), (l) any net   pension or other post-employment benefit costs representing amortization of   unrecognized prior service costs, actuarial losses, including amortization of   such amounts arising in prior periods, amortization of the unrecognized net   obligation (and loss or cost) existing at the date of initial application of   FASB Accounting Standards Codification 712 and 715, Statement on Financial   Accounting Standards Nos. 87, 106 and 112, and any other items of a similar   nature, shall be excluded, (m) the income (or loss) of any Person accrued   prior to the date it becomes a Restricted Subsidiary of the Lead Borrower or   is merged into, amalgamated or consolidated with the Lead Borrower or any of   its Restricted Subsidiaries or that Person’s assets are acquired by the Lead   Borrower or any of its Restricted Subsidiaries shall be excluded (except to   the extent required for any calculation of Consolidated EBITDA on a Pro Forma   Basis in accordance with Section 1.10), (n) any non-cash interest expense attributable   to the movement of the mark-to-market valuation of obligations under Swap   Contracts or other derivative instruments pursuant to Statement of Financial   Accounting Standards No. 133 shall be excluded, (o) any net after-tax effect   of income (or loss) from the early extinguishment, write-off, forgiveness or   cancellation of indebtedness or Swap Contracts or other derivative   instruments, and all deferred financing costs written off and premiums paid   or other expenses incurred directly in connection therewith, shall be   excluded, and (p) solely for the purpose of determining Excess Cash Flow and   clause (a) of the definition of Cumulative Credit, the income of any   Restricted Subsidiary of the Lead Borrower 16 

    

 

that is not a   Guarantor to the extent that the declaration or payment of dividends or   similar distributions by that Restricted Subsidiary of that income is not at   the time permitted by operation of the terms of its charter or any agreement,   instrument, judgment, decree, order, statute, rule or governmental regulation   applicable to that Restricted Subsidiary (which has not been waived) shall be   excluded, except (solely to the extent permitted to be paid) to the extent of   the amount of dividends or other distributions actually paid to the Lead   Borrower or any of its Restricted Subsidiaries that are Guarantors by such   Person during such period in accordance with such documents and regulations.   There shall be excluded from Consolidated Net Income for any period the   acquisition accounting effects of adjustments in component amounts required   or permitted by GAAP (including in the inventory, property and equipment,   fair value of leased property, software, goodwill, intangible assets,   in-process research and development, deferred revenue, deferred rent,   contingent considerations and debt line items thereof) and related   authoritative pronouncements (including the effects of such adjustments   pushed down to the Lead Borrower and the Restricted Subsidiaries), as a   result of the Transactions, any acquisition consummated prior to or after the   Closing Date, any Permitted Acquisitions or other Investments, or the   amortization or write-off of any amounts thereof. Notwithstanding the   foregoing, for the purpose of the definition of “Cumulative Credit” only   (other than clause (e) and (f) thereof), there shall be excluded from Consolidated   Net Income any income arising from any sale or other disposition of   Investments made by the Lead Borrower and its Restricted Subsidiaries, any   repurchases and redemptions of Investments from the Lead Borrower and its   Restricted Subsidiaries, any repayments of loans and advances which   constitute Investments by the Lead Borrower or any of its Restricted   Subsidiaries, any sale of the stock of an Unrestricted Subsidiary or any   distribution or dividend from an Unrestricted Subsidiary, in each case only to   the extent such amounts increase the amount of Restricted Payments permitted   under the definition of “Cumulative Credit” pursuant to clause (e) and (f)   thereof. “Consolidated Secured Net Debt” means, as of any date of   determination, (1) any Indebtedness described in clause (a) of the definition   of “Consolidated Total Net Debt” outstanding on such date (other than any   consolidated debt of a Restricted Subsidiary that is not the Co-Borrower or a   Guarantor and is not secured by any assets of any Loan Party) minus (2) the   aggregate amount of cash and Cash Equivalents (other than Restricted Cash)   that would be reflected on a balance sheet of the Lead Borrower and its   Restricted Subsidiaries as of such date (other than nonconsensual Liens   permitted by Section 7.01 and Liens permitted by Section 7.01(a), Section   7.01(b), clauses (ii) and (iii) of Section 7.01(l), Section 7.01(p), Section   7.01(q), Section 7.01(s), Section 7.01(w), Section 7.01(x), Section 7.01(dd),   Section 7.01(ee), Section 7.01(ff) and Section 7.01(gg)); provided that   Consolidated Secured Net Debt shall not include Indebtedness in respect of   (i) letters of credit, except to the extent of unreimbursed amounts   thereunder (provided that any unreimbursed amount under commercial letters of   credit shall not be included as Consolidated Total Net Debt until three (3)   Business Days after such amount is drawn), (ii) Unrestricted Subsidiaries and   (iii) any Permitted Securitizations; it being understood, for the avoidance   of doubt, that obligations under Swap Contracts do not constitute   Consolidated Secured Net Debt. “Consolidated Total Net Debt” means, as of any   date of determination, (a) the aggregate principal amount of Indebtedness of   the Lead Borrower and its Restricted Subsidiaries outstanding on such date,   in an amount that would be reflected on a balance sheet prepared as of such   date on a consolidated basis in accordance with GAAP (but excluding the   effects of any discounting of Indebtedness resulting from the application of   acquisition accounting in connection with any Permitted Acquisition or any   other acquisition constituting an Investment permitted under this Agreement),   consisting of Indebtedness for borrowed money, Attributable Indebtedness,   debt obligations evidenced by promissory notes or similar instruments and all   Guarantees of the foregoing (with Indebtedness in respect of any Revolving   Credit Commitments being calculated based on the daily average outstanding   amount of Revolving Credit Loans 17 

    

 

and Swing Line   Loans during the four-quarter fiscal period of the Lead Borrower most   recently ended as of such date) minus (b) the aggregate amount of cash and   Cash Equivalents (other than Restricted Cash) that would be reflected on a   balance sheet of the Lead Borrower and its Restricted Subsidiaries as of such   date (other than nonconsensual Liens permitted by Section 7.01 and Liens   permitted by Section 7.01(a), Section 7.01(b), clauses (ii) and (iii) of   Section 7.01(l), Section 7.01(p), clauses (i) and (ii) of Section 7.01(q),   Section 7.01(s), Section 7.01(w), Section 7.01(x), Section 7.01(dd), Section   7.01(ee), Section 7.01(ff) and Section 7.01(gg))]; provided that Consolidated   Total Net Debt shall not include Indebtedness in respect of (i) letters of   credit, except to the extent of unreimbursed amounts thereunder (provided   that any unreimbursed amount under commercial letters of credit shall not be   included as Consolidated Total Net Debt until three (3) Business Days after   such amount is drawn), (ii) Unrestricted Subsidiaries and (iii) any Permitted   Securitizations; it being understood, for the avoidance of doubt, that   obligations under Swap Contracts do not constitute Consolidated Total Net   Debt. “Consolidated Working Capital” means, with respect to the Lead Borrower   and its Restricted Subsidiaries on a consolidated basis at any date of   determination, Current Assets at such date of determination minus Current   Liabilities at such date of determination; provided, that, increases or   decreases in Consolidated Working Capital shall be calculated without regard   to any changes in Current Assets or Current Liabilities as a result of (a)   any reclassification in accordance with GAAP of assets or liabilities, as   applicable, between current and noncurrent, (b) the effects of acquisition   accounting or (c) any fluctuation in currency exchange rates. “Contractual   Obligation” means, as to any Person, any provision of any security issued by   such Person or of any agreement, instrument or other undertaking to which   such Person is a party or by which it or any of its property is bound.   “Control” 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.   “Credit Extension” means each of the following: (a) a Borrowing and (b) an   L/C Credit Extension. “Cure Amount” has the meaning set forth in Section   8.04. “Cure Expiration Date” has the meaning set forth in Section 8.04.   “Cumulative Credit” means, at any date, an amount, not less than zero in the   aggregate, determined on a cumulative basis equal to, without duplication:   (a) 50% of Consolidated Net Income for the period (treated as one accounting   period) from January 1, 2013 to the end of the most recent fiscal quarter   ending prior to such date of determination for which internal consolidated   financial statements of the Lead Borrower are available (or, in the case such   Consolidated Net Income is a deficit, minus 100% of such deficit); plus (b)   100% of the aggregate Net Proceeds and net Cash Equivalent proceeds and the   fair market value of property or assets or marketable securities (solely to   the extent such property, assets or marketable securities have been converted   into cash or Cash Equivalents), in each case received by the Lead Borrower   from the issue or sale of its Equity Interests (other than Disqualified   Equity Interests) or as a result of a merger or consolidation (the   consideration for which is Equity Interests (other than Disqualified Equity   Interests) of the Lead Borrower) with another Person that is not a Restricted   Subsidiary of Holdings subsequent to January 1, 2013 or otherwise contributed   to the equity (other than through the issuance of Disqualified Equity 18 

    

 

Interests) of   the Lead Borrower (including pursuant to the Initial Public Offering)   subsequent to January 1, 2013 (other than (i) any amounts used to incur   Indebtedness pursuant to Section 7.03(w), (ii) Net Proceeds, net Cash   Equivalent proceeds or property or assets or marketable securities received   from an issuance or sale of such Lead Borrower to a Restricted Subsidiary or   an employee stock ownership plan or trust established by the Lead Borrower or   any Subsidiary of the Lead Borrower for the benefit of their employees to the   extent funded by the Lead Borrower or any Restricted Subsidiary, (iii) any   amounts designated as a Cure Amount and (iv) Excluded Contributions); plus   (c) 100% of the aggregate Net Proceeds and net Cash Equivalent proceeds and   the fair market value of property or assets or marketable securities (solely   to the extent such property, assets or marketable securities have been   converted into cash or Cash Equivalents), in each case received by the Lead   Borrower or any Restricted Subsidiary from the issuance or sale (other than   to the Lead Borrower or a Restricted Subsidiary of the Lead Borrower or an   employee stock ownership plan or trust established by the Lead Borrower or   any Subsidiary of the Company for the benefit of its employees to the extent   funded by the Lead Borrower or any Restricted Subsidiary) by the Lead   Borrower or any Restricted Subsidiary subsequent to January 1, 2013 of any   Indebtedness or Disqualified Equity Interests that has been converted into or   exchanged for Equity Interests of the Lead Borrower or any Parent (other than   Disqualified Equity Interests) plus, without duplication, the amount of cash   and net Cash Equivalent proceeds, and the fair market value of property or   assets or marketable securities (solely to the extent such property, assets   or marketable securities have been converted into cash or Cash Equivalent),   in each case received by the Lead Borrower or any Restricted Subsidiary upon   such conversion or exchange; plus (d) (e) Borrower Retained Prepayment   Amounts; plus 100% of the aggregate amount of net cash and Cash Equivalent   proceeds and the fair market value of property or assets or marketable   securities (solely to the extent such property, assets or marketable   securities have been converted into cash or Cash Equivalents), in each case   received by the Lead Borrower or any Restricted Subsidiary, by means of: (i)   the sale or other Disposition (other than to the Lead Borrower or a   Restricted Subsidiary of Holdings) of, or other returns on Investments from,   Restricted Investments made by the Lead Borrower or its Restricted   Subsidiaries and repurchases and redemptions of such Restricted Investments   from the Lead Borrower or its Restricted Subsidiaries and repayments of loans   or advances, and releases of guarantees, which constitute Restricted   Investments by the Lead Borrower or its Restricted Subsidiaries, in each case   after January 1, 2013; or (ii) the sale (other than to the Lead Borrower or a   Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a   dividend or distribution from an Unrestricted Subsidiary after January 1,   2013, in each case limited to the portion of such amount, if any, that   exceeds the aggregate amount of Investments in such Subsidiary (including any   Investment deemed to have been made at the time of the designation of any   such Subsidiary as an Unrestricted Subsidiary) made by the Lead Borrower or   any of its Restricted Subsidiaries at the time of such sale, Disposition,   return, repurchase, repayment, sale of stock, dividend or distribution; plus   (f) in the case of the redesignation of an Unrestricted Subsidiary as a   Restricted Subsidiary or the merger, amalgamation or consolidation of an   Unrestricted Subsidiary into the Lead Borrower or a Restricted Subsidiary or   the transfer of all or substantially all of the assets of an Unrestricted   Subsidiary to the Lead Borrower or a Restricted Subsidiary after January 1,   2013, the fair market value of the Investment in such Unrestricted Subsidiary   (or the assets transferred), as determined in good faith by the Lead Borrower   at the time of the redesignation of such Unrestricted Subsidiary as a   Restricted Subsidiary or at the time of such merger, amalgamation or 19 

    

 

consolidation   or transfer of assets (after taking into consideration any Indebtedness   associated with the Unrestricted Subsidiary so designated or merged or   consolidated or Indebtedness associated with the assets so transferred), in   each case limited to the portion of such amount, if any, that exceeds the   aggregate amount of Investments in such Subsidiary (including any Investment   deemed to have been made at the time of the designation of such Subsidiary as   an Unrestricted Subsidiary) made by the Lead Borrower or any of its   Restricted Subsidiaries at the time of such redesignation, merger,   amalgamation, consolidation or transfer; (g) (h) [reserved]; any amount of   the Cumulative Credit used to make Restricted Payments pursuant to Section   7.06(h) after the Closing Date and prior to such time; minus (i) any amount   of the Cumulative Credit used to make payments or distributions in respect of   Junior Financings pursuant to Section 7.13 after the Closing Date and prior   to such time. “Current Assets” means, with respect to the Lead Borrower and   the Restricted Subsidiaries on a consolidated basis at any date of   determination, all assets (other than cash and Cash Equivalents) that would,   in accordance with GAAP, be classified on a consolidated balance sheet of the   Lead Borrower and its Restricted Subsidiaries as current assets at such date   of determination, other than amounts related to current or deferred Taxes   based on income or profits, assets held for sale, loans (permitted) to third   parties, pension assets, deferred bank fees and derivative financial   instruments. “Current Liabilities” means, with respect to the Lead Borrower   and the Restricted Subsidiaries on a consolidated basis at any date of   determination, all liabilities that would, in accordance with GAAP, be   classified on a consolidated balance sheet of the Lead Borrower and its   Restricted Subsidiaries as current liabilities at such date of determination,   other than (a) the current portion of any Indebtedness and derivative   financial instruments, (b) the current portion of accrued interest, (c)   accruals for current or deferred Taxes based on income or profits, (d)   accruals of any costs or expenses related to restructuring reserves or   severance, (e) any other liabilities that are not Indebtedness and will not   be settled in cash or Cash Equivalents during the next succeeding twelve (12)   month period after such date, (f) any Revolving Credit Exposure or Revolving   Credit Loans or any loans or letters of credit under any other revolving   facility, (g) liabilities in respect of unpaid acquisition, disposition or   refinancing related expenses, deferred purchase price holdbacks and earn-out   obligations, (h) accrued litigation settlement costs, (i) non-cash   compensation costs and expenses and (j) the current portion of any other long-term   liabilities. “DBNY” means Deutsche Bank AG New York Branch, in its individual   capacity, and any successor thereto by merger, consolidation or otherwise.   “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, examinership, insolvency,   winding up, 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. “Declined Proceeds” has the meaning set   forth in Section 2.05(b)(vii). “Default” means any event or condition that   constitutes an Event of Default or that, with the giving of any notice, the   passage of time, or both, would be an Event of Default. “Default Rate” means   an interest rate equal to (a) the Base Rate plus (b) the Applicable Margin,   if any, applicable to Base Rate Loans plus (c) 2.00% per annum; provided   that, with respect to a LIBO Rate Loan, the Default Rate shall be an interest   rate equal to the interest rate (including any Applicable 20 

    

 

Margin)   otherwise applicable to such Loan plus 2.00% per annum, in each case, to the   fullest extent permitted by applicable Laws. “Defaulting Lender” means,   subject to Section 2.19(b), any Lender that, as reasonably determined by the   Administrative Agent (a) has refused (which refusal may be given verbally or   in writing and has not been retracted) or failed to perform any of its   funding obligations hereunder, including in respect of its Loans or   participations in respect of L/C Obligations or Swing Line Loans, which   refusal or failure is not cured within one Business Day after the date of   such refusal or failure, (b) has notified the Lead Borrower or Administrative   Agent that it does not intend to comply with its funding obligations or has   made a public statement to that effect with respect to its funding   obligations hereunder or under other agreements in which it commits to extend   credit, (c) has failed, within three Business Days after request by the   Administrative Agent, to confirm in a manner satisfactory to the   Administrative Agent that it will comply with its funding obligations   (provided that such Lender shall cease to be a Defaulting Lender pursuant to   this clause (c) upon receipt of such written confirmation by the   Administrative Agent and the Lead Borrower), or (d) has, or has a direct or   indirect parent company that has, after the date of this Agreement, (i)   become the subject of a proceeding under any Debtor Relief Law, (ii) had a   receiver, conservator, trustee, administrator, assignee for the benefit of   creditors or similar Person charged with reorganization or liquidation of its   business or a custodian appointed for it, (iii) become the subject of a   Bail-In Action or (iv) taken any action in furtherance of, or indicated its   consent to, approval of or acquiescence in any such proceeding or   appointment; provided that a Lender shall not be a Defaulting Lender solely   by virtue of the ownership or acquisition of any equity interest in that   Lender or any direct or indirect parent company thereof by a Governmental   Authority so long as such ownership interest does not result in or provide   such Lender with immunity from the jurisdiction of courts within the United   States or from the enforcement of judgments or writs of attachment on its   assets or permit such Lender (or such Governmental Authority) to reject,   repudiate, disavow or disaffirm any contracts or agreements made with such   Lender. Any determination by the Administrative Agent that a Lender is a   Defaulting Lender under any one or more of clauses (a) through (d) above   shall be conclusive and binding absent manifest error, and such Lender shall   be deemed to be a Defaulting Lender (subject to Section 2.19(b)) upon   delivery of written notice of such determination to the Lead Borrower, the   L/C Issuer, the Swing Line Lender and each Lender. “Designated Real Property”   means any real property owned or leased by any Loan Party as of the Closing   Date that is located in the Federal Republic of Germany or Switzerland.   “Disposition” or “Dispose” means the sale, transfer, license, lease or other   disposition (including any sale and leaseback transaction and any sale or   issuance of Equity Interests in a Restricted Subsidiary) 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; provided that the issuance of Equity Interests   by Holdings shall not constitute a Disposition by Holdings. “Disqualified   Equity Interests” means any Equity Interest that, by its terms (or by the   terms of any security or other Equity Interests into which it is convertible   or for which it is exchangeable), or upon the happening of any event or   condition (a) matures or is mandatorily redeemable (other than solely for   Qualified Equity Interests or solely at the direction of the issuer),   pursuant to a sinking fund obligation or otherwise (except as a result of a   change of control or asset sale, so long as any rights of the holders thereof   upon the occurrence of a change of control or asset sale event shall be   subject to the prior repayment in full of the Loans and all other Obligations   that are accrued and payable and the termination of the Commitments), (b) is   redeemable at the option of the holder thereof (other than solely for   Qualified Equity Interests), in whole or in part, (c) provides for the   scheduled payments of dividends in cash, or (d) is or becomes convertible   into or exchangeable for Indebtedness or any other Equity Interests that   would constitute Disqualified Equity Interests, in each case, prior to the   date that is ninety-one (91) days after the Maturity Date; provided that if   such Equity Interests are issued pursuant to a plan for the benefit of   employees of the Lead Borrower (or any Parent) or any of its Restricted   Subsidiaries or by any such plan 21 

    

 

to such   employees, such Equity Interests shall not constitute Disqualified Equity   Interests solely because it may be required to be repurchased by the Lead   Borrower or if its Restricted Subsidiaries in order to satisfy applicable   statutory or regulatory obligations or as a result of such employee’s termination,   death or disability. “Disqualified Institution” means those Persons (the list   of all such Persons, the “Disqualified Institutions List”) that are (i)   identified in writing by the Lead Borrower to the Administrative Agent prior   to the date hereof, (ii) competitors of the Lead Borrower and its   Subsidiaries (other than bona fide fixed income investors or debt funds) that   are identified in writing by the Lead Borrower from time to time or (iii)   Affiliates of such Persons set forth in clauses (i) and (ii) above (in the   case of Affiliates of such Persons set forth in clause (ii) above, other than   bona fide fixed income investors or debt funds) that are either (a)   identified in writing by the Lead Borrower to the Administrative Agent from   time to time or (b) clearly identifiable on the basis of such Affiliate’s   name; provided, that, to the extent Persons are identified as Disqualified   Institutions in writing by the Lead Borrower to the Administrative Agent   after the Closing Date pursuant to clauses (ii) or (iii)(a), the inclusion of   such Persons as Disqualified Institutions shall not retroactively apply to   prior assignments or participations in respect of any Loan under this   Agreement. Until the disclosure of the identity of a Disqualified Institution   to the Lenders generally by the Administrative Agent in writing, such Person   shall not constitute a Disqualified Institution for purposes of a sale of a   participation in a Loan (as opposed to an assignment of a Loan) by a Lender;   provided, that no disclosure of the Disqualified Institutions List (or the   identity of any Person that constitutes a Disqualified Institution), in part   or in full, to the Lenders shall be made by the Administrative Agent without   the prior written consent of the Lead Borrower. Notwithstanding the   foregoing, the Lead Borrower, by written notice to the Administrative Agent,   may from time to time in its sole discretion remove any entity from the   Disqualified Institutions List (or otherwise modify such list to exclude any   particular entity), and such entity removed or excluded from the Disqualified   Institutions List shall no longer be a Disqualified Institution for any   purpose under this Agreement or any other Loan Document. “Disqualified   Institutions List” has the meaning as set forth in the definition of   Disqualified Institutions. “Dollar” and “$” mean lawful money of the United   States. “Dollar Amount” means, at any time: (a)with respect to any Loan   denominated in Dollars (including, with respect to any Swing Line Loan, any   funded participation therein), the principal amount thereof then outstanding   (or in which such participation is held); (b) with respect to any Loan   denominated in Euros, the Dollar Equivalent of the principal amount thereof   then outstanding in Euros; and (c) with respect to any L/C Obligation (or any   risk participation therein), (A) if denominated in Dollars, the amount   thereof and (B) if denominated in an Alternative Currency, the Dollar   Equivalent of the amount thereof. “Dollar Equivalent” means, on any date of   determination, with respect to any amount in a currency other than Dollars,   the equivalent in Dollars of such amount, determined by the Administrative   Agent pursuant to Section 1.12 using the Exchange Rate with respect to such   currency at the time in effect in accordance with the provisions of Section   1.12. “Domestic Subsidiary” means any Subsidiary that is organized under the   Laws of the United States, any state thereof or the District of Columbia. 22 

    

 

“ECF Prepayment   Amount” has the meaning set forth in Section 2.05(b)(i). “EEA Financial   Institution” means (a) any credit institution or investment firm established   in any EEA Member Country which is subject to the supervision of an EEA   Resolution Authority, (b) any entity established in an EEA Member Country   which is a parent of an institution described in clause (a) of this   definition, or (c) any financial institution established in an EEA Member   Country which is a subsidiary of an institution described in clauses (a) or   (b) of this definition and is subject to consolidated supervision with its   parent. “EEA Member Country” means any of the member states of the European   Union, Iceland, Liechtenstein, and Norway. “EEA Resolution Authority” means   any public administrative authority or any person entrusted with public   administrative authority of any EEA Member Country (including any delegee)   having responsibility for the resolution of any EEA Financial Institution.   “Eligible Assignee” has the meaning set forth in Section 10.07(a). For the   avoidance of doubt, “Eligible Assignee” shall not include any Disqualified   Institution identified by the Lead Borrower prior to the Effective Date of   any assignment under Section 10.07. “EMU Legislation” means the legislative   measures of the European Council for the introduction of, changeover to or   operation of a single or unified European currency. “Environment” means   indoor air, ambient air, surface water, groundwater, drinking water, land   surface, subsurface strata, and natural resources such as wetlands, flora and   fauna. “Environmental Laws” means any applicable Law, including common law,   relating to the prevention of pollution or the protection of the environment   and natural resources, or to the protection of human health and safety as it   relates to the environment. “Environmental Liability” means any liability,   contingent or otherwise (including any liability for damages, costs of   investigation and remediation, fines, penalties or indemnities) directly or   indirectly resulting from or based upon (a) violation of any Environmental   Law or any Environmental Permit, (b) the generation, use, handling,   transportation, storage, treatment or disposal of any Hazardous Materials,   (c) exposure to any Hazardous Materials, (d) the Release or threatened   Release of any Hazardous Materials into the Environment or (e) any contract,   agreement or other consensual arrangement pursuant to which liability is   assumed or imposed with respect to any of the foregoing. “Environmental   Permit” means any permit, approval, identification number, license or other   authorization required by any Environmental Law. “Equity Interests” means,   with respect to any Person, all of the shares, interests, rights,   participations or other equivalents (however designated) of capital stock of   (or other ownership or profit interests or units in) such Person and all of   the warrants, options or other rights for the purchase, acquisition or   exchange from such Person of any of the foregoing (including through   convertible securities). “ERISA” means the Employee Retirement Income   Security Act of 1974, as amended from time to time, and the regulations   promulgated and rulings issued thereunder. “ERISA Affiliate” means any trade   or business (whether or not incorporated) that is under common control with a   Loan Party or any Restricted Subsidiary within the meaning of Section 414(b),   (c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA. 23 

    

 

“ERISA Event”   means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal   by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a   Pension Plan subject to Section 4063 of ERISA during a plan year in which it   was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a   cessation of operations that is treated as such a withdrawal under Section   4062(e) of ERISA; (c) a complete or partial withdrawal by a Loan Party, any   Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan, the   insolvency under Title IV of ERISA of any Multiemployer Plan, or the receipt   of any Loan Party, Restricted Subsidiary or any ERISA Affiliate, of any   notice that a Multiemployer Plan is in endangered or critical status under   Section 305 of ERISA; (d) the filing of a notice of intent to terminate any   Pension Plan, the treatment of a Pension Plan amendment as a termination   under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by   the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or   condition which would reasonably be expected to constitute grounds under   Section 4042 of ERISA for the termination of, or the appointment of a trustee   to administer, any Pension Plan or Multiemployer Plan; (f) the failure to   make a required contribution to any Pension Plan that would result in the   imposition of a lien or other encumbrance on a Loan Party or Restricted   Subsidiary or the provision of security under Section 430 of the Code or   Section 303 or 4068 of ERISA by a Loan Party or Restricted Subsidiary, or the   arising of such a lien or encumbrance, there being or arising any “unpaid   minimum required contribution” or “accumulated funding deficiency” (as   defined or otherwise set forth in Section 4971 of the Code or Part 3 of   Subtitle B of Title I of ERISA), whether or not waived, the failure to   satisfy the minimum funding standard of Section 412 of the Code, whether or   not waived, or a determination that any Pension Plan is, or is reasonably   expected to be, in at-risk status under Title IV of ERISA; (g) the occurrence   of a nonexempt prohibited transaction (within the meaning of Section 4975 of   the Code or Section 406 of ERISA) with respect to a Pension Plan which could   reasonably be expected to result in liability to a Loan Party or any   Restricted Subsidiary; or (h) the incurring of any liability under Title IV   of ERISA, other than for PBGC premiums due but not delinquent under Section   4007 of ERISA, by a Loan Party, any Restricted Subsidiary or any ERISA   Affiliate. “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation   Schedule published by the Loan Market Association (or any successor person),   as in effect from time to time. “Euros” and “EUR” mean the lawful currency of   the Participating Member States introduced in accordance with the EMU   Legislation. “Event of Default” has the meaning specified in Section 8.01.   “Excess Cash Flow” means, for any period, an amount equal to (a) the sum,   without duplication, of (i) (ii) Consolidated Net Income for such period, an   amount equal to the amount of all non-cash charges for such period to the   extent deducted in arriving at such Consolidated Net Income, but excluding   any such non-cash charges representing an accrual or reserve for potential   cash items in any future period, (iii) decreases in Consolidated Working   Capital and long-term account receivables for such period (other than any   such decreases arising from acquisitions or dispositions by the Lead Borrower   and its Restricted Subsidiaries completed during such period or the   application of acquisition accounting) and (iv) an amount equal to the   aggregate net non-cash loss on Dispositions by the Lead Borrower and its   Restricted Subsidiaries during such period (other than 24 

    

 

 

Dispositions in   the ordinary course of business) to the extent deducted in arriving at such   Consolidated Net Income; minus (b) the sum, without duplication, of (i) an   amount equal to the amount of all non-cash credits included in arriving at   such Consolidated Net Income (but excluding any non-cash credit to the extent   representing the reversal of an accrual or reserve described in clause   (a)(ii) above) and cash charges, losses and expenses excluded in arriving at   such Consolidated Net Income by virtue of clauses (a) through (o) of the   definition of Consolidated Net Income, (ii) without duplication of amounts   deducted pursuant to clause (xi) below in prior fiscal years, the amount of   Capital Expenditures, acquisitions and other Investments of intellectual property   to the extent not expensed or accrued during such period, to the extent that   such Capital Expenditures, acquisitions or other Investments, as the case may   be, were financed with Internally Generated Cash, (iii) the aggregate amount   of all principal payments of Indebtedness of the Lead Borrower or its   Restricted Subsidiaries (including (A) the principal component of payments in   respect of Capitalized Leases and (B) the amount of any scheduled repayment   of Term Loans pursuant to Section 2.07(a) and any mandatory prepayment   pursuant to Section 2.05(b)(ii), to the extent required due to a Disposition   or Casualty Event that resulted in an increase to Consolidated Net Income and   not in excess of the amount of such increase, but excluding (X) all voluntary   prepayments of Term Loans and (Y) all prepayments of Revolving Credit Loans   and Swing Line Loans) made during such period), to the extent financed with   Internally Generated Cash, (iv) an amount equal to the aggregate net non-cash   gain on Dispositions by the Lead Borrower and its Restricted Subsidiaries   during such period (other than Dispositions in the ordinary course of   business) to the extent included in arriving at such Consolidated Net Income,   (v) increases in Consolidated Working Capital and long-term account   receivables for such period (other than any such increases arising from   acquisitions or dispositions by the Lead Borrower and its Restricted   Subsidiaries completed during such period or the application of acquisition   accounting), (vi) cash payments by the Lead Borrower and its Restricted   Subsidiaries during such period in respect of long-term liabilities of the   Borrower and its Restricted Subsidiaries other than Indebtedness, (vii) the   amount of Investments and acquisitions made during such period pursuant to   the definition of “Permitted Investment” (other than clauses (a)(i), (c),   (d), (g), (h), (j), (k), (l), (o), (p), (q), (r), (w), (x) or (y) thereof) to   the extent that such Investments and acquisitions were financed with   Internally Generated Cash, (viii) the amount of Restricted Payments paid   during such period pursuant to 7.06(f), (g), (h), (i), (j) and (k), to the   extent such Restricted Payments were financed with Internally Generated Cash,   (ix)the aggregate amount of expenditures actually made by the Lead Borrower   and its Restricted Subsidiaries in cash during such period (including 25  

    

 

expenditures   for the payment of financing fees) to the extent that such expenditures are   not expensed during such period, (x) the aggregate amount of any premium,   make-whole or penalty payments actually paid in cash by the Lead Borrower and   its Restricted Subsidiaries during such period that are required to be made   in connection with any prepayment of Indebtedness, (xi) without duplication of   amounts deducted from Excess Cash Flow pursuant to clause (b)(ii) above and   at the option of the Lead Borrower, the aggregate consideration required to   be paid in cash by the Lead Borrower and its Restricted Subsidiaries pursuant   to binding contracts or executed letters of intent (the “Contract   Consideration”) entered into prior to or during such period relating to   Capital Expenditures, acquisitions, other Investments or acquisitions of   intellectual property to the extent not expensed and expected to be consummated   or made, in each case during the period of four consecutive fiscal quarters   of the Lead Borrower following the end of such period, provided that to the   extent the aggregate amount of Internally Generated Cash actually utilized to   finance such Capital Expenditure, acquisition, other Investment or   acquisitions of intellectual property during such period of four (4)   consecutive fiscal quarters is less than the Contract Consideration, the   amount of such shortfall shall be added to the calculation of Excess Cash   Flow at the end of such period of four (4) consecutive fiscal quarters, (xii)   the amount of cash taxes (including penalties and interest) or the tax   reserves set aside in a prior period, in each case to the extent paid in cash   in such period to the extent they exceed the amount of tax expense deducted   in determining Consolidated Net Income for such period, (xiii) cash   expenditures in respect of Swap Contracts during such fiscal year to the   extent not deducted in arriving at such Consolidated Net Income, (xiv) any   payment of cash to be amortized or expensed over a future period and recorded   as a long-term asset, (xv) any restructuring expenses, pension payments or   tax contingency payments, in each case made in cash during such period to the   extent such payments exceed the amount of restructuring expenses, pension   payments or tax contingency payments, as the case may be, that were deducted   in determining Consolidated Net Income for such period, (xvi) reimbursable or   insured expenses incurred during such fiscal year to the extent that   reimbursement has not yet been received and (xvii) cash expenditures for   costs and expenses in connection with acquisitions or Investments,   dispositions and the issuance of equity interests or Indebtedness to the   extent not deducted in arriving at such Consolidated Net Income.   Notwithstanding anything in the definition of any term used in the definition   of Excess Cash Flow to the contrary, all components of Excess Cash Flow shall   be computed for the Lead Borrower and its Restricted Subsidiaries on a   consolidated basis. “Exchange Act” means the Securities Exchange Act of 1934,   as amended. “Exchange Rate” shall mean on any day, for purposes of   determining the Dollar Equivalent of any other currency, the rate at which   such other currency may be exchanged into Dollars as set forth at 26  

    

 

approximately   11:00 a.m., London time, on such day on the Reuters ECB page 37 for such   currency. In the event that such rate does not appear on the Reuters ECB page   37, the Exchange Rate shall be determined by reference to such other publicly   available service for displaying exchange rates as may be agreed upon by the   Administrative Agent and the Lead Borrower, or, in the absence of such an   agreement, such Exchange Rate shall instead be the arithmetic average of the   spot rates of exchange of the Administrative Agent in the market where its   foreign currency exchange operations in respect of such currency are then   being conducted, at or about 10:00 a.m. in such market on such date for the   purchase of Dollars for delivery two (2) Business Days later; provided that   if at the time of any such determination, for any reason, no such spot rate   is being quoted, the Administrative Agent may use any reasonable method it   deems appropriate to determine such rate, and such determination shall be   conclusive absent manifest error. “Excluded Assets” means (i) any fee owned   Real Property (other than Material Real Properties) and any leasehold   interest (it being understood there shall be no requirement to obtain any   landlord waivers, estoppels or collateral access letters), (ii) motor   vehicles, aircraft and other assets subject to certificates of title, except   to the extent a security interest therein can be perfected by the filing of a   UCC financing statement (or the equivalent thereof), (iii) commercial tort   claims below $10,000,000, (iv) governmental licenses or state or local   franchises, charters and authorizations and any other property and assets to   the extent that the Administrative Agent may not validly possess a security   interest therein under applicable laws (including, without limitation, rules   and regulations of any governmental authority or agency) or the pledge or   creation of a security interest in which would require governmental consent,   approval, license or authorization, other than (A) to the extent such   limitation is rendered ineffective under the UCC or other applicable law   notwithstanding such limitation and (B) proceeds and receivables thereof, the   assignment of which is expressly deemed effective under the UCC or other   applicable law notwithstanding such limitation, (v) any particular asset or   right under contract, if the pledge thereof or the security interest therein   is prohibited or restricted by applicable law, rule or regulation (including   any requirement thereunder to obtain the consent of any governmental or   regulatory authority), or third party (i.e., other than the Holdcos, the   Borrowers or any of their respective Subsidiaries), so long as any agreement   with such third party that provides for such prohibition or restriction was   not entered into in contemplation of the acquisition of such assets or   entering into of such contract or for the purpose of creating such   prohibition or restriction, other than (A) to the extent such prohibition or   restriction is rendered ineffective under the UCC or other applicable law   notwithstanding such prohibition or restriction and (B) proceeds and   receivables thereof, the assignment of which is expressly deemed effective   under the UCC or other applicable law notwithstanding such prohibition or   restriction, (vi) (A) margin stock, (B) Equity Interests in any Unrestricted   Subsidiaries and (C) Equity Interests in any non-wholly owned Restricted   Subsidiaries and any entities which do not constitute Subsidiaries, but only   to the extent that (x) the organizational documents or other agreements with   other equity holders of such non-wholly owned Restricted Subsidiary or other   entity do not permit or restrict the pledge of such Equity Interests (to the   extent such restriction exists on the Closing Date or on the date of   acquisition of such non-wholly owned Restricted Subsidiary or the Equity   Interests in such entity so long as such restriction was not entered into in   contemplation of the acquisition of such Equity Interests), or (y) the pledge   of such Equity Interests (including any exercise of remedies) would result in   a change of control, repurchase obligation or other adverse consequence to   any of the Loan Parties or such non-wholly owned Restricted Subsidiary or   other entity, (vii) any lease, license or agreement or any property subject   to a purchase money security interest, capital lease obligations or similar   arrangement, in each case, to the extent the grant of a security interest   therein would violate or invalidate such lease, license or agreement or   purchase money or similar arrangement or create a right of termination in   favor of any other party thereto (other than the Holdcos, the Borrowers or   any subsidiary of the Lead Borrower), other than (A) to the extent such   provision is rendered ineffective under the UCC or other applicable law   notwithstanding such provision and (B) proceeds and receivables thereof, the   assignment of which is expressly deemed effective under the UCC or other   applicable law notwithstanding such provisions, (viii) any property or   27  

    

 

assets for   which the creation or perfection of pledges of, or security interests in such   property or assets pursuant to the Loan Documents would result in material   adverse tax consequences to the Holdcos, the Lead Borrower or any of their   Subsidiaries, as reasonably determined by the Lead Borrower in consultation   with the Administrative Agent, (ix) letter of credit rights, except to the   extent constituting supporting obligations for other Collateral as to which   perfection of the security interest in such other Collateral is accomplished   solely by the filing of a UCC financing statement (it being understood that   no actions shall be required to perfect a security interest in letter of   credit rights, other than the filing of a UCC financing statement), (x) (A)   payroll and other employee wage and benefit accounts, (B) tax accounts,   including, without limitation, sales tax accounts, (C) escrow accounts and   (D) fiduciary or trust accounts and, in the case of clauses (A) through (D),   the funds or other property held in or maintained in any such account (as   long as the accounts described in clauses (A) through (D) are used solely for   such purposes), (xi) any intent-to-use trademark application prior to the   filing of a “Statement of Use” or “Amendment to Allege Use” with respect   thereto, to the extent, if any, that, and solely during the period, if any,   in which the grant of a security interest therein would impair the validity   or enforceability of such intent-to-use trademark application under   applicable federal law, (xii) assets in circumstances where the cost,   consequences or burden of obtaining a security interest in such assets,   including, without limitation, the cost of title insurance, surveys or flood   insurance (if necessary) would outweigh the practical benefit to the Lenders   afforded thereby as reasonably determined by the Lead Borrower and the   Administrative Agent, (xiii) any particular assets if it would result in a   significant risk to the officers of the relevant grantor of Collateral of   contravention with their fiduciary duties and/or of civil or criminal   liability (unless there is customary limitation language agreed between the   Lead Borrower and the Administrative Agent for the German Loan Parties in   relation to the German Security, including but not limited to, customary   limitation language in respect of sections 30 and 31 of the German Limited   Liability Companies Act (Gesetz betreffend die Gesellschaften mit   beschränkter Haftung) (“GmbHG”)) and (xiv) the Securitization Assets, any   bank account of a Loan Party or any Restricted Subsidiary into which only   Securitization Assets are collected or any bank account of the Securitization   Subsidiary, in each case over which a Lien may be granted in connection with   a Permitted Securitization and for only so long as such bank accounts do not   receive or hold funds of a Loan Party or any Restricted Subsidiary. “Excluded   Contribution” means Net Proceeds or property or assets received by the Lead   Borrower as capital contributions to the equity (other than through the   issuance of Disqualified Equity Interests) of the Lead Borrower after the   Closing Date or from the issuance or sale (other than to a Restricted   Subsidiary or an employee stock ownership plan or trust established by the   Lead Borrower or any Subsidiary of the Lead Borrower for the benefit of their   employees to the extent funded by the Lead Borrower or any Restricted   Subsidiary) of capital stock (other than Disqualified Equity Interests) of   the Lead Borrower, to the extent designated as an Excluded Contribution   pursuant to an Officer’s Certificate of the Lead Borrower. “Excluded   Information” has the meaning set forth in Section 2.14(a)(vii). “Excluded   Subsidiary” means (a) any Subsidiary that is not a wholly owned Subsidiary of   the Lead Borrower or a Guarantor, (b) any Subsidiary that is (and for so long   as such Subsidiary is) prohibited by applicable Law (including without   limitation as a result of applicable financial assistance, directors’ duties   or corporate benefit requirements (to the extent that such limitations cannot   be addressed through “whitewash” or similar procedures)) or Contractual   Obligations existing on the Closing Date (or, in the case of any newly   acquired Subsidiary, in existence at the time of acquisition but not entered   into in contemplation thereof) from guaranteeing the Obligations or if   guaranteeing the Obligation would (and for so long as it would) require   governmental (including regulatory) consent, approval, license or   authorization (unless such consent, approval, license or authorization has   been obtained), (c) any Subsidiary where the Administrative Agent and the   Lead Borrower agree that the cost of obtaining a Guarantee by such Subsidiary   would be excessive in light of the practical benefit to the Lenders afforded   thereby, (d) each Subsidiary of the Lead Borrower that is not organized in a   Qualified Jurisdiction, (e) any 28  

    

 

not-for-profit   Subsidiaries, (f) any Unrestricted Subsidiaries, (g) any special purpose   securitization vehicle (or similar entity), including any Securitization   Subsidiary, (h) any Subsidiary, the obtaining of a Guarantee with respect to   which would result in material adverse tax consequences as reasonably   determined by the Borrower in consultation with the Administrative Agent and   (i) any Captive Insurance Subsidiary. “Excluded Swap Obligation” means, with   respect to any Guarantor, any Swap Obligation if, and to the extent that, all   or a portion of the guarantee of such Guarantor of, or the grant by such   Guarantor of a security interest to secure, as applicable, such Swap   Obligation (or any guarantee thereof) is or becomes illegal under the   Commodity Exchange Act or any rule, regulation or order of the Commodity   Futures Trading Commission (or the application or official interpretation of   any thereof) (a) by virtue of such Guarantor’s failure to constitute an   “eligible contract participant,” as defined in the Commodity Exchange Act and   the regulations thereunder, at the time the guarantee of (or grant of such   security interest by, as applicable) such Guarantor becomes or would become   effective with respect to such Swap Obligation or (b) in the case of a Swap Obligation   that is subject to a clearing requirement pursuant to section 2(h) of the   Commodity Exchange Act, because such Guarantor is a “financial entity,” as   defined in section 2(h)(7)(C) of the Commodity Exchange Act, at the time the   guarantee of (or grant of such security interest by, as applicable) such   Guarantor becomes or would become effective with respect to such Swap   Obligation. If a Swap Obligation arises under a master agreement governing   more than one Swap, such exclusion shall apply only to the portion of such   Swap Obligation that is attributable to Swaps for which such guarantee or   security interest 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). “Excluded Taxes”   has the meaning set forth in Section 3.01(a). “Existing Credit Agreement” has   the meaning set forth in the preliminary statements. “Existing Letters of   Credit” means any letters of credit outstanding on the Closing Date described   in Schedule 1.01B. “Existing Revolver Tranche” has the meaning set forth in   Section 2.18(a). “Extended Revolving Credit Commitment” has the meaning   specified in Section 2.18(a). “Extending Revolving Credit Lender” has the   meaning set forth in Section 2.18(a)(ii). “Existing Rollover Term Loan” has   the meaning set forth in Section 1.14. “Existing Secured Hedge Agreements”   means any Secured Hedge Agreement in effect on the Closing Date described in   Schedule 1.01F(a). “Existing Senior Notes” has the meaning set forth in the   preliminary statements. “Existing Senior Notes Indenture” has the meaning set   forth in the preliminary statements. “Extended Term Loans” has the meaning   set forth in Section 2.18(a)(iii). “Existing Term Loan Tranche” has the   meaning set forth in Section 2.18(a). “Extending Term Lender” has the meaning   set forth in Section 2.18(a)(iii). 29  

    

 

“Existing   Treasury Services Agreements” means any Treasury Services Agreement in effect   on the Closing Date described in Schedule 1.01F(b). “Extension” has the   meaning set forth in Section 2.18(a). “Extension Amendment” has the meaning   set forth in Section 2.18(d). “Extension Election” has the meaning set forth   in Section 2.18(e). “Extension Offer” has the meaning set forth in Section   2.18(a). “Facility” means a given Class of Term Loans or Revolving Credit   Commitments, as the context may require. “FATCA” means Sections 1471 through   1474 of the Code, as of the date of this Credit Agreement (or any amended or   successor version that is substantively comparable and not materially more   onerous to comply with) and any current or future regulations or official   interpretations thereof, and any agreement pursuant to the implementation of   the above with the United States Internal Revenue Service, the United States   government or any governmental or taxation authority in the United States,   including the Agreement between the Government of the United States of   America and the Government of the Grand Duchy of Luxembourg to Improve   International Tax Compliance and with respect to The United States   information reporting provisions commonly known as the Foreign Account Tax   Compliance Act, and any rules, regulations or guidance enacted thereunder or   official interpretations thereof. “fair market value” means (a) except as   otherwise provided clause (b) below, with respect to any asset or liability,   the fair market value of such asset or liability as determined by the Lead   Borrower in good faith and (b) with respect to Securitization Assets, the   current value that would be attributed to such Securitization Assets by an   independent and unaffiliated third party purchasing the Securitization Assets   in an arms-length sale transaction, as determined in good faith by the board of   managers (conseil de gérance) of Intermediate Holdings, as general partner of   the Lead Borrower. “Federal Funds Rate” means, for any day, the rate per   annum equal to the weighted average of the rates on overnight Federal funds   transactions with members of the Federal Reserve System arranged by Federal   funds brokers on such day, as published by the Federal Reserve Bank on the   Business Day next succeeding such day; provided that (a) if such day is not a   Business Day, the Federal Funds Rate for such day shall be such rate on such   transactions on the next preceding Business Day as so published on the next   succeeding Business Day, (b) if no such rate is so published on such next   succeeding Business Day, the Federal Funds Rate for such day shall be the   average rate (rounded upward, if necessary, to a whole multiple of 1/100 of   1%) charged to DBNY on such day on such transactions as determined by the   Administrative Agent and (c) if such rate per annum as otherwise determined   in accordance with the provisions above is less than zero, then the Federal   Funds Rate shall be deemed to be zero. “Financial Covenant” has the meaning   set forth in Section 7.11. “FIRREA” means the Financial Institutions Reform,   Recovery and Enforcement Act of 1989, as amended. “First Lien Intercreditor   Agreement” means an intercreditor agreement substantially in the form of   Exhibit K hereto (which agreement in such form, or with immaterial changes   thereto, the Administrative Agent is authorized to enter into) together with   any material changes thereto which are reasonably acceptable to the   Administrative Agent and which material changes shall be posted to the   Lenders not less than five (5) Business Days before execution thereof and, if   the Required Lenders shall not have objected to such changes within five (5)   Business Days after posting, then the Required Lenders 30  

    

 

shall be deemed   to have agreed that the Administrative Agent’s entry into such intercreditor   agreement (with such changes) is reasonable and to have consented to such   intercreditor agreement (with such changes) and to the Administrative Agent’s   execution thereof. “First Lien Net Leverage Ratio” means, on any date of   determination for any Test Period, the ratio of (a) Consolidated First Lien   Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA   for such Test Period. “Fixed Charge Coverage Ratio” means, on any date of   determination for any Test Period, the ratio of (a) Consolidated EBITDA for   such Test Period to (b) Fixed Charges for such Test Period. “Fixed Charges”   means, with respect to any Person for any period, the sum of: (1)   Consolidated Interest Expense for such Person for such period, (2) all cash   dividends or other distributions paid (excluding items eliminated in   consolidation) on any series of Preferred Stock of any Subsidiary of such   Person during such period and (3) all cash dividends or other distributions   paid (excluding items eliminated in consolidation) on any series of   Disqualified Equity Interests during such period. “Flood Laws” means means   collectively, (i) National Flood Insurance Reform Act of 1994 (which   comprehensively revised the National Flood Insurance Act of 1968 and the   Flood Disaster Protection Act of 1973) as now or hereafter in effect or any   successor statute thereto, (ii) the Flood Insurance Reform Act of 2004 as now   or hereafter in effect or any successor statute thereto and (iii) the   Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in   effect or any successor statute thereto. “Foreign Pension Plan” means any   occupational pension plan, fund (including, without limitation, any   superannuation fund) or other similar program established, contributed to or   maintained outside the United States on a voluntary basis by any Loan Party   (other than a Luxembourg Loan Party) or any Restricted Subsidiary, as a   single employer or as part of a group of employers, primarily for the benefit   of employees of any Loan Party or any Restricted Subsidiary residing outside   the United States, which plan, fund or other similar program provides,   retirement income, and which plan is not subject to ERISA or the Code.   “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.   “FRB” means the Board of Governors of the Federal Reserve System of the   United States. “Fronting Exposure” means, at any time there is a Defaulting   Lender, (a) with respect to the L/C Issuer, such Defaulting Lender’s Pro Rata   Share or other applicable share provided under this Agreement of the   Outstanding Amount of L/C Obligations other than L/C Obligations as to which   such Defaulting Lender’s participation obligation has been reallocated to   other Lenders or Cash Collateralized in accordance with the terms hereof, and   (b) with respect to the Swing Line Lender, such Defaulting Lender’s Pro Rata   Share or other applicable share provided under this Agreement of Swing Line   Loans other than Swing Line Loans as to which such Defaulting Lender’s   participation obligation has been reallocated to other Lenders or Cash   Collateralized in accordance with the terms hereof. “Fund” means any Person   (other than a natural person) that is engaged in making, purchasing, holding   or otherwise investing in commercial loans and similar extensions of credit   in the ordinary course. “Funded Debt” means all Indebtedness of the Lead   Borrower and the Restricted Subsidiaries for borrowed money that matures more   than one year from the date of its creation or matures within one year from   such date that is renewable or extendable, at the option of such Person, to a   date more than one year from such date or arises under a revolving credit or   similar agreement that obligates the lender or lenders 31  

    

 

to extend   credit during a period of more than one year from such date, including   Indebtedness in respect of the Loans. “GAAP” means generally accepted   accounting principles in the United States of America, as in effect from time   to time; provided, however, that if the Lead Borrower notifies the   Administrative Agent that the Lead Borrower requests an amendment to any   provision hereof to eliminate the effect of any change occurring after the   Closing Date in GAAP or in the application thereof on the operation of such   provision (or if the Administrative Agent notifies the Lead Borrower that the   Required Lenders request an amendment to any provision hereof for such   purpose), regardless of whether any such notice is given before or after such   change in GAAP or in the application thereof, then such provision shall be   interpreted on the basis of GAAP as in effect and applied immediately before   such change shall have become effective until such notice shall have been   withdrawn or such provision amended in accordance herewith. “German   Guarantor” means a Guarantor incorporated under the laws of Germany as a   GmbH. “German Insolvency Event” means (i) that an entity organized in the   Federal Republic of Germany is unable to pay its debts as they fall due   within the meaning of Section 17 (“Zahlungsunfähigkeit”) of the German   Insolvency Code (Insolvenzordnung), or (ii) an entity organized in the   Federal Republic of Germany is overindebted within the meaning of Section 19   (“Überschuldung”) of the German Insolvency Code (Insolvenzordnung). In   addition, “German Insolvency Event” will include, for any German Loan Party,   a petition for insolvency proceedings in respect of the assets (Antrag auf   Eröffnung eines Insolvenzverfahrens) of the respective German Loan Party is   filed and has not been rejected on the grounds of inadmissibility, unless   such filing is frivolous or without any merit. “German Loan Party” means any   Loan Party organized under German Law. “German Security” has the meaning set   forth in Section 9.01(d). “Global Intercompany Note” means a promissory note   substantially in the form of Exhibit G. “GmbH” means a German limited liability   company (Gesellschaft mit beschränkter Haftung). “GmbHG” means the German   Limited Liabilities Companies Act (Gesetz betreffend die Gesellschaften mit   beschränkter Haftung). “Governmental Authority” means any nation or   government, the European Union, any state, provincial or other political   subdivision thereof, any agency, authority, instrumentality, regulatory body,   court, administrative tribunal, central bank or other entity exercising   executive, legislative, judicial, taxing, regulatory or administrative powers   or functions of or pertaining to government. “Granting Lender” has the   meaning specified in Section 10.07(j). “Guarantee” means, as to any Person,   without duplication, (a) any obligation, contingent or otherwise, of such   Person guaranteeing or having the economic effect of guaranteeing any   Indebtedness or other monetary obligation payable or performable by another   Person (the “primary obligor”) in any manner, whether directly or indirectly,   and including any obligation of such Person, direct or indirect, (i) to   purchase or pay (or advance or supply funds for the purchase or payment of)   such Indebtedness or other monetary obligation, (ii) to purchase or lease   property, securities or services for the purpose of assuring the obligee in   respect of such Indebtedness or other monetary obligation of the payment or   performance of such Indebtedness or other monetary obligation, (iii) to   maintain working capital, equity capital or any other financial statement   condition or liquidity or level of income or cash flow of the primary obligor   so as to enable the primary obligor to pay such Indebtedness or other   monetary obligation, or (iv) entered into for the purpose of assuring in any   other manner the obligee in respect of such Indebtedness or other monetary   obligation of the payment or performance thereof or to protect such 32  

    

 

obligee against   loss in respect thereof (in whole or in part), or (b) any Lien on any assets   of such Person securing any Indebtedness or other monetary obligation of any   other Person, whether or not such Indebtedness or other monetary obligation   is assumed by such Person (or any right, contingent or otherwise, of any   holder of such Indebtedness or other monetary obligation to obtain any such   Lien); provided that the term “Guarantee” shall not include endorsements for   collection or deposit, in either case in the ordinary course of business or   consistent with past practice, or customary and reasonable indemnity   obligations in effect on the Closing Date or entered into in connection with   any acquisition or disposition of assets permitted under this Agreement (other   than such obligations with respect to Indebtedness). The amount of any   Guarantee shall be deemed to be an amount equal to the stated or determinable   amount of the related primary obligation, or portion thereof, in respect of   which such Guarantee is made or, if not stated or determinable, the maximum   reasonably anticipated liability in respect thereof as determined by the   guaranteeing Person in good faith. The term “Guarantee” as a verb has a   corresponding meaning. “Guaranteed Obligations” has the meaning specified in   Section 11.01. “Guarantor Joinder” means a joinder agreement substantially in   the form of Exhibit H hereto. “Guarantors” means each Closing Date Guarantor,   those Subsidiaries of Holdings that have issued a Guarantee after the Closing   Date pursuant to Section 6.18 and those Subsidiaries that have issued a   Guarantee of the Obligations after the Closing Date pursuant to Section 6.11.   “Guaranty” means, collectively, the guaranty of the Obligations by the   Guarantors pursuant to this Agreement. “Hazardous Materials” means all   materials, pollutants, contaminants, chemicals, wastes or any other   substances, including petroleum or petroleum distillates, asbestos or   asbestos-containing materials, polychlorinated biphenyls, radon gas, toxic   mold, electromagnetic radio frequency or microwave emissions, that are   listed, classified or regulated as hazardous or toxic, or any similar term,   pursuant to any Environmental Law. “Hedge Bank” means any Person that is a   Lender or an Affiliate of a Lender either on the Closing Date (with respect   to any Existing Hedge Agreement or Existing Treasury Services Agreement only)   or at the time it enters into a Secured Hedge Agreement or a Treasury   Services Agreement, as applicable, in its capacity as a party thereto. “Holdco”   means Holdings and any Intermediate Holding Company. “Holdings” has the   meaning set forth in the introductory paragraph to this Agreement. “Hong   Kong” means Hong Kong Special Administrative Region of the People's Republic   of China. “Hong Kong Financial Assistance Documents” means all documents   (including all resolutions, notices of meeting and solvency statements)   required to comply with the Companies Ordinance (Cap. 622 of the laws of Hong   Kong) in connection with the giving of financial assistance by a Loan Party.   “Hong Kong Subsidiary” means any Subsidiary of the Lead Borrower   incorporated, organized or established under the laws of Hong Kong. “Honor   Date” has the meaning set forth in Section 2.03(c)(i). “Immaterial   Subsidiary” means, at any date of determination, each of the Lead Borrower’s   Subsidiaries (a) whose total assets (when combined with the assets of such   Subsidiary’s Subsidiaries after eliminating intercompany obligations) at the   last day of the most recent Test Period does not exceed 2.5% 33  

    

 

of Total Assets   at such date or (b) whose gross revenues (when combined with the revenues of   such Subsidiary’s Subsidiaries, after eliminating intercompany obligations)   for such Test Period does not exceed 2.5% of the consolidated gross revenues   of the Lead Borrower and the Restricted Subsidiaries for such period, in each   case determined in accordance with GAAP; provided that (i) if, at any time   and from time to time after the Closing Date, Subsidiaries that are not   Guarantors solely because they do not exceed the thresholds set forth in   clauses (a) or (b) comprise in the aggregate more than 5.0% of Total Assets   as of the end of the most recently ended fiscal quarter of the Lead Borrower   for which financial statements have been delivered pursuant to Section 6.01   or more than 5.0% of the consolidated gross revenues of the Lead Borrower and   the Restricted Subsidiaries for such period, then the Lead Borrower shall,   not later than forty-five (45) days after the date by which financial statements   for such fiscal quarter are required to be delivered pursuant to this   Agreement (or such longer period as the Administrative Agent may agree in its   reasonable discretion), (A) designate in writing to the Administrative Agent   one or more of such Restricted Subsidiaries that will no longer constitute   Immaterial Subsidiaries such that the foregoing condition ceases to be true   and (B) comply with the provisions of Section 6.11 applicable to Restricted   Subsidiaries and (ii) no Subsidiary shall constitute an Immaterial Subsidiary   to the extent it Guarantees or is otherwise an obligor with respect to any   Indebtedness in a principal amount in excess of the Threshold Amount.   “Incremental Amendment” has the meaning set forth in Section 2.16(f).   “Incremental Amendment Date” has the meaning set forth in Section 2.16(d).   “Incremental Commitments” has the meaning set forth in Section 2.16(a).   “Incremental Equivalent Debt” has the meaning set forth in Section 2.16(h).   “Incremental Facility Closing Date” has the meaning set forth in Section   2.16(b). “Incremental Lenders” has the meaning set forth in Section 2.16(c).   “Incremental Loan” has the meaning set forth in Section 2.16(b). “Incremental   Loan Request” has the meaning set forth in Section 2.16(a). “Incremental Revolving   Credit Commitments” has the meaning set forth in Section 2.16(a).   “Incremental Revolving Credit Lender” has the meaning set forth in Section   2.16(c). “Incremental Revolving Credit Loan” has the meaning set forth in   Section 2.16(b). “Incremental Term Commitments” has the meaning set forth in   Section 2.16(a). “Incremental Term Lender” has the meaning set forth in   Section 2.16(c). “Incremental Term Loan” has the meaning set forth in Section   2.16(b). “Indebtedness” means, as to any Person at a particular time, without   duplication, all of the following: (a) all obligations of such Person for   borrowed money and all obligations of such Person evidenced by bonds,   debentures, notes, loan agreements or other similar instruments; (b) the   maximum amount (after giving effect to any prior drawings or reductions which   may have been reimbursed) of all outstanding letters of credit (including   standby and commercial), bankers’ acceptances, bank guaranties, surety bonds,   performance bonds and similar instruments issued or created by or for the   account of such Person; 34  

    

 

 

(c) (d) net   obligations of such Person under any Swap Contract; all obligations of such   Person to pay the deferred purchase price of property or services (other than   (i) trade accounts payable in the ordinary course of business, (ii) any   earn-out obligation until such obligation becomes a liability on the balance   sheet of such Person in accordance with GAAP and is not paid within thirty   (30) days after becoming due and payable and (iii) liabilities accrued in the   ordinary course); (e) indebtedness (excluding prepaid interest thereon)   secured by a Lien on property owned or being purchased by such Person   (including indebtedness arising under conditional sales or other title   retention agreements and mortgage, industrial revenue bond, industrial   development bond and similar financings), whether or not such indebtedness   shall have been assumed by such Person or is limited in recourse; (f) (g) all   Attributable Indebtedness; all obligations of such Person in respect of   Disqualified Equity Interests to the extent that the foregoing would   constitute indebtedness or a liability in accordance with GAAP; and (h) to   the extent not otherwise included above, all Guarantees of such Person in   respect of any of the foregoing. For all purposes hereof, the Indebtedness of   any Person shall, in the case of the Lead Borrower and its Restricted   Subsidiaries, exclude all intercompany Indebtedness having a term not   exceeding 364 days (inclusive of any roll-over or extensions of terms) and   made in the ordinary course of business. The amount of any net obligation   under any Swap Contract on any date shall be deemed to be the Swap   Termination Value thereof as of such date. The amount of Indebtedness of any   Person for purposes of clause (e) shall be deemed to be equal to the lesser   of (i) the aggregate unpaid amount of such Indebtedness and (ii) the fair   market value of the property encumbered thereby as determined by such Person   in good faith. “Indemnified Liabilities” has the meaning set forth in Section   10.05. “Indemnified Taxes” has the meaning set forth in Section 3.01(a).   “Indemnitees” has the meaning set forth in Section 10.05. “Independent   Financial Advisor” means an accounting, appraisal, investment banking firm or   consultant of nationally recognized standing that is, in the good faith   judgment of the Lead Borrower, qualified to perform the task for which it has   been engaged and that is independent of the Lead Borrower and its Affiliates.   “Information” has the meaning set forth in Section 10.08. “Initial Public   Offering” means the initial public offering of 11,500,000 shares of ordinary   shares of Trinseo S.A. pursuant to the prospectus dated June 11, 2014.   “Initial Revolving Credit Commitment” means, as to each Revolving Credit   Lender, its Revolving Credit Commitment as of the Closing Date, as may be   increased from time to time pursuant to a Revolving Commitment Increase. The   aggregate amount of Initial Revolving Credit Commitments is $375,000,000.   “Intellectual Property Security Agreement” has the meaning set forth in the   Security Agreement. 35 

    

 

“Intercreditor   Agreement” means any First Lien Intercreditor Agreement, Second Lien   Intercreditor Agreement or Subordination Agreement, collectively, in each   case to the extent then in effect. “Interest Payment Date” means, (a) as to   any LIBO Rate Loan, the last day of each Interest Period applicable to such   Loan, any day on which such Loan is converted into a Base Rate Loan, any day   on which payment of principal in respect of such LIBO Rate Loan is made   (whether as optional or mandatory prepayment or as repayment) and the   Maturity Date (whether by acceleration or otherwise) of the Facility under   which such Loan was made; provided that if any Interest Period for a LIBO   Rate Loan exceeds three months, the respective dates that fall every three   months after the beginning of such Interest Period shall also be Interest   Payment Dates and (b) as to any Base Rate Loan (including a Swing Line Loan),   the last Business Day of each March, June, September and December, any day on   which payment of principal in respect of such Base Rate Loan is made (whether   as optional or mandatory prepayment or as repayment) and the maturity date   (whether by acceleration or otherwise) of the Facility under which such Loan   was made. “Interest Period” means, as to each LIBO Rate Loan, the period   commencing on the date such LIBO Rate Loan is disbursed or converted to or   continued as a LIBO Rate Loan and ending on the date one (1), two (2), three   (3) or six (6) months thereafter or, to the extent agreed by each Lender of   such LIBO Rate Loan, twelve (12) months or less than one (1) month   thereafter, as selected by the Lead Borrower in its Committed Loan Notice;   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) (d) no   Interest Period shall extend beyond the Maturity Date; the initial Interest   Period for the Term B Loans shall commence on the Closing Date and end on   September 29, 2017. “Intermediate Holding Company” means Intermediate   Holdings and any wholly-owned Subsidiary of Holdings that (a) does not own   assets other than issued and outstanding Equity Interests of the Lead   Borrower or a Parent and (b) is a Guarantor. “Intermediate Holdings” has the   meaning set forth in the introductory paragraph to this Agreement.   “Internally Generated Cash” means, with respect to any Person, funds of such   Person and its Restricted Subsidiaries not constituting (a) proceeds of the   issuance of (or contributions in respect of) Equity Interests of such Person,   (b) proceeds of the incurrence of Indebtedness (other than the incurrence of   Revolving Credit Loans or extensions of credit under any other revolving   credit or similar facility) by such Person or any of its Restricted   Subsidiaries or (c) proceeds of Dispositions and Casualty Events (other than   any Disposition pursuant to Section 7.05(a), (b), (c), (d), (e), (f), (g),   (i), (l), (o), (r) or (s)). “Interpolated Screen Rate” in relation to the   LIBO Rate for any Loan, the rate which results from interpolating on a linear   basis between: (a) the rate appearing on the appropriate page of the Reuters   screen that displays the the ICE Benchmark Administration page (or on any   successor or substitute page of such service) for the longest period (for   which that rate is available) which is less than the Interest 36 

    

 

Period and (b)   the rate appearing on the appropriate page of the Reuters screen that   displays the ICE Benchmark Administration page (or on any successor or   substitute page of such service) for the shortest period (for which that rate   is available) which exceeds the Interest Period, each as of approximately   11:00 A.M., London time, two Business Days prior to the commencement of such   Interest Period; provided that, if such interpolated rate is less than zero,   such rate shall be deemed to be zero. “Investment” means, with respect to any   Person, all investments by such Person in other Persons (including   Affiliates) in the form of any direct or indirect advance, loan or other   extensions of credit (other than advances or extensions of credit to   customers, suppliers, directors, officers or employees of any Person in the   ordinary course of business or consistent with past practice, and excluding   any debt or extension of credit represented by a bank deposit other than a   time deposit) or capital contribution to (by means of any transfer of cash or   other property to others or any payment for property or services for the   account or use of others), or the incurrence of a Guarantee of any obligation   of, or any purchase or acquisition of Equity Interests, Indebtedness or other   similar instruments issued by, such other Persons and all other items that   are or would be classified as investments on a balance sheet prepared on the   basis of GAAP (but excluding, in the case of the Lead Borrower and its Restricted   Subsidiaries, intercompany loans, advances, or Indebtedness having a term not   exceeding 364 days (inclusive of any rollover or extensions of terms) and   made in the ordinary course of business); provided, however, that   endorsements of negotiable instruments and documents in the ordinary course   of business or consistent with past practice will not be deemed to be an   Investment. If the Borrower or any Restricted Subsidiary issues, sells or   otherwise disposes of any Equity Interests of a Person that is a Restricted   Subsidiary such that, after giving effect thereto, such Person is no longer a   Restricted Subsidiary, any Investment by the Lead Borrower or any Restricted   Subsidiary in such Person remaining after giving effect thereto will be   deemed to be a new Investment at such time. For purposes of Section 7.06: (a)   “Investment” will include the portion (proportionate to the Lead Borrower’s   equity interest in a Restricted Subsidiary to be designated as an   Unrestricted Subsidiary) of the fair market value of the net assets of such   Restricted Subsidiary of the Lead Borrower at the time that such Restricted   Subsidiary is designated an Unrestricted Subsidiary; provided, however, that   upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Lead Borrower   will be deemed to continue to have a permanent “Investment” in an   Unrestricted Subsidiary in an amount (if positive) equal to (a) the Lead   Borrower’s “Investment” in such Subsidiary at the time of such redesignation   less (b) the portion (proportionate to the Borrower’s equity interest in such   Subsidiary) of the fair market value of the net assets (as conclusively   determined by the Board of Directors of the Lead Borrower in good faith) of   such Subsidiary at the time that such Subsidiary is so re-designated a   Restricted Subsidiary; and (b) any property transferred to or from an   Unrestricted Subsidiary will be valued at its fair market value at the time   of such transfer, in each case as determined in good faith by the Board of   Directors of the Lead Borrower. The amount of any Investment outstanding at   any time shall be the original cost of such Investment (with the fair market   value of such Investment being measured at the time such Investment is made   and without giving effect to subsequent changes in value) as reduced by any   dividend, distribution, interest payment, return of capital, repayment or   other amount (including in respect of dispositions) received in cash or Cash   Equivalents by a Lead Borrower or a Restricted Subsidiary in respect of such   Investment; provided that the aggregate amount of such dividend,   distribution, interest payment, return of capital, repayment or other amount   shall not exceed the original amount of such Investment. 37 

    

 

“Investment   Grade Securities” means: (a) securities issued or directly and fully   Guaranteed or insured by the United States or Canadian government or any   agency or instrumentality thereof (other than Cash Equivalents); (b) debt   securities or debt instruments with a rating of “A–” or higher from S&P   or “A3” or higher by Moody’s or the equivalent of such rating by such rating   organization or, if no rating of Moody’s or S&P then exists, the   equivalent of such rating by any other Nationally Recognized Statistical   Ratings Organization, but excluding any debt securities or instruments   constituting loans or advances among the Lead Borrower and its Subsidiaries;   and (c) investments in any fund that invests exclusively in investments of   the type described in clauses (a) and (b) above, which fund may also hold   cash and Cash Equivalents pending investment or distribution. “IP Rights” has   the meaning set forth in Section 5.15. “Irish Guarantor” has the meaning set   forth in Section 11.14. “Irish Subsidiary” means any subsidiary of the Lead   Borrower incorporated under the laws of Ireland. “Irish Transaction Security”   means the security and Liens created or expressed to be created under any   Collateral Documents governed by Irish law. “Junior Financing” has the   meaning set forth in Section 7.13(a). For the avoidance of doubt, the Senior   Notes shall not constitute a Junior Financing. “Junior Financing   Documentation” means any documentation governing any Junior Financing.   “Latest Maturity Date” means, at any date of determination and with respect   to the specified Loans or Commitments (or in the absence of any such   specification, all outstanding Loans and Commitments hereunder), the latest   Maturity Date applicable to any such Loans or Commitments hereunder at such   time, including the latest maturity date of any Extended Term Loan, any   Extended Revolving Credit Commitment, any Incremental Term Loans, any   Incremental Revolving Credit Commitments, any Refinancing Term Loans or any   Refinancing Revolving Credit Commitments, in each case as extended in   accordance with this Agreement from time to time. “Laws” means, collectively,   all international, foreign, federal, state, regional, provincial 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. “L/C Advance” means, with respect to each Revolving Credit Lender,   such Lender’s funding of its participation in any L/C Borrowing in accordance   with its Pro Rata Share. “L/C Borrowing” means an extension of credit   resulting from a drawing under any Letter of Credit which has not been   reimbursed on the date when made or refinanced as a Revolving Credit   Borrowing. “L/C Credit Extension” means, with respect to any Letter of   Credit, the issuance thereof or extension of the expiry date thereof, or the   renewal or increase of the amount thereof. 38 

    

 

“L/C Issuer”   means DBNY or any of its affiliates, and any other Lender that becomes an L/C   Issuer pursuant to Section 2.03(m) or Section 10.07(l), or any successor   issuer of Letters of Credit hereunder; provided that, if any Extension or   Extensions of Revolving Credit Commitments is or are effected in accordance   with Section 2.18, on the occurrence of the Original Revolving Credit   Maturity Date and on each later date which is or was at any time a Maturity   Date with respect to Revolving Credit Commitments (each, an “L/C Issuer/Swing   Line Termination Date”), each L/C Issuer at such time shall have the right to   resign as an L/C Issuer on, or on any date within twenty (20) Business Days   after, the respective L/C Issuer/Swing Line Termination Date, in each case upon   not less than ten (10) days’ prior written notice thereof to the Lead   Borrower and the Administrative Agent and, in the event of any such   resignation and upon the effectiveness thereof, the respective entity so   resigning shall retain all of its rights hereunder and under the other Loan   Documents as an L/C Issuer with respect to all Letters of Credit theretofore   issued by it (which Letters of Credit shall remain outstanding in accordance   with the terms hereof until their respective expirations) but shall not be   required to issue any further Letters of Credit hereunder. If at any time and   for any reason (including as a result of resignations as contemplated by the   last proviso to the preceding sentence), each L/C Issuer has resigned in such   capacity in accordance with the preceding sentence, then no Person shall be   an L/C Issuer hereunder obligated to issue Letters of Credit unless and until   (and only for so long as) a Lender (or an affiliate of a Lender) reasonably   satisfactory to the Administrative Agent and the Lead Borrower agrees to act   as an L/C Issuer hereunder. “L/C Issuer/Swing Line Termination Date” has the   meaning set forth in the definition of “L/C Issuer.” “L/C Obligations” means   as at any date of determination, the sum of (a) the aggregate undrawn amount   of all Letters of Credit denominated in Dollars outstanding at such time, (b)   the Dollar Equivalent of the aggregate undrawn amount of all Letters of   Credit denominated in Alternative Currencies outstanding at such time, and   (c) the aggregate amount of all Unreimbursed Amounts, including all L/C   Borrowings. “Lender” has the meaning specified in the introductory paragraph   to this Agreement and, as the context requires, includes an L/C Issuer and a   Swing Line Lender, and their respective successors and assigns as permitted   hereunder, each of which is referred to herein as a “Lender.” “Lending   Office” means, as to any Lender, such office or offices as such Lender may   from time to time notify the Lead Borrower and the Administrative Agent.   “Letter of Credit” means any letter of credit issued hereunder. A Letter of   Credit may be a commercial letter of credit or a standby letter of credit.   “Letter of Credit Expiration Date” means the day that is five (5) Business   Days prior to the scheduled Latest Maturity Date then in effect for the   Participating Revolving Credit Commitments (taking into account the Maturity   Date of any conditional Participating Revolving Credit Commitment that will   automatically go into effect on or prior to such Maturity Date) (or, if such   day is not a Business Day, the next preceding Business Day). “Letter of   Credit Sublimit” means an amount equal to the lesser of (a) $35,000,000 and   (b) the aggregate amount of the Participating Revolving Credit Commitments.   The Letter of Credit Sublimit is part of, and not in addition to, the   Revolving Credit Commitments. “LIBO Rate” means, for each Interest Period,   (a)in the case of LIBO Rate Loans denominated in Dollars, the offered rate   per annum that appears on the appropriate page of the Reuters screen that   displays the ICE Benchmark Administration Limited rate for deposits in   Dollars (for delivery on the first day of 39 

    

 

such Interest   Period) with a term equivalent to such Interest Period (or the successor   thereto if ICE Benchmark Administration Limited is no longer making the   applicable interest settlement rate available) as of 11:00 A.M. (London,   England time) on the day that is two (2) Business Days prior to the   commencement of such Interest Period (the “US LIBOR Screen Rate”); provided   that, if the US LIBOR Screen Rate is less than zero, such rate shall be   deemed to be zero. If no such offered rate exists, such rate will be the rate   of interest per annum, as determined by the Administrative Agent, at which   deposits of Dollars in immediately available funds are offered at 11:00 A.M.   (London, England time) two (2) Business Days prior to the applicable Interest   Period to first-class banks in the London interbank Eurodollar market for   such Interest Period for the applicable principal amount on such date of   determination; and (b) in the case of LIBO Rate Loans denominated in Euros,   the offered rate per annum that appears on the appropriate page of the   Reuters screen that displays the Global Rate Set Systems Limited rate for   deposits in Euros (for delivery on the first day of such Interest Period)   with a term equivalent to such Interest Period (or the successor thereto   appointed by the European Money Markets Institute, if Global Rate Set Systems   Limited is no longer making the applicable interest settlement rate   available) for deposits of Euros of 11:00 A.M. (Brussels, Belgium time) on   the day that is two (2) Business Days prior to the commencement of such   Interest Period (the “EURIBOR Screen Rate”); provided that, if the EURIBOR Screen   Rate is less than zero, such rate shall be deemed to be zero. If no such   offered rate exists, such rate will be the rate of interest per annum, as   determined by the Administrative Agent, at which deposits of Euros in   immediately available funds are offered at 11:00 A.M. (Brussels, Belgium   time) two (2) Business Days prior to the applicable Interest Period to   first-class banks in the European interbank market for such Interest Period   for the applicable principal amount on such date of determination. Notwithstanding   the foregoing, the LIBO Rate for the initial Interest Period of the Term B   Loans shall be the Interpolated Screen Rate (as such rate is reasonably   determined by the Administrative Agent). “LIBO Rate Loan” means a Loan that   bears interest at a rate based on the LIBO Rate whether denominated in   Dollars or in Euros. “Lien” means any mortgage, pledge, hypothecation,   assignment, deposit arrangement, encumbrance, lien (statutory or other),   charge, or preference, priority or other security interest or preferential   arrangement of any kind or nature whatsoever (including any conditional sale   or other title retention agreement, any easement, right of way or other   encumbrance on title to Real Property, and any Capitalized Lease having   substantially the same economic effect as any of the foregoing). “Limited   Condition Acquisition” means any acquisition or similar Investment whose   consummation is not conditioned on the availability of, or on obtaining,   financing. “Limited Condition Transaction” means (a) any Limited Condition   Acquisition and/or (b) any redemption or repayment of Indebtedness requiring   irrevocable notice in advance of such redemption or repayment. “Loan” means   an extension of credit by a Lender to the Borrowers under Article II in the   form of a Term Loan, a Revolving Credit Loan or a Swing Line Loan (including   any Incremental Term Loan, any extensions of credit under any Revolving   Commitment Increase, any Incremental Revolving Credit Loan, any Extended Term   Loans and any extensions of credit under any Extended Revolving Credit   Commitment). “Loan Documents” means, collectively, (a) this Agreement, (b)   the Notes, (c) the Collateral Documents, (d) the Cashless Settlement Letter,   (e) any Refinancing Amendment, Incremental 40 

    

 

Amendment or   Extension Amendment, (f) each Request for L/C Issuance, (g) any other   document or instrument designated by the Borrower and the Administrative   Agent as a “Loan Document” and (h) any other amendment or joinder to this   Agreement. “Loan Parties” means, collectively, each Borrower and each   Guarantor. “Luxembourg” means the Grand Duchy of Luxembourg. “Luxembourg   Guarantor” means a Guarantor incorporated in Luxembourg; provided that for   purposes of Section 11.13, it shall mean any Guarantor incorporated in   Luxembourg that is a Subsidiary of the Lead Borrower. “Luxembourg Insolvency   Event” means, in relation to any entity incorporated and located in   Luxembourg or any of its assets, any corporate action, legal proceedings or   other procedure or step in relation to bankruptcy (faillite), insolvency,   liquidation, composition with creditors (concordat préventif de faillite),   moratorium or reprieve from payment (sursis de paiement), controlled   management (gestion contrôlée), fraudulent conveyance (actio pauliana),   general settlement with creditors, reorganization or similar laws affecting   the rights of creditors generally. “Luxembourg Loan Party” means a Loan Party   incorporated in Luxembourg. “Management Advances” means loans or advances   made to, or Guarantees with respect to loans or advances made to, directors,   officers, employees or consultants of any Holdco, the Borrowers or any   Restricted Subsidiary: (a) (a) in respect of travel, entertainment or   moving-related expenses or other similar expenses or payroll advances   incurred in the ordinary course of business or consistent with past practice   or (b) for purposes of funding any such person’s purchase of Equity Interests   (or similar obligations) of the Holdcos (or any Parent) or any Restricted   Subsidiary of the Lead Borrower; (b) in respect of moving-related expenses   incurred in connection with any closing or consolidation of any facility or   office; or (c) not exceeding $10,000,000 in the aggregate outstanding at any   time. “Management Notification” has the meaning as defined in Section   11.10(d). “Management Stockholders” means the members of management of any   Holdco (or any Parent), the Lead Borrower or any Restricted Subsidiary who   are investors in Holdings or any Parent. “Margin Stock” shall have the   meaning assigned to such term in Regulation U of the FRB. “Master Agreement”   has the meaning specified in the definition of “Swap Contract.” “Material   Adverse Effect” means a (a) material adverse effect on the business,   operations, assets, liabilities (actual or contingent) or financial condition   of the Lead Borrower and its Restricted Subsidiaries, taken as a whole; (b)   material adverse effect on the ability of the Loan Parties (taken as a whole)   to fully and timely perform any of their payment obligations under any Loan   Document to which the Lead Borrower or any of the Loan Parties is a party; or   (c) material adverse effect on the rights and remedies available to the   Lenders or the Collateral Agent under any Loan Document. “Material Real   Property” means any fee-owned Real Property owned by a Loan Party that is (a)   located in the United States and has a fair market value in excess of   $10,000,000 (at the Closing Date or, with respect to fee-owned Real Property   acquired after the Closing Date, at the time of acquisition, in each case, as   reasonably determined by the Lead Borrower in good faith) and (b) located   outside of the 41 

    

 

United States   in a Qualified Jurisdiction and has a fair market value in excess of   $15,000,000 (at the Closing Date or, with respect to fee-owned real property   acquired after the Closing Date, at the time of acquisition, in each case, as   reasonably determined by the Lead Borrower in good faith); provided that at   no time shall any real property located in the Federal Republic of Germany or   Switzerland that is owned by any Loan Party (including any Designated Real   Property) be considered Material Real Property. “Maturity Date” means (a)   with respect to the Term B Loans, the date that is seven (7) years after the   Closing Date; (b) with respect to the Initial Revolving Credit Commitments,   the fifth (5th) anniversary of the Closing Date; (c) with respect to any   Class of Extended Term Loans or Extended Revolving Credit Commitments, the   final maturity date as specified in the applicable Extension Request accepted   by the respective Lender or Lenders, (d) with respect to any Refinancing Term   Loans or Refinancing Revolving Credit Commitments, the final maturity date as   specified in the applicable Refinancing Amendment, (e) with respect to any   Incremental Loans or Incremental Revolving Credit Commitments, the final   maturity date as specified in the applicable Incremental Amendment and (f)   with respect to any Replacement Term Loans, the final maturity date as   specified in the applicable agreement; provided that, in each case, if any   such day is not a Business Day, the applicable Maturity Date shall be the   Business Day immediately succeeding such day. “Maximum Rate” has the meaning   specified in Section 10.10. “Maximum Securitization Facility Size” means, at   any time, with respect to a Permitted Securitization, the aggregate amount   that the lenders or purchasers under such Permitted Securitization are   required to fund assuming all conditions to funding are met for the maximum   possible amount of funding committed to be provided under such Permitted   Securitization by such lenders or purchasers. “Minimum Extension Condition”   has the meaning set forth in Section 2.18(c). “MNPI” means, with respect to   any Person, information and documentation that is (a) (x) not publicly   available if such Person and its Subsidiaries are public reporting companies   or (y) of a type that would not be publicly available (and could not be   derived from publicly available information) if such Person and its   Subsidiaries were public reporting companies and (b) material with respect to   such Person, its Subsidiaries or the respective securities of such Person and   its Subsidiaries for purposes of United States Federal and state securities   laws, in each case, assuming such laws were applicable to such Person and its   Subsidiaries. “Moody’s” means Moody’s Investors Service, Inc. and any   successor thereto. “Mortgage Policies” has the meaning specified in the   definition of “Collateral and Guarantee Requirement.” “Mortgaged Properties”   has the meaning specified in the definition of “Collateral and Guarantee   Requirement.” “Mortgages” means collectively, the deeds of trust, trust   deeds, debentures, hypothecs and mortgages made by the Loan Parties in favor   or for the benefit of the Administrative Agent on behalf of the Secured   Parties creating and evidencing a Lien on a Mortgaged Property in form and   substance reasonably satisfactory to the Administrative Agent, and any other   mortgages executed and delivered pursuant to Section 6.11, Section 6.14 and   Section 6.18. “Multiemployer Plan” means a “multiemployer plan” as defined in   Section 4001(a)(3) of ERISA, to which any Loan Party, any Restricted   Subsidiary or any ERISA Affiliate makes or is obligated to make   contributions, or during the preceding five (5) plan years, has made or been   obligated to make contributions. 42 

    

 

“Nationally   Recognized Statistical Rating Organization” means a nationally recognized   statistical rating organization within the meaning of Rule 436 under the   Securities Act. “Net Assets” means net assets of the relevant German   Guarantor calculated (on the date on which the relevant German Guarantor   becomes a party to this Agreement) in accordance with the principle of   orderly bookkeeping (Grundsätze ordnungsmäßiger Buchführung) applying the   same accounting principles (Bilanzierungsgrundsätze) which have been   consistently applied by the relevant German Guarantor in preparing its   unconsolidated balance sheets (Jahresabschluss) (Section 42 GmbHG, Sections   242, 264 German Commercial Code (Handelsgesetzbuch)) in the previous years ,   save that the following balance sheet items shall be adjusted as follows: (i)   as far as the registered share capital was not paid in full, the amount not   paid in shall be deducted from the amount of the registered share capital of   that German Guarantor; (ii) loans provided to the relevant German Guarantor   by a member of the Group shall be disregarded, if and to the extent that such   loans were subordinated pursuant to Section 39 paragraph 1 Nr. 5 or Section   39 paragraph 2 of the German Insolvency Code (Insolvenzordnung) (or would be   subordinated in case of insolvency) and (iii) financial liabilities incurred   by that German Guarantor in breach of the Loan Documents shall not be taken   into account as liabilities. “Net Proceeds” means: (a) 100% of the cash   proceeds actually received by the Lead Borrower or any of its Restricted   Subsidiaries (including any cash payments received by way of deferred payment   of principal pursuant to a note or installment receivable or purchase price   adjustment receivable or otherwise and including casualty insurance   settlements and condemnation awards, but in each case only as and when   received) from any Disposition or Casualty Event, net of (i) attorneys’ fees,   accountants’ fees, investment banking fees, survey costs, title insurance   premiums, and related search and recording charges, transfer taxes, deed or   mortgage recording taxes, required debt payments and required payments of   other obligations (including without limitation principal amount, premium or   penalty, if any, interest and other amounts) (other than pursuant to the Loan   Documents), other customary expenses and brokerage, consultant and other   customary fees actually incurred in connection therewith, (ii) in the case of   any Disposition or Casualty Event by a non-wholly owned Restricted   Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated   without regard to this clause (ii)) attributable to minority interests and   not available for distribution to or for the account of the Lead Borrower or   a wholly owned Restricted Subsidiary as a result thereof, (iii) taxes paid or   reasonably estimated to be payable as a result thereof, and (iv) the amount   of any reasonable reserve established in accordance with GAAP against any   adjustment to the sale price or any liabilities (other than any taxes deducted   pursuant to clause (i) above) (x) related to any of the applicable assets and   (y) retained by the Lead Borrower or any of its Restricted Subsidiaries   including, without limitation, pension and other post-employment benefit   liabilities and liabilities related to environmental matters or against any   indemnification obligations (however, the amount of any subsequent reduction   of such reserve (other than in connection with a payment in respect of any   such liability) shall be deemed to be Net Proceeds of such Disposition or   Casualty Event occurring on the date of such reduction); provided, that, if   no Event of Default under Section 8.01(a), (f) or (g) exists and the Lead   Borrower intends in good faith to use any portion of such proceeds to   acquire, maintain, develop, construct, improve, upgrade or repair assets   useful in the business of the Lead Borrower or its Restricted Subsidiaries or   to make Permitted Acquisitions, in each case within 540 days of such receipt,   such portion of such proceeds shall not constitute Net Proceeds except to the   extent not, within 540 days of such receipt, so used or contractually   committed to be so used (it being understood that if any portion of such   proceeds are not so used within such 540 day period but within such 540 day   period are contractually committed to be used, then upon the termination of   such contract or if such Net Proceeds are not so used within the later of   such 540 day period and 180 days from the entry into such contractual   commitment, such remaining portion shall 43 

    

 

constitute Net   Proceeds as of the date of such termination or expiry without giving effect   to this proviso; it being understood that such proceeds shall constitute Net   Proceeds notwithstanding any reinvestment notice if there is an Event of   Default under Section 8.01(a), (f) or (g) continuing at the time of a   proposed reinvestment unless such proposed reinvestment is made pursuant to a   binding commitment entered into at a time when no Event of Default under   Section 8.01(a), (f) or (g) was continuing); provided, further, that no   proceeds realized in a single transaction or series of related transactions   shall constitute Net Proceeds under this clause (a) unless (x) such proceeds   shall exceed $35,000,000 or (y) the aggregate net proceeds exceed $50,000,000   in any fiscal year (and thereafter only net cash proceeds in excess of such   amount shall constitute Net Proceeds under this clause (a)); provided,   further, that with respect to Dispositions of property or assets elected by   the Lead Borrower the Net Proceeds of which do not exceed $300,000,000 in the   aggregate during the term of the Term B Loans, no prepayment under Section   2.05(b)(ii) shall be required; (b) 100% of the cash proceeds from the   incurrence, issuance or sale by the Lead Borrower or any of the Restricted   Subsidiaries of any Indebtedness, net of all taxes paid or reasonably   estimated to be payable as a result thereof and fees (including investment   banking fees and discounts), commissions, costs and other expenses, in each   case incurred in connection with such issuance or sale; and (c) 100% of the   cash proceeds from the issuance or sale of Equity Interests in Holdings or   the Lead Borrower, net of all taxes paid or reasonably estimated to be   payable as a result thereof and fees (including investment banking fees and   discounts), commissions, costs and other expenses, in each case incurred in   connection with such issuance or sale. For purposes of calculating the amount   of Net Proceeds, fees, commissions and other costs and expenses payable to   the Lead Borrower shall be disregarded. “Net Raw Material Timing” means an   adjustment (positive or negative) to Consolidated EBITDA equal to the   difference of (a) Consolidated EBITDA as determined in accordance with the   “first-in-first-out” method of accounting minus (b) Consolidated EBITDA as   determined in accordance with the “replacement cost” method of accounting,   computed by adjusting cost of sales to reflect the cost of raw material   prices during the applicable period; plus (c) an amount (positive or   negative) equal to the difference in revenue between the current contractual   price and the current period price. “Non-Consenting Lender” has the meaning   set forth in Section 3.07(d). “Non-Defaulting Lender” means, at any time, a   Lender that is not a Defaulting Lender. “Non-extension Notice Date” has the   meaning specified in Section 2.03(b)(iii). “Non-Loan Party” means any   Restricted Subsidiary that is not a Loan Party. “Note” means a Term Note, a   Revolving Credit Note or a Swing Line Note, as the context may require.   “Obligations” means all (x) advances to, and debts, liabilities, obligations,   covenants and duties of, any Loan Party and its Restricted Subsidiaries   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 Loan Party or Restricted Subsidiary 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 and (y) obligations of any Loan Party arising under   any Secured Hedge Agreement or any Treasury Services 44 

    

 

 

Agreement.   Without limiting the generality of the foregoing, the Obligations of the Loan   Parties under the Loan Documents (and of their Restricted Subsidiaries to the   extent they have obligations under the Loan Documents) include (a) the   obligation (including guarantee obligations) to pay principal, interest,   Letter of Credit fees, reimbursement obligations, charges, expenses, fees,   Attorney Costs, indemnities and other amounts payable by any Loan Party under   any Loan Document and (b) the obligation of any Loan Party to reimburse any   amount in respect of any of the foregoing that any Lender, in its sole   discretion, may elect to pay or advance on behalf of such Loan Party.   “Officer’s Certificate” means, with respect to any Person, a certificate   signed by one Responsible Officer of such Person. Unless otherwise provided,   “Officer’s Certificate” means an Officer’s Certificate of the Lead Borrower.   “OID” means original issue discount. “Open Market Purchase” has the meaning   set forth in Section 2.15. “Organization Documents” means, (a) with respect   to any corporation, the certificate or articles of incorporation, the   articles of association, the bylaws and the unanimous shareholder agreements   or declarations (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 the   operating or limited liability company agreement (or equivalent or comparable   documents with respect to any non-U.S. jurisdiction) or articles of   association; (c) with respect to any partnership, joint venture, trust or   other form of business entity, the articles of association, the partnership,   joint venture or other applicable agreement of formation or organization and   any agreement, instrument, filing or notice with respect thereto filed in   connection with its formation or organization with the applicable   Governmental Authority in the jurisdiction of its formation or organization   and, if applicable, any certificate or articles of formation or organization   of such entity; and (d) in respect of any German Loan Party, its (i) articles   of association (Satzung), (ii) commercial register extract   (Handelsregisterauszug) and list of shareholders (Gesellschafterliste).   “Other Applicable Indebtedness” has the meaning set forth in Section   2.05(b)(i). “Other Connection Taxes” means, with respect to any Recipient,   Taxes imposed as a result of a present or former connection between such   Recipient and the jurisdiction imposing such Tax (other than connections   arising from such Recipient having executed, delivered, become a party to,   performed its obligations under, received payments under, received or   perfected a security interest under, engaged in any other transaction pursuant   to or enforced any Loan Document). “Other Taxes” has the meaning specified in   Section 3.01(a). “Outstanding Amount” means (a) with respect to the Term   Loans, Revolving Credit Loans, Swing Line Loans, Extended Term Loans or Loans   made under any Extended Revolving Credit Commitment, as applicable, on any   date, the aggregate outstanding Dollar Amount thereof after giving effect to   any borrowings and prepayments or repayments of Term Loans, Revolving Credit   Loans (including any refinancing of outstanding unpaid drawings under Letters   of Credit or L/C Credit Extensions as a Revolving Credit Borrowing), Swing   Line Loans, Extended Term Loans or Loans made under any Extended Revolving   Credit Commitment, as the case may be, occurring on such date; and (b) with   respect to any L/C Obligations on any date, the outstanding Dollar Amount   thereof on such date after giving effect to any L/C Credit Extension   occurring on such date and any other changes thereto as of such date,   including as a result of any reimbursements of outstanding unpaid drawings   under any Letters of Credit (including any refinancing of outstanding unpaid   drawings under Letters of Credit or L/C Credit Extensions as a Revolving   Credit Borrowing) or any reductions in the maximum amount available for   drawing under Letters of Credit taking effect on such date. 45 

    

 

“Overnight   Rate” means, for any day, (a) with respect to any amount denominated in   Dollars, the greater of the Federal Funds Rate and an overnight rate   determined by the Administrative Agent, an L/C Issuer, or the Swing Line   Lender, as applicable, in accordance with banking industry rules on interbank   compensation, (b) with respect to any amount denominated in any Alternative   Currency, the rate of interest per annum at which overnight deposits in such   Alternative Currency, in an amount approximately equal to the amount with   respect to which such rate is being determined, would be offered for such day   by a branch or Affiliate of the Administrative Agent or the L/C Issuer, as   applicable, in the applicable offshore interbank market for such Alternative   Currency to major banks in such interbank market. “Parallel Debt” has the   meaning specified in Section 9.15(b). “Parent” means Trinseo S.A. and any   holding company Subsidiary thereof which owns, directly or indirectly, 100%   of the outstanding Equity Interests of the Lead Borrower. “Participant” has   the meaning specified in Section 10.07(e). “Participant Register” has the   meaning specified in Section 10.07(e). “Participating Member State” means   each state so described in any EMU Legislation. “Participating Revolving   Credit Commitments” means (1) the Initial Revolving Credit Commitments   (including any Extended Revolving Credit Commitments in respect thereof) and   (2) those additional Revolving Credit Commitments (and both (x) Revolving   Commitment Increases to such Class and (y) Extended Revolving Credit   Commitments in respect thereof) established pursuant to an Incremental   Amendment or Refinancing Amendment for which an election has been made to   include such Commitments for purposes of the issuance of Letters of Credit or   the making of Swing Line Loans; provided that, with respect to clause (2),   the effectiveness of such election may be made conditional upon the maturity   of one or more other Participating Revolving Credit Commitments. At any time   at which there is more than one Class of Participating Revolving Credit   Commitments outstanding, the mechanics and arrangements with respect to the   allocation of Letters of Credit and Swing Line Loans among such Classes will   be subject to procedures agreed to by the Lead Borrower and the   Administrative Agent. “Participating Revolving Credit Lender” means any   Lender holding a Participating Revolving Credit Commitment. “PBGC” means the   Pension Benefit Guaranty Corporation. “Pension Plan” means any “employee   pension benefit plan” (as such term is defined in Section 3(2) of ERISA),   other than a Multiemployer Plan or Foreign Pension Plan, that is subject to   Title IV of ERISA and is sponsored or maintained by any Loan Party, any   Restricted Subsidiary or any ERISA Affiliate, and such plan for the five-year   period immediately following the latest date on which any Loan Party or   Subsidiary maintained, contributed to or had an obligation to contribute to such   plan. “Perfection Certificate” means a certificate in the form of Exhibit II   to the Security Agreement or any other form reasonably approved by the   Collateral Agent, as the same shall be supplemented from time to time.   “Permanent Representative” means the permanent representative of the general   partner of the Lead Borrower. “Permitted Acquisition” means any Investment of   the type described in clauses (a)(ii) and (b)(ii) of the definition of   “Permitted Investments” and any Investment or other acquisition of assets   constituting a business unit, line of business or division of, or all or   substantially all of the Equity Interests of, another Person. 46 

    

 

“Permitted   Investment” means (in each case, by the Lead Borrower or any of its Restricted   Subsidiaries): (a) Investments in (i) a Restricted Subsidiary (including the   Equity Interests of a Restricted Subsidiary) or the Lead Borrower or (ii) a   Person (including the Equity Interests of any such Person) that will, upon   the making of such Investment, become a Restricted Subsidiary; provided that   any Investment pursuant to this clause (a) made by Loan Parties in Persons   that are not, or will not contemporaneously with such Investment become, Loan   Parties shall not exceed (when added to the aggregate amount of Investments   made by any Loan Parties in Persons that do not merge, consolidate or   otherwise combine with or into, or transfer or convey substantially all of   their assets, to Loan Parties pursuant to clause (b)(ii) below) an aggregate   amount outstanding at any time equal to the greater of (1) $100,000,000 and   (2) 4.25% of Total Assets (with the amount of Total Assets being measured at   the time such Investment is made); (b) Investments in (i) a Similar Business   taken together with all other Investments made pursuant to this clause (b)(i)   that are at that time outstanding, not to exceed the greater of (x)   $50,000,000 and (y) 2.0% of Total Assets (with the amount of Total Assets   being measured at the time such Investment is made) and (ii) a Person if such   Person is engaged in a Similar Business and will, upon the making of such   Investment be merged, consolidated or, otherwise combined with or into, or   transfers or conveys substantially all of its assets to the Lead Borrower or   a Restricted Subsidiary; provided that any Investment pursuant to this clause   (b)(ii) made by the Loan Parties in Persons that do not merge, consolidate or   otherwise combine with or into, or transfer or convey substantially all of   their assets to, the Loan Parties contemporaneously with such Investment   shall not exceed (when added to the aggregate amount of Investments made by   any Loan Parties in Persons that are not Loan Parties (or that will not   contemporaneously with such Investment become Loan Parties) pursuant to   clause (a) above) an aggregate amount outstanding at any time equal to the   greater of (1) $100,000,000 and (2) 4.25% of Total Assets (with the amount of   Total Assets being measured at the time such Investment is made); (c) (d)   Investments in cash, Cash Equivalents or Investment Grade Securities;   Investments in receivables owing to the Lead Borrower or any Restricted   Subsidiary created or acquired in the ordinary course of business; (e)   Investments (i) in payroll, travel, entertainment expenses, moving expenses   and similar advances to cover matters that are expected at the time of such   advances ultimately to be treated as expenses for accounting purposes and   that are made in the ordinary course of business or (ii) to fund such   Person’s purchase of Equity Interests of Lead Borrower or any of its Parents;   (f) (g) Management Advances; Investments received in settlement of debts   created in the ordinary course of business and owing to the Lead Borrower or   any Restricted Subsidiary or in exchange for any other Investment or accounts   receivable held by Lead Borrower or any such Restricted Subsidiary, or as a   result of foreclosure, perfection or enforcement of any Lien, or in   satisfaction of judgments or pursuant to any plan of reorganization or   similar arrangement including upon the bankruptcy or insolvency of a debtor   or otherwise with respect to any secured Investment or other transfer of   title with respect to any secured Investment in default; (h) Investments made   as a result of the receipt of non-cash consideration from a sale or other   disposition of property or assets, including a Disposition; 47 

    

 

(i) Investments   existing or pursuant to agreements or arrangements in effect on the Closing   Date or made pursuant to binding commitments in effect on the Issue Date, in   each case, as set forth on Schedule 1.01E, and any modification, replacement,   renewal or extension thereof; provided that the amount of any such Investment   or binding commitment may not be increased except (a) as required by the   terms of such Investment or binding commitment as in existence on the Closing   Date or (b) as otherwise permitted under this Agreement; (j) Hedging   Obligations, which transactions or obligations are incurred in compliance   with Section 7.03; (k) pledges or deposits with respect to leases or   utilities provided to third parties in the ordinary course of business or   Liens permitted under Section 7.01; (l) any Investment to the extent made   using Equity Interests of the Lead Borrower (other than Disqualified Equity   Interests); (m) (n) [reserved]; Investments consisting of purchases and   acquisitions of assets, services, inventory, supplies, materials and   equipment or licenses or leases of intellectual property, in any case, in the   ordinary course of business and in accordance with this Agreement; (o) (i)   Guarantees not prohibited under Section 7.03 and (other than with respect to   Indebtedness) guarantees, keepwells and similar arrangements in the ordinary   course of business, and (ii) performance guarantees with respect to obligations   incurred by the Lead Borrower or any of its Restricted Subsidiaries that are   permitted by this Agreement; (p) Investments consisting of earnest money   deposits required in connection with a purchase agreement, or letter of   intent, or other acquisitions to the extent not otherwise prohibited by this   Agreement; (q) Investments of a Restricted Subsidiary acquired after the   Closing Date or of an entity merged into the Lead Borrower or merged into or   consolidated with a Restricted Subsidiary after the Closing Date to the   extent that such Investments were not made in contemplation of or in   connection with such acquisition, merger or consolidation and were in   existence on the date of such acquisition, merger or consolidation; (r)   Investments consisting of licensing of intellectual property pursuant to   joint marketing arrangements with other Persons; (s) contributions to a   “rabbi” trust for the benefit of employees or other grantor trust subject to   claims of creditors in the case of a bankruptcy of the Borrowers; (t)   Investments in joint ventures and Unrestricted Subsidiaries provided that (i)   after giving effect to such Investment (in a single transaction or any series   of related transactions) on a Pro Forma Basis, the Fixed Charge Coverage   Ratio for the Lead Borrower and its Restricted Subsidiaries would be (a) not   lower than immediately prior to such transaction or (b) equal to or greater   than 2.25:1.00, and (ii) the Lead Borrower or such Restricted Subsidiary, as   the case may be, receives consideration (including by way of relief from, or   by any other Person assuming responsibility for, any liabilities, contingent   or otherwise of the Lead Borrower or any of its Restricted Subsidiaries) at   least equal to the fair market value (such fair market value to be determined,   on the date of contractually agreeing to such Investment, in good faith by   the Board of Directors of the Lead Borrower) of the assets subject to such   contribution, transfer or sale; 48 

    

 

(u) additional   Investments having an aggregate fair market value, taken together with all   other Investments made pursuant to this clause (u) that are at that time   outstanding, not to exceed the greater of $120,000,000 and 5.0% of Total   Assets (with the amount of Total Assets being measured at the time such   Investment is made); provided that if such Investment is in Equity Interests   of a Person that subsequently becomes a Restricted Subsidiary, such   Investment shall thereafter be deemed permitted under clause (a) or (b) above   and shall not be included as having been made pursuant to this clause (u);   (v) any Investment by the Borrowers or a Subsidiary of the Borrowers in (x) a   Securitization Subsidiary or (y) any other Person in connection with a   Permitted Securitization, including Investments of funds held in accounts   permitted or required by the arrangement governing such Permitted   Securitization or any related Indebtedness; provided that such Investment is   in the form of a purchase money obligation, contribution of additional   Securitization Assets or equity interests; (w) advances, loans or extensions   of trade credit in the ordinary course of business by the Lead Borrower or   any of its Restricted Subsidiaries and Investments consisting of extensions   of credit in the nature of accounts receivable or notes arising from the   grant of trade credit in the ordinary course of business; (x) Investments in   the ordinary course of business consisting of Uniform Commercial Code Article   3 endorsements for collection or deposit and Article 4 customary trade arrangements   with customers consistent with industry practice; (y) any Investment in   securities or other assets not constituting Cash Equivalents and received in   connection with a Disposition made under Section 7.05 or any other   disposition of assets not constituting a Disposition; (z) Investments in   prepaid expenses, negotiable instruments held for collection and lease,   utility and workers compensation, performance and similar deposits entered   into as a result of the operations of the business in the ordinary course of   business; and (aa) Investments made in the ordinary course of business in   connection with obtaining, maintaining or renewing client contracts and loans   or advances made to distributors in the ordinary course of business. For   purposes of determining whether an Investment is a Permitted Investment or is   otherwise a Restricted Investment permitted to be made pursuant to Section   7.06, in the event that an Investment (or any portion thereof) at any time,   whether at the time of making of such Investment or upon or subsequently,   meets the criteria of more than one of the categories of Permitted   Investments described in clauses (a) through (aa) above or any other   provision of Section 7.06, the Lead Borrower, in its sole discretion, will   classify and may subsequently reclassify such Investment (or any portion   thereof) in any one or more of the types of Investments described in clauses   (a) through (aa) above or any other applicable clause in Section 7.06 and   will only be required to include the amount and type of such Investment in   such of the above clauses or clauses in Section 7.06 as determined by the   Lead Borrower at such time. “Permitted Junior Secured Refinancing Debt” has   the meaning set forth in Section 2.17(h)(i). “Permitted Pari Passu Secured   Refinancing Debt” has the meaning set forth in Section 2.17(h)(i). “Permitted   Ratio Debt” means Indebtedness incurred or assumed by the Lead Borrower or   any Restricted Subsidiary if and to the extent the Fixed Charge Coverage   Ratio calculated on a Pro Forma Basis is greater than 2.00:1.00; provided   that in the case of any such Indebtedness that is incurred (but not 49 

    

 

assumed), any   such Indebtedness (i) matures after the Maturity Date, (ii) has a Weighted   Average Life to Maturity equal to or greater than the Weighted Average Life   to Maturity of the Term B Loans, (iii) may not participate on a greater than   pro-rata basis with respect to the Term B Loans in any mandatory prepayment   and (iv) of Non-Loan Parties does not exceed in the aggregate at any time   outstanding, together with any Indebtedness incurred by Non-Loan Parties   pursuant to Section 7.03(v), the greater of $135,000,000 and 5.0% of Total   Assets, in each case determined at the time of incurrence. “Permitted   Refinancing” means, with respect to any Person, any modification,   refinancing, refunding, renewal, replacement or extension of any Indebtedness   of such Person; provided that (a) the principal amount (or accreted value, if   applicable) thereof does not exceed the principal amount (or accreted value,   if applicable) of the Indebtedness so modified, refinanced, refunded,   renewed, replaced or extended except by an amount equal to unpaid accrued   interest and premium thereon plus other amounts owing or paid related to such   Indebtedness, plus fees and expenses reasonably incurred, in connection with   such modification, refinancing, refunding, renewal, replacement or extension   and by an amount equal to any existing commitments unutilized thereunder, (b)   other than with respect to a Permitted Refinancing in respect of Indebtedness   permitted pursuant to Section 7.03(e), such modification, refinancing,   refunding, renewal, replacement or extension has a final maturity date equal   to or later than the final maturity date of, and has a Weighted Average Life   to Maturity equal to or greater than the Weighted Average Life to Maturity   of, the Indebtedness being modified, refinanced, refunded, renewed, replaced   or extended, (c) other than with respect to a Permitted Refinancing in   respect of Indebtedness permitted pursuant to Section 7.03(e), at the time   thereof, no Event of Default shall have occurred and be continuing, (d) if   such Indebtedness being modified, refinanced, refunded, renewed, replaced or   extended is Junior Financing, to the extent such Indebtedness being modified,   refinanced, refunded, renewed, replaced or extended is subordinated in right   of payment to the Obligations, such modification, refinancing, refunding,   renewal, replacement or extension is subordinated in right of payment to the   Obligations on terms at least as favorable to the Lenders as those contained   in the documentation governing the Indebtedness being modified, refinanced,   refunded, renewed, replaced or extended, (e) to the extent such Indebtedness   being modified, refinanced, refunded, renewed, replaced or extended is   secured by the Collateral and/or subject to intercreditor arrangements for   the benefits of the Lenders, such modification, refinancing, refunding,   renewal, replacement or extension is either (1) unsecured or (2) secured and,   if secured, subject to intercreditor arrangements on terms at least as   favorable (including with respect to priority) to the Lenders as those   contained in the documentation governing the Indebtedness being modified,   refinanced, refunded, renewed, replaced or extended, and such modification   refinancing, refunding, renewal, replacement or extension is incurred only by   one or more Persons who is an obligor of the Indebtedness being modified,   refinanced, refunded, renewed, replaced or extended, (f) any such   modification, refinancing, renewal, replacement, or extension has the same   primary obligor and the same (or fewer) guarantors as the Indebtedness being   modified, refinanced, refunded, renewed, replaced or extended and (g) if such   Indebtedness being modified, refinanced, refunded, renewed, replaced or   extended is unsecured, such modification, refinancing, refunding, renewal,   replacement or extension is unsecured. Any reference to a Permitted   Refinancing in this Agreement or any other Loan Document shall be interpreted   to mean (a) a Permitted Refinancing of the subject Indebtedness and (b) any   further refinancings constituting a Permitted Refinancing of the Indebtedness   resulting from a prior Permitted Refinancing. “Permitted Securitization”   means a Securitization that complies with the following criteria: (i) the   originator with respect to such Securitization shall be organized under the   laws of Switzerland, Germany, France, The Netherlands, Sweden, Finland,   Spain, the United Kingdom, Italy or the United States, (ii) the   Securitization, including the sale of the Securitization Assets and the   incurrence of Indebtedness in connection therewith is effected on market   terms, taking into account the applicable Securitization market for assets   similar to the respective Securitization Assets and the structure implemented   for such Securitization (as determined in good faith by the Lead Borrower),   (iii) the sum of 50 

    

 

the Maximum   Securitization Facility Sizes for all Securitizations shall not at any time   exceed $260,000,000 and (iv) the Securitization Seller’s Retained Interest   and all proceeds thereof shall constitute Collateral hereunder and all   necessary steps to perfect a security interest in such Securitization   Seller’s Retained Interest of the Collateral Agent are taken by the Lead   Borrower or Restricted Subsidiary. “Permitted Unsecured Refinancing Debt” has   the meaning set forth in Section 2.17(h)(i). “Person” means any natural   person, corporation, limited liability company, trust, joint venture,   association, company, partnership, Governmental Authority or other entity.   “Plan” means any “employee benefit plan” (as such term is defined in Section   3(3) of ERISA) established by any Loan Party or Subsidiary or, with respect   to any such plan that is subject to Section 412 of the Code or Title IV of   ERISA, any ERISA Affiliate, and such plan for the five-year period   immediately following the latest date on which any Loan Party, any Subsidiary   or an ERISA Affiliate maintained, contributed to or had an obligation to or   have had an obligation to contribute to, or otherwise to have liability with   respect to such plan. “Preferred Stock” means, as applied to the Equity   Interests of any Person, Equity Interests of any class or classes (however   designated) which is preferred as to the payment of dividends or as to the   distribution of assets upon any voluntary or involuntary liquidation or   dissolution of such Person, over Equity Interests of any other class of such   Person. “Pro Forma Balance Sheet” has the meaning set forth in Section   5.05(b). “Pro Forma Balance Sheet Date” has the meaning set forth in Section   5.05(b). “Pro Forma Basis” and “Pro Forma Effect” means, with respect to   compliance with any test or covenant or calculation of any ratio hereunder,   the determination or calculation of such test, covenant or ratio (including   in connection with Specified Transactions) in accordance with Section 1.10.   “Pro Forma Compliance” means, with respect to the Financial Covenant,   compliance on a Pro Forma Basis with such covenant in accordance with Section   1.10. “Pro Forma Financial Statements” has the meaning set forth in Section   5.05(b). “Pro Rata Share” means, with respect to each Lender at any time a   fraction (expressed as a percentage, carried out to the ninth decimal place),   the numerator of which is the amount of the Commitments of such Lender under   the applicable Facility or Facilities at such time and the denominator of   which is the amount of the Aggregate Commitments under the applicable   Facility or Facilities at such time; provided that if such Commitments have   been terminated, then the Pro Rata Share of each Lender shall be determined   based on the Pro Rata Share of such Lender immediately prior to such   termination and after giving effect to any subsequent assignments made   pursuant to the terms hereof. “Projections” has the meaning set forth in   Section 6.01(c). “Public Company Costs” means costs relating to compliance   with the provisions of the Securities Act and the Exchange Act, in each case   as applicable to companies with equity or debt securities held by the public,   the rules of national securities exchange companies with listed equity or   debt securities, directors’ compensation, fees and expense reimbursement,   costs relating to investor relations, shareholder meetings and reports to   shareholders or debtholders, directors’ and officers’ insurance, listing fees   and all executive, legal and professional fees related to the foregoing. 51 

    

 

“Qualified ECP   Guarantor” means in respect of any Swap Obligation, each Loan Party that, at   the time the relevant guarantee (or grant of the relevant security interest,   as applicable) becomes or would become effective with respect to such Swap   Obligation, has total assets exceeding $10,000,000 or such other person as   constitutes an “eligible contract participant” under the Commodity Exchange   Act or any regulations promulgated thereunder and which may cause another   person to qualify as an “eligible contract participant” with respect to such   Swap Obligation at such time by entering into a keepwell pursuant to section   1a(18)(A)(v)(II) of the Commodity Exchange Act (or any successor provision   thereto). “Qualified Equity Interests” means any Equity Interests that are   not Disqualified Equity Interests. “Qualified IPO” means the issuance by   Holdings or any Parent of its common Equity Interests in an underwritten   primary public offering (other than a public offering pursuant to a   registration statement on Form S-8) pursuant to a registration statement that   has been declared effective by the SEC or approved by any other applicable   Governmental Authority in Luxembourg or the United Kingdom. “Qualified   Jurisdiction” means each of the United States, any state or territory   thereof, the District of Columbia, Germany, Ireland, Switzerland, Hong Kong,   Luxembourg, Singapore, The Netherlands and any other jurisdiction as may be   mutually agreed to in writing from time to time by the Lead Borrower and the   Administrative Agent. “Quarterly Financial Statements” means unaudited consolidated   balance sheets and related consolidated statements of comprehensive income   and cash flows of Topco for the most recent fiscal quarters (other than the   fourth fiscal quarter) after the date of the applicable Annual Financial   Statements and ended at least forty-five (45) days prior to the Closing Date.   “Real Property” means, collectively, all right, title and interest (including   any leasehold, mineral or other estate) in and to any and all parcels of or   interests in real property owned or leased by any Person, whether by lease,   license or other means, together with, in each case, all easements,   hereditaments and appurtenances relating thereto, all improvements and   appurtenant fixtures and equipment, all general intangibles and contract   rights and other property and rights incidental to the ownership, operation   thereof. “Recipient” means any Lender or Agent. “Refinancing” has the meaning   specified in the preliminary statements hereto. “Refinancing Amendment” has   the meaning set forth in Section 2.17(f). lease or “Refinancing Commitments”   has the meaning set forth in Section 2.17(a). “Refinanced Debt” has the   meaning set forth in Section 2.17(a). “Refinancing Equivalent Debt” has the   meaning set forth in Section 2.17(h)(i). “Refinancing Facility Closing Date”   has the meaning set forth in Section 2.17(d). “Refinancing Lenders” has the   meaning set forth in Section 2.17(c). “Refinancing Loan” has the meaning set   forth in Section 2.17(b). “Refinancing Loan Request” has the meaning set   forth in Section 2.17(a). “Refinancing Revolving Credit Commitments” has the   meaning set forth in Section 2.17(a). “Refinancing Revolving Credit Lender”   has the meaning set forth in Section 2.17(c). 52 

    

 

“Refinancing   Revolving Credit Loan” has the meaning set forth in Section 2.17(b).   “Refinancing Term Commitments” has the meaning set forth in Section 2.17(a).   “Refinancing Term Lender” has the meaning set forth in Section 2.17(c).   “Refinancing Term Loan” has the meaning set forth in Section 2.17(b).   “Refinanced Term Loans” has the meaning set forth in Section 2.17(h)(i).   “Register” has the meaning set forth in Section 10.07(d). “Registered   Equivalent Notes” means, with respect to any notes originally issued in an   offering pursuant to Rule 144A under the Securities Act or other private   placement transaction under the Securities Act of 1933, substantially   identical notes (having the same guarantees) issued in a dollar-for-dollar   exchange therefor pursuant to an exchange offer registered with the SEC.   “Release” means any spilling, leaking, seepage, pumping, pouring, emitting,   emptying, discharging, injecting, escaping, leaching, dumping, disposing,   depositing, dispersing or migrating in, into, onto or through the Environment   or from or through any facility, property or equipment. “Replaced Term Loans”   has the meaning specified in Section 10.01. “Replacement Term Loans” has the   meaning specified in Section 10.01. “Reportable Event” means any reportable   event, as defined in Section 4043 of ERISA, with respect to a Pension Plan,   other than events for which the notice period is waived under applicable   regulations as in effect on the date hereof. “Repricing Event” means (a) any   prepayment or repayment of Term B Loans with the proceeds of, or any   conversion of Term B Loans into, any new or replacement tranche of term loans   the primary purpose of which is to reduce the All-in Yield applicable to such   Term B Loans or (b) any amendment, amendment and restatement or other   modification to this Agreement, the primary purpose of which is to reduce the   All-in Yield applicable to Term B Loans; provided that any refinancing or   repricing of Term B Loans in connection with (i) any Permitted Acquisition   the aggregate consideration with respect to which equals or exceeds   $500,000,000 or (ii) a transaction that would result in a Change of Control   shall not constitute a Repricing Event. “Request for Credit Extension” means   (a) with respect to a Borrowing, continuation or conversion of Term Loans or   Revolving Credit Loans, a Committed Loan Notice, (b) with respect to an L/C   Credit Extension, a Request for L/C Issuance, and (c) with respect to a Swing   Line Loan, a Swing Line Loan Notice. “Request for L/C Issuance” means an   application and agreement for the issuance or amendment of a Letter of Credit,   substantially in the form of Exhibit J, or such other form from time to time   in use by the relevant L/C Issuer. “Required Class Lenders” means, as of any   date of determination, Lenders of a Class having more than 50% of the sum of   the (a) Total Outstandings (with, in the case of the Revolving Credit   Commitments, the aggregate amount of each Lender’s risk participation and   funded participation in L/C Obligations and Swing Line Loans being deemed   “held” by such Lender for purposes of this definition) for all Lenders of   such Class and (b) aggregate unused Commitments of all Lenders of such Class;   provided that the unused Commitment and the portion of the Total Outstandings   held or deemed held by, any Defaulting Lender of such Class shall be excluded   for purposes of making a determination of Required Class Lenders. 53 

    

 

“Required   Lenders” means, as of any date of determination, Lenders having more than 50%   of the sum of the (a) Total Outstandings (with the aggregate amount of each   Lender’s risk participation and funded participation in L/C Obligations and   Swing Line Loans being deemed “held” by such Lender for purposes of this   definition), (b) aggregate unused Term Commitments and (c) aggregate unused   Revolving Credit Commitments; provided that the unused Term Commitment and   unused Revolving Credit Commitment of, and the portion of the Total   Outstandings held or deemed held by, any Defaulting Lender shall be excluded   for purposes of making a determination of Required Lenders. “Required Revolving   Credit Lenders” means, as of any date of determination, Revolving Credit   Lenders under the Revolving Credit Commitments (including, for purposes of   this definition of “Required Revolving Credit Lenders” any (x) Extended   Revolving Credit Commitments in respect thereof, (y) Incremental Revolving   Credit Commitments and (z) Refinancing Revolving Credit Commitments in   respect thereof) having more than 50% of the sum of the (a) Outstanding   Amount of all Revolving Credit Loans, Swing Line Loans and all L/C Obligations   (with the aggregate Dollar Amount of each Lender’s risk participation and   funded participation in L/C Obligations and Swing Line Loans being deemed   “held” by such Lender for purposes of this definition) under the Revolving   Credit Commitments and (b) aggregate unused Revolving Credit Commitments;   provided that unused Revolving Credit Commitments of, and the portion of the   Outstanding Amount of all Revolving Credit Loans, Swing Line Loans and all   L/C Obligations held, or deemed held by, any Defaulting Lender shall be   excluded for purposes of making a determination of Required Revolving Credit   Lenders. “Responsible Officer” means the chief executive officer, president,   vice president, chief financial officer, treasurer or assistant treasurer or   other similar officer or a manager (gérant) or a director (adminstrateur) of   a Loan Party and, as to any document delivered on the Closing Date, any   secretary, authorized signatory or assistant secretary of such Loan Party.   Any document delivered hereunder that is signed by a Responsible Officer of a   Loan Party shall be conclusively presumed to have been authorized by all   necessary corporate, partnership and/or other action on the part of such Loan   Party and such Responsible Officer shall be conclusively presumed to have   acted on behalf of such Loan Party. “Restricted Cash” means cash and Cash   Equivalents held by Restricted Subsidiaries that is contractually restricted   from being distributed to the Lead Borrower. “Restricted Investment” means an   Investment other than a Permitted Investment. “Restricted Obligations” has   the meaning set forth in Section 11.09(a). “Restricted Payment” means (i) any   dividend or other distribution (whether in cash, securities or other   property) with respect to any Equity Interest of the Lead Borrower or any   Restricted Subsidiary, or any payment (whether in cash, securities or other   property), including any sinking fund or similar deposit, on account of the   purchase, redemption, retirement, defeasance, acquisition, cancellation or   termination of any such Equity Interest, or on account of any return of   capital to the Lead Borrower’s or a Restricted Subsidiary’s stockholders,   partners or members (or the equivalent Persons thereof) and (ii) any   Restricted Investment. “Restricted Subsidiary” means any Subsidiary of the   Lead Borrower other than an Unrestricted Subsidiary; provided that in no   event shall the Co-Borrower be an Unrestricted Subsidiary. For the avoidance   of doubt, the Co-Borrower is a Restricted Subsidiary of the Lead Borrower. “Returns”   means, with respect to any Investment, any interest, returns, profits,   distributions, proceeds (including the net proceeds of any sale received by   the Lead Borrower or a Restricted Subsidiary above the initial cost of the   Investment) and similar amounts actually received in cash or Cash   Equivalents. 54 

    

 

 

“Revolving   Commitment Increase” has the meaning set forth in Section 2.16(a). “Revolving   Credit Borrowing” means a borrowing consisting of simultaneous Revolving   Credit Loans of the same Type and currency and, in the case of LIBO Rate   Loans, having the same Interest Period made by each of the Revolving Credit   Lenders pursuant to Section 2.01(b). “Revolving Credit Commitment” means, as   to each Revolving Credit Lender, its obligation to (a) make Revolving Credit   Loans to the Borrowers, (b) purchase participations in L/C Obligations in   respect of Letters of Credit and (c) purchase participations in Swing Line   Loans, as the same may be (i) reduced from time to time pursuant to Section   2.06 or (ii) reduced or increased from time to time pursuant to (w)   assignments by or to such Revolving Credit Lender pursuant to an Assignment   and Assumption, (x) an Incremental Amendment, (y) a Refinancing Amendment or   (z) an Extension. The amount of each Revolving Credit Lender’s Commitment is   set forth in Schedule 1.01A under the caption “Revolving Credit Commitment”   or in the Assignment and Assumption, in each case, as may be amended pursuant   to any Incremental Amendment, Extension Amendment or Refinancing Amendment   pursuant to which such Lender shall have assumed, increased or decreased its   Revolving Credit Commitment, as the case may be. “Revolving Credit Exposure”   means, at any time, as to each Revolving Credit Lender, the sum of the amount   of the outstanding Dollar Amount of such Revolving Credit Lender’s Revolving   Credit Loans and its Pro Rata Share of the amount of the L/C Obligations and   the Swing Line Obligations at such time. “Revolving Credit Lender” means, at   any time, any Lender that has a Revolving Credit Commitment an outstanding   Revolving Credit Loans at such time. “Revolving Credit Loans” means any loan   made pursuant to the Initial Revolving Credit Commitments, any Incremental   Revolving Credit Loan, any Refinancing Revolving Credit Loan or any loan   under any Extended Revolving Credit Commitments, as the context may require.   “Revolving Credit Note” means a promissory note of the Borrowers payable to   any Revolving Credit Lender or its registered assigns, in substantially the   form of Exhibit C-2 hereto, evidencing the aggregate Indebtedness of the   Borrowers to such Revolving Credit Lender resulting from the Revolving Credit   Loans made by such Revolving Credit Lender to the Borrowers. “Rolling Lender”   has the meaning set forth in Section 1.14. “S&P” means Standard &   Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and   any successor thereto. “Same Day Funds” means immediately available funds.   “Sanctioned Country” means, at any time, a country, region or territory which   is the subject or target of any Sanctions. “Sanctioned Person” means, at any   time, (a) any Person listed in any Sanctions-related list of designated   Persons maintained by OFAC, the U.S. Department of State, the European Union   or Her Majesty’s Treasury of the United Kingdom, (b) any Person organized or   ordinarily resident in a Sanctioned Country or (c) any Person controlled (as   determined by applicable law) by any Person or Persons described in the   foregoing clause (a). “Sanctions” means economic or financial sanctions or   trade embargoes imposed, administered or enforced from time to time by (a)   the U.S. government, including those administered by the Office of Foreign   Assets Control of the U.S. Department of the Treasury (“OFAC”) or the U.S.   Department of State or (b) the European Union or Her Majesty’s Treasury of   the United Kingdom. 55  

    

 

“SEC” means the   Securities and Exchange Commission, or any Governmental Authority succeeding   to any of its principal functions. “Second Lien Intercreditor Agreement”   means an intercreditor agreement substantially in the form of Exhibit L   hereto (which agreement in such form, or with immaterial changes thereto, the   Administrative Agent is authorized to enter into) together with any material   changes thereto which are reasonably acceptable to the Administrative Agent   and which material changes shall be posted to the Lenders not less than five   (5) Business Days before execution thereof and, if the Required Lenders shall   not have objected to such changes within five (5) Business Days after   posting, then the Required Lenders shall be deemed to have agreed that the   Administrative Agent’s entry into such intercreditor agreement (with such   changes) is reasonable and to have consented to such intercreditor agreement   (with such changes) and to the Administrative Agent’s execution thereof.   “Secured Hedge Agreement” means any Swap Contract permitted under Article VII   that is entered into by and between the Lead Borrower or any Restricted   Subsidiary and any Hedge Bank, including the Existing Secured Hedge   Agreements. “Secured Net Leverage Ratio” means, as of any date of   determination for any Test Period, the ratio of (a) Consolidated Secured Net   Debt as of the last day of such Test Period to (b) Consolidated EBITDA for   such Test Period. “Secured Parties” means, collectively, the Administrative   Agent, the Collateral Agent, the Lenders, the Hedge Banks, the Supplemental   Agents and each co-agent or sub-agent appointed by the Administrative Agent   or Collateral Agent from time to time pursuant to Section 9.02. “Securities   Act” means the Securities Act of 1933, as amended. “Securitization” means any   transaction or series of transactions entered into by the Lead Borrower or   any Restricted Subsidiary pursuant to which (a) the Lead Borrower or such   Restricted Subsidiary, as the case may be, sells, conveys, assigns, grants an   interest in or otherwise transfers to a Securitization Subsidiary   Securitization Assets (and/or grants a security interest in such   Securitization Assets transferred or purported to be transferred to such   Securitization Subsidiary), and which Securitization Subsidiary finances the   acquisition of such Securitization Assets (i) with cash, (ii) the issuance to   the Lead Borrower or such Restricted Subsidiary of Securitization Seller’s   Retained Interests or an increase in such Securitization Seller’s Retained   Interests or (iii) with proceeds from the sale or collection of   Securitization Assets and (b) financing is extended by way of debt   facilities, notes, bonds or other similar instruments, in each case, through   the purchase of Securitization Assets, on a revolving basis, by one or more   banks or other financial institutions or special purpose, bankruptcy remote   entities, in each case, which may be established in any appropriate   jurisdiction directly or indirectly by any subsidiary or other third parties.   “Securitization Assets” means any accounts receivable owed to the Lead   Borrower or any Restricted Subsidiary (whether now existing or arising or   acquired in the future) arising in the ordinary course of business from the   sale of goods or services, all collateral securing such accounts receivable,   all contracts and contract rights and all guarantees or other obligations in   respect of such accounts receivable, all proceeds of such accounts receivable   and other assets (including contract rights and credit insurance policies)   which are of the type customarily transferred or customarily granted in   connection with securitizations of transferred or otherwise conveyed by the   Lead Borrower Securitization. in respect of which security interests are   accounts receivable and which are sold, or a Restricted Subsidiary pursuant   to a “Securitization Seller’s Retained Interest” means the debt or equity   interests held by the Lead Borrower or any Restricted Subsidiary in a   Securitization Subsidiary to which Securitization Assets have 56  

    

 

been   transferred, including any such debt or equity received as consideration for   or as a portion of the purchase price for the Securitization Assets   transferred, or any other instrument through which the Lead Borrower or any   Restricted Subsidiary has rights to or receives distributions in respect of   any residual or excess interest in the Securitization Assets. “Securitization   Subsidiary” means a Person to which the Lead Borrower or any Restricted   Subsidiary sells, conveys, transfers or grants a security interest in   Securitization Assets, which Person is formed for the limited purpose of   effecting one or more Securitizations and related activities, or, in the case   of a Person that is a financing conduit, which Person is formed for the   limited purpose of effecting financing transactions; provided that, in the   event such Securitization Subsidiary is a Subsidiary of the Lead Borrower, it   shall have been designated by the board of directors in its sole discretion   as an Unrestricted Subsidiary. “Security Agreement” means the Pledge and   Security Agreement substantially in the form of Exhibit F. “Security   Agreement Supplement” has the meaning specified in the Security Agreement.   “Senior Notes” means the $500,000,000 equivalent in aggregate principal   amount of senior unsecured notes due 2025 and any Registered Equivalent Notes   having substantially identical terms and issued pursuant to the Senior Notes   Indenture in exchange for the initial, unregistered senior unsecured notes.   “Senior Notes Indenture” means the Indenture for the Senior Notes, dated as   of August 29, 2017, by and among the Lead Borrower, the Co-Borrower and The   Bank of New York Mellon, as trustee, as the same may be amended, modified,   supplemented, replaced or refinanced to the extent not prohibited by this   Agreement. “Senior Representative” means, with respect to any series of   Incremental Equivalent Debt or Refinancing Equivalent Debt that is secured by   the Collateral, the trustee, administrative agent, collateral agent, security   agent or similar agent under the indenture or agreement pursuant to which   such Indebtedness is issued, incurred or otherwise obtained, as the case may   be, and each of their successors in such capacities. “Similar Business” means   (a) any businesses, services or activities engaged in by the Lead Borrower or   any of its Restricted Subsidiaries or any Associates on the Issue Date and   (b) any businesses, services and activities engaged in by the Lead Borrower   or any of its Restricted Subsidiaries or any Associates that are related,   complementary, incidental, ancillary or similar to any of the foregoing or   are extensions or developments of any thereof. “Singapore Subsidiary” means   any Subsidiary of the Lead Borrower incorporated, organized or established   under the laws of Singapore. “Solvent” and “Solvency” mean, with respect to   any Person (other than a Person organized under German law, Belgian law or   Luxembourg law) 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 salable 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 able to pay all that Person’s debts as and when   they become due and payable and (e) 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.   The amount of contingent 57  

    

 

liabilities at   any time shall be computed as the amount that, in the light of all the facts   and circumstances existing at such time, represents the amount that can   reasonably be expected to become an actual or matured liability. With respect   to any Person organized under German law, “Solvent” and “Solvency” means such   Person not being illiquid (zahlungsunfähig) or overindebted (überschuldet) in   accordance with sections 17 and 19, respectively, of the German Insolvency   Code (Insolvnzordnung). With respect to any Person organized under Belgian   law, “Solvent” and “Solvency” means such Person being able to pay its debts   when they become due and being able to obtain (further) credit, i.e., such   Person not being in a situation as defined in Article 2 of the Belgian   Bankruptcy Act of 8 August 1997. With respect to any Person organized under   Luxembourg law, “Solvent” and “Solvency” means such Person is not unable to   pay its debts (in particular, it is not in a state of cessation des paiements   and has not lost its commercial creditworthiness) and would not become unable   to do so. “SPC” has the meaning specified in Section 10.07(j). “Specified   Transaction” means (a) the Transactions, (b) any Investment that results in a   Person becoming a Restricted Subsidiary, (c) any designation of a Subsidiary   as a Restricted Subsidiary or an Unrestricted Subsidiary, (d) any Permitted   Acquisition, (e) any Disposition that results in a Restricted Subsidiary   ceasing to be a Restricted Subsidiary of the Lead Borrower and any   Disposition of a business unit, line of business or division of the Lead   Borrower or a Restricted Subsidiary, in each case whether by merger,   consolidation, amalgamation or otherwise or (f) any incurrence or repayment   of Indebtedness (other than Indebtedness incurred or repaid under any   revolving credit facility or line of credit), the making of any Restricted   Payment, the obtaining of any Incremental Revolving Credit Commitment, or the   incurrence of any Incremental Revolving Credit Loan or Incremental Term Loan,   in each case, that by the terms of this Agreement requires a financial ratio   or test to be calculated on a “Pro Forma Basis” or after giving “Pro Forma Effect”.   “Standard Securitization Undertakings” means representations, warranties,   covenants, repurchase obligations, guarantees of performance and indemnities   entered into by the Lead Borrower or any Restricted Subsidiary which are   customary on the date thereof for the parent of a seller or servicer of   assets transferred in connection with a Securitization. “Subject Guarantor”   has the meaning specified in Section 11.15. “Subordination Agreement” means a   subordination agreement among the Administrative Agent and one or more   representatives for the holders of Subordinated Indebtedness, in form and   substance reasonably acceptable to the Administrative Agent and the Lead   Borrower. Wherever in this Agreement a representative is required to become   party to the Subordination Agreement, if the related Subordinated   Indebtedness is the initial Subordinated Indebtedness incurred by the Lead   Borrower or any Restricted Subsidiary, then the Lead Borrower and/or such   Restricted Subsidiary, the Holdcos (if applicable), the Subsidiary Guarantors   (if applicable), the Administrative Agent and the representative for such   Subordinated Indebtedness shall execute and deliver the Subordination   Agreement and the Administrative Agent shall be authorized to execute and   deliver the Subordination Agreement. “Subsidiary” of a Person means a   corporation, partnership, joint venture, limited liability company or other   business entity of which (i) 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,   (ii) more than half of the issued share capital is at the time beneficially owned   or (iii) 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 Lead   Borrower. “Subsidiary Guarantor” means any Guarantor other than the Holdcos.   58  

    

 

“Supplemental   Agent” has the meaning specified in Section 9.13(a) and “Supplemental Agents”   shall have the corresponding meaning. “Supplier” has the meaning set forth in   Section 3.01(i). “Swap” means any agreement, contract, or transaction that   constitutes a “swap” within the meaning of section 1a(47) of the Commodity   Exchange Act. “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. “Swap Obligation”   means, with respect to any person, any obligation to pay or perform under any   Swap. “Swap Termination Value” means, in respect of any one or more Swap   Contracts, after taking into account the effect of any legally enforceable   netting agreement relating to such Swap Contracts, (a) for any date on or   after the date such Swap Contracts have been closed out and termination   value(s) determined in accordance therewith, such termination value(s), and   (b) for any date prior to the date referenced in clause (a), the amount(s)   determined as the mark-to-market value(s) for such Swap Contracts, as   determined based upon one or more mid-market or other readily available   quotations provided by any recognized dealer in such Swap Contracts (which   may include a Lender or any Affiliate of a Lender). “Swing Line Borrowing”   means a borrowing of a Swing Line Loan pursuant to Section 2.04. “Swing Line   Facility” means the swing line loan facility made available by the Swing Line   Lenders pursuant to Section 2.04. “Swing Line Lender” means DBNY, in its   capacity as provider of Swing Line Loans or any successor swing line lender   hereunder; provided that, if any Extension or Extensions of Revolving Credit   Commitments is or are effected in accordance with Section 2.18, then on the occurrence   of each L/C Issuer/Swing Line Termination Date, the Swing Line Lender at such   time shall have the right to resign as Swing Line Lender on, or on any date   within twenty (20) Business Days after, the respective L/C Issuer/Swing Line   Termination Date, in each case upon not less than ten (10) days’ prior   written notice thereof to the Borrower and the Administrative Agent and, in   the event of any such resignation and upon the effectiveness thereof, the   Borrowers shall repay any outstanding Swing Line Loans made by the respective   entity so resigning and such entity shall not be required to make any further   Swing Line Loans hereunder. If at any time and for any reason (including as a   result of resignations as contemplated by the proviso to the preceding sentence),   the Swing Line Lender has resigned in such capacity in accordance with the   preceding sentence, then no Person shall be the Swingline Lender hereunder   obligated to make Swing Line Loans unless and until (and only for so long as)   a Lender (or affiliate of a Lender) reasonably 59  

    

 

satisfactory to   the Administrative Agent and the Lead Borrower agrees to act as the Swing   Line Lender hereunder. “Swing Line Loan” has the meaning specified in Section   2.04(a). “Swing Line Loan Notice” means a notice of a Swing Line Borrowing   pursuant to Section 2.04(b), which, if in writing, shall be substantially in   the form of Exhibit B. “Swing Line Note” means a promissory note of the   Borrowers payable to any Swing Line Lender or its registered assigns, in   substantially the form of Exhibit C-3 hereto, evidencing the aggregate   Indebtedness of the Borrowers to such Swing Line Lender resulting from the   Swing Line Loans. “Swing Line Obligations” means, as at any date of   determination, the aggregate principal amount of all Swing Line Loans   outstanding. “Swing Line Sublimit” means an amount equal to the lesser of (a)   $25,000,000 and (b) the aggregate amount of the Participating Revolving   Credit Commitments. The Swing Line Sublimit is part of, and not in addition   to, the Revolving Credit Commitments. “Swiss Guarantor” means a Guarantor   incorporated in Switzerland. “Swiss Security” means any Lien created under a   Collateral Document which is governed by Swiss law. “Swiss Withholding Tax”   any withholding tax in accordance with the Federal Act on Anticipatory Tax of   13 October 1965 (Bundesgesetz über die Verrechnungssteuer). “TARGET Day”   means any day on which the Trans-European Automated Real-time Gross   Settlement Express Transfer (TARGET) payment system which utilizes a single   shared platform and which was launched on November 19, 2007 (or, if such   payment system ceases to be operative, such other payment system (if any)   determined by the Administrative Agent to be a suitable replacement) is open   for the settlement of payments in Euro. “Taxes” means all present or future   taxes, levies, imposts, duties, deductions, withholdings (including backup   withholding), assessments, fees or other charges imposed by any Governmental   Authority, including any interest, addition to tax or penalties applicable   thereto. “Term B Commitment” means, as to each Term Lender, its obligation to   make a Term B Loan to the Borrowers pursuant to Section 2.01(a) in an   aggregate amount not to exceed the amount set forth opposite such Lender’s name   in Schedule 1.01A under the caption “Term B Commitment”. The aggregate amount   of the Term B Commitments is $700,000,000. “Term B Loans” means the term   loans made by the Term Lenders, or exchanged by the Rolling Term Lenders, to   the Borrowers on the Closing Date pursuant to Section 2.01(a). “Term   Borrowing” means a borrowing consisting of simultaneous Term Loans of the   same Type and, in the case of LIBO Rate Loans, having the same Interest   Period made by each of the Term Lenders pursuant to Section 2.01(a). “Term   Commitment” means, as to each Term Lender, its obligation to make Term Loans   to the Borrowers hereunder, as such commitment may be (a) reduced from time   to time pursuant to Section 2.06 and (b) reduced or increased from time to   time pursuant to (i) assignments by or to such Term Lender pursuant to an   Assignment and Assumption, (ii) an Incremental Amendment, (iii) a Refinancing   Amendment or (iv) an Extension. The amount of each Term Lender’s Commitment   is set forth in 60  

    

 

Schedule 1.01A   or in the Assignment and Assumption, Incremental Amendment, Extension   Amendment or Refinancing Amendment pursuant to which such Lender shall have   assumed, increased or decreased its Term Commitment, as the case may be.   “Term Lender” means, at any time, any Lender that has a Term Commitment or a   Term Loan at such time. “Term Loan” means any Term B Loan, Incremental Term   Loan, Refinancing Term Loan or Extended Term Loan, as the context may   require. “Term Loan Increase” has the meaning set forth in Section 2.16(a).   “Term Note” means a promissory note of the Borrowers payable to any Term   Lender or its registered assigns, in substantially the form of Exhibit C-1   hereto, evidencing the aggregate Indebtedness of the Borrowers to such Term   Lender resulting from the Term Loans made by such Term Lender. “Test Period”   means, for any date of determination under this Agreement, the four (4)   consecutive fiscal quarters of the Lead Borrower most recently ended as of   such date of determination. “Threshold Amount” means $95,000,000. “Topco”   means Trinseo S.A., a public limited company (société anonyme), organized and   established under the laws of the Grand Duchy of Luxembourg, having its   registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy   of Luxembourg, and registered with the RCS under number B 153549. “Total   Assets” means the total assets of the Lead Borrower and its Restricted   Subsidiaries determined on a consolidated basis in accordance with GAAP, as   shown on the most recent balance sheet of the Lead Borrower delivered   pursuant to Section 6.01(a) or (b) (and, in the case of any determination   relating to any incurrence of Indebtedness or any Investment or other   acquisition, on a Pro Forma Basis including any property or assets being acquired   in connection therewith) or, for the period prior to the time any such   statements are so delivered pursuant to Section 6.01(a) or (b), the Pro Forma   Financial Statements. “Total Net Leverage Ratio” means, with respect to any   Test Period, the ratio of (a) Consolidated Total Net Debt as of the last day   of such Test Period to (b) Consolidated EBITDA for such Test Period. “Total   Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C   Obligations. “tranche” has the meaning set forth in Section 2.18(a).   “Transaction Expenses” means any fees or expenses incurred or paid by the   Holdcos, the Lead Borrower or any of its (or their) Subsidiaries in   connection with the Transactions (including expenses in connection with   hedging transactions), this Agreement and the other Loan Documents and the   transactions contemplated hereby and thereby. “Transactions” means,   collectively, (a) the funding of the Term B Loans on the Closing Date and the   execution and delivery of Loan Documents to be entered into on the Closing   Date, (b) the issuance of the Senior Notes and the execution and delivery of   the Senior Notes Indenture and the other agreements entered into on or prior   to the Closing Date in connection therewith, (c) the Refinancing and (d) the   payment of Transaction Expenses. “Treasury Services Agreement” means any   agreement between the Lead Borrower and/or any of its Restricted Subsidiaries   and any Hedge Bank relating to treasury, depository, credit card, debit card   and 61  

    

 

cash management   services or automated clearinghouse transfer of funds or any similar   services, including the Existing Treasury Services Agreements. “Trust   Property” has the meaning set forth in Section 9.01(k). “Type” means, with   respect to a Loan, its character as a Base Rate Loan or a LIBO Rate Loan.   “Uniform Commercial Code” or “UCC” means the Uniform Commercial Code as the   same may from time to time be in effect in the State of New York or the   Uniform Commercial Code (or similar code or statute) of another jurisdiction,   to the extent it may be required to apply to any item or items of Collateral.   “United States” and “U.S.” mean the United States of America. “Unreimbursed   Amount” has the meaning set forth in Section 2.03(c)(i). “Unrestricted   Subsidiary” means (i) each Subsidiary of the Lead Borrower listed on Schedule   1.01D (ii) any Subsidiary of the Lead Borrower designated by the Board of   Directors of the Lead Borrower as an Unrestricted Subsidiary pursuant to   Section 6.15 subsequent to the Closing Date and (iii) and any Securitization   Subsidiary, if a Subsidiary of the Lead Borrower. “USA Patriot Act” means the   Uniting and Strengthening America by Providing Appropriate Tools Required to   Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. “VAT” means   (a) any tax imposed in compliance with the Council Directive of November 28,   2006 on the common system of value added tax (EC Directive 2006/112) and (b)   any other tax of a similar nature, whether imposed in a member state of the   European Union in substitution for, or levied in addition to, such tax   referred to in clause (a) above, or imposed elsewhere. “Weighted Average Life   to Maturity” means, when applied to any Indebtedness at any date, the number   of years obtained by dividing: (i) the sum of the products obtained by   multiplying (a) the amount of each then remaining scheduled installment,   sinking fund, serial maturity or other required scheduled payments of   principal, including payment at final scheduled maturity, in respect thereof,   by (b) the number of years (calculated to the nearest one-twelfth) that will   elapse between such date and the making of such payment; by (ii) the then   outstanding principal amount of such Indebtedness; provided, that the effects   of any prepayments made on such Indebtedness shall be disregarded in making   such calculation. “wholly owned” means, with respect to a Subsidiary of a   Person, a Subsidiary of such Person all of the outstanding Equity Interests   of which (other than (x) director’s qualifying shares and (y) shares issued   to foreign nationals to the extent required by applicable Law) are owned by   such Person and/or by one or more wholly owned Subsidiaries of such Person.   “Write-Down and Conversion Powers” means, with respect to any EEA Resolution   Authority, the write-down and conversion powers of such EEA Resolution   Authority from time to time under the Bail-In Legislation for the applicable   EEA Member Country, which write-down and conversion powers are described in   the EU Bail-In Legislation Schedule. Section 1.02 Luxembourg Terms. Without   prejudice to the generality of any provision of this Agreement, in this   Agreement where it relates to a Luxembourg Loan Party, a reference to: (a) a   winding-up, administration or dissolution includes, without limitation,   bankruptcy (faillite), insolvency, liquidation, composition with creditors   (concordat préventif de faillite), moratorium or reprieve from payment   (sursis de paiement), controlled management 62  

    

 

(gestion   contrôlée), fraudulent conveyance (actio pauliana), general settlement with   creditors, reorganization or similar laws affecting the rights of creditors   generally; (b) a receiver, administrative receiver, administrator, trustee,   custodian, sequestrator, conservator or similar officer includes, without   limitation, a juge délégué, commissaire, juge-commissaire, mandataire ad hoc,   administrateur, provisoire, liquidateur or curateur; (c) a lien or security   interest includes any hypothèque, nantissement, gage, privilège, sûreté   réelle, droit de retention, and any type of security in rem (sûreté réelle)   or agreement or arrangement having a similar effect and any transfer of title   by way of security; (d) a person being unable to pay its debts includes that   person being in a state of cessation de paiements; and (e)by-laws or   constitutional documents includes (a) its up-to-date (restated) articles of   association (statuts coordonnées), and (b) an extract from the Luxembourg   Register of Commerce and Companies (RCS). Section 1.03 [Reserved]. Section   1.04 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 meanings of defined terms are equally applicable to the   singular and plural forms of the defined terms. (b) The words “herein,”   “hereto,” “hereof” and “hereunder” and words of similar import when used in   any Loan Document shall refer to such Loan Document as a whole and not to any   particular provision thereof. (c) Article, Section, Exhibit and Schedule   references are to the Loan Document in which such reference appears. (d) The   term “including” is by way of example and not limitation. (e) The term   “documents” includes any and all instruments, documents, agreements,   certificates, notices, reports, financial statements and other writings,   however evidenced, whether in physical or electronic form. (f) 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.” (g) 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. Section 1.05   Accounting Terms. (a) All accounting terms not specifically or completely   defined herein shall be construed in conformity with, and all financial data   (including financial ratios and other financial calculations) required to be   submitted pursuant to this Agreement shall be prepared in conformity with,   GAAP, except as otherwise specifically prescribed herein. 63  

    

 

(b)   Notwithstanding any changes in GAAP after the Closing Date, any lease of the   Loan Parties and their Subsidiaries that would be characterized as an   operating lease under GAAP in effect on the Closing Date (whether such lease   is entered into before or after the Closing Date) shall not constitute   Indebtedness or Attributable Indebtedness under this Agreement or any other   Loan Document as a result of such changes in GAAP. Section 1.06 Rounding. Any   financial ratios required to be maintained by the Lead Borrower pursuant to   this Agreement (or required to be satisfied in order for a specific action to   be permitted under 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). Section 1.07 References to Agreements, Laws,   Etc. Unless otherwise expressly provided herein, (a) references to   Organization Documents, agreements (including the Loan Documents) and other   contractual instruments shall be deemed to include all subsequent amendments,   restatements, extensions, supplements and other modifications thereto, but   only to the extent that such amendments, restatements, extensions,   supplements and other modifications are permitted by the Loan Documents; and   (b) references to any Law shall include all statutory and regulatory   provisions consolidating, amending, replacing, supplementing or interpreting   such Law. Section 1.08 Times of Day. Unless otherwise specified, all   references herein to times of day shall be references to United States   Eastern time (daylight or standard, as applicable). Section 1.09 Timing of   Payment of Performance. When the 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) or performance   shall extend to the immediately succeeding Business Day. Section 1.10 Pro   Forma Calculations. (a) Notwithstanding anything to the contrary herein,   financial ratios and tests, including the Total Net Leverage Ratio, the   Secured Net Leverage Ratio, the First Lien Net Leverage Ratio, the Fixed   Charge Coverage Ratio and compliance with covenants determined by reference   to Consolidated EBITDA or Total Assets, shall be calculated in the manner   prescribed by this Section 1.10; provided that, notwithstanding anything to   the contrary in clauses (b), (d), (e), (f) or (g) of this Section 1.10, (A)   when calculating any such ratio or test for purposes of (i) the definition of   “Applicable Margin,” (ii) the definition of “Applicable ECF Percentage” and   (iii) Section 7.11 (other than for the purpose of determining Pro Forma Compliance   with Section 7.11), the events described in this Section 1.10 that occurred   subsequent to the end of the applicable Test Period shall not be given pro   forma effect and (B) when calculating any such ratio or test for purposes of   the incurrence of any Indebtedness, cash and Cash Equivalents resulting from   the incurrence of any such Indebtedness shall be excluded from the pro forma   calculation of any applicable ratio or test. In addition, whenever a   financial ratio or test is to be calculated on a pro forma basis, the   reference to the “Test Period” for purposes of calculating such financial   ratio or test shall be deemed to be a reference to, and shall be based on,   the most recently ended Test Period for which internal financial statements   of the Lead Borrower are available (as determined in good faith by the Lead   Borrower) (it being understood that for purposes of determining pro forma   compliance with Section 7.11, if no Test Period with an applicable level   cited in Section 7.11 has passed, the applicable level shall be the level for   the first Test Period cited in Section 7.11 with an indicated level). For the   avoidance of doubt, the provisions of the foregoing sentence shall not apply   for purposes of calculating any financial ratio or test for purposes of (i)   the definition of “Applicable Margin,” (ii) the definition of “Applicable ECF   Percentage” and (iii) Section 7.11 (other than for the purpose of determining   Pro Forma Compliance with Section 7.11), each of which shall be based 64  

    

 

 

on the   financial statements delivered pursuant to Section 6.01(a) or (b), as   applicable, for the relevant Test Period. (c) For purposes of calculating any   financial ratio or test or compliance with any covenant determined by   reference to Consolidated EBITDA or Total Assets, Specified Transactions   (with any incurrence or repayment of any Indebtedness in connection therewith   to be subject to clause (e) of this Section 1.10) that have been made (i)   during the applicable Test Period or (ii) unless not applicable as described   in clause (a) of this Section 1.10, subsequent to such Test Period and prior   to or simultaneously with the event for which the calculation of any such   ratio is made, shall be calculated on a pro forma basis assuming that all   such Specified Transactions (and any increase or decrease in Consolidated   EBITDA, Total Assets and the component financial definitions used therein   attributable to any Specified Transaction) had occurred on the first day of   the applicable Test Period (or, in the case of Total Assets, on the last day   of the applicable Test Period). If since the beginning of any applicable Test   Period any Person that subsequently became a Restricted Subsidiary or was   merged, amalgamated or consolidated with or into the Lead Borrower or any of its   Restricted Subsidiaries since the beginning of such Test Period shall have   made any Specified Transaction that would have required adjustment pursuant   to this Section 1.10, then such financial ratio or test (or Total Assets)   shall be calculated to give pro forma effect thereto in accordance with this   Section 1.10. (d) Whenever pro forma effect is to be given to a Specified   Transaction, the pro forma calculations shall be made in good faith by a   responsible financial or accounting officer of Lead Borrower and may include,   for the avoidance of doubt, the amount of “run-rate” cost savings, operating   expense reductions and synergies resulting from or relating to any Specified   Transaction (including the Transactions) which is being given pro forma   effect that have been realized or are expected to be realized and for which   the actions necessary to realize such cost savings, operating expense   reductions and synergies are taken, committed to be taken (in good faith   determination of the Lead Borrower) (calculated on a pro forma basis as   though such cost savings, operating expense reductions and synergies had been   realized on the first day of such period and as if such cost savings,   operating expense reductions and synergies were realized during the entirety   of such period and “run-rate” means the full recurring benefit for a period   that is associated with any action taken, committed to be taken or with   respect to which substantial steps have been taken or are expected to be   taken (including any savings expected to result from the elimination of a   public target’s Public Company Costs) net of the amount of actual benefits   realized during such period from such actions, and any such adjustments shall   be included in the initial pro forma calculations of any financial ratios or   tests (and in respect of any subsequent pro forma calculations in which such   Specified Transaction is given pro forma effect) and during any applicable   subsequent Test Period in which the effects thereof are expected to be   realized) relating to such Specified Transaction; provided that (A) such   amounts are reasonably identifiable and factually supportable in the good   faith judgment of the Lead Borrower, (B) such actions are taken, committed to   be taken or with respect to which substantial steps have been taken or are   expected to be taken no later than eighteen (18) months after the date of   such Specified Transaction, and (C) no amounts shall be added pursuant to   this clause (d) to the extent duplicative of any amounts that are otherwise   added back in computing Consolidated EBITDA (or any other components   thereof), whether through a pro forma adjustment or otherwise, with respect   to such period. (e) In the event that the Lead Borrower or any Restricted   Subsidiary incurs (including by assumption or guarantees) or repays   (including by redemption, repayment, retirement or extinguishment) any   Indebtedness (other than Indebtedness incurred or repaid under any revolving   credit facility unless such Indebtedness has been permanently repaid and not   replaced), (i) during the applicable Test Period or (ii) subject to clause   (a) of this Section 1.10, subsequent to the end of the applicable Test Period   and prior to or simultaneously with the event for which the calculation of   any such ratio is made, then such financial ratio or test shall be calculated   giving pro forma effect to such incurrence or 65  

    

 

repayment of   Indebtedness, in each case to the extent required, as if the same had   occurred on the last day of the applicable Test Period (except in the case of   the Fixed Charge Coverage Ratio (or similar ratio), in which case such   incurrence, assumption, guarantee, redemption, repayment, retirement or   extinguishment of Indebtedness will be given effect as if the same had   occurred on the first day of the applicable Test Period. (f) In connection   with any action being taken in connection with a Limited Condition   Transaction, for purposes of: (i) determining compliance with any provision   of this Agreement (other than the Financial Covenant) which requires the   calculation of any financial ratio or test, including the First Lien Net   Leverage Ratio, Secured Net Leverage Ratio, Total Net Leverage Ratio and   Fixed Charge Coverage Ratio (and, for the avoidance of doubt, any financial   ratio set forth in Section 2.16(d)(iii)); or (ii) testing availability under   baskets set forth in this Agreement (including baskets determined by   reference to Consolidated EBITDA or Total Assets); in each case, at the   option of the Lead Borrower (the Lead Borrower’s election to exercise such   option in connection with any Limited Condition Transaction, an “LCT   Election”), the date of determination of whether any such action is permitted   hereunder shall be deemed to be the date the definitive agreements for such   Limited Condition Transaction are entered into (the “LCT Test Date”), and if,   after giving Pro Forma Effect to the Limited Condition Transaction (and the   other transactions to be entered into in connection therewith), the Lead   Borrower or any of its Restricted Subsidiaries would have been permitted to   take such action on the relevant LCT Test Date in compliance with such ratio,   test or basket, such ratio, test or basket shall be deemed to have been   complied with. For the avoidance of doubt, if the Lead Borrower has made an   LCT Election and any of the ratios, tests or baskets for which compliance was   determined or tested as of the LCT Test Date would have failed to have been   complied with as a result of fluctuations in any such ratio, test or basket,   including due to fluctuations in Consolidated EBITDA or Total Assets of the   Lead Borrower or the Person subject to such Limited Condition Transaction, at   or prior to the consummation of the relevant transaction or action, such   baskets, tests or ratios will not be deemed to have failed to have been   complied with as a result of such fluctuations. If the Lead Borrower has made   an LCT Election for any Limited Condition Transaction, then in connection   with any calculation of any ratio, test or basket availability with respect   to the incurrence of Indebtedness or Liens, the making of Restricted   Payments, the making of any Permitted Investment, mergers, the conveyance,   lease or other transfer of all or substantially all of the assets of the Lead   Borrower, the prepayment, redemption, purchase, defeasance or other   satisfaction of Indebtedness, or the designation of an Unrestricted   Subsidiary (each, a “Subsequent Transaction”) following the relevant LCT Test   Date and prior to the earlier of the date on which such Limited Condition   Transaction is consummated or the date that the definitive agreement or   irrevocable notice for such Limited Condition Transaction is terminated or   expires without consummation of such Limited Condition Transaction, for   purposes of determining whether such Subsequent Transaction is permitted   under this Agreement, any such ratio, test or basket shall be required to be   satisfied on a Pro Forma Basis (i) assuming such Limited Condition   Transaction and other transactions in connection therewith (including any   incurrence of Indebtedness and the use of proceeds thereof) have been   consummated and (ii) assuming such Limited Condition Transaction and other   transactions in connection therewith (including any incurrence of   Indebtedness and the use of proceeds thereof) have not been consummated. (g)   If any Indebtedness bears a floating rate of interest and is being given pro   forma effect, the interest on such Indebtedness shall be calculated as if the   rate in effect on the date of the event for which the calculation of the   Fixed Charge Coverage Ratio is made had been the applicable rate for the   entire period (taking into account any interest hedging arrangements   applicable to such Indebtedness); 66  

    

 

provided, in   the case of repayment of any Indebtedness, to the extent actual interest   related thereto was included during all or any portion of the applicable Test   Period, the actual interest may be used for the applicable portion of such   Test Period. Interest on a Capitalized Lease Obligation shall be deemed to   accrue at an interest rate reasonably determined by a Responsible Officer of   the Lead Borrower to be the rate of interest implicit in such Capitalized   Lease Obligation in accordance with GAAP. Interest on Indebtedness that may   optionally be determined at an interest rate based upon a factor of a prime   or similar rate, a London interbank offered rate, or other rate, shall be   determined to have been based upon the rate actually chosen, or if none, then   based upon such optional rate chosen as the Lead Borrower or Restricted   Subsidiary may designate. Section 1.11 Currency Equivalents. For purposes of   any computation determining compliance with any incurrence or expenditure   tests set forth in Article VI and Article VII (excluding Section 7.11) or any   definitions contained in Section 1.01, any amounts so incurred, expended or   utilized (to the extent incurred, expended or utilized in a currency other   than Dollars) shall be converted into Dollars on the basis of the Exchange   Rate (or on such other basis as is reasonably satisfactory to the   Administrative Agent) as in effect on the date of such incurrence,   expenditure or utilization under any provision of any such Section or   definition that has an aggregate Dollar limitation provided for therein (and   to the extent the respective incurrence, expenditure or utilization test   regulates the aggregate amount outstanding at any time and it is expressed in   terms of Dollars, all outstanding amounts originally incurred or spent in   currencies other than Dollars shall be converted into Dollars on the basis of   the Exchange Rate (or on such other basis as is reasonably satisfactory to   the Administrative Agent) as in effect on the date of any new incurrence,   expenditure or utilization made under any provision of any such Section that   regulates the Dollar amount outstanding at any time). Section 1.12 Exchange   Rate. (a) Not later than 1:00 p.m. (New York, New York time), on each   Calculation Date, the Administrative Agent shall (i) determine the Exchange   Rate as of such Calculation Date and (ii) give notice thereof to the Lead   Borrower. The Exchange Rates so determined shall become effective on the   first Business Day immediately following the relevant Calculation Date (a   “Reset Date”) or other date of determination, shall remain effective until   the next succeeding Reset Date, and shall for all purposes of Section 2.03 be   the Exchange Rates employed in converting any amounts between Dollars and an   Alternative Currency (or any other currency other than Dollars). (b) Not   later than 5:00 p.m. (New York, New York time), on each Reset Date, the   Administrative Agent shall (i) determine the Outstanding Amount of the L/C   Obligations and (ii) notify the Revolving Credit Lenders, each L/C Issuer and   the Borrower of the results of such determination. Section 1.13 Additional   Alternative Currencies. (a) The Borrowers may from time to time request that   Letters of Credit be issued in a currency other than those specifically   listed in the definition of “Alternative Currency”; provided that such   requested currency is a lawful currency (other than Dollars) that is readily   available and freely transferable and convertible into Dollars. In the case   of any such request, such request shall be subject to the approval of the   Administrative Agent and the relevant L/C Issuer. (b) Any such request shall   be made to the Administrative Agent not later than 11:00 a.m. (New York, New   York time), fifteen (15) Business Days prior to the date of the desired L/C   Credit Extension (or such other time or date as may be agreed by the   Administrative Agent and the L/C Issuer, in their sole discretion). The   Administrative Agent shall promptly notify the relevant L/C Issuer thereof.   The relevant L/C Issuer shall notify the Administrative Agent, not later than   11:00 a.m. (New York, New York time), seven (7) Business Days after receipt   of such request whether it consents, in its sole discretion, to the issuance   of Letters of Credit in such requested currency. 67  

    

 

(c) Any failure   by the relevant L/C Issuer to respond to such request within the time period   specified in preceding clause (b) of this Section 1.13 shall be deemed to be   a refusal by such L/C Issuer to permit Letters of Credit to be issued in such   requested currency. If the Administrative Agent and the relevant L/C Issuer each   consent to the issuance of Letters of Credit in such requested currency, the   Administrative Agent shall so notify the Lead Borrower and such currency   shall thereupon be deemed for all purposes to be an Alternative Currency   hereunder for purposes of any Letter of Credit issued by the relevant L/C   Issuer. If the Administrative Agent shall fail to obtain consent to any   request for an additional currency under this Section 1.13, the   Administrative Agent shall promptly so notify the Lead Borrower. Section 1.14   Cashless Settlement (a) Each Lender that has elected on its respective   signature page to this Agreement to exchange its Term Loans under the   Existing Credit Agreement (each an “Existing Rollover Term Loan”) for Term B   Loans (each such Lender, a “Rolling Lender”) hereby agrees that such exchange   shall occur on the Closing Date with and pursuant to the terms set forth in   the Cashless Settlement Letter in the form of Exhibit M hereto. Each Rolling   Lender authorizes and instructs DBNY to enter into the Cashless Settlement   Letter on such Rolling Lender’s behalf. (b) Notwithstanding anything to the   contrary contained in this Agreement, any Lender may exchange, continue,   convert or rollover all or any portion of its Loans in connection with any   refinancing, replacement, extension, loan modification or similar transaction   permitted by the terms of this Agreement, pursuant to a cashless settlement   mechanism approved by the Borrowers, the Administrative Agent and such   Lender. ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS Section 2.01 The   Loans. (a) The Term Borrowings. (i) Subject to the terms and conditions set   forth herein, each Term Lender (other than a Rolling Lender) with a Term B   Commitment severally agrees to make to the Borrowers on the Closing Date one   or more loans denominated in Dollars in an aggregate amount not to exceed the   amount of such Term Lender’s Term B Commitment. (ii) Subject to the terms and   conditions set forth herein and in the Cashless Settlement Letter, each   Rolling Lender hereby agrees that, on the Closing Date, the amount of   Existing Term Loans held by each Rolling Lender (or such lesser amount   allocated to such Rolling Lender by the Administrative Agent) shall be   exchanged for Term B Loans. (iii) Subject to the terms and conditions set forth   in any Incremental Amendment or Refinancing Amendment providing for, as   applicable, the making, exchange, renewal, replacement or refinancing of Term   Loans, each Term Lender party thereto severally agrees to, as applicable,   make, exchange, renew, replace or refinance Term Loans on the date specified   therein in an aggregate amount not to exceed the amount of such Term Lender’s   Term Commitment as set forth therein. Amounts borrowed, exchanged, renewed,   replaced or refinanced under this Section 2.01(a) and repaid or prepaid may   not be reborrowed. Term Loans may be Base Rate Loans or LIBO Rate Loans, as   further provided herein. 68  

    

 

(b) The   Revolving Credit Borrowings. Subject to the terms and conditions set forth   herein each Revolving Credit Lender severally agrees to make Revolving Credit   Loans denominated in Dollars or Euros as elected by the Borrowers pursuant to   Section 2.02 to the Borrowers from its applicable Lending Office (each such   loan, a “Revolving Credit Loan”) from time to time, on any Business Day   during the period from the Closing Date until the Maturity Date, in an   aggregate Dollar Amount not to exceed at any time outstanding the amount of   such Lender’s Revolving Credit Commitment; provided that after giving effect   to any Revolving Credit Borrowing the aggregate Outstanding Amount of the   Revolving Credit Loans of any Lender, plus such Lender’s Pro Rata Share of   the Outstanding Amount of all L/C Obligations, plus such Lender’s Pro Rata   Share of the Outstanding Amount of all Swing Line Loans shall not exceed such   Lender’s Revolving Credit Commitment. Within the limits of each Lender’s   Revolving Credit Commitments, and subject to the other terms and conditions   hereof, the Borrowers may borrow under this Section 2.01(b), prepay under   Section 2.05, and reborrow under this Section 2.01(b) until the Maturity   Date. Revolving Credit Loans may be Base Rate Loans (if denominated in Dollars)   or LIBO Rate Loans, as further provided herein. Section 2.02 Borrowings,   Conversions and Continuations of Loans. (a) Each Term Borrowing, each   Revolving Credit Borrowing, each conversion of Term Loans or Revolving Credit   Loans from one Type to the other, and each continuation of LIBO Rate Loans   shall be made upon the Lead Borrower’s irrevocable notice to the   Administrative Agent, which may be given by telephone. Each such notice must   be received by the Administrative Agent not later than 12:30 p.m. (New York,   New York time, in the case of Borrowings denominated in Dollars, or London   time, in the case of any Borrowing denominated in Euros) (i) three (3)   Business Days prior to the requested date of any Borrowing of or conversion   of Base Rate Loans to LIBO Rate Loans denominated in Dollars, (ii) three (3)   Business Days prior to the requested date of any Borrowing or continuation of   LIBO Rate Loans denominated in Euros and (iii) one (1) Business Day before   the requested date of any Borrowing of Base Rate Loans or conversion of LIBO   Rate Loans denominated in Dollars to Base Rate Loans. Each telephonic notice   by the Lead Borrower pursuant to this Section 2.02(a) must be confirmed   promptly by delivery to the Administrative Agent of a written Committed Loan   Notice, appropriately completed and signed by a Responsible Officer of the   Lead Borrower. Each Borrowing of, conversion to or continuation of LIBO Rate   Loans shall be in a minimum Dollar Amount of $1,000,000 or a whole multiple   of a Dollar Amount of $250,000 in excess thereof. Except as provided in   Section 2.03(c) or Section 2.04(c), each Borrowing of or conversion to Base   Rate Loans shall be in a minimum Dollar Amount of $500,000 or a whole   multiple of a Dollar Amount of $100,000 in excess thereof. Each Committed   Loan Notice (whether telephonic or written) shall specify (i) whether the   Borrowers are requesting a Term Borrowing, a Revolving Credit Borrowing, a   conversion of Term Loans or Revolving Credit Loans from one Type to the   other, or a continuation of LIBO Rate Loans, (ii) the requested date of the   Borrowing, conversion or continuation, as the case may be (which shall be a   Business Day), (iii) the principal amount of Loans to be borrowed, converted   or continued, (iv) in the case of Revolving Credit Loans, the currency in   which the Revolving Credit Loans to be borrowed are to be denominated, (v)   the Type of Loans to be borrowed or to which existing Term Loans or Revolving   Credit Loans (which in the case of Revolving Credit Loans denominated in   Euros shall be LIBO Rate Loans) are to be converted and (vi) if applicable,   the duration of the Interest Period with respect thereto. If (x) with respect   to LIBO Rate Loans denominated in Dollars, the Lead Borrower fails to specify   a Type of Loan in a Committed Loan Notice or if the Lead Borrower fails to   give a timely notice requesting a conversion or continuation, then the   applicable Class of Term Loans or Revolving Credit Loans shall be made as, or   converted to, Base Rate Loans or (y) with respect to LIBO Rate Loans   denominated in Euros, the Lead Borrower fails to give a timely notice   requesting a continuation, then the applicable Class of Revolving Credit   Loans shall be continued as LIBO Rate Loans with an Interest Period of one   month. Any such automatic conversion pursuant to the immediately preceding   sentence shall be effective as of the last day of the Interest Period then in   effect with respect to the applicable LIBO Rate Loans. If the Lead Borrower   requests a Borrowing of, conversion to, or continuation of LIBO Rate Loans in   any such Committed Loan Notice, but fails to 69  

    

 

specify an   Interest Period (or fails to give a timely notice requesting a continuation   of LIBO Rate Loans denominated in Euros), it will be deemed to have specified   an Interest Period of one (1) month. If no currency is specified, the   requested Borrowing shall be in Dollars. (b) Following receipt of a Committed   Loan Notice, the Administrative Agent shall promptly notify each Lender of   the amount of its Pro Rata Share of the applicable Class of Loans, and if no   timely notice of a conversion or continuation is provided by the Lead   Borrower, the Administrative Agent shall notify each Lender of the details of   any automatic conversion to Base Rate Loans or continuation described in   Section 2.02(a). In the case of each Borrowing, each Appropriate Lender shall   make the amount of its Loan available to the Administrative Agent in the   applicable currency in Same Day Funds at the Administrative Agent’s Office   not later than 1:00 p.m. (New York, New York time) in the case of any Loan   denominated in Dollars, and not later than 1:00 p.m. (London time) in the   case of any Loan denominated in Euros, in each case, on the Business Day   specified in the applicable Committed Loan Notice. The Administrative Agent   shall make all funds so received available to the Borrowers in like funds as   received by the Administrative Agent either by (i) crediting the account(s)   of the Borrowers on the books of the Administrative Agent 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 Lead Borrower; provided that if, on the date the   Committed Loan Notice with respect to such Borrowing is given by the Lead   Borrower, there are Swing Line Loans or L/C Borrowings outstanding, then the   proceeds of such Borrowing shall be applied, first, to the payment in full of   any such L/C Borrowing, second, to the payment in full of any such Swing Line   Loans, and third, to the Lead Borrower as provided above (it being understood   that if such Borrowing is of LIBO Rate Loans denominated in Euros, the Lead   Borrower will be deemed to have requested that a portion of such Borrowing in   an amount equal to the aggregate Swing Line Loans or L/C Borrowings that are   to be repaid in accordance with this proviso be denominated in Dollars, and   the Administrative Agent shall notify each Appropriate Lender of such   amount). (c) Except as otherwise provided herein, a LIBO Rate Loan may be   continued or converted only on the last day of an Interest Period for such   LIBO Rate Loan unless the Borrowers pay the amount due, if any, under Section   3.05 in connection therewith. During the existence of an Event of Default, at   the election of the Administrative Agent or the Required Lenders, no Loans   denominated in Dollars may be requested as, converted to or continued as LIBO   Rate Loans. (d) The Administrative Agent shall promptly notify the Lead   Borrower and the Lenders of the interest rate applicable to any Interest   Period for LIBO Rate Loans upon determination of such interest rate. The   determination of the LIBO Rate by the Administrative Agent shall be   conclusive in the absence of manifest error. At any time that Base Rate Loans   are outstanding, the Administrative Agent shall notify the Borrower and the   Lenders of any change in the “prime rate” used in determining the Base Rate   promptly following the public announcement of such change. (e) After giving   effect to all Term Borrowings, all Revolving Credit Borrowings, all   conversions of Term Loans or Revolving Credit Loans from one Type to the   other, and all continuations of Term Loans or Revolving Credit Loans as the   same Type, there shall not be more than ten (10) Interest Periods in effect.   (f) The failure of any Lender to make the Loan to be made by it as part of   any Borrowing shall not relieve any other Lender of its obligation, if any,   hereunder to make its Loan on the date of such Borrowing, but no Lender shall   be responsible for the failure of any other Lender to make the Loan to be   made by such other Lender on the date of any Borrowing. (g) Each Lender may,   at its option, make any Loan available to any Borrower by causing any foreign   or domestic branch or Affiliate of such Lender to make such Loan; provided   that any 70  

    

 

exercise of   such option shall not affect the obligation of such Borrower to repay such   Loan in accordance with the terms of this Agreement, subject in each case to   Sections 3.01 and 3.04 hereof. Section 2.03 Letters of Credit (a) The Letter   of Credit Commitment. (i) Subject to the terms and conditions set forth   herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the   other Revolving Credit Lenders set forth in this Section 2.03, (1) from time   to time on any Business Day during the period from and including the Closing   Date until the Letter of Credit Expiration Date, to issue Letters of Credit   at sight denominated in Dollars or an Alternative Currency for the account of   the Borrowers (provided, that any Letter of Credit may be for the benefit of   any Subsidiary of the Lead Borrower and may be issued for the joint and   several account of the Lead Borrower and a Restricted Subsidiary to the   extent otherwise permitted by this Agreement; provided further, to the extent   any such Subsidiary is a Non-Loan Party, such Letter of Credit shall be   deemed an Investment in such Subsidiary and shall only be issued so long as   it is permitted hereunder) and to amend or renew Letters of Credit previously   issued by it, in accordance with Section 2.03(b), and (2) to honor drafts   under the Letters of Credit and (B) the Participating Revolving Credit   Lenders severally agree to participate in Letters of Credit issued pursuant   to this Section 2.03; provided that no L/C Issuer shall be obligated to make   any L/C Credit Extension with respect to any Letter of Credit, and no Lender   shall be obligated to participate in any Letter of Credit if as of the date   of such L/C Credit Extension, (x) the Revolving Credit Exposure of any   Participating Revolving Credit Lender would exceed such Lender’s   Participating Revolving Credit Commitment or (y) the Outstanding Amount of   the L/C Obligations would exceed the Letter of Credit Sublimit. Within the   foregoing limits, and subject to the terms and conditions hereof, the Lead   Borrower’s ability to obtain Letters of Credit shall be fully revolving, and   accordingly the Lead Borrower may, during the foregoing period, obtain   Letters of Credit to replace Letters of Credit that have expired or that have   been drawn upon and reimbursed. All Existing Letters of Credit shall be   deemed to be issued hereunder and shall constitute Letters of Credit subject   to the terms hereof. (ii) An L/C Issuer shall be under no 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 such Letter of Credit, or any Law   applicable to such L/C Issuer or any directive (whether or not having the   force of law) from any Governmental Authority with jurisdiction over such L/C   Issuer shall prohibit, or direct that such L/C Issuer refrain from, the   issuance of letters of credit generally or such 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 Closing   Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or   expense which was not applicable on the Closing Date (for which such L/C   Issuer is not otherwise compensated hereunder); (B) subject to Section   2.03(b)(iii), the expiry date of such requested Letter of Credit would occur more   than twelve (12) months (in the case of standby Letters of Credit) or 180   days (in the case of trade Letters of Credit) after the date of issuance or   last renewal, unless (1) each Appropriate Lender has approved such expiry   date or (2) the Outstanding Amount of L/C Obligations in respect of such   requested Letter of Credit has been Cash Collateralized or back-stopped by a   letter of credit reasonably satisfactory to such L/C Issuer; 71  

    

 

(C) the expiry   date of such requested Letter of Credit would occur after the Letter of   Credit Expiration Date, unless (1) each Appropriate Lender has approved such   expiry date or (2) the Outstanding Amount of L/C Obligations in respect of   such requested Letter of Credit has been Cash Collateralized or back-stopped   by a letter of credit reasonably satisfactory to such L/C Issuer and the   Administrative Agent; (D) such Letter of Credit would support obligations of   the Borrowers or any of its Subsidiaries in respect of the Senior Notes any   Junior Financing or any Equity Interest, or any other obligation of the   Borrowers or any of its Subsidiaries not reasonably satisfactory to the   Administrative Agent; (E) the issuance of such Letter of Credit would violate   any Laws binding upon such L/C Issuer; (F) such Letter of Credit is in an   initial Dollar Amount less than $100,000 (unless otherwise agreed by such L/C   Issuer and the Administrative Agent); (G) any Participating Revolving Credit   Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered   into arrangements reasonably satisfactory to it and the Lead Borrower to   eliminate such L/C Issuer’s actual or potential Fronting Exposure (after   giving effect to Section 2.19(a)(iv)) with respect to the participation in   Letters of Credit by such Defaulting Lender, including by cash   collateralizing such Defaulting Lender’s Pro Rata Share of the L/C   Obligations; and (H) such Letter of Credit is denominated in a currency other   than Dollars or an Alternative Currency. (iii) An L/C Issuer shall be under   no obligation to amend any Letter of Credit if (A) such L/C Issuer would have   no obligation at such time to issue such Letter of Credit in its amended form   under the terms hereof, or (B) the beneficiary of such Letter of Credit does   not accept the proposed amendment to such Letter of Credit. Notwithstanding   anything herein to the contrary, the expiry date of any Letter of Credit   denominated in a currency other than Dollars must be approved by the relevant   L/C Issuer in its sole discretion even if it is less than twelve (12) months   after the date of issuance or last renewal and any Auto-Extension Letter of   Credit denominated in a currency other than Dollars shall be issued only at   the relevant L/C Issuer’s sole discretion. (b) Procedures for Issuance and   Amendment of Letters of Credit; Auto-Extension of Credit. (i) Each Letter of   Credit shall be issued or amended, as the case may be, upon the request of   the Lead Borrower delivered to an L/C Issuer (with a copy to the   Administrative Agent) in the form of a Request for L/C Issuance,   appropriately completed and signed by a Responsible Officer of the Lead   Borrower. Such Request for L/C Issuance must be received by the relevant L/C   Issuer and the Administrative Agent not later than 12:30 p.m. at least two   (2) Business Days prior to the proposed issuance date or date of amendment,   as the case may be; or, in each case, such later date and time as the   relevant L/C Issuer may agree in a particular instance in its sole   discretion. In the case of a request for an initial issuance of a Letter of   Credit, such Request for L/C Issuance shall specify in form and detail   reasonably satisfactory to the relevant L/C Issuer: (a) the proposed issuance   date of the requested Letter of Credit (which shall be a Business Day); (b)   the amount thereof; (c) the expiry date thereof; (d) the name and address of   the beneficiary thereof; (e) the documents to be presented by such   beneficiary in case of any drawing thereunder; (f) the full text of any   certificate to be presented by such beneficiary in case of any drawing   thereunder; (g) the currency (which shall be Dollars or an Alternative   Currency) in which the requested Letter of Credit is to be issued will be   denominated; and (h) such other matters as the relevant L/C Issuer may   reasonably request. In the case of a request for an amendment of any   outstanding Letter of Credit, such Request for L/C Issuance shall specify in   form and detail reasonably satisfactory to 72  

    

 

the relevant   L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of   amendment thereof (which shall be a Business Day); (3) the nature of the   proposed amendment; and (4) such other matters as the relevant L/C Issuer may   reasonably request. (ii) Promptly after receipt of any Request for L/C Issuance,   the relevant L/C Issuer will confirm with the Administrative Agent (by   telephone or in writing) that the Administrative Agent has received a copy of   such Request for L/C Issuance from the Lead Borrower and, if not, such L/C   Issuer will provide the Administrative Agent with a copy thereof. Upon   receipt by the relevant L/C Issuer of confirmation from the Administrative   Agent that the requested issuance or amendment is permitted in accordance   with the terms hereof, then, subject to the terms and conditions hereof, such   L/C Issuer shall, on the requested date, issue a Letter of Credit for the   account of the Borrowers (and, if applicable, its applicable Subsidiary) or   enter into the applicable amendment, as the case may be. Immediately upon the   issuance of each Letter of Credit, each Participating Revolving Credit Lender   shall be deemed to, and hereby irrevocably and unconditionally agrees to,   purchase from the relevant L/C Issuer a risk participation in such Letter of   Credit in an amount equal to the product of such Lender’s Pro Rata Share or   other applicable share provided under this Agreement times the stated amount   of such Letter of Credit. (iii) If the Lead Borrower so requests in any   applicable Request for L/C Issuance, the relevant L/C Issuer shall agree to   issue a Letter of Credit that has automatic extension provisions (each, an   “Auto-Extension Letter of Credit”); provided that any such Auto-Extension   Letter of Credit must permit the relevant 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 at the time such Letter   of Credit is issued. Unless otherwise directed by the relevant L/C Issuer,   the Lead Borrower shall not be required to make a specific request to the   relevant L/C Issuer for any such extension. Once an Auto-Extension Letter of   Credit has been issued, the Lenders shall be deemed to have authorized (but   may not require) the relevant L/C Issuer to permit the extension of such   Letter of Credit at any time to an expiry date that is, unless the   Outstanding Amount of L/C Obligations in respect of such requested Letter of   Credit has been Cash Collateralized or back-stopped by a letter of credit   reasonably satisfactory to the relevant L/C Issuer, not later than the Letter   of Credit Expiration Date; provided that the relevant L/C Issuer shall not   permit any such extension if (A) the relevant L/C Issuer has determined that   it would have no obligation at such time to issue such Letter of Credit in   its extended form under the terms hereof (by reason of the provisions of   Section 2.03(a)(ii) or otherwise), or (B) it has received notice (which may   be by telephone or in writing) on or before the day that is five (5) Business   Days before the Non-extension Notice Date from the Administrative Agent, any   Participating Revolving Credit Lender or the Lead Borrower that one or more   of the applicable conditions specified in Section 4.02 is not then satisfied.   (iv) Promptly after issuance of any Letter of Credit or any amendment to a   Letter of Credit, the relevant L/C Issuer will also deliver to the Lead Borrower   and the Administrative Agent a true and complete copy of such Letter of   Credit or amendment. (c) Drawings and Reimbursements; Funding of   Participations. (i) Upon receipt from the beneficiary of any Letter of Credit   of any notice of a drawing under such Letter of Credit, the relevant L/C   Issuer shall notify promptly the Lead Borrower and the Administrative Agent   thereof. Not later than 11:00 a.m. on the second Business Day following any   payment by the relevant L/C Issuer under a Letter of Credit with notice to   the Lead Borrower (each such date, an “Honor Date”), the Lead Borrower shall   reimburse such L/C Issuer through the Administrative Agent in an amount equal   to the amount of such drawing in Dollars (determined, for purposes of any   Letter of Credit denominated in an Alternative Currency, using the Dollar   Equivalent (determined using the Exchange Rate calculated as of the date when   such payment is due) of such drawing), provided that if such reimbursement is   not made on the date 73  

    

 

of drawing, the   Lead Borrower shall pay interest to the relevant L/C Issuer on such amount at   the rate applicable to Base Rate Loans under the applicable Participating   Revolving Credit Commitments (without duplication of interest payable on L/C   Borrowings). The L/C Issuer shall notify the Lead Borrower of the Dollar   Amount of the drawing promptly following the determination or revaluation   thereof. If the Lead Borrower fails to so reimburse such L/C Issuer by such   time, the Administrative Agent shall promptly notify each Appropriate Lender   of the Honor Date, the amount of the unreimbursed drawing (determined, for   purposes of any Letter of Credit denominated in an Alternative Currency,   using the Dollar Equivalent (determined using the Exchange Rate calculated as   of the date when such payment was due) of such unreimbursed drawing) (such   amount, the “Unreimbursed Amount”), and the amount of such Appropriate   Lender’s Pro Rata Share thereof. In such event, the Borrower shall be deemed   to have requested a Revolving Credit Borrowing of Base Rate Loans to be   disbursed on the Honor Date in an amount equal to the Unreimbursed Amount,   without regard to the minimum and multiples specified in Section 2.02 for the   principal amount of Base Rate Loans, but subject to the amount of the   unutilized portion of the Participating Revolving Credit Commitments of the   Appropriate Lenders and the conditions set forth in Section 4.02 (other than   the delivery of a Committed Loan Notice). Any notice given by an L/C Issuer   or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given   by telephone if immediately confirmed in writing; provided that the lack of   such an immediate confirmation shall not affect the conclusiveness or binding   effect of such notice. (ii) Each Appropriate Lender (including any Lender   acting as an L/C Issuer) shall upon any notice pursuant to Section 2.03(c)(i)   make funds available to the Administrative Agent for the account of the   relevant L/C Issuer in Dollars, at the Administrative Agent’s Office for payments   in an amount equal to its Pro Rata Share or other applicable share provided   under this Agreement of the Unreimbursed Amount not later than 1:00 p.m. on   the Business Day specified in such notice by the Administrative Agent,   whereupon, subject to the provisions of Section 2.03(c)(iii), each   Appropriate Lender that so makes funds available shall be deemed to have made   a Base Rate Loan under the Participating Revolving Credit Commitments to the   Borrowers in such amount. The Administrative Agent shall remit the funds so   received to the relevant L/C Issuer. (iii) With respect to any Unreimbursed   Amount that is not fully refinanced by a Revolving Credit Borrowing of Base   Rate Loans because the conditions set forth in Section 4.02 cannot be   satisfied or for any other reason, the Borrowers shall be deemed to have   incurred from the relevant L/C Issuer an L/C Borrowing in the amount of the   Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be   due and payable on demand (together with interest) and shall bear interest at   the Default Rate. In such event, each Appropriate Lender’s payment to the   Administrative Agent for the account of the relevant L/C Issuer pursuant to   Section 2.03(c)(ii) shall be deemed payment in respect of its participation in   such L/C Borrowing and shall constitute an L/C Advance from such Lender in   satisfaction of its participation obligation under this Section 2.03. (iv)   Until each Appropriate Lender funds its Revolving Credit Loan or L/C Advance   pursuant to this Section 2.03(c) to reimburse the relevant L/C Issuer for any   amount drawn under any Letter of Credit, interest in respect of such Lender’s   Pro Rata Share or other applicable share provided for under this Agreement of   such amount shall be solely for the account of the relevant L/C Issuer. (v)   Each Participating Revolving Credit Lender’s obligation to make Revolving   Credit Loans or L/C Advances to reimburse an L/C Issuer for amounts drawn   under Letters of Credit, as contemplated by this Section 2.03(c), shall be   absolute and unconditional and shall not be affected by any circumstance,   including (A) any setoff, counterclaim, recoupment, defense or other right   which such Lender may have against the relevant L/C Issuer, either Borrower   or any other Person for any reason whatsoever; (B) the occurrence or   continuance of a Default, or the failure to satisfy any of the other   conditions specified in Article IV; (C) any adverse change in the condition   (financial or otherwise) 74  

    

 

 

of the Loan   Parties; (D) any breach of this Agreement or any other Loan Document by   either Borrower, any other Loan Party or any other L/C Issuer; or (E) any   other circumstance, occurrence, event or condition, whether or not similar to   any of the foregoing; provided that each Participating Revolving Credit   Lender’s obligation to make Revolving Credit Loans pursuant to this Section   2.03(c) is subject to the conditions set forth in Section 4.02 (other than   delivery by the Lead Borrower of a Committed Loan Notice). No such making of   an L/C Advance shall relieve or otherwise impair the obligation of the   Borrowers to reimburse the relevant L/C Issuer for the amount of any payment   made by such L/C Issuer under any Letter of Credit, together with interest as   provided herein. (vi) If any Participating Revolving Credit Lender fails to   make available to the Administrative Agent for the account of the relevant   L/C Issuer any amount required to be paid by such Lender pursuant to the   foregoing provisions of this Section 2.03(c) by the time specified in Section   2.03(c)(ii), such L/C Issuer shall be entitled to recover from such Lender   (acting through the Administrative Agent), on demand, such amount with   interest thereon for the period from the date such payment is required to the   date on which such payment is immediately available to such L/C Issuer at a   rate per annum equal to the applicable Overnight Rate from time to time in   effect. A certificate of the relevant L/C Issuer submitted to any Revolving   Credit Lender (through the Administrative Agent) with respect to any amounts   owing under this Section 2.03(c)(vi) shall be conclusive absent manifest   error. (d) Repayment of Participations. A. If, at any time after an L/C   Issuer has made a payment under any Letter of Credit and has received from   any Participating Revolving Credit Lender such Lender’s L/C Advance in   respect of such payment in accordance with Section 2.03(c), the   Administrative Agent receives for the account of such L/C Issuer any payment   in respect of the related Unreimbursed Amount or interest thereon (whether   directly from either Borrower or otherwise, including proceeds of Cash   Collateral applied thereto by the Administrative Agent), the Administrative   Agent will distribute to such Lender its Pro Rata Share or other applicable   share provided for under this Agreement thereof (appropriately adjusted, in   the case of interest payments, to reflect the period of time during which   such Lender’s L/C Advance was outstanding) in the same funds as those   received by the Administrative Agent. (i) If any payment received by the   Administrative Agent for the account of an L/C Issuer pursuant to Section   2.03(c)(i) is required to be returned under any of the circumstances   described in Section 10.06 (including pursuant to any settlement entered into   by such L/C Issuer in its discretion), each Appropriate Lender shall pay to   the Administrative Agent for the account of such L/C Issuer its Pro Rata   Share or other applicable share provided for under this Agreement thereof on   demand of the Administrative Agent, plus interest thereon from the date of   such demand to the date such amount is returned by such Lender, at a rate per   annum equal to the applicable Overnight Rate from time to time in effect. (e)   Obligations Absolute. The obligation of the Borrowers to reimburse the   relevant L/C Issuer for each drawing under each Letter of Credit issued by it   and to repay each L/C Borrowing shall be absolute, unconditional and   irrevocable, and shall be paid strictly in accordance with the terms of this   Agreement under all circumstances, including the following: (i) any lack of   validity or enforceability of such Letter of Credit, this Agreement, or any   other agreement or instrument relating thereto; (ii) the existence of any   claim, counterclaim, setoff, defense or other right that any Loan Party 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), the relevant L/C Issuer or any other Person, whether in   75  

    

 

connection with   this Agreement, the transactions contemplated hereby or by such Letter of   Credit or any agreement or instrument relating thereto, or any unrelated   transaction; (iii) any draft, demand, certificate or other document presented   under such Letter of Credit proving to be forged, fraudulent, invalid or   insufficient in any respect or any statement therein being untrue or   inaccurate in any respect; or any loss or delay in the transmission or   otherwise of any document required in order to make a drawing under such   Letter of Credit; (iv) any payment by the relevant L/C Issuer under such   Letter of Credit against presentation of a draft or certificate that does not   strictly comply with the terms of such Letter of Credit; or any payment made   by the relevant 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; (v) any exchange, release or non-perfection of any Collateral, or   any release or amendment or waiver of or consent to departure from the   Guaranty or any other guarantee, for all or any of the Obligations of any   Loan Party in respect of such Letter of Credit; or (vi) any other   circumstance or happening whatsoever, whether or not similar to any of the foregoing,   including any other circumstance that might otherwise constitute a defense   available to, or a discharge of, any Loan Party; provided that the foregoing   shall not excuse any L/C Issuer from liability to the Lead Borrower to the   extent of any direct damages (as opposed to consequential, punitive, special   or exemplary damages, claims in respect of which are waived by the Lead   Borrower to the extent permitted by applicable Law) suffered by the Lead   Borrower that are caused by such L/C Issuer’s gross negligence or willful   misconduct as determined in a final and non-appealable judgment by a court of   competent jurisdiction when determining whether drafts and other documents   presented under a Letter of Credit comply with the terms thereof. (f) Role of   L/C Issuers. Each Lender and each Borrower agree that, in paying any drawing   under a Letter of Credit, the relevant L/C Issuer shall not have any   responsibility to obtain any document (other than any sight draft,   certificates and documents expressly required by the Letter of Credit) or to   ascertain or inquire as to the validity or accuracy of any such document or   the authority of the Person executing or delivering any such document. None   of the L/C Issuers, any Agent-Related Person nor any of the respective correspondents,   participants or assignees of any L/C Issuer shall be liable to any Lender for   (i) any action taken or omitted in connection herewith at the request or with   the approval of the Lenders or the Lenders holding a majority of the   Participating Revolving Credit Commitments, as applicable; (ii) any action   taken or omitted in the absence of gross negligence or willful misconduct as   determined in a final and non-appealable judgment by a court of competent   jurisdiction; or (iii) the due execution, effectiveness, validity or   enforceability of any document or instrument related to any Letter of Credit   or Request for L/C Issuance. The Borrowers hereby assume all risks of the   acts or omissions of any beneficiary or transferee with respect to its use of   any Letter of Credit; provided that this assumption is not intended to, and   shall not, preclude either Borrower from pursuing such rights and remedies as   it may have against the beneficiary or transferee at law or under any other   agreement. None of the L/C Issuers, any Agent-Related Person, nor any of the   respective correspondents, participants or assignees of any L/C Issuer, shall   be liable or responsible for any of the matters described in clauses (i)   through (vi) of Section 2.03(e); provided that anything in such clauses to   the contrary notwithstanding, 76  

    

 

each Borrower   may have a claim against an L/C Issuer, and such L/C Issuer may be liable to   each Borrower, to the extent, but only to the extent, of any direct, as   opposed to consequential, punitive or exemplary, damages suffered by either   Borrower which such Borrower proves were caused by such L/C Issuer’s willful   misconduct or gross negligence or such L/C Issuer’s willful or grossly   negligent failure to pay under any Letter of Credit after the presentation to   it by the beneficiary of a sight draft and certificate(s) strictly complying   with the terms and conditions of a Letter of Credit, in each case as   determined in a final and non-appealable judgment by a court of competent   jurisdiction. In furtherance and not in limitation of the foregoing, each L/C   Issuer may accept documents that appear on their face to be in order, without   responsibility for further investigation, regardless of any notice or   information to the contrary, and no L/C Issuer shall be responsible for the   validity or sufficiency of any instrument transferring or assigning or   purporting to transfer or assign a Letter of Credit or the rights or benefits   thereunder or proceeds thereof, in whole or in part, which may prove to be   invalid or ineffective for any reason. (g) Cash Collateral. (i) If, as of any   Letter of Credit Expiration Date, any applicable Letter of Credit for any   reason remains outstanding and partially or wholly undrawn, (ii) if any Event   of Default occurs and is continuing and the Administrative Agent or the   Lenders holding a majority of the Participating Revolving Credit Commitments,   as applicable, require the Borrowers to Cash Collateralize the L/C   Obligations pursuant to Section 8.02 or (iii) if an Event of Default set   forth under Section 8.01(f) occurs and is continuing, the Borrowers shall   Cash Collateralize the then Outstanding Amount of all of their (or, in the   case of clause (i), the applicable) L/C Obligations (in an amount equal to   such Outstanding Amount determined as of the date of such Event of Default or   the applicable Letter of Credit Expiration Date, as the case may be), and   shall do so not later than 2:00 P.M., New York City time, on (x) in the case   of the immediately preceding clauses (i) or (ii), (1) the Business Day that   the Lead Borrower receives notice thereof, if such notice is received on such   day prior to 12:00 Noon, New York City time, or (2) if clause (1) above does   not apply, the Business Day immediately following the day that the Lead Borrower   receives such notice and (y) in the case of the immediately preceding clause   (iii), the Business Day on which an Event of Default set forth under Section   8.01(f) occurs or, if such day is not a Business Day, the Business Day   immediately succeeding such day. At any time that there shall exist a   Defaulting Lender, immediately upon the request of the Administrative Agent,   the L/C Issuer or the Swing Line Lender, the Borrowers shall deliver to the   Administrative Agent Cash Collateral in an amount sufficient to cover all   Fronting Exposure (after giving effect to Section 2.19(a)(iv) and any Cash   Collateral provided by the Defaulting Lender).For purposes hereof, “Cash   Collateralize” means to pledge and deposit with or deliver to the   Administrative Agent, for the benefit of the relevant L/C Issuer and the   Appropriate Lenders, as collateral for the relevant L/C Obligations, cash or   deposit account balances (“Cash Collateral”) pursuant to documentation in   form, amount and substance reasonably satisfactory to the Administrative   Agent and the relevant L/C Issuer (which documents are hereby consented to by   the Appropriate Lenders). Derivatives of such term have corresponding   meanings. The Borrowers hereby grant to the Administrative Agent, for the   benefit of the L/C Issuers and the Participating Revolving Credit Lenders, a   security interest in all such cash, deposit accounts and all balances therein   and all proceeds of the foregoing. Cash Collateral shall be maintained in   blocked accounts at the Administrative Agent and may be invested in readily   available Cash Equivalents. If at any time the Administrative Agent   determines that any funds held as Cash Collateral are expressly subject to   any right or claim of any Person other than the Administrative Agent (on   behalf of the Secured Parties) or that the total amount of such funds is less   than the aggregate Outstanding Amount of all relevant L/C Obligations, the   Borrowers will, forthwith upon demand by the Administrative Agent, pay to the   Administrative Agent, as additional funds to be deposited and held in the   deposit accounts at the Administrative Agent as aforesaid, an amount equal to   the excess of (a) such aggregate Outstanding Amount over (b) the total amount   of funds, if any, then held as Cash Collateral that the Administrative Agent   reasonably determines to be free and clear of any such right and claim. Upon   the drawing of any Letter of Credit for which funds are on deposit as Cash   Collateral, such funds shall be applied, to the 77  

    

 

extent permitted   under applicable Law, to reimburse the relevant L/C Issuer. To the extent the   amount of any Cash Collateral exceeds the then Outstanding Amount of such L/C   Obligations and so long as no Event of Default has occurred and is   continuing, the excess shall be refunded to the Lead Borrower. To the extent   any Event of Default giving rise to the requirement to Cash Collateralize any   Letter of Credit pursuant to this Section 2.03(g) is cured or otherwise   waived, then so long as no other Event of Default has occurred and is   continuing, all Cash Collateral pledged to Cash Collateralize such Letter of   Credit shall be refunded to the Lead Borrower. If at any time the   Administrative Agent determines that Cash Collateral is subject to any right   or claim of any Person other than the Administrative Agent as herein   provided, or that the total amount of such Cash Collateral is less than the   applicable Fronting Exposure and other obligations secured thereby, the   Borrowers or the relevant Defaulting Lender will, promptly upon demand by the   Administrative Agent, pay or provide to the Administrative Agent additional   Cash Collateral in an amount sufficient to eliminate such deficiency. In   addition, the Administrative Agent may request at any time and from time to   time after the initial deposit of Cash Collateral that additional Cash   Collateral be provided by the Borrowers in order to protect against the   results of exchange rate fluctuations with respect to Letters of Credit   denominated in currencies other than Dollars. (h) Letter of Credit Fees. The   Borrowers shall pay to the Administrative Agent for the account of each   Participating Revolving Credit Lender in accordance with its Pro Rata Share   or other applicable share provided for under this Agreement a Letter of   Credit fee for each Letter of Credit issued pursuant to this Agreement equal   to the Applicable Margin times the daily maximum amount then available to be   drawn under such Letter of Credit (whether or not such maximum amount is then   in effect under such Letter of Credit if such maximum amount increases   periodically pursuant to the terms of such Letter of Credit); provided,   however, any Letter of Credit fees otherwise payable for the account of   Defaulting Lender with respect to any Letter of Credit as to which such   Defaulting Lender has not provided Cash Collateral satisfactory to the L/C   Issuer pursuant to this Section 2.03 shall be payable, to the maximum extent   permitted by applicable Law, to the other Lenders in accordance with the   upward adjustments in their respective Pro Rata Shares allocable to such   Letter of Credit pursuant to Section 2.19(a)(iv), with the balance of such   fee, if any, payable to the L/C Issuer for its own account. Such Letter of   Credit fees shall be computed on a quarterly basis in arrears. Such Letter of   Credit fees shall be due and payable in Dollars on the last Business Day of   each March, June, September and December, commencing with the first such date   to occur after the issuance of such Letter of Credit, on the applicable   Letter of Credit Expiration Date and thereafter on demand. If there is any   change in the Applicable Margin during any quarter, the daily maximum amount   of each Letter of Credit shall be computed and multiplied by the Applicable   Margin separately for each period during such quarter that such Applicable   Margin was in effect. (i) Fronting Fee and Documentary and Processing Charges   Payable to L/C Issuers. The Borrowers shall pay directly to each L/C Issuer   for its own account a fronting fee with respect to each Letter of Credit   issued by it equal to 0.125% per annum of the maximum amount then available   to be drawn under such Letter of Credit (whether or not such maximum amount   is then in effect under such Letter of Credit if such maximum amount   increases periodically pursuant to the terms of such Letter of Credit). Such   fronting fees shall be computed on a quarterly basis in arrears. Such   fronting fees shall be due and payable in Dollars on the last Business Day of   each of March, June, September and December, commencing with the first such   date to occur after the issuance of such Letter of Credit, on the Letter of   Credit Expiration Date and thereafter on demand. In addition, the Lead   Borrower shall pay directly to each L/C Issuer for its own account with   respect to each Letter of Credit 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 within   ten (10) Business Days of demand and are nonrefundable. 78  

    

 

(j) Conflict   with Request for L/C Issuance. Notwithstanding anything else to the contrary   in this Agreement or any Request for L/C Issuance, in the event of any   conflict between the terms hereof and the terms of any Request for L/C   Issuance, the terms hereof shall control. (k)Addition of an L/C Issuer. A   Revolving Credit Lender reasonably acceptable to the Lead Borrower and the   Administrative Agent may become an additional L/C Issuer hereunder pursuant   to a written agreement among the Lead Borrower, the Administrative Agent and   such Revolving Credit Lender. The Administrative Agent shall notify the   Participating Revolving Credit Lenders of any such additional L/C Issuer. (l)   Existing Letter of Credit. The parties hereto agree that the Existing Letters   of Credit shall be deemed Letters of Credit for all purposes under this   Agreement, without any further action by either Borrower. (m) Provisions   Related to Extended Revolving Credit Commitments. If the Maturity Date in   respect of any Participating Revolving Credit Commitments occurs prior to the   expiry date of any Letter of Credit, then (i) if one or more other   Participating Revolving Credit Commitments are then in effect (or will   automatically be in effect upon such maturity), such Letters of Credit shall   automatically be deemed to have been issued (including for purposes of the   obligations of the Participating Revolving Credit Lenders to purchase   participations therein and to make Revolving Credit Loans and payments in   respect thereof pursuant to Section 2.03(c) and (d)) under (and ratably   participated in by Participating Revolving Credit Lenders pursuant to) the   non-terminating Participating Revolving Credit Commitments up to an aggregate   amount not to exceed the aggregate principal amount of the unutilized Participating   Revolving Credit Commitments at such time (it being understood that no   partial face amount of any Letter of Credit may be so reallocated) and (ii)   to the extent not reallocated pursuant to immediately preceding clause (i)   and unless provisions reasonably satisfactory to the applicable L/C Issuer   for the treatment of such Letter of Credit as a letter of credit under a   successor credit facility have been agreed upon, the Lead Borrower shall, on   or prior to the applicable Maturity Date, cause all such Letters of Credit to   be replaced and returned to the applicable L/C Issuer undrawn and marked   “cancelled” or to the extent that the Lead Borrower is unable to so replace   and return any Letter(s) of Credit, such Letter(s) of Credit shall be secured   by a “back to back” letter of credit from an issuer and in form and substance   reasonably satisfactory to the applicable L/C Issuer or the Lead Borrower   shall Cash Collateralize any such Letter of Credit in accordance with Section   2.03(g). Commencing with the Maturity Date of any Class of Revolving Credit   Commitments, the Letter of Credit Sublimit shall be in an amount agreed   solely with the L/C Issuer. (n) 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   Borrowers shall be obligated to reimburse the applicable L/C Issuer hereunder   for any and all drawings under such Letter of Credit. Each Borrower hereby   acknowledges that the issuance of Letters of Credit for the account of   Subsidiaries inures to the benefit of each Borrower, and that the such   Borrower’s business derives substantial benefits from the businesses of such   Subsidiaries. Section 2.04 Swing Line Loans. (a) Subject to the terms and   conditions set forth herein, the Swing Line Lender agrees to make loans in   Dollars to the Borrowers (each such loan, a “Swing Line Loan”), from time to   time on any Business Day during the period beginning on the Business Day   after the Closing Date until the date which is one Business Day prior to the   Maturity Date of the Participating Revolving Credit Commitments (taking into   account the Maturity Date of any Participating Revolving Credit Commitment   that will automatically come into effect on such Maturity Date) in an   aggregate amount not to exceed at any time outstanding the amount of the   Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans,   when aggregated with the Pro Rata Share or other applicable share provided for   under this Agreement of the Outstanding Amount of Revolving Credit Loans and   L/C 79  

    

 

Obligations of   the Lender acting as Swing Line Lender, may exceed the amount of the Swing   Line Lender’s Revolving Credit Commitment; provided that, after giving effect   to any Swing Line Loan, (i) the Revolving Credit Exposure under such   Participating Revolving Credit Commitments shall not exceed the aggregate   Participating Revolving Credit Commitments, and (ii) the aggregate   Outstanding Amount of the Revolving Credit Loans of any Lender (other than   the Swing Line Lender), plus such Lender’s Pro Rata Share or other applicable   share provided for under this Agreement of the Outstanding Amount of all L/C   Obligations, plus such Lender’s Pro Rata Share or other applicable share   provided for under this Agreement of the Outstanding Amount of all Swing Line   Loans shall not exceed such Lender’s Participating Revolving Credit   Commitment then in effect; provided, further, that the Borrowers shall not   use the proceeds of any Swing Line Loan to refinance any outstanding Swing   Line Loan. Within the foregoing limits, and subject to the other terms and   conditions hereof, the Borrowers may borrow under this Section 2.04, prepay   under Section 2.05, and reborrow under this Section 2.04. Each Swing Line   Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line   Loan, each Participating Revolving Credit Lender shall be deemed to, and   hereby irrevocably and unconditionally agrees to, purchase from the Swing   Line Lender a risk participation in such Swing Line Loan in an amount equal   to the product of such Lender’s Pro Rata Share or other applicable share   provided for under this Agreement times the amount of such Swing Line Loan.   (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the   Lead Borrower’s irrevocable notice to the Swing Line Lender and the   Administrative Agent, which may be given by telephone. Each such notice must   be received by the Swing Line Lender and the Administrative Agent not later   than 1:00 p.m. on the requested borrowing date and shall specify (i) the   amount to be borrowed, which shall be a minimum of $500,000 (and any amount   in excess of $500,000 shall be an integral multiple of $250,000) and (ii) the   requested borrowing date, which shall be a Business Day. Each such telephonic   notice must be confirmed promptly by delivery to the Swing Line Lender and   the Administrative Agent of a written Swing Line Loan Notice, appropriately   completed and signed by a Responsible Officer of the Lead Borrower. Promptly   after receipt by the Swing Line Lender of any Swing Line Loan Notice (by   telephone or in writing), the Swing Line Lender will confirm with the   Administrative Agent (by telephone or in writing) that the Administrative   Agent has also received such Swing Line Loan Notice and, if not, the Swing   Line Lender will notify the Administrative Agent (by telephone or in writing)   of the contents thereof. Unless the Swing Line Lender has received notice (by   telephone or in writing) from the Administrative Agent (including at the   request of any Revolving Credit Lender) prior to 2:00 p.m. on the date of the   proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make   such Swing Line Loan as a result of the limitations set forth in the first   proviso to the first sentence of Section 2.04(a), or (B) that one or more of   the 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 5:00 p.m. on the borrowing date specified in such Swing Line   Loan Notice, make the amount of its Swing Line Loan available to the Lead   Borrower. Notwithstanding anything to the contrary contained in this Section   2.04 or elsewhere in this Agreement, the Swing Line Lender shall not be   obligated to make any Swing Line Loan at any time when a Participating   Revolving Credit Lender is a Defaulting Lender unless the Swing Line Lender   has entered into arrangements reasonably satisfactory to it and the Lead Borrower   to eliminate the Swing Line Lender’s Fronting Exposure (after giving effect   to Section 2.19(a)(iv)) with respect to the Defaulting Lender’s or Defaulting   Lenders’ participation in such Swing Line Loans, including Cash   Collateralizing, or obtaining backstop letter of credit from an issuer and in   form and substance reasonably satisfactory to the Swing Line Lender to   support, such Defaulting Lender’s or Defaulting Lenders’ Pro Rata Share of   the outstanding Swing Line Loans or other applicable share provided for under   this Agreement. The Borrowers shall repay to the Swing Line Lender each   Defaulting Lender’s portion (after giving effect to Section 2.19(a)(iv)) of   each Swing Line Loan promptly following demand by the Swing Line Lender. 80  

    

 

(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 Borrowers (who hereby   irrevocably authorize the Swing Line Lender to so request on its behalf),   that each Participating Revolving Credit Lender make a Base Rate Loan in an   amount equal to such Lender’s Pro Rata Share or other applicable share   provided for under this Agreement of the amount of Swing Line Loans of the   Borrowers then outstanding. Such request shall be made in writing (which   written request shall be deemed to be a Committed Loan Notice for purposes   hereof) and in accordance with the requirements of Section 2.02, without   regard to the minimum and multiples specified therein for the principal   amount of Base Rate Loans, but subject to the unutilized portion of the   aggregate Participating Revolving Credit Commitments and the conditions set   forth in Section 4.02. The Swing Line Lender shall furnish the Lead Borrower   with a copy of the applicable Committed Loan Notice promptly after delivering   such notice to the Administrative Agent. Each Participating Revolving Credit   Lender shall make an amount equal to its Pro Rata Share or other applicable   share provided for under this Agreement of the amount specified in such   Committed Loan Notice available to the Administrative Agent in Same Day Funds   for the account of the Swing Line Lender at the Administrative Agent’s Office   not later than 1:00 p.m. on the day specified in such Committed Loan Notice, whereupon,   subject to Section 2.04(c)(ii), each Participating Revolving Credit Lender   that so makes funds available shall be deemed to have made a Base Rate Loan,   as applicable, to the Borrowers in such amount. The Administrative Agent   shall remit the funds so received to the Swing Line Lender. Upon the   remission by the Administrative Agent to the Swing Line Lender of the full   amount specified in such Committed Loan Notice, the Borrowers shall be deemed   to have repaid the applicable Swing Line Loan. (ii) If for any reason any   Swing Line Loan cannot be refinanced by such a Revolving Credit Borrowing in   accordance with Section 2.04(c)(i), the request for 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 Participating Revolving Credit   Lenders fund its risk participation in the relevant Swing Line Loan and each   Participating Revolving Credit 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   Participating Revolving Credit Lender fails to make available to the   Administrative Agent for the account of the Swing Line Lender any amount   required to be paid by such Lender pursuant to the foregoing provisions of   this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing   Line Lender shall be entitled to recover from such Lender (acting through the   Administrative Agent), on demand, such amount with interest thereon for the   period from the date such payment is required to the date on which such   payment is immediately available to the Swing Line Lender at a rate per annum   equal to the applicable Overnight Rate from time to time in effect. If such   Participating Revolving Credit Lender pays such amount, the amount so paid   shall constitute such Lender’s Revolving Credit Loan included in the relevant   Borrowing or funded participation in the relevant Swing Line Loan, as the   case may be. A certificate of the Swing Line Lender submitted to any Lender   (through the Administrative Agent) with respect to any amounts owing under   this clause (iii) shall be conclusive absent manifest error. (iv) Each   Participating Revolving Credit Lender’s obligation to make Revolving Credit   Loans or to purchase and fund risk participations in Swing Line Loans   pursuant to this Section 2.04(c) shall be absolute and unconditional and   shall not be affected by any circumstance, including (A) any setoff,   counterclaim, recoupment, defense or other right which such Lender may have   against the Swing Line Lender, either Borrower or any other Person for any   reason whatsoever, (B) the occurrence or continuance of a Default or the   failure to satisfy any condition in Article IV, (C) any adverse change in the   condition (financial or otherwise) of the Loan Parties, (D) any breach of   this Agreement, or (E) any other occurrence, event or condition, whether or   not similar to any of the foregoing; provided that each Participating Revolving   Credit Lender’s obligation to make Revolving 81  

    

 

Credit Loans   pursuant to this Section 2.04(c) (but not to purchase and fund risk   participations in Swing Line Loans) 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 either Borrower to repay the applicable   Swing Line Loans, together with interest as provided herein. (d) Repayment of   Participations. (i) At any time after any Participating Revolving Credit   Lender has purchased and funded a risk participation in a Swing Line Loan, if   the Swing Line Lender receives any payment on account of such Swing Line   Loan, the Swing Line Lender will distribute to such Lender its Pro Rata Share   or other applicable share provided for under this Agreement of such payment   (appropriately adjusted, in the case of interest payments, to reflect the   period of time during which such Lender’s risk participation was funded) in   the same funds as those received by the Swing Line Lender. (ii) If any   payment received by the Swing Line Lender in respect of principal or interest   on any Swing Line Loan is required to be returned by the Swing Line Lender   under any of the circumstances described in Section 10.06 (including pursuant   to any settlement entered into by the Swing Line Lender in its discretion),   each Participating Revolving Credit Lender shall pay to the Swing Line Lender   its Pro Rata Share or other applicable share provided for under this   Agreement 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. (e)   Interest for Account of Swing Line Lender. The Swing Line Lender shall be   responsible for invoicing the Lead Borrower for interest on the Swing Line   Loans. Until each Participating Revolving Credit Lender funds its Base Rate   Loan or risk participation pursuant to this Section 2.04 to refinance such   Lender’s Pro Rata Share or other applicable share provided for under this   Agreement of any Swing Line Loan, interest in respect of such Pro Rata Share   or other applicable share provided for under this Agreement shall be solely   for the account of the Swing Line Lender. (f) Payments Directly to Swing Line   Lender. The Borrowers shall make all payments of principal and interest in   respect of the Swing Line Loans directly to the Swing Line Lender. (g) Provisions   Related to Extended Revolving Credit Commitments. If the Maturity Date shall   have occurred in respect of any Participating Revolving Credit Commitments   (the “Expiring Credit Commitment”) at a time when Participating Revolving   Credit Commitments are in effect (or will automatically be in effect upon   such maturity) with a longer maturity date (each a “non-Expiring Credit   Commitment” and collectively, the “non-Expiring Credit Commitments”), then   each outstanding Swing Line Loan on the earliest occurring Maturity Date   shall be deemed reallocated to the non-Expiring Credit Commitments on a pro   rata basis; provided that (x) to the extent that the amount of such   reallocation would cause the aggregate credit exposure to exceed the   aggregate amount of such non-Expiring Credit Commitments, immediately prior   to such reallocation (after giving effect to any repayments of Revolving   Credit Loans and any reallocation of Letter of Credit participations as   contemplated in Section 2.03(m)) the amount of Swing Line Loans to be   reallocated equal to such excess shall be repaid or cash collateralized in a   manner reasonably satisfactory to the Swing Line Lender and (y)   notwithstanding the foregoing, if a Default has occurred and is continuing,   the Lead Borrower shall still be obligated to pay Swing Line Loans allocated   to the Participating Revolving Credit Lenders holding the Expiring Credit   Commitments at the Maturity Date of the Expiring Credit Commitments or if the   Loans have been accelerated prior to the Maturity Date of the Expiring Credit   Commitment. Section 2.05 Prepayments. (a) (i) The Borrowers may, upon notice   by the Lead Borrower to the Administrative Agent, at any time or from time to   time voluntarily prepay any Class or Classes of Term Loans and Revolving   Credit Loans of any Class or Classes in whole or in part without premium or   82  

    

 

penalty, except   as set forth in Section 2.05(a)(v); provided that (1) such notice must be   received by the Administrative Agent not later than (A) 12:30 p.m. (New York,   New York time in the case of Loans denominated in Dollars, or London time in   the case of Loans denominated in Euros) three (3) Business Days prior to any   date of prepayment of LIBO Rate Loans (unless otherwise agreed by the   Administrative Agent) and (B) 11:00 a.m. (New York, New York time) on the   date of prepayment of Base Rate Loans; (2) any prepayment of LIBO Rate Loans   shall be in a principal Dollar Amount of $1,000,000, or a whole multiple of   $250,000 in excess thereof; and (3) any prepayment of Base Rate Loans shall   be in a minimum 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 such notice shall specify the date and amount   of such prepayment and the Class(es) and Type(s) of Loans and the order of   Borrowing(s) to be prepaid. The Administrative Agent will promptly notify   each Appropriate Lender of its receipt of each such notice, and of the amount   of such Lender’s Pro Rata Share of such prepayment. If such notice is given   by the Lead Borrower, the Borrowers shall make such prepayment and the   payment amount specified in such notice shall be due and payable on the date   specified therein. Any prepayment of a LIBO Rate Loan shall be accompanied by   all accrued interest thereon, together with any additional amounts required   pursuant to Section 3.05. In the case of each prepayment of Loans pursuant to   this Section 2.05(a), the Borrower may in its sole discretion select the   Borrowing or Borrowings to be repaid, and such payment shall be paid to the   Appropriate Lenders in accordance with their respective Pro Rata Shares or   other applicable share provided for under this Agreement. (ii) The Borrowers   may, upon notice by the Lead Borrower to the Swing Line Lender (with a copy   to the Administrative Agent), at any time or from time to time, voluntarily   prepay Swing Line Loans in whole or in part without premium or penalty;   provided that (1) such notice must be received by the Swing Line Lender and   the Administrative Agent not later than 1:00 p.m. on the date of the   prepayment, and (2) any such prepayment shall be in a minimum principal   amount of $500,000 or a whole multiple of $250,000 in excess thereof or, if   less, the entire principal amount thereof then outstanding. Each such notice   shall specify the date and amount of such prepayment. If such notice is given   by the Lead Borrower, the Borrowers shall make such prepayment and the   payment amount specified in such notice shall be due and payable on the date   specified therein. (iii) Notwithstanding anything to the contrary contained   in this Agreement, the Lead Borrower may rescind any notice of prepayment   under Section 2.05(a)(i) or 2.05(a)(ii) if such prepayment would have   resulted from a refinancing of all of the Facilities, which refinancing shall   not be consummated or shall otherwise be delayed. (iv) Each prepayment of any   Class of Term Loans pursuant to Section 2.05(a)(i) shall reduce future   scheduled amortization payments of principal thereof pursuant to Section   2.07(a) as directed by the Lead Borrower by written notice to the   Administrative Agent at or prior to the time of such prepayment or, to the   extent the Lead Borrower has not provided such notice to the Administrative   Agent by the time of such prepayment, in the direct order of maturity to the   applicable Class of Term Loans. (v) Notwithstanding the foregoing, in the   event that, on or prior to the date that is six (6) months after the Closing   Date, the Borrower (x) prepays, refinances, substitutes or replaces any Term   B Loans pursuant to a Repricing Event (including, for avoidance of doubt, any   prepayment made pursuant to Section 2.05(a) or Section 2.05(b)(iii) that   constitutes a Repricing Event), or (y) effects any amendment of this   Agreement resulting in a Repricing Event, the Lead Borrower shall pay to the   Administrative Agent, for the ratable account of each of the applicable Term   Lenders (subject to the proviso below), (I) in the case of clause (x), a   prepayment premium of 1.00% of the aggregate principal amount of the Term B   Loans so prepaid, refinanced, substituted or replaced and (II) in the case of   clause (y), a fee equal to 1.00% of the aggregate principal amount of the   applicable Term B Loans outstanding immediately prior to such amendment. Such   amounts shall be due and payable on the date of 83  

    

 

effectiveness   of such Repricing Event; provided, however, that for the avoidance of doubt,   in the case of the exercise by the Lead Borrower of its rights under Section   3.07 in connection with a Repricing Transaction effected through an   amendment, the prepayment premium described in the immediately preceding   clause (I) shall be payable to any Lender replaced pursuant to Section 3.07   (and not any Person who replaces such Lender) in respect of the Term B Loans   assigned pursuant to Section 3.07 immediately prior to such Repricing Event.   (b) Mandatory. (i) No later than five days following the date on which   financial statements have been (or are required to be) delivered pursuant to   Section 6.01(a) for each fiscal year of the Lead Borrower (commencing with   the fiscal year ending December 31, 2016) and the related Compliance   Certificate has been (or is required to be) delivered pursuant to Section   6.02(a), the Borrowers shall cause to be prepaid an aggregate amount of Term   Loans (other than Term Loans that are junior to the Term B Loans in right of   security) in an amount equal to (A) the Applicable ECF Percentage of Excess   Cash Flow, if any, for such fiscal year minus (B) the sum of (1) all   voluntary prepayments of Term Loans during such fiscal year (in each case   secured by the Collateral on a pari passu basis with the Term B Loans), (2)   the amount actually paid (but in no event exceeding par) in respect of Term   Loans (in each case secured by the Collateral on a pari passu basis with the   Term B loans) purchased pursuant to Section 2.14 and Section 2.15 and (3) all   voluntary prepayments of Revolving Credit Loans during such fiscal year to   the extent the Revolving Credit Commitments are permanently reduced by the   amount of such payments, in the case of each of the immediately preceding   clauses (1) through (3), to the extent such prepayments are funded with   Internally Generated Cash of the applicable Borrower(s) (the difference of   (A) minus (B), the “ECF Prepayment Amount”); provided, however, that if at   the time that any such prepayment would be required, either Borrower (or any   Restricted Subsidiary of the Lead Borrower) is required to prepay or offer to   repurchase any Incremental Equivalent Debt or any Refinancing Equivalent   Debt, in each case that is secured by the Collateral on a pari passu basis,   and pari passu in right of payment, with the Obligations under Term B Loans   and Revolving Credit Loans, pursuant to the terms of the documentation   governing such Indebtedness (such Incremental Equivalent Debt or Refinancing   Equivalent Debt required to be so prepaid or offered to be so repurchased,   “Other Applicable Indebtedness”) with any portion of the ECF Prepayment   Amount, then such Borrower may apply such portion of the ECF Prepayment   Amount on a pro rata basis (determined on the basis of the aggregate   outstanding principal amount of the Term Loans (other than Term Loans that   are junior to the Term B Loans in right of security) and Other Applicable   Indebtedness at such time; provided, that the portion of such ECF Prepayment   Amount allocated to the Other Applicable Indebtedness shall not exceed the   amount of such ECF Prepayment Amount required to be allocated to the Other   Applicable Indebtedness pursuant to the terms thereof, and the remaining   amount, if any, of such ECF Prepayment Amount shall be allocated to the Term   Loans (other than Term Loans that are junior to the Term B Loans in right of   security) in accordance with the terms hereof) to the prepayment of the Term   Loans (other than Term Loans that are junior to the Term B Loans in right of   security) and to the repurchase or prepayment of Other Applicable   Indebtedness, and the amount of prepayment of the Loans that would have   otherwise been required pursuant to this Section 2.05(b)(i) shall be reduced   accordingly; provided, further, that to the extent the holders of Other   Applicable Indebtedness decline to have such indebtedness repurchased or   prepaid, the declined amount shall promptly (and in any event within ten (10)   Business Days after the date of such rejection) be applied to prepay the Term   Loans (other than Term Loans that are junior to the Term B Loans in right of   security) in accordance with the terms hereof. (ii) If (1) the Lead Borrower   or any Restricted Subsidiary of the Lead Borrower Disposes of any property or   assets (other than any Disposition of any property or assets permitted by   Section 7.05(a), (b), (c), (d), (e), (f), (g), (h), (i), (k), (l), (o), (p),   (r) or (s)) or (2) any Casualty Event occurs, which results in the   realization or receipt by the Lead Borrower or any Restricted Subsidiary of   Net Proceeds, the Borrowers shall cause to be prepaid on or prior to the date   which is five (5) Business Days after the date of the realization or receipt   by the Lead Borrower or any Restricted 84    

    

 

 

Subsidiary of   such Net Proceeds an aggregate principal amount of Term Loans (other than   Term Loans that are junior to the Term B Loans in right of security) in an   amount equal to 100% of all Net Proceeds realized or received; provided that   if at the time that any such prepayment would be required, either Borrower   (or any Restricted Subsidiary) is required to prepay or offer to repurchase   any Other Applicable Indebtedness, then such Borrower may apply such portion   of such Net Proceeds on a pro rata basis (determined on the basis of the   aggregate outstanding principal amount of the Term Loans (other than Term   Loans that are junior to the Term B Loans in right of security) and Other   Applicable Indebtedness at such time; provided that the portion of such Net   Proceeds allocated to the Other Applicable Indebtedness shall not exceed the   amount of such Net Proceeds required to be allocated to the Other Applicable   Indebtedness pursuant to the terms thereof, and the remaining amount, if any,   of such Net Proceeds shall be allocated to the Term Loans (other than Term   Loans that are junior to the Term B Loans in right of security) in accordance   with the terms hereof) to the prepayment of the Term Loans (other than Term   Loans that are junior to the Term B Loans in right of security) and to the   repurchase or prepayment of Other Applicable Indebtedness, and the amount of   prepayment of the Term Loans that would have otherwise been required pursuant   to this Section 2.05(b)(ii) shall be reduced accordingly; provided, further,   that to the extent the holders of Other Applicable Indebtedness decline to   have such indebtedness repurchased or prepaid, the declined amount shall   promptly (and in any event within ten (10) Business Days after the date of   such rejection) be applied to prepay the Term Loans (other than Term Loans   that are junior to the Term B Loans in right of security) in accordance with   the terms hereof. (iii) If either Borrower or any Restricted Subsidiary   incurs or issues (x) any Refinancing Term Loans (or Refinancing Equivalent   Debt) resulting in Net Proceeds (as opposed to Refinancing Term Loans or   Refinancing Equivalent Debt arising out of a cashless exchange of existing   Term Loans for such Refinancing Term Loans or Refinancing Equivalent Debt) or   (y) any other Indebtedness not described in the preceding clause (x) (other   than, in the case of this clause (y), Indebtedness not prohibited under   Section 7.03), the Borrowers shall cause to be prepaid an aggregate principal   amount of Term Loans (other than Term Loans that are junior to the Term B   Loans in right of security) in an amount equal to 100% of all Net Proceeds   received therefrom on or prior to the date which is five (5) Business Days   after such Net Proceeds are received by the Lead Borrower or such Restricted Subsidiary.   (iv) (v) [Reserved]. If for any reason the aggregate Revolving Credit   Exposures at any time exceeds the aggregate Revolving Credit Commitments then   in effect, the Borrowers shall promptly prepay or cause to be promptly   prepaid Revolving Credit Loans and Swing Line Loans and/or Cash Collateralize   the L/C Obligations in an aggregate amount equal to such excess; provided   that the Borrowers shall not be required to Cash Collateralize the L/C   Obligations pursuant to this Section 2.05(b)(v) unless after the prepayment   in full of the Revolving Credit Loans and Swing Line Loans such aggregate   Revolving Credit Exposures exceed the aggregate Revolving Credit Commitments   then in effect; and provided, further, that notwithstanding the foregoing, if   the sum of the aggregate Outstanding Amount of Revolving Credit Loans, Swing   Line Loans and L/C Obligations exceeds the aggregate amount of Revolving   Credit Commitments then in effect by less than 5.0%, and any such excess is   due solely to movements in currency exchange rates, then the Borrowers shall   not be required to take the foregoing actions to eliminate any such excess.   (vi) Each prepayment of Term Loans pursuant to this Section 2.05(b) (A) shall   be applied either (x) ratably to each Class of Term Loans then outstanding   (other than any such Term Loans that are junior to the Term B Loans in right   of security) or (y) as requested by the Lead Borrower in the notice delivered   pursuant to clause (vii) below, to any Class or Classes of Term Loans with a   Maturity Date preceding the Maturity Date of the remaining Classes of Term   Loans then outstanding, (B) shall be applied, with respect to future   amortization applicable to each such Class for 85  

    

 

which   prepayments will be made, in a manner determined at the discretion of the   Lead Borrower in the applicable notice and, if not specified, in direct order   of maturity to repayments thereof required pursuant to Section 2.07(a) and   (C) shall be paid to the Appropriate Lenders in accordance with their respective   Pro Rata Share (or other applicable share provided by this Agreement) of each   such Class of Term Loans, subject to clause (vii) of this Section   2.05(b).Notwithstanding clause (A) above, (1) in the case of prepayments   pursuant to Section 2.05(b)(iii)(x), such prepayment shall be applied in   accordance with this clause (vi) solely to those applicable Classes of Term   Loans selected by the Lead Borrower and specified in the applicable   Refinancing Amendment or notice (i.e., the applicable Refinanced Debt or Refinanced   Term Loans) and (2) any Incremental Amendment, Refinancing Amendment or   Extension Amendment may provide (including on an optional basis as elected by   the Lead Borrower) for a less than ratable application of prepayments to any   Class of Term Loans established thereunder. (vii) The Lead Borrower shall   notify the Administrative Agent in writing of any mandatory prepayment of   Term Loans required to be made pursuant to clauses (i) through (iii) of this   Section 2.05(b) at least three (3) Business Days prior to the date of such   prepayment. Each such notice shall specify the date of such prepayment and   provide a reasonably detailed calculation of the amount of such prepayment.   The Administrative Agent will promptly notify each Appropriate Lender of the contents   of the Lead Borrower’s prepayment notice and of such Appropriate Lender’s Pro   Rata Share of the prepayment. Each Term Lender may reject all or a portion of   its Pro Rata Share of any mandatory prepayment (such declined amounts, the   “Declined Proceeds”) of Term Loans required to be made pursuant to clauses   (i), (ii) and (iii)(y) of this Section 2.05(b) by providing written notice   (each, a “Rejection Notice”) to the Administrative Agent and the Lead   Borrower no later than 5:00 p.m. one Business Day after the date of such   Lender’s receipt of notice from the Administrative Agent regarding such   prepayment. Each Rejection Notice from a given Lender shall specify the   principal amount of the mandatory repayment of Term Loans to be rejected by   such Lender. If a Term Lender fails to deliver a Rejection Notice to the   Administrative Agent within the time frame specified above or such Rejection   Notice fails to specify the principal amount of the Term Loans to be   rejected, any such failure will be deemed an acceptance of the total amount   of such mandatory prepayment of Term Loans. Any Declined Proceeds shall be   offered to the Term Lenders not so declining such prepayment on a pro rata   basis in accordance with the amounts of the Term Loans of such Lender (with   such non-declining Term Lenders having the right to decline any prepayment   with Declined Proceeds at the time and in the manner specified by the   Administrative Agent). To the extent such non-declining Term Lenders elect to   decline their Pro Rata Share of such Declined Proceeds, any Declined Proceeds   remaining thereafter shall be retained by the Borrowers (such remaining   Declined Proceeds, the “Borrower Retained Prepayment Amounts”). (viii)   Funding Losses, Etc. All prepayments under this Section 2.05 shall be made together   with, in the case of any such prepayment of a LIBO Rate Loan on a date other   than the last day of an Interest Period therefor, any amounts owing in   respect of such LIBO Rate Loan pursuant to Section 3.05. Notwithstanding any   of the other provisions of Section 2.05(b), so long as no Event of Default   shall have occurred and be continuing, if any prepayment of LIBO Rate Loans   is required to be made under this Section 2.05(b), prior to the last day of   the Interest Period therefor, the Borrowers may, in their sole discretion,   deposit the amount of any such prepayment otherwise required to be made   thereunder into a Cash Collateral Account until the last day of such Interest   Period, at which time the Administrative Agent shall be authorized (without   any further action by or notice to or from either Borrower or any other Loan   Party) to apply such amount to the prepayment of such Loans in accordance   with this Section 2.05(b). Upon the occurrence and during the continuance of   any Event of Default, the Administrative Agent shall also be authorized   (without any further action by or notice to or from either Borrower or any   other Loan Party) to apply such amount to the prepayment of the outstanding   Loans in accordance with this Section 2.05(b). 86  

    

 

(ix) Limitation   of Prepayment Obligations. Notwithstanding any other provisions of this   Section 2.05(b), (i) to the extent any or all of the Net Proceeds of any   Disposition by a Foreign Subsidiary (“Foreign Asset Sale”), the Net Proceeds   of any Casualty Event incurred by a Foreign Subsidiary (“Foreign Recovery   Event”) or Excess Cash Flow attributable to Foreign Subsidiaries are   prohibited or delayed by any applicable local law or applicable   Organizational Documents of such Foreign Subsidiary (including, without   limitation, financial assistance, corporate benefit restrictions on   upstreaming of cash intra group and the fiduciary and statutory duties of the   directors of such Foreign Subsidiary) to be repatriated to Luxembourg or   passed on to or used for the benefit of the Borrowers, the portion of such   Net Proceeds of a Foreign Asset Sale, a Foreign Recovery Event or Excess Cash   Flow so affected will not be required to be applied to prepay the Term Loans   at the times provided in this Section 2.05(b) but may be retained by the   applicable Foreign Subsidiary so long, but only so long, as the applicable   local law or applicable organizational documents of such Foreign Subsidiary   will not permit repatriation to Luxembourg or the passing on to or otherwise   using for the benefit of the Borrowers (the Borrowers hereby agreeing to use   all commercially reasonable efforts to overcome or eliminate any such   restrictions on repatriation, passing on or other use for the benefit of the   Borrowers and/or use the other cash sources of the Lead Borrower and its   Restricted Subsidiaries to make the relevant prepayment) and (ii) to the   extent that the Lead Borrower has determined in good faith that repatriation   of any of or all the Net Proceeds of any Foreign Asset Sale, Foreign Recovery   Event or Excess Cash Flow attributable to Foreign Subsidiaries would have   material adverse tax consequences (as reasonably determined in good faith by   the Lead Borrower) with respect to such Net Proceeds or Excess Cash Flow,   such Net Proceeds or Excess Cash Flow so affected will not be required to be   applied to repay Term Loans at the times provided in this Section 2.05(b) but   may be retained by the applicable Foreign Subsidiary. Section 2.06   Termination or Reduction of Commitments. (a) Optional. The Lead Borrower may,   upon written notice to the Administrative Agent, terminate the unused   Commitments of any Class, or from time to time permanently reduce the unused   Commitments of any Class, in each case without premium or penalty; provided   that (i) any such notice shall be received by the Administrative Agent three   (3) Business Days prior to the date of termination or reduction, (ii) any   such partial reduction shall be in a minimum aggregate amount of $1,000,000,   as applicable, or any whole multiple of $250,000, in excess thereof and (iii)   if, after giving effect to any reduction of the Commitments, the Letter of   Credit Sublimit or the Swing Line Sublimit exceeds the amount of the   Revolving Credit Commitments, such sublimit shall be automatically reduced by   the amount of such excess. The amount of any such Commitment reduction shall   not otherwise be applied to the Letter of Credit Sublimit or the Swing Line   Sublimit unless otherwise specified by the Lead Borrower. Notwithstanding the   foregoing, the Lead Borrower may rescind or postpone any notice of   termination of the Commitments if such termination would have resulted from a   refinancing of all of the Facilities, which refinancing shall not be   consummated or otherwise shall be delayed. (b) Mandatory. The Term B   Commitment of each Term Lender shall be automatically and permanently reduced   to $0 upon the funding of Term B Loans to be made by it on the Closing Date.   The Term Commitment of each Term Lender with respect to Incremental Term   Loans, any Refinancing Term Facility or any Extended Term Loans shall be   automatically and permanently reduced to $0 upon the funding of Term Loans to   be made by it on the date set forth in the corresponding Incremental   Amendment, Refinancing Amendment or Extension Amendment. The Revolving Credit   Commitment of each Revolving Credit Lender shall automatically and   permanently terminate on the Maturity Date for the applicable Class of   Revolving Credit Commitments; provided that (x) the foregoing shall not   release any Revolving Credit Lender from any liability it may have for its   failure to fund Revolving Credit Loans, L/C Advances or participations in   Swing Line Loans that were required to be funded by it on or prior to such   Maturity Date and (y) the foregoing will not release any Revolving Credit   Lender from any obligation to fund its portion of L/C Advances or   participations in Swing Line Loans with respect to Letters of Credit issued   or Swing Line Loans made prior to such Maturity Date. 87  

    

 

(c) Application   of Commitment Reductions; Payment of Fees. The Administrative Agent will   promptly notify the Appropriate Lenders of any termination or reduction of   unused portions of the Letter of Credit Sublimit or the Swing Line Sublimit   or the unused Commitments of any Class under this Section 2.06. Upon any   reduction of unused Commitments of any Class, the Commitment of each Lender   of such Class shall be reduced by such Lender’s Pro Rata Share of the amount   by which such Commitments are reduced (other than the termination of the   Commitment of any Lender as provided in Section 3.07). All commitment fees   accrued until the effective date of any termination of the Aggregate   Commitments shall be paid on the effective date of such termination. Section   2.07 Repayment of Loans. (a) Term Loans. (i) The Borrowers shall repay to the   Administrative Agent for the ratable account of the Appropriate Lenders (A)   on the last Business Day of each March, June, September and December,   commencing with the first full fiscal quarter ending after the Closing Date,   an aggregate principal amount equal to 0.25% of the aggregate principal   amount of all Term B Loans as of the Closing Date (which payments shall be   reduced as a result of the application of prepayments in accordance with the   order of priority set forth in Section 2.05 and Section 10.07(n)) and (B) on   the Maturity Date for any Class of Term Loans, the aggregate principal amount   of all Term Loans of such Class outstanding on such date. (b) Revolving   Credit Loans. The Borrowers shall repay to the Administrative Agent for the   ratable account of the Appropriate Lenders on the Maturity Date for any Class   of Revolving Credit Commitments the aggregate outstanding principal amount of   all Revolving Credit Loans made in respect of such Class of Revolving Credit   Commitments. (c) Swing Line Loans. The Lead Borrower shall repay the   aggregate principal amount of its Swing Line Loans on the earlier to occur of   (i) the date five (5) Business Days after such Loan is made and (ii) the   Latest Maturity Date for the Participating Revolving Credit Commitments.   Section 2.08 Interest. (a) Subject to the provisions of Section 2.08(b), (i)   each Term Loan or Revolving Credit Loan, as applicable, that is maintained as   a LIBO Rate Loan shall bear interest on the outstanding principal amount   thereof for each Interest Period at a rate per annum equal to the sum of (A)   the LIBO Rate for such Interest Period applicable to the currency in which   such LIBO Rate Loan is denominated plus (B) the Applicable Margin therefor;   (ii) each Term Loan or Revolving Credit Loan, as applicable, that is   maintained as a 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 Margin therefor; 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 Margin for Revolving Credit Loans made under   the Initial Revolving Credit Commitments. (b) During the continuance of a   Default or an Event of Default under Section 8.01(a), the Borrowers shall pay   interest on past due amounts owing by it hereunder at a fluctuating interest   rate per annum at all times equal to the Default Rate to the fullest extent   permitted by applicable Laws; provided that no interest at the Default Rate   shall accrue or be payable to a Defaulting Lender so long as such Lender   shall be a Defaulting Lender. Accrued and unpaid interest on such amounts   (including interest on past due interest) shall be due and payable upon   demand. (c) Interest on each Loan shall be due and payable in arrears on each   Interest Payment Date applicable thereto and at such other times as may be specified   herein. Interest hereunder shall be due and payable in accordance with the   terms hereof before and after judgment, and before and after the commencement   of any proceeding under any Debtor Relief Law. 88  

    

 

(d) The   provisions of this Section 2.08 (and the interest rates applicable to the   various extensions of credit hereunder) shall be subject to modification as   expressly provided in Section 2.18. (e) The interest amount is understood as   net interest after the deduction of any Swiss Withholding Tax and shall, if   the interest is or becomes subject to such tax, and should clause (a) of   Section 3.01 be unenforceable for any reason, be adjusted as follows: (i) The   amount of the payment due from the Borrowers shall be increased to an amount   which (after making the deduction of Swiss Federal Withholding Tax) leaves   the Lenders entitled to such payment with an amount equal to the payment   which would have been due if no deduction of Swiss Federal Withholding Tax   had been required. For such purpose, the Swiss Federal Withholding Tax shall   be calculated on the full (grossed-up) interest amount. (ii) The Borrowers   shall provide the Lender or any other Person assigned by the Lender with the   necessary documents which are required under the Swiss Federal Withholding   Tax Statute and any applicable double taxation treaties between Switzerland   and the jurisdiction of organization of any Lender for relief from the Swiss   Federal Withholding Tax. Section 2.09 Fees. In addition to certain fees   described in Sections 2.03(h) and (i): (a) Commitment Fee. The Borrowers   agree to pay to the Administrative Agent for the account of each Revolving   Credit Lender under each Class of Revolving Credit Commitments in accordance   with its Pro Rata Share or other applicable share provided for under this   Agreement, a commitment fee equal to the Applicable Margin with respect to   Revolving Credit Loan commitment fees for such Class times the actual daily   amount by which the aggregate Revolving Credit Commitment for the applicable   Class of Revolving Credit Commitments exceeds the sum of (A) the Outstanding   Amount of Revolving Credit Loans for such Class of Revolving Credit   Commitments and (B) the Outstanding Amount of L/C Obligations for such Class   of Revolving Credit Commitments; provided that any commitment fee accrued   with respect to any of the Commitments of a Defaulting Lender during the   period prior to the time such Lender became a Defaulting Lender and unpaid at   such time shall not be payable by the Borrowers so long as such Lender shall   be a Defaulting Lender except to the extent that such commitment fee shall   otherwise have been due and payable by the Borrowers prior to such time; and   provided, further, that no commitment fee shall accrue on any of the   Commitments of a Defaulting Lender so long as such Lender shall be a   Defaulting Lender. The commitment fee on each Class of Revolving Credit   Commitments shall accrue at all times from the Closing Date until the   Maturity Date for such Class of Revolving Credit Commitments, including at   any time during which one or more of the conditions in Article IV is not met,   and shall be due and payable quarterly in arrears on the last Business Day of   each of March, June, September and December, commencing with the first such   date during the first full fiscal quarter to occur after the Closing Date,   and on the Maturity Date for such Class of Revolving Credit Commitments. The   commitment fee shall be calculated quarterly in arrears, and if there is any   change in the Applicable Margin during any quarter, the actual daily amount   shall be computed and multiplied by the Applicable Margin separately for each   period during such quarter that such Applicable Margin was in effect. (b)   Other Fees. The Borrowers shall pay to the Agents such fees as shall have   been separately agreed upon in writing in the amounts and at the times so   specified. Such fees shall be 89  

    

 

fully earned   when paid and shall not be refundable for any reason whatsoever (except as   expressly agreed between the Borrowers and the applicable Agent). Section   2.10 Computation of Interest and Fees. All computations of interest for Base   Rate Loans when the Base Rate is determined by the “prime rate” shall be made   on the basis of a year of three hundred and sixty-five (365) days, or three   hundred and sixty-six (366) days, as applicable, and actual days elapsed. All   other computations of fees and interest shall be made on the basis of a three   hundred and sixty (360) day year and actual days elapsed. 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. Section 2.11 Evidence of Indebtedness. (a) The Credit Extensions   made by each Lender shall be evidenced by one or more accounts or records   maintained by such Lender and evidenced by one or more entries in the   Register maintained by the Administrative Agent, acting solely for purposes   of Treasury Regulation Section 5f.103-1(c), as agent for the Borrowers, in   each case in the ordinary course of business. The accounts or records   maintained by the Administrative Agent and each Lender shall be prima facie   evidence absent manifest error of the amount of the Credit Extensions made by   the Lenders to the Borrowers 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 Borrowers hereunder to pay any amount   owing with respect to the Obligations. In the event of any conflict between   the accounts and records maintained by any Lender and the accounts and   records of the Administrative Agent in respect of such matters, the accounts   and records of the Administrative Agent shall control in the absence of   manifest error. Upon the request of any Lender made through the   Administrative Agent, the Borrowers shall execute and deliver to such Lender   (through the Administrative Agent) a Note payable to such Lender, which shall   evidence such Lender’s Loans in addition to such accounts or records. Each   Lender may attach schedules to its Note 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 and, in the case of   the Administrative Agent, entries in the Register, 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. (c)   Entries made in good faith by the Administrative Agent in the Register   pursuant to Section 2.11(a) and (b), and by each Lender in its account or   accounts pursuant to Section 2.11(a) and (b), shall be prima facie evidence   of the amount of principal and interest due and payable or to become due and   payable from the Borrowers to, in the case of the Register, each Lender and,   in the case of such account or accounts, such Lender, under this Agreement   and the other Loan Documents, absent manifest error; provided that the   failure of the Administrative Agent or such Lender to make an entry, or any   finding that an entry is incorrect, in the Register or such account or   accounts shall not limit or otherwise affect the obligations of the Borrowers   under this Agreement and the other Loan Documents. Section 2.12 Payments   Generally. (a) All payments to be made by the Borrowers shall be made without   condition or deduction for any counterclaim, defense, recoupment or setoff.   Except as otherwise expressly provided herein, all payments by the Borrowers   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 Same Day Funds not later than 2:00 p.m. (New   York, 90  

    

 

New York time)   on the dates specified herein; provided that all payments by the Borrower   hereunder in respect of principal of and interest on Revolving Credit Loans   denominated in Euros 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 Euros and in Same Day Funds not later than   2:00 p.m. (London time) on the dates specified herein. If, for any reason,   the Borrower is prohibited by any Law from making any required payment   hereunder in Euros that is otherwise required pursuant hereto to be made in   Euros, the Borrower shall make such payment in Dollars in the Dollar Amount   of the Euro payment amount. The Administrative Agent will promptly distribute   to each Lender its Pro Rata Share (or other applicable share as provided   herein) of such payment in like funds as received by wire transfer to such   Lender’s applicable Lending Office. All payments received by the   Administrative Agent (i) after 2:00 p.m. (New York, New York time) in the   case of payments in Dollars or (ii) after 2:00 p.m. (London time) in the case   of payments in Euros, shall, in each case, be deemed received on the next   succeeding Business Day and any applicable interest or fee shall continue to   accrue. (b) If any payment to be made by the Borrowers shall come due on a   day other than a Business Day, payment shall be made on the next following   Business Day, and such extension of time shall be reflected in computing   interest or fees, as the case may be; provided that, if such extension would   cause payment of interest on or principal of LIBO Rate Loans to be made in   the next succeeding calendar month, such payment shall be made on the   immediately preceding Business Day. (c) Unless the Lead Borrower or any   Lender has notified the Administrative Agent, prior to the date any payment   is required to be made by it to the Administrative Agent hereunder, that the   Borrowers or such Lender, as the case may be, will not make such payment, the   Administrative Agent may assume that the Borrowers or such Lender, as the   case may be, has timely made such payment and may (but shall not be so required   to), in reliance thereon, make available a corresponding amount to the Person   entitled thereto. If and to the extent that such payment was not in fact made   to the Administrative Agent in Same Day Funds, then: (iii) if the Borrowers   failed to make such payment, each Lender shall forthwith on demand repay to   the Administrative Agent the portion of such assumed payment that was made   available to such Lender in Same Day Funds, together with interest thereon in   respect of each day from and including the date such amount was made   available by the Administrative Agent to such Lender to the date such amount   is repaid to the Administrative Agent in Same Day Funds at the applicable   Federal Funds Rate from time to time in effect; and (iv) if any Lender failed   to make such payment, such Lender shall forthwith on demand pay to the   Administrative Agent the amount thereof in Same Day Funds, together with   interest thereon for the period from the date such amount was made available   by the Administrative Agent to the Borrowers to the date such amount is   recovered by the Administrative Agent (the “Compensation Period”) at a rate   per annum equal to the applicable Federal Funds Rate from time to time in   effect. When such Lender makes payment to the Administrative Agent (together   with all accrued interest thereon), then such payment amount (excluding the   amount of any interest which may have accrued and been paid in respect of   such late payment) shall constitute such Lender’s Loan included in the   applicable Borrowing. If such Lender does not pay such amount forthwith upon   the Administrative Agent’s demand therefor, the Administrative Agent may make   a demand therefor upon the Borrowers, and the Borrowers shall pay such amount   to the Administrative Agent, together with interest thereon for the   Compensation Period at a rate per annum equal to the rate of interest   applicable to the applicable Borrowing. Nothing herein shall be deemed to   relieve any Lender from its obligation to fulfill its Commitment or to   prejudice any rights which the Administrative 91  

    

 

Agent or the   Lead Borrower may have against any Lender as a result of any default by such   Lender hereunder. A notice of the Administrative Agent to any Lender or the   Lead Borrower with respect to any amount owing under this Section 2.12(c)   shall be conclusive, absent manifest error. (d) 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 Borrowers 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. (e) The obligations of the Lenders hereunder   to make Loans and to fund participations in Letters of Credit and Swing Line   Loans are several and not joint. The failure of any Lender to make any Loan   or to fund any such participation 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 or purchase its participation. (f) 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. (g) Whenever any payment received by the Administrative   Agent under this Agreement or any of the other Loan Documents is insufficient   to pay in full all amounts due and payable to the Administrative Agent and   the Lenders under or in respect of this Agreement and the other Loan   Documents on any date, such payment shall be distributed by the   Administrative Agent and applied by the Administrative Agent and the Lenders   in the order of priority set forth in Section 8.03. If the Administrative   Agent receives funds for application to the Obligations of the Loan Parties   under or in respect of the Loan Documents under circumstances for which the   Loan Documents do not specify the manner in which such funds are to be   applied, the Administrative Agent may (to the fullest extent permitted by   mandatory provisions of applicable Law), but shall not be obligated to, elect   to distribute such funds to each of the Lenders in accordance with such   Lender’s Pro Rata Share of the sum of (a) the Outstanding Amount of all Loans   outstanding at such time and (b) the Outstanding Amount of all L/C   Obligations outstanding at such time, in repayment or prepayment of such of   the outstanding Loans or other Obligations then owing to such Lender. Section   2.13 Sharing of Payments. (a) If, other than as expressly provided elsewhere   herein, any Lender shall obtain on account of the Loans made by it, or the   participations in L/C Obligations and Swing Line Loans held by it, any   payment (whether voluntary, involuntary, through the exercise of any right of   setoff, or otherwise) in excess of its ratable share (or other share   contemplated hereunder) thereof, such Lender shall immediately (a) notify the   Administrative Agent of such fact, and (b) purchase from the other Lenders   such participations in the Loans made by them and/or such subparticipations   in the participations in L/C Obligations or Swing Line Loans held by them, as   the case may be, as shall be necessary to cause such purchasing Lender to   share the excess payment in respect of such Loans or such participations, as   the case may be, pro rata with each of them; provided that if all or any   portion of such excess payment is thereafter recovered from the purchasing   Lender under any of the circumstances described in Section 10.06 (including   pursuant to any settlement entered into by the purchasing Lender in its   discretion), such purchase shall to that extent be rescinded and each other   Lender shall repay to the purchasing Lender the purchase price paid therefor,   together with an amount equal to such paying Lender’s ratable share   (according to the proportion of (i) the amount of such paying Lender’s   required repayment to (ii) the total amount so recovered from the purchasing   Lender) of any interest or other 92  

    

 

amount paid or   payable by the purchasing Lender in respect of the total amount so recovered,   without further interest thereon. The Borrower agrees that any Lender so   purchasing a participation from another Lender may, to the fullest extent   permitted by applicable Law, exercise all its rights of payment (including   the right of setoff, but subject to Section 10.09) with respect to such   participation as fully as if such Lender were the direct creditor of the   Borrowers in the amount of such participation.The Administrative Agent will   keep records (which shall be conclusive and binding in the absence of   manifest error) of participations purchased under this Section 2.13 and will   in each case notify the Lenders following any such purchases or repayments.   Each Lender that purchases a participation pursuant to this Section 2.13   shall from and after such purchase have the right to give all notices,   requests, demands, directions and other communications under this Agreement   with respect to the portion of the Obligations purchased to the same extent   as though the purchasing Lender were the original owner of the Obligations   purchased. Notwithstanding anything to the contrary contained in this Section   2.13 or elsewhere in this Agreement, the Lead Borrower may extend the final maturity   of Term Loans and/or Revolving Credit Commitments in connection with an   Extension that is permitted under Section 2.18 without being obligated to   effect such extensions on a pro rata basis among the Lenders (it being   understood that no such extension (i) shall constitute a payment or   prepayment of any Term Loans or Revolving Credit Loans, as applicable, for   purposes of this Section 2.13 or (ii) shall reduce the amount of any   scheduled amortization payment due under Section 2.07(a), except that the amount   of any scheduled amortization payment due to a Lender of Extended Term Loans   may be reduced to the extent provided pursuant to the express terms of the   respective Extension Offer) without giving rise to any violation of this   Section 2.13 or any other provision of this Agreement. Furthermore, the Lead   Borrower may take all actions contemplated by Section 2.18 in connection with   any Extension (including modifying pricing, amortization and repayments or   prepayments) determined by the Administrative Agent in its reasonable   discretion to be necessary and advisable to permit such Extension, and in   each case such actions shall be permitted, and the differing payments   contemplated therein shall be permitted without giving rise to any violation   of this Section 2.13 or any other provision of this Agreement. (b)   Notwithstanding anything to the contrary contained herein, the provisions of   the preceding Section 2.13(a) shall be subject to (x) the express provisions   of this Agreement which require, or permit, differing payments to be made to   non-Defaulting Lenders as opposed to Defaulting Lenders and (y) the express   provisions of Sections 2.14 and 3.07, which permit disproportionate payments   with respect to the Loans as, and to the extent, provided therein. Section 2.14   Reverse Dutch Auction Repurchases. (a) Notwithstanding anything to the   contrary contained in this Credit Agreement or any other Loan Document,   Holdings or any of its Subsidiaries may, at any time and from time to time,   conduct reverse Dutch auctions in order to purchase Term Loans (each, an   “Auction”) (each such Auction to be managed by an Auction Manager), so long   as the following conditions are satisfied: (i) each Auction shall be   conducted in accordance with the procedures, terms and conditions set forth   in this Section 2.14 and Schedule 2.14; (ii) no Event of Default shall have   occurred and be continuing on the date of the delivery of each Auction Notice   and at the time of purchase of any Term Loans in connection with any Auction;   (iii) the maximum principal amount (calculated on the face amount thereof) of   all Term Loans that the Borrowers offer to purchase in any such Auction shall   be no less than $10,000,000 (unless a lower amount is agreed to by the   Auction Manager); (iv) the proceeds of Revolving Credit Loans shall not be   used for a purchase of any Term Loans in connection with any Auction; 93  

    

 

(v) the   aggregate principal amount (calculated on the face amount thereof) of all   Term Loans so purchased shall automatically be cancelled and retired by the   purchaser thereof on the settlement date of the relevant purchase (and may   not be resold); (vi) (vii) no more than one Auction may be ongoing at any one   time; each Lender participating in any Auction acknowledges and agrees that in   connection with such Auction, (1) the Borrowers then may have, and later may   come into possession of, information regarding the Term Loans or the Loan   Parties hereunder that is not known to such Lender and that may be material   to a decision by such Lender to participate in such Auction (“Excluded   Information”), (2) such Lender has independently and, without reliance on   either Borrower, any of its Subsidiaries, the Auction Manager or any of their   respective Affiliates, has made its own analysis and determination to   participate in such Auction notwithstanding such Lender’s lack of knowledge   of the Excluded Information and (3) none of Holdings, its Subsidiaries, the   Administrative Agent, the Auction Manager or any of their respective   Affiliates shall have any liability to such Lender, and such Lender hereby   waives and releases, to the extent permitted by law, any claims such Lender   may have against either Borrower, its Subsidiaries, the Administrative Agent,   the Auction Manager and their respective Affiliates, under applicable laws or   otherwise, with respect to the nondisclosure of the Excluded Information.   Each Lender participating in any Auction further acknowledges that the   Excluded Information may not be available to the Auction Manager or the other   Lenders; and (viii) at the time of each purchase of Term Loans through an   Auction, the Lead Borrower shall have delivered to the Auction Manager an   Officer’s Certificate of the Lead Borrower certifying as to compliance with   preceding clauses (ii) and (iv). (b) The Lead Borrower must terminate an   Auction if it fails to satisfy one or more of the conditions set forth above   which are required to be met at the time which otherwise would have been the   time of purchase of Term Loans pursuant to the respective Auction. If the   Lead Borrower commences any Auction (and all relevant requirements set forth   above which are required to be satisfied at the time of the commencement of   the respective Auction have in fact been satisfied), and if at such time of   commencement the Lead Borrower reasonably believes that all required   conditions set forth above which are required to be satisfied at the time of   the purchase of Term Loans pursuant to such Auction shall be satisfied, then   the Lead Borrower shall have no liability to any Lender for any termination   of the respective Auction as a result of its failure to satisfy one or more   of the conditions set forth above which are required to be met at the time   which otherwise would have been the time of purchase of Term Loans pursuant   to the respective Auction, and any such failure shall not result in any   Default hereunder. With respect to all purchases of Term Loans made by   Holdings or any of its Subsidiaries pursuant to this Section 2.14, (x)   Holdings or such Subsidiary (as applicable) shall pay on the settlement date   of each such purchase all accrued and unpaid interest (except to the extent   otherwise set forth in the relevant offering documents), if any, on the   purchased Term Loans up to the settlement date of such purchase and (y) such   purchases (and the payments made by Holdings or such Subsidiary (as   applicable) and the cancellation of the purchased Term Loans, in each case in   connection therewith) shall not constitute voluntary or mandatory payments or   prepayments for purposes of determining compliance with Sections 2.05 or   Section 2.13. (c) The Administrative Agent and the Lenders hereby consent to   the Auctions and the other transactions contemplated by this Section 2.14   (provided that no Lender shall have an obligation to participate in any such   Auctions) and hereby waive the requirements of any provision of this   Agreement (including, without limitation, Sections 2.05 and Section 2.13 (it   being understood and 94  

    

 

 

acknowledged   that purchases of the Term Loans by Holdings or any of its Subsidiaries   contemplated by this Section 2.14 shall not constitute Investments by   Holdings or any of its Subsidiaries)) or any other Loan Document that may   otherwise prohibit any Auction or any other transaction contemplated by this   Section 2.14. The Auction Manager acting in its capacity as such hereunder   shall be entitled to the benefits of the provisions of Article IX and Section   10.04 mutatis mutandis as if each reference therein to the “Administrative   Agent” were a reference to the Auction Manager, and the Administrative Agent   shall cooperate with the Auction Manager as reasonably requested by the   Auction Manager in order to enable the Auction Manager to perform its   responsibilities and duties in connection with each Auction. Section 2.15   Open Market Purchases. (a) Notwithstanding anything to the contrary contained   in this Credit Agreement or any other Loan Document, Holdings or any of its   Subsidiaries may, at any time and from time to time, make open market   purchases of Term Loans (each, an “Open Market Purchase”), so long as the   following conditions are satisfied: (i) no Event of Default shall have   occurred and be continuing on the date of such Open Market Purchase; (ii) the   aggregate principal amount (calculated on the face amount thereof) of all   Term Loans so purchased shall automatically be cancelled and retired by the   purchaser thereof on the settlement date of the relevant purchase (and may   not be resold); and (iii) the proceeds of Revolving Credit Loans shall not be   used for a purchase of any Term Loans in connection with any Auction. (b)   With respect to all purchases of Term Loans made by Holdings or any of its   Subsidiaries pursuant to this Section 2.15, (x) Holdings or such Subsidiary   (as applicable) shall pay on the settlement date of each such purchase all   accrued and unpaid interest, if any, on the purchased Term Loans up to the   settlement date of such purchase (except to the extent otherwise set forth in   the relevant purchase documents as agreed by the respective selling Lender)   and (y) such purchases (and the payments made by Holdings or such Subsidiary   (as applicable) and the cancellation of the purchased Term Loans, in each   case in connection therewith) shall not constitute voluntary or mandatory   payments or prepayments for purposes of Sections 2.05 or Section 2.13. (c)   The Administrative Agent and the Lenders hereby consent to the Open Market   Purchases contemplated by this Section 2.15 and hereby waive the requirements   of any provision of this Agreement (including, without limitation, Section   2.05 and Section 2.13 (it being understood and acknowledged that purchases of   the Term Loans contemplated by this Section 2.15 shall not constitute   Investments by the Borrowers)) or any other Loan Document that may otherwise   prohibit any Open Market Purchase by this Section 2.15. Section 2.16   Incremental Credit Extensions. (a) Incremental Commitments. The Borrowers may   at any time or from time to time after the Closing Date, by notice from the   Lead Borrower to the Administrative Agent (an “Incremental Loan Request”),   request (A) one or more new commitments which may be of the same Class as any   outstanding Term Loans (a “Term Loan Increase”) or a new Class of term loans   (collectively with any Term Loan Increase, the “Incremental Term   Commitments”) and/or (B) one or more increases in the amount of the Revolving   Credit Commitments (a “Revolving Commitment Increase”) or the establishment   of one or more new revolving credit commitments (any such new commitments,   collectively with any Revolving Commitment Increases, the “Incremental   Revolving Credit Commitments” and the Incremental Revolving Credit   Commitments, collectively with any Incremental 95 

    

 

Term   Commitments, the “Incremental Commitments”), whereupon the Administrative   Agent shall promptly deliver a copy to each of the Lenders. (b) Incremental   Loans. On the applicable date (each, an “Incremental Facility Closing Date”)   specified in any Incremental Amendment (including through any Term Loan   Increase or Revolving Commitment Increase, as applicable), subject to the   satisfaction of the terms and conditions in this Section 2.16 and in the   applicable Incremental Amendment, (i) (A) each Incremental Term Lender of   such Class shall make a Loan to the Borrowers (an “Incremental Term Loan”) in   an amount equal to its Incremental Term Commitment of such Class and (B) each   Incremental Term Lender of such Class shall become a Lender hereunder with   respect to the Incremental Term Commitment of such Class and the Incremental   Term Loans of such Class made pursuant thereto and (ii) (A) each Incremental   Revolving Credit Lender of such Class shall make its Commitment available to   the Borrowers (when borrowed, an “Incremental Revolving Credit Loan” and   collectively with any Incremental Term Loan, an “Incremental Loan”) in an   amount equal to its Incremental Revolving Credit Commitment of such Class and   (B) each Incremental Revolving Credit Lender of such Class shall become a   Lender hereunder with respect to the Incremental Revolving Credit Commitment   of such Class and the Incremental Revolving Credit Loans of such Class made   pursuant thereto. (c) Incremental Loan Request. Each Incremental Loan Request   from the Lead Borrower pursuant to this Section 2.16 shall set forth the   requested amount and proposed terms of the relevant Incremental Term Loans or   Incremental Revolving Credit Commitments. Incremental Term Loans may be made,   and Incremental Revolving Credit Commitments may be provided, by any existing   Lender (but no existing Lender will have an obligation to make any   Incremental Commitment, nor will the Lead Borrower have any obligation to   approach any existing Lender to provide any Incremental Commitment) or by any   Additional Lender (each such existing Lender or Additional Lender providing   such Commitment or Loan, an “Incremental Revolving Credit Lender” or   “Incremental Term Lender,” as applicable, and, collectively, the “Incremental   Lenders”); provided that the Administrative Agent, the Swing Line Lender and   each L/C Issuer shall have consented (not to be unreasonably withheld or   delayed) to such Additional Lender’s making such Incremental Term Loans or   providing such Incremental Revolving Credit Commitments, to the extent such   consent, if any, would be required under Section 10.07(b) for an assignment   of Term Loans or Revolving Credit Commitments, as applicable, to such Lender   or Additional Lender. (d) Effectiveness of Incremental Amendment. The   effectiveness of any Incremental Amendment, and the Incremental Commitments   thereunder, shall be subject to the satisfaction on the applicable date   (which shall be no earlier than the date of such Incremental Amendment)   specified therein (the “Incremental Amendment Date”) of each of the following   conditions, together with any other conditions set forth in the Incremental   Amendment: (i) after giving effect to such Incremental Commitments, the   conditions of Section 4.02 shall be satisfied (it being understood that all   references to “the date of such Credit Extension” or similar language in such   Section 4.02 shall be deemed to refer to the Incremental Amendment Date);   provided that such Incremental Amendment may include a waiver by the   Incremental Lenders party thereto of the condition set forth in Section 4.02(c)   and, in connection with any Incremental Commitment the primary purpose of   which is to finance a Permitted Acquisition, a waiver in full or in part of   the conditions set forth in Section 4.02(a) (other than the accuracy, to the   extent required under Section 4.02(a), of any Specified Representations (as   conformed to apply to such acquisition, including giving effect to any   certain funds conditions with respect to the Collateral)) and Section 4.02(b)   (other than with respect to any Event of Default under Section 8.01(a) or   (f)); 96 

    

 

(ii) each   Incremental Term Commitment shall be in an aggregate principal amount that is   not less than $5,000,000 and shall be in an increment of $1,000,000 (provided   that such amount may be less than $5,000,000 if such amount represents all   remaining availability under the limit set forth in Section 2.16(d)(iii)) and   each Incremental Revolving Credit Commitment shall be in an aggregate   principal amount that is not less than $5,000,000 and shall be in an increment   of $1,000,000 (provided that such amount may be less than $5,000,000 if such   amount represents all remaining availability under the limit set forth in   Section 2.16(d)(iii)); (iii) (A) after giving Pro Forma Effect to both (x)   the making of Incremental Term Loans or establishment of Incremental   Revolving Credit Commitments (assuming a borrowing of the maximum amount of   Loans available thereunder) under such Incremental Amendment and (y) any   Specified Transactions consummated in connection therewith, (1) if such   Incremental Term Loans or Incremental Revolving Credit Commitments rank pari   passu in right of security with the Term B Loans and Revolving Credit Loans   incurred under the Initial Revolving Credit Commitments, the First Lien Net   Leverage Ratio does not exceed 2.00:1.00 or (2) if such Incremental Term   Loans rank junior in right of security with the Term B Loans and Revolving   Credit Loans incurred under the Initial Revolving Credit Commitments, the   Secured Net Leverage Ratio does not exceed 2.00:1.00; or (B) together with   the Incremental Term Loans made and Incremental Revolving Credit Commitments   established under such Incremental Amendment, the aggregate principal amount   of Incremental Term Loans made and Incremental Revolving Credit Commitments established   under this clause (B) (plus Incremental Equivalent Debt incurred in reliance   on clause (i)(B) of the proviso of Section 2.16(h)) does not exceed the sum   of (i) $385,000,000 plus (ii) the principal amount of any voluntary   prepayments of Term Loans (limited, in the case of Incremental Term Loans, to   the principal amount of voluntary prepayments of Incremental Term Loans   incurred pursuant to the preceding clause (i)) (other than to the extent made   with the proceeds of Indebtedness (other than the incurrence of Revolving   Credit Loans or extensions of credit under any other revolving credit or   similar facility)); provided that it is understood that (1) Incremental Term   Loans and Incremental Revolving Credit Commitments may be incurred under   either clause (A) or clause (B) as selected by the Lead Borrower in its sole   discretion, including by designating any portion of Incremental Commitments   in excess of an amount permitted to be incurred under clause (A) at the time   of such incurrence as incurred under clause (B); and (iv) to the extent   reasonably requested by the Administrative Agent, receipt by the   Administrative Agent of (A) customary legal opinions, board resolutions and   officers’ certificates (including solvency certificates) consistent with those   delivered on the Closing Date (conformed as appropriate) other than changes   to such legal opinions resulting from a change in law, change in fact or   change to counsel’s form of opinion reasonably satisfactory to the   Administrative Agent and (B) reaffirmation agreements and/or such amendments   to the Collateral Documents as may be reasonably requested by the   Administrative Agent in order to ensure that such Incremental Lenders are   provided with the benefit of the applicable Loan Documents. (e) Required Terms.   The terms, provisions and documentation of the Incremental Term Loans and   Incremental Term Commitments or the Incremental Revolving Credit Loans and   Incremental Revolving Credit Commitments, as the case may be, of any Class   shall be as agreed between the Lead Borrower and the applicable Incremental   Lenders providing such Incremental Commitments, and except as otherwise set   forth herein, to the extent not identical to any Class of Term Loans or   Revolving Credit Commitments, as applicable, each existing on the Incremental   Facility Closing Date, shall be consistent with clauses (i) through (iii)   below, as applicable, and otherwise reasonably satisfactory to the   Administrative Agent (except for covenants or other provisions (a) conformed   (or 97 

    

 

added) in the   Loan Documents pursuant to the related Incremental Amendment, (x) in the case   of any Class of Incremental Term Loans and Incremental Term Commitments, for   the benefit of the Term Lenders and (y) in the case of any Class of   Incremental Revolving Credit Loans and Incremental Revolving Credit   Commitments, for the benefit of the Revolving Credit Lenders or (b)   applicable only to periods after the Latest Maturity Date as of the   Incremental Amendment Date); provided that in the case of a Term Loan   Increase or a Revolving Commitment Increase, the terms, provisions and   documentation (other than the Incremental Amendment evidencing such increase)   of such Term Loan Increase or Revolving Commitment Increase shall be   identical (other than, solely in the case of a Revolving Commitment Increase,   with respect to upfront fees, OID or similar fees) to the applicable Class of   Term Loans or Revolving Credit Commitments being increased, in each case, as   existing on the Incremental Facility Closing Date. In any event: (i) the   Incremental Term Loans: (A) (I) shall rank pari passu or junior in right of   payment with the Term B Loans and the Initial Revolving Credit Commitments   and the Revolving Credit Loans thereunder, (II ) no Person other than a Loan   Party shall provide a Guarantee or otherwise be an obligor with respect to   such Incremental Term Loans, (III) the obligations in respect thereof shall   not be secured by any Lien on any asset other than the Collateral and (IV)   shall rank pari passu or junior in right of security with the Term B Loans   and Revolving Credit Loans (and subject to a Subordination Agreement (if   subject to payment subordination) and/or a Second Lien Intercreditor   Agreement (if subject to lien subordination) (or, alternatively, terms in the   Incremental Amendment substantially similar to those in such applicable   agreement, as agreed by the Lead Borrower and Administrative Agent) or other   lien subordination and intercreditor arrangement satisfactory to the Lead   Borrower and the Administrative Agent), (B) as of the Incremental Amendment   Date, shall not have a final scheduled maturity date earlier than the   Maturity Date of the Term B Loans or any Extended Term Loans as to which the   Term B Loans were the Existing Term Loan Tranche, (C) as of the Incremental   Amendment Date, shall have a Weighted Average Life to Maturity not shorter   than the remaining Weighted Average Life to Maturity of the Term B Loans or   any Extended Term Loans as to which the Term B Loans were the Existing Term   Loan Tranche, (D) shall have an Applicable Margin, and subject to clauses   (e)(i)(B) and (e)(i)(C) above, amortization determined by the Lead Borrower   and the applicable Incremental Term Lenders; provided the Applicable Margin   and amortization for a Term Loan Increase shall be (x) the Applicable Margin   and amortization for the Class being increased or (y) in the case of the   Applicable Margin, higher than the Applicable Margin for the Class being   increased as long as the Applicable Margin for the Class being increased   shall be automatically increased as and to the extent necessary to eliminate   such deficiency, (E) shall have fees determined by the Lead Borrower and the   applicable Incremental Term Loan arranger(s), and (F) may participate on (I)   a pro rata basis, less than pro rata basis or greater than pro rata basis in   any voluntary prepayments of Term Loans hereunder and (II) a pro rata basis   or less than pro rata basis (but not on a greater than pro rata basis except   for prepayments pursuant to Section 2.05(b)(iii)(x) and 2.05(b)(vi)(A)(y)) in   any 98 

    

 

mandatory   prepayments of Term Loans hereunder; provided that any such Incremental Term   Loans that are junior in right of payment or security with respect to the   Term B Loans may only participate in any such mandatory prepayments on a   junior basis to the Term B Loans and any then-existing Term Loans that are   pari passu in right of payment and security with the Term B Loans); (ii) the   Incremental Revolving Credit Commitments and Incremental Revolving Credit   Loans: (A) (I) shall rank pari passu or junior in right of payment with the   Term B Loans and the Initial Revolving Credit Commitments and the Revolving   Credit Loans thereunder, (II ) no Person other than a Loan Party shall   provide a Guarantee or otherwise be an obligor with respect to such   Incremental Revolving Credit Commitments and Incremental Revolving Credit   Loans, (III) the obligations in respect thereof shall not be secured by any   Lien on any asset other than the Collateral and (IV) shall rank pari passu in   right of security with the Term B Loans and Revolving Credit Loans available   under the Initial Revolving Credit Commitments, (B) (I) shall not have a   final scheduled maturity date or commitment reduction date earlier than the   Maturity Date with respect to the Initial Revolving Credit Commitments and (II)   shall not have any scheduled amortization or mandatory commitment reduction   prior to the Maturity Date with respect to the Initial Revolving Credit   Commitments, (C) shall provide that the borrowing and repayment (except for   (1) payments of interest and fees at different rates on Incremental Revolving   Credit Commitments (and related outstandings), (2) repayments required upon   the Maturity Date of the Incremental Revolving Credit Commitments and (3)   repayment made in connection with a permanent repayment and the termination   or reduction of commitments (in accordance with clause (E) below)) of Loans   with respect to Incremental Revolving Credit Commitments after the associated   Incremental Facility Closing Date shall be made on a pro rata basis or less   than a pro rata basis (but not more than a pro rata basis) with all other   Revolving Credit Commitments then existing on the Incremental Facility   Closing Date, (D) may be elected to be included as additional Participating   Revolving Credit Commitments under the Incremental Amendment (or in the case   of any Revolving Commitment Increase to an existing Class of Participating   Revolving Credit Commitments, shall be included), subject to (other than in   the case of a Revolving Commitment Increase) the consent of the Swing Line   Lender and each L/C Issuer, and on the Incremental Facility Closing Date all   Swing Line Loans and Letters of Credit shall be participated on a pro rata   basis by all Participating Revolving Credit Lenders in accordance with their   percentage of the Participating Revolving Credit Commitments existing after   giving effect to such Incremental Amendment, provided, such election may be   made conditional upon the maturity of one or more other Participating   Revolving Credit Commitments, provided, further, that in connection with such   election the Swing Line Lender or the L/C Issuers may, in their sole   discretion and with the consent of the Administrative Agent (not to be   unreasonably withheld or delayed), agree in the applicable Incremental   Amendment to increase the Swing Line Sublimit or the Letter of Credit   Sublimit so long as such increase does not exceed the amount of the   additional Participating Revolving Credit Commitments, 99 

    

 

(E) may provide   that the permanent repayment of Revolving Credit Loans in connection with or   permanent reduction or termination of, Incremental Revolving Credit   Commitments after the associated Incremental Facility Closing Date be made on   a pro rata basis, less than pro rata basis or greater than pro rata basis with   all other Revolving Credit Commitments, (F) shall provide that assignments   and participations of Incremental Revolving Credit Commitments and   Incremental Revolving Credit Loans shall be governed by the same assignment   and participation provisions applicable to Revolving Credit Commitments and   Revolving Credit Loans then existing on the Incremental Facility Closing   Date, (G) shall have an Applicable Margin determined by the Borrower and the   applicable Incremental Revolving Credit Lenders; provided that the Applicable   Margin for a Revolving Commitment Increase shall be (x) the Applicable Margin   for the Class being increased or (y) higher than the Applicable Margin for   the Class being increased as long as the Applicable Margin for the Class   being increased shall be automatically increased as and to the extent   necessary to eliminate such deficiency, and (H) shall have fees determined by   the Lead Borrower and the applicable Incremental Revolving Credit Commitment   arranger(s). (iii) the All-In Yield applicable to the Incremental Term Loans   or Incremental Revolving Credit Loans of each Class shall be determined by   the Lead Borrower and the applicable Incremental Lenders and shall be set   forth in each applicable Incremental Amendment; provided, however, that with respect   to any Loans made within twelve (12) months after the Closing Date under   Incremental Term Commitments that are pari passu in right of payment and   security with the Term B Loans, the All-In Yield applicable to such   Incremental Term Loans shall not be greater than the applicable All-In Yield   payable with respect to Term B Loans pursuant to the terms of this Agreement   as amended through the date of such calculation plus 50 basis points per   annum unless the interest rate (together with, as provided in the proviso   below, the LIBO Rate or Base Rate floor) with respect to the Term B Loans is   increased so as to cause the then applicable All-In Yield on the Term B Loans   under this Agreement to equal the All-In Yield then applicable to the   Incremental Term Loans minus 50 basis points; provided, further, that any   increase in All-In Yield to any Term B Loan due to the application or   imposition of a LIBO Rate or Base Rate floor on any Incremental Term Loan   shall be effected solely through an increase in (or implementation of, as   applicable) any LIBO Rate or Base Rate floor applicable to such Term B Loan.   (f) Incremental Amendment. Commitments in respect of Incremental Term Loans   and Incremental Revolving Credit Commitments shall become additional   Commitments pursuant to an amendment (an “Incremental Amendment”) to this   Agreement and, as appropriate, the other Loan Documents, executed by the   Borrower, each Incremental Lender providing such Commitments, the   Administrative Agent and, for purposes of any election and/or increase to the   Swing Line Sublimit or Letter of Credit Sublimit pursuant to Section   2.16(e)(ii)(D), the Swing Line Lender and each L/C Issuer. The Incremental   Amendment may, without the consent of any other Loan Party, Agent or Lender,   effect such amendments to this Agreement and the other Loan Documents as may   be necessary or appropriate, in the reasonable opinion of the Administrative   Agent and the Lead Borrower, to effect the provisions of this Section 2.16,   including amendments as deemed necessary by the Administrative Agent in its   reasonable judgment to effect any lien or payment subordination and   associated rights of the applicable Lenders to the extent any Incremental   Loans are to rank junior in right of security or payment or to 100 

    

 

address   technical issues relating to funding and payments. The Borrowers will use the   proceeds of the Incremental Term Loans and Incremental Revolving Credit   Commitments for any purpose not prohibited by this Agreement. (g) Reallocation   of Revolving Credit Exposure. Upon any Incremental Facility Closing Date on   which Incremental Revolving Credit Commitments are effected through a   Revolving Commitment Increase pursuant to this Section 2.16, (a) each of the   Revolving Credit Lenders of the Class of Revolving Credit Commitments subject   to such Revolving Commitment Increase shall assign to each of the Incremental   Revolving Credit Lenders, and each of the Incremental Revolving Credit   Lenders shall purchase from each of such Revolving Credit Lenders, at the   principal amount thereof, such interests in the Incremental Revolving Credit   Loans outstanding on such Incremental Facility Closing Date as shall be   necessary in order that, after giving effect to all such assignments and   purchases, the Revolving Credit Loans of the Class of Revolving Credit   Commitments subject to such Revolving Commitment Increase will be held by   existing Revolving Credit of the Class of Revolving Credit Commitments   subject to such Revolving Commitment Increase and Incremental Revolving   Credit Lenders ratably in accordance with their Revolving Credit Commitments   of the Class of Revolving Credit Commitments subject to such Revolving   Commitment Increase after giving effect to the addition of such Incremental   Revolving Credit Commitments to such Revolving Credit Commitments, (b) each   Incremental Revolving Credit Commitment shall be deemed for all purposes a   Revolving Credit Commitment and each Loan made thereunder shall be deemed,   for all purposes, a Revolving Credit Loan and (c) each Incremental Revolving   Credit Lender shall become a Lender with respect to the Incremental Revolving   Credit Commitments and all matters relating thereto. The Administrative Agent   and the Lenders hereby agree that the minimum borrowing and prepayment requirements   in Section 2.02 and Section 2.05(a) of this Agreement shall not apply to the   transactions effected pursuant to the immediately preceding sentence. (h)   Incremental Equivalent Debt. The Borrowers may, upon notice by the Lead   Borrower to the Administrative Agent, at any time or from time to time after   the Closing Date, issue, incur or otherwise obtain Indebtedness of Borrowers   in respect of one or more series of senior or subordinated notes or loans   (which may be secured on a junior lien basis or a pari passu basis with the   Term B Loans and Revolving Credit Loans), and, in the case of notes, issued   in a public offering, Rule 144A or other private placement or bridge in lieu   of the foregoing, in each case, that are issued or made in lieu of Incremental   Revolving Credit Commitments and/or Incremental Term Commitments (the   “Incremental Equivalent Debt”); provided that (i) (A) after giving Pro Forma   Effect to both (x) the issuance or incurrence of such Incremental Equivalent   Debt (assuming a borrowing of the maximum credit available thereunder) and   (y) any Specified Transactions consummated in connection therewith, (1) if   such Incremental Equivalent Debt ranks pari passu in right of security with   the Term B Loans and Revolving Credit Loans, the First Lien Net Leverage   Ratio does not exceed 2.00:1.00 and (2) if such Incremental Equivalent Debt   ranks junior in right of security with the Term B Loans and Revolving Credit   Loans, the Secured Net Leverage Ratio does not exceed 2.00:1.00 or (B)   together with such Incremental Equivalent Debt, the aggregate principal   amount of Incremental Equivalent Debt incurred or issued under this clause   (B) and Incremental Term Loans made and Incremental Revolving Credit   Commitments established under Section 2.16(d)(iii)(B) does not exceed the sum   of (a) $385,000,000 plus (b) the principal amount of any voluntary   prepayments of Term Loans (other than to the extent made with the proceeds of   Indebtedness (other than the incurrence of Revolving Credit Loans or   extensions of credit under any other revolving credit or similar facility)),   (ii) no Person other than a Loan Party shall provide a Guarantee or otherwise   be an obligor with respect to such Incremental Equivalent Debt, (iii) the   obligations in respect thereof shall not be secured by any Lien on any asset   other than the Collateral, (iv) no Event of Default shall have occurred and   be continuing or would exist immediately after giving effect to such   incurrence, (v) the security agreements and other collateral documents   relating to such Incremental Equivalent Debt shall be substantially similar   to the Collateral Documents (with such differences as are reasonably   satisfactory to the Administrative Agent), (vi) if such Incremental 101 

    

 

Equivalent Debt   is (a) secured on a pari passu basis with the Term B Loans and Revolving   Credit Loans, then such Incremental Equivalent Debt shall be subject to a new   or then-existing First Lien Intercreditor Agreement to which a Senior   Representative acting on behalf of the holders of such Incremental Equivalent   Debt shall become a party or otherwise subject to another lien subordination   or intercreditor arrangement satisfactory to the Borrower and the   Administrative Agent or (b) secured on a junior basis with the Term B Loans   and Revolving Credit Loans, then such Incremental Equivalent Debt shall be   subject to a new or then-existing Second Lien Intercreditor Agreement to   which a Senior Representative of the holders of such Incremental Equivalent   Debt shall become a party or otherwise subject to another lien subordination   and intercreditor arrangement satisfactory to the Lead Borrower and the   Administrative Agent, (vii) such Incremental Equivalent Debt shall have a   final maturity date which is no earlier than the then Maturity Date and a   Weighted Average Life to Maturity which is no shorter than the Weighted   Average Life to Maturity of the Term B Loans, (viii) such Incremental   Equivalent Debt shall not be subject to any mandatory redemption or   prepayment provisions or rights (except to the extent any such mandatory   redemption or prepayment is required to be applied pro rata (but not greater   than pro rata) to the Term Loans required to be secured on a first lien   basis, except with respect to customary “AHYDO catch up payments” and except   with respect to customary offers to repurchase and prepayment events upon a   change of control, asset sale or event of loss and a customary acceleration   right after an event of default; provided that any such Incremental   Equivalent Debt that is junior in right of payment or security with respect   to the Term B Loans may only participate in any such mandatory repurchases   and prepayments with respect to customary offers to repurchase and prepayment   events upon an asset sale or event of loss on a junior basis to the Term B   Loans and any then-existing Term Loans that are pari passu in right of   payment and security with the Term B Loans), (ix) the provisions set forth in   Section 2.16(e)(iii) shall apply to any Incremental Equivalent Debt in the   form of loans that ranks pari passu in right of payment and security with the   Term B Loans and Revolving Credit Loans as if such Incremental Equivalent   Debt were a Class of Incremental Term Loans that is pari passu in right of   payment and security with the Term B Loans and (x) except as otherwise set   forth in this clause (h), such Incremental Equivalent Debt shall have terms   and conditions (other than with respect to pricing, fees, rate floors and   optional prepayment or redemption terms) substantially similar to, or (taken   as a whole) no more favorable (as reasonably determined by the Lead Borrower)   to the lenders or holders providing such Incremental Equivalent Debt, than   those applicable to the Term B Loans (except for covenants or other   provisions (a) conformed (or added) in the Loan Documents, for the benefit of   the Lenders holding Term B Loans, pursuant to an amendment thereto subject   solely to the reasonable satisfaction of the Administrative Agent or (b)   applicable only to periods after the Latest Maturity Date at the time of the   issuance or incurrence of such Incremental Equivalent Debt) or such terms and   conditions shall be current market terms for such type of Incremental   Equivalent Debt (as reasonably determined in good faith by the Lead   Borrower). It is understood that Incremental Equivalent Debt may be incurred   under either clause (i)(A) or clause (i)(B) of the immediately preceding   sentence as selected by the Lead Borrower in its sole discretion, including   by designating any portion of Incremental Equivalent Debt in excess of an   amount permitted to be incurred under such clause (i)(A) at the time of such   incurrence as incurred under such clause (i)(B). (i) Any portion of any   Incremental Term Loans, Incremental Term Commitments, Incremental Revolving   Credit Loans and Incremental Revolving Credit Commitments incurred under   Section 2.16(d)(iii)(B) or Incremental Equivalent Debt incurred under Section   2.16(h)(i)(B) may be reclassified, as the Lead Borrower elects from time to   time, as incurred under Section 2.16(d)(iii)(A) or Section 2.16(h)(i)(A),   respectively, if such portion of such Incremental Term Loans, Incremental   Term Commitments, Incremental Revolving Credit Loans, Incremental Revolving   Credit Commitments or Incremental Equivalent Debt could at such time be   incurred under Section 2.16(d)(iii)(A) or Section 2.16(h)(i)(A). Upon making   any such election under this Section 2.16(i), the Borrower shall deliver a   certificate of a Responsible Officer to the Administrative Agent   demonstrating compliance on a Pro 102 

    

 

Forma Basis as   of the last day of the most recently ended Test Period with the First Lien   Net Leverage Ratio, Secured Net Leverage Ratio or Total Net Leverage Ratio,   as applicable. (j) The Incremental Term Loans made under each Term Loan   Increase shall be made by the applicable Lenders participating therein   pursuant to the procedures set forth in Section 2.01 and Section 2.02 and on   the date of the making of such Incremental Term Loans, and notwithstanding   anything to the contrary set forth in Section 2.01 and Section 2.02, such   Incremental Term Loans shall be added to (and form part of) each Borrowing of   outstanding Term Loans under the applicable Class of Term Loans on a pro rata   basis (based on the relative sizes of the various outstanding Borrowings), so   that each Lender under such Class will participate proportionately in each   then outstanding Borrowing of Term Loans of such Class. (k) This Section 2.16   shall supersede any provisions in Section 2.13 or Section 10.01 to the contrary.   Section 2.17 Refinancing Amendments. (a) Refinancing Commitments. The   Borrowers may at any time or from time to time after the Closing Date, by   notice from the Lead Borrower to the Administrative Agent (a “Refinancing   Loan Request”), request (A) a new Class of term loans (any such new Class,   “Refinancing Term Commitments”) or (B) the establishment of a new Class of   revolving credit commitments (any such new Class, “Refinancing Revolving   Credit Commitments” and collectively with any Refinancing Term Commitments,   “Refinancing Commitments”), in each case, established in exchange for, or to   extend, renew, replace, repurchase, retire or refinance, in whole or in part,   existing Loans or Commitments (with respect to a particular Refinancing   Commitment or Refinancing Loan, such existing Loans or Commitments,   “Refinanced Debt”), whereupon the Administrative Agent shall promptly deliver   a copy to each of the Lenders. (b) Refinancing Loans. On any Refinancing   Facility Closing Date on which any Refinancing Term Commitments of any Class   are effected, subject to the satisfaction of the terms and conditions in this   Section 2.17, (i) each Refinancing Term Lender of such Class shall make a   Loan to the Borrowers (a “Refinancing Term Loan”) in an amount equal to its   Refinancing Term Commitment of such Class and (ii) each Refinancing Term   Lender of such Class shall become a Lender hereunder with respect to the   Refinancing Term Commitment of such Class and the Refinancing Term Loans of   such Class made pursuant thereto. On any Refinancing Facility Closing Date on   which any Refinancing Revolving Credit Commitments of any Class are effected,   subject to the satisfaction of the terms and conditions in this Section 2.17,   (i) each Refinancing Revolving Credit Lender of such Class shall make its   Commitment available to the Borrowers (when borrowed, a “Refinancing   Revolving Credit Loan” and collectively with any Refinancing Term Loan, a   “Refinancing Loan”) in an amount equal to its Refinancing Revolving Credit   Commitment of such Class and (ii) each Refinancing Revolving Credit Lender of   such Class shall become a Lender hereunder with respect to the Refinancing   Revolving Credit Commitment of such Class and the Refinancing Revolving   Credit Loans of such Class made pursuant thereto. (c) Refinancing Loan   Request. Each Refinancing Loan Request from the Lead Borrower pursuant to   this Section 2.17 shall set forth the requested amount and proposed terms of   the relevant Refinancing Term Loans or Refinancing Revolving Credit   Commitments. Refinancing Term Loans may be made, and Refinancing Revolving   Credit Commitments may be provided, by any existing Lender (but no existing   Lender will have an obligation to make any Refinancing Commitment, nor will   the Lead Borrower have any obligation to approach any existing Lender to   provide any Refinancing Commitment) or by any Additional Lender (each such   existing Lender or Additional Lender providing such Commitment or Loan, a   “Refinancing Revolving Credit Lender” or “Refinancing Term Lender,” as 103 

    

 

applicable,   and, collectively, “Refinancing Lenders”); provided that the Administrative   Agent, the Swing Line Lender and each L/C Issuer shall have consented (not to   be unreasonably withheld or delayed) to such Additional Lender’s making such   Refinancing Term Loans or providing such Refinancing Revolving Credit   Commitments, to the extent such consent, if any, would be required under   Section 10.07(b) for an assignment of Term Loans or Revolving Credit   Commitments, as applicable, to such Lender or Additional Lender. (d)   Effectiveness of Refinancing Amendment. The effectiveness of any Refinancing   Amendment, and the Refinancing Commitments thereunder, shall be subject to   the satisfaction on the date thereof (a “Refinancing Facility Closing Date”)   of each of the following conditions, together with any other conditions set   forth in the Refinancing Amendment: (i) after giving effect to such   Refinancing Commitments, the conditions of Sections 4.02(a) and (b) shall be   satisfied (it being understood that all references to “the date of such   Credit Extension” or similar language in such Section 4.02 shall be deemed to   refer to the effective date of such Refinancing Amendment); (ii) each   Refinancing Term Commitment shall be in an aggregate principal amount that is   not less than $25,000,000 and shall be in an increment of $1,000,000   (provided that such amount may be less than $25,000,000 and not in an   increment of $1,000,000 if such amount is equal to the entire outstanding   principal amount of Refinanced Debt) and each Refinancing Revolving Credit   Commitment shall be in an aggregate principal amount that is not less than   $10,000,000 and shall be in an increment of $1,000,000 (provided that such   amount may be less than $10,000,000 and not in an increment of $1,000,000 if   such amount is equal to the entire outstanding principal amount of Refinanced   Debt); and (iii) to the extent reasonably requested by the Administrative   Agent, receipt by the Administrative Agent of (A) customary legal opinions,   board resolutions and officers’ certificates (including solvency   certificates) consistent with those delivered on the Closing Date (conformed   as appropriate) other than changes to such legal opinions resulting from a   change in law, change in fact or change to counsel’s form of opinion   reasonably satisfactory to the Administrative Agent and (B) reaffirmation   agreements and/or such amendments to the Collateral Documents as may be   reasonably requested by the Administrative Agent in order to ensure that such   Refinancing Lenders are provided with the benefit of the applicable Loan   Documents. 104 

    

 

 

(e) Required   Terms. The terms, provisions and documentation of the Refinancing Term Loans   and Refinancing Term Commitments or the Refinancing Revolving Credit Loans   and Refinancing Revolving Credit Commitments, as the case may be, of any   Class shall be as agreed between the Lead Borrower and the applicable   Refinancing Lenders providing such Refinancing Commitments, and except as   otherwise set forth herein, to the extent not identical to any Class of Term   Loans or Revolving Credit Commitments, as applicable, each existing on the   Refinancing Facility Closing Date, shall be consistent with clauses (i) and   (ii) below, as applicable, and otherwise reasonably satisfactory to the   Administrative Agent (except for covenants or other provisions (a) conformed   (or added) in the Loan Documents pursuant to the related Refinancing   Amendment, (x) in the case of any Class of Refinancing Term Loans and   Refinancing Term Commitments, for the benefit of the Term Lenders and (y) in   the case of any Class of Refinancing Revolving Credit Loans and Refinancing   Revolving Credit Commitments, for the benefit of the Revolving Credit Lenders   or (b) applicable only to periods after the Latest Maturity Date as of the   Incremental Amendment Date). In any event: (i) the Refinancing Term Loans: (A)   as of the Refinancing Facility Closing Date, shall not have a final scheduled   maturity date earlier than the Maturity Date of the Refinanced Debt, (B) as   of the Refinancing Facility Closing Date, shall not have a Weighted Average   Life to Maturity shorter than the remaining Weighted Average Life to Maturity   of the Refinanced Debt, (C) shall have an Applicable Margin and LIBO Rate or   Base Rate floor (if any), and subject to clauses (e)(i)(A) and (e)(i)(B)   above, amortization determined by the Borrower and the applicable Refinancing   Term Lenders, (D) shall have fees determined by the Lead Borrower and the   applicable Refinancing Term Loan arranger(s), (E) may participate on (I) a   pro rata basis, less than pro rata basis or greater than pro rata basis in   any voluntary prepayments of Term Loans hereunder and (II) a pro rata basis   or less than pro rata basis (but not on a greater than pro rata basis (except   for prepayments pursuant to Section 2.05(b)(iii)(x) and Section   2.05(b)(v)(A)(y)) in any mandatory prepayments of Term Loans hereunder;   provided that, any such Refinancing Term Loans that are junior in right of   payment or security with respect to the Term B Loans may only participate in   any such mandatory prepayments on a junior basis to the Term B Loans and any   then-existing Term Loans that are pari passu in right of payment and security   with the Term B Loans, (F) shall not have a greater principal amount than the   principal amount of the Refinanced Debt plus accrued but unpaid interest,   fees, premiums (if any) and penalties thereon and reasonable fees, expenses,   OID and upfront fees associated with the refinancing, and (G) (I) shall rank   either pari passu or junior in right of payment with respect to the other   Obligations as the applicable Refinanced Debt, (II) no Person other than a   Loan Party shall Guarantee or otherwise be obligor with respect to the   applicable Refinanced Debt, (III) the obligations in respect thereof shall   not be secured by any Lien on any asset other than the Collateral and (IV)   shall have either a pari passu or junior rank in right of security with   respect to the other Obligations as the applicable Refinanced Debt (and, to   the extent subordinated in right of payment or security with respect to the   other Obligations, subject to a Subordination Agreement, as applicable (or,   alternatively, 105  

    

 

terms in the   Refinancing Amendment substantially similar to those in such Subordination   Agreement, as agreed by the Lead Borrower and Administrative Agent) or other   lien subordination and intercreditor arrangement satisfactory to the Lead   Borrower and the Administrative Agent); and (ii) the Refinancing Revolving   Credit Commitments and Refinancing Revolving Credit Loans: (A) (I) shall have   the same or more junior rank in right of payment with respect to the other   Obligations as the applicable Refinancing Revolving Credit Commitments (and,   to the extent subordinated in right of payment with respect to the other   Obligations, subject to a Subordination Agreement (or, alternatively, terms in   the Refinancing Amendment substantially similar to those in such   Subordination Agreement, as agreed by the Lead Borrower and Administrative   Agent) or other subordination arrangement satisfactory to the Lead Borrower   and the Administrative Agent), (II) no Person other than a Loan Party shall   Guarantee or otherwise be obligor with respect to the applicable Refinanced   Debt, (III) the obligations in respect thereof shall not be secured by any   Lien on any asset other than the Collateral and (IV) shall have the same rank   in right of security with respect to the other Obligations as the applicable   Refinanced Debt, (B) (I) shall not have a final scheduled maturity date or   commitment reduction date earlier than the Maturity Date or commitment   reduction date, respectively, with respect to the Refinanced Debt and (II)   shall not have any scheduled amortization or mandatory Commitment reductions   prior to the maturity date of the Refinanced Debt, (C) shall provide that the   borrowing and repayment (except for (1) payments of interest and fees at   different rates on Refinancing Revolving Credit Commitments (and related   outstandings), (2) repayments required upon the Maturity Date of the   Refinancing Revolving Credit Commitments and (3) repayments made in   connection with a permanent repayment and termination of commitments (in   accordance with clause (E) below)) of Loans with respect to Refinancing   Revolving Credit Commitments after the associated Refinancing Facility   Closing Date shall be made on a pro rata basis or less than a pro rata basis   (but not more than a pro rata basis) with all other Revolving Credit   Commitments then existing on the Refinancing Facility Closing Date, (D) may   be elected to be included as additional Participating Revolving Credit   Commitments under the Refinancing Amendment, subject to the consent of the   Swing Line Lender and each L/C Issuer, and on the Refinancing Facility   Closing Date all Swing Line Loans and Letters of Credit shall be participated   on a pro rata basis by all Participating Revolving Credit Lenders in   accordance with their percentage of the Participating Revolving Credit   Commitments existing after giving effect to such Refinancing Amendment,   provided such election may be made conditional upon the termination of one or   more other Participating Revolving Credit Commitments, (E) may provide that   the permanent repayment of Revolving Credit Loans in connection with a   permanent termination or reduction of Refinancing Revolving Credit   Commitments after the associated Refinancing Facility Closing Date be made on   a pro rata basis, less than pro rata basis or greater than pro rata basis   with all other Revolving Credit Commitments, 106  

    

 

(F) shall   provide that assignments and participations of Refinancing Revolving Credit   Commitments and Refinancing Revolving Credit Loans shall be governed by the   same assignment and participation provisions applicable to Revolving Credit   Commitments and Revolving Credit Loans then existing on the Refinancing   Facility Closing Date, (G) shall have an Applicable Margin and LIBO Rate or   Base Rate floor (if any) determined by the Borrower and the applicable   Refinancing Revolving Credit Lenders, (H) shall have fees determined by the   Lead Borrower and the applicable Refinancing Revolving Credit Commitment arranger(s),   and (I) shall not have a greater principal amount of Commitments than the   principal amount of the Commitments of the Refinanced Debt plus accrued but   unpaid interest, fees, premiums (if any) and penalties thereon and reasonable   fees, expenses, OID and upfront fees associated with the refinancing. (f)   Refinancing Amendment. Commitments in respect of Refinancing Term Loans and   Refinancing Revolving Credit Commitments shall become additional Commitments   pursuant to an amendment (a “Refinancing Amendment”) to this Agreement and,   as appropriate, the other Loan Documents, executed by the Borrowers, each   Refinancing Lender providing such Commitments, the Administrative Agent and,   for purposes of any election pursuant to Section 2.17(e)(ii)(D), the Swing   Line Lender and each L/C Issuer. The Refinancing Amendment may, without the   consent of any other Loan Party, Agent or Lender, effect such amendments to   this Agreement and the other Loan Documents as may be necessary or   appropriate, in the reasonable opinion of the Administrative Agent and the   Borrower, to effect the provisions of this Section 2.17, including amendments   as deemed necessary by the Administrative Agent in its reasonable judgment to   effect any lien or payment subordination and associated rights of the   applicable Lenders to the extent any Refinancing Loans are to rank junior in   right of security or payment or to address technical issues relating to   funding and payments. The Borrowers will use the proceeds of the Refinancing   Term Loans and Refinancing Revolving Credit Commitments to extend, renew,   replace, repurchase, retire or refinance, substantially concurrently, the   applicable Refinanced Debt. (g) (h) [Reserved]. Refinancing Equivalent Debt.   (i) In lieu of incurring any Refinancing Term Loans, the Lead Borrower may,   upon notice to the Administrative Agent, at any time or from time to time   after the Closing Date issue, incur or otherwise obtain (A) secured   Indebtedness (including any Registered Equivalent Notes) in the form of one   or more series of first lien senior secured notes (such notes, “Permitted   Pari Passu Secured Refinancing Debt”), (B) secured Indebtedness (including   any Registered Equivalent Notes) in the form of one or more series of second   lien (or other junior lien) secured notes or second lien (or other junior   lien) secured term loans (such notes or term loans, “Permitted Junior Secured   Refinancing Debt”) and (C) unsecured or subordinated Indebtedness (including   any Registered Equivalent Notes) in the form of one or more series of unsecured   or subordinated notes or term loans (such notes or term loans, “Permitted   Unsecured Refinancing Debt” and together with Permitted Pari Passu Secured   Refinancing Debt and Permitted Junior Secured Refinancing Debt, “Refinancing   Equivalent Debt”), in each case, in exchange for, or to extend, renew,   replace, repurchase, retire or refinance, in 107  

    

 

whole or in   part, any existing Class of Term Loans (such Term Loans, “Refinanced Term   Loans”). (ii) Any Refinancing Equivalent Debt: (A) (1) shall not have a   Maturity Date prior to the date that is on or after the Maturity Date of the   Refinanced Term Loans, (2) if in the form of term loans, shall not have a   Weighted Average Life to Maturity shorter than the remaining Weighted Average   Life to Maturity of the Refinanced Term Loans, (3) if in the form of notes,   shall not have scheduled amortization or payments of principal and not be   subject to mandatory redemption, repurchase, prepayment or sinking fund   obligations, in each case prior to the Maturity Date of the Refinanced Term   Loans (other than customary “AHYDO catch-up payments”, offers to repurchase   and prepayment events upon a change of control, asset sale or event of loss   and a customary acceleration right after an event of default; provided that   any such Refinancing Equivalent Debt that is junior in right of payment or   security with respect to the Term B Loans may only participate in any such   mandatory prepayments with respect to customary offers to repurchase and   prepayment events upon an asset sale or event of loss on a junior basis to   the Term B Loans and any then-existing Term Loans that are pari passu in   right of payment and security with the Term B Loans), (4) no Person other   than a Loan Party shall Guarantee or otherwise be an obligor with respect to   such Refinancing Equivalent Debt, (5) if in the form of subordinated   Permitted Unsecured Refinancing Debt, shall be subject to a Subordination   Agreement to which a representative acting on behalf of the holders of such   Permitted Unsecured Refinancing Debt shall have become a party or otherwise   subject (or, alternatively, terms in the definitive documentation for such   Refinancing Equivalent Debt substantially similar to those in such   Subordination Agreement, as agreed by the Lead Borrower and Administrative   Agent); provided that if such Permitted Unsecured Refinancing Debt is the   initial subordinated Permitted Unsecured Refinancing Debt incurred by the   Lead Borrower, then the Holdcos, each Borrower, the Subsidiary Guarantors,   the Administrative Agent and the representative for such Permitted Unsecured   Refinancing Debt shall have executed and delivered a Subordination Agreement,   (6) shall not have a greater principal amount than the principal amount of   the Refinanced Term Loans plus accrued and unpaid interest, fees, premiums   (if any) and penalties thereon and reasonable fees, expenses, OID and upfront   fees associated with the refinancing and (7) except as otherwise set forth in   this clause (h)(ii), shall have terms and conditions (other than with respect   to pricing, fees, rate floors and optional prepayment or redemption terms)   substantially similar to, or (taken as a whole) no more favorable (as   reasonably determined by the Lead Borrower) to the lenders or holders   providing such Refinancing Equivalent Debt, than those applicable to the   Refinanced Term Loans (except for covenants or other provisions (a) conformed   (or added) in the Loan Documents, for the benefit of the Lenders holding Term   B Loans, pursuant to an amendment thereto subject solely to the reasonable   satisfaction of the Administrative Agent or (b) applicable only to periods   after the Latest Maturity Date at the time of the issuance or incurrence of   such Refinancing Equivalent Debt) or such terms and conditions shall be   current market terms for such type of Refinancing Equivalent Debt (as   reasonably determined in good faith by the Lead Borrower), (B) (1) if either   Permitted Pari Passu Secured Refinancing Debt or Permitted Junior Secured   Refinancing Debt, shall be subject to security agreements relating to such   Refinancing Equivalent Debt that are substantially the same as or more   favorable to the Loan Parties than the Collateral Documents (with such   differences as are reasonably satisfactory to the Administrative Agent), (2)   if Permitted Pari Passu Secured 108  

    

 

Refinancing   Debt, (x) shall be secured by the Collateral on a pari passu basis with the   Obligations under Term B Loans and Revolving Credit Loans and shall not be   secured by any property or assets of the Holdcos, either Borrower or any   Restricted Subsidiary other than the Collateral, and (y) shall be subject to   a new or then-existing First Lien Intercreditor Agreement to which a Senior   Representative acting on behalf of the holders of such Permitted Pari Passu   Secured Refinancing Debt shall become a party or otherwise subject or other   lien subordination or intercreditor arrangement satisfactory to the Borrower   and the Administrative Agent and (3) if Permitted Junior Secured Refinancing   Debt, (x) shall be secured by the Collateral on a second priority (or other   junior priority) basis to the Liens securing the Obligations under Term B   Loans required to be secured on a first lien basis and shall not be secured   by any property or assets of the Holdcos, the Lead Borrower or any Restricted   Subsidiary other than the Collateral, and (y) shall be subject to a new or   then-existing Second Lien Intercreditor Agreement to which a Senior   Representative acting on behalf of the holders of such Permitted Junior   Secured Refinancing Debt shall become a party or otherwise subject or other   lien subordination or intercreditor arrangement satisfactory to the Lead   Borrower and the Administrative Agent, and (C) shall be incurred solely to   repay, repurchase, retire or refinance substantially concurrently the   Refinanced Term Loans. (iii) This Section 2.17 shall supersede any provisions   in Section 2.13 or Section 10.01 to the contrary. Section 2.18 Extensions of   Term Loans and Revolving Credit Commitments . (a) Notwithstanding anything to   the contrary in this Agreement, pursuant to one or more offers (each, an   “Extension Offer”) made from time to time by the Borrowers to all Lenders of   Term Loans of a given Class (an “Existing Term Loan Tranche”) with a like   Maturity Date or Revolving Credit Commitments of a given Class (an “Existing   Revolver Tranche”) with a like Maturity Date, in each case on a pro rata basis   under each tranche (based on the aggregate outstanding principal amount of   the respective Term Loans or Revolving Credit Commitments of the applicable   Class with the same Maturity Date, as the case may be) and on identical terms   to each such Lender (including as to the proposed interest rates and fees   payable, but excluding any arrangement, structuring or other similar fees   payable in connection therewith that are not generally shared with all   relevant Lenders), the Borrowers may from time to time extend the maturity   date of any Term Loans and/or Revolving Credit Commitments and otherwise   modify the terms of such Term Loans and/or Revolving Credit Commitments   pursuant to the terms of the relevant Extension Offer (including, without   limitation, by increasing the interest rate or fees payable in respect of   such Term Loans and/or Revolving Credit Commitments (and related   outstandings) and/or modifying the amortization schedule in respect of such   Lender’s Term Loans) (each, an “Extension”, and each group of Term Loans or   Revolving Credit Commitments, as applicable, in each case as so extended, as   well as the original Term Loans and the original Revolving Credit Commitments   (in each case not so extended), being a “tranche”, Existing Term Loan Tranche   or Existing Revolver Tranche as applicable; any Extended Term Loans shall   constitute a separate tranche of Term Loans from the tranche of Term Loans   from which they were converted, and any Extended Revolving Credit Commitments   shall constitute a separate tranche of Revolving Credit Commitments from the   tranche of Revolving Credit Commitments from which they were converted   (provided that at no time shall there be Classes of Extended Term Loans and   Refinancing Term Loans hereunder which have more than five (5) Maturity Dates)   so long as the following terms are satisfied: (i) no Default shall have   occurred and be continuing at the time the offering document in respect of an   Extension Offer is delivered to the Lenders, 109  

    

 

(ii) except as   to interest rates, fees and final maturity (which shall be identical as   offered to each Lender under the relevant tranche), the Revolving Credit   Commitment of any Revolving Credit Lender (an “Extending Revolving Credit   Lender”) extended pursuant to an Extension (an “Extended Revolving Credit   Commitment”), and the related outstandings, shall be a Revolving Credit   Commitment (or related outstandings, as the case may be) with the identical   terms as the original Revolving Credit Commitments (and related   outstandings); provided that (x) subject to the provisions of Sections   2.03(l) and 2.04(g) to the extent relating to Swing Line Loans and Letters of   Credit which mature or expire after a Maturity Date when there exist Extended   Revolving Credit Commitments with a longer Maturity Date, all Swing Line   Loans and Letters of Credit shall be participated in on a pro rata basis by   all Lenders with Revolving Credit Commitments in accordance with their Pro   Rata Share of such Revolving Credit Commitments (and except as provided in   Sections 2.03(l) and 2.04(g), without giving effect to changes thereto on an   earlier Maturity Date with respect to Swing Line Loans and Letters of Credit   theretofore incurred or issued) and all borrowings under Revolving Credit   Commitments and repayments thereunder shall be made on a pro rata basis   (except for (A) payments of interest and fees on Extended Revolving Credit   Commitments (and related outstandings) at different rates from the original   Revolving Credit Commitments; provided that such interest and fees shall be   identical for each Lender under the Extended Revolving Credit Commitment and   (B) repayments required upon the Maturity Date of the non-extending Revolving   Credit Commitments) and (y) at no time shall there be Revolving Credit   Commitments hereunder (including Extended Revolving Credit Commitments,   Refinancing Revolving Commitments and any original Revolving Credit   Commitments) which have more than three (3) different Maturity Dates or three   (3) different tranches, (iii) except as to interest rates, fees,   amortization, final maturity date, premium, required prepayment dates and   participation in prepayments (which shall be identical as offered to each   Lender under the relevant tranche), subject to immediately succeeding clauses   (iv), (v) and (vi), shall be determined by the Lead Borrower and set forth in   the relevant Extension Offer), the Term Loans of any Term Lender (an   “Extending Term Lender”) extended pursuant to any Extension (“Extended Term   Loans”) shall have the same terms as the tranche of Term Loans subject to   such Extension Offer (or less favorable terms if so agreed by each Extended   Term Lender in the applicable tranche), (iv) the final maturity date of any   Extended Term Loans shall be no earlier than the then latest Maturity Date   hereunder and the amortization schedule applicable to Term Loans pursuant to   Section 2.07(a) for periods prior to the Original Term Loan Maturity Date may   not be increased, (v) the Weighted Average Life to Maturity of any Extended   Term Loans shall be no shorter than the remaining Weighted Average Life to   Maturity of the Term Loans extended thereby, (vi) any Extended Term Loans may   participate on a pro rata basis or a less than pro rata basis (but not   greater than a pro rata basis) in any voluntary or mandatory repayments or   prepayments hereunder, in each case as specified in the respective Extension   Offer, (vii) if the aggregate principal amount of Term Loans (calculated on   the face amount thereof) or Revolving Credit Commitments, as the case may be,   in respect of 110  

    

 

which Term   Lenders or Revolving Credit Lenders, as the case may be, shall have accepted   the relevant Extension Offer shall exceed the maximum aggregate principal   amount of Term Loans or Revolving Credit Commitments, as the case may be,   offered to be extended by the Lead Borrower pursuant to such Extension Offer,   then the Term Loans or Revolving Credit Loans, as the case may be, of such   Term Lenders or Revolving Credit Lenders, as the case may be, shall be   extended ratably up to such maximum amount based on the respective principal   amounts (but not to exceed actual holdings of record) with respect to which   such Term Lenders or Revolving Credit Lenders, as the case may be, have   accepted such Extension Offer, (viii) all documentation in respect of such   Extension shall be consistent with the foregoing, and all written   communications by either Borrower generally directed to the Lenders in   connection therewith shall be in form and substance consistent with the   foregoing and otherwise reasonably satisfactory to the Administrative Agent,   and (ix) any applicable Minimum Extension Condition shall be satisfied unless   waived by the Lead Borrower. (b) If, at the time any Extension of Revolving   Credit Commitments becomes effective, there will be Extended Revolving Credit   Commitments which remain in effect from a prior Extension, then if the   “effective interest rate”, “effective unused commitment fee rate” or   “effective letter of credit fronting fee rate” (which, for this purpose,   shall, in each case, be reasonably determined by the Administrative Agent and   shall take into account any interest rate floors or similar devices and be   deemed to include (without duplication) all fees (except to the extent   independently taken into account as commitment fees under Section 2.09(a) or   Letter of Credit fronting fees under Section 2.03(i)), including up front or   similar fees or original issue discount (amortized over the shorter of (x)   the life of such new Extended Revolving Credit Commitments and (y) the four   years following the date of the respective Extension) payable to Lenders with   such Extended Revolving Credit Commitments, but excluding any arrangement,   structuring or other fees payable in connection therewith that are not   generally shared with the relevant extending Lenders) and customary consent   fees paid generally to consenting Lenders in respect of the Extended   Revolving Credit Commitments (and related extensions of credit) shall at any   time (over the life of the Extended Revolving Credit Commitments and related   extensions of credit) exceed by more than 0.50% the “effective interest   rate”, “effective unused commitment fee rate” or “effective letter of credit   fronting fee rate” applicable to Revolving Credit Commitments (or outstanding   extensions of credit pursuant thereto) which were extended pursuant to one or   more prior Extensions (determined on the same basis as provided in the first   parenthetical in this sentence), then the Applicable Margin and/or Letter of   Credit fronting fee applicable thereto shall be increased to the extent   necessary so that at all times thereafter the Extended Revolving Credit   Commitments made pursuant to previous Extensions (and related extensions of   credit) do not receive less “effective interest rate”, “effective unused   commitment fee rate” and/or “effective letter of credit fronting fees” than   are applicable to the Revolving Credit Commitments (and related extensions of   credit) made (or extended) pursuant to such Extension. If at the time any   Extension of Term Loans becomes effective, there will be Extended Term Loans   which remain outstanding from a prior Extension, then if the “effective   interest rate” (which, for this purpose, shall be reasonably determined by   the Administrative Agent and shall take into account any interest rate floors   or similar devices and be deemed to include (without duplication) all fees,   including up front or similar fees or original issue discount (amortized over   the shorter of (x) the life of such new Extended Term Loans and (y) the four   years following the date of the respective Extension) payable to Lenders with   such Extended Term Loans, but excluding any arrangement, structuring or other   fees payable in connection therewith that are not generally shared with the   relevant extending Lenders) in respect of the Extended Term Loans shall at   any time (over the life of the Extended Term Loans) exceed by more than 0.50%   the “effective interest rate” applicable to Term Loans which were extended   pursuant to one or more prior Extensions (determined on the same basis as   provided in the first parenthetical in this 111  

    

 

sentence), then   the Applicable Margin applicable thereto shall be increased to the extent   necessary so that at all times thereafter the Extended Term Loans made   pursuant to previous Extensions do not receive less “effective interest rate”   than are applicable to the Term Loans made (or extended) pursuant to such   Extension. (c) With respect to all Extensions consummated by the Borrowers   pursuant to this Section 2.18, (i) such Extensions shall not constitute   voluntary or mandatory payments or prepayments for purposes of Section 2.05   and (ii) no Extension Offer is required to be in any minimum amount or any   minimum increment, provided that the Lead Borrower may at its election   specify as a condition (a “Minimum Extension Condition”) to consummating any   such Extension that a minimum amount (to be determined and specified in the   relevant Extension Offer in the Lead Borrower’s sole discretion and may be   waived by the Lead Borrower) of Term Loans or Revolving Credit Commitments   (as applicable) of any or all applicable tranches be tendered. The   Administrative Agent and the Lenders hereby consent to the Extensions and the   other transactions contemplated by this Section 2.18 (including, for the avoidance   of doubt, payment of any interest, fees or premium in respect of any Extended   Term Loans and/or Extended Revolving Credit Commitments on the such terms as   may be set forth in the relevant Extension Offer) and hereby waive the   requirements of any provision of this Agreement (including, without   limitation, Section 2.05 and 2.13) or any other Loan Document that may   otherwise prohibit any such Extension or any other transaction contemplated   by this Section 2.18. (d) The Lenders hereby irrevocably authorize the   Administrative Agent and Collateral Agent to enter into amendments to this   Agreement and the other Loan Documents with the Borrowers (each an “Extension   Amendment”), as may be necessary in order to establish new tranches or   sub-tranches in respect of Revolving Credit Commitments or Term Loans so   extended and such technical amendments as may be necessary or appropriate in   the reasonable opinion of the Administrative Agent and the Lead Borrower in   connection with the establishment of such new tranches or sub-tranches, in   each case on terms consistent with this Section 2.18. Notwithstanding the   foregoing, each of the Administrative Agent and the Collateral Agent shall   have the right (but not the obligation) to seek the advice or concurrence of   the Required Lenders with respect to any matter contemplated by this Section   2.18(d) and, if either the Administrative Agent or the Collateral Agent seeks   such advice or concurrence, it shall be permitted to enter into such   amendments with the Lead Borrower in accordance with any instructions   actually received by such Required Lenders and shall also be entitled to   refrain from entering into such amendments with the Lead Borrower unless and   until it shall have received such advice or concurrence; provided, however,   that whether or not there has been a request by the Administrative Agent or   the Collateral Agent for any such advice or concurrence, all such amendments   entered into with the Lead Borrower by the Administrative Agent or the   Collateral Agent hereunder shall be binding and conclusive on the Lenders.   Without limiting the foregoing, in connection with any Extensions the   respective Loan Parties shall (at their expense) amend (and the Collateral   Agent is hereby directed to amend) any Mortgage that has a maturity date   prior to the then latest Maturity Date so that such maturity date is extended   to the then latest Maturity Date (or such later date as may be advised by   local counsel to the Collateral Agent). (e) In connection with any Extension,   the Lead Borrower shall provide the Administrative Agent at least five (5)   Business Days’ (or such shorter period as may be agreed by the Administrative   Agent) prior written notice thereof, and shall agree to such procedures, if   any, as may be established by, or acceptable to, the Administrative Agent, in   each case acting reasonably to accomplish the purposes of this Section 2.18.   No Lender shall have any obligation to agree to have any of its Term Loans of   any Existing Term Loan Tranche amended into Extended Term Loans or any of its   Revolving Credit Commitments amended into Extended Revolving Credit   Commitments, as applicable, pursuant to any Extension Offer. Any Extending   Term Lender wishing to have all or a portion of its Term Loans under the   Existing Term Loan Tranche subject to such Extension Offer amended into   Extended Term Loans and any Extending Revolving Credit Lender wishing to have   all or a portion of its Revolving 112  

    

 

Credit   Commitments under the Existing Revolver Tranche subject to such Extension   Offer amended into Extended Revolving Credit Commitments, as applicable,   shall notify the Administrative Agent (each, an “Extension Election”) on or   prior to the date specified in such Extension Offer of the amount of its Term   Loans under the Existing Term Loan Tranche or Revolving Credit Commitments   under the Existing Revolver Tranche, as applicable, which it has elected to   request be amended into Extended Term Loans or Extended Revolving Credit   Commitments, as applicable (subject to any minimum denomination requirements   imposed by the Administrative Agent). In the event that the aggregate   principal amount of Term Loans under the Existing Term Loan Tranche or   Revolving Credit Commitments under the Existing Revolver Tranche, as   applicable, in respect of which applicable Term Lenders or Revolving Credit   Lenders, as the case may be, shall have accepted the relevant Extension Offer   exceeds the amount of Extended Term Loans or Extended Revolving Credit   Commitments, as applicable, requested to be extended pursuant to the   Extension Offer, Term Loans or Revolving Credit Commitments, as applicable,   subject to Extension Elections shall be amended to Extended Term Loans or   Revolving Credit Commitments, as applicable, on a pro rata basis (subject to   rounding by the Administrative Agent, which shall be conclusive) based on the   aggregate principal amount of Term Loans or Revolving Credit Commitments, as   applicable, included in each such Extension Election. Section 2.19 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. That 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 Section 10.01.   (ii) Reallocation of Payments. Any payment of principal, interest, fees or   other amounts received by the Administrative Agent for the account of that   Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to   Article VIII or otherwise) shall be applied at such time or times as may be   determined by the Administrative Agent as follows: first, to the payment of   any amounts owing by that Defaulting Lender to the Administrative Agent   hereunder; second, to the payment on a pro rata basis of any amounts owing by   that Defaulting Lender to the L/C Issuer or Swing Line Lender hereunder; third,   if so determined by the Administrative Agent or requested by the L/C Issuer   or Swing Line Lender, to be held as Cash Collateral for future funding   obligations of that Defaulting Lender of any participation in any Swing Line   Loan or Letter of Credit; fourth, as the Lead Borrower may request (so long   as no Default or Event of Default has occurred and is continuing), to the   funding of any Loan in respect of which that Defaulting Lender has failed to   fund its portion thereof as required by this Agreement, as determined by the   Administrative Agent; fifth, if so determined by the Administrative Agent and   the Lead Borrower, to be held in a non-interest bearing deposit account and   released in order to satisfy obligations of that Defaulting Lender to fund   Loans under this Agreement; sixth, to the payment of any amounts owing to the   Lenders, the L/C Issuer or Swing Line Lender as a result of any judgment of a   court of competent jurisdiction obtained by any Lender, the L/C Issuer or   Swing Line Lender against that Defaulting Lender as a result of that   Defaulting Lender’s breach of its obligations under this Agreement; seventh,   so long as no Default or Event of Default has occurred and is continuing, to   the payment of any amounts owing to the Lead Borrower as a result of any   judgment of a court of competent jurisdiction obtained by the Lead Borrower   against that Defaulting Lender as a result of that Defaulting Lender’s breach   of its obligations under this Agreement; and eighth, to that Defaulting   Lender or as otherwise directed by a court 113  

    

 

of competent   jurisdiction; provided that if (x) such payment is a payment of the principal   amount of any Loans or L/C Borrowings in respect of which that Defaulting   Lender has not fully funded its appropriate share and (y) such Loans or L/C   Borrowings were made at a time when the conditions set forth in Section 4.02   were satisfied or waived, such payment shall be applied solely to pay the   Loans of, and L/C Borrowings owed to, all Non-Defaulting Lenders on a pro rata   basis prior to being applied to the payment of any Loans of, or L/C   Borrowings owed to, that Defaulting Lender. 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 2.19(a)(ii) shall be deemed paid to and redirected   by that Defaulting Lender, and each Lender irrevocably consents hereto. (iii)   Certain Fees. That Defaulting Lender (x) shall not be entitled to receive any   commitment fee pursuant to Section 2.09(a) for any period during which that   Lender is a Defaulting Lender (and the Lead Borrower shall not be required to   pay any such fee that otherwise would have been required to have been paid to   that Defaulting Lender) and (y) shall be limited in its right to receive   Letter of Credit fees as provided in Section 2.03(h). (iv) Reallocation of   Pro Rata Share to Reduce Fronting Exposure. During any period in which there   is a Defaulting Lender, for purposes of computing the amount of the   obligation of each Non-Defaulting Lender to acquire, refinance or fund   participations in Letters of Credit or Swing Line Loans pursuant to Sections   2.03 and 2.04, the “Pro Rata Share” of each Non-Defaulting Lender’s Revolving   Credit Loans and L/C Obligations shall be computed without giving effect to   the Participating Revolving Credit Commitment of that Defaulting Lender;   provided that (i) each such reallocation shall be given effect only if, at   the date the applicable Lender becomes a Defaulting Lender, no Default or   Event of Default has occurred and is continuing; and (ii) the aggregate   obligation of each Non-Defaulting Lender to acquire, refinance or fund   participations in Letters of Credit and Swing Line Loans shall not exceed the   positive difference, if any, of (1) the Participating Revolving Credit   Commitment of that Non-Defaulting Lender minus (2) the sum of (A) the   aggregate Outstanding Amount of the Loans of that Non-Defaulting Lender under   such Participating Revolving Credit Commitments plus (B) such Non-Defaulting   Lender’s Pro Rata Share of the Outstanding Amount of L/C Obligations and   Swing Line Obligations at such time. Subject to Section 11.19, no   reallocation hereto 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. (b) Defaulting Lender Cure. If the Lead Borrower, the   Administrative Agent, Swing Line Lender and each L/C Issuer agree in writing   in their sole discretion that a Defaulting Lender should no longer be deemed   to be a Defaulting Lender, the Administrative Agent will so notify the   parties hereto, whereupon as of the effective date specified in such notice   and subject to any conditions set forth therein (which may include   arrangements with respect to any Cash Collateral), that Lender will, to the   extent applicable, purchase that portion of outstanding Loans of the other   Lenders or take such other actions as the Administrative Agent may determine   to be necessary to cause the Revolving Credit Loans and funded and unfunded   participations in Letters of Credit and Swing Line Loans to be held on a pro   rata basis by the Lenders in accordance with their Pro Rata Share (without   giving effect to Section 2.19(a)(iv)), whereupon that Lender will cease to be   a Defaulting Lender; provided that no adjustments will be made retroactively   with respect to fees accrued or payments made by or on behalf of the Lead   Borrower while that Lender was a Defaulting Lender; and provided, further,   that except to the extent otherwise expressly 114  

    

 

 

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. Section 2.20 Borrower   Obligations Joint and Several. (a) Each Borrower hereby designates and   appoints the Lead Borrower as its agent, attorney-in-fact and legal   representative on its behalf for all purposes, including issuing Committed   Loan Notices and Swing Line Loan Notices; delivering Compliance Certificates;   giving instructions with respect to the disbursement of the proceeds of the   Loans; paying, prepaying and reducing loans, commitments, or any other   amounts owing under the Loan Documents; selecting interest rate options;   giving, receiving, accepting and rejecting all other notices, consents or   other communications hereunder or under any of the other Loan Documents; and   taking all other actions (including in respect of compliance with covenants)   on behalf of any Borrower or the Borrowers under the Loan Documents. The Lead   Borrower hereby accepts such appointment. The Administrative Agent and each   Lender may regard any notice or other communication pursuant to any Loan   Document from the Lead Borrower on behalf of one or more Borrowers as a notice   or communication from such Borrower. Each warranty, covenant, agreement and   undertaking made on behalf of the Co-Borrower by the Lead Borrower shall be   deemed for all purposes to have been made by such Borrower and shall be   binding upon and enforceable against such Borrower to the same extent as if   the same had been made directly by such Borrower. Any action, notice,   delivery, receipt, acceptance, approval, rejection or any other undertaking   under any of the Loan Documents to be made by the Lead Borrower in respect of   the Obligations of the Co-Borrower shall be deemed, where applicable, to be   made in the Lead Borrower’s capacity as representative and agent on behalf of   each Borrower, and any such action, notice, delivery, receipt, acceptance,   approval, rejection or other undertaking shall be deemed for all purposes to   have been made by such Borrower and shall be binding upon and enforceable   against such Borrower to the same extent as if the same had been made   directly by such Borrower. (b) The Borrowers shall have joint and several   liability in respect of all Obligations hereunder and under any other Loan   Document to which any Borrower is a party, without regard to any defense   (other than the defense that payment in full in Same Day Funds has been made),   setoff or counterclaim which may at any time be available to or be asserted   by any other Loan Party against the Lenders, or by any other circumstance   whatsoever (with or without notice to or knowledge of the Borrowers) which   constitutes, or might be construed to constitute, an equitable or legal   discharge of either Borrower’s liability hereunder, in bankruptcy or in any   other instance, and the Obligations of the Borrowers hereunder shall not be   conditioned or contingent upon the pursuit by the Lenders or any other person   at any time of any right or remedy against either Borrower or against any   other person which may be or become liable in respect of all or any part of   the Obligations or against any Collateral or Guarantee therefor or right of   offset with respect thereto. Each Borrower hereby acknowledges that this   Agreement is the joint and several obligation of each Borrower (regardless of   which Borrower shall have delivered a Request for Credit Extension) and may   be enforced against each Borrower separately, whether or not enforcement of   any right or remedy hereunder has been sought against any other Borrower.   Each Borrower hereby expressly waives, with respect to any of the Loans made   to any other Borrower hereunder and any of the amounts owing hereunder by   such other Loan Parties in respect of such Loans, diligence, presentment,   demand of payment, protest and all notices whatsoever, and any requirement   that the Administrative Agent or any Lender exhaust any right, power or   remedy or proceed against such other Loan Parties under this Agreement or any   other agreement or instrument referred to herein or against any other person   under any other guarantee of, or security for, any of such amounts owing   hereunder. ARTICLE III TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY   Section 3.01 Taxes. 115 

    

 

(a) Payments   Free of Taxes. Except as provided in this Section 3.01, or as required by   applicable Law, any and all payments made by or on account of any Loan Party   under any Loan Document shall be made free and clear of and without deduction   or withholding for any and all present or future Taxes, excluding, in the   case of each Agent and each Lender, (1) Taxes imposed on or measured by its   net income, however denominated, franchise (and similar) Taxes imposed on it   in lieu of net income Taxes, and branch profits Taxes, in each case, (i)   imposed by a jurisdiction (or by any political subdivision or taxing   authority thereof) in which such Lender or Administrative Agent is organized   or the jurisdiction (or by any political subdivision or taxing authority   thereof) in which such Lender’s or Administrative Agent’s principal office or   applicable Lending Office is located, or (ii) that are Other Connection   Taxes, (2) Taxes attributable to such Recipient’s failure to comply with   Section 3.01(d), and (3) any U.S. federal withholding Taxes imposed under   FATCA (all such excluded taxes being hereinafter referred to as “Excluded   Taxes”, and all non-excluded Taxes imposed on or with respect to any payment   made by or on account of any obligation of any Loan Party, being hereinafter   referred to as “Indemnified Taxes”). If the Loan Party or other applicable   withholding agent shall be required by any Laws to deduct or withhold any   Taxes from or in respect of any sum payable under any Loan Document to any   Recipient, (i) if such Taxes are Indemnified Taxes or Other Taxes, the sum   payable by such Loan Party shall be increased as necessary so that after   making all required deductions or withholdings (including deductions or withholdings   applicable to additional sums payable under this Section 3.01), each of such   Recipient receives an amount equal to the sum it would have received had no   such deductions or withholdings been made, (ii) the applicable withholding   agent shall make such deductions or withholdings, (iii) the applicable   withholding agent shall pay the full amount deducted or withheld to the   relevant taxation authority or other authority in accordance with applicable   Laws, and (iv) within thirty (30) days after the date of such payment (or, if   receipts or evidence are not available within thirty (30) days, as soon as   possible thereafter), if the Loan Party is the applicable withholding agent,   such Loan Party shall furnish to the Agent the original or a copy of a   receipt evidencing payment thereof or other evidence reasonably acceptable to   the Agent. In addition, each Borrower (jointly and severally) agrees to pay   any and all present and future stamp, transfer, sales and use, court or   documentary taxes and any other excise, property, intangible or mortgage   recording taxes, or charges or levies of the same character, imposed by any   Governmental Authority, which arise from any payment made under any Loan   Document or from the execution, delivery, performance, enforcement or registration   of, or otherwise with respect to, any Loan Document, including additions to   tax, penalties and interest related thereto (all taxes described in this   paragraph of Section 3.01(a) being hereinafter referred to as “Other Taxes”),   save for any Luxembourg Taxes payable due to the registration of a Loan   Document with the Administration de l’Enregistrement at des Domaines in   Luxembourg or in connection with any registration of a Loan Document for the   purposes of any court proceedings before a Luxembourg court or any   presentation before a public authority in Luxembourg ("autorité   constituée"), except in circumstances where: (i) the registration or   presentation of a Loan Document is required or ordered by the relevant   Luxembourg court or public authority in connection with any proceedings or   matters pending before such court or authority; or (ii) the registration or   presentation of a Loan Document is necessary for the exercise of the rights   under such Loan Document and the protection, preservation or maintenance of   such rights; or (iii) the registration or presentation of a Loan Document is   mandatorily required by law. (b) Indemnification by the Borrowers. Each   Borrower (jointly and severally) and each Guarantor agrees to indemnify each   Recipient for (i) the full amount of Indemnified Taxes and Other Taxes   payable by such Recipient and (ii) any reasonable expenses arising therefrom   or with respect thereto, provided such Recipient, as the case may be,   provides the Lead Borrower or such Guarantor with a written statement thereof   setting forth in reasonable detail the basis and calculation of such amounts.   (c) Indemnification by the Lenders. To the extent required by any applicable   law, the Administrative Agent may withhold from any payment to any Lender an   amount equivalent to any 116 

    

 

applicable   withholding tax. Each Lender shall severally indemnify the Administrative   Agent, within ten (10) days after demand therefor, for (i) any Indemnified   Taxes or Other Taxes attributable to such Lender (but only to the extent that   any Loan Party has not already indemnified the Administrative Agent for such   Indemnified Taxes and without limiting the obligation of the Loan Parties to   do so), (ii) any Taxes attributable to such Lender’s failure to comply with the   provisions of Section 10.07(e) relating to the maintenance of a Participant   Register and (iii) any Excluded Taxes attributable to such Lender, in each   case, that are payable or paid by the Administrative Agent in connection with   any Loan Document, and any reasonable expenses arising therefrom or with   respect thereto, whether or not such Taxes were correctly or legally imposed   or asserted by the relevant 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   hereby authorizes the Administrative Agent to set off and apply any and all   amounts at any time owing to such Lender under any Loan Document or otherwise   payable by the Administrative Agent to the Lender from any other source   against any amount due to the Administrative Agent under this paragraph (c).   (d) A. Tax Administration Formalities. Each Recipient 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 requesting Loan Party and the   Administrative Agent, at the time or times reasonably requested by the such   Loan Party or the Administrative Agent, such properly completed and executed   documentation reasonably requested by such Loan Party or the Administrative   Agent as will permit such payments to be made without withholding or at a   reduced rate of withholding. Notwithstanding anything to the contrary in the   preceding sentence, the completion, execution and submission of such   documentation shall not be required if in the Lender’s reasonable judgment   such completion, execution or submission (1) would subject such Lender to any   material unreimbursed cost or expense (it being understood that the   completion, execution and submission of any documentation no more burdensome   than that required for U.S. federal income withholding will not for purposes   of this subsection (1) give rise to an exception from the preceding sentence   and shall not be considered material unreimbursed cost or expense) or (2)   would materially prejudice the legal or commercial position of such Lender   (it being understood that the completion, execution and submission of the   applicable IRS Form W-8 shall not give rise to an exception from the   preceding sentence or otherwise be considered prejudicial to the position of   a Recipient); provided, however, that in no event shall the Lenders be   required to provide its tax returns or its calculations. B. Each Recipient   shall confirm whether it is entitled to receive payments under any Loan   Document free from withholding under FATCA and shall provide any   documentation, forms and other information relating to its status under FATCA   reasonably requested by the Loan Parties sufficient for the Loan Parties to   comply with their obligations under FATCA and to determine whether such   Recipient has complied with such applicable reporting requirements. Each   Recipient agrees that if any form or certification it previously delivered   expires or becomes obsolete or inaccurate in any respect, it shall update   such form or certification, provide such successor form, or promptly notify   the Borrower and the Administrative Agent in writing of its legal inability   to do so. (e) Designation of Different Lending Office. If any Recipient   requests compensation under Section 3.04, or requires the Borrower or any   Loan Party to pay any Indemnified Taxes or additional amounts to any   Recipient or any Governmental Authority for the account of any Recipient   pursuant to Section 3.01, then such Recipient shall (at the request of the   Lead Borrower) use reasonable efforts to designate a different lending office   for funding or booking its Loans hereunder or to 117 

    

 

assign its   rights and obligations hereunder to another of its offices, branches or   affiliates, if, in the judgment of such Recipient, 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, and (ii) would not subject   such Recipient to any unreimbursed cost or expense and would not otherwise be   disadvantageous to such Recipient. The Borrower hereby agrees to pay all   reasonable costs and expenses incurred by any Recipient in connection with   any such designation or assignment. (f) Treatment of Certain Refunds. If any Recipient   determines, in its sole discretion, that it has received a refund in respect   of any Indemnified Taxes or Other Taxes as to which indemnification or   additional amounts have been paid to it by any Loan Party pursuant to this   Section 3.01, it shall promptly remit such refund to the Loan Party, net of   all reasonable out-of-pocket expenses of the Recipient, as the case may be   and without interest (other than any interest paid by the relevant taxing   authority with respect to such refund net of any Taxes payable by any   Recipient on such interest); provided that the Loan Parties, upon the request   of the Recipient, as the case may be, agree promptly to return such refund   (plus any penalties, interest or other charges imposed by the relevant taxing   authority) to such party in the event such party is required to repay such   refund to the relevant taxing authority. Notwithstanding anything to the   contrary in this paragraph (f), in no event will the Recipient be required to   pay any amount to the Loan Party pursuant to this paragraph (f) the payment   of which would place the Recipient in a less favorable net after-Tax position   than the Recipient would have been in if the Taxes 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 Taxes had never been paid. This section shall not be construed to   require any Recipient to make available its tax returns (or any other   information relating to Taxes that it deems confidential) to the Borrowers 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, the   termination of the Commitments and the repayment, satisfaction or discharge   of all obligations under any Loan Document. (h) All amounts set forth in a   Loan Document to be payable by any Loan Party to a Lender or Agent which (in   whole or in part) constitute the consideration for a supply or supplies for   VAT purposes shall be deemed to be exclusive of any VAT which is chargeable   on such supply or supplies, and accordingly, subject to paragraph (j) below,   if VAT is or becomes chargeable on any supply made by any Lender or Agent to   any Loan Party under a Loan Document and such Lender or Agent is required to   account to the relevant taxing authority for the VAT, that Loan Party shall   pay to the relevant Lender or Agent (in addition to and at the same time as   paying any other consideration for such supply) an amount equal to the amount   of such VAT (and such Lender or Agent shall promptly provide an appropriate   VAT invoice to such Loan Party). (i) If VAT is or becomes chargeable on any   supply made by any Lender or Agent (the “Supplier”) to any other Lender or   Agent (the “Recipient”) under a Loan Document, and any Loan Party other than   the Recipient (the “Subject Party”) is required by the terms of any Loan   Document to pay an amount equal to the consideration for such supply to the   Supplier (rather than being required to reimburse the Recipient in respect of   that consideration) (i) (where the Supplier is the Person required to account   to the relevant tax authority for the VAT) the Subject Party must also pay to   the Supplier (at the same time as paying that amount) an additional amount   equal to the amount of the VAT. The Recipient must (where this sub-paragraph   (i) applies) promptly pay to the Subject Party an amount equal to any credit   or repayment the Recipient receives from the relevant tax authority which the   Recipient reasonably determines relates to the VAT chargeable on that supply;   and (ii) (where the Recipient is the person required to account to the   relevant tax authority for the VAT) the Subject Party must promptly,   following demand from the Recipient, pay to the Recipient an amount equal to   the VAT chargeable on that supply 118 

    

 

but only to the   extent that the Recipient reasonably determines that it is not entitled to   credit or repayment from the relevant tax authority in respect of that VAT.   (j) Where a Loan Document requires any Loan Party to reimburse or indemnify a   Lender or Agent for any cost or expense, that Loan Party shall reimburse or   indemnify (as the case may be) such Lender or Agent for the full amount of   such cost or expense, including such part thereof as represents VAT, save to   the extent that such Lender or Agent reasonably determines that it is   entitled to credit or repayment in respect of such VAT from the relevant tax   authority. (k) Any reference in paragraphs 3.01(h)-(l) to any Party shall, at   any time when such Party is treated as a member of a group or unity (or   fiscal unity) for VAT purposes, include (where appropriate and unless the   context otherwise requires) a reference to the person who is treated at that   time as making the supply, or (as appropriate) receiving the supply, under   the grouping rules (provided for in Article 11 of Council Directive   2006/112/EC (or as implemented by the relevant member state of the European   Union) or any other similar provision in any jurisdiction which is not a   member state of the European Union) so that a reference to a Party shall be   construed as a reference to that Party or the relevant group or unity (or   fiscal unity) of which that Party is a member for VAT purposes at the   relevant time or the relevant representative member (or head) of that group   or unity (or fiscal unity) at the relevant time (as the case may be). (l) In   relation to any supply made by a Party to any other Party under a Loan   Document, if reasonably requested by such Party, that other Party must   promptly provide such Party with details of that other Party’s VAT   registration and such other information as is reasonably requested in   connection with such Party’s VAT reporting requirements in relation to such   supply. Section 3.02 Illegality. If any Lender determines that any Law has   made it unlawful, or that any Governmental Authority has asserted that it is   unlawful, for any Lender or its applicable Lending Office to make, maintain   or fund LIBO Rate Loans (whether denominated in Dollars or Euros), then, on   notice thereof by such Lender to the Borrower through the Administrative   Agent, any obligation of such Lender to make or continue LIBO Rate Loans in   the affected currency or currencies shall be suspended until such Lender   notifies the Administrative Agent and the Lead Borrower that the   circumstances giving rise to such determination no longer exist. Upon receipt   of such notice, (x) the Lead Borrower shall, upon demand from such Lender   (with a copy to the Administrative Agent), prepay or (I) if applicable, and   such Loans are denominated in Dollars, convert all of such Lender’s LIBO Rate   Loans 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 LIBO Rate component of the Base   Rate) or (II) if applicable, and such Loans are denominated in Euros, to the   extent the Lead Borrower and all Appropriate Lenders agree, convert such   Loans to Loans bearing interest at an alternative rate mutually acceptable to   the Lead Borrower and all of the Appropriate Lenders, in each case, either on   the last day of the Interest Period therefor, if such Lender may lawfully   continue to maintain such LIBO Rate Loans to such day, or immediately, if   such Lender may not lawfully continue to maintain such LIBO Rate Loans; and   (y) if such notice asserts the illegality of such Lender determining or   charging interest rates based upon the LIBO Rate, the Administrative Agent   shall during the period of such suspension compute the Base Rate applicable   to such Lender without reference to the LIBO 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 LIBO Rate. Upon any such prepayment or conversion, the Borrowers   shall also pay accrued interest on the amount so prepaid or converted and all   amounts due, if any, in connection with such prepayment or conversion under   Section 3.05. Each Lender agrees to designate a different Lending Office if such   designation will avoid the need for such notice and will not, in the good   faith judgment of such Lender, otherwise be materially disadvantageous to   such Lender. 119 

    

 

Section 3.03   Inability to Determine Rates. If the Required Lenders determine that for any   reason adequate and reasonable means do not exist for determining the   applicable LIBO Rate for any requested Interest Period with respect to a   proposed LIBO Rate Loan, or that the LIBO Rate for any requested Interest   Period with respect to a proposed LIBO Rate Loan does not adequately and   fairly reflect the cost to such Lenders of funding such Loan, or that Dollar   deposits or Euro deposits are not being offered to banks in the London   interbank eurodollar, or other applicable, market for the applicable amount   and the Interest Period of such LIBO Rate Loan, the Administrative Agent will   promptly so notify the Lead Borrower and each Lender. Thereafter, the   obligation of the Lenders to make or maintain LIBO Rate Loans shall be   suspended until the Administrative Agent (upon the instruction of the   Required Lenders) revokes such notice. Upon receipt of such notice, the Lead   Borrower may revoke any pending request for a Borrowing of, conversion to or   continuation of such LIBO Rate Loans or, failing that, will be deemed to have   converted such request, if applicable, into a request for a Borrowing of Base   Rate Loans in the amount specified therein (or, in the case of a pending   request for a Loan denominated in Euros, the Borrower and the Lenders may   establish a mutually acceptable alternative rate). Section 3.04 Increased   Cost and Reduced Return; Capital Adequacy; Reserves on LIBO Rate Loans. (a)   If any Lender reasonably determines that as a result of the introduction of   or any change in or in the interpretation of any Law, in each case after the   Closing Date, or such Lender’s compliance therewith, there shall be any   increase in the cost to such Lender of agreeing to make or making, funding or   maintaining any LIBO Rate Loans or (as the case may be) issuing or   participating in Letters of Credit, or a reduction in the amount received or   receivable by such Lender in connection with any of the foregoing (excluding   for purposes of this Section 3.04(a) any such increased costs or reduction in   amount resulting from (1) Indemnified Taxes, Other Taxes or Excluded Taxes or   (2) reserve requirements contemplated by Section 3.04(c)) and the result of   any of the foregoing shall be to increase the cost to such Lender of making   or maintaining the LIBO Rate Loan (or of maintaining its obligations to make   any Loan), or to reduce the amount of any sum received or receivable by such   Lender, then from time to time within fifteen (15) days after demand by such   Lender setting forth in reasonable detail such increased costs (with a copy   of such demand to the Administrative Agent given in accordance with Section   3.06), the Borrowers shall pay to such Lender such additional amounts as will   compensate such Lender for such increased cost or reduction. (b) If any   Lender determines that the introduction of any Law regarding capital adequacy   or any change therein or in the interpretation thereof, in each case after   the Closing Date, or compliance by such Lender (or its Lending Office)   therewith, has the effect of reducing the rate of return on the capital of   such Lender or any corporation controlling such Lender as a consequence of   such Lender’s obligations hereunder (taking into consideration its policies   with respect to capital adequacy and such Lender’s desired return on capital),   then from time to time upon demand of such Lender setting forth in reasonable   detail the charge and the calculation of such reduced rate of return (with a   copy of such demand to the Administrative Agent given in accordance with   Section 3.06), the Borrowers shall pay to such Lender such additional amounts   as will compensate such Lender for such reduction within fifteen (15) days   after receipt of such demand. (c) The Borrowers shall pay to each Lender, (i)   as long as such Lender shall be required to maintain reserves with respect to   liabilities or assets consisting of or including Eurocurrency funds or   deposits, additional interest on the unpaid principal amount of each   applicable LIBO Rate Loan of the Borrowers 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 in the absence of   manifest error), and (ii) as long as such Lender shall be required to comply   with any reserve ratio requirement or analogous requirement of any other   central banking or financial regulatory authority imposed in respect of the   maintenance of the Commitments or the funding of any LIBO Rate Loans of the   Borrowers such additional costs (expressed as a percentage per annum and rounded   upwards, if necessary, to the nearest five decimal places) equal to the   actual costs allocated to such Commitment or Loan by 120 

    

 

such Lender (as   determined by such Lender in good faith, which determination shall be   conclusive absent manifest error) which in each case shall be due and payable   on each date on which interest is payable on such Loan, provided the Lead   Borrower shall have received at least fifteen (15) days’ prior notice (with a   copy to the Administrative Agent) of such additional interest or cost from   such Lender. If a Lender fails to give notice fifteen (15) days prior to the   relevant Interest Payment Date, such additional interest or cost shall be due   and payable fifteen (15) days from receipt of such notice. (d) (e)   [Reserved]. Failure or delay on the part of any Lender to demand compensation   pursuant to this Section 3.04 shall not constitute a waiver of such Lender’s   right to demand such compensation. (f) If any Lender requests compensation   under this Section 3.04, then such Lender will, if requested by the Lead   Borrower, use reasonable efforts to designate another Lending Office for any   Loan or Letter of Credit affected by such event; provided that such efforts   are made on terms that, in the reasonable judgment of such Lender, cause such   Lender and its Lending Office(s) to suffer no material economic, legal or   regulatory disadvantage, and provided further that nothing in this Section   3.04(f) shall affect or postpone any of the Obligations of the Borrowers or   the rights of such Lender pursuant to Section 3.04(a), (b) or (c). (g) For   purposes of this Section 3.04, (i) the Dodd-Frank Wall Street Reform and   Consumer Protection Act and all requests, rules, regulations, guidelines or   directives thereunder or issued in connection therewith and (ii) all   requests, rules, guidelines, requirements and 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 have gone into effect after the date hereof,   regardless of the date enacted, adopted or issued. Section 3.05 Funding   Losses. Upon written demand of any Lender (with a copy to the Administrative   Agent) from time to time, which demand shall set forth in reasonable detail   the basis for requesting such amount, the Borrowers shall promptly compensate   such Lender for and hold such Lender harmless from any loss, cost or expense   actually incurred by it as a result of: (a) any continuation, conversion,   payment or prepayment of any LIBO Rate Loan of either Borrower on a day other   than the last day of the Interest Period for such Loan; or (b) any failure by   the Borrowers (for a reason other than the failure of such Lender to make a   Loan) to prepay, borrow, continue or convert any LIBO Rate Loan of the   Borrowers on the date or in the amount notified by the Lead Borrower;   including any loss or expense (excluding loss of anticipated profits) arising   from 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. Section 3.06 Matters Applicable to All Requests for   Compensation. (a) Any Agent or any Lender claiming compensation under this   Article III shall deliver a certificate to the Lead Borrower setting forth   the additional amount or amounts to be paid to it hereunder which shall be   conclusive in the absence of manifest error. In determining such amount, such   Agent or such Lender may use any reasonable averaging and attribution   methods. (b) With respect to any Lender’s claim for compensation under   Section 3.01, 3.02, 3.03 or 3.04, the Lead Borrower shall not be required to   compensate such Lender for any amount incurred more than one hundred and   eighty (180) days prior to the date that such Lender notifies the Lead 121 

    

 

Borrower of the   event that gives rise to such claim; provided that, if the circumstance giving   rise to such claim is retroactive, then such 180-day period referred to above   shall be extended to include the period of retroactive effect thereof. If any   Lender requests compensation by the Borrowers under Section 3.04, the Lead   Borrower may, by notice to such Lender (with a copy to the Administrative   Agent), suspend the obligation of such Lender to make or continue from one   Interest Period to another applicable LIBO Rate Loan, or, if applicable, to   convert Base Rate Loans into LIBO Rate Loans, until the event or condition   giving rise to such request ceases to be in effect (in which case the   provisions of Section 3.06(c) shall be applicable); provided that such   suspension shall not affect the right of such Lender to receive the   compensation so requested. (c) If the obligation of any Lender to make or   continue any LIBO Rate Loan, or to convert Base Rate Loans into LIBO Rate   Loans, shall be suspended pursuant to Section 3.06(b) hereof, such Lender’s   applicable LIBO Rate Loans shall be automatically converted into Base Rate   Loans (or, if such conversion is not possible, repaid) on the last day(s) of   the then current Interest Period(s) for such LIBO Rate Loans (or, in the case   of any immediate conversion required by Section 3.02, on such earlier date as   required by Law) and, unless and until such Lender gives notice as provided   below that the circumstances specified in Section 3.02, 3.03 or 3.04 hereof   that gave rise to such conversion no longer exist: (i) to the extent that   such Lender’s LIBO Rate Loans have been so converted, all payments and   prepayments of principal that would otherwise be applied to such Lender’s   applicable LIBO Rate Loans shall be applied instead to its Base Rate Loans;   and (ii) all Loans that would otherwise be made or continued from one   Interest Period to another by such Lender as LIBO Rate Loans shall be made or   continued instead as Base Rate Loans (if possible), and all Base Rate Loans   of such Lender that would otherwise be converted into LIBO Rate Loans shall   remain as Base Rate Loans. (d) If any Lender gives notice to the Lead   Borrower (with a copy to the Administrative Agent) that the circumstances   specified in Section 3.02, 3.03 or 3.04 hereof that gave rise to the   conversion of any of such Lender’s LIBO Rate Loans pursuant to this Section   3.06 no longer exist (which such Lender agrees to do promptly upon such   circumstances ceasing to exist) at a time when LIBO Rate Loans made by other   Lenders under the applicable Facility are outstanding, if applicable, such   Lender’s Base Rate Loans shall be automatically converted, on the first   day(s) of the next succeeding Interest Period(s) for such outstanding LIBO   Rate Loans, to the extent necessary so that, after giving effect thereto, all   Loans held by the Lenders holding LIBO Rate Loans under such Facility and by   such Lender are held pro rata (as to principal amounts, interest rate basis,   and Interest Periods) in accordance with their respective Commitments for the   applicable Facility. Section 3.07 Replacement of Lenders under Certain Circumstances.   (a) If at any time (i) the Borrowers become obligated to pay additional   amounts or indemnity payments described in Section 3.01 or 3.04 as a result   of any condition described in such Sections or any Lender ceases to make any   LIBO Rate Loans as a result of any condition described in Section 3.02 or   Section 3.04, (ii) any Lender becomes a Defaulting Lender or (iii) any Lender   becomes a Non-Consenting Lender, then the Lead Borrower may on ten (10)   Business Days’ prior written notice to the Administrative Agent and such   Lender and, in the case of clause (y) below only, with the prior written   consent of the Required Lenders; provided that such consent shall not be   required in the case of the termination of Commitments of Defaulting Lenders,   (x) replace such Lender by causing such Lender to (and such Lender shall be   obligated to) assign, at par, pursuant to Section 10.07(b) (with the   assignment fee to be paid by the Lead Borrower in such instance) all of its   rights and obligations under this Agreement (in respect of any applicable   Facility only in the case of clause (i) or with respect to a class vote,   clause (iii)) to one or more Eligible Assignees, none of which shall   constitute a Defaulting Lender; provided that neither the 122 

    

 

Administrative   Agent nor any Lender shall have any obligation to the Lead Borrower to find a   replacement Lender or other such Person; and provided further that (A) 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 and   (B) in the case of any such assignment resulting from a Lender becoming a   Non-Consenting Lender, the applicable Eligible Assignees shall have agreed   to, and shall be sufficient (together with all other consenting Lenders) to   cause the adoption of, the applicable departure, waiver or amendment of the   Loan Documents; or (y) terminate the Commitment of such Lender or L/C Issuer,   as the case may be, and (1) in the case of a Lender (other than an L/C Issuer   in its capacity as such), repay all Obligations of the Lead Borrower owing to   such Lender relating to the Loans and participations held by such Lender as   of such termination date and (2) in the case of an L/C Issuer, repay all   Obligations of the Lead Borrower owing to such L/C Issuer relating to the   Letters of Credit issued by such L/C Issuer as of such termination date and   cancel or backstop on terms and issued by an issuer reasonably satisfactory   to such L/C Issuer any Letters of Credit issued by it; provided that in the   case of any such termination of a Non-Consenting Lender such termination   shall be sufficient (together with all other consenting Lenders) to cause the   adoption of the applicable departure, waiver or amendment of the Loan   Documents and such termination shall be in respect of any applicable facility   only in the case of clause (i) or with respect to a class vote, clause (iii).   (b) Any Lender being replaced pursuant to Section 3.07(a) above shall (i)   execute and deliver an Assignment and Assumption with respect to such   Lender’s applicable Commitment and outstanding Loans and participations in   L/C Obligations and Swing Line Loans in respect thereof, and (ii) deliver any   Notes evidencing such Loans to the Lead Borrower or Administrative Agent.   Pursuant to such Assignment and Assumption, (A) the assignee Lender shall   acquire all or a portion, as the case may be, of the assigning Lender’s   Commitment and outstanding Loans and participations in L/C Obligations and   Swing Line Loans, (B) all obligations of the Borrowers owing to the assigning   Lender relating to the Loans, Commitments and participations so assigned   shall be paid in full by the assignee Lender to such assigning Lender (other   than any amounts owing to the assigning Lender pursuant to Section 3.05,   which shall be paid in full by the Borrower) concurrently with such   Assignment and Assumption and (C) upon such payment and, if so requested by   the assignee Lender, delivery to the assignee Lender of the appropriate Note   or Notes executed by the Borrowers, the assignee Lender shall become a Lender   hereunder and the assigning Lender shall cease to constitute a Lender   hereunder with respect to such assigned Loans, Commitments and   participations, except with respect to indemnification provisions under this   Agreement, which shall survive as to such assigning Lender. In connection   with any such replacement, if any such Non-Consenting Lender or Defaulting   Lender does not execute and deliver to the Administrative Agent a duly   executed Assignment and Assumption reflecting such replacement within five   (5) Business Days of the date on which the assignee Lender executes and   delivers such Assignment and Assumption to such Non-Consenting Lender or   Defaulting Lender, then such Non-Consenting Lender or Defaulting Lender shall   be deemed to have executed and delivered such Assignment and Assumption   without any action on the part of the Non-Consenting Lender or Defaulting   Lender. (c) Notwithstanding anything to the contrary contained above, any   Lender that acts as an L/C Issuer may not be replaced hereunder at any time   that it has any Letter of Credit outstanding hereunder unless arrangements   reasonably satisfactory to such L/C Issuer (including the furnishing of a   back-up 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   each such outstanding Letter of Credit and the Lender that acts as the   Administrative Agent may not be replaced hereunder except in accordance with   the terms of Section 9.09. (d) In the event that (i) the Lead Borrower or the   Administrative Agent has requested that the Lenders consent to a departure or   waiver of any provisions of the Loan Documents or agree to any amendment   thereto, (ii) the consent, waiver or amendment in question requires the   agreement of all 123 

    

 

affected   Lenders in accordance with the terms of Section 10.01 or all the Lenders with   respect to a certain Class of the Loans and (iii) the Required Lenders (or,   in the case of a consent, waiver or amendment involving all affected Lenders   of a certain Class, the Required Class Lenders) have agreed (but solely to   the extent required by Section 10.01) to such consent, waiver or amendment,   then any Lender who does not agree to such consent, waiver or amendment shall   be deemed a “Non-Consenting Lender.” Section 3.08 Survival. All of   obligations of the Lead Borrower and the Co-Borrower under this Article III   shall survive termination of the Aggregate Commitments and repayment of all   other Obligations hereunder. ARTICLE IV CONDITIONS PRECEDENT TO CREDIT   EXTENSIONS Section 4.01 First Credit Event. The obligation of each Lender to   make Loans, and the obligation of the L/C Issuers to issue Letters of Credit,   on the Closing Date, is subject at the time of the making of such Loans or   the issuance of such Letters of Credit to the satisfaction of the following   conditions: (a) Credit Agreement; Notes. This Agreement shall have been duly   executed and delivered by the Borrowers and each Closing Date Guarantor and there   shall have been delivered to the Administrative Agent for the account of each   of the Lenders that has so requested, a Note executed by the Borrowers, in   each case in the amount, maturity and as otherwise provided herein. (b)   Security. (i) The Administrative Agent shall have received (if applicable)   the results of (x) Uniform Commercial Code lien searches and (y) judgment and   tax lien searches and other customary searches, made with respect to the   Domestic Subsidiaries in the states or other jurisdictions of formation of   such Person and with respect to such other locations and names listed on the   Perfection Certificate, together with (in the case of clause (x)) copies of   the financing statements (or similar documents) disclosed by such search,   (ii) the Security Agreement shall have been duly executed and delivered by   each Domestic Subsidiary, (iii) each of the other Collateral Documents set   forth on Schedule 4.01(b) shall have been duly executed and delivered by the   parties thereto, together with, in respect of (ii) above, (x) certificates,   if any, representing the pledged Equity Interest of the Subsidiary Guarantors   accompanied (where applicable) by undated stock powers executed in blank (or   the equivalent in other jurisdictions) and (y) documents and instruments to   be recorded, filed or stamped (including the UCC financial statements and   registration with ACRA) that the Administrative Agent may deem reasonably   necessary to satisfy the Collateral and Guarantee Requirement. (c) Legal   Opinions. The Administrative Agent shall have received, on behalf of itself,   the Collateral Agent, the Lenders and the L/C Issuers, an opinion of (i)   K&L Gates LLP, special counsel for the Loan Parties, and (ii) from each   local counsel for the Loan Parties incorporated or organized in the United   States or another Qualified Jurisdiction (or counsel for the Administrative   Agent and Lenders if it is customary in the relevant jurisdiction for such   counsel to deliver such opinion), in each case, dated the Closing Date and   addressed to the L/C Issuers, the Administrative Agent, the Collateral Agent   and the Lenders, in each case in form and substance reasonably satisfactory   to the Administrative Agent and customary for senior secured credit   facilities in transactions of this kind. 124 

    

 

 

(d) Solvency   Certificate. The Administrative Agent shall have received a solvency   certificate from the chief financial officer of the Lead Borrower, or, if no   chief financial officer has been appointed, from the Permanent   Representative, in the form of Exhibit I hereto. (e) Luxembourg Deliverables.   The Administrative Agent shall have received for each Luxembourg Loan Party,   (i) an excerpt from the RCS dated no earlier than one (1) Business Day prior   to the Closing Date, (ii) a certificate of non-registration of judgments   (certificat de non-inscription d’une décision judiciaire), issued by the RCS   no earlier than one (1) Business Day prior to the Closing Date certifying   that, as of the date of the day immediately preceding such certificate, the   Luxembourg Loan Party has not been declared bankrupt (en faillite), and that   it has not applied for general settlement or composition with creditors   (concordat préventif de faillite), controlled management (gestion contrôlée),   or reprieve from payment (sursis de paiement), judicial or voluntary   liquidation (liquidation judiciaire ou volontaire), such other proceedings   listed at Article 13, items 2 to 12 and Article 14 of the Luxembourg Act   dated December 19, 2002 on the Register of Commerce and Companies, on Accounting   and on Annual Accounts of the Companies (as amended from time to time) and   (iii) a certificate dated as of the Closing Date (signed by a manager or an   authorized signatory or the Permanent Representative) that the relevant   Luxembourg Loan Party is not subject to nor, as applicable, does it meet or   threaten to meet the criteria of bankruptcy (faillite), insolvency, voluntary   or judicial liquidation (liquidation volontaire ou judiciaire), composition   with creditors (concordat préventif de faillite), controlled management   (gestion contrôlée), reprieve from payment (sursis de paiement), general   settlement with creditors, reorganization or similar laws affecting the   rights of creditors generally, and no application has been made or is to be   made by its respective managers or directors or, as far as it is aware, by   any other person for the appointment of a commissaire, juge-commissaire,   liquidateur, curateur or similar officer pursuant to any voluntary or   judicial insolvency, winding-up, liquidation or similar proceedings. (f)   Insurance. The Administrative Agent shall have received certificates of   insurance complying with the requirements of Section 6.07(b) for the business   and properties of the Borrowers and its Subsidiaries, in form and substance   reasonably satisfactory to the Administrative Agent and, except for any   insurance governed by German law, naming the Collateral Agent as an   additional insured and/or as loss payee. (g) Organization Documents. The   Administrative Agent shall have received (i) a copy of the Organization   Documents, including all amendments thereto, of each Loan Party, certified,   if applicable, as of a recent date by the Secretary of State of the state of   its organization, and a certificate as to the good standing or comparable   certificate under applicable law (where relevant) of each Loan Party as of a   recent date, from such Secretary of State or similar Governmental Authority   and (ii) a certificate of the Secretary or Assistant Secretary or the   Permanent Representative or an authorized signatory or a comparable officer   under applicable law of each Loan Party dated the Closing Date and certifying   (where relevant) (A) that attached thereto is a true and complete copy of the   Organization Documents of such Loan Party as in effect on the Closing Date,   (B) that attached thereto is a true and complete copy of resolutions duly   adopted by the board of directors or board of managers (or equivalent   governing body) of such Loan Party or, with respect to the Lead Borrower, by   its general partner, authorizing the execution, delivery and performance of   the Loan Documents to which such Person is a party and, in the case of the   Borrowers, the borrowings hereunder, and that such resolutions have not been   modified, rescinded or amended and are in full force and effect, (C) (save in   respect of each Luxembourg Loan Party) that the Organization Documents of   such Loan Party have not been amended since the date of the last amendment   thereto shown on the certificate of good standing or comparable certificate   under applicable law furnished pursuant to clause (i) above, (D) as to (if   125 

    

 

applicable) the   incumbency and specimen signature of each officer or manager or authorized   signatory or Permanent Representative executing any Loan Document on behalf   of such Loan Party and countersigned by another officer or manager as to the   incumbency and specimen signature of the Secretary or Assistant Secretary or   comparable officer under applicable law executing the certificate pursuant to   clause (ii) above, (E) if required by the articles of association or laws of   the jurisdiction of its incorporation or organization of any Loan Party (if   applicable) or in the context of any pledge of shares granted over the shares   in the capital in any Loan Party, a copy of a resolution of the general   meeting or a resolution in writing signed by all the holders of the issued   shares (if applicable) of that company, (F) if applicable, a copy of a   resolution signed by the supervisory board of the relevant Loan Party, (G) if   applicable, an unconditional positive advice from each relevant works'   council including the request for advice and (E) such other matters that are   customarily included in a certificate of this nature in the jurisdiction of   its incorporation or organization. (h) Fees, Etc. All duties, fees,   reasonable costs and expenses (including, without limitation, legal fees and   expenses) and other compensation contemplated hereby, payable to the Agents   and the Lenders or otherwise payable in respect of the Transactions shall have   been paid to the extent due. (i) USA PATRIOT Act.The Administrative Agent   shall have received all documentation and other information required by   regulatory authorities with respect to the Borrowers reasonably requested by   the Administrative Agent under applicable “know your customer” and anti-money   laundering rules and regulations, including without limitation the USA   PATRIOT Act. (j) Refinancing. The Refinancing shall have been consummated.   (k) Senior Notes. The Borrowers shall have issued Senior Notes in an   aggregate principal amount of $500,000,000 equivalent pursuant to the Senior   Notes Indenture. (l) Financial Statements. The Arrangers and the Lenders   shall have received the Audited Financial Statements (and the audit report   for such financial statements) and the Quarterly Financial Statements, which   financial statements described shall be prepared in accordance with GAAP.   (m)Cashless Settlement Letter. The Cashless Settlement Letter shall have been   duly executed and delivered by the Borrowers and each of the other parties   thereto to the Adminstrative Agent. Section 4.02 All Credit Events. The   obligation of each Lender to honor any Request for Credit Extension (other   than a Committed Loan Notice requesting only a conversion of Loans to the   other Type, or a continuation of LIBO Rate Loans) is subject to the following   conditions precedent: (a) The representations and warranties of each Loan   Party set forth in Article V and in each other Loan Document shall be true   and correct in all material respects on and as of the date of such Credit   Extension with the same effect as though made on and as of such date, except   to the extent such representations and warranties expressly relate to an   earlier date, in which case they shall be true and correct in all material   respects as of such earlier date. (b) No Default shall exist or would result   from such proposed Credit Extension or from the application of the proceeds   therefrom. 126 

    

 

(c) The   Administrative Agent and, if applicable, the relevant 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   Committed Loan Notice requesting only a conversion of Loans to the other Type,   or a continuation of LIBO Rate Loans) submitted by the Lead Borrower after   the Closing Date 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 Holdings, the Borrowers and each of the other Loan Parties   party hereto represent and warrant to the Agents and the Lenders at the time   of each Credit Extension that: Section 5.01 Existence, Qualification and   Power; Compliance with Laws. Each Loan Party and each Restricted Subsidiary   (other than an Immaterial Subsidiary) (a) is a Person duly organized or   formed, validly existing and in good standing under the Laws of the   jurisdiction of its incorporation or organization (to the extent such concept   exists in such jurisdiction), (b) has all requisite power and authority to   (i) own or lease its assets and carry on its business as currently conducted   and (ii) in the case of the Loan Parties, execute, deliver and perform its   obligations under the Loan Documents to which it is a party, (c) is duly   qualified and in good standing (to the extent such concept exists in such   jurisdiction) under the Laws of each jurisdiction where its ownership, lease   or operation of properties or the conduct of its business requires such   qualification, (d) is in compliance with all Laws, orders, writs and   injunctions and (e) has all requisite governmental licenses, authorizations,   consents and approvals to operate its business as currently conducted;   except, in each case referred to in clause (a) (other than with respect to   each Borrower), (b)(i) (other than with respect to each Borrower), (c), (d)   or (e), to the extent that failure to do so could not reasonably be expected   to have a Material Adverse Effect. Section 5.02 Authorization; No   Contravention. The execution, delivery and performance by each Loan Party of   each Loan Document to which such Person is a party, and the consummation of   the Transactions, are within such Loan Party’s corporate or other powers, (a)   have been duly authorized by all necessary corporate or other organizational   action, and (b) do not (i) contravene the terms of any of such Person’s   Organization Documents, (ii) conflict with or result in any breach or   contravention of, or the creation of any Lien under (other than as permitted   by Section 7.01), or require any payment to be made under (x) any Contractual   Obligation to which such Person is a party or affecting such Person or the   properties of such Person or any of its Subsidiaries or (y) any material   order, injunction, writ or decree of any Governmental Authority or any   arbitral award to which such Person or its property is subject, or (iii)   violate any material Law; except with respect to any conflict, breach,   contravention or payment (but not the creation of any Lien) referred to in   clause (ii)(x), to the extent that such conflict, breach, contravention or   payment could not reasonably be expected to have a Material Adverse Effect.   Section 5.03 Governmental Authorization; Other Consents.(a)No material   approval, consent, exemption, authorization, or other action by, or notice   to, or filing with, any Governmental Authority or any other Person is   necessary or required in connection with (a) the execution, delivery or   performance by, or enforcement against, any Loan Party of this Agreement or   any other Loan Document, or for the consummation of the Transactions, (b) the   grant by any Loan Party of the Liens granted by it pursuant to the Collateral   Documents, (c) the perfection or maintenance of the Liens created under the   Collateral Documents (including the priority thereof) or (d) the exercise by   the Administrative Agent or any Lender of its rights under the Loan Documents   or the remedies in respect of the Collateral pursuant to the Collateral   Documents, except for (i) filings and registrations necessary to perfect, as   applicable, the 127 

    

 

Liens or   register on the Collateral granted by the Loan Parties in favor of the   Secured Parties, (ii) the approvals, consents, exemptions, authorizations,   actions, notices and filings which have been (or, within the applicable   period set out in the relevant Collateral Document, will be) duly obtained,   taken, given or made and are or (within such applicable period will be) in   full force and effect (except to the extent not required to be obtained,   taken, given or made or in full force and effect pursuant to the Collateral   and Guarantee Requirement) and (iii) those approvals, consents, exemptions,   authorizations or other actions, notices or filings, the failure of which to   obtain or make could not reasonably be expected to have a Material Adverse   Effect. (b) Any Luxembourg Loan Party has carried out its activities and will   continue to carry out its activities in a manner which complies with all   relevant regulatory requirements regarding activities of the financial sector   and in a manner which does not require it to be authorized under the   Luxembourg Act, dated April 5, 1993, on the financial sector, as amended.   Section 5.04 Binding Effect. This Agreement and each other Loan Document has   been duly executed and delivered by each Loan Party that is a party thereto.   This Agreement and each other Loan Document constitute legal, valid and   binding obligations of such Loan Party, enforceable against each Loan Party   that is a party thereto in accordance with its terms, except as such   enforceability may be limited by (i) Debtor Relief Laws and by general   principles of equity (ii) the need for filings, registrations and, with   respect to Collateral owned by Foreign Subsidiaries, any other perfection   steps necessary to create or perfect or register the Liens on the Collateral   granted by the Loan Parties in favor of the Secured Parties and (iii) the   effect of foreign Laws, rules and regulations as they relate to pledges, if   any, of Equity Interests in Foreign Subsidiaries and intercompany   Indebtedness owed by Foreign Subsidiaries. Section 5.05 Financial Statements;   No Material Adverse Effect. (a) The Annual Financial Statements and the   Quarterly Financial Statements fairly present in all material respects the   financial condition of Topco and its Subsidiaries as of the dates thereof and   their results of operations for the periods covered thereby in accordance   with GAAP consistently applied throughout the periods covered thereby, (A)   except as otherwise expressly noted therein and (B) subject, in the case of   the Quarterly Financial Statements, to changes resulting from normal year-end   adjustments and absence of footnotes. (b) The unaudited pro forma   consolidated balance sheet of Topco and its Subsidiaries as of the last day   of the twelve-month period ending on the last day of the most recently   completed four-fiscal quarter period ended at least forty-five (45) days (or   ninety (90) days in case such four-fiscal quarter period is the end of   Topco’s fiscal year) prior to the Closing Date (such last day, the “Pro Forma   Balance Sheet Date”), prepared after giving effect to the Transactions as if   the Transactions had occurred as of such date (including the explanatory   notes related to the adjustments thereto) (the “Pro Forma Balance Sheet”) and   the unaudited pro forma consolidated statement of income of Topco and its   Subsidiaries for the twelve-month period ended on the Pro Forma Balance Sheet   Date, prepared after giving effect to the Transactions as if the Transactions   had occurred at the beginning of such period (together with the Pro Forma   Balance Sheet, the “Pro Forma Financial Statements”), copies of which have   heretofore been furnished to the Administrative Agent, have been prepared   based on the Annual Financial Statements (except for the exclusion of the   effects of the finalization of deferred tax accounting and acquisition   accounting adjustments) and the Quarterly Financial Statements and have been   prepared in good faith, based on assumptions believed by the Lead Borrower to   be reasonable as of the date of delivery thereof, and present fairly in all   material respects on a pro forma basis the estimated financial position of   Topco and its Subsidiaries as at the Pro Forma Balance Sheet Date and their   estimated results of operations for the period covered thereby. (c) The   forecasts of consolidated balance sheets, income statements and cash flow   statements of Topco and its Subsidiaries for each of the fiscal years ending   December 31, 2017 through December 31, 2021, copies of which have been   furnished to the Administrative Agent prior to the Closing 128 

    

 

Date, and all   Projections delivered pursuant to Section 6.01 have been prepared in good   faith on the basis of the assumptions stated therein, which assumptions were   believed to be reasonable at the time made, it being understood that   projections as to future events are not to be viewed as facts and actual   results may vary materially from such forecasts. (d) Since December 31, 2016,   there has been no event or circumstance, either individually or in the   aggregate, that has had or could reasonably be expected to have a Material   Adverse Effect. Section 5.06 Litigation. There are no actions, suits,   proceedings, claims or disputes pending or, to the knowledge of the Lead   Borrower, threatened in writing, at law, in equity, in arbitration or before   any Governmental Authority, by or against the Lead Borrower or any of its   Restricted Subsidiaries or against any of their properties or revenues that   either individually or in the aggregate, could reasonably be expected to have   a Material Adverse Effect. Section 5.07 Ownership of Property; Liens.(a)The   Lead Borrower and each of its Restricted Subsidiaries has good record title   to, or valid leasehold interests in, or easements or other limited property   interests in (in each case, to the extent applicable in the jurisdiction in   which such Real Property is located), all Real Property necessary in the   ordinary conduct of its business, free and clear of all Liens except as set   forth on Schedule 5.07 hereto and except for minor defects in title that do   not materially interfere with its ability to conduct its business or to   utilize such assets for their intended purposes and Liens permitted by   Section 7.01 and except where the failure to have such title, interest,   easement or other limited property interest could not reasonably be expected   to have, individually or in the aggregate, a Material Adverse Effect. (b)   Schedule 6 to the Perfection Certificate dated as of the Closing Date contain   a true and complete list of Material Real Property owned by the Lead Borrower   and any of its wholly-owned Domestic Subsidiaries as of the Closing Date.   Section 5.08 Environmental Matters. Except as disclosed in Schedule 5.08(a)   or except as could not reasonably be expected to have, individually or in the   aggregate, a Material Adverse Effect: (a) each Loan Party is in compliance   with all applicable Environmental Laws, and has obtained, and is in   compliance with, all Environmental Permits required of any of them under   applicable Environmental Laws; (b) there are no claims, proceedings,   investigations or actions by any Governmental Authority or other Person   pending, or to the knowledge of the Lead Borrower, threatened in writing,   under any Environmental Law or to revoke, suspend or modify any Environmental   Permit held by any of the Loan Parties under applicable Environmental Laws;   (c) none of the Loan Parties has agreed to assume or accept responsibility,   by contract or otherwise, for any Environmental Liability of any other   Person; and (d)there are no facts, circumstances or conditions relating to   the past or present business or operations of any of the Loan Parties or any   of their respective predecessors (including the disposal of any wastes,   hazardous substances or other materials), or to any Real Property at any time   owned, leased or operated by any of them, that could reasonably be expected   to give rise to any Environmental Liability on the part of the Loan Parties.   Section 5.09 Taxes. Except as would not, either individually or in the   aggregate, reasonably be expected to result in a Material Adverse Effect,   each of the Loan Parties and their Subsidiaries have filed all returns,   statements, forms and reports for taxes (for purposes of this Section,   “Returns”) required 129 

    

 

to be filed,   and the Returns accurately reflect all liability for taxes of the Loan   Parties and their Subsidiaries as a whole for the periods covered thereby.   Except as would not, either individually or in the aggregate, reasonably be   expected to result in a Material Adverse Effect, each of the Loan Parties and   their Subsidiaries have paid all taxes levied or imposed upon them or their   properties that are due and payable (including in their capacity as a   withholding agent), except those which are being contested in good faith by   appropriate proceedings diligently conducted and for which adequate reserves   have been provided in accordance with GAAP if such contest shall have the   effect of suspending enforcement or collection of such taxes. There is no   action, suit, proceeding, investigation, audit, or claim now pending or, to   the best knowledge of the Loan Parties or any of their Subsidiaries,   threatened by any authority regarding any taxes relating to the Loan Parties   or any of their Subsidiaries, nor is there any proposed Tax deficiency or   assessment known to any Loan Parties against the Loan Parties that would, if   made, individually or in the aggregate, have a Material Adverse Effect.   Section 5.10 ERISA Compliance. (a)Except as could not, either individually or   in the aggregate, reasonably be expected to result in a Material Adverse   Effect, each Pension Plan is in compliance in form and operation with its   terms and with the applicable provisions of ERISA, the Code and all other   applicable Laws and regulations. (b) (i) No ERISA Event has occurred during   the five year period prior to the date on which this representation is made   or deemed made; (ii) no Loan Party, Restricted Subsidiary or ERISA Affiliate   has incurred, or reasonably expects to incur, any liability under Title IV of   ERISA with respect to any Pension Plan (other than premiums due and not   delinquent under Section 4007 of ERISA); (iii) no Loan Party, Restricted   Subsidiary or ERISA Affiliate has incurred, or reasonably expects to incur,   any liability (and no event has occurred which, with the giving of notice under   Section 4219 of ERISA, would result in such liability) under Sections 4201 or   4243 of ERISA with respect to a Multiemployer Plan; and (iv) no Loan Party,   Restricted Subsidiary or ERISA Affiliate has engaged in a transaction that   could reasonably be expected to be subject to Sections 4069 or 4212(c) of   ERISA; except, with respect to each of the foregoing clauses (i) through (iv)   of this Section 5.10(b), as could not reasonably be expected, individually or   in the aggregate, to result in a Material Adverse Effect. (c) Except as could   not reasonably be expected to result in a Material Adverse Effect: (i) each   Foreign Pension Plan maintained or administered by the Loan Party or a   Restricted Subsidiary has been maintained in compliance with its terms and   with the requirements of any and all applicable laws, statutes, rules,   regulations and orders and has been maintained, where required, in good   standing with applicable regulatory authorities; (ii) all contributions   required to be made by a Loan Party or Restricted Subsidiary with respect to   a Foreign Pension Plan have been timely made and the Loan Parties and   Restricted Subsidiaries have not incurred any obligation in connection with   the termination of, or withdrawal from, any Foreign Pension Plan; and (iii) each   Foreign Pension Plan maintained or administered by the Loan Party or a   Restricted Subsidiary is funded to the extent required by Law or otherwise to   comply with the requirements of any material Law applicable in the   jurisdiction in which such Foreign Pension Plan is maintained. Section 5.11   Subsidiaries; Equity Interests. As of the Closing Date (after giving effect   to any part of the Transactions that is consummated on or prior to the   Closing Date), no Loan Party has any Subsidiaries other than those specifically   disclosed in Schedule 5.11, and all of the outstanding Equity Interests owned   by the Loan Parties (or a Subsidiary of any Loan Party) in such Subsidiaries   have been validly issued and are fully paid and all Equity Interests owned by   a Loan Party (or a Subsidiary of any Loan Party) in such Subsidiaries are   owned free and clear of all Liens except (i) those created under the   Collateral Documents and (ii) any Lien that is permitted under Section 7.01.   As of the Closing Date, Schedules 1(a) and 7(a) and (b) to the Perfection   Certificate (a) set forth the name and jurisdiction of each Borrower and each   Borrower’s wholly-owned domestic Subsidiaries that are Loan Parties and (b)   set 130 

    

 

forth the   ownership interest of each Borrower, its wholly-owned domestic Subsidiaries   and any other Subsidiary thereof, including the percentage of such ownership.   Section 5.12 Margin Regulations; Investment Company Act.(a)Neither Borrower   is engaged nor will it engage, principally or as one of its important   activities, in the business of purchasing or carrying Margin Stock, or   extending credit for the purpose of purchasing or carrying Margin Stock, and   no proceeds of any Borrowings or drawings under any Letter of Credit will be   used for any purpose that violates Regulation U. (b) None of the Borrowers or   any other Loan Party is, or is required to be, registered as an “investment   company” under the Investment Company Act of 1940. Section 5.13 Disclosure.   To the best knowledge of the Lead Borrower, no report, financial statement,   certificate or other written information furnished by or on behalf of any   Loan Party (other than projected financial information, pro forma financial   information and information of a general economic or industry nature) to any   Agent or any Lender in connection with the transactions contemplated hereby   and the negotiation of this Agreement or delivered hereunder or any other   Loan Document (as modified or supplemented by other information so furnished)   when taken as a whole contains any material misstatement of fact or omits to   state any material fact necessary to make the statements therein (when taken   as a whole), in the light of the circumstances under which they were made,   not materially misleading. With respect to projected financial information   and pro forma financial information, the Lead Borrower represents that such   information was prepared in good faith based upon assumptions believed to be   reasonable at the time of preparation of such materials; it being understood   that such projections may vary from actual results and that such variances   may be material. Section 5.14 Labor Matters. Except as, in the aggregate,   could not reasonably be expected to have a Material Adverse Effect: (a) there   are no strikes or other labor disputes against the Lead Borrower or any of   its Restricted Subsidiaries pending or, to the knowledge of the Lead   Borrower, threatened in writing; (b) hours worked by and payment made to   employees of the Lead Borrower or any of its Restricted Subsidiaries have not   been in violation of the Fair Labor Standards Act or any other applicable   Laws dealing with such matters; and (c) all payments due from the Lead   Borrower or any of its Restricted Subsidiaries on account of employee health   and welfare insurance have been paid or accrued as a liability on the books   of the relevant party. Section 5.15 Intellectual Property; Licenses, Etc..   The Lead Borrower and its Restricted Subsidiaries own, license or possess the   right to use all of the trademarks, service marks, trade names, domain names,   copyrights, patents, patent rights, technology, domain names, software, trade   secrets, know-how database rights, design rights and other intellectual   property rights (collectively, “IP Rights”) that are reasonably necessary for   the operation of their respective businesses as currently conducted, and such   IP Rights do not conflict with the rights of any Person, except to the extent   such conflicts, either individually or in the aggregate, could not reasonably   be expected to have a Material Adverse Effect. To the knowledge of the   Borrower, no use of IP Rights, advertising, product, process, method,   substance, part or other material used by any Loan Party or any of its   Subsidiaries in the operation of their respective businesses as currently conducted   infringes upon any rights held by any Person except for such infringements,   individually or in the aggregate, which could not reasonably be expected to   have a Material Adverse Effect. No claim, accused infringements or litigation   regarding any of the IP Rights is pending or, to the knowledge of the Lead   Borrower, threatened in writing against any Loan Party or any of its   Restricted Subsidiaries, which, either individually or in the aggregate,   could reasonably be expected to have a Material Adverse Effect. Section 5.16   Solvency. On the Closing Date, upon giving effect to the Transactions, the   Lead Borrower and its Restricted Subsidiaries, on a consolidated basis, are   Solvent. 131 

    

 

Section 5.17   Subordination of Junior Financing. The Obligations are “Senior Debt,” “Senior   Indebtedness,” “Guarantor Senior Debt” or “Senior Secured Financing” (or any   comparable term) under, and as defined in, any Junior Financing   Documentation. Section 5.18 Collateral Documents; Valid Liens. Except as otherwise   contemplated hereby or under any other Loan Documents, the provisions of the   Collateral Documents and any other documents and instruments necessary to   satisfy the Collateral and Guarantee Requirement, together with such filings   and other actions required to be taken hereby or by the applicable Collateral   Documents (including the delivery to the Administrative Agent of any Pledged   Debt and any Pledged Equity required to be delivered pursuant to the   applicable Collateral Documents), are effective to create in favor of the   Collateral Agent for the benefit of the Secured Parties, except as otherwise   provided hereunder, including subject to Liens permitted by Section 7.01, a   legal, valid, enforceable and perfected first priority Lien on all right, title   and interest of the respective Loan Parties in the Collateral described   therein. Notwithstanding anything herein (including this Section 5.18) or in   any other Loan Document to the contrary, neither the Lead Borrower nor any   other Loan Party makes any representation or warranty as to (A) the effects   of perfection or non-perfection, the priority or the enforceability of any   pledge of or security interest in any Equity Interests of any Foreign   Subsidiary that is not organized in a Qualified Jurisdiction, or as to the   rights and remedies of the Agents or any Lender with respect thereto, under   foreign Law (other than the law of any Qualified Jurisdiction) or (B) the   pledge or creation of any security interest, or the effects of perfection or   non-perfection, the priority or the enforceability of any pledge of or   security interest to the extent such pledge, security interest, perfection or   priority is not required pursuant to the Collateral and Guarantee   Requirement. Section 5.19 Centre of Main Interest. For the purposes of   Regulation (EU) No. 2015/848 of the European Parliament and of the Council of   the European Union of May 20, 2015 on insolvency precedings (recast) (the   “Insolvency Regulation”), the centre of main interest (as that term is used   in Article 3(1) of the Insolvency Regulation) of each Holdco, each Borrower   and each of their Restricted Subsidiaries that is formed or incorporated in a   jurisdiction within the European Union is situated in the jurisdiction of its   registered office and it has no “establishment” (as that term is used in   Article 2(10) of the Insolvency Regulation) in any other jurisdiction, save   for the Swiss branch of Trinseo Finance Luxembourg S.à r.l. Section 5.20   Pensions Act. (a) Neither the Lead Borrower nor any of its Restricted Subsidiaries   is or has been an employer (for the purposes of sections 38 to 51 of the   Pensions Act 2004) of an occupational pension scheme which is not a money   purchase scheme (both terms as defined in the Pension Schemes Act 1993 as   amended). (b) Neither the Borrower nor any of its Restricted Subsidiaries is   or has been “connected” with or an “associate” of (as those terms are used in   sections 39 and 43 of the Pensions Act 2004) such an employer. Section 5.21   Commercial Benefit. Each Loan Party acknowledges that the entry into and   performance by such Loan Party of its obligations under the Loan Documents to   which it is a party is for such Loan Party’s commercial benefit. Section 5.22   USA Patriot Act, Anti-Corruption Laws, Anti-Money Laundering Laws and   Sanctions. (a) To the extent applicable, each of Holdings and its   Subsidiaries is in compliance, in all material respects, with (i) the Trading   with the Enemy Act, as amended, and each of the foreign assets control   regulations of the United States Treasury Department (31 CFR Subtitle B,   Chapter V, as amended) and any other enabling legislation or executive order   relating thereto and (ii) the USA Patriot Act and AML Laws. 132 

    

 

(b) Holdings   and its Subsidiaries, their respective directors and officers, and to the   knowledge of Holdings or its Subsidiaries, their respective employees and   agents, have conducted their businesses in compliance with Anti-Corruption   Laws in all material respects. No part of the proceeds of the Loans (or any   Letters of Credit) will be used by Holdings or its Subsidiaries, directly or,   to its knowledge, indirectly, for any offer, payment, promise to pay, or   authorization or approval of the payment or giving of money or anything else   of value to any governmental official or employee, political party, official   of a political party, candidate for political office, or anyone else acting   in an official capacity, in order to obtain, retain or direct any improper   business advantage, in violation in any material respect of any Anti-Corruption   Laws. (c) (i) None of Holdings or its Subsidiaries will directly or, to the   knowledge of Holdings or such Subsidiary, indirectly, use the proceeds of the   Loans (or Letters of Credit) in violation of applicable Sanctions or   otherwise knowingly make available such proceeds to any Person for the   purpose of financing the activities or business of or with any Sanctioned   Person, or in any Sanctioned Country, except to the extent licensed, exempted   or otherwise approved by a competent governmental body responsible for   enforcing such Sanctions, (ii) none of Holdings, any Subsidiary or to the   knowledge of Holdings or such Subsidiary, their respective directors,   officers or employees or, to the knowledge of either Borrower, any controlled   Affiliate of Holdings, either Borrower or their respective Subsidiaries that   will act in any capacity in connection with or benefit from any Facility, is   a Sanctioned Person and (iii) none of Holdings, its Subsidiaries or, to the   knowledge of Holdings or such Subsidiary, their respective directors,   officers and employees are in violation of applicable Sanctions in any   material respect. Section 5.23 Luxembourg Specific Representations. (i) Each   Luxembourg Loan Party is in compliance with the Luxembourg Act dated May 31, 1999   on the domiciliation of companies, as amended from time to time and all   related regulations and (ii) the head office (administration centrale), the   place of effective management (siège de direction effective) and (for the   purposes of the Insolvency Regulation) the center of main interests (centre   des intérêts principaux) of each Luxembourg Loan Party in Luxembourg is   located at the place of its registered office (siège statutaire) in   Luxembourg. ARTICLE VI AFFIRMATIVE COVENANTS So long as any Lender shall have   any Commitment hereunder, any Loan or other Obligation (other than (i)   contingent indemnification obligations as to which no claim has been   asserted, (ii) obligations under Treasury Services Agreements and (iii)   obligations under Secured Hedge Agreements) hereunder which is accrued and   payable shall remain unpaid or unsatisfied, or any Letter of Credit shall   remain outstanding (unless the Outstanding Amount of the L/C Obligations   related thereto has been Cash Collateralized or a backstop letter of credit   reasonably satisfactory to the applicable L/C Issuer is in place), then from   and after the Closing Date, the Lead Borrower shall, and shall (except in the   case of the covenants set forth in Sections 6.01, 6.02 and 6.16) cause each   of its Restricted Subsidiaries to: Section 6.01 Financial   Statements.(a)Deliver to the Administrative Agent for prompt further   distribution to each Lender, within ninety (90) days after the end of each   fiscal year completed after the Closing Date, a consolidated balance sheet of   the Lead Borrower and its Subsidiaries as at the end of such fiscal year, and   the related consolidated statements of income or operations, stockholders’   equity and cash flows for such fiscal year, setting forth in each case in   comparative form the figures for the previous fiscal year, all in reasonable   detail and prepared in accordance with GAAP, audited and accompanied by a   report and opinion of PricewaterhouseCoopers LLC or any other independent   registered public accounting firm of nationally recognized standing, which   report and opinion (i) shall be prepared in accordance with generally   accepted auditing standards and (ii) shall not be subject to any “going   concern” or like qualification or exception or any qualification or exception   as to the scope of such 133 

    

 

audit (except   as may be required as a result of (x) a prospective Event of Default with   respect to the Financial Covenant, (y) in the case of the Term Loans, an   actual Event of Default with respect to the Financial Covenant or (z) the   impending maturity of any Indebtedness); (b) Deliver to the Administrative   Agent for prompt further distribution to each Lender, within forty-five (45)   days after the end of each fiscal quarter of each fiscal year of the Lead   Borrower completed after the Closing Date (other than the fourth fiscal   quarter of any fiscal year for which the Lead Borrower is required to deliver   financial statements pursuant to Section 6.01(a)), a consolidated balance   sheet of the Lead Borrower and its Subsidiaries as at the end of such fiscal   quarter and the related (i) consolidated statements of income or operations   for such fiscal quarter and for the portion of the fiscal year then ended and   (ii) consolidated statements of cash flows for such fiscal quarter and the   portion of the fiscal year then ended, setting forth in each case in   comparative form the figures for the corresponding fiscal quarter of the   previous fiscal year and the corresponding portion of the previous fiscal   year, all in reasonable detail and certified by a Responsible Officer of the   Lead Borrower as fairly presenting in all material respects the financial   condition, results of operations, stockholders’ equity and cash flows of the   Lead Borrower and its Subsidiaries in accordance with GAAP, subject only to   normal year-end audit adjustments and the absence of footnotes; (c) Deliver   to the Administrative Agent for prompt further distribution to each Lender,   no later than ninety (90) days after the end of each fiscal year of the Lead   Borrower completed after the Closing Date, a detailed consolidated budget for   the following fiscal year on a quarterly basis and for the next succeeding   three years on an annual basis (including a projected consolidated balance   sheet of the Borrower and its Subsidiaries as of the end of each such fiscal   year, the related consolidated statements of projected cash flow and   projected income and a summary of the material underlying assumptions   applicable thereto) (collectively, the “Projections”), which Projections   shall in each case be accompanied by a certificate of a Responsible Officer   of the Lead Borrower stating that such Projections have been prepared in good   faith on the basis of the assumptions stated therein, which assumptions were   believed by the Lead Borrower to be reasonable at the time of preparation and   at the time of delivery of such Projections, it being understood that actual   results may vary from such Projections and that such variations may be   material; and (d) Deliver to the Administrative Agent with each set of   consolidated financial statements referred to in Sections 6.01(a) and (b)   above, the related consolidating financial statements reflecting the   adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries   (if any) (which may be in footnote form only) from such consolidated   financial statements. Notwithstanding the foregoing, the obligations in   clauses (a) and (b) of this Section 6.01 may be satisfied with respect to   financial information of the Lead Borrower and the Restricted Subsidiaries by   furnishing the Lead Borrower’s (or any Parent’s) Form 10-K or 10-Q, as   applicable, filed with the SEC; provided that (i) to the extent such   information relates to a Parent, such information is accompanied by unaudited   consolidating information that explains in reasonable detail the differences   between the information relating to such Parent, on the one hand, and the   information relating to the Lead Borrower and the Restricted Subsidiaries on   a standalone basis, on the other hand, and (ii) to the extent such   information is in lieu of information required to be provided under Section   6.01(a), such materials are accompanied by a report and opinion of   PricewaterhouseCoopers LLP or any other independent registered public   accounting firm of nationally recognized standing, which report and opinion   shall be prepared in accordance with generally accepted auditing standards   and shall not be subject to any “going concern” or like qualification or   exception or any qualification or exception as to the scope of such audit   (except as may be required as a result of (x) a prospective Event of Default   with respect to the Financial Covenant, (y) in the case of the Term Loans, an   actual Event of Default with respect to the Financial Covenant or (z) the   impending maturity of any Indebtedness). 134 

    

 

 

Any financial   statement required to be delivered pursuant to Sections 6.01(a) or 6.01(b)   shall not be required to include acquisition accounting adjustments relating   to any Permitted Acquisition to the extent it is not practicable to include   any such adjustments in such financial statement. Documents required to be   delivered pursuant to this Section 6.01 and Section 6.02(b) and (c) may be   delivered electronically and if so delivered, shall be deemed to have been   delivered on the date (i) on which any Parent (or the Lead Borrower) posts   such documents, or provides a link thereto on the website on the Internet at   the website address listed on Schedule 10.02; or (ii) on which such documents   are posted on the Lead Borrower’s behalf on IntraLinks/IntraAgency 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); provided that: (i) upon written request by the   Administrative Agent, the Lead Borrower shall deliver paper copies of such   documents (which may be electronic copies delivered via electronic mail) to   the Administrative Agent for further distribution to each Lender until a   written request to cease delivering paper copies is given by the   Administrative Agent and (ii) the Lead Borrower shall notify (which may be by   facsimile or electronic mail) the Administrative Agent of the posting of any   such documents and provide to the Administrative Agent by electronic mail   electronic versions (i.e., soft copies) of such documents. Notwithstanding   anything contained herein, in every instance the Lead Borrower shall be   required to provide paper copies (which may be electronic copies delivered   via electronic mail) of the Compliance Certificates required by Section   6.02(a) to the Administrative Agent; provided, however, that if such   Compliance Certificate is first delivered by electronic means, the date of   such delivery by electronic means shall constitute the date of delivery for   purposes of compliance with Section 6.02(a).Each Lender shall be solely   responsible for timely accessing posted documents or requesting delivery of   paper copies of such documents from the Administrative Agent and maintaining   its copies of such documents. Section 6.02 Certificates; Other Information. Deliver   to the Administrative Agent for prompt further distribution to each Lender:   (a) no later than five (5) days after the delivery of the financial   statements referred to in Section 6.01(a) and (b), a duly completed   Compliance Certificate signed by a Responsible Officer of the Lead Borrower;   (b) promptly after the same are publicly available, copies of all annual,   regular, periodic and special reports and registration statements, if any,   which either Holdco, the Lead Borrower or any Restricted Subsidiary files   with the SEC, ASIC or with any applicable Governmental Authority that may be   substituted therefor (other than amendments to any registration statement (to   the extent such registration statement, in the form it became effective, is   delivered), exhibits to any registration statement and, if applicable, any   registration statement on Form S-8) and in any case not otherwise required to   be delivered to the Administrative Agent pursuant hereto; (c) promptly after   the furnishing thereof, copies of any material requests or material notices   received by any Loan Party (other than in the ordinary course of business) or   material statements or material reports furnished to any holder of debt   securities (other than in connection with any board observer rights) of any   Loan Party or of any of its Restricted Subsidiaries pursuant to the terms of   any Junior Financing Documentation in each case in a principal amount in   excess of the Threshold Amount and not otherwise required to be furnished to   the Lenders pursuant to any clause of this Section 6.02; (d) together with   the delivery of each Compliance Certificate pursuant to Section 6.02(a), (i)   in the case of annual Compliance Certificates only, a report setting forth   the information required by sections describing the legal name and the   jurisdiction of formation of 135 

    

 

each Loan Party   and the location of the chief executive office of each Loan Party or   confirming that there has been no change in such information since the   Closing Date or the date of the last such report, (ii) a description of each   event, condition or circumstance during the last fiscal quarter covered by   such Compliance Certificate requiring a mandatory prepayment under Section   2.05(b)(ii) and (iii) a list of each Subsidiary of the Lead Borrower that   identifies each Subsidiary as a Restricted Subsidiary or an Unrestricted   Subsidiary as of the date of delivery of such Compliance Certificate (to the   extent that there have been any changes in the identity or status as a   Restricted Subsidiary or Unrestricted Subsidiary of any such Subsidiaries   since the later of the Closing Date and the most recent list provided); and   (e) promptly, such additional information regarding the business, legal,   financial or corporate affairs of the Loan Parties or any of their respective   Restricted Subsidiaries, or compliance with the terms of the Loan Documents,   as the Administrative Agent or any Lender through the Administrative Agent   may from time to time reasonably request. Section 6.03 Notices. Promptly   after a Responsible Officer of any Loan Party has obtained actual knowledge   thereof, notify the Administrative Agent: (a) of the occurrence of any   Default; (b) of the occurrence of an ERISA Event which could reasonably be expected   to result in a Material Adverse Effect; and (c) of the filing or commencement   of, or any written threat or written notice of intention of any person to   file or commence, any action, suit, litigation or proceeding, whether at law   or in equity by or before any Governmental Authority, against the Lead   Borrower or any Loan Party that could in each case reasonably be expected to   result in a Material Adverse Effect. Each notice pursuant to this Section   shall be accompanied by a written statement of a Responsible Officer of the   Lead Borrower (x) that such notice is being delivered pursuant to Section   6.03(a), (b) or (c) (as applicable) and (y) setting forth details of the   occurrence referred to therein and stating what action the Lead Borrower or   the respective Loan Party has taken and proposes to take with respect   thereto. Section 6.04 Payment of Taxes. Pay, discharge or otherwise satisfy,   as the same shall become due and payable in the normal conduct of its   business, all its obligations and liabilities in respect of taxes imposed   upon it or upon its income or profits or in respect of its property, except,   in each case, to the extent any such tax is being contested in good faith and   by appropriate proceedings for which appropriate reserves have been established   in accordance with GAAP or the failure to pay or discharge the same would not   reasonably be expected to have, individually or in the aggregate, a Material   Adverse Effect. Section 6.05 Preservation of Existence, Etc. (a) Preserve,   renew and maintain in full force and effect its legal existence under the   Laws of the jurisdiction of its organization except (x) in a transaction   permitted by Section 7.04 or 7.05 and (y) any Restricted Subsidiary may   merge, amalgamate or consolidate with any other Restricted Subsidiary and (b)   take all reasonable action to maintain all rights, privileges (including its   good standing where applicable in the relevant jurisdiction), permits,   licenses and franchises necessary or desirable in the normal conduct of its   business, except, in the case of (a) (other than with respect to either   Borrower) or (b) to the extent that failure to do so could not reasonably be   expected to have, individually or in the aggregate, a Material Adverse Effect   or pursuant to a transaction permitted by Section 7.04 or 7.05 or clause (a)   (y) of this Section 6.05. 136 

    

 

Section 6.06   Maintenance of Properties. Except (i) if the failure to do so could not   reasonably be expected to have, individually or in the aggregate, a Material   Adverse Effect or (ii) for Dispositions permitted by Section 7.05 (a)   maintain, preserve and protect all of its material tangible properties and   equipment necessary in the operation of its business in as good a working   order, repair and condition, as they were in on the date hereof, ordinary   wear and tear excepted and fire, casualty or condemnation excepted, (b) make   all necessary renewals, replacements, modifications, improvements, upgrades,   extensions and additions thereof or thereto in accordance with prudent   industry practice and in the normal conduct of its business, and (c) maintain   or renew all of its registered or issued intellectual property. Section 6.07   Maintenance of Insurance. (a) Generally. Maintain, with financially sound and   reputable insurance companies, insurance with respect to its properties and   business against loss or damage of the kinds customarily insured against by   Persons engaged in the same or similar business, of such types and in such   amounts (after giving effect to any self-insurance reasonable and customary   for similarly situated Persons engaged in the same or similar businesses as   the Lead Borrower and the Restricted Subsidiaries) as are customarily carried   under similar circumstances by such other Persons. (b) Requirements of Insurance.(i)   All such insurance shall (other than for any German Loan Party) name the   Collateral Agent as mortgagee (in the case of property insurance) or   additional insured on behalf of the Secured Parties (in the case of liability   insurance) or loss payee (in the case of property insurance), as applicable   and (ii) with respect to any German insurance contract or policy of a German   Loan Party, a German Loan Party shall not agree on a cancellation, material   reduction in amount or material change in coverage thereof that is adverse to   the interests of any Agent or the Lenders without providing the   Administrative Agent with a written notice ten (10) days prior to effecting   such cancellation, material reduction on amount or material change in   coverage setting out in detail what the cancellation, material reduction on   amount or material change in coverage will be; provided that if the   Administrative Agent does not notify the relevant German Loan Party within   ten (10) days after having received such notice that it objects the action   contemplated in the notice, such German Loan Party may agree on such   cancellation, material reduction or material change. (c) Flood Insurance.   With respect to each Mortgaged Property, obtain flood insurance in such total   amount as the Administrative Agent may from time to time reasonably require,   if at any time the area in which any improvements located on any Mortgaged   Property is designated a “flood hazard area” in any Flood Insurance Rate Map   published by the Federal Emergency Management Agency (or any successor   agency), and otherwise comply with the Flood Laws. (d) If the Lead Borrower   or any of its Subsidiaries shall fail to maintain insurance in accordance   with this Section 6.07, or if the Lead Borrower or any of its Subsidiaries   shall fail to so endorse and deposit all policies or certificates with   respect thereto, the Administrative Agent shall have the right (but shall be   under no obligation) to procure such insurance and the Lead Borrower and its   Subsidiaries jointly and severally agree to reimburse the Administrative   Agent for all costs and expenses of procuring such insurance. The provisions   of this Section 6.07 shall be deemed supplemental to, but not duplicative of,   the provisions of any Collateral Documents that require the maintenance of   insurance. Section 6.08 Compliance with Laws. Comply in all material respects   with the requirements of all Laws and all orders, writs, injunctions and   decrees applicable to it or to its business or property, except, in each   case, if the failure to comply therewith could not reasonably be expected to   have, individually or in the aggregate, a Material Adverse Effect. Section   6.09 Books and Records. Maintain proper books of record and account, in which   entries that are full, true and correct in all material respects and are in   conformity with GAAP consistently 137 

    

 

applied and   which reflect all material financial transactions and matters involving the   assets and business of the Lead Borrower or a Restricted Subsidiary, as the   case may be (it being understood and agreed that certain Foreign Subsidiaries   maintain individual books and records in conformity with generally accepted   accounting principles in their respective countries of organization and that   such maintenance shall not constitute a breach of the representations,   warranties or covenants hereunder). Section 6.10 Inspection Rights. Permit   representatives and independent contractors of the Administrative Agent and   each Lender to visit and inspect any of such Loan Party’s or such Restricted   Subsidiary’s properties, to examine such Person’s corporate, financial and   operating records, and make copies thereof or abstracts therefrom, and to   discuss such Person’s affairs, finances and accounts with its directors,   officers, and independent public accountants (subject to such accountants’   customary policies and procedures), all at the reasonable expense of the Lead   Borrower and at such reasonable times during normal business hours and as   often as may be reasonably desired, upon reasonable advance notice to the   Lead Borrower; provided that only the Administrative Agent on behalf of the   Lenders may exercise rights of the Administrative Agent and the Lenders under   this Section 6.10 and the Administrative Agent shall not exercise such rights   more often than two (2) times during any calendar year and only one (1) such   time shall be at the Lead Borrower’s expense; provided further that when an   Event of Default has occurred and is continuing, the Administrative Agent (or   any of its representatives or independent contractors), on behalf of itself   and the Lenders, may do any of the foregoing at the expense of the Lead   Borrower at any time during normal business hours and upon reasonable advance   notice. The Administrative Agent shall give the Lead Borrower the opportunity   to participate in any discussions with the Lead Borrower’s independent public   accountants. Notwithstanding anything to the contrary in this Section 6.10,   none of the Lead Borrower or any of its Restricted Subsidiaries shall be required   to disclose, or permit the inspection, examination or making copies or   abstracts of, or discussion of, any document, information or other matter   that (i) constitutes non-financial trade secrets or non-financial proprietary   information, (ii) in respect of which disclosure to the Administrative Agent   or any Lender (or their respective representatives or contractors) is   prohibited by Law or any binding agreement or (iii) is subject to attorney   client or similar privilege or constitutes attorney work-product. Section   6.11 Additional Collateral; Additional Guarantors. At the Borrower’s expense,   subject to the limitations and exceptions of this Agreement, including,   without limitation, the provisions of the Collateral and Guarantee   Requirement and any applicable limitation in any Collateral Document, take   all action necessary or reasonably requested by the Administrative Agent or   the Collateral Agent to ensure that the Collateral and Guarantee Requirement   continues to be satisfied, including: (a) Upon (1) the formation or   acquisition of any new direct or indirect Restricted Subsidiary (other than   any Immaterial Subsidiary or Excluded Subsidiary) that is organized in a   Qualified Jurisdiction (other than Hong Kong or Singapore), (2) the   designation in accordance with Section 6.15 of any existing direct or   indirect Subsidiary that is organized in a Qualified Jurisdiction (other than   Hong Kong or Singapore) as a Restricted Subsidiary (other than any Excluded   Subsidiary), (3) the re-designation in accordance with the proviso to the   definition of “Immaterial Subsidiary” of any existing direct or indirect   Restricted Subsidiary (other than any Immaterial Subsidiary or any Excluded   Subsidiary) that is organized in a Qualified Jurisdiction (other than Hong   Kong or Singapore), (4) the designation of any Restricted Subsidiary that is   an Immaterial Subsidiary or an Excluded Subsidiary as a Guarantor with, other   than in the case of any such Restricted Subsidiary organized in a Qualified   Jurisdiction, the prior written consent of the Administrative Agent (such   consent to be based on matters of concern relating to the procurement of a   guarantee from such Guarantor, the enforceability thereof and the taking and   perfecting of a security interest in the assets of such Guarantor to secure   its obligations thereunder), which consent shall not be unreasonably withheld   or delayed: 138 

    

 

(i) within (x)   45 days after such formation, acquisition or designation with respect to a   Restricted Subsidiary that is a Domestic Subsidiary or with respect to   Collateral located in the U.S. or (y) 90 days after such formation,   acquisition or designation with respect to a Foreign Subsidiary or with   respect to non-U.S. Collateral or, in each case, such longer period as the   Administrative Agent may agree in writing in its discretion: (A) cause each   such Restricted Subsidiary to duly execute and deliver to the Administrative   Agent or the Collateral Agent (as appropriate) a Guarantor Joinder to this   Agreement and joinders to the Security Agreement Supplements, Intellectual   Property Security Agreements, a counterpart of the Global Intercompany Note   and other security agreements and documents (including, with respect to such   Mortgages, the documents listed in Schedule 6.18), as reasonably requested by   and in form and substance reasonably satisfactory to the Administrative Agent   (consistent with the Mortgages, Security Agreement, Intellectual Property   Security Agreements and other security agreements in effect on the Closing   Date), in each case granting Liens required by the Collateral and Guarantee   Requirement; (B) cause each such Restricted Subsidiary (and the parent of   each such Restricted Subsidiary that is a Guarantor) to deliver any and all   certificates representing Equity Interests (to the extent certificated) and   intercompany notes that are required to be pledged pursuant to the Collateral   and Guarantee Requirement, accompanied by undated stock powers or other   appropriate instruments of transfer executed in blank; (C) take and cause   such Restricted Subsidiary and each direct or indirect parent of such   Restricted Subsidiary to take whatever action (including the recording of   Mortgages, the filing of UCC financing statements and delivery of stock and   membership interest certificates) as may be necessary in the reasonable   opinion of the Collateral Agent to vest in the Collateral Agent (or in any   representative of the Collateral Agent designated by it) valid and perfected   Liens to the extent required by the Collateral and Guarantee Requirement, and   to otherwise comply with the requirements of the Collateral and Guarantee   Requirement; (ii) if reasonably requested by the Administrative Agent or the   Collateral Agent, within forty-five (45) days after such request (or such   longer period as the Administrative Agent may agree in its discretion),   deliver to the Administrative Agent a signed copy of an opinion from (A)   counsel for the additional Loan Party and/or (B) counsel for the   Administrative Agent and the Lenders mutually determined in accordance with   customary practice in the jurisdiction where the additional Loan Party is   located and addressed to the Administrative Agent and the Lenders. Such   opinion shall be in form reasonably acceptable to the Administrative Agent as   to such customary matters set forth in this Section 6.11(a) as the   Administrative Agent may reasonably request; (iii) as promptly as practicable   after the request there for by the Administrative Agent or Collateral Agent,   deliver to the Collateral Agent with respect to each Material Real Property   owned by any Loan Party (as applicable) any existing title reports, abstracts   or environmental assessment reports, to the extent available and in the   possession or control of the Lead Borrower; provided, however, that there   shall be no obligation to deliver to the Administrative Agent any existing   environmental assessment report whose disclosure to the Administrative Agent   would require the consent of a Person other than the Lead Borrower or one of   its Subsidiaries, where, despite the 139 

    

 

commercially   reasonable efforts of the Lead Borrower to obtain such consent, such consent   cannot be obtained; and (iv) if reasonably requested by the Administrative   Agent or the Collateral Agent, within sixty (60) days after such request (or   such longer period as the Administrative Agent may agree in its discretion),   deliver to the Collateral Agent any other items necessary from time to time   to satisfy the Collateral and Guarantee Requirement with respect to   perfection and existence of security interests with respect to property of   any Guarantor acquired after the Closing Date and subject to the Collateral   and Guarantee Requirement, but not specifically covered by the preceding   clauses (i), (ii) or (iii) or clause (b) below. (b) Not later than one   hundred twenty (120) days after the acquisition by any Loan Party of Material   Real Property (or such longer period as the Administrative Agent may agree in   its discretion) that is required to be provided as Collateral pursuant to the   Collateral and Guarantee Requirement, which property would not be   automatically subject to another Lien pursuant to pre-existing Collateral   Documents, cause such property to be subject to a Lien and Mortgage in favor   of the Administrative Agent for the benefit of the Secured Parties and take,   or cause the relevant Loan Party to take, such actions as shall be necessary   or reasonably requested by the Administrative Agent to grant and perfect or   record such Lien, in each case to the extent required by, and subject to the   limitations and exceptions of, the Collateral and Guarantee Requirement and   to otherwise comply with the requirements of the Collateral and Guarantee   Requirement. (c) Always ensuring that the Obligations are secured by a   first-priority security interest in all the Equity Interests of the   Borrowers. (d) Singapore Subsidiaries. (i) Within 60 days after the formation   or acquisition by the Lead Borrower or any of its Restricted Subsidiaries of   any new direct or indirect Restricted Subsidiary that is a Singapore   Subsidiary or the designation in accordance with Section 6.15 of any existing   direct or indirect Singapore Subsidiary as a Restricted Subsidiary, or such   longer period as the Administrative Agent may agree in writing in its   discretion: (A) cause each such Singapore Subsidiary to duly execute and   deliver to the Administrative Agent or the Collateral Agent (as appropriate)   a Guarantor Joinder to this Agreement; (B) cause each such Singapore   Subsidiary to deliver (1) a fixed and floating charge over all its property   duly executed and delivered by each such Singapore Subsidiary in favor of the   Collateral Agent, (2) an equitable mortgage of shares duly executed and   delivered by each such Singapore Subsidiary in favor of the Collateral Agent   (“Singapore Share Mortgage”) and (3) a Mortgage over all its Material Real   Property duly executed and delivered by each such Singapore Subsidiary in   favor of the Collateral Agent, in each case constituting first ranking Liens   in form and substance reasonably acceptable to the Administrative Agent; (C)   cause each such Singapore Subsidiary (and the parent of each such Singapore   Subsidiary that is a Guarantor) to deliver any and all original share   certificates, original blank share transfers and certified extract of share   registers representing Equity Interests and intercompany notes that are   required to be pledged 140 

    

 

pursuant to the   Collateral and Guarantee Requirement and the Singapore Share Mortgages; (D)   if required, cause each such Singapore Subsidiary to execute and deliver   shareholder resolutions to amend the memorandum and articles of association   of the Singapore Subsidiary so that it includes a provision which provides   that the directors may not refuse to register a share transfer effected by   the Collateral Agent or a Lender on enforcement of Collateral over those   shares; (E) cause each such Singapore Subsidiary to deliver to counsel for   the Lenders (1) an original bizfile authorization letter addressed to counsel   for the Lenders signed by each such Singapore Subsidiary and (2) original   statements containing particulars of charge (drafts of which are to be   provided by counsel to the Collateral Agent and the Lenders within reasonable   time following execution of the respective Collateral Documents) in relation   to any Collateral Documents which are registrable as charges pursuant to the   Companies Act (Cap. 50) of Singapore; (F) cause each such Singapore   Subsidiary to provide evidence that all Collateral Documents to which it is a   party are duly stamped or, if not duly stamped, confirmation that they will   be duly stamped; (G) if reasonably requested by the Administrative Agent or the   Collateral Agent, within forty-five (45) days after such request (or such   longer period as the Administrative Agent may agree in its discretion),   deliver to the Administrative Agent a signed copy of an opinion, addressed to   the Administrative Agent and the Lenders, of counsel for the Loan Parties (or   counsel for the Administrative Agent and Lenders if it is customary in   Singapore for such counsel to deliver such opinion) reasonably acceptable to   the Administrative Agent as to such matters set forth in this Section 6.11(d)   as the Administrative Agent may reasonably request; and (H) as promptly as   practicable after the request therefor by the Administrative Agent or   Collateral Agent, deliver to the Collateral Agent with respect to each   Material Real Property any existing title reports, abstracts or environmental   assessment reports, to the extent available and in the possession or control   of the Lead Borrower or a Singapore Subsidiary; provided, however, that there   shall be no obligation to deliver to the Administrative Agent any existing   environmental assessment report whose disclosure to the Administrative Agent   would require the consent of a Person other than the Lead Borrower or one of   its Subsidiaries, where, despite the commercially reasonable efforts of the   Lead Borrower to obtain such consent, such consent cannot be obtained. (ii)   Take and cause each Restricted Subsidiary that is a Singapore Subsidiary and   each direct or indirect parent of such Singapore Subsidiary to take whatever   action (including the registration of Mortgages, the registration of the   Collateral at ACRA, payment of stamp duty, delivery of any certificates of   title and delivery of share certificates) as may be necessary in the   reasonable opinion of the Collateral Agent to vest in the Collateral Agent   (or in any representative of the Collateral Agent designated by it) valid and   perfected Liens to the extent required by the Collateral and Guarantee   Requirement, and to otherwise comply with the requirements of the Collateral   and Guarantee Requirement. (e) Hong Kong Subsidiaries. Upon the formation or   acquisition by the Lead Borrower or any Restricted Subsidiary of any new   direct or indirect Restricted Subsidiary that is a Hong Kong Subsidiary or   the designation in accordance with Section 6.15 of any existing direct 141 

    

 

or indirect   Hong Kong Subsidiary as a Restricted Subsidiary and the Administrative Agent   and the Lead Borrower determine that financial assistance pursuant to Section   275 of the Companies Ordinance (Cap 622 of the laws of Hong Kong) has been   given by such Hong Kong Subsidiary: (i) Ensure that: (A) all board and/or   shareholder resolutions which are required to be passed under the Companies   Ordinance (Cap. 622 of the laws of Hong Kong) to approve the giving of   financial assistance by each such Hong Kong Subsidiary in connection with the   entering into and performance of each of the Loan Documents by each such Hong   Kong Subsidiary are passed; and (B) all statutory requirements (including   filings) in connection with the giving of the financial assistance referred   to in clause (A) above are complied with. (ii) Ensure that each such Hong   Kong Subsidiary immediately provides the Administrative Agent with certified   copies of all the Hong Kong Financial Assistance Documents, together with   evidence that all statutory filings in relation to such documents have been   complied with. (iii) Within 60 days after such formation, acquisition or   designation (as relevant) and delivery of any Hong Kong Financial Assistance   Documents, or such longer period as the Administrative Agent may agree in   writing in its discretion: (A) cause each such Hong Kong Subsidiary to duly   execute and deliver to the Administrative Agent or the Collateral Agent (as   appropriate) a Guarantor Joinder to this Agreement; (B) cause each such Hong   Kong Subsidiary to deliver (i) a fixed and floating charge over all its   property duly executed and delivered by each such Hong Kong Subsidiary in   favor of the Collateral Agent, (ii) an equitable mortgage of shares in such   Hong Kong Subsidiary duly executed and delivered in favor of the Collateral   Agent (“Hong Kong Share Mortgage”) and (iii) a Mortgage over all its Material   Real Property duly executed and delivered by each such Hong Kong Subsidiary   in favor of the Collateral Agent, in each case constituting first ranking   Liens in form and substance reasonably acceptable to the Administrative   Agent; (C) cause each such Hong Kong Subsidiary (and the parent of each such   Hong Kong Subsidiary that is a Guarantor) to deliver any and all original   share certificates, original blank share transfers and certified extract of   share registers representing Equity Interests and intercompany notes that are   required to be pledged pursuant to the Collateral and Guarantee Requirement   and the Hong Kong Share Mortgages; (D) if required, cause each such Hong Kong   Subsidiary to execute and deliver shareholder resolutions to amend the   memorandum and articles of association of the Hong Kong Subsidiary so that   they include a provision which provides that the directors may not refuse to   register a share transfer effected by the Collateral Agent or a Lender on   enforcement of Collateral over those shares; (E) cause each such Hong Kong   Subsidiary to deliver together with each Collateral Document delivered   pursuant to clause (B) above each duly executed 142 

    

 

form which is   required to be lodged with the Companies Registry of Hong Kong in connection   with the giving of the Collateral Documents; and (F) take and cause each such   Hong Kong Subsidiary and each direct or indirect parent of each such Hong   Kong Subsidiary to take whatever action (including the registration of   Mortgages, the registration of the Collateral, delivery of any certificates   of title and delivery of share certificates) as may be necessary in the   reasonable opinion of the Collateral Agent to vest in the Collateral Agent   (or in any representative of the Collateral Agent designated by it) valid and   perfected Liens to the extent required by the Collateral and Guarantee Requirement,   and to otherwise comply with the requirements of the Collateral and Guarantee   Requirement; (iv) if reasonably requested by the Administrative Agent or the   Collateral Agent, within forty-five (45) days after such request (or such   longer period as the Administrative Agent may agree in its discretion),   deliver to the Administrative Agent a signed copy of an opinion, addressed to   the Administrative Agent and the Lenders, of counsel for the Lenders or (as   applicable) the Loan Parties reasonably acceptable to the Administrative   Agent as to such matters set forth in this Section 6.11(e) as the   Administrative Agent may reasonably request; and (v) as promptly as practicable   after there quest there for by the Administrative Agent or Collateral Agent,   deliver to the Collateral Agent with respect to each Material Real Property   any existing title reports, abstracts or environmental assessment reports, to   the extent available and in the possession or control of the Lead Borrower or   a Hong Kong Subsidiary; provided, however, that there shall be no obligation   to deliver to the Administrative Agent any existing environmental assessment   report whose disclosure to the Administrative Agent would require the consent   of a Person other than the Lead Borrower or one of its Subsidiaries, where,   despite the commercially reasonable efforts of the Lead Borrower to obtain   such consent, such consent cannot be obtained. (f) Irish Subsidiaries. (i)   Within 60 days after the formation or acquisition by Lead Borrower or any of   its Restricted Subsidiaries of any new direct or indirect Restricted   Subsidiary that is an Irish Subsidiary or the designation in accordance with   Section 6.15 of any existing direct or indirect Irish Subsidiary as a   Restricted Subsidiary, or such longer period as the Administrative Agent may   agree in writing in its discretion: (A) cause each such Irish Subsidiary to   duly execute and deliver to the Administrative Agent or the Collateral Agent   (as appropriate) a Guarantor Joinder to this Agreement; (B) cause each such   Irish Subsidiary to deliver a mortgage debenture creating fixed and floating   charges over all its property and assets (the “Debenture”) duly executed and   delivered by each such Irish Subsidiary in favor of the Collateral Agent,   constituting first ranking Liens in form and substance reasonably acceptable   to the Administrative Agent; (C) cause each such Irish Subsidiary (and the   parent of each such Irish Subsidiary that is a Guarantor) to deliver any and   all original share certificates, original blank share transfers and certified   extract of share registers representing Equity 143 

    

 

Interests and   intercompany notes that are required to be pledged pursuant to the Collateral   and Guarantee Requirement and the Debenture; (D) if required, cause each such   Irish Subsidiary to execute and deliver shareholder resolutions to amend the   articles of association or the constitution of the Irish Subsidiary so that   they include a provision which provides that the directors may not refuse to   register a share transfer effected the Collateral Agent or by a Lender on   enforcement of Collateral over those shares; (E) cause each such Irish   Subsidiary to deliver to counsel for the Lenders original statements   containing particulars of charge (drafts of which are to be provided by   counsel to the Lenders within reasonable time following execution of the   respective Collateral Documents) in relation to any Collateral Documents   which are registrable as charges pursuant to the Companies Act 2014 of   Ireland; (F) if reasonably requested by the Administrative Agent or the   Collateral Agent, within forty-five (45) days after such request (or such   longer period as the Administrative Agent may agree in its discretion),   deliver to the Administrative Agent a signed copy of an opinion, addressed to   the Administrative Agent and the Lenders, of counsel for the Lenders   reasonably acceptable to the Administrative Agent as to such matters set   forth in this Section 6.11(f) as the Administrative Agent may reasonably   request; and (G) as promptly as practicable after the request therefor by the   Administrative Agent or Collateral Agent, deliver to the Collateral Agent   with respect to each Material Real Property (if any) any existing title   reports or certificates of title, environmental impact studies, to the extent   available and in the possession or control of the Lead Borrower or an Irish   Subsidiary; provided, however, that there shall be no obligation to deliver   to the Administrative Agent any existing environmental impact studies whose   disclosure to the Administrative Agent would require the consent of a Person   other than the Lead Borrower or one of its Subsidiaries, where, despite the   commercially reasonable efforts of the Lead Borrower to obtain such consent,   such consent cannot be obtained. (ii) Take and cause each Restricted   Subsidiary that is an Irish Subsidiary and each direct or indirect parent of   such Irish Subsidiary to take whatever action (including the registration of   Debenture at the Irish Companies Registration Office and on any other   relevant register, including but not limited to the Irish Property   Registration Authority, payment of stamp duty, delivery of any land   certificates or title deeds and delivery of share certificates) as may be   necessary in the reasonable opinion of the Collateral Agent to vest in the   Collateral Agent (or in any representative of the Collateral Agent designated   by it) valid and perfected Liens to the extent required by the Collateral and   Guarantee Requirement, and to otherwise comply with the requirements of the   Collateral and Guarantee Requirement. Section 6.12 Compliance with   Environmental Laws. (a) Except, in each case, to the extent that the failure   to do so could not reasonably be expected to have, individually or in the   aggregate, a Material Adverse Effect, comply, and take all reasonable actions   to cause all lessees and other Persons operating or occupying any of their   Real Properties or facilities to comply, with all applicable Environmental   Laws and Environmental Permits; obtain and renew all Environmental Permits   necessary for the ownership or operation of any of their Real Properties,   facilities or business; and, in each case to the extent required by any   Environmental Law, conduct any investigation, remedial or other corrective   144 

    

 

 

action to the   extent required by any Environmental Law to address Hazardous Materials at   any of their Real Properties or facilities, or any other location, in   accordance with such Environmental Law. (b) Within thirty (30) days of the   occurrence of any Event of Default, if requested by the Administrative Agent   or the Collateral Agent, provide the Administrative Agent and the Collateral   Agent with an environmental site assessment, by an environmental consultant   reasonably acceptable to such Agents, of each of the Mortgaged Properties,   identifying the presence or likely presence of Hazardous Materials on such   properties and the potential costs of all actions required by Environmental   Law to address such materials. Section 6.13 [Reserved]. Section 6.14 Further   Assurances. Promptly upon reasonable request by the Administrative Agent (a)   correct any material defect or error that may be discovered in the execution,   acknowledgment, filing or recordation of any Collateral Document or other   document or instrument relating to any Collateral, and (b) do, execute,   acknowledge, deliver, record, re-record, file, re-file, register and   re-register any and all such further acts, deeds, certificates, assurances   and other instruments as the Administrative Agent may reasonably request from   time to time in order to carry out more effectively the purposes of the   Collateral Documents, to the extent required pursuant to the Collateral and   Guarantee Requirement. If the Administrative Agent or the Collateral Agent   reasonably determines that it is required by applicable Law to have   appraisals prepared in respect of the Real Property of any Loan Party subject   to a mortgage constituting Collateral, the Lead Borrower shall provide to the   Administrative Agent appraisals that satisfy the applicable requirements of   the Real Estate Appraisal Reform Amendments of FIRREA. Section 6.15   Designation of Subsidiaries. The Lead Borrower may at any time after the   Closing Date designate any Restricted Subsidiary of the Lead Borrower (other   than the Co-Borrower as an Unrestricted Subsidiary or any Unrestricted   Subsidiary as a Restricted Subsidiary; provided that (a) immediately before   and after such designation, no Default or Event of Default shall have   occurred and be continuing, (b) immediately after giving effect to such   designation, (i) the Lead Borrower could incur $1.00 of Permitted Ratio Debt   or (ii) the Fixed Charge Coverage Ratio would be no less than the Fixed   Charge Coverage Ratio immediately prior to giving effect to such designation,   (iii) no Subsidiary may be designated as an Unrestricted Subsidiary if it is   a “Restricted Subsidiary” for the purpose of the Senior Notes, any Junior   Financing, any Incremental Equivalent Debt, any Refinancing Equivalent Debt,   any Permitted Ratio Debt or any Permitted Refinancing of any of the foregoing   and (iv) no Restricted Subsidiary may be designated an Unrestricted   Subsidiary if it was previously designated an Unrestricted Subsidiary. The   designation of any Subsidiary as an Unrestricted Subsidiary after the Closing   Date shall constitute an Investment by the Lead Borrower therein at the date   of designation in an amount equal to the fair market value of the Lead   Borrower’s (as applicable) investment therein. The designation of any   Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the   incurrence at the time of designation of any Investment, Indebtedness or   Liens of such Subsidiary existing at such time and (ii) a Return on any   Investment by the Lead Borrower in Unrestricted Subsidiaries pursuant to the   preceding sentence in an amount equal to the fair market value at the date of   such designation of the Borrower’s (as applicable) Investment in such   Subsidiary. Section 6.16 Corporate Rating. The Lead Borrower shall use   commercially reasonable efforts (i) to cause Topco to maintain a corporate   credit rating (but not any specific rating) from S&P and a corporate   family rating (but not any specific rating) from Moody’s, in each case with   respect to Topco and (ii) to maintain a rating (but not any specific rating)   from S&P and Moody’s with respect to the Term B Loans. 145 

    

 

Section 6.17   Use of Proceeds. Use the proceeds of any Borrowing on the Closing Date,   whether directly or indirectly, in a manner consistent with the uses set   forth in the preliminary statements to this Agreement, and after the Closing   Date, use the proceeds of any Borrowing or Letter of Credit for any purpose   not otherwise prohibited under this Agreement, including, for general   corporate purposes, working capital needs, the repayment of Indebtedness, the   making of Restricted Payments and the making of Investments; provided that   the proceeds of the Loans will not be applied towards the discharge or   reduction of any liability incurred in connection with the acquisition of a   Restricted Subsidiary incorporated in Hong Kong. Section 6.18 Post-Closing   Actions. Complete each of the actions described on Schedule 6.18 as soon as   commercially reasonable and by no later than the date set forth in Schedule   6.18 with respect to such action or such later date as the Administrative   Agent may reasonably agree. Section 6.19 Compliance with Anti-Corruption   Laws. The Borrower shall, and shall cause each of its Subsidiaries to: (a)   conduct its business in a manner expected to maintain compliance with   Anti-Corruption Laws, and maintain policies and procedures designed to ensure   compliance with Anti-Corruption Laws; and (b) not authorize the use of the   proceeds of any Borrowing or Letter of Credit, directly or, to its knowledge,   indirectly, in any manner which would violate Anti-Corruption Laws in any   material respect. ARTICLE VII NEGATIVE COVENANTS So long as any Lender shall   have any Commitment hereunder, any Loan or other Obligation hereunder (other   than (i) contingent indemnification obligations as to which no claim has been   asserted, (ii) obligations under Treasury Services Agreements and (iii)   obligations under Secured Hedge Agreements) which is accrued and payable   shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding   (unless the Outstanding Amount of the L/C Obligations related thereto has   been Cash Collateralized or a backstop letter of credit reasonably   satisfactory to the applicable L/C Issuer is in place), then from and after   the Closing Date: Section 7.01 Liens. The Lead Borrower will not, and will   not permit any Restricted Subsidiary to, directly or indirectly, create,   incur, assume or suffer to exist any Lien upon any of its property, assets or   revenues, whether now owned or hereafter acquired, other than the following:   (a) Liens pursuant to any Loan Document; (b) Liens existing on the Closing   Date and listed on Schedule 7.01(b) and any modifications, replacements,   renewals, refinancings or extensions thereof; provided that (i) the Lien does   not extend to any additional property other than after-acquired property that   is affixed or incorporated into the property covered by such Lien and   proceeds and products thereof, and (ii) the replacement, renewal, refinancing   or extension of the obligations secured or benefited by such Liens, to the   extent constituting Indebtedness, is permitted by Section 7.03; (c) Liens for   taxes, assessments or governmental charges that are not overdue for a period   of more than 30 days or that are being contested in good faith and by   appropriate actions, if adequate reserves with respect thereto are maintained   on the books of the applicable Person in accordance with GAAP or equivalent   accounting principles in the relevant jurisdiction; (d) statutory or common   law Liens of landlords, sublandlords, carriers, warehousemen, mechanics,   materialmen, repairmen, construction contractors or other like Liens arising   in the ordinary course of business and (x) which do not in the aggregate   materially detract 146 

    

 

from the value   of any of the Lead Borrower’s or such Restricted Subsidiary’s property or   assets taken as a whole or materially impair the operation of the business of   the Lead Borrower or such Restricted Subsidiary taken as a whole or (y) which   are being contested in good faith by appropriate proceedings, which   proceedings have the effect of preventing the forfeiture or sale of the   property or assets subject to any such Lien; (e) (i) pledges or deposits in   the ordinary course of business in connection with workers’ compensation,   health, disability or employee benefits, unemployment insurance and other   social security laws or similar legislation or regulation or other   insurance-related obligations (including in respect of deductibles,   self-insured retention amounts and premiums and adjustments thereto), (ii)   part-time worker arrangements in accordance with the German Old-Age Employees   Part Time Act (Altersteilzeitgesetz) or pursuant to section 7d of book IV of   the German Social Act (Sozialgesetzbuch) and (iii) pledges and deposits in   the ordinary course of business securing liability for reimbursement or   indemnification obligations of (including obligations in respect of letters   of credit or bank guarantees for the benefit of) insurance carriers providing   property, casualty or liability insurance to the Lead Borrower or any of its   Restricted Subsidiaries; (f) deposits to secure the performance of bids,   trade contracts, governmental contracts and leases (other than Indebtedness   for borrowed money), statutory obligations, surety, stay, customs and appeal   bonds, performance bonds and other obligations of a like nature (including   those to secure health, safety and environmental obligations) incurred in the   ordinary course of business; (g) (i) easements, rights-of-way, restrictions   (including zoning restrictions), encroachments, protrusions, matters which   would be disclosed by an accurate survey or inspection of any Real Property   and other, similar encumbrances and minor title defects affecting Real   Property that do not in the aggregate materially interfere with the ordinary   conduct of the business of the Lead Borrower or any of its Restricted   Subsidiaries, taken as a whole, and any exceptions on the Mortgage Policies   issued in connection with the Mortgaged Properties or (ii) easements,   rights-of-way, restrictions (including zoning restrictions) or encroachments   that are reserved for the benefit of The Dow Chemical Company on any leased   Real Property; (h) [reserved]; (i) Liens securing judgments for the payment   of money not constituting an Event of Default under Section 8.01(h); (j)   leases, licenses, subleases or sublicenses granted to others in the ordinary   course of business which do not (i) interfere in any material respect with   the business of the Lead Borrower or any Restricted Subsidiary, taken as a   whole or (ii) secure any Indebtedness; (k) Liens (i) in favor of customs and   revenue authorities arising as a matter of Law to secure payment of customs   duties in connection with the importation of goods in the ordinary course of   business or (ii) Liens on specific items of inventory or other goods and   proceeds of any Person securing such Person’s obligations in respect of   bankers’ acceptances or letters of credit issued or created for the account   of such person to facilitate the purchase, shipment or storage of such   inventory or other goods in the ordinary course of business; (l) Liens (i) of   a collection bank arising under Section 4-210 of the Uniform Commercial Code   on items in the course of collection, (ii) attaching to commodity trading 147   

    

 

accounts or   other commodities brokerage accounts and (iii) in favor of a banking or other   financial institution arising as a matter of Law or under customary general   terms and conditions encumbering deposits or other funds maintained with a   financial institution (including any netting, the right of set-off and any   liens arising under the general business conditions of a credit institution   with which the Lead Borrower or any of its Restricted Subsidiaries maintains   a banking relationship in Germany or The Netherlands) and that are within the   general parameters customary in the banking industry or arising pursuant to   such banking institution’s general terms and conditions; (m) Liens on cash   advances in favor of the seller of any property to be acquired in an   Investment permitted pursuant to Section 7.06 or, to the extent related to   any of the foregoing, to be applied against the purchase price for such   Investment, or consisting of an agreement to Dispose of any property in a Disposition   permitted under Section 7.05, in each case, solely to the extent such   Investment or Disposition, as the case may be, would have been permitted on   the date of the creation of such Lien; (n) Liens attaching solely to cash   earnest money deposits in connection with any letter of intent or purchase   agreement permitted hereunder; (o) Liens deemed to exist in connection with   Investments in repurchase agreements permitted under Section 7.06; (p) Liens   encumbering reasonable customary initial deposits and margin deposits and   similar Liens attaching to commodity trading accounts or other brokerage   accounts incurred in the ordinary course of business and not for speculative   purposes; (q)Liens that are contractual rights of setoff or rights of pledge   (i) relating to the establishment of depository relations with banks or other   financial institutions not given in connection with the issuance of   Indebtedness or (ii) relating to pooled deposit or sweep accounts of the Lead   Borrower or any of its Restricted Subsidiaries to permit satisfaction of   overdraft or similar obligations incurred in the ordinary course of business   of the Lead Borrower or any of its Restricted Subsidiaries; (r) ground leases   in respect of Real Property on which facilities owned or leased by the Lead   Borrower or any of its Restricted Subsidiaries are located; (s)Liens (i) in   favor of the Lead Borrower or a Restricted Subsidiary on assets of a   Restricted Subsidiary that is not a Loan Party securing Indebtedness   permitted under Section 7.03(b) and (ii) in favor of the Lead Borrower or any   Subsidiary Guarantor; (t) any interest or title of a lessor, sublessor,   licensor or sublicensor under leases, subleases, licenses or sublicenses   entered into by the Lead Borrower or any of its Restricted Subsidiaries in   the ordinary course of business; (u)Liens arising out of conditional sale,   title retention, consignment or similar arrangements for sale of goods   entered into by the Lead Borrower or any of its Restricted Subsidiaries in   the ordinary course of business permitted by this Agreement; (v)Liens to   secure Indebtedness permitted under Section 7.03(e); provided that (i) such   Liens are created within 270 days of the acquisition, construction, repair,   lease, replacement or improvement of the property subject to such Liens, (ii)   such Liens do not at any 148 

    

 

time encumber   property (except for replacements, additions and accessions to such property)   other than the property financed by such Indebtedness and the proceeds and   products thereof and customary security deposits and (iii) with respect to   Capitalized Leases, such Liens do not at any time extend to or cover any   assets (except for replacements, additions and accessions to such assets)   other than the assets subject to such Capitalized Leases and the proceeds and   products thereof and customary security deposits; provided that individual   financings of equipment provided by one lender may be cross collateralized to   other financings of equipment provided by such lender; (w) Liens on property   of any Non-Loan Party, which Liens secure Indebtedness of the applicable   Non-Loan Party permitted under Section 7.03 or other obligations of any   Non-Loan Party not constituting Indebtedness; (x) Liens existing on property   at the time of the acquisition thereof or existing on the property of any   Person at the time such Person becomes a Restricted Subsidiary (other than by   designation as a Restricted Subsidiary pursuant to Section 6.15), in each   case after the Closing Date (including Capital Leases as provided for in the   last paragraph of Section 7.03) (other than Liens on the Equity Interests of   any Person that becomes a Restricted Subsidiary); provided that (i) such Lien   was not created in contemplation of such acquisition or such Person becoming   a Restricted Subsidiary and (ii) such Lien does not extend to or cover any   other assets or property (other than the proceeds or products thereof and   other than after-acquired property subjected to a Lien securing Indebtedness   and other obligations incurred prior to such time and which Indebtedness and   other obligations are permitted hereunder that require, pursuant to their   terms at such time, a pledge of after-acquired property, it being understood   that such requirement shall not be permitted to apply to any property to   which such requirement would not have applied but for such acquisition or   such Person becoming a Restricted Subsidiary); (y) (i) zoning, building,   entitlement and other land use regulations by Governmental Authorities with   which the normal operation of the business complies, and (ii) any zoning or   similar law or right reserved to or vested in any Governmental Authority to   control or regulate the use of any real property that does not materially   interfere with the ordinary conduct of the business of the Lead Borrower and   its Restricted Subsidiaries, taken as a whole; (z) Liens arising from   precautionary Uniform Commercial Code financing statement or similar filings;   (aa) Liens on insurance policies and the proceeds thereof securing the   financing of the premiums with respect thereto; (bb) [Reserved]; (cc) Liens   on Securitization Assets purported to be sold or otherwise transferred in   connection with a Permitted Securitization or Liens over bank accounts of any   Loan Party or any Restricted Subsidiary, so long as such bank accounts do not   receive or hold funds of a Loan Party or any Restricted Subsidiary, in each   case which may be required as part of a Permitted Securitization; (dd) Liens   on the Collateral securing obligations in respect of Incremental Equivalent   Debt or Refinancing Equivalent Debt and, in either case, any Permitted   Refinancing thereof; 149 

    

 

(ee) The   modification, replacement, renewal or extension of any Lien permitted by   clauses (v) and (x) of this Section 7.01; provided that (i) the Lien does not   extend to any additional property, other than (A) after acquired property   that is affixed or incorporated into the property covered by such Lien and   (B) proceeds and products thereof, and (ii) their modification, renewal, extension   or refinancing of the obligations secured or benefited by such Liens is   permitted by Section 7.03 (to the extent constituting Indebtedness); (ff)   other Liens with respect to property or assets of the Lead Borrower or any of   its Restricted Subsidiaries securing obligations in an aggregate principal   amount outstanding at any time not to exceed the greater of $60,000,000 and   2.0% of Total Assets, in each case determined as of the date of incurrence;   and (gg) Liens securing obligations in respect of Indebtedness permitted to   be incurred pursuant to Section 7.03; provided, that (i) after giving Pro   Forma Effect to the incurrence of such Indebtedness (and any Specified   Transactions consummated in connection therewith), (x) if such Liens are not   expressly junior in right of security with the Obligations under Term Loans   and Revolving Credit Loans that are secured on a first lien basis, the First   Lien Net Leverage Ratio shall be no greater than 2.00:1.00 and such Liens   shall be subject to the First Lien Intercreditor Agreement or another lien   subordination and intercreditor arrangement satisfactory to the Lead Borrower   and the Administrative Agent or (y) if such Liens are expressly junior in   right of security with the Liens securing the Obligations under Term Loans   and Revolving Credit Loans that are secured on a first lien basis, the   Secured Net Leverage Ratio shall be no greater than 2.00:1.00, and such Liens   shall be subject to the Second Lien Intercreditor Agreement or another lien   subordination and intercreditor arrangement reasonably satisfactory to the   Lead Borrower and the Administrative Agent. Notwithstanding the foregoing,   neither the Lead Borrower nor any of its Restricted Subsidiaries shall grant   a Lien on any Designated Real Property, other than any Lien deemed to exist   by virtue of the respective landlord’s ownership interest in such Designated   Real Property. The expansion of Liens by virtue of accrual of interest, the   accretion of accreted value, the payment of interest or dividends in the form   of additional Indebtedness, amortization of original issue discount and   increases in the amount of Indebtedness outstanding solely as a result of   fluctuations in the exchange rate of currencies will not be deemed to be an   incurrence of Liens for purposes of this Section 7.01. Section 7.02   [Reserved]. Section 7.03 Indebtedness. Neither the Lead Borrower nor any of   its Restricted Subsidiaries shall, directly or indirectly, create, incur,   assume or suffer to exist any Indebtedness, except: (a) Indebtedness of any Loan   Party under the Loan Documents; (b) Indebtedness outstanding on the Closing   Date and listed on Schedule 7.03(b) and any Permitted Refinancing thereof;   (c) Guarantees by the Lead Borrower and any Restricted Subsidiary in respect   of Indebtedness of the Lead Borrower or any Restricted Subsidiary otherwise   permitted hereunder; provided that (A) no Guarantee of any Junior Financing   shall be permitted unless such guaranteeing party shall have also provided a   Guarantee of the Obligations on the terms set forth herein and (B) if the   Indebtedness being Guaranteed is subordinated to the Obligations, such   Guarantee shall be subordinated to the Guarantee of the Obligations on terms   at least as favorable 150 

    

 

to the Lenders   as those contained in the subordination arrangements with respect to such   Indebtedness; (d) Indebtedness of the Lead Borrower or any Restricted   Subsidiary owing to any Loan Party or any other Restricted Subsidiary (or   issued or transferred to any direct or indirect parent of a Loan Party which   is substantially contemporaneously transferred to a Loan Party or any   Restricted Subsidiary of a Loan Party) to the extent constituting a Permitted   Investment or an Investment permitted by Section 7.06; provided that all such   Indebtedness shall be evidenced by the Global Intercompany Note (which, in   the case of Indebtedness of any Loan Party owed to any Restricted Subsidiary   that is not a Loan Party, be unsecured and subordinated to the Obligations in   a manner reasonably acceptable to the Administrative Agent or the Required   Lenders); (e) (i) Attributable Indebtedness and other Indebtedness (including   Capitalized Leases) financing an acquisition, construction, repair,   replacement, lease or improvement of a fixed or capital asset incurred by the   Lead Borrower or any Restricted Subsidiary prior to or within 270 days after   the acquisition, lease, construction, repair, replacement, or improvement of   the applicable asset in an aggregate outstanding principal amount not to   exceed at any time outstanding the greater of $80,000,000 and 3.5% of Total   Assets, in each case determined at the time of incurrence, and any Permitted   Refinancing thereof and (ii) Attributable Indebtedness arising out of   sale-leaseback transactions permitted by Section 7.05 and any Permitted   Refinancing thereof; (f) Indebtedness in respect of Swap Contracts designed   to hedge against the Lead Borrower’s or any Restricted Subsidiary’s exposure   to interest rates, foreign exchange rates or commodities pricing risks   incurred in the ordinary course of business and not for speculative purposes;   (g) Indebtedness of the Lead Borrower or any Restricted Subsidiary (i)   assumed in connection with any Permitted Acquisition (provided, that such   Indebtedness is not incurred in contemplation of such Permitted Acquisition)   and any Permitted Refinancing thereof or (ii) incurred to finance a Permitted   Acquisition, and any Permitted Refinancing thereof; provided that, (x) in the   case of any Indebtedness incurred or assumed under clauses (g)(i) or (g)(ii)   above, both immediately prior and after giving Pro Forma Effect thereto, (1)   the Fixed Charge Coverage Ratio, calculated on a Pro Forma Basis, is at least   2.00:1.00, (2) the Fixed Charge Coverage Ratio, calculated on a Pro Forma   Basis, would not be lower than immediately prior thereto, (3) the Total Net   Leverage Ratio, calculated on a Pro Forma Basis, is no greater than the Total   Net Leverage Ratio, calculated on a Pro Forma Basis, as of the Closing Date   or (4) the Total Net Leverage Ratio, calculated on a Pro Forma Basis, would   not be greater than immediately prior thereto and (y) in the case of any   Indebtedness incurred under clause (g)(ii) above, any such Indebtedness (1)   matures after the Maturity Date, (2) has a Weighted Average Life to Maturity   equal to or greater than the Weighted Average Life to Maturity of the Term B   Loans, (3) may not participate on a greater than pro-rata basis with respect   to the Term B Loans in any mandatory prepayment and (4) of Non-Loan Parties   does not, when added to the aggregate amount of all other Indebtedness   incurred by Non-Loan Parties pursuant to clause (g)(ii) above and outstanding   at such time, exceed in the aggregate at any time outstanding, together with   all Indebtedness incurred by Non-Loan Parties pursuant to 151 

    

 

Section 7.03(v)   and outstanding at such time, the greater of $135,000,000 and 5.0% of Total   Assets, in each case determined at the time of incurrence; (h) Indebtedness   representing deferred compensation to employees of the Lead Borrower or any   of its Restricted Subsidiaries incurred in the ordinary course of business or   Indebtedness in relation to any part-time worker arrangements in accordance   with the German Old-Age Employees Part Time Act (Altersteilzeitgesetz) or   pursuant to section 7d of book IV of the German Social Act   (Sozialgesetzbuch); (i) Indebtedness to current or former officers, managers,   consultants, directors and employees, their respective estates, spouses or   former spouses to finance the purchase or redemption of Equity Interests of   the Lead Borrower or any Parent permitted by Section 7.06; (j) Indebtedness   incurred by the Lead Borrower or any of its Restricted Subsidiaries in a   Permitted Acquisition, any other Investment or any Disposition expressly   permitted hereunder, in each case, constituting indemnification obligations   or obligations in respect of purchase price (including earnouts) or other   similar adjustments, or deferred compensation or other similar arrangements;   (k) Cash Management Obligations and other Indebtedness in respect of netting   services, overdraft protections and similar arrangements in each case in   connection with deposit accounts; (l) Indebtedness consisting of (a) the   financing of insurance premiums or (b) take-or-pay obligations contained in   supply arrangements, in each case, in the ordinary course of business; (m)   Indebtedness incurred by the Lead Borrower or any of its Restricted   Subsidiaries in the form of letters of credit, bank guarantees, bankers’   acceptances or similar instruments issued or created in the ordinary course   of business, including in respect of workers compensation claims, health,   disability or other employee benefits or property casualty or liability   insurance or self-insurance or other Indebtedness with respect to reimbursement   type obligations regarding workers compensation claims; (n) obligations in   respect of performance, bid, appeal and surety bonds and performance and   completion guarantees and similar obligations provided by the Lead Borrower   or any of its Restricted Subsidiaries or obligations in the form of letters   of credit, bank guarantees or similar instruments related thereto, in each   case in the ordinary course of business or consistent with past practice; (o)   the Senior Notes and any Permitted Refinancing thereof; (p) Indebtedness   supported by a Letter of Credit in a principal amount not to exceed the face   amount of such Letter of Credit; (q) to the extent constituting Indebtedness,   obligations of the Lead Borrower or any Restricted Subsidiary which is the   seller or servicer (or any obligation of the Lead Borrower or any Restricted   Subsidiary in respect of a seller or servicer) in a Permitted Securitization   in respect of any Standard Securitization Undertakings as to such Permitted   Securitization and Guarantees of the Lead Borrower or any other Loan Party as   to such Indebtedness; 152 

    

 

(r)   Indebtedness of a Non-Loan Party which, when aggregated with the principal   amount of all other Indebtedness incurred pursuant to this clause (r) and   then outstanding, does not exceed an aggregate principal amount equal to the   greater of (x) $125,000,000 and (y) 5.25% of Total Assets, in each case   determined at the time of incurrence, and any Permitted Refinancing thereof;   (s) Indebtedness which, when aggregated with the principal amount of all   other Indebtedness incurred pursuant to this clause (s) and then outstanding,   does not exceed the greater of $140,000,000 and 5.25% of Total Assets, in   each case determined at the time of incurrence, and any Permitted Refinancing   thereof; (t) Incremental Equivalent Debt and Refinancing Equivalent Debt and,   in either case, any Permitted Refinancing thereof; (u) (i) any joint and   several liability arising as a result of (the establishment of) a fiscal   unity (fiscale eenheid) between Restricted Subsidiaries incorporated in The   Netherlands; and (ii) a guarantee granted pursuant to a declaration of joint   and several liability use for the purpose of Section 2:403 of the Dutch Civil   Code (and any residual liability under such declaration arising pursuant to   Section 2:404(2) of the Dutch Civil Code) in respect of Restricted   Subsidiaries; (v) Permitted Ratio Debt; (w) Indebtedness of the Lead Borrower   or any Restricted Subsidiary (and any Permitted Refinancing thereof) in an   aggregate principal amount not to exceed the amount of the net cash proceeds   received by the Lead Borrower after the Closing Date from the issuance or   sale of Equity Interests of the Lead Borrower or cash contributed to the   capital of the Lead Borrower (in each case, other than proceeds of   Disqualified Equity Interests, sales of Equity Interests to the Lead Borrower   or any of its Subsidiaries or proceeds which have been designated as a Cure   Amount) as determined in accordance with clauses (b) and (c) of the definition   of “Cumulative Credit” to the extent such net cash proceeds have not been   applied to make Restricted Payments pursuant to Section 7.06 or to prepay,   redeem, purchase, defease or satisfy Indebtedness pursuant to Section 7.13,   so long as (i) such Indebtedness is incurred within one year following the   receipt by the Lead Borrower of such net cash proceeds and (ii) such   Indebtedness is designated as “Contribution Indebtedness” on the date   incurred; (x) unsecured Indebtedness in respect of obligations of the   Borrower or any Restricted Subsidiary to pay the deferred purchase price of   goods or services or progress payments in connection with such goods and   services; provided that such obligations are incurred in connection with open   accounts extended by suppliers on customary trade terms in the ordinary   course of business and not in connection with the borrowing of money; and (y)   all premiums (if any), interest (including post-petition interest), fees,   expenses, charges and additional or contingent interest on obligations   described in clauses (a) through (x) above. For purposes of determining   compliance with Section 7.03, in the event that an item of Indebtedness (or   any portion thereof) at any time, whether at the time of incurrence or upon   the application of all or a portion of the proceeds thereof or subsequently,   meets the criteria of more than one of the categories of permitted   Indebtedness described in Section 7.03(a) through (y) above, the Lead   Borrower, in its sole discretion, will classify and may subsequently   reclassify such item of Indebtedness 153 

    

 

(or any portion   thereof) in any one or more of the types of Indebtedness described in Section   7.03(a) through (y) and will only be required to include the amount and type   of such Indebtedness in such of the above clauses as determined by the Lead   Borrower at such time. The Lead Borrower will be entitled to divide and   classify an item of Indebtedness in more than one of the types of   Indebtedness described in Section 7.03(a) through (y) so long as such   Indebtedness (or any portion thereof) is permitted to be incurred pursuant to   such provision at the time of reclassification. Notwithstanding the   foregoing, Indebtedness incurred (a) under the Loan Documents, any   Incremental Commitments, any Incremental Loans, any Refinancing Commitments   and any Refinancing Loans shall only be classified as incurred under Section   7.03(a), (b) as Refinancing Equivalent Debt or Incremental Equivalent Debt   and, in either case, any Permitted Refinancing thereof shall only be   classified as incurred under Section 7.03(t) and (c) under the Senior Notes   and any Permitted Refinancing thereof shall only be classified as incurred   under Section 7.03(o). For purposes of determining compliance with any   Dollar-denominated restriction on the incurrence of Indebtedness, the   Dollar-equivalent principal amount of Indebtedness denominated in a foreign   currency shall be calculated based on the relevant currency exchange rate in   effect on the date such Indebtedness was incurred, in the case of term debt,   or first committed, in the case of revolving credit debt; provided that if   such Indebtedness is incurred to extend, replace, refund, refinance, renew or   defease other Indebtedness denominated in a foreign currency, and such extension,   replacement, refunding, refinancing, renewal or defeasance would cause the   applicable Dollar-denominated restriction to be exceeded if calculated at the   relevant currency exchange rate in effect on the date of such extension,   replacement, refunding, refinancing, renewal or defeasance, such   Dollar-denominated restriction shall be deemed not to have been exceeded so   long as the principal amount of such refinancing Indebtedness does not exceed   the principal amount of such Indebtedness being extended, replaced, refunded,   refinanced, renewed or defeased, plus the aggregate amount of fees,   underwriting discounts, premiums (including tender premiums) and other costs   and expenses (including OID) incurred in connection with such refinancing.   The accrual of interest, the accretion of accreted value and the payment of   interest in the form of additional Indebtedness shall not be deemed to be an   incurrence of Indebtedness for purposes of this Section 7.03. The principal   amount of any non-interest bearing Indebtedness or other discount security   constituting Indebtedness at any date shall be the principal amount thereof   that would be shown on a balance sheet of the Borrower dated such date   prepared in accordance with GAAP. Section 7.04 Fundamental Changes. Neither   the Lead Borrower nor any of its Restricted Subsidiaries shall merge,   amalgamate, dissolve, liquidate, consolidate with or into another Person, or   Dispose of (whether in one transaction or in a series of transactions) all or   substantially all of its assets (whether now owned or hereafter acquired) to   or in favor of any Person, except that: (a) any Restricted Subsidiary of the   Lead Borrower (other than the Co-Borrower) may merge, amalgamate or   consolidate with (i) the Lead Borrower (including a merger, the purpose of   which is to reorganize the Lead Borrower into a new jurisdiction); provided   that the Lead Borrower shall be the continuing or surviving Person or (ii)   one or more other Restricted Subsidiaries of the Lead Borrower (other than   the Co-Borrower); provided that when any Person that is a Loan Party is   merging with a Restricted Subsidiary, a Loan Party shall be the continuing or   surviving Person unless the resulting Investment made in connection with a   Loan Party merging with a Non-Loan Party shall otherwise be a Restricted   Investment permitted by Section 7.06 (other than Section 7.06(d)) or a   Permitted Investment; (b) (i) any Restricted Subsidiary that is not a Loan   Party may merge, amalgamate or consolidate with or into any other Restricted   Subsidiary that is not a Loan Party and (ii) any Restricted Subsidiary may   liquidate or dissolve or change its legal form if the Lead Borrower 154 

    

 

 

determines in   good faith that such action is in the best interest of the Lead Borrower and   its Restricted Subsidiaries and if not materially disadvantageous to the   Lenders (it being understood that in the case of any change in legal form, a   Restricted Subsidiary that is a Guarantor will remain a Guarantor unless such   Guarantor is otherwise permitted to cease being a Guarantor hereunder); (c)   any Restricted Subsidiary (other than the Co-Borrower) may Dispose of all or   substantially all of its assets (upon voluntary liquidation or otherwise) to   the Lead Borrower or to another Restricted Subsidiary (other than the   Co-Borrower); provided that if the transferor in such a transaction is a   Guarantor, then (i) the transferee must be a Guarantor or the Lead Borrower or   (ii) to the extent constituting an Investment, such Investment must be a   permitted Investment in a Restricted Subsidiary which is not a Loan Party   permitted by Section 7.06 (other than Section 7.06(d)) or a Permitted   Investment; (d) any Restricted Subsidiary may merge or amalgamate with any   other Person in order to effect a Restricted Investment permitted pursuant to   Section 7.06 (other than Section 7.06(d)) or a Permitted Investment; provided   that the continuing or surviving Person shall be a Restricted Subsidiary or   the Lead Borrower; (e) so long as no Default exists or would result   therefrom, the Lead Borrower may merge with any other Person; provided that   (i) the Lead Borrower shall be the continuing or surviving corporation or   (ii) if the Person formed by or surviving any such merger or consolidation is   not the Lead Borrower (any such Person, the “Successor Company”), (A) the   Successor Company shall expressly assume all the obligations of the Borrower   under this Agreement and the other Loan Documents to which the Lead Borrower   is a party pursuant to a supplement hereto or thereto in form reasonably   satisfactory to the Administrative Agent, (B) each Guarantor, unless it is   the other party to such merger or consolidation, shall have confirmed that   its Guarantee shall apply to the Successor Company’s obligations under the   Loan Documents, (C) each Guarantor, unless it is the other party to such   merger or consolidation, shall have by a supplement to each applicable   Collateral Document confirmed that its obligations thereunder shall apply to   the Successor Company’s obligations under the Loan Documents, (D) if   reasonably requested by the Administrative Agent, each mortgagor of a   Mortgaged Property, unless it is the other party to such merger or   consolidation, shall have by an amendment to or restatement of the applicable   Mortgage (or other instrument reasonably satisfactory to the Administrative   Agent) confirmed that its obligations thereunder shall apply to the Successor   Company’s obligations under the Loan Documents and (E) the Lead Borrower   shall have delivered to the Administrative Agent an Officer’s Certificate of   the Lead Borrower stating that such merger or consolidation and such   supplement to this Agreement or any Collateral Document comply with this Agreement;   provided, further, that if the foregoing are satisfied, the Successor Company   will succeed to, and be substituted for, the Lead Borrower under this   Agreement; (f) the Lead Borrower and the Restricted Subsidiaries may   consummate the Transactions; and (g) any Restricted Subsidiary (other than   the Co-Borrower) may effect a merger, amalgamation, dissolution, liquidation,   consolidation or Disposition, the purpose of which is to effect a Disposition   permitted pursuant to Section 7.05. 155 

    

 

Section 7.05   Dispositions. Neither the Lead Borrower nor any of its Restricted   Subsidiaries shall, directly or indirectly, make any Disposition or enter   into any agreement to make any Disposition, except: (a) (x) Dispositions of   obsolete, worn out, used or surplus property, whether now owned or hereafter   acquired, in the ordinary course of business and Dispositions of property no   longer used or useful in the conduct of the business of the Borrowers or any   of their Restricted Subsidiaries and (y) Dispositions to landlords of   improvements made to leased real property pursuant to customary terms of   leases entered into in the ordinary course of business; (b) Dispositions of   inventory, goods held for sale in the ordinary course of business and   immaterial assets in the ordinary course of business (including allowing any   issuances, registrations or any applications for registration of any   intellectual property to lapse or become abandoned in the ordinary course of   business); (c) Dispositions of property to the extent that (i) such property   is exchanged for credit against the purchase price of similar replacement   property or (ii) the proceeds of such Disposition are promptly applied to the   purchase price of such replacement property; (d) Dispositions of property to   the Lead Borrower or any Restricted Subsidiary; provided that if the   transferor of such property is a Loan Party (i) the transferee thereof must   be a Loan Party or (ii) if such transaction constitutes an Investment, such   Investment must be a Restricted Investment permitted by Section 7.06 or a   Permitted Investment; (e) Dispositions that are permitted by Section 7.04   (other than Section 7.04(g)) or otherwise constitute a Restricted Payment   permitted by Section 7.06 or a Permitted Investment (other than a Permitted   Investment pursuant to clause (d) or (y) of the definition thereof) and Liens   permitted by Section 7.01 (other than Section 7.01(m)); (f) Dispositions of   cash and Cash Equivalents; (g) (i) leases, subleases, licenses or sublicenses   (including the provision of software or the licensing of other intellectual   property rights) and termination thereof, in each case in the ordinary course   of business and which do not materially interfere with the business of the   Borrowers and the Restricted Subsidiaries taken as a whole and (ii)   Dispositions of intellectual property that are not material to the business   of the Borrowers and the Restricted Subsidiaries; (h) transfers of property   subject to Casualty Events; (i) Dispositions or discounts without recourse of   accounts receivable in connection with the compromise or collection thereof   in the ordinary course of business; (j) Dispositions of property pursuant to   sale-leaseback transactions; provided that the fair market value of all   property so Disposed of after the Closing Date shall not exceed the greater   of $60,000,000 and 2.50% of Total Assets, as determined at the time of such   Disposition; (k) any sale of Equity Interests in, or Indebtedness or other   securities of, an Unrestricted Subsidiary; (l) so long as the Lead Borrower   or a Restricted Subsidiary receives at least fair market value therefor   (taking into account any Securitization Seller’s Retained Interest), any sale   of Securitization Assets in connection with a Permitted Securitization; 156 

    

 

(m)   Dispositions which may not be prohibited pursuant to section 1136 of the   German Civil Code; (n) Dispositions of property; provided that (i) at the   time of such Disposition no Event of Default shall exist or would result from   such Disposition (other than, except in the case of an Event of Default under   Section 8.01(a), any such Disposition made pursuant to a legally binding   commitment entered into at a time when no Event of Default exists) and (ii)   with respect to any Disposition pursuant to this clause (n) for a purchase   price equal to or greater than the greater of $20,000,000 and 0.75% of Total   Assets (as determined at the time of such Disposition), the Lead Borrower or   any of its Restricted Subsidiaries shall receive not less than 75% of such   consideration in the form of cash or Cash Equivalents (in each case, free and   clear of all Liens at the time received, other than nonconsensual Liens   permitted by Section 7.01 and Liens permitted by Section 7.01(a), Section   7.01(b), clauses (ii) and (iii) of Section 7.01(l), Section 7.01(p), Section   7.01(q), Section 7.01(s), Section 7.01(w), Section 7.01(x), Section 7.01(dd),   Section 7.01(ee), Section 7.01(ff) (solely to the extent the Obligations   under the Term Loans and Revolving Credit Loans that are secured on a first   lien basis shall be secured on a pari passu or senior basis with such Liens),   and Section 7.01(gg)); provided, however, that for the purposes of this   clause (n)(ii), the following shall be deemed to be cash: (A) any liabilities   (as shown on the Lead Borrower’s most recent balance sheet provided hereunder   or in the footnotes thereto) of the Lead Borrower or such Restricted   Subsidiary, other than liabilities that are by their terms subordinated to   the payment in cash of the Obligations, that (x) are assumed by the   transferee with respect to the applicable Disposition or (y) are otherwise   cancelled or terminated in connection with the transaction with such   transferee (other than intercompany debt owed to the Lead Borrower or its   Restricted Subsidiaries) and, in each case, for which the Lead Borrower and   all of its Restricted Subsidiaries shall have been validly released by all   applicable creditors in writing, (B) any securities, notes or other   obligations or assets received by the Lead Borrower or the applicable   Restricted Subsidiary from such transferee that are converted by the Lead   Borrower or such Restricted Subsidiary into cash or Cash Equivalents (to the   extent of the cash or Cash Equivalents received) within 180 days following   the closing of the applicable Disposition and (C) aggregate non-cash   consideration received by the Lead Borrower or the applicable Restricted   Subsidiary having an aggregate fair market value (determined as of the   closing of the applicable Disposition for which such non-cash consideration   is received) not to exceed the greater of $100,000,000 and 4.25% of Total   Assets, as determined at the time of such Disposition (net of any non-cash   consideration converted into cash and Cash Equivalents); (o) any swap of   assets in exchange for services or other assets in the ordinary course of   business of comparable or greater value or usefulness to the business of the   Lead Borrower and its Subsidiaries as a whole, as determined in good faith by   the management of the Lead Borrower; (p) Dispositions of Investments in joint   ventures to the extent required by, or made pursuant to customary buy/sell   arrangements between, the joint venture parties set forth in joint venture   arrangements and similar binding arrangements; (q) the Borrower and the   Restricted Subsidiaries may enter into any agreement to make any Disposition   so long as consummation of the Disposition contemplated by such agreement is   contingent upon either (i) the Required Lenders consenting to such   transactions or (ii) the repayment in full of the Obligations (other than (i)   obligations arising under Secured Hedge Agreements or Treasury Services   Agreements and (ii) indemnities and other contingent liabilities that survive   repayment of the Loans); (r) the unwinding of any Swap Contracts pursuant to   its terms; 157 

    

 

(s) the   dissolution or liquidation of any Subsidiary with no assets; and (t) sales of   non-core assets acquired after the Closing Date in connection with Permitted   Acquisitions, Restricted Investments permitted under Section 7.06 (other than   Section 7.06(d)) or Permitted Investments, in each case to the extent such   sales occur within 180 days of such Permitted Acquisition or Investment;   provided that the aggregate amount of such sales shall not exceed 25% of the   fair market value of the acquired entity or business; (u) Dispositions in the   aggregate pursuant to this clause (u) not to exceed the greater of   $20,000,000 and 0.75% of Total Assets, as determined at the time of such   Disposition; provided that any Disposition of any property pursuant to   Section 7.05(j), (n) or (u) shall be for no less than the fair market value   of such property at the time of such Disposition. To the extent any   Collateral is Disposed of as expressly permitted by this Section 7.05 to any   Person other than a Loan Party, such Collateral shall be sold free and clear   of the Liens created by the Loan Documents, and the Administrative Agent or   the Collateral Agent, as applicable, shall be authorized to take any actions   deemed appropriate in order to effect the foregoing. Section 7.06 Restricted   Payments. The Lead Borrower will not, and will not permit any of its   Restricted Subsidiaries to, declare or make, directly or indirectly, any   Restricted Payment, except: (a) each Restricted Subsidiary may make   Restricted Payments to the Lead Borrower, and other Restricted Subsidiaries   of the Lead Borrower (and, in the case of a Restricted Payment by a   non-wholly owned Restricted Subsidiary, to the Lead Borrower and any other   Restricted Subsidiary and to each other owner of Equity Interests of such   Restricted Subsidiary based on their relative ownership interests of the   relevant class of Equity Interests); (b) the Lead Borrower and each   Restricted Subsidiary may declare and make dividend payments or other   Restricted Payments payable solely in the Equity Interests (other than   Disqualified Equity Interests not otherwise permitted by Section 7.03) of   such Person; (c) [Reserved]; (d) to the extent constituting Restricted   Payments, the Lead Borrower (or any Parent) and its Restricted Subsidiaries   may enter into and consummate transactions expressly permitted by any   provision of Section 7.04 or 7.08 (other than Section 7.08(f) or 7.08(l));   (e) repurchases of Equity Interests in the Lead Borrower or any Restricted   Subsidiary of the Lead Borrower deemed to occur upon exercise of stock   options or warrants or the settlement or vesting of other equity-based awards   if such Equity Interests represent a portion of the exercise price of, or tax   withholdings with respect to, such options, or warrants or other equity-based   awards; (f) the Lead Borrower and each Restricted Subsidiary may (i) pay (or   may make Restricted Payments to allow any Holdco or any Parent to pay) for   the repurchase, retirement or other acquisition or retirement for value of   Equity Interests or settlement of equity-based awards of such Restricted   Subsidiary (or of the Lead Borrower or any other such Parent) held by any   future, present or former employee, officer, director, manager or consultant   (or any spouses, former spouses, successors, executors, administrators,   heirs, legatees or distributes of any of the foregoing) of such Restricted   Subsidiary (or the Lead Borrower or any other Parent) or any of its   Subsidiaries or (ii) make Restricted Payments in the form of distributions to   allow any Holdco or any Parent to pay principal or interest on promissory   notes that were issued to any future, present 158 

    

 

or former   employee, officer, director, manager or consultant (or any spouses, former   spouses, successors, executors, administrators, heirs, legatees or   distributes of any of the foregoing) of such Restricted Subsidiary (or the   Lead Borrower or any Parent) in lieu of cash payments for the repurchase,   retirement or other acquisition or retirement for value of such Equity   Interests or equity-based awards held by such Persons, in each case, upon the   death, disability, retirement or termination of employment or services, as   applicable, of any such Person or pursuant to any employee, manager or   director equity plan, employee, manager or director stock option plan or any   other employee, manager or director benefit plan or any agreement (including   any stock subscription agreement, shareholder agreement or stockholder’s agreement)   with any employee, director, officer or consultant of such Restricted   Subsidiary (or the Lead Borrower or any Parent) or any of its Restricted   Subsidiaries; provided that the aggregate amount of Restricted Payments made   pursuant to this clause (f) shall not exceed $30,000,000 in any calendar   year; provided, further, that unused amounts in any calendar year may be used   in the next two succeeding years); provided, further, that such amount in any   calendar year may further be increased by an amount not to exceed: (i)   amounts used to increase the Cumulative Credit pursuant to clauses (b) and   (c) of the definition of “Cumulative Credit”; and (ii) Borrower or the Net   Proceeds of key man life insurance policies received by the Lead its   Restricted Subsidiaries less the amount of Restricted Payments previously   made with the cash proceeds of such key man life insurance policies; and   provided further that that cancellation of Indebtedness owing to the Lead   Borrower or any Restricted Subsidiary from members of management of the Lead   Borrower, any of the Lead Borrower’s Parents or any of the Lead Borrower’s   Restricted Subsidiaries in connection with a repurchase of Equity Interests   of any of the Lead Borrower’s Parents will not be deemed to constitute a   Restricted Payment for purposes of this covenant or any other provision of   this Agreement; (g) the Lead Borrower and its Restricted Subsidiaries may   make Restricted Payments in an aggregate amount not to exceed (x) the greater   of $125,000,000 and 4.25% of Total Assets, as determined at the time of such   Restricted Payment (less the amount of any prepayments, redemptions,   purchases, defeasances and other payments in respect of Junior Financings in   reliance on the dollar amount set forth in Section 7.13(a)(vi)) plus (y) the   Cumulative Credit at such time (provided that with respect to any Restricted   Payment (other than a Restricted Investment) made out of amounts under clause   (a) of the definition of “Cumulative Credit” pursuant to this clause (y), no   Event of Default has occurred and is continuing or would result therefrom and   the Borrowers, immediately after giving effect to such Restricted Payment on   a Pro Forma Basis, could incur $1.00 of additional Permitted Ratio Debt); (h)   the Lead Borrower may make Restricted Payments to any Parent; (i) to pay its   operating costs and expenses incurred in the ordinary course of business and   other corporate overhead costs and expenses (including administrative, legal,   accounting and similar expenses provided by third parties), which are reasonable   and customary and incurred in the ordinary course of business and   attributable to the ownership or operations of the Lead Borrower and its   Restricted Subsidiaries, Transaction Expenses and any reasonable and   indemnification claims made by directors or officers of such Parent   attributable to the ownership or operations of the Lead Borrower and its   Restricted Subsidiaries; 159 

    

 

(ii) the   proceeds of which shall be used to pay (A) franchise taxes and other fees,   taxes and expenses required to maintain its (or any of its Parents’)   corporate existence or (B) costs and expenses (including Public Company   Costs) incurred by such Parent in connection with such Parent being a public   company, including costs and expenses relating to ongoing compliance with   federal and state securities laws and regulations, SEC rules and regulations   and the Sarbanes-Oxley Act of 2002; (iii) for any taxable period in which the   Lead Borrower and/or any of its Subsidiaries is a member of a consolidated,   combined or similar income or similar tax group of which a direct or indirect   parent of Lead Borrower is the common parent (a “Tax Group”), to pay federal,   foreign, state and local income or similar taxes of such Tax Group that are   attributable to the taxable income of the Lead Borrower and/or its   Subsidiaries; provided that, for each taxable period, the amount of such   payments made in respect of such taxable period in the aggregate shall not   exceed the amount that the Lead Borrower and its Subsidiaries would have been   required to pay in respect of federal, foreign, state and local income taxes   in the aggregate if such entities were corporations paying taxes separately   from any Tax Group at the highest combined applicable federal, foreign, state   and local tax rate for such fiscal year (it being understood and agreed that   if the Lead Borrower or Subsidiary pays any such federal, foreign, state or   local income taxes directly to such taxing authority, that a Restricted   Payment in duplication of such amount shall not be permitted to be made   pursuant to this clause (iii)); provided further that the permitted payment   pursuant to this clause (iii) with respect to any taxes of any Unrestricted   Subsidiary for any taxable period shall be limited to the amount actually   paid by any Unrestricted Subsidiary to the Lead Borrower or its Restricted   Subsidiaries for the purposes of paying such consolidated, combined or   similar Taxes for such taxable period or any previous taxable period ending   after the date hereof and not previously taken into account for purposes of   calculating the limitation in this proviso; (iv) to finance any Permitted   Investments and other Investments that would be permitted to be made pursuant   to this Section 7.06 and Section 7.08 made by the Lead Borrower or any of its   Restricted Subsidiaries; provided that (A) such Restricted Payment shall be   made substantially concurrently with the closing of such Investment and (B)   such Parent shall, immediately following the closing thereof, cause (1) all   property acquired (whether assets or Equity Interests) to be contributed to   the Lead Borrower or the Restricted Subsidiaries or (2) the merger (to the   extent permitted in Section 7.04) of the Person formed or acquired into the   Lead Borrower or its Restricted Subsidiaries in order to consummate such   Permitted Acquisition or Investment, in each case, in accordance with the   requirements of Section 6.11; (v) the proceeds of which (A) shall be used to   pay salary, commissions, bonus and other benefits payable to and indemnities provided   on behalf of officers, employees, directors and members of management of any   Holdco or any Parent and any payroll, social security or similar taxes   thereof to the extent such salaries, commissions, bonuses and other benefits   are attributable to the ownership or operation of the Lead Borrower and the   Restricted Subsidiaries or (B) shall be used to make payments permitted under   Section 7.08(g) and (k) (but only to the extent such payments have not been   and are not expected to be made by the Lead Borrower or a Restricted   Subsidiarity); and (vi) the proceeds of which shall be used by any Holdco to   pay (or to make Restricted Payments to allow any Parent to pay) (A) fees and   expenses (other than to Affiliates) related to any unsuccessful equity or   debt offering by any Holdco (or any 160 

    

 

Parent) that is   directly attributable to the operations of the Lead Borrower and its   Restricted Subsidiaries and (B) expenses and indemnities of the trustee with   respect to any debt offering by any Holdco (or any Parent); (i) payments made   or expected to be made by any Holdco, the Lead Borrower or any of the   Restricted Subsidiaries in respect of withholding or other payroll and other   similar Taxes payable by or with respect to any future, present or former   employee, director, manager or consultant (or any spouses, former spouses,   successors, executors, administrators, heirs, legatees or distributes of any   of the foregoing) and any repurchases of Equity Interests in consideration of   such payments including deemed repurchases in connection with the exercise of   stock options or the vesting or settlement of other equity-based awards; (j)   dividends on the common stock or common equity interests of the Lead Borrower   or any Parent in an aggregate amount per annum not to exceed an amount equal   to 6% of the net proceeds received by (or contributed to) the Lead Borrower   from any Qualified IPO (including the Initial Public Offering); (k) the Lead   Borrower or any of the Restricted Subsidiaries may pay cash in lieu of the   issuance of fractional Equity Interests in connection with any dividend,   split or combination thereof or any Permitted Acquisitions; and (l)   additional Restricted Payments so long as immediately after giving effect to   such Restricted Payment, (i) no Event of Default has occurred and is   continuing or would result therefrom and (ii) the Total Net Leverage Ratio   calculated on a Pro Forma Basis is no greater than 2.00 to 1.00, and   satisfaction of such test shall be evidenced by a certificate from a Responsible   Officer of the Lead Borrower demonstrating such satisfaction calculated in   reasonable detail. Section 7.07 Change in Nature of Business. The Lead   Borrower shall not, nor shall the Lead Borrower permit any of the Restricted   Subsidiaries to, directly or indirectly, engage in any material line of   business substantially different from those lines of business conducted by   the Lead Borrower and its Restricted Subsidiaries on the Closing Date or any   business reasonably related, complementary, synergistic or ancillary thereto   (including related, complementary, synergistic or ancillary technologies) or   reasonable extensions thereof. Section 7.08 Transactions with Affiliates.   Neither the Lead Borrower shall, nor shall the Lead Borrower permit any of   its Restricted Subsidiaries to, directly or indirectly, enter into any   transaction of any kind with any Affiliate of the Lead Borrower involving   aggregate payments or consideration in excess of $5,000,000 for any   individual transaction or series of related transactions, whether or not in   the ordinary course of business, other than: (a) transactions among any   Holdco, the Lead Borrower and its Restricted Subsidiaries or any entity that   becomes a Restricted Subsidiary as a result of such transaction that are not   otherwise prohibited under this Agreement; (b) on terms substantially as   favorable to the Lead Borrower or such Restricted Subsidiary as would be   obtainable by the Lead Borrower or such Restricted Subsidiary at the time in   a comparable arm’s-length transaction with a Person other than an Affiliate;   (c) the Transactions and the payment of fees and expenses (including   Transaction Expenses) as part of or in connection with the Transactions; 161 

    

 

(d) Restricted   Payments permitted under Section 7.06 and Permitted Investments other than   Permitted Investments under clauses (a)(ii), (b) and (u) of the definition   thereof; (e) loans and other transactions by the Lead Borrower and its   Restricted Subsidiaries to the extent expressly permitted under this Article   VII; (f) employment, consulting, and severance and other service or   benefit-related arrangements between the Lead Borrower and its Restricted   Subsidiaries and their respective officers and employees in the ordinary   course of business and transactions pursuant to stock option plans and other   equity award and employee benefit plans and arrangements in the ordinary   course of business; (g) the payment of customary fees and reasonable   out-of-pocket costs to, and indemnities provided on behalf of, directors, officers,   employees and consultants of the Lead Borrower and its Restricted   Subsidiaries (or any Parent) in the ordinary course of business; (h)   transactions pursuant to agreements in existence on the Closing Date and set   forth on Schedule 7.08 (to the extent not otherwise permitted by this   Agreement) or any amendment thereto to the extent such an amendment is not   adverse to the Lenders in any material respect; (i) the issuance or transfer   of Equity Interests (other than Disqualified Equity Interests) of the Lead   Borrower to any former, current or future director, manager, officer,   employee or consultant (or any Affiliate of any of the foregoing) of the Lead   Borrower, any of its Subsidiaries or any Parent; (j) transactions related to   Permitted Securitizations; (k) [reserved]; (l) any transaction with any   Holdco, a Restricted Subsidiary or joint venture partners, in each case in   compliance with the terms of this Agreement that are on terms at least as   favorable as might reasonably have been obtained at such time in an arm’s   length transaction from an unaffiliated party in the reasonable determination   of the board of directors of the Lead Borrower; (m) transactions with   customers, clients, joint venture partners, suppliers or purchasers or   sellers of goods or services, in each case in the ordinary course of business   and otherwise in compliance with the terms of this Agreement that are fair to   the Lead Borrower and the Restricted Subsidiaries, in the reasonable   determination of the board of directors or the senior management of the Lead   Borrower, or are on terms at least as favorable as might reasonably have been   obtained at such time from an unaffiliated party; and (n) transactions in   which the Lead Borrower or any of the Restricted Subsidiaries, as the case   may be, deliver to the Administrative Agent a letter from an Independent   Financial Advisor stating that such transaction is fair to the Lead Borrower   or such Restricted Subsidiary from a financial point of view or meets the   requirements of clause (b) of this Section 7.08. Section 7.09 Burdensome   Agreements. The Lead Borrower shall not, nor shall the Lead Borrower permit   any of its Restricted Subsidiaries to, enter into or permit to exist any   Contractual Obligation (other than this Agreement or any other Loan Document)   that limits the ability of (a) any 162 

    

 

Restricted   Subsidiary of the Lead Borrower to make Restricted Payments to the Lead   Borrower or any of its Restricted Subsidiaries or (b) any Loan Party to   create, incur, assume or suffer to exist Liens on property of such Person for   the benefit of the Lenders with respect to the Facilities and the Obligations   or under the Loan Documents; provided that the foregoing clauses (a) and (b)   shall not apply to Contractual Obligations which: (a) (x) exist on the   Closing Date and (to the extent not otherwise permitted by this Section 7.09)   are listed on Schedule 7.09 hereto and (y) to the extent Contractual   Obligations permitted by preceding clause (x) are set forth in an agreement   evidencing Indebtedness, are set forth in any agreement evidencing any   permitted modification, replacement, renewal, extension or refinancing of   such Indebtedness so long as such modification, replacement, renewal,   extension or refinancing does not expand the scope of such Contractual   Obligations; (b) are binding on a Restricted Subsidiary at the time such   Restricted Subsidiary first becomes a Restricted Subsidiary of the Lead   Borrower, so long as such Contractual Obligations were not entered into in   contemplation of such Person becoming a Restricted Subsidiary of the Lead   Borrower; (c) represent Indebtedness of a Restricted Subsidiary of the Lead   Borrower which is not a Loan Party which is permitted by Section 7.03; (d)   arise in connection with any Disposition permitted by Section 7.04 or 7.05   and relate solely to the assets or Person subject to such Disposition; (e)   are customary provisions in joint venture agreements and other similar   agreements applicable to joint ventures constituting Permitted Investments or   otherwise permitted under Section 7.06 and applicable solely to such joint   venture; (f) are negative pledges and restrictions on Liens in favor of any   holder of Indebtedness permitted under Section 7.03 but solely to the extent   any negative pledge relates to the property financed by such Indebtedness;   (g) are customary restrictions on leases, subleases, licenses or asset sale   agreements otherwise permitted hereby so long as such restrictions relate to   the assets subject thereto; (h) comprise restrictions imposed by any agreement   relating to secured Indebtedness permitted pursuant to Section 7.03(e) or (g)   (in each case to the extent that such restrictions apply only to the property   or assets securing such Indebtedness or to the Restricted Subsidiaries   incurring or guaranteeing such Indebtedness; (i) are customary provisions   restricting subletting or assignment of any lease governing a leasehold   interest of the Lead Borrower or any Restricted Subsidiaries; (j) are   customary provisions restricting assignment or transfer of any agreement   entered into in the ordinary course of business; (k) are restrictions on cash   or other deposits imposed by customers under contracts entered into in the   ordinary course of business; (l) arise in connection with cash or other   deposits permitted under Sections 7.01 and the definition of Permitted   Investments and limited to such cash or deposit; 163 

    

 

(m) comprise   restrictions imposed by any agreement evidencing any Indebtedness permitted   under Section 7.03 to the extent that such restrictions (taken as a whole)   are, in the good faith judgment of the Lead Borrower, no more onerous to Lead   Borrower and its Restricted Subsidiaries than customary market terms for   Indebtedness of such type and in any event are no more onerous to Lead   Borrower and its Restricted Subsidiaries than those restrictions contained in   this Agreement and the other Loan Documents; and (n)any amendments,   modifications, restatements or renewals of the agreements, contracts or   instruments referred to in clause (a) through (m) above, provided that such   amendments, modifications, restatements or renewals, taken as a whole, are   not materially more restrictive with respect to such encumbrances or   restrictions than those contained in such predecessor agreements, contracts   or instruments. Section 7.10 [Reserved]. Section 7.11 Financial Covenant. The   Lead Borrower shall not permit the First Lien Net Leverage Ratio on the last   day of any fiscal quarter to be greater than 2.00:1.00 (the “Financial   Covenant”) if, as of such date, the aggregate Dollar Amount of Swing Line   Loans, Revolving Credit Loans and L/C Obligations (excluding L/C Obligations   relating to (x) Letters of Credit that have been Cash Collateralized in a   manner reasonably satisfactory to the Administrative Agent and (y) Letters of   Credit having an aggregate undrawn Dollar Amount not greater than   $10,000,000) outstanding on such date is greater than 30.00% of the aggregate   Revolving Credit Commitments of all Revolving Credit Lenders. The provisions   of this Section 7.11 are for the benefit of the Revolving Credit Lenders only   and the Required Revolving Credit Lenders may amend, waive or otherwise   modify this Section 7.11 or the defined terms used for purposes of this   Section 7.11 or waive any Default or Event of Default resulting from a breach   of this Section 7.11 without the consent of any Lenders other than the   Required Revolving Credit Lenders in accordance with the provisions of   Section 10.01(j). Section 7.12 Accounting Changes. The Lead Borrower shall   not make any change in its fiscal year; provided, however, that the Lead   Borrower may, upon written notice to the Administrative Agent, change its   fiscal year to any other fiscal year reasonably acceptable to the   Administrative Agent, in which case, the Borrowers and the Administrative   Agent will, and are hereby authorized by the Lenders to, make any adjustments   to this Agreement that are necessary to reflect such change in fiscal year.   Section 7.13 Prepayments, Etc. of Indebtedness. (a) The Lead Borrower shall not,   nor shall the Lead Borrower permit any of its Restricted Subsidiaries to,   prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled   maturity thereof in any manner (it being understood that payments of   regularly scheduled principal, interest, mandatory prepayments and AHYDO   Payments shall be permitted) (x) any Indebtedness incurred under Section   7.03(g), (s), (t) or (u) that is expressly subordinated to the Obligations in   right of payment or security or (y) any other Indebtedness that is required   to be expressly subordinated to the Obligations in right of payment or   security pursuant to the terms of the Loan Documents (all Indebtedness   described under (x) and (y), collectively, “Junior Financing”) or make any   payment in violation of any subordination terms of any Junior Financing   Documentation, except (i) the refinancing thereof with any Indebtedness (to   the extent such Indebtedness constitutes a Permitted Refinancing and, if such   Indebtedness was originally incurred under Section 7.03(g), is permitted   pursuant to Section 7.03(g)), to the extent not required to prepay any Loans   pursuant to Section 2.05(b), (ii) the conversion of any Junior Financing to   Equity Interests (other than Disqualified Equity Interests) of Holdings or   any of its Parents, (iii) the prepayment of Indebtedness of the Lead Borrower   or any Restricted Subsidiary owing to the Lead Borrower or any Restricted   Subsidiary to the extent not prohibited by the subordination provisions   contained in the Global Intercompany Note, (iv) prepayments or purchases of   Junior Financings with Declined Proceeds to the extent such prepayments or   purchases are required pursuant to the Junior Financing Documentation   evidencing such Junior 164 

    

 

 

Financing, (v)   repayments, redemptions, purchases, defeasances and other payments in respect   of Junior Financings prior to their scheduled maturity in an aggregate amount   not to exceed the Cumulative Credit on such date that the Lead Borrower   elects to apply pursuant to this clause (v) (so long as, with respect to   repayments, redemptions, purchases, defeasances and other payments made out   of amounts under clause (a) of the definition of “Cumulative Credit” pursuant   to this clause (v), no Event of Default has occurred and is continuing or   would result therefrom and the Fixed Charge Coverage Ratio calculated on a   Pro Forma Basis is greater than or equal to 2.00 to 1.00), (vi) prepayments,   redemptions, purchases, defeasances and other payments in respect of Junior   Financings prior to their scheduled maturity in an aggregate amount not to   exceed the greater of $125,000,000 and 4.25% of Total Assets (as determined   at the time of such transaction) (less the amount of any Restricted Payments   made in reliance on the dollar amount set forth in Section 7.06(g)(x)) and   (vii) additional prepayments, redemptions, purchases, defeasances and other   payments in respect of Junior Financings, so long as immediately after giving   effect to such prepayment, redemption, purchase, defeasance or other payment,   (i) no Event of Default has occurred and is continuing or would result   therefrom and (ii) the Total Net Leverage Ratio calculated on a Pro Forma   Basis is no greater than 2.00 to 1.00, and satisfaction of such test shall be   evidenced by a certificate from a Responsible Officer of the Lead Borrower   demonstrating such satisfaction calculated in reasonable detail. (b) The Lead   Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to   amend, modify or change in any manner materially adverse to the interests of   the Lenders any term or condition of any Junior Financing Documentation   (including documentation evidencing Permitted Refinancings thereof but other   than intercompany indebtedness) without the consent of the Administrative   Agent (which consent shall not be unreasonably withheld, conditioned or   delayed); provided, that nothing in this Section 7.13(b) shall prohibit the   Lead Borrower and its Restricted Subsidiaries from refinancing, replacing or   renewing any such Junior Financing to the extent otherwise permitted by   Section 7.13(a). Section 7.14 Permitted Activities. With respect to each   Holdco, engage in any material operating or business activity; provided, that   the following and any activities incidental thereto shall be permitted in any   event: (i) (x) in the case of Holdings, its ownership of the Equity Interests   of the Lead Borrower or any Intermediate Holding Company and (y) in the case   of any Intermediate Holding Company, its ownership of Equity Interests of the   Lead Borrower, and, in each case, activities incidental thereto, including   payment of dividends and other amounts in respect of its Equity Interests,   (ii) the maintenance of its legal existence (including the ability to incur   fees, costs and expenses relating to such maintenance), (iii) the performance   of its obligations with respect to the Loan Documents, the Senior Notes and   any other Indebtedness, (iv) any public offering of its Equity Interests or   any other issuance or sale of its Equity Interests, (v) financing activities,   including the issuance of securities, incurrence of debt, payment of   dividends, providing a performance guaranty in connection with a Permitted   Securitization and (x) in the case of Holdings, making contributions to the   capital of the Lead Borrower and guaranteeing the obligations of any   Intermediate Holding Company and the Lead Borrower and its Restricted   Subsidiaries and (y) in the case of any Intermediate Holding Company, making   contributions to the capital of the Lead Borrower and guaranteeing the   obligations of and the Lead Borrower and its Restricted Subsidiaries, (vi)   participating in tax, accounting and other administrative matters as a member   of the consolidated group of Topco, (vii) holding any cash or property (but   not operate any property), (viii) providing indemnification to officers and   directors and (ix) any activities incidental to the foregoing.   Notwithstanding anything herein to the contrary, (i) no Intermediate Holding   Company shall own any Equity Interests other than those of the Lead Borrower   or another Intermediate Holding Company (unless such Equity Interests are   promptly contributed to the Lead Borrower and (ii) Holdings shall not own any   Equity Interests other than (A) those of an Intermediate Holding Company or   the Lead Borrower (unless such Equity Interests are promptly contributed to   the Lead Borrower) or (B) those of Topco in connection with share purchases,   provided however, that including share purchases and the payments related   thereto are permitted by Section 7.06. 165 

    

 

ARTICLE VIII   EVENTS OF DEFAULT AND REMEDIES Section 8.01 Events of Default. Any of the   following from and after the Closing Date shall constitute an event of   default (an “Event of Default”): (a) Non-Payment. Any Loan Party fails to pay   in the currency required hereunder (i) when and as required to be paid   herein, any amount of principal of any Loan, or (ii) within five (5) Business   Days after the same becomes due, any interest on any Loan or any other amount   payable hereunder or with respect to any other Loan Document; or (b) Specific   Covenants. Any Borrower or, in the case of Section 7.14, any Holdco, fails to   perform or observe any term, covenant or agreement contained in any of   Sections 6.03(a) or 6.05(a) (solely with respect to a Borrower) or Article   VII; provided that the Financial Covenant is subject to cure pursuant to   Section 8.04; provided, further, that an Event of Default under this clause   (b) with respect to a failure by the Lead Borrower to be in compliance with   the Financial Covenant shall not constitute an Event of Default for purposes   of any Term Loan or Term Commitment unless and until the Required Revolving   Credit Lenders have actually declared all such obligations to be immediately   due and payable in accordance with this Agreement and such declaration has   not been rescinded on or before such date; or (c) Other Defaults. Any Loan   Party fails to perform or observe any other covenant or agreement (not   specified in Section 8.01(a) or (b) above) contained in any Loan Document on   its part to be performed or observed and such failure continues for thirty   (30) days after receipt of written notice thereof by the Lead Borrower from   the Administrative Agent; or (d) Representations and Warranties. Any   representation, warranty, certification or statement of fact made or deemed   made by or on behalf of any Holdco, the Lead Borrower or any other Loan Party   herein, in any other Loan Document, or in any document required to be   delivered in connection herewith or therewith shall be incorrect or   misleading in any material respect when made or deemed made; or   (e)Cross-Default. Any Loan Party or any Restricted Subsidiary (A) fails to   make any payment beyond the applicable grace period with respect thereto, if   any, (whether by scheduled maturity, required prepayment, acceleration,   demand, or otherwise) in respect of any Indebtedness (other than Indebtedness   hereunder) having an outstanding aggregate principal amount of not less than   the Threshold Amount, or (B) fails to observe or perform any other agreement   or condition relating to any such Indebtedness, or any other event occurs   (other than, with respect to Indebtedness consisting of Swap Contracts,   termination events or equivalent events pursuant to the terms of such Swap   Contracts and not as a result of any other default thereunder by any Loan   Party), the effect of which default or other event is to cause, or to permit   the holder or holders of such Indebtedness (or a trustee or agent on behalf   of such holder or holders or beneficiary or beneficiaries) to cause, with the   giving of notice if required, such Indebtedness to become due or to be   repurchased, prepaid, defeased or redeemed (automatically or otherwise), or   an offer to repurchase, prepay, defease or redeem such Indebtedness to be   made, prior to its stated maturity; provided that this clause (e)(B) shall   not apply to secured Indebtedness that becomes due as a result of the   voluntary sale or transfer of the property or assets securing such   Indebtedness, if such sale or transfer is permitted hereunder and under the   documents providing for such Indebtedness; provided further that such failure   is unremedied and is not waived by the holders of such Indebtedness prior to   any termination of the Revolving Credit Commitments or acceleration of the   Loans pursuant to Section 8.02; or 166 

    

 

(f) Insolvency   Proceedings, Etc.Any Loan Party or any Restricted Subsidiary (other than an   Immaterial Subsidiary) institutes or consents to the institution of any   proceeding under any Debtor Relief Law, or makes an assignment for the   benefit of creditors; or applies for or consents to the appointment of any   receiver, receiver-manager, trustee, statutory manager, custodian, monitor,   conservator, liquidator, rehabilitator, controller, administrator, judicial   manager, administrative receiver or similar officer for it or for all or any   material part of its property; or any receiver, receiver-manager, trustee,   statutory manager, custodian, monitor, conservator, liquidator, rehabilitator,   administrator, judicial manager, administrative receiver or similar officer   is appointed without the application or consent of such Person and the   appointment continues undischarged or unstayed for sixty (60) calendar days;   or any proceeding under any Debtor Relief Law relating to any such Person or   to all or any material part of its property is instituted without the consent   of such Person and continues undismissed or unstayed for sixty (60) calendar   days, or an order for relief is entered in any such proceeding; or, in   relation to any Luxembourg Loan Party or any Restricted Subsidiary (other   than an Immaterial Subsidiary) organized under the laws of Luxembourg, a   Luxembourg Insolvency Event has occurred; or, in addition, in relation to any   Loan Party or that is a Restricted Subsidiary (other than an Immaterial   Subsidiary) organized under the laws of Federal Republic of Germany, a court   order for the rejection of insolvency proceedings due to lack of funds   (Abweisungsbeschluss mangels Masse) is made; or (g) Inability to Pay Debts;   Attachment.(i) Any Loan Party or any Restricted Subsidiary (other than an   Immaterial Subsidiary) becomes unable or admits in writing its inability or   fails generally to pay its debts as they become due, or (ii) any writ or   warrant of attachment or execution or similar process is issued or levied   against all or any material part of the property of the Loan Parties and is   not released, vacated or fully bonded within sixty (60) days after its issue   or levy, or, in relation to any Loan Party or that is a Restricted Subsidiary   (other than an Immaterial Subsidiary) organized under the laws of Federal   Republic of Germany, a German Insolvency Event has occurred; or (h)   Judgments. There is entered against any Loan Party or any Restricted Subsidiary   (other than an Immaterial Subsidiary) a final judgment or order for the   payment of money in an aggregate amount exceeding the Threshold Amount (to   the extent not covered by (i) independent third-party insurance as to which   the insurer has been notified of such judgment or order and has not denied   coverage or (ii) other third party indemnities from financially sound   investment grade indemnifying parties (or other parties reasonably acceptable   to the Administrative Agent)) and such judgment or order shall not have been   satisfied, vacated, discharged or stayed or bonded pending an appeal for a   period of sixty (60) consecutive days; or (i) 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 (including as a result of a transaction permitted under Section   7.04 or 7.05) or as a result of acts or omissions by the Administrative Agent   or Collateral Agent or any Lender or the satisfaction in full of all the   Obligations, ceases to be in full force and effect; or any Loan Party   contests in writing the validity or enforceability of any provision of any   Loan Document or the validity or priority of a Lien as required by the Collateral   Documents on a material portion of the Collateral; or any Loan Party denies   in writing that it has any or further liability or obligation under any Loan   Document (other than as a result of repayment in full of the Obligations and   termination of the Aggregate Commitments), or purports in writing to revoke   or rescind any Loan Document; or (j) Change of Control. There occurs any   Change of Control; or 167 

    

 

(k) Collateral   Documents. Any Collateral Document after delivery thereof pursuant to Section   6.11 or 6.14 shall for any reason (other than pursuant to the terms thereof   including as a result of a transaction not prohibited under this Agreement)   cease to create a valid and perfected Lien, with the priority required by the   Collateral Documents on and security interest in any material portion of the   Collateral purported to be covered thereby, subject to Liens permitted under   Section 7.01, (i) except to the extent that any such perfection or priority   is not required pursuant to the Collateral and Guarantee Requirement or   results from the failure of the Administrative Agent or the Collateral Agent   to maintain possession of certificates actually delivered to it representing   securities pledged under the Collateral Documents or to file Uniform   Commercial Code continuation statements or other equivalent filings and (ii)   except as to Collateral consisting of Real Property to the extent that such   losses are covered by a lender’s title insurance policy and such insurer has   not denied coverage; or (l) ERISA. (i) An ERISA Event occurs which,   individually or together with all other ERISA Events, has resulted or could   reasonably be expected to result in a Material Adverse Effect, (ii) a Loan   Party, Restricted Subsidiary or ERISA Affiliate fails to make when due, after   the expiration of any applicable grace period, any installment payment with   respect to its withdrawal liability under Section 4201 of ERISA under a   Multiemployer Plan, in an amount which could reasonably be expected to result   in, a Material Adverse Effect or (iii) any Loan Party or any Restricted   Subsidiary has incurred or is likely to incur liabilities pursuant to one or   more Foreign Pension Plans which, individually or in the aggregate, has   resulted in or could reasonably be expected to result in a Material Adverse   Effect. Section 8.02 Remedies Upon Event of Default. If any Event of Default   occurs and is continuing, the Administrative Agent may and, at the request of   the Required Lenders, shall take any or all of the following actions: (a)   declare the commitment of each Lender to make Loans and any obligation of the   L/C Issuers to make L/C Credit Extensions to be terminated, whereupon such   commitments and obligation shall be terminated; (b) declare the unpaid   principal amount of all outstanding Loans, all interest accrued and unpaid   thereon, and all other amounts owing or payable hereunder or under any other   Loan Document to be immediately due and payable, without presentment, demand,   protest or other notice of any kind, all of which are hereby expressly waived   by the Borrowers; (c) require that the Borrowers Cash Collateralize the L/C   Obligations (in an amount equal to the then Outstanding Amount thereof); and   (d) exercise on behalf of itself and the Lenders all rights and remedies available   to it and the Lenders under the Loan Documents or applicable Law; provided   that upon the occurrence of an actual or deemed entry of an order for relief   with respect to either Borrower under the Bankruptcy Code or any Debtor   Relief Laws , the obligation of each Lender to make Loans and any obligation   of the L/C Issuers to make L/C Credit Extensions shall automatically   terminate, the unpaid principal amount of all outstanding Loans and all   interest and other amounts as aforesaid shall automatically become due and   payable and the obligation of the Borrowers to Cash Collateralize the L/C   Obligations as aforesaid shall automatically become effective, in each case   without further act of the Administrative Agent or any Lender.   Notwithstanding anything to the contrary, if the only Events of Default then   having occurred and continuing are pursuant to a failure to observe the   Financial Covenant, then until such time, if any, as the 168 

    

 

Required   Revolving Credit Lenders have declared the Loans under the Initial Revolving   Credit Commitments to be due and payable, the Administrative Agent shall only   take the actions set forth in this Section 8.02 at the request of the   Required Revolving Credit Lenders (as opposed to Required Lenders). Section   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 (whether received as a consequence of   the exercise of such remedies or a distribution out of any proceeding in   respect of or commenced under any proceeding under any Debtor Relief Law   including payments in respect of “adequate protection” for the use of   Collateral during such proceeding or under any plan of reorganization or on   account of any liquidation of any Loan Party) shall be applied by the   Administrative Agent in the following order (to the fullest extent permitted   by mandatory provisions of applicable Law): First, to payment of that portion   of the Obligations constituting fees, indemnities, expenses and other amounts   (other than principal and interest, but including Attorney Costs payable   under Section 10.04 and amounts payable under Article III) payable to the   Administrative Agent or the Collateral Agent in its capacity as such; Second,   to payment of that portion of the Obligations constituting fees, indemnities and   other amounts (other than principal and interest) payable to the Lenders   (including Attorney Costs payable under Section 10.04 and amounts payable   under Article III), ratably among them in proportion to the amounts described   in this clause Second payable to them (irrespective of when such amounts were   incurred or accrued or whether any such amounts are allowed in any proceeding   under any Debtor Relief Law); Third, to payment of that portion of the   Obligations constituting accrued and unpaid interest on the Loans and L/C   Borrowings, and any fees, premiums and scheduled periodic payments due under   Secured Hedge Agreements and Treasury Services Agreements, ratably among the   applicable Secured Parties in proportion to the respective amounts described   in this clause Third payable to them (irrespective of when such amounts were   incurred or accrued or whether any such amounts are allowed in any proceeding   under any Debtor Relief Law); Fourth, to payment of that portion of the   Obligations constituting unpaid principal of the Loans and L/C Borrowings   (including to Cash Collateralize that portion of L/C Obligations comprised of   the aggregate undrawn amount of Letters of Credit), and any breakage,   termination or other payments under Secured Hedge Agreements and Treasury   Services Agreements, ratably among the applicable Secured Parties in   proportion to the respective amounts described in this clause Fourth held by   them (irrespective of when such amounts were incurred or accrued or whether   any such amounts are allowed in any proceeding under any Debtor Relief Law);   Fifth, to the payment of all other Obligations of the Borrowers that are due   and payable to the Administrative Agent and the other Secured Parties on such   date, ratably based upon the respective aggregate amounts of all such   Obligations owing to the Administrative Agent and the other Secured Parties   on such date; and Last, the balance, if any, after all of the Obligations   have been paid in full, to the Lead Borrower or as otherwise required by Law.   Notwithstanding the foregoing, no amount received from any Guarantor shall be   applied to any Excluded Swap Obligation of such Guarantor. 169 

    

 

Subject to   Section 2.03(c), 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 and, if no   Obligations remain outstanding, to the Lead Borrower as applicable. Section   8.04 Lead Borrower’s Right to Cure. (a) For the purpose of determining   whether an Event of Default under the Financial Covenant has occurred, the   Lead Borrower may on one or more occasions designate any portion of the net   cash proceeds from a sale or issuance of Qualified Equity Interests of the   Lead Borrower or any contribution to the common capital of the Lead Borrower   (or from any other contribution to capital or sale or issuance of any other   Equity Interests on terms reasonably satisfactory to the Administrative   Agent) (the “Cure Amount”) as an increase to Consolidated EBITDA for the   applicable fiscal quarter; provided that (i) such amounts to be designated   are actually received by the Lead Borrower on or after the first day of such   applicable fiscal quarter and on or prior to the fifteenth (15th) Business   Day after the date on which financial statements are required to be delivered   with respect to such applicable fiscal quarter (the “Cure Expiration Date”),   (ii) such amounts do not exceed the aggregate amount necessary to cure any   Event of Default under the Financial Covenant as of such date and (iii) the   Lead Borrower shall have provided notice to the Administrative Agent on the   date such amounts are designated as a “Cure Amount” (it being understood that   to the extent any such notice is provided in advance of delivery of a   Compliance Certificate for the applicable period, the amount of such net cash   proceeds that is designated as the Cure Amount may be different than the   amount necessary to cure any Event of Default under the Financial Covenant   and may be modified, as necessary, in a subsequent corrected notice delivered   on or before the Cure Expiration Date (it being understood that in any event   the final designation of the Cure Amount shall continue to be subject to the   requirements set forth in clauses (i) and (ii) above)). The parties hereby   acknowledge that this Section 8.04(a) may not be relied on for purposes of   calculating any financial ratios other than for determining compliance with   Section 7.11 (and not Pro Forma Compliance with Section 7.11 that is required   by any other provision of this Agreement) and shall not result in any   adjustment to any amounts (including the amount of Indebtedness) or increase   in cash (and shall not be included for purposes of determining pricing,   mandatory prepayments and the availability or amount permitted pursuant to   any covenant under Article VII) with respect to the quarter with respect to   which such Cure Amount was made other than the amount of the Consolidated   EBITDA referred to in the immediately preceding sentence. No Cure Amount   shall have been previously applied to (A) make Restricted Payments under   Section 7.06(f)(A) or 7.06(g)(y), (B) incur Indebtedness under Section   7.03(w) or (C) prepay, redeem, purchase, defease or satisfy Indebtedness   pursuant to Section 7.13(a)(v). (b) In furtherance of clause (a) above, (A)   upon actual receipt and designation of the Cure Amount by the Lead Borrower,   the Financial Covenant shall be deemed satisfied and complied with as of the   end of the relevant fiscal quarter with the same effect as though there had been   no failure to comply with the Financial Covenant and any Event of Default   under the Financial Covenant (and any other Default arising solely as a   result thereof) shall be deemed not to have occurred for purposes of the Loan   Documents, and (B) upon delivery to the Administrative Agent prior to the   Cure Expiration Date of a notice from the Lead Borrower stating its good   faith intention to exercise its right set forth in this Section 8.04, neither   the Administrative Agent on or after the last day of the applicable quarter   nor any Lender may exercise any rights or remedies under Section 8.02 (or   under any other Loan Document) on the basis of any actual or purported Event   of Default under the Financial Covenant (and any other Default as a result   thereof) until and unless the Cure Expiration Date has occurred without the   Cure Amount having been received and designated; provided that, until the   earlier to occur of the satisfaction (or waiver in accordance with Section   10.01) of the conditions in Section 4.02 and the receipt of such Cure Amount,   170 

    

 

no Revolving   Credit Lender shall be required to make any Revolving Credit Loan, no Swing   Line Loans shall be made and no L/C Issuer shall issue any Letter of Credit.   (c) (i) In each period of four consecutive fiscal quarters, there shall be at   least two fiscal quarters in which no cure right set forth in this Section   8.04 is exercised, (ii) there can be no more than five (5) fiscal quarters in   which the cure rights set forth in this Section 8.04 are exercised during the   term of the Initial Revolving Credit Commitments and any Extended Revolving   Credit Commitments in respect thereof and (iii) there shall be no pro forma   reduction in Indebtedness (by way of netting or otherwise) with the proceeds of   any Cure Amount for determining compliance with the Financial Covenant for   the fiscal quarter with respect to which such Cure Amount was made. ARTICLE   IX ADMINISTRATIVE AGENT AND OTHER AGENTS Section 9.01 Appointment and   Authorization of Agents. (a) Each Lender hereby irrevocably appoints,   designates and authorizes each of the Administrative Agent and the Collateral   Agent to take such action on its behalf under the provisions of this   Agreement and each other Loan Document and to exercise such powers and perform   such duties as are expressly delegated to it by the terms of this Agreement   or any other Loan Document, together with such powers as are reasonably   incidental thereto. Notwithstanding any provision to the contrary contained   elsewhere herein or in any other Loan Document, neither the Administrative   Agent nor the Collateral Agent shall have any duties or responsibilities,   except those expressly set forth herein, nor shall the Administrative Agent   or the Collateral Agent have or be deemed to have any fiduciary relationship   with any Lender or Participant, and no implied covenants, functions,   responsibilities, duties, obligations or liabilities shall be read into this   Agreement or any other Loan Document or otherwise exist against the   Administrative Agent or the Collateral Agent. Without limiting the generality   of the foregoing sentence, the use of the term “agent” herein and in the   other Loan Documents with reference to any Agent is not intended to connote   any fiduciary or other implied (or express) obligations arising under agency   doctrine of any applicable Law. Instead, such term is used merely as a matter   of market custom, and is intended to create or reflect only an administrative   relationship between independent contracting parties. (b) 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 such L/C Issuer shall have all   of the benefits and immunities (i) provided to the Agents in this 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 the applications and agreements for letters of credit pertaining to such   Letters of Credit as fully as if the term “Agent” as used in this Article IX   and in the definition of “Agent-Related Person” 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. (c) Notwithstanding the provisions of   Section 9.15, each of the Secured Parties hereby irrevocably appoints and   authorizes the Collateral Agent to act as the agent of (and to hold any   security interest created by the Collateral Documents for and on behalf of or   in trust or as agent for) such Secured Party for purposes of acquiring,   holding and enforcing any and all Liens on Collateral granted by the Loan   Parties to secure any of the Obligations, together with such powers and   discretion as are reasonably incidental thereto. In this connection, the   Collateral Agent (and any co-agents, sub-agents and attorneys-in-fact   appointed by the Administrative Agent pursuant to Section 9.02 for purposes   of holding or enforcing any Lien on the Collateral (or any portion thereof)   granted under the Collateral Documents, or for exercising any rights and   remedies thereunder at the direction of the Collateral Agent), shall be   entitled to the benefits of all provisions of this Article IX (including,   Section 9.07, as though such co-agents, sub-agents and attorneys-in-fact were   the Collateral Agent under the Loan Documents) as if set 171 

    

 

forth in full   herein with respect thereto. Each of the Secured Parties hereby further   irrevocably appoints and authorizes the Collateral Agent and the Administrative   Agent to execute the any other First Lien Intercreditor Agreement and any   Second Lien Intercreditor Agreement and to take such actions on their behalf   as specified therein. (d) For the purposes of German Security (where “German   Security” means any security interest created under the Collateral Documents   which are governed by German law) in addition to the provisions set out   above, the specific provisions set out in clauses (e) to (i) of this Section   9.01 shall be applicable. In the case of any inconsistency, the provisions   set out in clauses (e) to (i) of this Section 9.01 shall prevail. The   provisions set out in clauses (e) to (i) of this Section 9.01 shall not   constitute a trust pursuant to the laws of the State of New York but a   fiduciary relationship (Treuhand) within the meaning of German law. (e) With   respect to German Security constituted by non–accessory (nicht akzessorische)   security interests, the Collateral Agent shall hold, administer and, as the   case may be, enforce or release such German Security in its own name, but for   the account of the Secured Parties. (f) With respect to German Security   constituted by accessory (akzessorische) security interests, the Collateral   Agent shall administer, and, as the case may be, enforce or release such German   Security in the name of and for and on behalf of the Secured Parties and   shall hold, administer and, as the case may be, enforce or release that   German Security in its own name on the basis of its own rights on the basis   of the abstract acknowledgement of indebtedness pursuant to Section 9.15.   (g)For the purposes of performing its rights and obligations as Collateral   Agent under any accessory (akzessorische) German Security, each Secured Party   hereby authorises the Collateral Agent to act as its agent (Stellvertreter),   and releases the Collateral Agent from the restrictions imposed by Section   181 German Civil Code (Bürgerliches Gesetzbuch) and similar restrictions   applicable to it pursuant to any other law, in each case to the extent   legally possible to that Secured Party. At the request of the Collateral   Agent, each Secured Party shall provide the Collateral Agent with a separate   written power of attorney (Spezialvollmacht) for the purposes of executing   any relevant agreements and documents on their behalf. Each Secured Party   hereby ratifies and approves all acts previously done by the Collateral Agent   on such Secured Party’s behalf. (h) The Collateral Agent accepts its   appointment as administrator of the German Security on the terms and subject   to the conditions set out in this Agreement and the Secured Parties (other   than the Collateral Agent), the Collateral Agent and all other parties to   this Agreement agree that, in relation to the German Security, no Secured   Party (other than the Collateral Agent) shall exercise any independent power   to enforce any German Security or take any other action in relation to the   enforcement of the German Security, or make or receive any declarations in   relation thereto. (i) Each Secured Party (other than the Collateral Agent)   hereby instructs and authorizes the Collateral Agent (with the right of   sub-delegation) to act as its agent (Stellvertreter) to enter into any   documents evidencing German Security and to make and accept all declarations   and take all actions it considers necessary or useful in connection with any   German Security on behalf of such Secured Party. The Collateral Agent shall   further be entitled to enforce or release any German Security, to perform any   rights and obligations under any documents evidencing German Security and to   execute new and different documents evidencing or relating to the German   Security. (j) With respect to a Swiss Security: (i) the Collateral Agent (and   each agent or sub-agent or attorney-in-fact appointed by the Collateral Agent   from time to time pursuant to Section 9.02 and/or any successor collateral   agent appointed from time to time pursuant to Section 9.09 and/or 172 

    

 

any   Supplemental Agent appointed from time to time pursuant to Section 9.13)   shall accept, hold, administer and, as the case may be, enforce or release:   (A) (B) (C) any Swiss Security of accessory (akzessorische) nature; the   benefit of this Section; and any proceeds of such Swiss Security, acting in   its own name and as representative (direkter Stellvertreter) in the name and   for account of each of the other Secured Parties; (ii) the Collateral Agent   (and each agent or sub-agent or attorney-in-fact appointed by the Collateral   Agent from time to time pursuant to Section 9.02 and/or any successor   collateral agent appointed from time to time pursuant to Section 9.09 and/or   any Supplemental Agent appointed from time to time pursuant to Section 9.13)   shall accept, hold, administer and, as the case may be, enforce or release:   (A) any Swiss Security of non-accessory (nicht akzessorische) nature; (B)   with respect to the Parallel Debt only, any Swiss Security of accessory   (akzessorische) nature; (C) the benefit of this Section and, as applicable,   of the Parallel Debt; and (D) any proceeds of such Swiss Security, as   fiduciary (treuhänderisch) in its own name or, with respect to the Parallel   Debt, as creditor in its own right and not as a representative of the other   Secured Parties, but for the benefit of all Secured Parties; (iii) each   present and future Secured Party (other than the Collateral Agent) hereby   appoints, instructs and authorises the Collateral Agent (and each agent or   sub-agent or attorney-in-fact appointed by the Collateral Agent from time to   time pursuant to Section 9.02 and/or any successor collateral agent appointed   from time to time pursuant to Section 9.09 and/or any Supplemental Agent   appointed from time to time pursuant to Section 9.13) to accept, hold,   administer and, as the case may be, enforce or release the Swiss Security,   the benefit of sub-paragraphs (i) and (ii) and, as applicable, of the   Parallel Debt and any proceeds of such Swiss Security as set out in   sub-paragraphs (i) and (ii) and in the respective Collateral Document   constituting the Swiss Security, and the Collateral Agent (and each agent or   sub-agent or attorney-in-fact appointed by the Collateral Agent from time to   time pursuant to Section 9.02 and/or any successor collateral agent appointed   from time to time pursuant to Section 9.09 and/or any Supplemental Agent   appointed from time to time pursuant to Section 9.13) hereby accepts such   appointment; and (iv) each present and future Secured Party (other than the   Collateral Agent) hereby instructs and authorises the Collateral Agent (and   each agent or sub-agent or attorney-in-fact appointed by the Collateral Agent   from time to time pursuant to Section 9.02 and/or any successor collateral   agent appointed from time to time pursuant to Section 9.09 and/or any   Supplemental Agent appointed from time to time pursuant to Section 9.13) in   its own name and/or in the name of such Secured Party as its 173 

    

 

representative   (direkter Stellvertreter), as the case may be to give effect to this   paragraph, to enter into, amend, replace, rescind or terminate any Collateral   Document or other document constituting the Swiss Security, to exercise any   rights and perform any obligations thereunder and to make and accept all   declarations and take all actions it considers necessary or useful in   connection with any Swiss Security on behalf of such Secured Party (other   than the Collateral Agent). (k) With respect to any Irish Transaction   Security: To the extent that any and/or all rights, interests, benefits and   other property comprised in the Irish Transaction Security and the proceeds   thereof (the “Trust Property”) is not transferred, charged or granted to the   Collateral Agent on trust pursuant to the relevant Loan Documents, the   Collateral Agent declares itself trustee of the Trust Property to hold the   same on trust for the Secured Parties for the purpose of securing the   Obligations on the terms and subject to the conditions set out in the   relevant Loan Documents provided that it is hereby agreed that, in relation   to any jurisdiction the courts of which would not recognize or give effect to   the trusts expressed to be created by this Agreement and any other applicable   Loan Document, the relationship of the Secured Parties to the Collateral   Agent shall be construed as one of principal and agent. Section 9.02   Delegation of Duties. Each of the Administrative Agent and the Collateral   Agent may execute any of its duties under this Agreement or any other Loan   Document (including for purposes of holding or enforcing any Lien on the   Collateral (or any portion thereof) granted under the Collateral Documents or   of exercising any rights and remedies thereunder) by or through agents,   employees or attorneys-in-fact and shall be entitled to advice of counsel and   other consultants or experts concerning all matters pertaining to such   duties. The Administrative Agent shall not be responsible for the negligence   or misconduct of any agent or sub-agent or attorney-in-fact that it selects   in the absence of gross negligence or willful misconduct (as determined in   the final non-appealable judgment of a court of competent jurisdiction).   Section 9.03 Liability of Agents. No Agent-Related Person shall (a) be liable   for any action taken or omitted to be taken by any of them under or in   connection with this Agreement or any other Loan Document or the transactions   contemplated hereby (except for its own gross negligence or willful   misconduct, as determined by the final non-appealable judgment of a court of   competent jurisdiction, in connection with its duties expressly set forth   herein), or (b) be responsible in any manner to any Lender or Participant for   any recital, statement, representation or warranty made by any Loan Party or   any officer thereof, contained herein or in any other Loan Document, or in   any certificate, report, statement or other document referred to or provided   for in, or received by the Administrative Agent or the Collateral Agent under   or in connection with, this Agreement or any other Loan Document, or the   validity, effectiveness, genuineness, enforceability or sufficiency of this   Agreement or any other Loan Document, or the perfection or priority of any   Lien or security interest created or purported to be created under the   Collateral Documents, or for any failure of any Loan Party or any other party   to any Loan Document to perform its obligations hereunder or thereunder. No   Agent-Related Person shall be under any obligation to any Lender or   participant to ascertain or to inquire as to the observance or performance of   any of the agreements contained in, or conditions of, this Agreement or any   other Loan Document, or to inspect the properties, books or records of any   Loan Party or any Affiliate thereof. Section 9.04 Reliance by Agents. (a)   Each Agent shall be entitled to rely, and shall be fully protected in   relying, upon any writing, communication, signature, resolution,   representation, notice, consent, certificate, affidavit, letter, telegram,   facsimile, telex or telephone message, electronic mail message, statement or   other document or conversation believed by it to be genuine and correct and   to have been signed, sent or made by the proper Person or Persons, and upon   advice and statements of legal counsel (including counsel to any Loan Party),   independent accountants and other experts selected by 174 

    

 

 

such Agent.   Each Agent shall be fully justified in failing or refusing to take any action   under any Loan Document unless it shall first receive such advice or   concurrence of the Required Lenders as it deems appropriate and, if it so   requests, it shall first be indemnified to its satisfaction by the Lenders   against any and all liability and expense which may be incurred by it by   reason of taking or continuing to take any such action. Each Agent shall in   all cases be fully protected in acting, or in refraining from acting, under   this Agreement or any other Loan Document in accordance with a request or   consent of the Required Lenders (or such greater number of Lenders as may be   expressly required hereby in any instance) and such request and any action   taken or failure to act pursuant thereto shall be binding upon all the   Lenders. (b) For purposes of determining compliance with the conditions   specified in Section 4.01 or 4.02 with respect to Credit Extensions on the   Closing Date, each Lender that has signed this Agreement shall be deemed to   have consented to, approved or accepted or to be satisfied with, each   document or other matter required thereunder to be consented to or approved   by or acceptable or satisfactory to a Lender unless the Administrative Agent   shall have received notice from such Lender prior to the proposed Closing   Date specifying its objection thereto. Section 9.05 Notice of Default. The   Administrative Agent shall not be deemed to have knowledge or notice of the   occurrence of any Default, unless the Administrative Agent shall have   received written notice from a Lender or the Lead Borrower referring to this   Agreement, describing such Default and stating that such notice is a “notice   of default.” The Administrative Agent will notify the Lenders of its receipt   of any such notice. The Administrative Agent shall take such action with   respect to any Event of Default as may be directed by the Required Lenders in   accordance with Article VIII; provided that unless and until the   Administrative Agent has received any such direction, the Administrative   Agent may (but shall not be obligated to) take such action, or refrain from   taking such action, with respect to such Event of Default as it shall deem   advisable or in the best interest of the Lenders. Section 9.06 Credit   Decision; Disclosure of Information by Agents. Each Lender acknowledges that   no Agent-Related Person has made any representation or warranty to it, and   that no act by any Agent hereafter taken, including any consent to and   acceptance of any assignment or review of the affairs of any Loan Party or   any Affiliate thereof, shall be deemed to constitute any representation or   warranty by any Agent-Related Person to any Lender as to any matter,   including whether Agent-Related Persons have disclosed material information   in their possession. Each Lender represents to each Agent that it has,   independently and without reliance upon any Agent-Related Person and based on   such documents and information as it has deemed appropriate, made its own   appraisal of and investigation into the business, prospects, operations,   property, financial and other condition and creditworthiness of the Loan   Parties and their 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 Borrowers   hereunder. Each Lender also represents that it will, independently and   without reliance upon any Agent-Related Person and based on such documents   and information as it shall deem appropriate at the time, continue to make   its own credit analysis, appraisals and decisions in taking or not taking   action under this Agreement and the other Loan Documents, 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 Loan Parties. Except for notices, reports and other   documents expressly required to be furnished to the Lenders by any Agent   herein, such Agent shall not have any duty or responsibility to provide any   Lender with any credit or other information concerning the business,   prospects, operations, property, financial and other condition or   creditworthiness of any of the Loan Parties or any of their Affiliates which   may come into the possession of any Agent-Related Person. Section 9.07   Indemnification of Agents. Whether or not the transactions contemplated   hereby are consummated, the Lenders shall indemnify upon demand each   Agent-Related Person (to the extent not reimbursed by or on behalf of any   Loan Party and without limiting the obligation of any Loan 175 

    

 

Party to do   so), pro rata (determined as if there were no Defaulting Lenders), and hold   harmless each Agent-Related Person from and against any and all Indemnified   Liabilities incurred by it; provided that no Lender shall be liable for the   payment to any Agent-Related Person of any portion of such Indemnified   Liabilities resulting from such Agent-Related Person’s own gross negligence   or willful misconduct, as determined by the final non-appealable judgment of   a court of competent jurisdiction; provided that no action taken in   accordance with the directions of the Required Lenders (or such other number   or percentage of the Lenders as shall be required by the Loan Documents)   shall be deemed to constitute gross negligence or willful misconduct for   purposes of this Section 9.07; provided, further, that any obligation to   indemnify an L/C Issuer pursuant to this Section 9.07 shall be limited to   Revolving Credit Lenders only. In the case of any investigation, litigation   or proceeding giving rise to any Indemnified Liabilities, this Section 9.07   applies whether any such investigation, litigation or proceeding is brought   by any Lender or any other Person. Without limitation of the foregoing, each   Lender shall reimburse each of the Administrative Agent and the Collateral   Agent upon demand for its ratable share (determined as if there were no   Defaulting Lenders) of any costs or out-of-pocket expenses (including   Attorney Costs) incurred by the Administrative Agent or the Collateral Agent,   as the case may be, in connection with the preparation, execution, delivery,   administration, modification, amendment or enforcement (whether through negotiations,   legal proceedings or otherwise) of, or legal advice in respect of rights or   responsibilities under, this Agreement, any other Loan Document, or any   document contemplated by or referred to herein, to the extent that the   Administrative Agent or the Collateral Agent, as the case may be, is not   reimbursed for such expenses by or on behalf of the Loan Parties. The   undertaking in this Section 9.07 shall survive termination of the Aggregate   Commitments, the payment of all other Obligations and the resignation of the   Administrative Agent or the Collateral Agent, as the case may be. Section   9.08 Agents in their Individual Capacities. DBNY and its Affiliates may make   loans to, issue letters of credit for the account of, accept deposits from,   acquire Equity Interests in and generally engage in any kind of banking,   trust, financial advisory, underwriting or other business with the Holdcos,   the Borrowers and their respective Affiliates as though DBNY were not the   Administrative Agent, the Collateral Agent or an L/C Issuer hereunder and   without notice to or consent of the Lenders. The Lenders acknowledge that,   pursuant to such activities, DBNY or its Affiliates may receive information   regarding the Holdcos, the Borrowers or their respective Affiliates   (including information that may be subject to confidentiality obligations in   favor of the Holdcos, the Borrowers or such Affiliate) and acknowledge that   neither the Administrative Agent nor the Collateral Agent shall be under any   obligation to provide such information to them. With respect to its Loans,   DBNY and its Affiliates shall have the same rights and powers under this   Agreement as any other Lender and may exercise such rights and powers as   though it were not the Administrative Agent, the Collateral Agent or an L/C   Issuer, and the terms “Lender” and “Lenders” include DBNY in its individual   capacity. Any successor to DBNY as the Administrative Agent or the Collateral   Agent shall also have the rights attributed to DBNY under this Section 9.08.   Section 9.09 Successor Agents. (a) Each of the Administrative Agent and the   Collateral Agent may resign as the Administrative Agent or the Collateral   Agent, as applicable, upon thirty (30) days’ notice to Lenders and the Lead   Borrower. Any such resignation by the Administrative Agent hereunder shall   also constitute its resignation as an L/C Issuer and the Swing Line Lender,   in which case upon the effectiveness of such resignation in accordance with   this Section 9.09 the resigning Administrative Agent (x) shall not be   required to issue any further Letters of Credit or make any additional Swing   Line Loans hereunder and (y) shall maintain all of its rights as an L/C   Issuer and the Swing Line Lender, as the case may be, with respect to any   Letters of Credit issued by it or Swing Line Loans made by it, in each case   prior to the effective date of such resignation. Such resignation shall take   effect upon the appointment of a successor Administrative Agent pursuant to   this Section 9.09. (b) If the Administrative Agent or the Collateral Agent   resigns under this Agreement, the Required Lenders shall (i) appoint from   among the Lenders a successor agent for the 176 

    

 

Lenders   hereunder and under the other Loan Documents and (ii) use reasonable efforts   to arrange for a Person or Persons (which may, but shall not be required to   be, the new Administrative Agent) that will agree to become an L/C Issuer   and/or the Swing Line Lender hereunder, in each case who shall be a Lender, a   commercial bank or a trust company, in each case reasonably acceptable to the   Lead Borrower at all times other than during the existence of an Event of   Default under Section 8.01(f) or 8.01(g) (which consent of the Lead Borrower   shall not be unreasonably withheld or delayed). (c) If no successor agent is appointed   prior to the effective date of the resignation of the Administrative Agent or   the Collateral Agent, as applicable, (i) the Administrative Agent or the   Collateral Agent, as applicable, may appoint, after consulting with the   Lenders and the Lead Borrower, a successor agent from among the Lenders and   (ii) shall use reasonable efforts to arrange for a Person or Persons (which   may, but shall not be required to be, the new Administrative Agent) that will   agree to become an L/C Issuer and/or the Swing Line Lender hereunder, in each   case to the extent the Required Lenders have failed to do the same pursuant   to Section 9.09(b). (d) Upon the acceptance of its appointment as successor   agent hereunder, the Person acting as such successor agent shall succeed to all   the rights, powers and duties of the retiring Administrative Agent or   retiring Collateral Agent, as applicable, and the term “Administrative Agent”   or “Collateral Agent,” as applicable, shall mean such successor   administrative agent or collateral agent and/or Supplemental Agent, as the   case may be, and the retiring Administrative Agent’s or Collateral Agent’s,   as applicable, appointment, powers and duties as the Administrative Agent or   Collateral Agent shall be terminated. After the retiring Administrative   Agent’s or the Collateral Agent’s resignation hereunder as the Administrative   Agent or Collateral Agent, as applicable, the provisions of this Article IX   and Sections 10.04 and 10.05 shall inure to its benefit as to any actions   taken or omitted to be taken by it while it was the Administrative Agent or   Collateral Agent, as applicable, under this Agreement. (e) If no successor   agent has accepted appointment as the Administrative Agent or the Collateral   Agent, as applicable, by the date which is thirty (30) days following the   retiring Administrative Agent’s or Collateral Agent’s, as applicable, notice   of resignation, the retiring Administrative Agent’s or the retiring   Collateral Agent’s, as applicable, resignation shall nevertheless thereupon   become effective and the Lenders shall perform all of the duties of the   Administrative Agent or Collateral Agent, as applicable, hereunder until such   time, if any, as the Required Lenders appoint a successor agent as provided   for above. (f) Upon the acceptance of any appointment as the Administrative   Agent or Collateral Agent hereunder by a successor and upon the execution and   filing or recording of such financing statements, or amendments thereto, and   such other instruments or notices, as may be necessary or desirable, or as   the Required Lenders may request, in order to (i) continue the perfection of   the Liens granted or purported to be granted by the Collateral Documents or   (ii) otherwise ensure that Section 6.11 is satisfied, the Administrative   Agent or Collateral Agent, as applicable, shall thereupon succeed to and   become vested with all the rights, powers, discretion, privileges, and duties   of the retiring Administrative Agent or Collateral Agent, as applicable, and   the retiring Administrative Agent or Collateral Agent, as applicable, shall   be discharged from its duties and obligations under the Loan Documents. (g)   After the retiring Administrative Agent’s or Collateral Agent’s resignation   hereunder as the Administrative Agent or the Collateral Agent, the provisions   of this Article IX shall continue in effect for its benefit in respect of any   actions taken or omitted to be taken by it while it was acting as the   Administrative Agent or the Collateral Agent, as applicable and the retiring   Administrative Agent and the Collateral Agent, as the case may be, shall   remain indemnified to the extent provided in this Agreement and the other   Loan Documents. 177 

    

 

Section 9.10   Administrative Agent May File Proofs of Claim. In case of the pendency of any   receivership, insolvency, liquidation, bankruptcy, reorganization,   arrangement, adjustment, judicial management, composition or other judicial   proceeding relative to any Loan Party, the Administrative Agent (irrespective   of whether the principal of any Loan or L/C Obligation shall then be due and   payable as herein expressed or by declaration or otherwise and irrespective   of whether the Administrative Agent shall have made any demand on either   Borrower or the Collateral Agent) shall be (to the fullest extent permitted   by mandatory provisions of applicable Law) 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 Collateral Agent   and the Administrative Agent (including any claim for the reasonable compensation,   expenses, disbursements and advances of the Lenders, the Collateral Agent and   the Administrative Agent and their respective agents and counsel and all   other amounts due the Lenders, the Collateral Agent and the Administrative   Agent under Sections 2.03(h) and (i), 2.09 and 10.04) 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, monitor, curator, receiver, receiver-manager,   assignee, trustee, liquidator, sequestrator or other similar official in any   such judicial proceeding is hereby authorized by each Lender to make such   payments to the Administrative Agent or the Collateral Agent and, in the   event that the Administrative Agent shall consent to the making of such   payments directly to the Lenders, to pay to the Administrative Agent or the   Collateral Agent any amount due for the reasonable compensation, expenses,   disbursements and advances of the Agents and their respective agents and   counsel, and any other amounts due the Administrative Agent or the Collateral   Agent under Sections 2.09 and 10.04. 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 any plan of reorganization, arrangement,   adjustment or composition affecting the Obligations or the rights of any   Lender or to authorize the Administrative Agent to vote in respect of the   claim of any Lender in any such proceeding. Section 9.11 Collateral and   Guaranty Matters. Each of the Lenders (including in its capacities as a   potential Hedge Bank) and the L/C Issuer irrevocably authorize the   Administrative Agent and the Collateral Agent: (a) to enter into and sign for   and on behalf of the Lenders as Secured Parties the Collateral Documents for   the benefit of the Lenders and the other Secured Parties; (b)to automatically   release any Lien on any property granted to or held by the Administrative   Agent or Collateral Agent under any Loan Document (i) upon termination of the   Aggregate Commitments and payment in full of all Obligations (other than (A)   contingent indemnification obligations as to which no claim has been asserted   and (B) obligations and liabilities under Treasury Services Agreements and   Secured Hedge Agreements not due and payable) and the expiration or   termination or Cash Collateralization of all Letters of Credit (other than   Letters of Credit that are Cash Collateralized or back-stopped by a letter of   credit in form, amount and substance reasonably satisfactory to the   applicable L/C Issuer or a deemed reissuance under another facility as to   which other arrangements satisfactory to the Administrative Agent and the L/C   Issuer shall have been made), (ii) at the time the property subject to such   Lien is Disposed or to be Disposed as part of or in connection with any   Disposition permitted hereunder or under any other Loan Document to any   Person 178 

    

 

other than a   Loan Party (or, if such transferee is a Loan Party, at the option of the   applicable Loan Party, such Lien on such asset may still be released in   connection with the transfer so long as (x) the transferee grants a new Lien   to the Administrative Agent or Collateral Agent on such asset substantially   concurrently with the transfer of such asset, (y) the transfer is between   parties organized under the laws of different jurisdictions and at least one   of such parties is a Foreign Subsidiary and (z) the priority of the new Lien   is the same as that of the original Lien), (iii) subject to Section 10.01, if   the release of such Lien is approved, authorized or ratified in writing by   the Required Lenders, (iv) if the property subject to such Lien is owned by a   Guarantor, upon release of such Guarantor from its obligations under its   Guaranty pursuant to clause (c) below or (v) if such property becomes an   Excluded Asset; (c) to release or subordinate any Lien on any property   granted to or held by the Administrative Agent or the Collateral Agent under   any Loan Document to the holder of any Lien on such property that is   permitted by Section 7.01(p) or (r) (in the case of clause (r), to the extent   required by the terms of the obligations secured by such Liens); and (d) to   release any Guarantor from its obligations under the Guaranty as provided in   Section 11.15. Upon request by the Administrative Agent or the Collateral   Agent at any time, the Required Lenders will confirm in writing the   Administrative Agent’s or the Collateral Agent’s authority to release or   subordinate its interest in particular types or items of property, or to   release any Guarantor from its obligations under the Guaranty pursuant to   this Section 9.11. In each case as specified in this Section 9.11, the   Administrative Agent or the Collateral Agent will (and each Lender   irrevocably authorizes the Administrative Agent and the Collateral Agent to),   at the Borrowers’ expense, execute and deliver to the applicable Loan Party   such documents as the Lead Borrower may reasonably request to evidence the   release or subordination of such item of Collateral from the assignment and   security interest granted under the Collateral Documents, or to evidence the   release of such Guarantor from its obligations under the Guaranty, in each   case in accordance with the terms of the Loan Documents and this Section   9.11. Section 9.12 Other Agents; Arrangers and Managers. None of the Lenders   or other Persons identified on the facing page or signature pages of this   Agreement as a “joint lead arranger” or “joint bookrunner” shall have any   right, power, obligation, liability, responsibility or duty under this   Agreement other than those applicable to all Lenders as such. Without   limiting the foregoing, none of the Lenders or other Persons so identified   shall have or be deemed to have any fiduciary relationship with any Lender.   Each Lender acknowledges that it has not relied, and will not rely, on any of   the Lenders or other Persons so identified in deciding to enter into this   Agreement or in taking or not taking action hereunder. Section 9.13   Appointment of Supplemental Agents. (a) It is the purpose of this Agreement   and the other Loan Documents that there shall be no violation of any Law of   any jurisdiction denying or restricting the right of banking corporations or   associations to transact business as agent or trustee in such jurisdiction.   It is recognized that in case of litigation under this Agreement or any of   the other Loan Documents, and in particular in case of the enforcement of any   of the Loan Documents, or in case the Administrative Agent or the Collateral   Agent deems that by reason of any present or future Law of any jurisdiction   it may not exercise any of the rights, powers or remedies granted herein or   in any of the other Loan Documents or take any other action which may be   desirable or necessary in connection therewith, the Administrative Agent and   the Collateral Agent are hereby authorized to appoint an additional   individual or institution selected by the Administrative Agent or the   Collateral Agent in its sole discretion as a separate trustee, co-trustee,   administrative agent, collateral agent, administrative sub-agent or   administrative co-agent (any such additional individual or institution being   referred to herein individually as a “Supplemental Agent” and collectively as   “Supplemental Agents”). 179 

    

 

(b) In the   event that the Collateral Agent appoints a Supplemental Agent with respect to   any Collateral, (i) each and every right, power, privilege or duty expressed   or intended by this Agreement or any of the other Loan Documents to be   exercised by or vested in or conveyed to the Collateral Agent with respect to   such Collateral shall be exercisable by and vest in such Supplemental Agent   to the extent, and only to the extent, necessary to enable such Supplemental   Agent to exercise such rights, powers and privileges with respect to such   Collateral and to perform such duties with respect to such Collateral, and   every covenant and obligation contained in the Loan Documents and necessary   to the exercise or performance thereof by such Supplemental Agent shall run   to and be enforceable by either the Collateral Agent or such Supplemental   Agent, and (ii) the provisions of this Article IX and of Sections 10.04 and 10.05   that refer to the Administrative Agent shall inure to the benefit of such   Supplemental Agent and all references therein to the Collateral Agent shall   be deemed to be references to the Collateral Agent and/or such Supplemental   Agent, as the context may require. (c) Should any instrument in writing from   any Loan Party be required by any Supplemental Agent so appointed by the   Administrative Agent or the Collateral Agent for more fully and certainly   vesting in and confirming to him or it such rights, powers, privileges and   duties, such Loan Party shall execute, acknowledge and deliver any and all   such instruments promptly upon request by the Administrative Agent or the   Collateral Agent. In case any Supplemental Agent, or a successor thereto,   shall die, become incapable of acting, resign or be removed, all the rights,   powers, privileges and duties of such Supplemental Agent, to the extent   permitted by Law, shall vest in and be exercised by the Administrative Agent   until the appointment of a new Supplemental Agent. Section 9.14 [Reserved].   Section 9.15 Parallel Debt owed to Collateral Agent. (a) Without prejudice to   the provisions of Section 9.01(k), each Loan Party hereby irrevocably and   unconditionally undertakes to pay to the Collateral Agent as creditor in its   own right and not as a representative of the other Secured Parties amounts   equal to any amounts owing from time to time by that Loan Party to any   Secured Party under any Loan Document, Secured Hedge Agreement or Treasury   Services Agreement as and when those amounts are due for payment under the   relevant Loan Document, Secured Hedge Agreement or Treasury Services   Agreement. (b) Each Loan Party and the Collateral Agent acknowledge that the   obligations of each Loan Party under Section 9.15(a) are several and are   separate and independent from, and shall not in any way limit or affect, the   corresponding obligations of that Loan Party to any Secured Party under any   Loan Document, any Secured Hedge Agreement or any Treasury Services Agreement   (its “Corresponding Debt”) nor shall the amounts for which each Loan Party is   liable under Section 9.15(a) (its “Parallel Debt”) be limited or affected in   any way by its Corresponding Debt; provided that: (i) the Collateral Agent   shall not demand payment with regard to the Parallel Debt of each Loan Party   to the extent that such Loan Party’s Corresponding Debt has been irrevocably   paid or (in the case of guarantee obligations) discharged; and (ii) a Secured   Party shall not demand payment with regard to the Corresponding Debt of each   Loan Party to the extent that such Loan Party’s Parallel Debt has been   irrevocably paid or (in the case of guarantee obligations) discharged. (c)   The Collateral Agent acts in its own name and not as a trustee, and its   claims in respect of the Parallel Debt shall not be held on trust. The   Collateral granted under the Loan Documents to the Collateral Agent to secure   the Parallel Debt is granted to the Collateral Agent in its capacity as   creditor of the Parallel Debt and shall not be held on trust. 180 

    

 

(d) All monies   received or recovered by the Collateral Agent pursuant to this Section 9.15,   and all amounts received or recovered by the Collateral Agent from or by the   enforcement of any Collateral granted to secure the Parallel Debt, shall be   applied in accordance with this Agreement. (e) Without limiting or affecting   the Collateral Agent’s rights against the Loan Parties (whether under this   Section 9.15 or under any other provision of the Loan Documents, Secured   Hedge Agreement or Treasury Services Agreement), each Loan Party acknowledges   that: (i) nothing in this Section 9.15 shall impose any obligation on the   Collateral Agent to advance any sum to any Loan Party or otherwise under any   Loan Document, Secured Hedge Agreement or Treasury Services Agreement, except   in its capacity as lender; and (ii) for the purpose of any vote taken under   any Loan Document, Secured Hedge Agreement or Treasury Services Agreement,   the Collateral Agent shall not be regarded as having any participation or   commitment other than those which it has in its capacity as a Lender. ARTICLE   X MISCELLANEOUS Amendments, Etc. Except as otherwise set forth in this   Agreement, no Section 10.01 amendment or waiver of any provision of this   Agreement or any other Loan Document, and no consent to any departure by any   Loan Party therefrom, shall be effective unless in writing signed by the   Required Lenders (other than with respect to any amendment or waiver   contemplated in Sections 10.01(a) through (j) below, which shall only require   the consent of the Lenders expressly set forth therein and not the Required   Lenders) (or by the Administrative Agent with the written consent of the   Required Lenders) and such Loan Party 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: (a)   extend or increase the Commitment of any Lender without the written consent   of each Lender holding such Commitment (it being understood that a waiver of   any condition precedent or of any Default, mandatory prepayment or mandatory   reduction of the Commitments shall not constitute an extension or increase of   any Commitment of any Lender); (b)postpone any date scheduled for, or reduce   or forgive the amount of, any payment of principal or interest under Section   2.07 or 2.08 (other than pursuant to Section 2.08(b)) without the written   consent of each Lender holding the applicable Obligation (it being understood   that the waiver of (or amendment to the terms of) any mandatory prepayment of   the Term Loans shall not constitute a postponement of any date scheduled for   the payment of principal or interest and it being understood that any change   to the definition of “First Lien Net Leverage Ratio” or in the component   definitions thereof shall not constitute a reduction or forgiveness in any   rate of interest); (c) reduce or forgive the principal of, or the rate of   interest specified herein on, any Loan, or L/C Borrowing, or (subject to   clause (iii) of the second proviso to this Section 10.01) any fees or other   amounts payable hereunder or under any other Loan Document (or extend the   timing of payments of such fees or other amounts) without the written consent   of each Lender holding such Loan, L/C Borrowing or to whom such fee or other   amount is owed (it being understood that any change to the definition of   “Total Net Leverage Ratio” or in the component definitions thereof shall not   constitute a reduction or forgiveness in any rate of interest); provided 181 

    

 

that, only the   consent of the Required Lenders shall be necessary to amend the definition of   “Default Rate” or to waive any obligation of the Borrowers to pay interest at   the Default Rate; (d) change any provision of this Section 10.01, the   definition of “Required Lenders,” “Required Class Lenders,” “Required   Revolving Credit Lenders” or “Pro Rata Share,” Section 2.06, 2.12(a),   2.12(g), 2.13 or 8.03 without the written consent of each Lender directly   affected thereby; (e) other than in connection with a transaction permitted   under Section 7.04 or 7.05, release all or substantially all of the   Collateral in any transaction or series of related transactions, without the   written consent of each Lender; (f) other than in connection with a   transaction permitted under Section 7.04 or 7.05, release all or   substantially all of the aggregate value of the Guarantees, without the   written consent of each Lender; (g) change the currency in which any Loan is   denominated without the written consent of each Lender holding such Loans;   (h) (1) waive any condition set forth in Section 4.02 as to any Credit   Extension under one or more Classes of Revolving Credit Commitments or (2)   amend, waive or otherwise modify any term or provision which directly affects   Lenders under one or more Classes of Revolving Credit Commitments and does   not directly affect Lenders under any other Class, in each case, without the   written consent of the Required Class Lenders under such applicable Class or   Classes of Revolving Credit Commitments (and in the case of multiple Classes   which are affected, such Required Class Lenders shall consent together as one   Class) (it being understood that any amendment to the conditions of   effectiveness of Incremental Commitments set forth in Section 2.16 shall be   subject to clause (i) below); provided, however, that the waivers described   in this clause (h) shall not require the consent of any Lenders other than   (x) the Required Class Lenders under such Class or Classes and (y) in the case   of any waiver that otherwise would be subject to clauses (a) through (g)   above, each Lender, each directly affected Lender or each directly and   adversely affected Lender (as specified in the applicable clause) under the   applicable Class or Classes of Revolving Credit Commitments; (i) amend, waive   or otherwise modify any term or provision (including the availability and   conditions to funding under Section 2.16 with respect to Incremental Term   Loans and Incremental Revolving Credit Commitments and the rate of interest   applicable thereto) which directly affects Lenders of one or more Incremental   Term Loans or Incremental Revolving Credit Commitments (including Loans   extended under such Commitments) and does not directly affect Lenders under   any other Class, in each case, without the written consent of the Required   Class Lenders under such applicable Incremental Term Loans or Incremental   Revolving Credit Commitments (and in the case of multiple Classes which are   affected, such Required Class Lenders shall consent together as one Class);   provided, however, that the waivers described in this clause (i) shall not   require the consent of any Lenders other than (x) the Required Class Lenders   under such applicable Incremental Term Loans or Incremental Revolving Credit   Commitments and (y) in the case of any waiver that otherwise would be subject   to clause (a) though (g) above, each Lender, each directly affected Lender or   each directly and adversely affected Lender (as specified in the applicable   clause) under the applicable Class or Classes of Incremental Term Loans or   Incremental Revolving Credit Commitments (including Loans extended under such   Commitments); or 182 

    

 

(j) amend or   otherwise modify: (a) the Financial Covenant, (b) the exception set forth in   Section 6.01(a)(ii)(x) or (y), (c) the second proviso to Section 8.01(b) and   (d), Section 8.04, and in each case any definition related thereto (as any   such definition is used therein but not as otherwise used in this Agreement   or any other Loan Document) or waive any Default or Event of Default   resulting from a failure to perform or observe the Financial Covenant   (including any related Default or Event of Default under Section 6.01) or   Section 8.04 without the written consent of the Required Revolving Credit   Lenders; provided, that, the waivers described in this clause (j) shall not   require the consent of any Lenders other than the Required Revolving Credit   Lenders; and provided further that (i) no amendment, waiver or consent shall,   unless in writing and signed by each L/C Issuer in addition to the Lenders   required above, affect the rights or duties of an L/C Issuer under this   Agreement or any Request for L/C Issuance relating to any Letter of Credit   issued or to be issued by it; provided, however, that this Agreement may be   amended to adjust the mechanics related to the issuance of Letters of Credit,   including mechanical changes relating to the existence of multiple L/C   Issuers, with only the written consent of the Administrative Agent, the   applicable L/C Issuer and each Borrower so long as the obligations of the   Revolving Credit Lenders, if any, who have not executed such amendment, and   if applicable the other L/C Issuers, if any, who have not executed such   amendment, are not adversely affected thereby; (ii) no amendment, waiver or   consent shall, unless in writing and signed by the Swing Line Lender in   addition to the Lenders required above, adversely affect the rights or duties   of such Swing Line Lender under this Agreement; provided, however, that this   Agreement may be amended to adjust the borrowing mechanics related to Swing   Line Loans with only the written consent of the Administrative Agent, the   Swing Line Lenders and each Borrower so long as the obligations of the   Revolving Credit Lenders, if any, who have not executed such amendment are   not adversely affected thereby; (iii) no amendment, waiver or consent shall,   unless in writing and signed by the Administrative Agent or the Collateral   Agent, as applicable, in addition to the Lenders required above, affect the   rights or duties of, or any fees or other amounts payable to, the   Administrative Agent or the Collateral Agent, as applicable, under this   Agreement or any other Loan Document; and (iv) Section 10.07(j) may not be   amended, waived or otherwise modified without the consent of each Granting   Lender all or any part of whose Loans are being funded by an SPC at the time   of such amendment, waiver or other modification. Notwithstanding anything to   the contrary herein, no Defaulting Lender shall have any right to approve or   disapprove any amendment, waiver or consent hereunder (and any amendment,   waiver or consent which by its terms requires the consent of all Lenders or each   affected Lender may be effected with the consent of the applicable Lenders   other than Defaulting Lenders), except that the Commitment of such Lender may   not be increased or extended without the consent of such Lender (it being   understood that any Commitments or Loans held or deemed held by any   Defaulting Lender shall be excluded for a vote of the Lenders hereunder   requiring any consent of the Lenders). Notwithstanding the foregoing, no   Lender consent is required to effect any amendment or supplement to any First   Lien Intercreditor Agreement, Second Lien Intercreditor Agreement,   Subordination Agreement or other intercreditor agreement or arrangement   permitted under this Agreement (i) that is for the purpose of adding the   holders of Refinancing Equivalent Debt, Incremental Equivalent Debt or, in   each case, a Senior Representative with respect thereto, as parties thereto,   as expressly contemplated by the terms of such First Lien Intercreditor   Agreement, such Second Lien Intercreditor Agreement, such Subordination   Agreement or such other intercreditor agreement or arrangement permitted   under this Agreement, as applicable (it being understood that any such   amendment or supplement may make such other changes to the applicable   intercreditor agreement as, in the good faith determination of the   Administrative Agent, are required to effectuate the foregoing and provided   that such other changes are not adverse, in any material respect, to the   interests of the Lenders) or (ii) that is expressly contemplated by any First   Lien Intercreditor Agreement, Second Lien Intercreditor Agreement, 183 

    

 

Subordination   Agreement or other intercreditor agreement or arrangement permitted under   this Agreement to be effected without the consent of any Lender; provided,   further, that no such agreement shall amend, modify or otherwise affect the   rights or duties of the Administrative Agent hereunder or under any other   Loan Document without the prior written consent of the Administrative Agent.   Notwithstanding the foregoing, this Agreement may be amended (or amended and   restated) with the written consent of the Required Lenders, the   Administrative Agent and the Borrower (a) to add one or more additional   credit facilities to this Agreement and to permit the extensions of credit   from time to time outstanding thereunder and the accrued interest and fees in   respect thereof to share ratably in the benefits of this Agreement and the   other Loan Documents with the Term Loans and the Revolving Credit Loans and   the accrued interest and fees in respect thereof and (b) to include   appropriately the Lenders holding such credit facilities in any determination   of the Required Lenders. In addition, notwithstanding the foregoing, this   Agreement may be amended with the written consent of the Administrative   Agent, the Lead Borrower and the Lenders providing the Replacement Term Loans   (as defined below) to permit the refinancing of all outstanding Term Loans of   any Class (“Replaced Term Loans”) with replacement term loans (“Replacement   Term Loans”) hereunder; provided that (a) the aggregate principal amount of   such Replacement Term Loans shall not exceed the aggregate principal amount   of such Replaced Term Loans, plus accrued interest, fees, premiums (if any)   and penalties thereon and reasonable fees and expenses associated with such   Replacement Term Loans, (b) the All-In Yield with respect to such Replacement   Term Loans (or similar interest rate spread applicable to such Replacement   Term Loans) shall not be higher than the All-In Yield for such Replaced Term   Loans (or similar interest rate spread applicable to such Replaced Term   Loans) immediately prior to such refinancing, (c) the Weighted Average Life   to Maturity of such Replacement Term Loans shall not be shorter than the   Weighted Average Life to Maturity of such Replaced Term Loans, at the time of   such refinancing and (d) all other terms applicable to such Replacement Term   Loans shall be substantially identical to, or less favorable to the Lenders   providing such Replacement Term Loans than, those applicable to such Replaced   Term Loans except to the extent necessary to provide for covenants and other   terms applicable to any period after the latest final maturity of the Term   Loans in effect immediately prior to such refinancing. Each amendment to this   Agreement providing for Replacement Term Loans may, without the consent of   any other Lenders, effect such amendments to this Agreement and the other   Loan Documents as may be necessary or appropriate, in the opinion of the   Administrative Agent and the Lead Borrower to effect the provisions of this   paragraph, and for the avoidance of doubt, this paragraph shall supersede any   other provisions in this Section 10.01 to the contrary. Notwithstanding   anything to the contrary contained in this Section 10.01, the Holdcos, the   Lead Borrower and the Administrative Agent may without the input or consent   of the Lenders, effect amendments to this Agreement and the other Loan   Documents as may be necessary or appropriate in the reasonable opinion of the   Administrative Agent to effect the provisions of Section 2.16, 2.17 or 2.18.   Notwithstanding anything to the contrary contained in this Section 10.01,   guarantees, collateral security documents and related documents executed by   Subsidiaries in connection with this Agreement may be in a form reasonably   determined by the Administrative Agent and may be, together with this   Agreement, amended, supplemented and waived with the consent of the   Administrative Agent and/or the Collateral Agent, as the case may be, at the   request of the Lead Borrower without the need to obtain the consent of any   other Lender if such amendment, supplement or waiver (i) is of a technical   nature (including curing any ambiguities, omissions, mistakes or defects)   and/or is, in the judgment of the Collateral Agent, required by applicable   local law on the advice of local counsel, in the interests of the Secured   Parties or (in the case of any non-U.S. Collateral Documents) necessary or   desirable to preserve, maintain, perfect and/or protect the security interests   purported to the granted by the respective non-U.S. Collateral Documents or   (ii) to cause such guarantee, collateral security document or other document   to be consistent with this Agreement and the other Loan Documents, provided,   that any section in a 184 

    

 

 

Collateral   Document providing for a governing law and/or a jurisdiction different from   Section 10.15 shall not be deemed a conflict of this Agreement. If the   Administrative Agent and the Lead Borrower shall have jointly identified an   obvious error (including, but not limited to, an incorrect cross-reference)   or any error or omission of a technical or immaterial nature, in each case,   in any provision of this Agreement or any other Loan Document (including, for   the avoidance of doubt, any exhibit, schedule or other attachment to any Loan   Document), then the Administrative Agent (acting in its sole discretion) and   the Borrowers or any other relevant Loan Party shall be permitted to amend   such provision and such amendment shall become effective without any further   action or consent of any other party to any Loan Document. Notification of   such amendment shall be made by the Administrative Agent to the Lenders   promptly upon such amendment becoming effective. Section 10.02 Notices and   Other Communications; Facsimile Copies. (a) General. Unless otherwise   expressly provided herein, all notices and other communications provided for   hereunder or under any other Loan Document shall be in writing (including by   facsimile transmission). All such written notices shall be mailed, faxed or   delivered to the applicable address, facsimile number or electronic mail   address, and all notices and other communications expressly permitted   hereunder to be given by telephone shall be made to the applicable telephone   number, as follows: (i) if to any Holdco, any Borrower or the Administrative   Agent, the Collateral Agent, an L/C Issuer or the Swing Line Lender, to the   address, facsimile number, electronic mail address or telephone number   specified for such Person on Schedule 10.02 or to such other address,   facsimile number, electronic mail address or telephone number as shall be   designated by such party in a notice to the other parties; and (ii) if to any   other Lender, to the address, facsimile number, electronic mail address or   telephone number specified in its Administrative Questionnaire or to such   other address, facsimile number, electronic mail address or telephone number   as shall be designated by such party in a notice to the Lead Borrower and the   Administrative Agent, the Collateral Agent, an L/C Issuer and the Swing Line   Lender. All such notices and other communications shall be deemed to be given   or made upon the earlier to occur of (i) actual receipt by the relevant party   hereto and (ii) (A) if delivered by hand or by courier, when signed for by or   on behalf of the relevant party hereto; (B) if delivered by mail to a party   in (x) Asia, eight (8) Business Days after deposit in the mails, postage   prepaid or (y) any other location, four (4) Business Days after deposit in   the mails, postage prepaid; (C) if delivered by facsimile, when sent and   receipt has been confirmed by telephone; and (D) if delivered by electronic   mail (which form of delivery is subject to the provisions of Section   10.02(c)), when delivered; provided that notices and other communications to   the Administrative Agent, the Collateral Agent, an L/C Issuer and the Swing   Line Lender pursuant to Article II shall not be effective until actually   received by such Person. In no event shall a voice mail message be effective   as a notice, communication or confirmation hereunder. (b) Effectiveness of   Facsimile Documents and Signatures. Loan Documents may be transmitted and/or   signed by facsimile or other electronic communication. The effectiveness of   any such documents and signatures shall, subject to applicable Law, have the   same force and effect as manually signed originals and shall be binding on   all Loan Parties, the Agents and the Lenders. (c) Reliance by Agents and   Lenders. The Administrative Agent, the Collateral Agent and the Lenders shall   be entitled to rely and act upon any notices (including telephonic Committed   Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf   of any Holdco or any Borrower even if (i) such notices were not made in a   manner specified herein, were incomplete or were 185  

    

 

not preceded or   followed by any other form of notice specified herein, or (ii) the terms   thereof, as understood by the recipient, varied from any confirmation   thereof. Each Borrower shall indemnify each Agent-Related Person and each   Lender from all losses, costs, expenses and liabilities resulting from the   reliance by such Person on each notice purportedly given by or on behalf of   any Holdco or either Borrower in the absence of gross negligence or willful   misconduct of such Agent-Related Person as determined in a final and   non-appealable judgment by a court of competent jurisdiction. All telephonic   notices to the Administrative Agent or Collateral Agent may be recorded by   the Administrative Agent or the Collateral Agent, and each of the parties   hereto hereby consents to such recording. Section 10.03 No Waiver; Cumulative   Remedies. No failure by any Lender, the Administrative Agent or the   Collateral Agent to exercise, and no delay by any such Person in exercising,   any right, remedy, power or privilege hereunder or under any other Loan   Document shall operate as a waiver thereof; nor shall any single or partial   exercise of any right, remedy, power or privilege hereunder 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, and provided under each other Loan Document, are cumulative and not   exclusive of any rights, remedies, powers and privileges provided by Law.   Section 10.04 Attorney Costs and Expenses. Each Holdco and each Borrower   jointly and severally agrees (a) to pay or reimburse the Administrative   Agent, the Collateral Agent and the Arrangers for all reasonable   out-of-pocket costs and expenses incurred in connection with the preparation,   negotiation, syndication and execution of this Agreement and the other Loan   Documents, and any amendment, waiver, consent or other modification of the   provisions hereof and thereof (whether or not the transactions contemplated   thereby are consummated), and the consummation and administration of the   transactions contemplated hereby and thereby (including all Attorney Costs,   which shall be limited to White & Case LLP (and one local and specialist   counsel in each applicable jurisdiction for each group and, in the event of a   conflict of interest, one additional counsel of each type to the affected   parties)) and (b) to pay or reimburse the Administrative Agent, the   Collateral Agent, the Arrangers and each Lender for all reasonable and   documented out-of-pocket costs and expenses incurred in connection with the   enforcement (whether through negotiations, legal proceedings or otherwise) of   any rights or remedies under this Agreement or the other Loan Documents (including   all such costs and expenses incurred during any legal proceeding, including   any proceeding under any Debtor Relief Law, and including all Attorney Costs,   which shall be limited to Attorney Costs of one counsel to the Administrative   Agent and Arrangers (and one local counsel in each applicable jurisdiction   for each group and, in the event of any conflict of interest, one additional   counsel of each type to the affected parties). The foregoing costs and   expenses shall include all reasonable search, filing, recording and title   insurance charges and fees related thereto, and other reasonable   out-of-pocket expenses incurred by any Agent. The agreements in this Section   10.04 shall survive the termination of the Aggregate Commitments and   repayment of all other Obligations. All amounts due under this Section 10.04   shall be paid within ten (10) Business Days of receipt by the Lead Borrower   of an invoice relating thereto setting forth such expenses in reasonable   detail; provided that, with respect to the Closing Date, all amounts due   under this Section 10.04 shall be paid on the Closing Date to the extent   invoiced to the Borrower within one (1) Business Day of the Closing Date. If   any Loan Party fails to pay when due any costs, expenses or other amounts   payable by it hereunder or under any Loan Document, such amount may be paid   on behalf of such Loan Party by the Administrative Agent in its sole   discretion. Section 10.05 Indemnification. Each Holdco and each Borrower   shall, jointly and severally, indemnify and hold harmless each Agent-Related   Person, each Arranger, each L/C Issuer, each Lender and their respective   Affiliates, and directors, officers, employees, counsel, agents, trustees,   investment advisors and attorneys-in-fact of each of the foregoing (collectively   the “Indemnitees”) from and against any and all liabilities, obligations,   losses, damages, penalties, claims, demands, actions, judgments, suits,   costs, expenses and disbursements (including Attorney Costs, which shall be   limited to 186  

    

 

Attorney Costs   of one counsel to the Administrative Agent and Arrangers (and one local and   specialist counsel in each applicable jurisdiction for each group and, in the   event of any conflict of interest, one additional counsel of each type to the   affected parties) of any kind or nature whatsoever which may at any time be   imposed on, incurred by or asserted against any such Indemnitee in any way   relating to or arising out of or in connection with (a) the execution,   delivery, enforcement, performance or administration of any Loan Document or   any other agreement, letter or instrument delivered in connection with the   transactions contemplated thereby or the consummation of the transactions   contemplated thereby, (b) any Commitment, Loan or Letter of Credit or the use   or proposed use of the proceeds therefrom including any refusal by an L/C   Issuer to honor a demand for payment under a Letter of Credit if the   documents presented in connection with such demand do not strictly comply   with the terms of such Letter of Credit, (c) any actual or alleged presence   or Release of Hazardous Materials at, on, under or from any property or   facility currently or formerly owned, leased or operated by the Loan Parties   or any Subsidiary, or any Environmental Liability related in any way to any   Loan Parties or any Subsidiary, (d) the payment or recovery of an amount in   connection with the Loan Documents in a currency other than the currency   required under the Loan Document or (e) any actual or prospective claim, litigation,   investigation or proceeding relating to any of the foregoing, whether based   on contract, tort or any other theory (including any investigation of,   preparation for, or defense of any pending or threatened claim,   investigation, litigation or proceeding) and regardless of whether any   Indemnitee is a party thereto (a “Proceeding”) or whether or not such   Proceeding is brought by any Holdco, Borrower or any other Person (all the   foregoing, collectively, the “Indemnified Liabilities”) in all cases, whether   or not caused by or arising, in whole or in part, out of the negligence of   the Indemnitee; provided that, notwithstanding the foregoing, such indemnity   shall not, as to any Indemnitee, be available to the extent that such   liabilities, obligations, losses, damages, penalties, claims, demands,   actions, judgments, suits, costs, expenses or disbursements resulted from the   gross negligence or willful misconduct of such Indemnitee or of any   affiliate, director, officer, employee, counsel, agent or attorney-in-fact of   such Indemnitee, as determined by the final non-appealable judgment of a   court of competent jurisdiction. No Indemnitee shall be liable for any   damages arising from the use by others of any information or other materials   obtained through IntraLinks or other similar information transmission systems   in connection with this Agreement, nor shall any Indemnitee or the Lead   Borrower or any Subsidiary have any liability for any special, punitive,   indirect or consequential damages relating to this Agreement or any other   Loan Document or arising out of its activities in connection herewith or   therewith (whether before or after the Closing Date) (other than, in the case   of a Loan Party, in respect of any such damages incurred or paid by an   Indemnitee to a third party, or which are included in a third-party claim,   and for any reasonable out-of-pocket expenses related thereto). In the case   of an investigation, litigation or other proceeding to which the indemnity in   this Section 10.05 applies, such indemnity shall be effective whether or not   such investigation, litigation or proceeding is brought by any Loan Party,   any Subsidiary of any Loan Party, any Loan Party’s directors, stockholders or   creditors or an Indemnitee or any other Person, whether or not any Indemnitee   is otherwise a party thereto and whether or not any of the transactions   contemplated hereunder or under any of the other Loan Documents are   consummated. All amounts due under this Section 10.05 shall be paid within   ten (10) Business Days after demand therefor; provided, however, that such   Indemnitee shall promptly refund such amount to the extent that there is a   final judicial or arbitral determination that such Indemnitee was not   entitled to indemnification rights with respect to such payment pursuant to   the express terms of this Section 10.05. The agreements in this Section 10.05   shall survive the resignation of the Administrative Agent or the Collateral   Agent, the replacement of any Lender, the termination of the Aggregate   Commitments and the repayment, satisfaction or discharge of all the other   Obligations. Section 10.06 Payments Set Aside. To the extent that any payment   by or on behalf of the Borrowers is made to any Agent or any Lender, or any   Agent 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 such Agent or such Lender in its   discretion) to be repaid to a trustee, receiver or any other 187  

    

 

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, to the fullest extent possible under   provisions of applicable Law, 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 severally agrees to pay to the Administrative Agent upon   demand its applicable share of any amount so recovered from or repaid by any   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 Federal Funds Rate   from time to time in effect. Section 10.07 Successors and Assigns. (a) The   provisions of this Agreement shall be binding upon and inure to the benefit   of the parties hereto and their respective successors and assigns permitted   hereby, except that neither any Holdco nor any Borrower may assign or   otherwise transfer any of its rights or obligations hereunder without the   prior written consent of each Lender and no Lender may assign or otherwise   transfer any of its rights or obligations hereunder except (i) to an Assignee   pursuant to an assignment made in accordance with the provisions of Section   10.07(b) (such an assignee, an “Eligible Assignee”) and, in the case of any   Assignee that is Holdings or any of its Subsidiaries, Section 2.14 or Section   2.15, (ii) by way of participation in accordance with the provisions of   Section 10.07(e), (iii) by way of pledge or assignment of a security interest   subject to the restrictions of Section 10.07(g) or (iv) to an SPC in   accordance with the provisions of Section 10.07(h) (and any other attempted   assignment or transfer by any party hereto shall be null and void); provided,   however, that notwithstanding the foregoing, no Lender may assign or transfer   by participation any of its rights or obligations hereunder to (i) any Person   that is a Defaulting Lender, (ii) a natural Person or (iii) a Disqualified   Institution. Nothing in this Agreement, expressed or implied, shall be   construed to confer upon any Person (other than the parties hereto, their   respective successors and assigns permitted hereby, Participants to the   extent provided in Section 10.07(e) and, to the extent expressly contemplated   hereby, the Indemnitees) any legal or equitable right, remedy or claim under   or by reason of this Agreement. (b) (i) Subject to the conditions set forth   in clause (b)(ii) below, any Lender may assign to one or more assignees   (“Assignees”) all or a portion of its rights and obligations under this   Agreement (including all or a portion of its Commitment and the Loans   (including for purposes of this Section 10.07(b), participations in L/C   Obligations and in Swing Line Loans) at the time owing to it) with the prior   written consent (such consent not to be unreasonably withheld, delayed or   conditioned, except in connection with a proposed assignment to any   Disqualified Institution) of: (A) the Lead Borrower, provided that no consent   of the Lead Borrower shall be required for (i) an assignment to a Lender, an   Affiliate of a Lender or an Approved Fund, (ii) other than with respect to   any proposed assignment to any Person that is a Disqualified Institution, an   assignment if an Event of Default under Section 8.01(a) or, solely with   respect to any of the Borrowers, Section 8.01(f) has occurred and is   continuing or (iii) an assignment of all or a portion of the Loans pursuant   to Sections 2.14 or 2.15; provided that, other than with respect to any   proposed assignment to any Person that is a Disqualified Institution, the   Lead Borrower shall be deemed to have consented to any such assignment unless   it shall have objected thereto by written notice to the Administrative Agent   within ten (10) Business Days after having received notice thereof; (B) the   Administrative Agent, provided that no consent of the Administrative Agent   shall be required for an assignment (i) of all or any portion of a Loan to a   Lender, an Affiliate of a Lender or an Approved Fund, (ii) to an Agent or an   Affiliate of an Agent or (iii) of all or any portion of a Term Loan pursuant   to Sections 2.14 or 2.15; 188  

    

 

(C) each L/C   Issuer, provided that no consent of an L/C Issuer shall be required for any   assignment not related to Revolving Credit Commitments or Revolving Credit   Exposure; and (D) the Swing Line Lender; provided that no consent of the   Swing Line Lender shall be required for any assignment not related to   Revolving Credit Commitments or Revolving Credit Exposure or any assignment   to an Agent or an Affiliate of an Agent. (ii) assignments shall be subject to   the following additional conditions: (A) except in the case of an assignment   to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of   the entire remaining amount of the assigning Lender’s Commitment or Loans of   any Class, the amount of the Commitment or 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) shall not be less than an amount of $2,500,000 (in the case of each   Revolving Credit Loan), $1,000,000 (in the case of a Term Loan), unless each   of the Borrower and the Administrative Agent otherwise consents, provided   that such amounts shall be aggregated in respect of each Lender and its   Affiliates or Approved Funds, if any; (B) the parties to each assignment   shall execute and deliver to the Administrative Agent an Assignment and   Assumption, together with a processing and recordation fee of $3,500 (unless   such fee is waived by the Administrative Agent); provided that only one such   fee shall be payable in the event of simultaneous assignments to or from two   or more Approved Funds; and (C)other than in connection with an assignment   pursuant to Sections 2.14 or 2.15, the Assignee, if it shall not be a Lender,   shall deliver to the Administrative Agent an Administrative Questionnaire.   This clause (b) shall not prohibit any Lender from assigning all or a portion   of its rights and obligations among separate Facilities on a non-pro rata   basis among such Facilities. 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 Lead Borrower and the   Administrative Agent, the applicable Pro Rata Share of Loans previously   requested but not funded by the Defaulting Lender, to each of which the   applicable assignee and assignor hereby irrevocably consent), to (x) pay and   satisfy in full all payment liabilities then owed by such Defaulting Lender   to the Administrative Agent or any Lender hereunder (and interest accrued   thereon) and (y) acquire (and fund as appropriate) its full Pro Rata Share of   all Loans and participations in Letters of Credit and Swing Line Loans in   accordance with its Pro Rata Share. Notwithstanding the foregoing, in the   event that any assignment of rights and obligations of any Defaulting Lender   hereunder shall become effective under applicable Law without compliance with   the provisions of this paragraph, then the assignee of such interest shall be   deemed to be a Defaulting Lender for all purposes of this Agreement until   such compliance occurs. (c) Subject to acceptance and recording thereof by   the Administrative Agent pursuant to Section 10.07(d), from and after the   effective date specified in each Assignment and 189  

    

 

Assumption, the   Eligible Assignee thereunder shall be a party to this Agreement and, to the   extent of the interest assigned by such Assignment and Assumption, have the   rights and obligations of a Lender under this Agreement, and the assigning   Lender thereunder shall, to the extent of the interest assigned by such   Assignment and Assumption, be released from its obligations under this Agreement   (and, in the case of an Assignment and Assumption covering all of the   assigning Lender’s rights and obligations under this Agreement, such Lender   shall cease to be a party hereto but shall continue to be entitled to the   benefits of Sections 3.01, 3.04, 3.05, 10.04 and 10.05 with respect to facts   and circumstances occurring prior to the effective date of such assignment).   Upon request, and the surrender by the assigning Lender of its Note, the   relevant Borrowers (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 clause (c)   shall be treated for purposes of this Agreement as a sale by such Lender of a   participation in such rights and obligations in accordance with Section   10.07(e). (d) The Administrative Agent, acting solely for this purpose as an   agent of the Borrowers, shall maintain at the Administrative Agent’s Office a   copy of each Assignment and Assumption delivered to it and each notice of   cancellation of any Loans delivered by the Lead Borrower pursuant to Section   2.14 and a register for the recordation of the names and addresses of the   Lenders, and the Commitments of, and principal amounts (and related interest   amounts) of the Loans, L/C Obligations (specifying the Unreimbursed Amounts),   L/C Borrowings and the amounts due under Section 2.03, 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   Borrowers, the Agents 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, notwithstanding notice to the contrary.   Upon its receipt of a duly completed Assignment and Assumption executed by an   assigning Lender and an Assignee, an Administrative Questionnaire completed   in respect of the Assignee (if applicable and unless the Assignee shall   already be a Lender hereunder), the processing and recordation fee referred   to in Section 10.07(b)(ii)(B) above (if applicable) and, if required, the   written consent of the Lead Borrower, the L/C Issuers, the Swing Line Lender   and the Administrative Agent to such assignment, the Administrative Agent   shall (i) accept such Assignment and Assumption and (ii) record the   information contained therein in the Register. No assignment shall be   effective unless it has been recorded in the Register as provided in this   paragraph. The Register shall be available for inspection by the Borrowers,   any Agent and any Lender, at any reasonable time and from time to time upon   reasonable prior notice. (e) Any Lender may at any time sell participations   to any Person (other than a natural person a Disqualified Institution or a   Defaulting Lender) (each, a “Participant”) in all or a portion of such   Lender’s rights and/or obligations under this Agreement (including all or a   portion of its Commitment and/or the Loans (including such Lender’s participations   in L/C Obligations and/or Swing Line Loans) owing to it); provided that (i)   such Lender’s obligations under this Agreement shall remain unchanged, (ii)   such Lender shall remain solely responsible to the other parties hereto for   the performance of such obligations and (iii) the Borrowers, the Agents and   the other Lenders shall continue to deal solely and directly with such Lender   in connection with such Lender’s rights and obligations under this Agreement.   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 the other Loan Documents and to approve any   amendment, modification or waiver of any provision of this Agreement or the   other Loan Documents; 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 clauses (a) through   (f) of the first proviso to Section 10.01 that requires the affirmative vote   of such Lender. Subject to Section 10.07(f), the Borrowers agree that each   Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05   (subject to the requirements and limitations of such Sections) to the same   extent as if it were a Lender and had acquired its interest by assignment   pursuant to Section 10.07(c). To the extent permitted by applicable Law, each   Participant also shall be entitled to the benefits 190  

    

 

of Section   10.09 as though it were a Lender; provided that such Participant agrees to be   subject to Section 2.13 as though it were a Lender. Each Lender that sells a   participation shall, acting solely for this purpose as a non-fiduciary agent   of the Borrowers, maintain a register on which it enters the name and address   of each Participant and the principal amounts (and stated interest) of each   Participant’s interest in the Loans or other obligations under the Loan   Documents (the “Participant Register”). 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. 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 that the   portion of any Participant Register relating to any Participant or SPC   requesting payment from a Borrower or seeking to exercise its rights under   Section 10.09 shall be available for inspection by the Lead Borrower upon   reasonable request 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 or as is otherwise required thereunder. (f) A Participant shall   not be entitled to receive any greater payment under Sections 3.01, 3.04 and   3.05 than the applicable Lender would have been entitled to receive with   respect to the participation sold to such Participant, unless the sale of the   participation to such Participant is made with the Lead Borrower’s prior   written consent, not to be unreasonably withheld or delayed (it being   understood the Lead Borrower shall have a reasonable basis for withholding   consent if such Participant would result in materially increased   indemnification obligation to the Lead Borrower at such time). (g) Any Lender   may, without the consent of the Lead Borrower or the Administrative Agent, at   any time pledge or assign a security interest in all or any portion of its   rights under this Agreement (including under its Note, if any) to secure   obligations of such Lender, including any pledge or assignment to secure   obligations to a Federal Reserve Bank or other central bank having   jurisdiction over it; 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. (h) The   Luxembourg Loan Parties hereby expressly accept and confirm, for the purposes   of Article 1278 of the Luxembourg Civil Code that, notwithstanding any   assignment, amendment, novation or transfer of any kind permitted under, and   made in accordance with, the provisions of this Agreement or any agreement   referred to herein to which a Luxembourg Loan Party is a party (including any   Security Agreement), any security interest created under such agreement shall   continue in full force and effect to the benefit of each new Lender. Each   other Luxembourg Loan Party hereby accepts and confirms the above. (i) The   Loan Parties organized under Belgian law hereby expressly accept and confirm,   for the purposes of Article 1278 of the Belgian Civil Code, that,   notwithstanding any novation permitted under this Agreement or any agreement   referred to herein, any security interest created under such agreement shall   continue in full force and effect to the benefit of each new Lender. (j)   Notwithstanding anything to the contrary contained herein, any Lender (a   “Granting Lender”) may grant to a special purpose funding vehicle identified   as such in writing from time to time by the Granting Lender to the   Administrative Agent and the Lead Borrower (an “SPC”) the option to provide   all or any part of any Loan that such Granting Lender would otherwise be   obligated to make pursuant to this Agreement; provided that (i) nothing   herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an   SPC elects not to exercise such option or otherwise fails to make all or any   part of such Loan, the Granting Lender shall be obligated to make such Loan   pursuant to the terms hereof and (iii) such SPC and the applicable Loan or   any applicable part thereof, shall be appropriately reflected in 191  

    

 

the Participant   Register. Each party hereto hereby agrees that (i) an SPC shall be entitled   to the benefit of Sections 3.01, 3.04 and 3.05 (subject to the requirements   and the limitations of such Sections), but neither the grant to any SPC nor   the exercise by any SPC of such option shall increase the costs or expenses   or otherwise increase or change the obligations of the Borrowers under this   Agreement except in the case of Section 3.01, to the extent that the grant to   the SPC was made with the prior written consent of the Lead Borrower (not to   be unreasonably withheld or delayed; for the avoidance of doubt, the Lead   Borrower shall have reasonable basis for withholding consent if an exercise   by SPC immediately after the grant would result in materially increased   indemnification obligation to a Borrower at such time), (ii) no SPC shall be   liable for any indemnity or similar payment obligation under this Agreement   for which a Lender would be liable, and (iii) the Granting Lender shall for   all purposes, including the approval of any amendment, waiver or other   modification of any provision of any Loan Document, remain the lender of   record hereunder. The making of a Loan by an SPC hereunder shall utilize the   Commitment of the Granting Lender to the same extent, and as if, such Loan   were made by such Granting Lender. Notwithstanding anything to the contrary   contained herein, any SPC may (i) with notice to, but without prior consent   of the Lead Borrower and the Administrative Agent and with the payment of a   processing fee of $3,500, assign all or any portion of its right to receive   payment with respect to any Loan to the Granting Lender and (ii) disclose on   a confidential basis any non-public information relating to its funding of   Loans to any rating agency, commercial paper dealer or provider of any surety   or Guarantee or credit or liquidity enhancement to such SPC. (k)   Notwithstanding anything to the contrary contained herein, without the   consent of the Lead Borrower or the Administrative Agent, (1) any Lender may   in accordance with applicable Law create a security interest in all or any   portion of the Loans owing to it and the Notes, if any, held by it and (2)   any Lender that is a Fund may create a security interest in all or any   portion of the Loans owing to it and the Notes, if any, held by it to the   trustee for holders of obligations owed, or securities issued, by such Fund   as security for such obligations or securities; provided that unless and   until such trustee actually becomes a Lender in compliance with the other   provisions of this Section 10.07, (i) no such pledge shall release the   pledging Lender from any of its obligations under the Loan Documents and (ii)   such trustee shall not be entitled to exercise any of the rights of a Lender   under the Loan Documents even though such trustee may have acquired ownership   rights with respect to the pledged interest through foreclosure or otherwise.   (l) Notwithstanding anything to the contrary contained herein other than the   proviso in the definition of “L/C Issuer” or “Swing Line Lender”, in each   case, in respect of any Extension or Extensions of Revolving Credit   Commitments effected in accordance with Section 2.18, any L/C Issuer or Swing   Line Lender may, upon thirty (30) days’ notice to the Lead Borrower and the   Lenders, resign as an L/C Issuer or Swing Line Lender, respectively; provided   that the relevant L/C Issuer or Swing Line Lender shall use reasonable   efforts to identify, on or prior to the expiration of such 30-day period with   respect to such resignation, a successor L/C Issuer or Swing Line Lender   reasonably acceptable to the Lead Borrower willing to accept its appointment   as successor L/C Issuer or Swing Line Lender, as applicable. In the event of   any such resignation of an L/C Issuer or Swing Line Lender, the Lead Borrower   shall be entitled to appoint from among the Lenders willing to accept such   appointment a successor L/C Issuer or Swing Line Lender hereunder; provided   that no failure by the Lead Borrower to appoint any such successor shall   affect the resignation of the relevant L/C Issuer or the Swing Line Lender,   as the case may be, except as expressly provided above. If an L/C Issuer   resigns as L/C Issuer, it shall retain all the rights and obligations of an   L/C Issuer hereunder with respect to all Letters of Credit outstanding as of   the effective date of its resignation as an L/C Issuer and all L/C   Obligations with respect thereto (including the right to require the Lenders   to make Base Rate Loans or fund risk participations in Unreimbursed Amounts   pursuant to Section 2.03(c)). If the Swing Line Lender resigns as Swing Line   Lender, it shall retain all the rights of the Swing Line Lender provided for   hereunder with respect to Swing Line Loans made by it and outstanding as of   the effective date of such resignation, including the 192  

    

 

right to   require the Lenders to make Base Rate Loans, LIBO Rate Loans or fund risk   participations in outstanding Swing Line Loans pursuant to Section 2.04(c).   (m) (n) [Reserved]. In the case of any Term Loans acquired by, or contributed   to, the Borrowers pursuant to Section 2.15 or this Section 10.07(n), (x) the   aggregate outstanding principal amount of the Term Loans of the applicable   Class shall be deemed reduced by the full par value of the aggregate   principal amount of such Term Loans acquired by, or contributed to, the   Borrowers and (y) any scheduled principal repayment installments with respect   to the Term Loans of such Class occurring pursuant to Sections 2.07(a), prior   to the final maturity date for Term Loans of such Class, shall be reduced pro   rata by the par value of the aggregate principal amount of Term Loans so   purchased or contributed (and subsequently cancelled and retired), with such   reduction being applied solely to the remaining Term Loans of the Lenders   which sold or contributed such Term Loans. Section 10.08 Confidentiality.   Each of the Agents and the Lenders agrees to maintain the confidentiality of   the Information, except that Information may be disclosed (a) to its   Affiliates and its and its Affiliates’ managers, administrators, directors,   officers, employees, trustees, partners, investors, investment advisors and   agents, including accountants, legal counsel and other advisors (it being   understood that the Persons to whom such disclosure is made will be informed   of the confidential nature of such Information and instructed to keep such   Information confidential); (b) to the extent requested by any Governmental   Authority or self regulatory authority having or asserting jurisdiction over   such Person (including any Governmental Authority regulating any Lender or   its Affiliates); (c) to the extent required by applicable Laws or regulations   or by any subpoena or similar legal process; (d) to any other party to this   Agreement; (e) subject to an agreement containing provisions substantially   the same as those of this Section 10.08 (or as may otherwise be reasonably   acceptable to the Lead Borrower), to any pledgee referred to in Section   10.07(g), counterparty to a Swap Contract, Eligible Assignee of or   Participant in, or any prospective Eligible Assignee of or Participant in any   of its rights or obligations under this Agreement; (f) with the written   consent of the Lead Borrower; (g) to the extent such Information becomes   publicly available other than as a result of a breach of this Section 10.08   or becomes available to the Administrative Agent, any Arranger, any Lender,   any L/C Issuer or any of their respective Affiliates on a nonconfidential   basis from a source other than a Loan Party or its related parties (so long   as such source is not known to the Administrative Agent, such Arranger, such   Lender, such L/C Issuer or any of their respective Affiliates to be bound by   confidentiality obligations to any Loan Party); (h) to any Governmental   Authority or examiner (including the National Association of Insurance   Commissioners or any other similar organization) regulating any Lender; (i)   to any rating agency when required by it (it being understood that, prior to   any such disclosure, such rating agency shall undertake to preserve the   confidentiality of any Information relating to Loan Parties and their   Subsidiaries received by it from such Lender) or to the CUSIP Service Bureau   or any similar organization; (j) to the extent such information is   independently developed by any Agent or any Arranger or (k) in connection   with the exercise of any remedies hereunder, under any other Loan Document or   the enforcement of its rights hereunder or thereunder. In addition, the   Agents, the Arrangers and the Lenders may disclose the existence of this   Agreement and publicly available information about this Agreement to market   data collectors, similar service providers to the lending industry, and   service providers to the Agents, the Arrangers and the Lenders in connection   with the administration and management of this Agreement, the other Loan   Documents, the Commitments, and the Credit Extensions. For the purposes of   this Section 10.08, “Information” means all information received from the   Loan Parties relating to any Loan Party, its Affiliates or its Affiliates’   directors, officers, employees, trustees, investment advisors or agents,   relating to the Holdcos, the Lead Borrower or any of their Subsidiaries or   its business, other than any such information that is publicly available to   any Agent, any L/C Issuer or any Lender prior to disclosure by any Loan Party   other than as a result of a breach of this Section 10.08; provided that, in   the case of 193  

    

 

information   received from a Loan Party after the Closing Date, such information is   clearly identified at the time of delivery as confidential or is delivered   pursuant to Section 6.01, 6.02 or 6.03 hereof. Section 10.09 Setoff. In   addition to any rights and remedies of the Lenders provided by Law, upon the   occurrence and during the continuance of any Event of Default, each Lender   and its Affiliates (and the Collateral Agent, in respect of any unpaid fees,   costs and expenses payable hereunder) is authorized at any time and from time   to time, without prior notice to each Borrower, any such notice being waived   by each Borrower (on its own behalf and on behalf of each Loan Party and each   of its Subsidiaries) 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) at any time held by, and other Indebtedness at any time   owing by, such Lender and its Affiliates or the Collateral Agent to or for   the credit or the account of the respective Loan Parties and their   Subsidiaries against any and all Obligations (other than, with respect to any   Guarantor, any Excluded Swap Obligations of such Guarantor) owing to such   Lender and its Affiliates or the Collateral Agent hereunder or under any   other Loan Document, now or hereafter existing, irrespective of whether or   not such Agent or such Lender or Affiliate shall have made demand under this   Agreement or any other Loan Document and although such Obligations may be   contingent or unmatured or denominated in a currency different from that of   the applicable deposit or Indebtedness. Each Lender agrees promptly to notify   the Lead Borrower and the Administrative Agent after any such set off and   application made by such Lender; provided, that the failure to give such   notice shall not affect the validity of such setoff and application. The   rights of the Administrative Agent, the Collateral Agent and each Lender   under this Section 10.09 are in addition to other rights and remedies   (including other rights of setoff) that the Administrative Agent, the   Collateral Agent and such Lender may have at Law. Section 10.10 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 any 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 Borrowers. In determining whether the interest   contracted for, charged, or received by an 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. Section 10.11 Counterparts. This Agreement and each   other Loan Document may be executed in one or more counterparts, each of   which shall be deemed an original, but all of which together shall constitute   one and the same instrument. Delivery by telecopier (or other electronic   transmission, e.g., .pdf) of an executed counterpart of a signature page to   this Agreement and each other Loan Document shall be effective as delivery of   an original executed counterpart of this Agreement and such other Loan   Document. The Agents may also require that any such documents and signatures   delivered by telecopier be confirmed by a manually signed original thereof;   provided that the failure to request or deliver the same shall not limit the   effectiveness of any document or signature delivered by telecopier. Section   10.12 Integration. This Agreement, together with the other Loan Documents,   comprises the complete and integrated agreement of the parties on the subject   matter hereof and thereof and supersedes all prior agreements, written or   oral, on such subject matter. In the event of any conflict between the   provisions of this Agreement and those of any other Loan Document, the   provisions of this Agreement shall control; provided that the inclusion of   supplemental rights or remedies in favor of the Agents or the Lenders in any   other Loan Document shall not be deemed a conflict of this Agreement. Each   Loan Document was drafted with the joint participation of the respective   parties thereto and shall be construed neither against nor in favor of any   party, but rather in accordance with the fair meaning thereof. 194  

    

 

 

Section 10.13   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 each Agent   and each Lender, regardless of any investigation made by any Agent or any   Lender or on their behalf and notwithstanding that any 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. Section 10.14 Severability. If any   provision of this Agreement or the other Loan Documents is held to be   illegal, invalid or unenforceable, the legality, validity and enforceability   of the remaining provisions of this Agreement and the other Loan Documents   shall not be affected or impaired thereby. The invalidity of a provision in a   particular jurisdiction shall not invalidate or render unenforceable such   provision in any other jurisdiction. In the event of any such illegality,   invalidity or unenforceability, the parties shall negotiate in good faith   with a view to agreeing on a legal, valid and enforceable replacement   provision which, to the extent practicable, is in accordance with the intent   and purposes of this Agreement and in its economic effect comes as close as   possible to the illegal, invalid or unenforceable provision. Section 10.15   GOVERNING LAW. THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT AND THE RIGHTS AND   OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL, EXCEPT AS   OTHERWISE EXPRESSLY PROVIDED IN ANY COLLATERAL DOCUMENT, BE GOVERNED BY, AND   CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. (a) ANY LEGAL   ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED   WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF   THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO,   IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN   THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED   STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY   OF THIS AGREEMENT, EACH LOAN PARTY, EACH AGENT AND EACH LENDER CONSENTS, FOR   ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE   COURTS AND AGREES THAT IT WILL NOT COMMENCE OR SUPPORT ANY SUCH ACTION OR   PROCEEDING IN ANOTHER JURISDICTION. NOTWITHSTANDING THE FOREGOING, NOTHING   CONTAINED HEREIN OR IN ANY OTHER LOAN DOCUMENT WILL PREVENT ANY LENDER, THE   ADMINISTRATIVE AGENT OR THE COLLATERAL AGENT FROM BRINGING ANY ACTION TO   ENFORCE ANY AWARD OR JUDGMENT OR EXERCISE ANY RIGHT UNDER THE COLLATERAL   DOCUMENTS OR AGAINST ANY COLLATERAL OR ANY OTHER PROPERTY OF ANY LOAN PARTY   IN ANY OTHER FORUM IN WHICH JURISDICTION CAN BE ESTABLISHED. EACH LOAN PARTY,   EACH AGENT AND EACH LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY   OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON   CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION   OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER   DOCUMENT RELATED THERETO. EACH LOAN PARTY WAIVES ANY IMMUNITY (SOVEREIGN OR   OTHERWISE) FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS TO WHICH   YOU OR YOUR PROPERTIES OR ASSETS MAY BE ENTITLED. TO THE EXTENT THAT ANY LOAN   PARTY HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY   COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE,   ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION, EXECUTION 195  

    

 

OR OTHERWISE)   WITH RESPECT TO ITSELF OR ITS PROPERTY, SUCH LOAN PARTY IRREVOCABLY WAIVES   SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS. (b)   EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR   PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS IN THE MANNER   PROVIDED FOR NOTICES (OTHER THAN BY TELECOPIER OR ELECTRONIC MAIL) IN SECTION   10.02. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE   RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY   APPLICABLE LAW. WITHOUT LIMITING THE OTHER PROVISIONS OF THIS SECTION 10.15   AND IN ADDITION TO THE SERVICE OF PROCESS PROVIDED FOR HEREIN, THE LEAD   BORROWER HEREBY IRREVOCABLY DESIGNATES, APPOINTS AND EMPOWERS THE CO-BORROWER   (AND THE CO-BORROWER HEREBY IRREVOCABLY ACCEPTS SUCH APPOINTMENT), AS ITS   AUTHORIZED DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, ACCEPT AND ACKNOWLEDGE   FOR AND ON ITS BEHALF, AND IN RESPECT OF ITS PROPERTY, SERVICE OF ANY AND ALL   LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS WHICH MAY BE SERVED IN ANY SUCH   ACTION OR PROCEEDING. IF FOR ANY REASON THE CO-BORROWER SHALL CEASE TO BE   AVAILABLE TO ACT AS SUCH, THE LEAD BORROWER AGREES TO PROMPTLY DESIGNATE A   NEW AUTHORIZED DESIGNEE, APPOINTEE AND AGENT IN NEW YORK CITY ON THE TERMS   AND FOR THE PURPOSES OF THIS PROVISION REASONABLY SATISFACTORY TO THE   ADMINISTRATIVE AGENT UNDER THIS AGREEMENT. Section 10.16 WAIVER OF RIGHT TO   TRIAL BY JURY. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS   AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,   DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY   WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES   HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS   RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND   WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HERETO   HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF   ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO   THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION   10.16 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES   HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. Section 10.17 Binding   Effect. This Agreement shall become effective when it shall have been   executed by the Loan Parties and the Administrative Agent shall have been   notified by each Lender, the Swing Line Lender and each L/C Issuer that each   such Lender, Swing Line Lender and L/C Issuer has executed it and thereafter   shall be binding upon and inure to the benefit of the Loan Parties, each   Agent and each Lender and their respective successors and assigns, in each   case in accordance with Section 10.07 (if applicable) and except that no Loan   Party shall have the right to assign its rights hereunder or any interest   herein without the prior written consent of the Lenders. Section 10.18 USA   Patriot Act. Each Lender that is subject to the USA Patriot Act and the   Administrative Agent (for itself and not on behalf of any Lender) hereby   notifies the Holdcos and each Borrower that pursuant to the requirements of   the USA Patriot Act, it is required to obtain, verify and record information   that identifies the Holdcos and the Borrowers, which information includes the   name, address and tax identification number of the Holdcos and the Borrowers   and other information 196  

    

 

regarding the   Holdcos and the Borrowers that will allow such Lender or the Administrative   Agent, as applicable, to identify the Holdcos and the Borrowers in accordance   with the USA Patriot Act. This notice is given in accordance with the   requirements of the USA Patriot Act and is effective as to the Lenders and   the Administrative Agent. Section 10.19 No Advisory or Fiduciary   Responsibility. (a) In connection with all aspects of each transaction   contemplated hereby, each Loan Party acknowledges and agrees, and   acknowledges its Affiliates’ understanding, that (i) the facilities provided   for hereunder and any related arranging or other services in connection   therewith (including in connection with any amendment, waiver or other   modification hereof or of any other Loan Document) are an arm’s-length   commercial transaction between the Borrowers and their respective Affiliates,   on the one hand, and the Agents, the Arrangers and the Lenders, on the other   hand, and the Borrowers are capable of evaluating and understanding and   understands and accepts the terms, risks and conditions of the transactions   contemplated hereby and by the other Loan Documents (including any amendment,   waiver or other modification hereof or thereof), (ii) in connection with the   process leading to such transaction, each of the Agents, the Arrangers and   the Lenders is and has been acting solely as a principal and is not the   financial advisor, agent or fiduciary, for the Borrowers or any of their   respective Affiliates, stockholders, creditors or employees or any other Person,   (iii) none of the Agents, the Arrangers or the Lenders has assumed or will   assume an advisory, agency or fiduciary responsibility in favor of any   Borrower or any of its Affiliates with respect to any of the transactions   contemplated hereby or the process leading thereto, including with respect to   any amendment, waiver or other modification hereof or of any other Loan   Document (irrespective of whether any Agent or Lender has advised or is   currently advising the Borrowers or any of its Affiliates on other matters)   and none of the Agents, the Arrangers or the Lenders has any obligation to   the Borrowers or any of their respective Affiliates with respect to the   financing transactions contemplated hereby except those obligations expressly   set forth herein and in the other Loan Documents, (iv) the Agents, the   Arrangers and the Lenders and their respective Affiliates may be engaged in a   broad range of transactions that involve interests that differ from, and may   conflict with, those of the Borrowers and their respective Affiliates, and   none of the Agents, the Arrangers or the Lenders has any obligation to   disclose any of such interests by virtue of any advisory, agency or fiduciary   relationship and (v) the Agents, the Arrangers and the Lenders have not   provided and will not provide any legal, accounting, regulatory or tax advice   with respect to any of the transactions contemplated hereby (including any   amendment, waiver or other modification hereof or of any other Loan Document)   and the Loan Parties have consulted their own legal, accounting, regulatory   and tax advisors to the extent they have deemed appropriate. Each Loan Party   hereby waives and releases, to the fullest extent permitted by law, any   claims that it may have against the Agents, Arrangers and the Lenders with   respect to any breach or alleged breach of agency or fiduciary duty under   applicable law relating to agency and fiduciary obligations. (b) Each Loan   Party acknowledges and agrees that each Lender, Arranger and any affiliate   thereof may lend money to, invest in, and generally engage in any kind of   business with, any of the Borrowers, the Holdcos, any Affiliate thereof or   any other person or entity that may do business with or own securities of any   of the foregoing, all as if such Lender, Arranger or Affiliate thereof were   not a Lender or Arranger (or an agent or any other person with any similar   role under the Facilities) and without any duty to account therefor to any   other Lender or any Arranger, Holdco, Borrower or Affiliate of the foregoing.   Each Lender, the Arrangers and any affiliate thereof may accept fees and   other consideration from the Holdcos, the Borrowers or any Affiliate thereof   for services in connection with this Agreement, the Facilities or otherwise   without having to account for the same to any other Lender or any Arranger,   Holdco, Borrower or Affiliate of the foregoing. Some or all of the Lenders   and the Arrangers may have directly or indirectly acquired certain equity   interests (including warrants) in the Holdcos, the Borrowers or an Affiliate   thereof or may have directly or indirectly extended credit on a subordinated   basis to the Holdcos, the Borrowers or an Affiliate thereof. Each party   hereto, on its behalf and on behalf of its affiliates, acknowledges and   waives the potential conflict of interest resulting from 197  

    

 

any such   Lender, Arranger or an Affiliate thereof holding disproportionate interests   in the extensions of credit under the Facilities or otherwise acting as   arranger or agent thereunder and such Lender, Arranger or Affiliate thereof   directly or indirectly holding equity interests in or subordinated debt   issued by the Holdcos, Borrowers or an Affiliate thereof. Section 10.20   Judgment Currency. If, for the purposes of obtaining judgment in any court,   it is necessary to convert a sum due hereunder or under any other Loan   Document in one currency into another currency, the rate of exchange used   shall be that at which in accordance with normal banking procedures the   Administrative Agent could purchase the first currency with such other   currency on the Business Day preceding that on which final judgment is given.   The obligation of the Loan Parties in respect of any such sum due from it to   the Administrative Agent or the Lenders hereunder or under the other Loan   Documents shall, notwithstanding any judgment in a currency (the “Judgment   Currency”) other than that in which such sum is denominated in accordance   with the applicable provisions of this Agreement (the “Agreement Currency”),   be discharged only to the extent that on the Business Day following receipt   by the Administrative Agent of any sum adjudged to be so due in the Judgment   Currency, the Administrative Agent may in accordance with normal banking   procedures purchase the Agreement Currency with the Judgment Currency. If the   amount of the Agreement Currency so purchased is less than the sum originally   due to the Administrative Agent from the Loan Parties in the Agreement   Currency, the Loan Parties agree, jointly and severally, as a separate   obligation and notwithstanding any such judgment, to indemnify the   Administrative Agent or the Person to whom such obligation was owing against   such loss. If the amount of the Agreement Currency so purchased is greater   than the sum originally due to the Administrative Agent in such currency, the   Administrative Agent agrees to return the amount of any excess to the   respective Loan Party (or to any other Person who may be entitled thereto   under applicable law). Section 10.21 Certain Undertakings with Respect to any   Securitization Subsidiary. (a) Each Agent and Lender agrees that, prior to   the date that is one year and one day after payment in full of all of the   obligations of the Securitization Subsidiary in connection with and under a   Securitization, (i) such Agent and such Lender shall not be entitled, whether   before or after the occurrence of any Event of Default, to (A) institute   against, or join any other Person in instituting against, any Securitization   Subsidiary any bankruptcy, reorganization, arrangement, insolvency or   liquidation proceeding under the laws of the United States or any State   thereof, (B) transfer and register the capital stock of any Securitization   Subsidiary or any other instrument evidencing any Securitization Seller’s   Retained Interest in the name of any Agent or a Secured Party or any designee   or nominee thereof, (C) foreclose on any security interest in any   Securitization Seller’s Retained Interest regardless of the bankruptcy or   insolvency of the Lead Borrower or any Restricted Subsidiary, (D) exercise   any voting rights granted or appurtenant to such capital stock of any   Securitization Subsidiary or any other instrument evidencing any   Securitization Seller’s Retained Interest or (E) enforce any right that the   holder of any such capital stock of any Securitization Subsidiary or any   other instrument evidencing any Securitization Seller’s Retained Interest   might otherwise have to liquidate, consolidate, combine, collapse or   disregard the entity status of such Securitization Subsidiary, (ii) such Agent   and such Lender hereby waives and releases any right to require (A) that any   Securitization Subsidiary be in any manner merged, combined, collapsed or   consolidated with or into the Lead Borrower or any Restricted Subsidiary,   including by way of substantive consolidation in a bankruptcy case or (B)   that the status of any Securitization Subsidiary as a separate entity be in   any respect disregarded and (iii) such Agent and such Lender agrees and   acknowledges that the agent acting on behalf of the holders of securitization   indebtedness of the Securitization Subsidiary is an express third party   beneficiary with respect to Sections 10.21(a) and (b) and such agent shall   have the right to enforce compliance by the Agents and the Lenders with   Sections 10.21(a) and (b). (b) Upon the transfer or purported transfer by the   Lead Borrower or any Restricted Subsidiary of Securitization Assets to a   Securitization Subsidiary in a Securitization, any Liens with 198  

    

 

respect to such   Securitization Assets arising under this Agreement or any Collateral   Documents related to the Agreement shall automatically be released (and each   of the Administrative Agent and the Collateral Agent, as applicable, is   hereby authorized to execute and enter into any such releases and other   documents as the Lead Borrower may reasonably request in order to give effect   thereto). Section 10.22 INTERCREDITOR AGREEMENTS.(a) PURSUANT TO THE EXPRESS   TERMS OF EACH INTERCREDITOR AGREEMENT, IN THE EVENT OF ANY CONFLICT OR   INCONSISTENCY BETWEEN THE TERMS OF THE RELEVANT INTERCREDITOR AGREEMENT AND   ANY OF THE LOAN DOCUMENTS, THE PROVISIONS OF THE RELEVANT INTERCREDITOR   AGREEMENT SHALL GOVERN AND CONTROL. (b) EACH LENDER AUTHORIZES AND INSTRUCTS   THE ADMINISTRATIVE AGENT TO ENTER INTO THE RELEVANT INTERCREDITOR AGREEMENT   ON BEHALF OF SUCH LENDER, AND TO TAKE ALL ACTIONS (AND EXECUTE ALL DOCUMENTS)   REQUIRED (OR DEEMED ADVISABLE) BY IT IN ACCORDANCE WITH THE TERMS OF SUCH   INTERCREDITOR AGREEMENT(S). EACH LENDER AGREES TO BE BOUND BY AND WILL TAKE   NO ACTIONS CONTRARY TO THE PROVISIONS OF THE RELEVANT INTERCREDITOR   AGREEMENT. (c)THE PROVISIONS OF THIS SECTION 10.22 ARE NOT INTENDED TO   SUMMARIZE ALL RELEVANT PROVISIONS OF THE RELEVANT INTERCREDITOR AGREEMENT.   REFERENCE MUST BE MADE TO THE RELEVANT INTERCREDITOR AGREEMENT ITSELF TO   UNDERSTAND ALL TERMS AND CONDITIONS THEREOF. EACH LENDER IS RESPONSIBLE FOR   MAKING ITS OWN ANALYSIS AND REVIEW OF THE RELEVANT INTERCREDITOR AGREEMENT   AND THE TERMS AND PROVISIONS THEREOF, AND NO AGENT (AND NONE OF ITS AFFILIATES)   MAKES ANY REPRESENTATION TO ANY LENDER AS TO THE SUFFICIENCY OR ADVISABILITY   OF THE PROVISIONS CONTAINED IN THE RELEVANT INTERCREDITOR AGREEMENT. (d)THE   PROVISIONS OF THIS SECTION 10.22 SHALL APPLY WITH EQUAL FORCE, MUTATIS   MUTANDIS, TO ANY FIRST LIEN INTERCREDITOR AGREEMENT, ANY SECOND LIEN   INTERCREDITOR AGREEMENT, ANY SUBORDINATION AGREEMENT AND ANY OTHER   INTERCREDITOR AGREEMENT OR ARRANGEMENT PERMITTED BY THIS AGREEMENT. ARTICLE   XI GUARANTEE The Guarantee. Each Guarantor hereby jointly and severally with   the Section 11.01 other Guarantors guarantees, as a primary obligor and not   as a surety to each Secured Party and their respective successors and   assigns, the prompt payment in full when due (whether at stated maturity, by   required prepayment, declaration, demand, by acceleration or otherwise) of   the principal of and interest (including any interest, fees, costs or charges   that would accrue but for the provisions of (i) the Title 11 of the United   States Code after any bankruptcy or insolvency petition under Title 11 of the   United States Code and (ii) any other Debtor Relief Laws) on the Loans made   by the Lenders to, and the Notes held by each Lender of, the Borrowers, and   all other Obligations (other than, with respect to any Guarantor, any Excluded   Swap Obligations of such Guarantor) from time to time owing to the Secured   Parties by any Loan Party (other than such Guarantor with respect to its   primary obligations) under any Loan Document, any Secured Hedge Agreement or   any Treasury Services Agreement, in each case strictly in accordance with the   terms thereof (such obligations being herein collectively called the   “Guaranteed Obligations”). The Guarantors hereby jointly and severally agree   that if the Borrowers or other Guarantor(s) shall fail to 199  

    

 

pay in full   when due (whether at stated maturity, by acceleration or otherwise) any of   the Guaranteed Obligations, the Guarantors will promptly pay the same in   cash, without any demand or notice whatsoever, and that in the case of any   extension of time of payment or renewal of any of the Guaranteed Obligations,   the same will be promptly paid in full when due (whether at extended   maturity, by acceleration or otherwise) in accordance with the terms of such   extension or renewal. Section 11.02 Obligations Unconditional. The   obligations of the Guarantors under Section 11.01 shall constitute a guaranty   of payment and to the fullest extent permitted by applicable Law, are   absolute, irrevocable and unconditional, joint and several, irrespective of   the value, genuineness, validity, regularity or enforceability of the   Guaranteed Obligations of the Loan Parties under this Agreement, the Notes,   if any, any other Loan Document or any other agreement or instrument referred   to herein or therein, or any substitution, release or exchange of any other   guarantee of or security for any of the Guaranteed Obligations, and,   irrespective of any other circumstance whatsoever that might otherwise   constitute a legal or equitable discharge or defense of a surety or guarantor   (except for payment in full in cash). Without limiting the generality of the   foregoing, it is agreed that the occurrence of any one or more of the   following shall not alter or impair the liability of any Guarantor hereunder   which shall remain absolute, irrevocable and unconditional under any and all   circumstances as described above: (a) at any time or from time to time,   without notice to the Guarantors, to the extent permitted by Law, the time   for any performance of or compliance with any of the Guaranteed Obligations   shall be extended, or such performance or compliance shall be waived; (b) any   of the acts mentioned in any of the provisions of this Agreement or the   Notes, if any, or any other agreement or instrument referred to herein or therein   shall be done or omitted; (c) the maturity of any of the Guaranteed   Obligations shall be accelerated, or any of the Guaranteed Obligations shall   be amended in any respect, or any right under the Loan Documents or any other   agreement or instrument referred to herein or therein shall be amended or   waived in any respect or any other guarantee of any of the Guaranteed   Obligations or except as permitted pursuant to Section 11.08, any security   therefor shall be released or exchanged in whole or in part or otherwise   dealt with; (d) any Lien or security interest granted to, or in favor of, an   L/C Issuer or any Lender or Agent as security for any of the Guaranteed   Obligations shall fail to be perfected; or (e) the release of any other   Guarantor pursuant to Section 11.16. The Guarantors hereby expressly waive   diligence, presentment, demand of payment, protest and, to the extent   permitted by Law, all notices whatsoever, and any requirement that any   Secured Party exhaust any right, power or remedy or proceed against the   Borrowers under this Agreement, the Notes, if any, any other Loan Document or   any other agreement or instrument referred to herein or therein, or against   any other person under any other guarantee of, or security for, any of the   Guaranteed Obligations. The Guarantors waive, to the extent permitted by Law,   any and all notice of the creation, renewal, extension, waiver, termination   or accrual of any of the Guaranteed Obligations and notice of or proof of   reliance by any Secured Party upon this Guarantee or acceptance of this   Guarantee, and the Guaranteed Obligations, and any of them, shall   conclusively be deemed to have been created, contracted or incurred in   reliance upon this Guarantee, and all dealings between the Borrowers and the   Secured Parties shall likewise be conclusively presumed to have been had or   consummated in reliance upon this Guarantee. This Guarantee shall be   construed as a continuing, absolute, irrevocable and unconditional guarantee   of payment without regard to any right of offset with respect to the   Guaranteed Obligations at any time or from time to time held by Secured   Parties, and the obligations and liabilities of the Guarantors hereunder 200  

    

 

shall not be   conditioned or contingent upon the pursuit by the Secured Parties or any   other person at any time of any right or remedy against the Borrowers or   against any other person which may be or become liable in respect of all or   any part of the Guaranteed Obligations or against any collateral security or   guarantee therefor or right of offset with respect thereto. This Guarantee   shall remain in full force and effect and be binding in accordance with and   to the extent of its terms upon the Guarantors and the successors and assigns   thereof, and shall inure to the benefit of the Lenders, and their respective   successors and assigns, notwithstanding that from time to time during the   term of this Agreement there may be no Guaranteed Obligations outstanding.   Section 11.03 Reinstatement. The obligations of the Guarantors under this   Article XI shall be automatically reinstated if and to the extent that for   any reason any payment by or on behalf of the Borrowers or other Loan Party   in respect of the Guaranteed Obligations is rescinded or must be otherwise   restored by any holder of any of the Guaranteed Obligations, whether as a   result of any proceedings in bankruptcy or reorganization or otherwise.   Section 11.04 Subrogation; Subordination. Each Guarantor hereby agrees that   until the payment and satisfaction in full in cash of all Guaranteed   Obligations and the expiration and termination of the Commitments of the   Lenders under this Agreement it shall waive any claim and shall not exercise   any right or remedy, direct or indirect, arising by reason of any performance   by it of its guarantee in Section 11.01, whether by subrogation or otherwise,   against any Borrower or any other Guarantor of any of the Guaranteed   Obligations or any security for any of the Guaranteed Obligations. Any   Indebtedness of any Loan Party permitted pursuant to Section 7.03(d) shall be   subordinated to such Loan Party’s Obligations in the manner set forth in the   Global Intercompany Note evidencing such Indebtedness. Section 11.05   Remedies. The Guarantors jointly and severally agree that, as between the   Guarantors and the Lenders, the obligations of the Borrowers under this   Agreement and the Notes, if any, may be declared to be forthwith due and   payable as provided in Section 8.02 (and shall be deemed to have become   automatically due and payable in the circumstances provided in Section 8.02)   for purposes of Section 11.01, notwithstanding any stay, injunction or other   prohibition preventing such declaration (or such obligations from becoming   automatically due and payable) as against the Borrowers and that, in the   event of such declaration (or such obligations being deemed to have become   automatically due and payable), such obligations (whether or not due and   payable by the Borrowers) shall forthwith become due and payable by the   Guarantors for purposes of Section 11.01. Section 11.06 Instrument for the   Payment of Money. Each Guarantor hereby acknowledges that the guarantee in   this Article XI constitutes an instrument for the payment of money, and   consents and agrees that any Lender or Agent, at its sole option, in the event   of a dispute by such Guarantor in the payment of any moneys due hereunder,   shall have the right to bring a motion-action under New York CPLR Section   3213. Section 11.07 Continuing Guarantee. The guarantee in this Article XI is   a continuing guarantee of payment, and shall apply to all Guaranteed   Obligations whenever arising. Section 11.08 General Limitation on Guarantee   Obligations. In any action or proceeding involving any state, provincial or   federal corporate, limited partnership or limited liability company law, or   any applicable state, federal or foreign bankruptcy, insolvency,   reorganization or other Law affecting the rights of creditors generally, if   the obligations of any Guarantor under Section 11.01 would otherwise be held   or determined to be void, voidable, invalid or unenforceable, or subordinated   to the claims of any other creditors, on account of the amount of its   liability under Section 11.01, then, notwithstanding any other provision to   the contrary, the amount of such liability shall, without any further action   by such Guarantor, any Loan Party or any other person, be automatically   limited and reduced to the 201  

    

 

highest amount   (after giving effect to the right of contribution established in Section   11.16) that is valid and enforceable and not subordinated to the claims of   other creditors as determined in such action or proceeding. Section 11.09   Specific Limitation for Swiss Guarantors. (a) If and to the extent that (i) a   Swiss Guarantor becomes, under Section 11.01 or under any other provision of   any Loan Document, any Secured Hedge Agreement or any Treasury Services   Agreement, liable for Guaranteed Obligations of its Affiliates (other than   those of its direct or indirect wholly owned Subsidiaries) or otherwise   obliged to grant economic benefits to its Affiliates (other than its direct   or indirect wholly owned Subsidiaries), including, for the avoidance of   doubt, any restrictions of such Swiss Guarantor’s rights of set-off and/or   subrogation or its duties to subordinate or waive claims and (ii) complying   with such obligations would constitute a repayment of capital   (Einlagerückgewähr), a violation of the legally protected reserves   (gesetzlich geschützte Reserven) or the payment of a (constructive) dividend   (Gewinnausschüttung) by such Swiss Guarantor or would otherwise be restricted   under Swiss corporate law then applicable (the “Restricted Obligations”), the   aggregate liability of such Swiss Guarantor for Restricted Obligations shall   be limited to the amount available for distribution as dividends to the   shareholders of such Swiss Guarantor at the time such Swiss Guarantor is   required to perform under any Loan Document, any Secured Hedge Agreement or   any Treasury Services Agreement, provided that this is a requirement under applicable   Swiss law at that time and further provided that such limitation shall not   discharge such Swiss Guarantor from its obligations in excess thereof, but   merely postpone the performance date therefore until such times as   performance is again permitted notwithstanding such limitation. (b) In   respect of Restricted Obligations, each Swiss Guarantor shall: (i) if and to   the extent required by applicable law in force at the relevant time use its   best efforts to mitigate to the extent possible any Swiss Withholding Tax   obligations to be levied on the Restricted Obligations (and cause its parent   and other relevant Affiliates to fully cooperate in any mitigating efforts),   in particular through the notification procedure, and promptly notify the   Administrative Agent thereof or, if such a notification procedure is not   applicable: (A) deduct Swiss Withholding Tax at the rate of 35% (or such   other rate as in force from time to time pursuant to, in particular, any   applicable double taxation treaty) from any payment made by it in respect of   Restricted Obligations; (B) pay any such deduction to the Swiss Federal Tax   Administration; and (C) notify (and the Lead Borrower shall ensure that such   Swiss Guarantor will notify) the Administrative Agent that such a deduction has   been made and provide the Administrative Agent with evidence that such a   deduction has been paid to the Swiss Federal Tax Administration; and (ii) to   the extent such a deduction is made, not be obliged to either gross-up   payments and/or indemnify the Secured Parties in accordance with Section 3.01   in relation to any such payment made by it in respect of Restricted   Obligations unless grossing-up and/or indemnifying is permitted under the   laws of Switzerland then in force (it being understood that this shall not in   any way limit any obligations of any other Loan Party under any Loan   Document, any Secured Hedge Agreement or any Treasury Services Agreement to   indemnify the Secured Parties in respect of the deduction of the Swiss   Withholding Tax). Each Swiss Guarantor shall use its commercially reasonable   efforts to ensure that any Person which is, as a result of a deduction of   Swiss Withholding Tax, entitled to a full or partial refund of the Swiss   Withholding Tax, will, as soon as 202  

    

 

possible after   the deduction of the Swiss Withholding Tax, (i) request a refund of the Swiss   Withholding Tax under any applicable law (including double tax treaties) and   (ii) promptly upon receipt, pay to the Administrative Agent (or to any such   other Secured Party as directed by the Administrative Agent) any amount so   refunded for application as a further payment of such Swiss Guarantor under   and pursuant to the relevant Loan Document, Secured Hedge Agreement and/or   Treasury Services Agreement. (c) If and to the extent requested by the   Administrative Agent and if and to the extent this is from time to time   required under Swiss law (restricting profit distributions), in order to   allow the Secured Parties to obtain a maximum benefit under this Article XI,   each Swiss Guarantor shall, and any parent company of such Swiss Guarantor   being a party to this Agreement shall procure that such Swiss Guarantor will,   promptly implement all such measures and/or promptly procure the fulfillment   of all prerequisites allowing it to promptly make the (requested) payment(s)   hereunder from time to time, including the following: (i) Guarantor; (ii)   preparation of an up-to-date audited balance sheet of such Swiss confirmation   of the auditors of such Swiss Guarantor that the relevant amount represents   (the maximum of) freely distributable profits and; (iii) conversion of   restricted reserves into profits and reserves freely available for the   distribution as dividends (to the extent permitted by mandatory Swiss law);   (iv) Swiss law); (v) revaluation of hidden reserves (to the extent permitted   by mandatory approval by a shareholders’ meeting of such Swiss Guarantor of   the (resulting) profit distribution; and (vi) all such other measures   necessary or useful to allow such Swiss Guarantor to make the payments agreed   hereunder with a minimum of limitations. Section 11.10 Specific Limitation   for German Guarantors. (a) Scope. This Section 11.10 shall only apply if and   to the extent (i) a German Guarantor guarantees the indebtedness of its direct   or indirect shareholder(s) or of a subsidiary of such shareholder; and (ii)   the granting of the guarantee in this Article XI would result in a liability   of the managing directors of the relevant German Guarantor for breach of   Section 30 of the GmbHG on the date that Guarantor became a party to this   Agreement. (b) Exceptions. In any event, the restrictions set out in this   Section 11.10 shall not apply to the extent: (i) the German Guarantor   guarantees any indebtedness of any of its direct or indirect subsidiaries;   (ii) the German Guarantor secures any indebtedness under any Loan Document in   respect of (i) loans to the extent they are passed on (directly or   indirectly) to the relevant German Guarantor or its subsidiaries and such   amount passed on is not repaid or (ii) outstanding bank guarantees or letters   of credit that are issued for the benefit of any of the creditors of the   German Guarantor or the German Guarantor’s subsidiaries; or (iii) any of the   exceptions set out in Section 30 para. 1 sentence 2 GmbHG applies. (c)   Capital Impairment. The parties to this Agreement agree that if a German   Guarantor is able to demonstrate that the granting of the guarantee in this   Article XI by it (the “German Guarantee”) had, on the date that such German   Guarantor became a party to this Agreement, the effect of causing the amount   of that German Guarantor’s Net Assets to fall below the amount of its   registered share capital (Stammkapital) (or increase an existing shortage of   its registered share capital) in violation of Section 30 GmbHG, (such event   is hereinafter referred to as a “Capital Impairment”), then the Finance 203  

    

 

Parties shall   demand payment under the German Guarantee from such German Guarantor only to   the extent such Capital Impairment would not have occurred. (d) Management   Notification and Auditors’ Determination. (i) The relevant German Guarantor   will notify the Administrative Agent in writing in reasonable detail within   fifteen (15) Business Days of receiving notice from the Administrative Agent   of the Administrative Agent’s intention to demand payment under the guarantee   in this Article XI whether and to what extent a Capital Impairment occurred   on the date of the entry into this Agreement (the “Management Notification”).   Demanding payment under the guarantee in this Article XI from such German   Guarantor up to the amount which, according to the Management Notification,   would not result in a Capital Impairment is permitted without limitation.   (ii) The relevant German Guarantor will provide an auditors’ determination by   the Auditors within thirty (30) Business Days from the date on which the   Security Agent received the Management Notification (the “Auditors’   Determination”). Such Auditors’ Determination shall set out: (A) the amount   of Net Assets of that German Guarantor taking into account the relevant   adjustments, and (B) the extent of the Capital Impairment. Demanding payment   under the German Guarantee from such German Guarantor up to the amount which,   according to the Auditors’ Determination, did not result in a Capital   Impairment is permitted without limitation. The results of the Auditors’   Determination are, save for manifest errors, binding on all parties. (iii) If   the relevant German Guarantor does not provide the Management Notification or   the Auditors’ Determination within the time frame set out above, demanding   payment under the German Guarantee shall not be limited by this Section   11.10. In particular neither the Agent nor any Finance Party shall be obliged   to make available to that German Guarantor any proceeds realized. (e) No   Waiver. This Section 11.10 shall not affect the enforceability (other than as   specifically set out herein), legality or validity of a German Guarantee and   each Finance Party is entitled to claim in court that the granting of and/or   making payments under a German Guarantee by the relevant German Guarantor   does not fall within the scope of Section 30 of the GmbHG. The Finance   Parties’ rights to any remedies they may have against the relevant German   Guarantor shall not be limited if it is finally ascertained in court that   Section 30 of the GmbHG did not apply. The agreement of the Finance Parties   to abstain from demanding any or part of the payment under a German Guarantee   in accordance with the provisions above shall not constitute a waiver   (Verzicht) of any right granted under this Agreement or any other Loan   Document to the Agent or any Finance Party . (f) GmbH & Co KG. In the   case of a limited partnership with a limited liability company as its general   partner (GmbH & Co. KG) the provisions under this Section 11.10 shall   apply mutatis mutandis and all references to Capital Impairment and Net   Assets shall be construed as a reference to capital impairment and net assets   of the general partner of such German Guarantor. Section 11.11 Specific   Limitation for Hong Kong Guarantors. The obligations under this Agreement   (including but not limited to, any representation or covenant) of any   Guarantor which is incorporated under Hong Kong law shall not include any   obligation which if incurred or made would constitute the provision of   unlawful financial assistance including within the meaning of Section 275 of   the Companies Ordinance (Cap. 622) of Hong Kong until and unless any   requirements of the Companies Ordinance (Cap. 622) of Hong Kong have been   complied with in relation to the provision of financial assistance   constituted by this Agreement with respect to such Guarantor. 204  

    

 

 

Section 11.12   Section 11.13 of this Section 11.13: [Reserved]. Specific Limitation for   Luxembourg Guarantors. (a) For the purpose (i) Luxembourg; (ii) “Luxembourg   Guarantor” means a Guarantor incorporated in a reference to a “Luxembourg   Guarantor’s Borrowings” will be construed as a reference to the total amount   of all Credit Extensions (including for this purpose any accrued and unpaid   interest, costs and fees in respect of such Credit Extensions) made by that   Luxembourg Guarantor under this Agreement; (iii) a reference to   “Subsidiaries’ Borrowings” in respect of a Luxembourg Guarantor will be   construed as a reference to all Credit Extensions (including Credit   Extensions under any accrued and unpaid interest, costs and fees in respect   of those Credit Extensions) made by the direct or indirect Subsidiaries of   that Luxembourg Guarantor, including any amounts financed directly or   indirectly by a Luxembourg Guarantor’s Borrowings and on-lent to such   Subsidiaries; and (iv) “Luxembourg Guarantee Demand Date” means the first   date upon which a Loan Party makes written demand upon the relevant   Luxembourg Guarantor to make payment in respect of any Guaranteed   Obligations. (b) Unlawful Financial Assistance. Without limiting any specific   exemptions set out below: (i) liability; and (ii) no Guaranteed Obligations   will extend to include any obligation or no security granted by a Luxembourg   Guarantor will secure any Guaranteed Obligations, in each case, if to do so   would be unlawful financial assistance in respect of the acquisition of   shares in itself under Article 49-6 or would constitute a misuse of corporate   assets (abus de biens sociaux) as defined at Article 171-1 of the Luxembourg   Act on commercial companies of 10 August 1915, as amended. (c) Luxembourg   Guarantors.A Luxembourg Guarantor’s obligations is subject to the following   guarantee limitation (or, in respect of any future Luxembourg Guarantor, a   guarantee limitation, which will be contained in any Guarantor Joinder (if   applicable)) to this Agreement, or in any other agreement or deed, under   which that Luxembourg Guarantor becomes an additional Guarantor,   substantially in the following form: (i) Notwithstanding any other provision   herein, the maximum amount payable by a Luxembourg Guarantor in respect of   its Guaranteed Obligations shall not, at any time, exceed the greater of: (A)   an amount equal to 95% of that Luxembourg Guarantor’s net assets (capitaux   propres), existing as at the date of this Agreement, as shown in its most   recently and duly approved financial statements (comptes annuels); and 205  

    

 

(B) an amount   equal to 95% of that Luxembourg Guarantor’s net assets (capitaux propres),   existing as at the Luxembourg Guarantee Demand Date, as shown in its most   recently and duly approved financial statements (comptes annuels). For this   purpose “net assets (capitaux propres)” will be determined in accordance with   annex to the grand-ducal regulation dated 18 December 2015 defining the form   and content of the presentation of balance sheet and profit and loss account,   and enforcing the Luxembourg Act of 19 December 2002 on the Register of   Commerce and Companies, on accounting and on annual accounts of the   companies. (ii) The limit in paragraph (i) above will not apply to any   Guaranteed Obligations in respect of any Luxembourg Guarantor’s Borrowings   and to Subsidiaries’ Borrowings or any other liabilities of the Subsidiaries   of the Luxembourg Guarantor’s under the Loan Documents. Section 11.14 Specific   Limitation for Irish Guarantors. Notwithstanding anything to the contrary in   this Agreement or in any other Loan Document, the obligations and liabilities   of any Guarantor incorporated in Ireland (an “Irish Guarantor”) under Section   11.01 shall not apply to the extent that it would result in any such   obligations or liabilities constituting unlawful financial assistance within   the meaning of section 82 of the Companies Act 2014 and obligations and   liabilities arising from any Guaranty provided by any additional Irish   Guarantor pursuant to Section 6.11, shall be subject to the limitations set   out in the Guarantor Joinder (as such terms of such joinder agreement are   reasonably agreed to by the Collateral Agent and the Administrative Agent)   applicable to such additional Irish Guarantor pursuant to Section 6.11.   Section 11.15 Release of Guarantors. If, in compliance with the terms and   provisions of the Loan Documents, (a) all or substantially all of the Equity   Interests or property of such Guarantor are sold or otherwise transferred to   a person or persons, none of which is a Loan Party or (b) such Guarantor   becomes an Immaterial Subsidiary or an Excluded Subsidiary as a result of a   transaction or designation permitted hereunder (any such Guarantor referred   to in clauses (a) or (b), a “Subject Guarantor”), such Subject Guarantor   shall, upon the consummation of such sale or transfer or other transaction,   be automatically released from its obligations under this Agreement and its   obligations to pledge and grant any Collateral owned by it pursuant to any   Collateral Document and, in the case of a sale of all or substantially all of   the Equity Interests of the Subject Guarantor, the pledge of such Equity   Interests to the Collateral Agent pursuant to the Collateral Documents shall   be automatically released; provided that (i) the release of any Subject   Guarantor that becomes an Excluded Subsidiary of the type described in clause   (a) of the definition thereof shall only be permitted if at the time such   Subject Guarantor becomes an Excluded Subsidiary of such type, (A) no Event   of Default exists, (B) after giving pro forma effect to such release and the   consummation of the transaction that causes such Person to be an Excluded   Subsidiary of such type, the Lead Borrower is deemed to have made a new   Investment in such Person for purposes of Section 7.06 (as if such Person   were then newly acquired) in an amount equal to the portion of the fair   market value of the net assets of such Person attributable to the Loan   Parties’ equity interest therein as reasonably estimated by the Lead Borrower   and such Investment is permitted pursuant to Section 7.06 (other than   pursuant to clause (i) of the definition of Permitted Investments herein) at   such time and (C) a Responsible Officer of the Lead Borrower certifies to the   Administrative Agent compliance with preceding clauses (A) and (B)) and (ii)   no such release shall occur if such Subject Guarantor continues to be a   guarantor in respect of any Senior Notes, any Junior Financing, any   Refinancing Equivalent Debt or any Incremental Equivalent Debt or any   Permitted Refinancing in respect thereof. So long as the Lead Borrower shall   have provided the Agents such certifications or documents as any Agent shall   reasonably request, the Collateral Agent shall take such actions as are   necessary to effect each release described in this Section 11.15 in   accordance with the relevant provisions of the Collateral Documents. 206  

    

 

When all   Commitments hereunder have terminated, and all Loans or other Obligations   hereunder which are accrued and payable have been paid or satisfied, and no   Letter of Credit remains outstanding (except any Letter of Credit the   Outstanding Amount of which the Obligations related thereto has been Cash   Collateralized or for which a backstop letter of credit in form and   substance, and issued by a financial institution, reasonably satisfactory to   the applicable L/C Issuer has been put in place), this Agreement and the   Guarantees made herein shall terminate with respect to all Obligations,   except with respect to Obligations that expressly survive such repayment   pursuant to the terms of this Agreement. Section 11.16 Right of Contribution.   Each Guarantor hereby agrees that to the extent that a Subsidiary Guarantor   shall have paid more than its proportionate share of any payment made   hereunder, such Subsidiary Guarantor shall be entitled to seek and receive   contribution from and against any other Subsidiary Guarantor hereunder which   has not paid its proportionate share of such payment. Each Subsidiary   Guarantor’s right of contribution shall be subject to the terms and   conditions of Section 11.08. The provisions of this Section 11.16 shall in no   respect limit the obligations and liabilities of any Subsidiary Guarantor to   the Administrative Agent, the L/C Issuers, the Swing Line Lender and the   Lenders, and each Subsidiary Guarantor shall remain liable to the   Administrative Agent, the L/C Issuers, the Swing Line Lender and the Lenders   for the full amount guaranteed by such Subsidiary Guarantor hereunder.   Section 11.17 Keepwell. Each Qualified ECP Guarantor hereby jointly and   severally absolutely, unconditionally, and irrevocably undertakes to provide   such funds or other support as may be needed from time to time by each other   Loan Party to honor all of its obligations under this Guarantee in respect of   any Swap Obligation (provided, however, that each Qualified ECP Guarantor   shall only be liable under this Section 11.17 for the maximum amount of such   liability that can be hereby incurred without rendering its obligations under   this Section 11.17, or otherwise under this Guarantee, voidable under   applicable law relating to fraudulent conveyance or fraudulent transfer, and   not for any greater amount). The obligations of each Qualified ECP Guarantor   under this Section 11.17 shall remain in full force and effect until the   payment in full and discharge of the Guaranteed Obligations. Each Qualified   ECP Guarantor intends that this Section 11.17 constitute, and this Section   11.17 shall be deemed to constitute, a “keepwell, support, or other   agreement” for the benefit of each other Guarantor for all purposes of   section 1a(18)(A)(v)(II) of the Commodity Exchange Act. Section 11.18 Certain   Dutch Guarantors. The obligations under this Article XI of any Guarantor   incorporated in The Netherlands shall not include any obligation which if   incurred would constitute the provision of unlawful financial assistance   within the meaning of Section 2:98(c) of the Dutch Civil Code. Section 11.19   Acknowledgment and Consent to Bail-In of EEA Financial Institutions. Notwithstanding   anything to the contrary in any Loan Document or in any other agreement,   arrangement or understanding among any such parties, each party hereto   acknowledges that any liabilities of any EEA Financial Institution arising   under any Loan Document, to the extent such liability is unsecured, may be   subject to the write-down and conversion powers of an EEA Resolution   Authority and agrees and consents to, and acknowledges and agrees to be bound   by: (a) the application of any Write-Down and Conversion Powers by an EEA   Resolution Authority to any such liabilities arising hereunder which may be   payable to it by any party hereto that is an EEA Financial Institution; and   (b) the effects of any Bail-in Action on any such liability, including, if   applicable: (i) a reduction in full or in part or cancellation of any such   liability; 207  

    

 

(ii) a   conversion of all, or a portion of, such liability into shares or other   instruments of ownership in such EEA Financial Institution, its parent   undertaking, or a bridge institution that may be issued to it or otherwise   conferred on it, and that such shares or other instruments of ownership will   be accepted by it in lieu of any rights with respect to any such liability   under this Agreement or any other Loan Document; or (iii) the variation of   the terms of such liability in connection with the exercise of the write-down   and conversion powers of any EEA Resolution Authority. [Signature Pages   Follow] 208  

    

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	
 
    	
 
    	
Very   truly yours,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
TRINSEO   MATERIALS OPERATING S.C.A., acting by its general partner, Trinseo Materials   S.à r.l., a Luxembourg private limited liability company (société à responsabilité limitée) having   its registered office at 46A, avenue John F. Kennedy,  L-1855 Luxembourg, Grand Duchy of Luxembourg   and registered with the Luxembourg Trade and Companies Register (R.C.S   Luxembourg) under number B 162639, itself represented by:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Cristina Capacchietti
    
	
 
    	
 
    	
 
    	
Name:   Cristina Capacchietti
    
	
 
    	
 
    	
 
    	
Title:   Manager
    

 

[Signature Page to Credit Agreement]

 

 

	
TRINSEO MATERIALS FINANCE, INC.
    	
 
    	
 
    
	
as Guarantor
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Barry John Niziolek
    	
 
    	
 
    
	
Name:   Barry John Niziolek
    	
 
    	
 
    
	
Title:   Executive Vice President and Chief Financial Officer
    	
 
    	
 
    
				

 

[Signature Page to Credit Agreement]

 

 

	
TRINSEO   EUROPE GMBH
    	
 
    	
 
    
	
as   Guarantor
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Christian Page
    	
 
    	
 
    
	
Name: Christian Page
    	
 
    	
 
    
	
Title: Director
    	
 
    	
 
    
				

 

[Signature Page to Credit Agreement]

 

 

	
TRINSEO   EXPORT GMBH
    	
 
    	
 
    
	
as   Guarantor
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Timothy Stedman
    	
 
    	
 
    
	
Name: Timothy Stedman
    	
 
    	
 
    
	
Title: Director
    	
 
    	
 
    
				

 

[Signature Page to Credit Agreement]

 

 

	
TRINSEO US HOLDING, INC.
    	
 
    	
 
    
	
as   Guarantor
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Barry John Niziolek
    	
 
    	
 
    
	
Name: Barry John Niziolek
    	
 
    	
 
    
	
Title: Executive Vice President and Chief   Financial Officer
    	
 
    	
 
    
				

 

[Signature Page to Credit Agreement]

 

 

	
TRINSEO LLC 
    	
 
    	
 
    
	
as Guarantor
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Barry John Niziolek
    	
 
    	
 
    
	
Name: Barry John Niziolek
    	
 
    	
 
    
	
Title: Executive Vice President and Chief   Financial Officer
    	
 
    	
 
    
				

 

[Signature Page to Credit Agreement]

 

 

	
 
    	
 
    	
TRINSEO   FINANCE LUXEMBOURG S.À R.L.,
    
	
 
    	
 
    	
as   Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Société   à responsabilité limitée
    
	
 
    	
 
    	
46A,   avenue John F. Kennedy, L-1855 Luxembourg, 
    
	
 
    	
 
    	
Grand   Duchy of Luxembourg
    
	
 
    	
 
    	
R.C.S.   Luxembourg: B151012
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   David Stasse
    
	
 
    	
 
    	
 
    	
Name:
    	
David   Stasse
    
	
 
    	
 
    	
 
    	
Title:
    	
Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Cristina Capacchietti
    
	
 
    	
 
    	
 
    	
Name:
    	
Cristina   Capacchietti
    
	
 
    	
 
    	
 
    	
Title:
    	
Manager
    

 

[Signature Page to Credit Agreement]

 

 

	
Given   under the common seal of
    	
 
    	

    
	
TRINSEO   FINANCE IRELAND UNLIMITED COMPANY 
    	
 
    
	
as   Guarantor
    	
 
    
	
and   delivered as a DEED
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Walter Bosschieter
    	
 
    
	
Name:   Walter Bosschieter 
    	
 
    
	
Title:   Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Geraldine Lillis
    	
 
    	
 
    
	
Name:   Geraldine Lillis
    	
 
    	
 
    
	
Title:   Director
    	
 
    	
 
    

 

[Signature Page to Credit Agreement]

 

 

	
The   COMMON SEAL of
    	
)
    	
 
    	

    
	
TRINSEO   HOLDINGS ASIA PTE. LTD.
    	
)
    	
 
    
	
as   Guarantor
    	
)
    	
 
    
	
was   hereunto affixed in accordance with its
    	
)
    	
 
    
	
Articles   of Association
    	
)
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/   Cai Dongyu
    	
 
    
	
Cai   Dongyu
    	
 
    
	
Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Xu Chenbin
    	
 
    	
 
    
	
Xu   Chenbin
    	
 
    	
 
    
	
Director
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

[Signature Page to Credit Agreement]

 

 

	
 
    	
 
    	
TRINSEO   MATERIALS S.À R.L., as Guarantor,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Société   à responsabilité limitée
    
	
 
    	
 
    	
46A,   avenue John F. Kennedy, L-1855 Luxembourg, 
    
	
 
    	
 
    	
Grand   Duchy of Luxembourg
    
	
 
    	
 
    	
R.C.S.   Luxembourg: B 162639
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Cristina Capacchietti
    
	
 
    	
 
    	
 
    	
Name:   Cristina Capacchietti
    
	
 
    	
 
    	
 
    	
Title:   Manager
    

 

[Signature Page to Credit Agreement]

 

 

	
TRINSEO   (HONG KONG) LIMITED
    	
 
    	
 
    
	
as Guarantor
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SEALED   with the COMMON SEAL of 
   TRINSEO (HONG KONG) LIMITED and 
   SIGNED by Lee Chung Lok and Leong Chin Bown,
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature of   Director]
    	
 
    	
 
    
	
Lee   Chung Lok
    	
 
    	
 
    
	
 
    	
 
    	

    
	
 
    	
 
    
	
In   the presence of:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
[Signature of   Witness]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Name   of Witness:
    	
 
    
	
Address   of Witness:
    	
 
    
	
Occupation   of Witness:
    	
 
    
	
 
    	
 
    
	
/s/   Leong Chin Bown
    	
 
    
	
[Signature of   Director]
    	
 
    
	
Leong   Chin Bown
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
In   the presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Alice Chong
    	
 
    	
 
    
	
[Signature of   Witness]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name   of Witness:
    	
ALICE   CHONG
    	
 
    	
 
    
	
Address   of Witness:
    	
Suite 3401-3,   34/F, Central Plaza, 18 Harbour Road, Wanchai, HongKong
    
	
Occupation   of Witness:
    	
Administrative   Specialist.
    
				

 

[Signature Page to Credit Agreement]

 

 

	
TRINSEO   HOLDING B.V.
    	
 
    	
 
    
	
as   Guarantor
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Walter Bosschieter
    	
 
    	
 
    
	
Name:   Walter Bosschieter
    	
 
    	
 
    
	
Title:   Director
    	
 
    	
 
    
				

 

[Signature Page to Credit Agreement]

 

 

	
TRINSEO   NETHERLANDS B.V.
    	
 
    	
 
    
	
as   Guarantor
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Walter Bosschieter
    	
 
    	
 
    
	
Name:   Walter Bosschieter
    	
 
    	
 
    
	
Title:   Director
    	
 
    	
 
    
				

 

[Signature Page to Credit Agreement]

 

 

	
 
    	
 
    	
TRINSEO   DEUTSCHLAND GMBH, as Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Ralf Irmert
    
	
 
    	
 
    	
 
    	
Name:
    	
Ralf   Irmert
    
	
 
    	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

[Signature Page to Credit Agreement]

 

 

	
TRINSEO DEUTSCHLAND ANLAGENGESSELLSCHAFT MBH
    	
 
    
	
as   Guarantor
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Ulrich Alfred Plotzke
    	
 
    	
 
    
	
Name:   Ulrich Alfred Plotzke
    	
 
    	
 
    
	
Title:   Managing Director
    	
 
    	
 
    
				

 

[Signature Page to Credit Agreement]

 

 

	
 
    	
 
    	
TRINSEO   HOLDING S.À R.L., as Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Société   à responsabilité limitée
    
	
 
    	
 
    	
46A,   avenue John F. Kennedy, L-1855 Luxembourg, 
    
	
 
    	
 
    	
Grand   Duchy of Luxembourg
    
	
 
    	
 
    	
R.C.S.   Luxembourg: B 153582
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Cristina Capacchietti
    
	
 
    	
 
    	
 
    	
Name:   Cristina Capacchietti
    
	
 
    	
 
    	
 
    	
Title:   Manager
    

 

[Signature Page to Credit Agreement]

 

 

	
 
    	
 
    	
DEUTSCHE   BANK AG NEW YORK BRANCH,
   as Administrative Agent, Collateral Agent, L/C 
   Issuer, Swing Line Lender and Revolving Credit Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Marcus Tarkington
    
	
 
    	
 
    	
 
    	
Name:   Marcus Tarkington
    
	
 
    	
 
    	
 
    	
Title:   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Dusan Lazarov
    
	
 
    	
 
    	
 
    	
Name:   Dusan Lazarov
    
	
 
    	
 
    	
 
    	
Title:   Director
    

 

[Signature Page to Trinseo Credit Agreement]

 

 

	
 
    	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SIGNATURE   PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name   of Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
BARCLAYS   BANK PLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By
    	
/s/   May Huang
    
	
 
    	
 
    	
 
    	
Name:   May Huang
    
	
 
    	
 
    	
 
    	
Title:   Assistant Vice President
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SIGNATURE   PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name   of Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
CITIBANK,   N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By
    	
/s/   Kirkwood Roland
    
	
 
    	
 
    	
 
    	
Name:   KIRKWOOD ROLAND
    
	
 
    	
 
    	
 
    	
Title:   MANAGING DIRECTOR & VICE PRESIDENT
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SIGNATURE   PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name   of Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
HSBC   BANK USA, NATIONAL ASSOCIATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By
    	
/s/   David A Mandell
    
	
 
    	
 
    	
 
    	
Name:   DAVID A MANDELL
    
	
 
    	
 
    	
 
    	
Title:   MANAGING DIRECTOR
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SIGNATURE   PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name   of Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
GOLDMAN   SACHS BANK USA
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By
    	
/s/   Thomas M. Manning
    
	
 
    	
 
    	
 
    	
Name:   Thomas M. Manning
    
	
 
    	
 
    	
 
    	
Title:   Authorized Signatory
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SIGNATURE   PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name   of Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
THE   BANK OF NOVA SCOTIA
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By
    	
/s/   Mark Sparrow
    
	
 
    	
 
    	
 
    	
Name:   Mark Sparrow
    
	
 
    	
 
    	
 
    	
Title:   Director
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SIGNATURE   PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name   of Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
BNP   PARIBAS
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By
    	
/s/   David L. Berger
    
	
 
    	
 
    	
 
    	
Name:   David L. Berger
    
	
 
    	
 
    	
 
    	
Title:   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By
    	
/s/   James McHale
    
	
 
    	
 
    	
 
    	
Name:   James McHale
    
	
 
    	
 
    	
 
    	
Title:   Managing Director
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SIGNATURE   PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name   of Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
MIZUHO   BANK, LTD.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By
    	
/s/   James Fayen
    
	
 
    	
 
    	
 
    	
Name:   James Fayen
    
	
 
    	
 
    	
 
    	
Title:   Managing Director
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SIGNATURE   PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name   of Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
MORGAN   STANLEY BANK, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By
    	
/s/   Robbie Pearson
    
	
 
    	
 
    	
 
    	
Name:   Robbie Pearson
    
	
 
    	
 
    	
 
    	
Title:   Authorized Signatory
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SIGNATURE   PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name   of Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SUMITOMO   MITSUI BANKING CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By
    	
/s/   Chris Droussiotis
    
	
 
    	
 
    	
 
    	
Name:   Chris Droussiotis 
    
	
 
    	
 
    	
 
    	
Title:   Managing Director
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
AGF Floating   Rate Income Fund
    
	
 
    	
as a Lender
    
	
 
    	
By: Eaton Vance   Management as Portfolio Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect 

“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
ALJ Global Bank   Loan Fund 2015 A SERIES TRUST OF MULTI MANAGER GLOBAL INVESTMENT TRUST
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Tim Raeke
    
	
 
    	
 
    	
Name: Tim Raeke
    
	
 
    	
 
    	
Title: analyst
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect 

“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
ALJ Global Loan   Fund 2016 A SERIES TRUST OF MULTI MANAGER GLOBAL INVESTMENT TRUST
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Tim Raeke
    
	
 
    	
 
    	
Name: Tim Raeke
    
	
 
    	
 
    	
Title: analyst
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect 

“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
ALM VII   (R), Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
By: Apollo   Credit Management (CLO), LLC,
    
	
 
    	
as Collateral   Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Joe Moroney
    
	
 
    	
 
    	
Name: Joe   Moroney
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect 

“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
ALM VII (R)-2, Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
By: Apollo   Credit Management (CLO), LLC,
    
	
 
    	
as Collateral   Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Joe Moroney
    
	
 
    	
 
    	
Name: Joe   Moroney
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect 

“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
ALM   VII, Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
BY: Apollo   Credit Management (CLO), LLC,
    
	
 
    	
as Collateral   Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Joe Moroney
    
	
 
    	
 
    	
Name: Joe   Moroney
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect 

“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
RR1 LTD.
    
	
 
    	
as a Lender
    
	
 
    	
BY: Apollo   Credit Management (CLO), LLC, as its
    
	
 
    	
collateral manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Joe Moroney
    
	
 
    	
 
    	
Name: Joe   Moroney
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect 

“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
ALM   XIV, LTD.
    
	
 
    	
as a Lender
    
	
 
    	
BY: Apollo   Credit Management (CLO), LLC, as its
    
	
 
    	
collateral manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Joe Moroney
    
	
 
    	
 
    	
Name: Joe   Moroney
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect 

“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
ALM   XIX, LTD.
    
	
 
    	
as a Lender
    
	
 
    	
by Apollo Credit   Management (CLO), LLC,
    
	
 
    	
as its collateral   manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Joe Moroney
    
	
 
    	
 
    	
Name: Joe   Moroney
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect 

“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
ALM   XVI, LTD.
    
	
 
    	
as a Lender
    
	
 
    	
by Apollo Credit   Management (CLO), LLC,
    
	
 
    	
as its collateral   manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Joe Moroney
    
	
 
    	
 
    	
Name: Joe   Moroney
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect 

“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
ALM   XVII, Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
by Apollo Credit   Management (CLO), LLC, as its
    
	
 
    	
collateral manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Joe Moroney
    
	
 
    	
 
    	
Name: Joe   Moroney
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
   “Cashless Roll” treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
American Equity   Investment Life Insurance Company 
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Thomas Iannarone
    
	
 
    	
 
    	
Name: Thomas Iannarone
    
	
 
    	
 
    	
Title: Authorized Signatory
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the following box to elect
   “Cashless Roll” treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Ares XLIV CLO   Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
By: Ares CLO   Management II LLC, its Asset Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Daniel   Hayward
    
	
 
    	
 
    	
Name: Daniel Hayward
    
	
 
    	
 
    	
Title: Authorized   Signatory
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the following box to elect
 “Cashless Roll” treatment of   the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Ares Senior Loan   Trust
    
	
 
    	
as a Lender
    
	
 
    	
BY: Ares Senior   Loan Trust Management, L.P., Its Investment Adviser
    
	
 
    	
By: Ares Senior   Loan Trust Management, LLC, Its General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Daniel   Hayward
    
	
 
    	
 
    	
Name: Daniel Hayward
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
   “Cashless Roll” treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Ares XLIII CLO   Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
By: Ares CLO   Management LLC, as its Asset Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Daniel   Hayward
    
	
 
    	
 
    	
Name: Daniel Hayward
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
   “Cashless Roll” treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
ARES XXVI CLO   LTD.
    
	
 
    	
as a Lender
    
	
 
    	
BY: Ares CLO   Management XXVI, L.P., its Collateral Manager
    
	
 
    	
By: Ares CLO GP   XXVI, LLC, its General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Daniel   Hayward
    
	
 
    	
 
    	
Name: Daniel Hayward
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
   “Cashless Roll” treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BABSON CLO LTD. 2014-II,
    
	
 
    	
By: Barings LLC as Collateral Manager
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan   Christenson
    
	
 
    	
 
    	
Name: Ryan Christenson
    
	
 
    	
 
    	
Title: Director
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the following box to elect
   “Cashless Roll” treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BABSON CLO LTD. 2015-1,
    
	
 
    	
By: Barings LLC as Collateral Manager
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan   Christenson
    
	
 
    	
 
    	
Name: Ryan Christenson
    
	
 
    	
 
    	
Title: Director
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the following box to elect
   “Cashless Roll” treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BABSON CLO LTD. 2016-1,
    
	
 
    	
By: Barings LLC as Collateral Manager 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan   Christenson
    
	
 
    	
 
    	
Name: Ryan Christenson
    
	
 
    	
 
    	
Title: Director
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the following box to elect
   “Cashless Roll” treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BABSON CLO LTD. 2014-III,
    
	
 
    	
By: Barings LLC as Collateral Manager 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan   Christenson
    
	
 
    	
 
    	
Name: Ryan Christenson
    
	
 
    	
 
    	
Title: Director
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the following box to elect
   “Cashless Roll” treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ARROWOOD INDEMNITY COMPANY,
    
	
 
    	
By: Borings LLC as Investment Adviser
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan Christenson
    
	
 
    	
 
    	
Name:   Ryan Christenson
    
	
 
    	
 
    	
Title:   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the following box to elect
    	
 
    	
 
    
	
“Cashless Roll” treatment of the signing 

institution’s existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x Cashless Roll Option
    	
 
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ARROWOOD INDEMNITY COMPANY AS
    
	
 
    	
ADMINISTRATOR OF THE PENSION PLAN OF
    
	
 
    	
ARROWOOD INDEMNITY COMPANY,
    
	
 
    	
By: Barings LLC as Investment Adviser
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan Christenson
    
	
 
    	
 
    	
Name: Ryan Christenson
    
	
 
    	
 
    	
Title: Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the following box to elect
    	
 
    	
 
    
	
“Cashless Roll” treatment of the signing 

institution’s existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x Cashless Roll Option
    	
 
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BROWN BROTHERS HARRLMAN TRUST
    
	
 
    	
COMPANY (CAYMAN) LIMITED acting solely in its capacity as Trustee of   BARINGS LOAN FUND SERIES 2, a series trust of the Multi Manager Global Investment   Trust,
    
	
 
    	
By: Barings LLC as Investment Manager and Attorney-in-fact
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan Christenson
    
	
 
    	
 
    	
Name: Ryan Christenson
    
	
 
    	
 
    	
Title: Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
The foregoing is   executed on behalf of the Barings Loan Fund Series 2, organized under a   Supplemental Declaration of Trust dated as of October 19, 2016, as   amended from time to time. The obligations of such Trust are not personally   binding upon, nor shall resort be had to the property of the Trustee. The   total liability of the Trustee shall he limited to the amount of the trust   property.
    
	
 
    	
 
    	
 
    
	
For 2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the following box to elect
    	
 
    	
 
    
	
“Cashless Roll” treatment of the signing 

institution’s existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x Cashless Roll Option
    	
 
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BROWN BROTHERS HARRIMAN TRUST COMPANY (CAYMAN) LIMITED acting solely   in its capacity as Trustee   of BARINGS LOAN FUND, a series trust of the Multi Manager Global Investment   Trust, 
    
	
 
    	
By: Barings LLC   as Investment Manager and Attorney-in-fact
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan Christenson
    
	
 
    	
 
    	
Name: Ryan Christenson
    
	
 
    	
 
    	
Title: Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
The foregoing is   executed on behalf of the Barings Loan Fund, organized under a Supplemental   Declaration of Trust dated as of October 19, 2016, as amended from time   to time. The obligations of such Trust are not personally binding upon, nor   shall resort be had to the property of the Trustee. The total liability of   the Trustee shall be limited to the amount of the trust property.
    
	
 
    	
 
    
	
 
    	
 
    
	
For 2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the following box to elect
    	
 
    
	
“Cashless Roll” treatment of the signing 

institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x Cashless Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
UNIVERSAL-INVESTMENT-GESELLSCHAFT MBH
   on behalf and on account of
    
	
 
    	
BAYVK R1-Fonds   Segment BAYVK R1 BARINGS,
    
	
 
    	
Acting by its   attorney BARINGS LLC
    
	
 
    	
Acting by:
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan   Christenson
    
	
 
    	
 
    	
Name: Ryan   Christenson
    
	
 
    	
 
    	
Title: Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the following box to elect
    	
 
    	
 
    
	
“Cashless Roll” treatment of the signing 

institution’s existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x Cashless Roll Option
    	
 
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
UNIVERSAL-INVESTMENT-GESELLSCHAFT MBH
   on behalf and on account of
    
	
 
    	
BAYVK R2-Fonds Segment BAYVK R2 BARINGS,
    
	
 
    	
Acting by its attorney BARINGS LLC
    
	
 
    	
Acting by:
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan Christenson
    
	
 
    	
 
    	
Name: Ryan Christenson
    
	
 
    	
 
    	
Title: Director
    
	
 
    	
 
    
	
For 2015 Term Loan Lenders Only:
    	
`
    
	
 
    	
 
    
	
Check the following box to elect
    	
 
    
	
“Cashless Roll” treatment of the signing 

institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x Cashless Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
Bandera   Strategic Credit Partners II, L.P.
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim   Partners Investment Management, LLC
   as Investment Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin   Trinh
    
	
 
    	
 
    	
Name: Kaitlin Trinh
    
	
 
    	
 
    	
Title: Authorized   Person
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
    	
 
    	
 
    
	
“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x Cashless Roll Option
    	
 
    	
 
    

 

[2017 Trinsco Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Black Diamond   CLO 2016-1 Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
By: Black   Diamond CLO 2016-1 Adviser, L.L.C.
   As its Collateral Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Stephen H.   Deckoff
    
	
 
    	
 
    	
Name: Stephen H.   Deckoff
    
	
 
    	
 
    	
Title: Managing   Principal
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary: 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 Title:
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
    	
 
    	
 
    
	
“Cashless Roll”   treatment of the signing 

institution’s existing   2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x Cashless Roll Option
    	
 
    	
 
    
				

 

[2017 Trinsco Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
Blue Cross and   Blue Shield of Florida, Inc.
    
	
 
    	
as a Lender
    
	
 
    	
BY: Guggenheim   Partners Investment Management, LLC as Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name:Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary: 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
    	
 
    	
 
    
	
“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x Cashless Roll Option
    	
 
    	
 
    

 

[2017 Trinsco Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
BlueMountain CLO   2015-1 Ltd
    
	
 
    	
as a Lender
    
	
 
    	
By: BlueMountain   CLO Management LLC, Its Collateral Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Ellen Brooks
    
	
 
    	
 
    	
Name: Ellen Brooks
    
	
 
    	
 
    	
Title:   Operations Analyst
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
    	
 
    	
 
    
	
“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x Cashless Roll Option
    	
 
    	
 
    

 

[2017 Trinsco Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
BlueMountain CLO   2015-2, Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
By: BlueMountain   CLO Management LLC,
   Its Collateral Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Ellen Brooks
    
	
 
    	
 
    	
Name: Ellen   Brooks
    
	
 
    	
 
    	
Title:   Operations Analyst
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
    	
 
    	
 
    
	
“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    	
 
    
				

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
Brighthouse   Funds Trust I - Brighthouse/Eaton Vance Floating Rate Portfolio
    
	
 
    	
as a Lender
    
	
 
    	
By: Eaton Vance   Management as Investment Sub-Advisor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
    	
 
    	
 
    
	
“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
Brookside Mill   CLO Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
By: Shenkman   Capital Management, Inc.,
    
	
 
    	
as Collateral   Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Justin Slatky
    
	
 
    	
 
    	
Name: Justin   Slatky
    
	
 
    	
 
    	
Title: CO-CIO
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
    	
 
    	
 
    
	
“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
Catamaran CLO   2014-2 Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Daniel Gilligan
    
	
 
    	
 
    	
Name: Daniel   Gilligan
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
    	
 
    	
 
    
	
“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
Catamaran CLO   2015-1 Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Daniel Gilligan
    
	
 
    	
 
    	
Name: Daniel   Gilligan
    
	
 
    	
 
    	
Title: Authorized   Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
    	
 
    	
 
    
	
“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
CATHEDRAL   LAKE IV, LTD.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Staton Ray
    
	
 
    	
 
    	
Name: Staton Ray
    
	
 
    	
 
    	
Title: Portfolio   Manager
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
    	
 
    	
 
    
	
“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
CATHEDRAL   LAKE CLO 2013, LTD.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Staton Ray
    
	
 
    	
 
    	
Name: Staton Ray
    
	
 
    	
 
    	
Title: Portfolio   Manager
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
    	
 
    	
 
    
	
“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
CATHEDRAL   LAKE II, LTD.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Staton Ray
    
	
 
    	
 
    	
Name: Staton Ray
    
	
 
    	
 
    	
Title: Portfolio   Manager
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
    	
 
    	
 
    
	
“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
CATHEDRAL LAKE III, LTD.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Staton Ray
    
	
 
    	
 
    	
Name: Staton Ray
    
	
 
    	
 
    	
Title: Portfolio   Manager
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the following   box to elect
    	
 
    	
 
    
	
“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
Chevron Master   Pension Trust
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim   Partners Investment Management, LLC
   as Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    	
 
    
	
 
    	
If a second signature   is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
    	
 
    	
 
    
	
“Cashless Roll”   treatment of the signing 

institution’s   existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
CIFC Funding   2013-II, Ltd. 
   as a Lender
    
	
 
    
	
 
    	
By: 
    	
CIFC Asset   Management LLC, its Collateral 
    
	
 
    	
Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Elizabeth Chow
    
	
 
    	
 
    	
Name: 
    	
Elizabeth Chow
    
	
 
    	
 
    	
Title: 
    	
Authorized   Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect 
   “Cashless Roll” treatment of the signing 
   institution’s existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    	
 
    
						

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
Citi Loan   Funding ADGM Funding LLC,

as a Lender
    
	
 
    
	
 
    	
By: 
    	
Citibank, N.A.,
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Cynthia Gonzalvo
    
	
 
    	
 
    	
Name: 
    	
Cynthia Gonzalvo
    
	
 
    	
 
    	
Title: 
    	
Associate   Director
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect 
   “Cashless Roll” treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    
	
 
    
					

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
Columbia Funds   Variable Series Trust II - Variable 
   Portfolio - Eaton Vance Floating-Rate Income Fund 
   as a Lender
    
	
 
    
	
 
    	
By: 
    	
Eaton Vance Management   as Investment Sub-
    
	
 
    	
Advisor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof 
    
	
 
    	
 
    	
Name: 
    	
Michael Brotthof   
    
	
 
    	
 
    	
Title: 
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect 
   “Cashless Roll” treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    
	
 
    
					

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    	
 
    
	
 
    	
DaVinci   Reinsurance Ltd. 
   as a Lender
    
	
 
    
	
 
    	
By: 
    	
Eaton Vance   Management as Investment Advisor
    
	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: 
    	
Michael Brotthof
    
	
 
    	
 
    	
Title: 
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect 
   “Cashless Roll” treatment of the signing 
   institution’s existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    
	
 
    
					

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
DEUTSCHE BANK   (CAYMAN) LIMITED 
   (solely in its capacity as trustee of The Canary Star Trust 
   and its Sub-Trusts) as the Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 Deutsche Bank AG New York Branch
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Andrew MacDonald
    
	
 
    	
 
    	
Name: 
    	
Andrew MacDonald
    
	
 
    	
 
    	
Title: 
    	
 Assistant Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Howard Lee
    
	
 
    	
 
    	
Name:
    	
Howard Lee
    
	
 
    	
 
    	
Title:
    	
Assistant Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect 
   “Cashless Roll” treatment of the signing 
   institution’s existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    
	
 
    
					

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
DEUTSCHE BANK AG   NEW YORK BRANCH
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Andrew MacDonald
    
	
 
    	
 
    	
Name: 
    	
Andrew MacDonald
    
	
 
    	
 
    	
Title: 
    	
Assistant Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Howard Lee
    
	
 
    	
 
    	
Name:
    	
Howard Lee
    
	
 
    	
 
    	
Title:
    	
Assistant Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
  “Cashless Roll” treatment of the   signing 
   institution’s existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    
	
 
    
					

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
EAF comPlan II -   Private Debt 
   as a Lender
    
	
 
    	
By:
    	
Guggenheim   Partners Investment Management, LLC
    
	
 
    	
as Asset Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: 
    	
Kaitlin Trinh
    
	
 
    	
 
    	
Title: 
    	
Authorized   Person
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
  “Cashless Roll” treatment of the   signing 
   institution’s existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    
	
 
    
					

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton Vance Bank   Loan Fund A Series Trust of Multi Manager Global Investment Trust 
   as a Lender
    
	
 
    	
By:
    	
Eaton Vance   Management as Investment Advisor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael   Brotthof
    
	
 
    	
 
    	
Name: 
    	
 Michael Brotthof
    
	
 
    	
 
    	
Title: 
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
  “Cashless Roll” treatment of the   signing 
   institution’s existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    
	
 
    
					

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
Eaton Vance Bank   Loan Fund Series II A Series Trust of Multi Manager Global   Investment Trust 
   as a Lender
    
	
 
    	
By:
    	
Eaton Vance   Management as Investment Advisor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael   Brotthof
    
	
 
    	
 
    	
Name: 
    	
 Michael Brotthof
    
	
 
    	
 
    	
Title: 
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
  “Cashless Roll” treatment of the   signing 
   institution’s existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    
	
 
    
					

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton Vance CLO   2013-1 LTD. 
   as a Lender
    
	
 
    	
By:
    	
Eaton Vance   Management
    
	
 
    	
Portfolio   Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael   Brotthof
    
	
 
    	
 
    	
Name: 
    	
 Michael Brotthof
    
	
 
    	
 
    	
Title: 
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Check the   following box to elect
  “Cashless Roll” treatment of the   signing 
   institution’s existing 2015 Term Loans (if any):
    	
 
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    
	
 
    
					

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton Vance CLO 2014-1, Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
BY: Eaton Vance Management
    
	
 
    	
Portfolio Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

For 2015 Term Loan Lenders Only:

 

Check the following box to elect

“Cashless Roll” treatment of the signing
 institution’s existing 2015 Term Loans (if any):

 

x  Cashless Roll Option

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton Vance CLO 2015-1 Ltd
    
	
 
    	
as a Lender
    
	
 
    	
BY: Eaton Vance Management
    
	
 
    	
Portfolio Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

For 2015 Term Loan Lenders Only:

 

Check the following box to elect

“Cashless Roll” treatment of the signing
 institution’s existing 2015 Term Loans (if any):

 

x  Cashless Roll Option

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton Vance Floating Rate Portfolio
    
	
 
    	
as a Lender
    
	
 
    	
BY: Boston Management and   Research as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
				

 

For 2015 Term Loan Lenders Only:

 

Check the following box to elect

“Cashless Roll” treatment of the signing
 institution’s existing 2015 Term Loans (if any):

 

x  Cashless Roll Option

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton Vance Floating-Rate Income Plus Fund
    
	
 
    	
as a Lender
    
	
 
    	
BY: Eaton Vance   Management as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
				

 

For 2015 Term Loan Lenders Only:

 

Check the following box to elect

“Cashless Roll” treatment of the signing
 institution’s existing 2015 Term Loans (if any):

 

x  Cashless Roll Option

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton Vance Floating-Rate Income Trust
    
	
 
    	
as a Lender
    
	
 
    	
BY: Eaton Vance   Management as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

For 2015 Term Loan Lenders Only:

 

Check the following box to elect

“Cashless Roll” treatment of the signing
 institution’s existing 2015 Term Loans (if any):

 

x  Cashless Roll Option

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton Vance Institutional Senior Loan Fund
    
	
 
    	
as a Lender
    
	
 
    	
BY: Eaton Vance   Management as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
				

 

For 2015 Term Loan Lenders Only:

 

Check the following box to elect

“Cashless Roll” treatment of the signing
 institution’s existing 2015 Term Loans (if any):

 

x  Cashless Roll Option

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton   Vance International (Cayman Islands) Floating-Rate Income Portfolio
    
	
 
    	
as a Lender
    
	
 
    	
BY: Eaton Vance   Management as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
				

 

For 2015 Term Loan Lenders Only:

 

Check the following box to elect

“Cashless Roll” treatment of the signing
 institution’s existing 2015 Term Loans (if any):

 

x  Cashless Roll Option

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton Vance Limited Duration Income Fund
    
	
 
    	
as a Lender
    
	
 
    	
BY: Eaton Vance   Management as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
				

 

For 2015 Term Loan Lenders Only:

 

Check the following box to elect

“Cashless Roll” treatment of the signing
 institution’s existing 2015 Term Loans (if any):

 

x  Cashless Roll Option

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton Vance Loan Fund Series III A   Series Trust of Multi Manager Global   Investment Trust
    
	
 
    	
as a Lender
    
	
 
    	
BY: Eaton Vance   Management as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Botthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

For 2015 Term Loan Lenders Only:

 

Check the following box to elect

“Cashless Roll” treatment of the signing
 institution’s existing 2015 Term Loans (if any):

 

x  Cashless Roll Option

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton   Vance Senior Floating-Rate Trust
    
	
 
    	
as a Lender
    
	
 
    	
BY: Eaton Vance   Management as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

For 2015 Term Loan Lenders Only:

 

Check the following box to elect

“Cashless Roll” treatment of the signing
 institution’s existing 2015 Term Loans (if any):

 

x  Cashless Roll Option

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton Vance   Senior Income Trust
    
	
 
    	
as a Lender
    
	
 
    	
BY: Eaton Vance   Management as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll” treatment   of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton Vance US   Loan Fund 2016 a Series Trust of Global Cayman Investment Trust
    
	
 
    	
as a Lender
    
	
 
    	
By: Eaton Vance   Management as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Eaton Vance VT   Floating-Rate Income Fund
    
	
 
    	
as a Lender
    
	
 
    	
BY: Eaton Vance   Management as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ELM CLO 2014-1, Ltd.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Bradley E. Willson
    
	
 
    	
 
    	
Name: Bradley E.   Willson
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Endurance   Investment Holdings Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim   Partners Investment Management, LLC
   as Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
First American   Home Buyers Protection Corporation
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim   Partners Investment Management, LLC
   as Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
First Trust   Senior Floating Rate 2022 Target Term Fund
    
	
 
    	
as a Lender
    
	
 
    	
By: First Trust   Advisors L.P., its Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan Kommers
    
	
 
    	
 
    	
Name: Ryan   Kommers
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
First Trust   Senior Floating Rate Income Fund II
    
	
 
    	
as a Lender
    
	
 
    	
By: First Trust   Advisors L.P., its investment manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan Kommers
    
	
 
    	
 
    	
Name: Ryan   Kommers
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second signature   is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
First Trust   Senior Loan ETF (CAD-Hedged)
    
	
 
    	
as a Lender
    
	
 
    	
BY: First Trust   Advisors L.P.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan Kommers
    
	
 
    	
 
    	
Name: Ryan   Kommers
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
First Trust   Senior Loan Fund
    
	
 
    	
as a Lender
    
	
 
    	
BY: First Trust   Advisors L.P., its Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan Kommers
    
	
 
    	
 
    	
Name: Ryan   Kommers
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
First Trust   Short Duration High Income Fund
    
	
 
    	
as a Lender
    
	
 
    	
BY: First Trust   Advisors L.P., its investment manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Ryan Kommers
    
	
 
    	
 
    	
Name: Ryan   Kommers
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
Florida   Power & Light Company
    
	
 
    	
as a Lender
    
	
 
    	
By: Eaton Vance   Management as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Global-Loan SV   S.a r.l.
    
	
 
    	
as a Lender
    
	
 
    	
Executed by   Alcentra Limited as Portfolio Manager, and Alcentra NY, LLC as Sub-Manager,   for and on behalf of Global-Loan SV Sarl
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Tim Raeke
    
	
 
    	
 
    	
Name: Tim Raeke
    
	
 
    	
 
    	
Title: analyst
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll” treatment   of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
GSO Sakura Loan   Fund 2015, a Series Trust of Multi Manager Global Investment Trust
    
	
 
    	
as a Lender
    
	
 
    	
By: GSO Capital   Advisors LLC, as its Investment Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Thomas Iannarone
    
	
 
    	
 
    	
Name: Thomas   Iannarone
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
GSO Sakura Loan   Fund 2017 A Series Trust of Multi Manager Global Investment Trust
    
	
 
    	
as a Lender
    
	
 
    	
By: GSO Capital   Advisors LLC, as its Investment Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Thomas Iannarone
    
	
 
    	
 
    	
Name: Thomas   Iannarone
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Guggenheim Loan   Master Fund, Ltd
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim   Partners Investment Management, LLC as Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Guggenheim U.S.   Loan Fund
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim   Partners Investment Management, LLC as Investment Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
ICM Senior Loan   Fund, L.P.
    
	
 
    	
as a Lender
    
	
 
    	
By: Investcorp   Credit Management US LLC, as Portfolio Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ David Nadeau
    
	
 
    	
 
    	
Name: David   Nadeau
    
	
 
    	
 
    	
Title: Portfolio   Manager
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Indiana   University Health, Inc.
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim   Partners Investment Management, LLC, as Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Jamestown CLO VI   Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
By: 3i Debt   Management U.S. LLC, as Portfolio Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ David Nadeau
    
	
 
    	
 
    	
Name: David   Nadeau
    
	
 
    	
 
    	
Title: Portfolio   Manager
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the following   box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Jamestown CLO   VII Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
3i Debt   Management U.S. LLC, as Portfolio Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ David Nadeau
    
	
 
    	
 
    	
Name: David   Nadeau
    
	
 
    	
 
    	
Title: Portfolio   Manager
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
John Hancock   Funds II Short Duration Credit Opportunities Fund
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Adam Shapiro
    
	
 
    	
 
    	
Name: Adam   Shapiro
    
	
 
    	
 
    	
Title: General   Counsel
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Kitty Hawk CLO   2015-1 LLC
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim   Partners Investment Management,
   LLC, as Collateral Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Manulife   Floating Rate Income Fund
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kelly Egan
    
	
 
    	
 
    	
Name: Kelly Egan
    
	
 
    	
 
    	
Title:   Supervisor - Investment Operations
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Manulife   Floating Rate Senior Loan Fund
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kelly Egan
    
	
 
    	
 
    	
Name: Kelly Egan
    
	
 
    	
 
    	
Title:   Supervisor - Investment Operations
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
Manulife   Investments Trust - Floating Rate Income Fund
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kelly Egan
    
	
 
    	
 
    	
Name: Kelly Egan
    
	
 
    	
 
    	
Title:   Supervisor - Investment Operations
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Manulife U.S.   Dollar Floating Rate Income Fund
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kelly Egan
    
	
 
    	
 
    	
Name: Kelly Egan
    
	
 
    	
 
    	
Title:   Supervisor - Investment Operations
    
	
 
    	
 
    
	
 
    	
If a second signature   is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Mariner CLO 2015-1, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Bradley E. Willson
    
	
 
    	
 
    	
Name: Bradley E.   Willson
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Mariner CLO   2016-3, Ltd.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Bradley E. Willson
    
	
 
    	
 
    	
Name: Bradley E.   Willson
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Mercer Field II   CLO Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim   Partners Investment Management, LLC
   as Collateral Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
MERRIAM   FINANCIAL SERVICES, LTD

as a Lender
    
	
 
    	
by   Payden & Rygel as Investment Adviser
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ David Scott
    
	
 
    	
 
    	
Name: David   Scott
    
	
 
    	
 
    	
Title: Senior   Fixed Income Trader
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Mt. Whitney Securities, L.L.C.
    
	
 
    	
as a Lender
    
	
 
    	
BY: Deutsche Investment Management Americas Inc.
    
	
 
    	
As Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Shameem Kathiwalla
    
	
 
    	
 
    	
Name: Shameem   Kathiwalla
    
	
 
    	
 
    	
Title: Director
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Mark Rigazio
    
	
 
    	
 
    	
Name: Mark   Rigazio
    
	
 
    	
 
    	
Title: Portfolio   Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
National Pension   Service
    
	
 
    	
as a Lender
    
	
 
    	
By: Ares Capital   Management III LLC, its Investment Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Daniel   Hayward
    
	
 
    	
 
    	
Name: Daniel   Hayward
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Ocean Trails CLO VI
    
	
 
    	
as a Lender
    
	
 
    	
By: Five Arrows   Managers North America LLC as Asset Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Bradley K. Bryan
    
	
 
    	
 
    	
Name: Bradley K.   Bryan
    
	
 
    	
 
    	
Title: Director
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE TO   CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
OFSI Fund VII, Ltd.
    
	
 
    	
By: OFS Capital Management, LLC
    
	
 
    	
Its: Collateral Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Maureen S. Ault
    
	
 
    	
 
    	
Name: Maureen S.   Ault
    
	
 
    	
 
    	
Title: Director
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
ONTARIO PUBLIC SERVICE EMPLOYEES UNION PENSION PLAN   TRUST FUND
    
	
 
    	
as a Lender
    
	
 
    	
By : AELIS X Management, L.P., its investment   counsel
    
	
 
    	
By : AELIS X Management GP, LLC, its general Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Daniel Hayward
    
	
 
    	
 
    	
Name: Daniel Hayward
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Pacific Select Fund Floating Rate Loan Portfolio 
    
	
 
    	
as a Lender
    
	
 
    	
BY: Eaton Vance Management as Investment Sub-Advisor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE TO   CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
PAYDEN FLOATING RATE FUND
    
	
 
    	
as a Lender
    
	
 
    	
BY: Payden & Rygel as Investment Adviser
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ David Scott
    
	
 
    	
 
    	
Name: David   Scott
    
	
 
    	
 
    	
Title: Senior   Fixed Income Trader
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
PAYDEN STRATEGIC INCOME FUND
    
	
 
    	
as a Lender
    
	
 
    	
BY: Payden & Rygel as Investment Adviser
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ David Scott
    
	
 
    	
 
    	
Name: David   Scott
    
	
 
    	
 
    	
Title: Senior   Fixed Income Trader
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
PUTNAM FLOATING   RATE INCOME FUND
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kerry O’Donnell
    
	
 
    	
 
    	
Name: Kerry   O’Donnell
    
	
 
    	
 
    	
Title: Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Renaissance Floating Rate Income Fund
    
	
 
    	
as a Lender
    
	
 
    	
BY: Ares Capital Management II LLC, as Portfolio   Sub-Advisor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Daniel Hayward
    
	
 
    	
 
    	
Name: Daniel   Hayward
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
Renaissance Investment Holdings Ltd
    
	
 
    	
as a Lender
    
	
 
    	
By: Eaton Vance Management as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Renaissance Investment Holdings Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim Partners Investment Management, LLC   as Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
SC PRO Loan VII Limited
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim Partners Investment Management, LLC   as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE TO   CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Senior Debt Portfolio
    
	
 
    	
as a Lender
    
	
 
    	
BY: Boston Management and Research as Investment   Advisor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Michael Brotthof
    
	
 
    	
 
    	
Name: Michael   Brotthof
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
If a second signature   is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Seven Sticks CLO Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim   Partners Investment Management, LLC, as Collateral Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll” treatment   of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Shackleton 2015-VII CLO, Ltd
    
	
 
    	
as a Lender
    
	
 
    	
BY: Alcentra NY, LLC as its Collateral Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Tim Raeke
    
	
 
    	
 
    	
Name: Tim Raeke
    
	
 
    	
 
    	
Title: analyst
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Shackleton 2017-X CLO, Ltd
    
	
 
    	
as a Lender
    
	
 
    	
by Alcentra NY, LLC as its Collateral Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Tim Raeke
    
	
 
    	
 
    	
Name: Tim Raeke
    
	
 
    	
 
    	
Title: analyst
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Shackleton 2017-XI CLO, Funding LLC
    
	
 
    	
as a Lender
    
	
 
    	
by Alcentra NY, LLC as its Collateral Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Tim Raeke
    
	
 
    	
 
    	
Name: Tim Raeke
    
	
 
    	
 
    	
Title: analyst
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Sonoma County Employees’ Retirement Association
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim Partners Investment Management, LLC   as Investment Manager
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the following   box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Stone Harbor Collective Investment Trust - Stone   Harbor Bank Loan Collective Fund
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Adam Shapiro
    
	
 
    	
 
    	
Name: Adam   Shapiro
    
	
 
    	
 
    	
Title: General   Counsel
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Stone Harbor Global Funds PLC - Stone Harbor   Leveraged Loan Portfolio
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Adam Shapiro
    
	
 
    	
 
    	
Name: Adam   Shapiro
    
	
 
    	
 
    	
Title: General   Counsel
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Stone Harbor Leveraged Loan Fund LLC
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Adam Shapiro
    
	
 
    	
 
    	
Name: Adam   Shapiro
    
	
 
    	
 
    	
Title: General   Counsel
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Swiss Capital PRO Loan V PLC
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim Partners Investment Management, LLC

as Investment Advisor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Swiss Capital PRO Loan VIII PLC
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim Partners Investment Management, LLC
    
	
 
    	
as Investment Advisor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
TELOS CLO 2013-3, Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
By: Telos Asset Management, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Jonathan Tepper
    
	
 
    	
 
    	
Name: Jonathan   Tepper
    
	
 
    	
 
    	
Title: Managing   Director
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
The Dreyfus/Laurel Funds, Inc. - Dreyfus   Floating Rate Income Fund
    
	
 
    	
as a Lender
    
	
 
    	
By: Alcentra NY, LLC, as investment advisor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Tim Raeke
    
	
 
    	
 
    	
Name: Tim Raeke
    
	
 
    	
 
    	
Title: analyst
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
US Loan SV S.a.r.l.
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Tim Raeke
    
	
 
    	
 
    	
Name: Tim Raeke
    
	
 
    	
 
    	
Title: analyst
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Venture XVII CLO Limited
    
	
 
    	
as a Lender
    
	
 
    	
By: its investment advisor, MJX Asset Management,   LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Atha Baugh
    
	
 
    	
 
    	
Name: Atha Baugh
    
	
 
    	
 
    	
Title: Managing   Director
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Venture XVIII   CLO, Limited
    
	
 
    	
as a Lender
    
	
 
    	
By: its   investment advisor

MJX Asset   Management LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Atha Baugh
    
	
 
    	
 
    	
Name: Atha Baugh
    
	
 
    	
 
    	
Title: Managing   Director
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
VENTURE XX CLO,   Limited
    
	
 
    	
as a Lender
    
	
 
    	
By: its   investment advisor

MJX Asset   Management LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Atha Baugh
    
	
 
    	
 
    	
Name: Atha Baugh
    
	
 
    	
 
    	
Title: Managing   Director
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Venture XXI CLO,   Limited
    
	
 
    	
as a Lender
    
	
 
    	
By: its   investment advisor

MJX Asset   Management LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Atha Baugh
    
	
 
    	
 
    	
Name: Atha Baugh
    
	
 
    	
 
    	
Title: Managing   Director
    
	
 
    	
 
    
	
 
    	
If a second signature   is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Wellfleet CLO   2015-1, Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Dennis Talley
    
	
 
    	
 
    	
Name: Dennis   Talley
    
	
 
    	
 
    	
Title: Portfolio   Manager
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Wellfleet CLO   2016-1, Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Dennis Talley
    
	
 
    	
 
    	
Name: Dennis Talley
    
	
 
    	
 
    	
Title: Portfolio   Manager
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Wells Fargo   Bank, National Association
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Matthew Schnabel
    
	
 
    	
 
    	
Name: Matthew   Schnabel
    
	
 
    	
 
    	
Title: Director
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
West CLO 2014-1   Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Chris Jackson
    
	
 
    	
 
    	
Name: Chris   Jackson
    
	
 
    	
 
    	
Title: Assistant   Vice President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
West CLO 2014-2   Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Chris Jackson
    
	
 
    	
 
    	
Name: Chris   Jackson
    
	
 
    	
 
    	
Title: Assistant   Vice President
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WESTERN ALLIANCE   BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Matt Kappadakunnel
    
	
 
    	
 
    	
Name: Matt   Kappadakunnel
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
WHITEHORSE X,   Ltd.
    
	
 
    	
H.I.G.   WHITEHORSE CAPITAL, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Jay Carvell
    
	
 
    	
 
    	
Name: Jay   Carvell
    
	
 
    	
 
    	
Title: Managing   Director
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Xilinx Holding   Six Limited
    
	
 
    	
as a Lender
    
	
 
    	
BY: GSO Capital   Advisors LLC, As its Investment Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Thomas Iannarone
    
	
 
    	
 
    	
Name: Thomas   Iannarone
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Z Capital Credit Partners CLO 2015-1, Ltd.
    
	
 
    	
 
    
	
 
    	
By: Z Capital CLO Management L.L.C., its Portfolio Manager
    
	
 
    	
By: Z Capital Group L.L.C., its Managing Member
    
	
 
    	
By: James J. Zenni Jr., its President and CEO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ James J. Zenni
    
	
 
    	
 
    	
Name: James J. Zenni
    
	
 
    	
 
    	
Title: President   & CEO
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
ZAIS CLO 3,   Limited
    
	
 
    	
as a Lender
    
	
 
    	
ZAIS CLO 3,   Limited
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Vincent Ingato
    
	
 
    	
 
    	
Name: Vincent   Ingato
    
	
 
    	
 
    	
Title: Managing   Director
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of   Institution:
    
	
 
    	
 
    
	
 
    	
Ziggurat CLO   Ltd.
    
	
 
    	
as a Lender
    
	
 
    	
By: Guggenheim   Partners Investment Management, LLC

as Asset Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

	
 
    	
LENDERS: 
    
	
 
    	
 
    
	
 
    	
SIGNATURE PAGE   TO CREDIT AGREEMENT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
Zilux Senior   Loan Fund
    
	
 
    	
as a Lender
    
	
 
    	
BY: Guggenheim   Partners Investment Management,

LLC as   Investment Manager
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Kaitlin Trinh
    
	
 
    	
 
    	
Name: Kaitlin   Trinh
    
	
 
    	
 
    	
Title:   Authorized Person
    
	
 
    	
 
    
	
 
    	
If a second   signature is necessary:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
For   2015 Term Loan Lenders Only:
    	
 
    
	
 
    	
 
    
	
Check the   following box to elect
    	
 
    
	
“Cashless Roll”   treatment of the signing
   institution’s existing 2015 Term Loans (if any):
    	
 
    
	
 
    	
 
    
	
x  Cashless   Roll Option
    	
 
    

 

[2017 Trinseo Credit Agreement]

 

 

 

EXHIBIT A

 

[FORM OF]

 

COMMITTED LOAN NOTICE

 

	
To:
    	
 
    	
Deutsche Bank AG New York Branch, as Administrative   Agent
    
	
 
    	
 
    	
60 Wall Street
    
	
 
    	
 
    	
New York, NY 10005
    
	
 
    	
 
    	
Attention: Michael Strobel
    

 

[Date]

 

Ladies and Gentlemen:

 

Reference is made to the Credit Agreement, dated as of September 6, 2017 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Trinseo Holding S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), Trinseo Materials S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 162639 (“Intermediate Holdings”), Trinseo Materials Operating S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, registered with the RCS under number B153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, Trinseo Materials Finance, Inc., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

The undersigned, a Responsible Officer of the Lead Borrower, on behalf of the Lead Borrower and the Co-Borrower, hereby requests (select one):

 

	
 
    	
o
    	
A Borrowing of new Loans
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
o
    	
A conversion of Loans made on
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
o
    	
A continuation of LIBO Rate Loans made on
    	
 
    	
 
    	
 
    

 

to be made on the terms set forth below:

 

	
 
    	
(A)
    	
 Class of Borrowing(1)
    	
 
    	
 
    	
 
    

 

(1)         Term or Revolving Credit.

 

 

	
 
    	
(B)
    	
Date of Borrowing, conversion or continuation (which   is a Business Day)(2)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(C)
    	
Principal amount(3)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(D)
    	
Type of Loan(4)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(E)
    	
Interest Period and the last day thereof(5)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(F)
    	
Location and number of Borrower’s account to which   proceeds of the respective Borrowings are to be disbursed:
    	
 
    	
 
    	
 
    

 

 

The undersigned Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, on the date of this Committed Loan Notice and on the date of the related Borrowing, the conditions to lending specified in Section 4.02 of the Credit Agreement will be satisfied as of the date of the Borrowing set forth above. (6)

 

(2)         Every notice of any Borrowing, conversion of Loans or continuation of LIBO Rate Loans must be received by the Administrative Agent not later than 12:30 p.m. (New York, New York time, in the case of Borrowings denominated in Dollars, or London time, in the case of any Borrowing denominated in Euros) (i) three (3) Business Days prior to the requested date of any Borrowing of or conversion of Base Rate Loans to LIBO Rate Loans denominated in Dollars, (ii) three (3) Business Days prior to the requested date of any Borrowing or continuation of LIBO Rate Loans denominated in Euros and (iii) one (1) Business Day before the requested date of any Borrowing of Base Rate Loans or conversion of LIBO Rate Loans denominated in Dollars to Base Rate Loans.

 

(3)         Each Borrowing of, conversion to or continuation of LIBO Rate Loans shall be in a minimum Dollar Amount of $1,000,000 or a whole multiple of a Dollar Amount of $250,000 in excess thereof. Each Borrowing of or conversion to Base Rate Loans shall be in a minimum Dollar Amount of $500,000 or a whole multiple of a Dollar Amount of $100,000 in excess thereof. Interest Periods may be one, two, three or six months, or to the extent agreed by each Lender of such LIBO Rate Loan, twelve months or less than one month.

 

(4)         Specify LIBO Rate or Base Rate.

 

(5)         Applicable for LIBO Rate Borrowings/Loans only.

 

(6)         Representation to be included unless the Committed Loan Notice only requests a conversion of Loans to the other Type or a continuation of LIBO Rate Loans.

 

 

	
 
    	
TRINSEO   MATERIALS OPERATING S.C.A.,
    
	
 
    	
acting through its   General Partner, Trinseo Materials S.à r.l.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

[Trinseo Committed Loan Notice]

 

 

EXHIBIT B

 

[FORM OF]

 

SWING LINE LOAN NOTICE

 

	
To:
    	
 
    	
Deutsche Bank AG New York Branch, as Administrative   Agent
    
	
 
    	
 
    	
60 Wall Street
    
	
 
    	
 
    	
New York, NY 10005
    
	
 
    	
 
    	
Attention: Michael Strobel
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Deutsche Bank AG New York Branch, as Swing Line   Lender
    
	
 
    	
 
    	
60 Wall Street
    
	
 
    	
 
    	
New York, NY 10005
    
	
 
    	
 
    	
Attention: Michael Strobel
    

 

[Date]

 

Ladies and Gentlemen:

 

Reference is made to the Credit Agreement, dated as of September 6, 2017 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Trinseo Holding S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), Trinseo Materials S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 162639 (“Intermediate Holdings”), Trinseo Materials Operating S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, registered with the RCS under number B153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, Trinseo Materials Finance, Inc., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. The undersigned Borrower hereby gives you notice pursuant to Section 2.04(b) of the Credit Agreement that it requests a Swing Line Borrowing under the Credit Agreement, and in that connection sets forth below the terms on which such Swing Line Borrowing is requested to be made:

 

	
 
    	
(A)
    	
Principal Amount to be Borrowed(1)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(B)
    	
Date of Borrowing (which is a Business Day)(2)
    	
 
    	
 
    	
 
    

 

(1)           Shall be a minimum of $500,000 and any amount in excess thereof shall be an integral multiple of $250,000.

 

 

The Lead Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, on the date of this Swing Line Loan Notice and on the date of the related Swing Line Borrowing, the conditions to lending specified in Section 4.02 of the Credit Agreement will be satisfied as of the date of the Borrowing set forth above.

 

	
 
    	
TRINSEO   MATERIALS OPERATING S.C.A.,
    
	
 
    	
acting through its   General Partner, Trinseo Materials S.à r.l.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

(2)         Each notice of a Swing Line Borrowing must be received by the Administrative Agent not later than 1:00 p.m. (New York, New York time) on the requested borrowing date.

 

 

EXHIBIT C-1

 

[FORM OF] TERM NOTE

 

	
 
    	
New York, New York
    
	
$[·]
    	
[Date]
    

 

FOR VALUE RECEIVED, each of the undersigned, Trinseo Materials Operating S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L1855 Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B153586 (the “Lead Borrower”), acting by its general partner, Trinseo Materials S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 162639 (“Intermediate Holdings”) and Trinseo Materials Finance, Inc., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers”), hereby, jointly and severally, promises to pay to the Lender set forth above (the “Lender”) or its registered assigns, in accordance with the provisions of the Credit Agreement (as defined herein), in lawful money of the United States of America in immediately available funds at the relevant Administrative Agent’s Office (such term, and each other capitalized term used but not defined herein, having the meaning assigned to it in the Credit Agreement dated as of September 6, 2017 (as the same may be amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) among among Trinseo Holding S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 153582 (“Holdings”), Intermediate Holdings, the Borrowers, the Guarantors party thereto from time to time, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender) (i) on the dates set forth in the Credit Agreement, the principal amounts set forth in the Credit Agreement with respect to Term Loans made by the Lender to the Borrowers pursuant to the Credit Agreement and (ii) on each Interest Payment Date, interest at the rate or rates per annum as provided in the Credit Agreement on the unpaid principal amount of all Term Loans made by the Lender to the Borrowers pursuant to the Credit Agreement.

 

Each Borrower, jointly and severally, promises to pay interest, on demand, on any overdue principal and, to the extent permitted by law, overdue interest from their due dates at the rate or rates provided in the Credit Agreement.

 

Each Borrower hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever. The nonexercise by the holder hereof of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance.

 

All borrowings evidenced by this note and all payments and prepayments of the principal hereof and interest hereon and the respective dates thereof shall be endorsed by the holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal records; provided, however, that the failure of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of either Borrower under this note.

 

C-1-1

 

This note is one of the Term Notes referred to in the Credit Agreement that, among other things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Credit Agreement, all upon the terms and conditions therein specified.

 

For the avoidance of doubt, to the extent that any provision herein conflicts with any provision, term or condition set forth in the Credit Agreement, the applicable Credit Agreement provision, term or condition shall control.

 

THIS NOTE MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE CREDIT AGREEMENT.

 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

C-1-2

 

	
 
    	
TRINSEO   MATERIALS OPERATING S.C.A.,
    
	
 
    	
acting through   its General Partner, Trinseo Materials S.à r.l.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TRINSEO   MATERIALS FINANCE, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

C-1-3

 

LOANS AND PAYMENTS

 

	
Date
    	
 
    	
Amount of Loan
    	
 
    	
Maturity Date
    	
 
    	
Payments of
   Principal/Interest
    	
 
    	
Principal
   Balance of Note
    	
 
    	
Name of Person
   Making the
   Notation
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

C-1-4

 

EXHIBIT C-2

 

[FORM OF] REVOLVING CREDIT NOTE

 

New York, New York

	
[$[·]][EUR[·]]
    	
[Date]
    

 

FOR VALUE RECEIVED, each of the undersigned, Trinseo Materials Operating S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B153586 (the “Lead Borrower”), acting by its general partner, Trinseo Materials S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 162639 (“Intermediate Holdings”) and Trinseo Materials Finance, Inc., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers”), hereby, jointly and severally, promises to pay to the Lender set forth above (the “Lender”) or its registered assigns, in accordance with the provisions of the Credit Agreement (as defined herein), in Dollars (or in the case of Revolving Credit Loans denominated in Euros, in Euros) in immediately available funds at the relevant Administrative Agent’s Office (such term, and each other capitalized term used but not defined herein, having the meaning assigned to it in the Credit Agreement dated as of September 6, 2017 (as the same may be amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) among among Trinseo Holding S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 153582 (“Holdings”), Intermediate Holdings, the Borrowers, the Guarantors party thereto from time to time, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender) (A) on the dates set forth in the Credit Agreement, the lesser of (i) the principal amount set forth above and (ii) the aggregate unpaid principal amount of all Revolving Credit Loans made by the Lender to the Borrowers pursuant to the Credit Agreement, and (B) interest from the date hereof on the principal amount from time to time outstanding on each such Revolving Credit Loan at the rate or rates per annum and payable on such dates, as provided in the Credit Agreement.

 

Each Borrower, jointly and severally, promises to pay interest, on demand, on any overdue principal and, to the extent permitted by law, overdue interest from their due dates at a rate or rates provided in the Credit Agreement.

 

Each Borrower hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever. The nonexercise by the holder hereof of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance.

 

All borrowings evidenced by this note and all payments and prepayments of the principal hereof and interest hereon and the respective dates thereof shall be endorsed by the holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal records; provided, however, that the failure of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of either Borrower under this note.

 

C-2-1

 

This note is one of the Revolving Credit Notes referred to in the Credit Agreement that, among other things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Credit Agreement, all upon the terms and conditions therein specified.

 

For the avoidance of doubt, to the extent that any provision herein conflicts with any provision, term or condition set forth in the Credit Agreement, the applicable Credit Agreement provision, term or condition shall control.

 

THIS NOTE MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE CREDIT AGREEMENT.

 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

C-2-2

 

	
 
    	
TRINSEO   MATERIALS OPERATING S.C.A.,
    
	
 
    	
acting through its   General Partner, Trinseo Materials S.à r.l.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TRINSEO   MATERIALS FINANCE, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

C-2-3

 

LOANS AND PAYMENTS

 

	
Date
    	
 
    	
Amount of Loan
    	
 
    	
Maturity Date
    	
 
    	
Payments of
   Principal/Interest
    	
 
    	
Principal
   Balance of Note
    	
 
    	
Name of
   Person Making
   the Notation
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

C-2-4

 

[FORM OF] SWING LINE NOTE

 

New York, New York

[Date]

 

FOR VALUE RECEIVED, each of the undersigned, Trinseo Materials Operating S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B153586 (the “Lead Borrower”), acting by its general partner, Trinseo Materials S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 162639 (“Intermediate Holdings”) and Trinseo Materials Finance, Inc., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers”), hereby, jointly and severally, promises to pay to the Lender set forth above (the “Lender”) or its registered assigns, in accordance with the provisions of the Credit Agreement (as defined herein), in Dollars (or in the case of Revolving Loans denominated in Euros, in Euros) in immediately available funds at the relevant Administrative Agent’s Office (such term, and each other capitalized term used but not defined herein, having the meaning assigned to it in the Credit Agreement dated as of September 6, 2017 (as the same may be amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) among among Trinseo Holding S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 153582 (“Holdings”), Intermediate Holdings, the Borrowers, the Guarantors party thereto from time to time, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender) (A) on the dates set forth in the Credit Agreement, the lesser of (i) the principal amount set forth above and (ii) the aggregate unpaid principal amount of all Swing Line Loans made by the Lender to the Borrowers pursuant to the Credit Agreement, and (B) interest from the date hereof on the principal amount from time to time outstanding on each such Swing Line Loan at the rate or rates per annum and payable on such dates as provided in the Credit Agreement.

 

Each Borrower promises to pay interest, on demand, on any overdue principal and, to the extent permitted by law, overdue interest from their due dates at a rate or rates provided in the Credit Agreement.

 

Each Borrower hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever. The nonexercise by the holder hereof of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance.

 

All borrowings evidenced by this note and all payments and prepayments of the principal hereof and interest hereon and the respective dates thereof shall be endorsed by the holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal records; provided, however, that the failure of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of the Borrowers under this note.

 

This note is one of the Swing Line Notes referred to in the Credit Agreement that, among other

 

C-2-1

 

things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Credit Agreement, all upon the terms and conditions therein specified.

 

For the avoidance of doubt, to the extent that any provision herein conflicts with any provision, term or condition set forth in the Credit Agreement, the applicable Credit Agreement provision, term or condition shall control.

 

THIS NOTE MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE CREDIT AGREEMENT.

 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

C-2-2

 

	
 
    	
TRINSEO   MATERIALS OPERATING S.C.A.,
    
	
 
    	
acting through its   General Partner, Trinseo Materials S.à r.l.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TRINSEO   MATERIALS FINANCE, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

C-2-3

 

LOANS AND PAYMENTS

 

	
Date
    	
 
    	
Amount of Loan
    	
 
    	
Maturity Date
    	
 
    	
Payments of
   Principal/Interest
    	
 
    	
Principal
   Balance of Note
    	
 
    	
Name of
   Person Making
   the Notation
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

C-2-4

 

EXHIBIT D

 

[FORM OF]

 

COMPLIANCE CERTIFICATE

 

Reference is made to the Credit Agreement dated as of September 6, 2017 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Trinseo Holding S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), Trinseo Materials S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 162639 (“Intermediate Holdings”), Trinseo Materials Operating S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, registered with the RCS under number B153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, Trinseo Materials Finance, Inc., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender. Capitalized terms used herein have the meanings attributed thereto in the Credit Agreement unless otherwise defined herein. Pursuant to Section 6.02(a) of the Credit Agreement, the undersigned, solely in his/her capacity as a Responsible Officer of the Lead Borrower, certifies as follows:

 

1.                                           [Attached hereto as Exhibit A is the consolidated balance sheet of the Lead Borrower and its Subsidiaries as of December 31, 20[     ] and the related consolidated statements of income or operations, stockholders’ equity and cash flows for the fiscal year then ended, [setting forth in each case in comparative form the figures for the previous fiscal year,](1), all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of PricewaterhouseCoopers LLP or any other independent registered public accounting firm of nationally recognized standing, which report and opinion (i) has been prepared in accordance with generally accepted auditing standards and (ii) is not subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit (except as may be required as a result of (x) a prospective Event of Default with respect to the Financial Covenant, (y) in the case of the Term Loans, an actual Event of Default with respect to the Financial Covenant or (z) the impending maturity of any Indebtedness). Also attached hereto as Exhibit A are the related consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) (which may be in footnote form only) from such consolidated financial statements.](2)

 

2.                                           [Attached hereto as Exhibit A is the consolidated balance sheet of the Lead Borrower and its Subsidiaries as of [     ] and the related (i) consolidated statements of income or operations for such fiscal quarter and for the portion of the fiscal year then ended and (ii) consolidated statements of cash flows for such fiscal quarter and the portion of the

 

(1)           Subject to Section 1.05 of the Credit Agreement

 

(2)           To be included if accompanying annual financial statements only.

 

D-1

 

fiscal year then ended, [setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year,] (3) to the extent required by Section 6.01(b) of the Credit Agreement all in reasonable detail. These present fairly in all material respects the financial condition, results of operations, stockholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes. Also attached hereto as Exhibit A are the related consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) (which may be in footnote form only) from such consolidated financial statements.](4)

 

3.                                           [Attached as Exhibit B hereto is a detailed consolidated budget for 20[ ] (including a projected consolidated balance sheet of the Lead Borrower and its Subsidiaries as of the end of 20[ ], the related consolidated statements of projected cash flow and projected income and a summary of the material underlying assumptions applicable thereto) (collectively, the “Projections”), which Projections are prepared in good faith and are based on the reasonable assumptions at the time of preparation of such Projections it being understood that actual results may vary from such Projections and such variations may be material.](5)

 

4.                                           To my knowledge, except as otherwise disclosed to the Administrative Agent pursuant to the Credit Agreement, no Default has occurred. [If unable to provide the foregoing certification, describe in reasonable detail the reasons therefor and circumstances thereof and any action taken or proposed to be taken with respect thereto on Annex A attached hereto.]

 

5.                                           [The following represent true and accurate calculations, as of [ ], to be used to determine compliance with the covenant set forth in Section 7.11 of the Credit Agreement:

 

	
First Lien Net Leverage Ratio:
    	
 
    
	
 
    	
 
    
	
Consolidated   First Lien Net
    	
[           ]
    
	
Debt=
    	
 
    
	
Consolidated   EBITDA=
    	
[           ]
    
	
Actual   Ratio=
    	
[           ]   to 1.0
    
	
Required   Ratio=
    	
[           ]   to 1.0
    

 

Supporting detail showing the calculation of First Lien Net Leverage Ratio is attached hereto as Schedule 1.](6)

 

(3)           Subject to Section 1.05 of the Credit Agreement

 

(4)           To be included if accompanying quarterly financial statements only.

 

(5)           To be included only in annual compliance certificate.

 

(6)           Insert if Section 7.11 is applicable for the reporting period.

 

D-2

 

6.                                           [Attached hereto as Schedule 2 are detailed calculations setting forth Excess Cash Flow.](7)

 

7.                                           [Attached hereto is the information required by Section 6.02(d) of the Credit Agreement.](8)](9)

 

(7)           To be included only in annual compliance certificate.

 

(8)           Information required by Section 6.02(d)(i) of the Credit Agreement to be included only in annual compliance certificate.

 

(9)                                 Items 4-6 may be disclosed in a separate certificate no later than 5 days after delivery of the financial statements pursuant to Section 6.02(a) of the Credit Agreement.

 

D-3

 

SCHEDULE 1

 

First Lien Net Leverage Ratio: Consolidated First Lien Net Debt to Consolidated EBITDA

 

	
(1)
    	
Consolidated   First Lien Net Debt:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(a)
    	
As of any date   of determination, the aggregate principal amount of Indebtedness of the Lead   Borrower and its Restricted Subsidiaries outstanding on such date, in an amount   that would be reflected on a balance sheet prepared as of such date on a   consolidated basis in accordance with GAAP (but excluding the effects of any   discounting of Indebtedness resulting from the application of acquisition   accounting in connection with any Permitted Acquisition or any other   acquisition constituting an Investment permitted under the Credit Agreement)   consisting of the sum of the following:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i)
    	
Indebtedness for   borrowed money
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii)
    	
Attributable   Indebtedness
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iii)
    	
debt obligations   evidenced by promissory notes or similar instruments
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iv)
    	
all Guarantees   of items (i) to (iii) above (with Indebtedness in respect of any Revolving   Credit Commitments being calculated based on the daily average outstanding   amount of Revolving Credit Loans and Swing Line Loans during the four-quarter   fiscal period of the Lead Borrower most recently ended as of such date)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
but excluding   (A) any Indebtedness of a Restricted Subsidiary that is not the Co-Borrower   or a Guarantor and is not secured by any assets of any Loan Party and (B) any   Indebtedness in which the applicable Liens are expressly subordinated or   junior to the Liens securing the Obligations that are secured on a first lien   basis
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
minus
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(b)
    	
The aggregate   amount of cash and Cash Equivalents (other than Restricted Cash) that would   be reflected on a balance sheet of the Lead Borrower and its Restricted   Subsidiaries as as of such date (other than nonconsensual Liens permitted by   Section 7.01 of the Credit Agreement and Liens permitted by Section Section   7.01(a), Section 7.01(b), clauses (ii) and (iii) of Section 7.01(l), Section   7.01(p), clauses (i) and (ii) of Section 7.01(q), Section 7.01(s), Section   7.01(w), Section 7.01(x), Section 7.01(dd), Section 7.01(ee), Section   7.01(ff)
    	
 
    	
 
    	
 
    

 

 

	
 
    	
 
    	
and Section   7.01(gg)) of the Credit Agreement)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
Consolidated   First Lien Net Debt shall not include Indebtedness in respect of (i) letters   of credit, except to the extent of unreimbursed amounts thereunder (provided   that any unreimbursed amount under commercial letters of credit shall not be   included as Consolidated First Lien Net Debt until three (3) Business Days   after such amount is drawn), (ii) Unrestricted Subsidiaries and (iii) any   Permitted Securitizations; it being understood, for the avoidance of doubt,   that obligations under Swap Contracts do not constitute Consolidated Total   Net Debt.
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
Consolidated   First Lien Net Debt
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
(2)
    	
Consolidated   EBITDA
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
Consolidated Net   Income for any period:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(a)
    	
the net income   (loss) of the Lead Borrower and its Restricted Subsidiaries for such period   determined on a consolidated basis in accordance with GAAP, excluding,   without duplication:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i)
    	
(x) any   after-tax effect of non-recurring, unusual or extraordinary items (including   gains or losses and all fees and expenses relating thereto) and (y)   duplicative running costs, severance, relocation costs or expenses, Transaction   Expenses, integration costs, transition costs, pre-opening, opening,   consolidation and closing costs for facilities, costs incurred in connection   with any non-recurring strategic initiatives, costs incurred in connection   with acquisitions and non-recurring product and intellectual property   development, other business optimization expenses (including costs and   expenses relating to business optimization programs and new systems design   and implementation costs), project start-up costs and restructuring charges   or reserves (including restructuring costs related to acquisitions and to   closure/consolidation of facilities, retention charges, systems establishment   costs and excess pension charges) and related expenses
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii)
    	
the cumulative effect   of a change in accounting principles to the extent included in Consolidated   Net Income
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iii)
    	
any fees and   expenses incurred (including, without limitation, any premiums, make-whole or   penalty payments), or any amortization thereof for such period, in connection   with any acquisition, investment, asset disposition, issuance or repayment of   debt, issuance of equity securities, refinancing transaction or amendment or   other modification of any debt instrument (in each case, including any such   transaction consummated on or prior
    	
 
    	
 
    	
 
    

 

2

 

	
 
    	
 
    	
 
    	
to the Closing   Date and any such transaction undertaken but not completed) and any charges   or non-recurring merger costs incurred during such period as a result of any   such transaction, in each case for any such fee, expense, charge or cost   whether or not successful (including, for the avoidance of doubt, the effects   of expensing all transaction-related expenses in accordance with FASB Accounting   Standards Codification 805 and gains or losses associated with FASB   Accounting Standards Codification 460)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iv)
    	
accruals and   reserves that are established or adjusted within eighteen (18) months after   the Closing Date that are so required to be established as a result of the   Transactions (or within eighteen (18) months after the closing of any   acquisition that are so required to be established as a result of such   acquisition) in accordance with GAAP
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(v)
    	
any net after-tax   gains or losses on abandoned, disposed of or discontinued operations
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(vi)
    	
any net   after-tax effect of gains or losses (less all fees, expenses and charges   relating thereto) attributable to asset dispositions or abandonments or the sale   or other disposition of any Equity Interests of any Person in each case other   than in the ordinary course of business, as determined in good faith by the   Lead Borrower
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(vii)
    	
the net income   (loss) for such period of any Person that is not a Subsidiary of the Lead   Borrower, or is an Unrestricted Subsidiary, or that is accounted for by the   equity method of accounting(1)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(viii)
    	
any impairment   charge or asset write-off or write-down, including impairment charges or   asset write-offs or writedowns related to intangible assets, long-lived   assets, investments in debt and equity securities or as a result of a change   in law or regulation, in each case, pursuant to GAAP, and the amortization of   intangibles arising pursuant to GAAP
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ix)
    	
any non-cash   compensation charge or expense, including any such charge or expense arising   from the grants of stock appreciation or similar rights, stock options,
    	
 
    	
 
    	
 
    

 

(1)         Consolidated Net Income of the Lead Borrower to be increased by the amount of dividends or distributions or other payments that are actually paid in cash or Cash Equivalents (or to the extent subsequently converted into cash or Cash Equivalents) to the Lead Borrower or a Restricted Subsidiary thereof in respect of such period or a prior period.

 

3

 

	
 
    	
 
    	
 
    	
restricted stock   or other rights or equity incentive programs or any other equity-based   compensation
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(x)
    	
any expenses,   charges or losses that are covered by indemnification or other reimbursement   provisions in connection with any Investment, Permitted Acquisition or any   sale, conveyance, transfer or other disposition of assets permitted under the   Credit Agreement, to the extent actually reimbursed or with respect to which   the Lead Borrower has made a determination that a reasonable basis exists for   indemnification or reimbursement (but only to the extent that such amount is   in fact indemnified or reimbursed within 365 days of such determination)   (with a deduction in the applicable future period of any amount so excluded   to the extent not so indemnified or reimbursed within such 365 days)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(xi)
    	
to the extent   covered by insurance and actually reimbursed or with respect to which the   Lead Borrower has made a determination that there exists reasonable evidence   that such amount will in fact be reimbursed by the insurer (but only to the   extent that such amount is in fact reimbursed within 365 days of the date of   such determination), expenses, charges or losses with respect to liability or   casualty events or business interruption shall be excluded (with a deduction   in the applicable future period for any amount so excluded to the extent not   so reimbursed within such 365 days)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(xii)
    	
any net pension   or other post-employment benefit costs representing amortization of   unrecognized prior service costs, actuarial losses, including amortization of   such amounts arising in prior periods, amortization of the unrecognized net   obligation (and loss or cost) existing at the date of initial application of   FASB Accounting Standards Codification 712 and 715, Statement on Financial   Accounting Standards Nos. 87, 106 and 112, and any other items of a similar   nature
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(xiii)
    	
the income (or   loss) of any Person accrued prior to the date it becomes a Restricted   Subsidiary of the Lead Borrower or is merged into, amalgamated or   consolidated with the Lead Borrower or any of its Restricted Subsidiaries or   that Person’s assets are acquired by the Lead Borrower or any of its   Restricted Subsidiaries shall be excluded (except to the extent required for   any calculation of Consolidated EBITDA on a Pro Forma Basis in accordance   with Section 1.10 of the Credit Agreement)
    	
 
    	
 
    	
 
    

 

4

 

	
 
    	
 
    	
(xiv)
    	
any non-cash   interest expense attributable to the movement of the mark-to-market valuation   of obligations under Swap Contracts or other derivative instruments pursuant   to Statement of Financial Accounting Standards No. 133
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(xv)
    	
any net   after-tax effect of income (or loss) from the early extinguishment,   write-off, forgiveness or cancellation of indebtedness or Swap Contracts or   other derivative instruments, and all deferred financing costs written off   and premiums paid or other expenses incurred directly in connection therewith
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(xvi)
    	
solely for the   purpose of determining (A) Excess Cash Flow and (B) 50% of Consolidated Net   Income for the period (treated as one accounting period) from January 1, 2013   to the end of the most recent fiscal quarter ending prior to such date of   determination for which internal consolidated financial statements of the   Lead Borrower are available (or, in the case such Consolidated Net Income is   a deficit, minus 100% of such deficit), the income of any Restricted   Subsidiary of the Lead Borrower that is not a Guarantor to the extent that   the declaration or payment of dividends or similar distributions by that   Restricted Subsidiary of that income is not at the time permitted by   operation of the terms of its charter or any agreement, instrument, judgment,   decree, order, statute, rule or governmental regulation applicable to that   Restricted Subsidiary (which has not been waived) shall be excluded, except   (solely to the extent permitted to be paid) to the extent of the amount of   dividends or other distributions actually paid to the Lead Borrower or any of   its Restricted Subsidiaries that are Guarantors by such Person during such   period in accordance with such documents and regulations
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
plus
    	
(without   duplication, the following amounts (in each case, except with respect to   (vii) and (x) below, to the extent deducted (and not added back) in arriving   at such Consolidated Net Income) with respect to the Lead Borrower and its   Restricted Subsidiaries):
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i)
    	
total interest   expense determined in accordance with GAAP and, to the extent not reflected   in such total interest expense, any losses on hedging obligations or other   derivative instruments entered into for the purpose of hedging interest rate   risk, net of interest income and gains on such hedging obligations, and costs   of surety bonds in connection with financing activities (whether amortized or   immediately expensed)
    	
 
    	
 
    	
 
    

 

5

 

	
 
    	
 
    	
(ii)
    	
provision for   taxes based on income, profits or capital gains of the Lead Borrower and the   Restricted Subsidiaries, including, without limitation, federal, state, local,   provincial, franchise and similar taxes and foreign withholding taxes paid or   accrued during such period including penalties and interest related to such   taxes or arising from any tax examinations
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iii)
    	
depreciation and   amortization
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iv)
    	
earn-out and   contingent consideration obligations (including to the extent accounted for   as bonuses, compensation or otherwise) and adjustments thereof and purchase   price adjustments, in each case in connection with acquisitions
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(v)
    	
the amount of   any minority interest expense consisting of Restricted Subsidiary income   attributable to minority interests of third parties in any non-wholly owned   Restricted Subsidiary
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(vi)
    	
any costs or   expenses incurred pursuant to any management equity plan or stock option plan   or any other management or employee benefit plan or agreement or any stock   subscription or shareholder agreement, to the extent that such costs or   expenses are funded with cash proceeds contributed to the capital of the Lead   Borrower or net cash proceeds of an issuance of Equity Interests of the Lead   Borrower (other than Disqualified Equity Interests)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(vii)
    	
cash receipts   (or any netting arrangements resulting in reduced cash expenditures) not representing   Consolidated EBITDA or Consolidated Net Income in any period to the extent   non-cash gains relating to such income were deducted in the calculation of   Consolidated EBITDA pursuant to clause (2)(b) below for any previous period   and not added back
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(viii)
    	
non-cash   expenses, charges and losses (including impairment charges or asset   write-offs, losses from investments recorded using the equity method,   stock-based awards compensation expense), in each case other than (A) any   non-cash charge representing amortization of a prepaid cash item that was   paid and not expensed in a prior period and (B) any non-cash charge relating   to write-offs, write-downs or reserves with respect to
    	
 
    	
 
    	
 
    

 

6

 

	
 
    	
 
    	
 
    	
accounts   receivable in the normal course or inventory(2)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ix)
    	
any net loss   from disposed, abandoned or discontinued operations (excluding held-for-sale   discontinued operations until actually disposed of)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(x)
    	
the amount of   cost savings, operating expense reductions, other operating improvements and   synergies projected by the Lead Borrower in good faith to be realized in   connection with any Specified Transaction (or any other business combination,   acquisition (including, for the avoidance of doubt, acquisitions occurring   prior to the Closing Date) or Disposition), any restructuring, any cost   savings initiative, and any other similar initiative and action (calculated   on a Pro Forma Basis as though such cost savings, operating expense   reductions, other operating improvements and synergies had been realized on   the first day of such period and as if such cost savings, operating expense   reductions, other operating improvements and synergies were realized during the   entirety of such period), net of the amount of actual benefits realized   during such period from such actions(3)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(xi)
    	
proceeds of   business interruption insurance
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
minus
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(b)
    	
without   duplication and to the extent included in arriving at such Consolidated Net   Income, (i) non-cash gains (excluding any non-cash gain to the extent it   represents the reversal of an accrual or reserve for a potential cash item   that reduced Consolidated EBITDA in any prior period), (ii) any net gain from   disposed, abandoned or discontinued operations and (iii) the amount of any   minority interest income consisting of Restricted Subsidiary losses   attributable to minority interests of third parties in any
    	
 
    	
 
    	
 
    

 

(2)         If any non-cash charges referred to in this clause represents an accrual or reserve for potential cash items in any future period, (1) the Lead Borrower may elect not to add back such non-cash charge in the current period and (2) to the extent the Lead Borrower elects to add back such non-cash charge, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA in such future period to such extent paid.

 

(3)         (A) Such cost savings, operating expense reductions, other operating improvements and synergies must be reasonably identifiable and factually supportable, in the good faith judgment of the Lead Borrower, and expected to result from actions that have been taken or with respect to which substantial steps are expected to be taken within 18 months after the applicable Specified Transaction, business combination, acquisition or Disposition is consummated or the applicable restructuring, cost savings initiative, or other similar initiative or action and (B) no cost savings, operating expense reductions and synergies shall be added pursuant to this clause to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for such period.

 

7

 

	
 
    	
 
    	
non-wholly owned   Restricted Subsidiary(4)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
excluding:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i)
    	
to the extent   included in Consolidated Net Income, currency translation gains and losses   related to currency remeasurements of Indebtedness (including the net loss or   gain (i) resulting from Swap Contracts for currency exchange risk and (ii)   resulting from intercompany indebtedness)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii)
    	
to the extent   included in Consolidated Net Income, for any period any adjustments resulting   from the application of Statement of FASB Codification 815 and International   Accounting Standard No. 39 and their respective related pronouncements and   interpretations
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iii)
    	
the effects of   New Raw Material Timing
    	
 
    	
 
    	
 
    

 

(4)  For the avoidance of doubt, any gain representing the reversal of any non-cash charge referred to in clause (2)(a)(viii) above for a prior period shall be added (together with, without duplication, any amounts received in respect thereof to the extent not increasing Consolidated Net Income) to Consolidated EBITDA in any subsequent period to such extent so reversed (or received).

 

8

 

[SCHEDULE 2

 

Excess Cash Flow Calculation:

 

 

	
(a)
    	
the sum,   without duplication, of:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(i)
    	
Consolidated Net Income for such period
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(ii)
    	
an amount equal to the amount of all non-cash   charges for such period to the extent deducted in arriving at such   Consolidated Net Income but excluding any such non-cash charges representing   an accrual or reserve for potential cash items in any future period
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(iii)
    	
decreases in Consolidated Working Capital and   long-term account receivables for such period (other than any such decreases   arising from acquisitions or dispositions by the Lead Borrower and its   Restricted Subsidiaries completed during such period or the application of   acquisition accounting)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(iv)
    	
an amount equal to the aggregate net non-cash loss   on Dispositions by the Lead Borrower and its Restricted Subsidiaries during   such period (other than Dispositions in the ordinary course of business) to   the extent deducted in arriving at such Consolidated Net Income
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
(b)
    	
minus, the sum, without   duplication, of:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(i)
    	
all non-cash credits included in arriving at such   Consolidated Net Income (but excluding any non-cash credit to the extent   representing the reversal of an accrual or reserve described in clause   (a)(ii) above) and the following cash charges, losses and expenses excluded   in arriving at such Consolidated Net Income:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(A)
    	
(i) after-tax effect of non-recurring, unusual or   extraordinary items (including gains or losses and all fees and expenses   relating thereto) for such period and (ii) duplicative running costs,   severance, relocation costs or expenses, Transaction Expenses, integration   costs, transition costs, pre-opening, opening, consolidation and closing   costs for facilities, costs incurred in connection with any non-recurring   strategic initiatives, costs incurred in connection with acquisitions and   non-recurring product and intellectual property development, other business   optimization expenses (including costs and expenses relating to business   optimization programs and new systems design and implementation costs),   project start-up costs and restructuring charges or reserves (including,   restructuring costs related to
    	
 
    	
 
    	
 
    

 

 

	
 
    	
 
    	
 
    	
acquisitions and to closure/consolidation of   facilities, retention charges, systems establishment costs and excess pension   charges) and related expenses
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(B)
    	
the cumulative effect of a change in accounting   principles during such period to the extent included in Consolidated Net   Income
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(C)
    	
any fees and expenses incurred during such period   (including, without limitation, any premiums, make-whole or penalty   payments), or any amortization thereof for such period, in connection with   any acquisition, investment, asset disposition, issuance or repayment of   debt, issuance of equity securities, refinancing transaction or amendment or   other modification of any debt instrument (in each case, including any such   transaction consummated on or prior to the Closing Date and any such   transaction undertaken but not completed) and any charges or non-recurring   merger costs incurred during such period as a result of any such transaction,   in each case for any such fee, expense or cost whether or not successful   (including, for the avoidance of doubt the effects of expensing all   transaction-related expenses in accordance with FASB Accounting Standards   Codification 805 and gains or losses associated with FASB Accounting Standards   Codification 460)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(D)
    	
accruals and reserves that are established or   adjusted within eighteen (18) months after the Closing Date that are so   required to be established as a result of the Transactions (or within   eighteen (18) months after the closing of any acquisition that are so   required to be established as a result of such acquisition) in accordance   with GAAP
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(E)
    	
any net after-tax gains or losses on abandoned,   disposed of or discontinued operations
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(F)
    	
any net after-tax effect of gains or losses (less   all fees, expenses and charges relating thereto) attributable to asset   dispositions or abandonments or the sale or other disposition of any Equity   Interests of any Person in each case other than in the ordinary course of   business, as determined in good faith by the Lead Borrower
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(G)
    	
the net income (loss) for such period of any Person   that is not a Subsidiary of the Lead Borrower, or is an Unrestricted   Subsidiary, or that is accounted for by the equity method of accounting;   provided that Consolidated Net Income of the Lead Borrower shall be increased   by the amount of dividends or distributions or other
    	
 
    	
 
    	
 
    

 

2

 

	
 
    	
 
    	
 
    	
payments that are actually paid in cash or Cash   Equivalents (or to the extent subsequently converted into cash or Cash   Equivalents) to the Lead Borrower or a Restricted Subsidiary thereof in   respect of such period or a prior period
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(H)
    	
any impairment charge or asset write-off or   write-down, including impairment charges or asset write-offs or write-downs   related to intangible assets, long-lived assets, investments in debt and   equity securities or as a result of a change in law regulation, in each case,   pursuant to GAAP, and the amortization of intangibles arising pursuant to   GAAP
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(I)
    	
any non-cash compensation charge or expense,   including any such charge or expense arising from the grants of stock   appreciation or similar rights, stock options, restricted stock or other   rights or equity incentive programs or any other equity-based compensation
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(J)
    	
any expenses, charges or losses that are covered by   indemnification or other reimbursement provisions in connection with any Investment,   Permitted Acquisition or any sale, conveyance, transfer or other disposition   of assets permitted under the Credit Agreement, to the extent that such   amount is in fact indemnified or reimbursed within 365 days of such   determination (with a deduction in the applicable future period of any amount   so excluded to the extent not so indemnified or reimbursed within such 365   days)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(K)
    	
to the extent covered by insurance and actually   reimbursed, expenses, charges or losses with respect to liability or casualty   events or business interruption
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(L)
    	
any net pension or other post-employment benefit   costs representing amortization of unrecognized prior service costs,   actuarial losses, including amortization of such amounts arising in prior   periods, amortization of the unrecognized net obligation (and loss or cost)   existing at the date of initial application of FASB Accounting Standards   Codification 712 and 715, Statement on Financial Accounting Standards Nos.   87, 106 and 112, and any other items of a similar nature
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(M)
    	
the income (or loss) of any Person accrued prior to   the date it becomes a Restricted Subsidiary of the Lead Borrower, or is   merged into, amalgamated or consolidated with the Lead Borrower or any of its   Restricted Subsidiaries or that Person’s assets are acquired by the Lead   Borrower or any of its Restricted
    	
 
    	
 
    	
 
    

 

3

 

	
 
    	
 
    	
 
    	
Subsidiaries (except to the extent required for any   calculation of Consolidated EBITDA on a Pro Forma Basis)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(N)
    	
any non-cash interest expense attributable to the   movement of the mark-to-market valuation of obligations under Swap Contracts   or other derivative instruments pursuant to Statement of Financial Accounting   Standards No. 133
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(O)
    	
any net after-tax effect of income (or loss) from   the early extinguishment, write-off, forgiveness or cancellation of   indebtedness or Swap Contracts or other derivative instruments, and all   deferred financing costs written off and premiums paid or other expenses   incurred directly in connection therewith
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(ii)
    	
without duplication of amounts deducted pursuant to   (xi) below in prior fiscal years, the amount of Capital Expenditures,   acquisitions and other Investments of intellectual property to the extent not   expensed or accrued during such period, to the extent that such Capital   Expenditures or acquisitions were financed with Internally Generated Cash
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(iii)
    	
the aggregate amount of all principal payments of   Indebtedness of the Lead Borrower or its Restricted Subsidiaries (including   (A) the principal component of payments in respect of Capitalized Leases and   (B) the amount of any scheduled repayment of Term Loans pursuant to Section   2.07 of the Credit Agreement, and any mandatory prepayment pursuant to   Section 2.05(b)(ii) of the Credit Agreement, to the extent required due to a   Disposition or Casualty Event that resulted in an increase to Consolidated   Net Income and not in excess of the amount of such increase but excluding (X)   all voluntary prepayments of Term Loans and (Y) all prepayments of Revolving   Credit Loans and Swing Line Loans) made during such period, to the extent   financed with Internally Generated Cash
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(iv)
    	
the aggregate net non-cash gain on Dispositions by   the Lead Borrower and its Restricted Subsidiaries during such period (other   than Dispositions in the ordinary course of business) to the extent included   in arriving at such Consolidated Net Income
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(v)
    	
increases in Consolidated Working Capital and   long-term account receivables for such period (other than any such increases   arising from acquisitions or dispositions by the Lead Borrower and its   Restricted Subsidiaries during such period or the application of acquisition   accounting)
    	
 
    	
 
    	
 
    

 

4

 

	
 
    	
(vi)
    	
cash payments by the Lead Borrower and its   Restricted Subsidiaries during such period in respect of long-term   liabilities of the Lead Borrower and its Restricted Subsidiaries other than   Indebtedness
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(vii)
    	
the amount of Investments and acquisitions made   during such period pursuant to the definition of “Permitted Investment”   (other than clauses (a)(i) or (c) thereof) to the extent that such   Investments and acquisitions were financed with Internally Generated Cash
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(viii)
    	
the amount of Restricted Payments paid during such   period pursuant to Section 7.06(f) to (k) of the Credit Agreement, to the   extent such Restricted Payments were financed with Internally Generated Cash
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(ix)
    	
the aggregate amount of expenditures actually made   by the Lead Borrower and its Restricted Subsidiaries in cash during such   period (including expenditures for the payment of financing fees) to the   extent that such expenditures are not expensed during such period
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(x)
    	
the aggregate amount of any premium, make-whole or   penalty payments actually paid in cash by the Lead Borrower and its   Restricted Subsidiaries during such period that are required to be made in   connection with any prepayment of Indebtedness
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(xi)
    	
without duplication of amounts deducted from Excess   Cash Flow pursuant to clause (b)(ii) above and at the option of the Lead   Borrower, the aggregate consideration required to be paid in cash by the Lead   Borrower and its Restricted Subsidiaries pursuant to binding contracts or   executed letters of intent (the “Contract Consideration”) entered into   prior to or during such period relating to Capital Expenditures, acquisitions,   other Investments or acquisitions of intellectual property to the extent not   expensed and not expected to be consummated or made, in each case during the   period of four consecutive fiscal quarters of the Lead Borrower following the   end of such period, provided that to the extent the aggregate amount   of Internally Generated Cash not utilizing the Cumulative Retained Excess   Cash Flow Amount actually utilized to finance such Capital Expenditure,   acquisition, other Investment or acquisition of intellectual property during   such period of four (4) consecutive fiscal quarters is less than the Contract   Consideration, the amount of such shortfall shall be added to the calculation   of Excess Cash Flow at the end of such period of four (4) consecutive fiscal   quarters
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(xii)
    	
the amount of cash taxes (including penalties and   interest) or the tax reserves set aside in a prior period to the extent they   exceed the amount of tax expense deducted in determining
    	
 
    	
 
    	
 
    

 

5

 

	
 
    	
 
    	
Consolidated Net Income for such period
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(xiii)
    	
cash expenditures in respect of Swap Contracts   during such fiscal year to the extent not deducted in arriving at such   Consolidated Net Income
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(xiv)
    	
any payment of cash to be amortized or expensed over   a future period and recorded as a long-term asset
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(xv)
    	
any restructuring expenses, pension payments or tax   contingency payments, in each case made in cash during such period to the   extent such payments exceed the amount of restructuring expenses, pension   payments or tax contingency payments, as the case may be, that were deducted   in determining Consolidated Net Income for such period
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(xvi)
    	
reimbursable or insured expenses incurred during   such fiscal year to the extent that reimbursement has not yet been received
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
(xvii)
    	
cash expenditures for costs and expenses in   connection with acquisitions or Investments, dispositions and the issuance of   equity interests or Indebtedness to the extent not deducted in arriving at   such Consolidated Net Income
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Notwithstanding anything in the definition of any   term used in the definition of Excess Cash Flow to the contrary, all   components of Excess Cash Flow shall be computed for the Lead Borrower and   its Restricted Subsidiaries on a consolidated basis.
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Excess Cash Flow
    	
 
    	
 
    	
]
    

 

6

 

IN WITNESS WHEREOF, the undersigned, solely in his/her capacity as a Responsible Officer of Holdings, has executed this certificate for and on behalf of the Lead Borrower and has caused this certificate to be delivered this            day of                    , 20[    ].

 

	
 
    	
TRINSEO   MATERIALS OPERATING S.C.A.,
    
	
 
    	
acting by its   general partner,
    
	
 
    	
TRINSEO   MATERIALS S.À R.L.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

7

 

EXHIBIT E

 

[FORM OF]

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between the Assignor (as defined below) and the Assignee (as defined below). Capitalized terms used in this Assignment and Assumption and not otherwise defined herein shall have the meanings specified in the Credit Agreement, dated as of September 6, 2017 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Trinseo Holding S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), Trinseo Materials S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 162639 (“Intermediate Holdings”), Trinseo Materials Operating S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, registered with the RCS under number B153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, Trinseo Materials Finance, Inc., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender, receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below, (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement, any other Loan Documents and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including participations in any Letters of Credit or Swing Line Loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

 

1.                                           Assignor (the “Assignor”):

 

E-1

 

2.                                           Assignee (the “Assignee”):

 

Assignee is an Affiliate of: [Name of Lender]

 

Assignee is an Approved Fund of: [Name of Lender]

 

3.                                           Borrowers: Trinseo Materials Operating S.C.A. and Trinseo Materials Finance, Inc. (the “Borrowers”)

 

4.                                           Administrative Agent: Deutsche Bank AG New York Branch

 

5.                                           Assigned Interest:

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Percentage
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Assigned of
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Aggregate
    	
 
    
	
 
    	
 
    	
Aggregate Amount of
    	
 
    	
Amount of
    	
 
    	
Commitment/
    	
 
    
	
 
    	
 
    	
Commitment/Loans of
    	
 
    	
Commitment/Loans
    	
 
    	
Loans of all
    	
 
    
	
Facility
    	
 
    	
all Lenders
    	
 
    	
Assigned(1)
    	
 
    	
Lenders(2)
    	
 
    
	
Revolving Credit   Loans
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
%
    
	
Term Loans
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
%
    
	
Swing Line Loans
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
%
    

 

Effective Date of Assignment (the “Effective Date”):(3)

 

(1)                                 Subject to the amount requirements set forth in Section 10.07(b)(ii)(A) of the Credit Agreement.

(2)                                 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

(3)                                 To be inserted by the Administrative Agent and which shall be the effective date of recordation of the transfer in the register therefor.

 

E-2

 

The terms set forth in this Assignment and Assumption are hereby agreed to:

 

	
 
    	
[NAME OF   ASSIGNOR], as 

Assignor
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
[NAME OF   ASSIGNEE](4), as 

Assignee
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

(4) Must be an “Eligible Assignee” per the terms of the Credit Agreement. Add additional signature blocks as needed.

 

E-3

 

	
[Consented to   and](5) Accepted:
    	
 
    
	
 
    	
 
    
	
DEUTSCHE BANK AG   NEW YORK BRANCH, 

as   Administrative Agent
    	
 
    
	
 
    	
 
    
	
by
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
[Consented to:
    	
 
    
	
 
    	
 
    
	
DEUTSCHE BANK AG   NEW YORK BRANCH, 

as L/C Issuer
    	
 
    
	
 
    	
 
    
	
by
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
DEUTSCHE BANK AG   NEW YORK BRANCH, 

as Swing Line   Lender
    	
 
    
	
 
    	
 
    
	
by
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:(6)
    	
 
    

 

(5)                                 No consent of the Administrative Agent shall be required for an assignment (i) of all or any portion of a Loan to a Lender, an Affiliate of a Lender or an Approved Fund, (ii) to an Agent or an Affiliate of an Agent or (iii) of all or any portion of a Terms Loan pursuant to Sections 2.14 or 2.15 of the Credit Agreement.

(6)                                 No consent of the Swing Line Lender shall be required for any assignment not related to Revolving Credit Commitments or Revolving Credit Exposure.

 

E-4

 

	
 
    	
TRINSEO   MATERIALS OPERATING S.C.A.,
    
	
 
    	
acting through   its General Partner, Trinseo Materials S.à r.l.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
TRINSEO   MATERIALS OPERATING S.À R.L.
    
	
 
    	
 
    
	
 
    	
by
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:7
    	
 
    

 

(7)                                 No consent of the Lead Borrower shall be required for (i) an assignment to a Lender, an Affiliate of a Lender, an Approved Fund, (ii) other than with respect to any proposed assignment to any Person that is a Disqualified Institution, if an Event of Default under Section 8.01(a) of the Credit Agreement or, solely with respect to any of the Borrowers, Section 8.01(f) of the Credit Agreement has occurred and is continuing or (iii) an assignment of all or a portion of the Loans pursuant to Sections 2.14 or2.15 of the Credit Agreement.

 

E-5

 

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1.                                      Representations and Warranties.

 

1.1                               Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of Trinseo Materials Operating S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, registered with the RCS under number B153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, Trinseo Materials Finance, Inc., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), or any of the Lead Borrower’s Subsidiaries or Affiliates or any other Person obligated in respect of the Credit Agreement or (iv) the performance or observance by the Borrowers, or any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

 

1.2.                            Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender thereunder, (iii) from and after the Effective Date, it shall be bound by the Credit Agreement and, to the extent provided in this Assignment and Assumption, have the rights and obligations of a Lender under the Credit Agreement, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Sections 5.05 or 6.01 of the Credit Agreement, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent, the Assignor or any other Lender, (vi) if it is not already a Lender under the Credit Agreement, attached to the Assignment and Assumption is an Administrative Questionnaire as required by the Credit Agreement and (vii) the Administrative Agent has received a processing and recordation fee of $3,500 as of the Effective Date and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender, including its obligations pursuant to Section 3.01 of the Credit Agreement.

 

2.                                      Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the

 

 

Assignee for amounts which have accrued from and after the Effective Date.

 

3.                                      General Provisions.

 

3.1                               In accordance with Section 10.07 of the Credit Agreement, upon execution, delivery, acceptance and recording of this Assignment and Assumption, from and after the Effective Date, (a) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Assignment and Assumption, have the rights and obligations of a Lender under the Credit Agreement with a Commitment as set forth herein and (b) the Assignor shall, to the extent of the Assigned Interest assigned pursuant to this Assignment and Assumption, be released from its obligations under the Credit Agreement (and, in the case that this Assignment and Assumption covers all of the Assignor’s rights and obligations under the Credit Agreement, the Assignor shall cease to be a party to the Credit Agreement but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, 10.04 and 10.05 thereof with respect to facts and circumstances occurring prior to the effective date of this assignment).

 

3.2                               This Assignment and Assumption shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed by one or more of the parties to this Assignment and Assumption on any number of separate counterparts (including by facsimile or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. This Assignment and Assumption and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the law of the state of New York.

 

 

EXHIBIT G

 

[FORM OF]

 

GLOBAL INTERCOMPANY NOTE

 

[Date]

 

FOR VALUE RECEIVED, each of the undersigned, to the extent a borrower from time to time from any other entity listed on the signature page hereto (each, in such capacity, an “Issuer”), hereby promises to pay on demand to the order of such other entity listed below (each, in such capacity, a “Holder” and, together with each Issuer, a “Note Party”), in immediately available funds in the currencies as shall be agreed from time to time at such location as the applicable Holder shall from time to time designate, the unpaid principal amount of all loans and advances or other credit extensions (including trade payables) made by such Holder to such Issuer. Each Issuer promises also to pay interest on the unpaid principal amount of all such loans and advances or other credit extensions in like money at said location from the date of such loans and advances until paid at such rate per annum as shall be agreed upon from time to time by such Issuer and such Holder.

 

This note (“Note”) is the Global Intercompany Note referred to in the Credit Agreement dated as of September 6, 2017 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Trinseo Holding S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), Trinseo Materials S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 162639 (“Intermediate Holdings”), Trinseo Materials Operating S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, registered with the RCS under number B153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, Trinseo Materials Finance, Inc., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender, and is subject to the terms thereof, and shall be pledged by each Holder pursuant to the applicable Collateral Document (as defined in the Credit Agreement), to the extent required pursuant to the terms thereof. Each Holder hereby acknowledges and agrees that the Administrative Agent may exercise all rights provided in the Credit Agreement and the Collateral Documents with respect to this Note.

 

Anything in this Note to the contrary notwithstanding, the indebtedness evidenced by this Note owed by any Issuer that is the Borrower or a Guarantor to any Holder shall be subordinate and junior in right of payment, to the extent and in the manner hereinafter set forth, to all Obligations (as defined in the Credit Agreement) of such Issuer under the Credit Agreement, including, without limitation, where applicable, under such Issuer’s guarantee of the Obligations under the Credit Agreement and obligations in connection with any renewal, refunding, restructuring or refinancing of any thereof, including interest thereon accruing after the commencement of any proceedings referred to in clause (i) below, whether or not such interest is an allowed claim in such proceeding, being hereinafter collectively referred to as

 

 

“Senior Indebtedness”):

 

(i)            In the event of any insolvency or bankruptcy proceedings, and any receivership, liquidation, reorganization or other similar proceedings in connection therewith, relative to any Issuer or to its creditors, as such, or to its property, and in the event of any proceedings for voluntary liquidation, dissolution or other winding up of such Issuer, whether or not involving insolvency or bankruptcy, then (x) the holders of Senior Indebtedness shall be paid in full in cash in respect of all amounts constituting Senior Indebtedness before any Holder is entitled to receive (whether directly or indirectly), or make any demands for, any payment on account of this Note and (y) until the holders of Senior Indebtedness are paid in full in cash in respect of all amounts constituting Senior Indebtedness, any payment or distribution to which such Holder would otherwise be entitled (other than (A) equity securities or (B) debt securities of such Issuer that are subordinated, to at least the same extent as this Note, to the payment of all Senior Indebtedness then outstanding (such securities being hereinafter referred to as “Restructured Debt Securities”)) shall be made to the holders of Senior Indebtedness;

 

(ii)           if any Event of Default (as defined in the Credit Agreement) occurs and is continuing with respect to any Senior Indebtedness, then no payment or distribution of any kind or character to any Non-Loan Party or any other Person on its behalf shall be made by or on behalf of the Issuer with respect to this Note unless otherwise agreed in writing by the Agent in its reasonable discretion; and

 

(iii)          if any payment or distribution of any character, whether in cash, securities or other property (other than Restructured Debt Securities), in respect of this Note shall (despite these subordination provisions) be received by any Holder in violation of clause (i) or (ii) before all Senior Indebtedness shall have been paid in full in cash, such payment or distribution shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness (or their representatives), ratably according to the respective aggregate amounts remaining unpaid thereon, to the extent necessary to pay all Senior Indebtedness in full in cash.

 

To the fullest extent permitted by law, no present or future holder of Senior Indebtedness shall be prejudiced in its right to enforce the subordination of this Note by any act or failure to act on the part of any Issuer or by any act or failure to act on the part of such holder or any trustee or agent for such holder. Each Holder and each Issuer hereby agree that the subordination of this Note is for the benefit of the Administrative Agent and the Lenders and the Administrative Agent and the Lenders are obligees under this Note to the same extent as if their names were written herein as such and the Administrative Agent may, on behalf of the itself and the Lenders proceed to enforce the subordination provisions herein.

 

Notwithstanding the foregoing, (i) nothing contained in the subordination provisions set forth above is intended to or will impair, as between each Issuer and each Holder, the obligations of such Issuer, which are absolute and unconditional, to pay to such Holder the principal of and interest on this Note as and when due and payable in accordance with its terms, or is intended to or will affect the relative rights of such Holder and other creditors of such Issuer other than the holders of Senior Indebtedness and (ii) with respect to any indebtedness owing from any Issuer to any Holder with a “works council” or other employee representative body, such Indebtedness shall, unless such body has been consulted with respect to such subordination, and, if and to the extent required, unconditionally approved such subordination (by means of a prior positive advice or otherwise), not be subordinated to the Senior Indebtedness to the extent, and only to the extent, that the terms of such subordination would require the approval of or consultation with such entity before such subordination could be effective.

 

Each Holder is hereby authorized to record all loans and advances or other credit extensions made by it to any Issuer (all of which shall be evidenced by this Note), and all repayments or prepayments

 

2

 

thereof, in its books and records, such books and records constituting prima facie evidence of the accuracy of the information contained therein. For the avoidance of doubt, this Note as between each Issuer and each Holder contains additional terms to any intercompany loan agreement between them and this Note does not in any way replace such intercompany loans between them nor does this Note in any way change the principal amount of any intercompany loans between them.

 

Upon execution and delivery after the date hereof by Holdings or any subsidiary of Holdings of a counterpart signature page hereto, such subsidiary shall become a Note Party hereunder with the same force and effect thereafter as if originally named as a Note Party hereunder. The rights and obligations of each Note Party hereunder shall remain in full force and effect notwithstanding the addition of any new Note Party as a party to this Note.

 

Each Issuer hereby waives presentment, demand, protest or notice of any kind in connection with this Note. All payments under this Note shall be made without offset, counterclaim or deduction of any kind.

 

This Note may be executed in any number of counterparts (and by different parties hereto in different counterparts), each of which shall constitute and original, but all of which when taken together shall constitute a single contract.

 

THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY COLLATERAL DOCUMENT, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

ANY LEGAL ACTION OR PROCEEDING ARISING UNDER THIS NOTE OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS NOTE, EACH NOTE PARTY, EACH AGENT AND EACH HOLDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS AND AGREES THAT IT WILL NOT COMMENCE OR SUPPORT ANY SUCH ACTION OR PROCEEDING IN ANOTHER JURISDICTION. NOTWITHSTANDING THE FOREGOING, NOTHING CONTAINED HEREIN WILL PREVENT ANY HOLDER, THE ADMINISTRATIVE AGENT OR ANY OTHER AGENT FROM BRINGING ANY ACTION TO ENFORCE ANY AWARD OR JUDGMENT OR EXERCISE ANY RIGHT UNDER THIS NOTE OR THE COLLATERAL DOCUMENTS OR AGAINST ANY COLLATERAL OR ANY OTHER PROPERTY OF ANY NOTE PARTY IN ANY OTHER FORUM IN WHICH JURISDICTION CAN BE ESTABLISHED. EACH NOTE PARTY, EACH AGENT AND EACH HOLDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS NOTE OR ANY OTHER DOCUMENT RELATED THERETO. EACH NOTE PARTY WAIVES ANY IMMUNITY (SOVEREIGN OR OTHERWISE) FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS TO WHICH ITSELF OR ITS PROPERTIES OR ASSETS MAY BE ENTITLED. TO THE EXTENT THAT ANY NOTE PARTY HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION, EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, SUCH NOTE PARTY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF

 

3

 

ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS.

 

EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN BY TELECOPIER OR ELECTRONIC MAIL) IN SECTION 10.02 OF THE CREDIT AGREEMENT (AS IF IT WERE PARTY TO SUCH AGREEMENT). NOTHING IN THIS NOTE WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. WITHOUT LIMITING THE OTHER PROVISIONS HEREOF AND IN ADDITION TO THE SERVICE OF PROCESS PROVIDED FOR HEREIN, EACH PARTY HERETO IRREVOCABLY DESIGNATES, APPOINTS AND EMPOWERS THE CO-BORROWER (AND THE CO-BORROWER HEREBY IRREVOCABLY ACCEPTS SUCH APPOINTMENT), AS ITS AUTHORIZED DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, ACCEPT AND ACKNOWLEDGE FOR AND ON ITS BEHALF, AND IN RESPECT OF ITS PROPERTY, SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS WHICH MAY BE SERVED IN ANY SUCH ACTION OR PROCEEDING. IF FOR ANY REASON THE CO- BORROWER SHALL CEASE TO BE AVAILABLE TO ACT AS SUCH, THE NOTE PARTIES AGREE TO PROMPTLY DESIGNATE A NEW AUTHORIZED DESIGNEE, APPOINTEE AND AGENT IN NEW YORK CITY ON THE TERMS AND FOR THE PURPOSES OF THIS PROVISION REASONABLY SATISFACTORY TO THE ADMINISTRATIVE AGENT UNDER THIS NOTE.

 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS NOTE HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS NOTE OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HERETO HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS NOTE MAY FILE AN ORIGINAL COUNTERPART OR A COPY HEREOF WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

[Signature Pages Follow]

 

4

 

	
 
    	
[SEPARATE   SIGNATURE PAGES TO BE
    
	
 
    	
ATTACHED]
    

 

 

EXHIBIT H

 

[FORM OF] GUARANTOR JOINDER

 

JOINDER AGREEMENT

 

This JOINDER AGREEMENT, dated [mm/dd/yy] (this “Joinder Agreement”), is delivered pursuant to that certain Credit Agreement, dated as of September 6, 2017 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Trinseo Holding S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), Trinseo Materials S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 162639 (“Intermediate Holdings”), Trinseo Materials Operating S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, registered with the RCS under number B153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, Trinseo Materials Finance, Inc., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender.

 

Section 1. Pursuant to Section 6.11 of the Credit Agreement, the undersigned hereby:

 

(a)           agrees that this Joinder Agreement may be attached to the Credit Agreement and that by the execution and delivery hereof, the undersigned becomes a guarantor under the Credit Agreement and agrees to be bound by all of the terms thereof;

 

(b)           represents and warrants that each of the representations and warranties set forth in the Credit Agreement, each other Loan Document and Collateral Document and applicable to the undersigned is true and correct in all material respects both before and after giving effect to this Joinder Agreement, except to the extent that any such representation and warranty relates solely to any earlier date, in which case such representation and warranty is true and correct in all material respects as of such earlier date;

 

(c)           no event has occurred or is continuing as of the date hereof, or will result from the transactions contemplated hereby on the date hereof, that would constitute a Default;

 

(d)           agrees to irrevocably and unconditionally guaranty the due and punctual payment in full of all Obligations when the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)) and in accordance with Article XI of the Credit Agreement; and

 

(e)           if a Domestic Subsidiary, the undersigned hereby (i) agrees that this counterpart may be attached to the Security Agreement, (ii) agrees that the undersigned will comply with all the terms and conditions of the Security Agreement as if it were an original signatory thereto, (iii) grants to Collateral Agent a security interest in all of the undersigned’s right, title and interest in and to all “Collateral” (as such term is defined in the Security Agreement) of the undersigned, in

 

 

each case whether now or hereafter existing or in which the undersigned now has or hereafter acquires an interest and wherever the same may be located and (iv) delivers to Collateral Agent supplements to all schedules attached to the Security Agreement. All such Collateral shall be deemed to be part of the “Collateral” and hereafter subject to each of the terms and conditions of the Security Agreement.

 

Section 2. The undersigned agrees from time to time, upon reasonable request of Administrative Agent, to take such additional actions and to execute and deliver such additional documents and instruments as Administrative Agent may reasonably request to effect the transactions contemplated by, and to carry out the intent of, this Joinder Agreement. Neither this Joinder Agreement nor any term hereof may be changed, waived, discharged or terminated, except by an instrument in writing signed by the party (including, if applicable, any party required to evidence its consent to or acceptance of this Joinder Agreement) against whom enforcement of such change, waiver, discharge or termination is sought. Any notice or other communication herein required or permitted to be given shall be given pursuant to Section 10.02 of the Credit Agreement, and all for purposes thereof, the notice address of the undersigned shall be the address as set forth on the signature page hereof. In case any provision in or obligation under this Joinder Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY COLLATERAL DOCUMENT, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

[Remainder of page intentionally left blank]

 

H-2

 

IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and delivered by its duly authorized officer as of the date above first written.

 

	
 
    	
[NAME OF   SUBSIDIARY]
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

	
Address for   Notices:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Attention:
    	
 
    
	
 
    	
Telecopier
    	
 
    
	
 
    	
 
    
	
with a copy to:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Attention:
    	
 
    
	
 
    	
Telecopier
    	
 
    
	
 
    	
 
    
	
ACKNOWLEDGED AND   ACCEPTED,
    	
 
    
	
as of the date   above first written:
    	
 
    
	
 
    	
 
    
	
DEUTSCHE BANK AG   NEW YORK BRANCH,
    	
 
    
	
as Collateral   Agent and Administrative Agent
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    
	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    
	
Title:
    	
 
    
				

 

 

EXHIBIT I

 

[FORM OF]

SOLVENCY CERTIFICATE

 

[CHIEF FINANCIAL OFFICER’S](1) [MANAGER’S] CERTIFICATE

 

TRINSEO MATERIALS OPERATING S.C.A.

societe en commandite par actions

Registered office : 46A, avenue John F. Kennedy

L-1855 Luxembourg

Grand Duchy of Luxembourg

RCS. Luxembourg : B153586

(the “Lead Borrower”)

 

This certificate is being delivered on September 6, 2017 pursuant to Section 4.01(d) of the Credit Agreement, to be dated on or about the date hereof (as the same may be amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Trinseo Holding S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), Trinseo Materials S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 162639 (“Intermediate Holdings”), the Lead Borrower, acting by its general partner, Intermediate Holdings, Trinseo Materials Finance, Inc., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender. Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Credit Agreement.

 

This certificate and each Exhibit to it can be signed in one or more counterparts. Each counterpart will be deemed to be an original and all counterparts form one and the same document.

 

The undersigned hereby certifies on behalf of the Lead Borrower, in such person’s capacity as [the chief financial officer][the Permanent Representative] of the Lead Borrower, and not individually, as follows:

 

1.             Solvency

 

Upon giving effect to the Transactions, the Lead Borrower and its Restricted Subsidiaries, on a consolidated basis, are Solvent.

 

2.             Credit Agreement Conditions

 

The conditions specified in Section 4.01(d) of the Credit Agreement have been satisfied.

 

(1)                                 Solvency Certificate to be provided by the chief financial officer of the Lead Borrower, or, if no chief financial officer has been appointed, the Permanent Representative.

 

 

IN WITNESS WHEREOF, the undersigned has executed this certificate on the date first set forth above.

 

	
TRINSEO   MATERIALS OPERATING S.C.A.,
    	
 
    
	
acting by its   general partner,
    	
 
    
	
TRINSEO   MATERIALS S.À.R.L.
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

 

EXHIBIT J

 

[FORM OF]

 

REQUEST FOR L/C ISSUANCE

 

No.       (1)             Dated       (2)

 

Deutsche Bank AG New York Branch (“DBNY”), as Administrative Agent under the Credit Agreement dated as of September 6, 2017 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Trinseo Holding S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), Trinseo Materials S.à r.l., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 162639 (“Intermediate Holdings”), Trinseo Materials Operating S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, registered with the RCS under number B153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, Trinseo Materials Finance, Inc., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Deutsche Bank AG New York Branch, as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender.

 

(1)           Request for L/C Issuance Number.

(2)           Date of Request for L/C Issuance.

 

 

	
60 Wall Street
    
	
New York, New   York 10005
    
	
 
    
	
[with a copy to:
    
	
 
    
	
[Deutsche Bank   AG New York Branch, as
    
	
Administrative   Agent for the Lenders party to the
    
	
Credit   Agreement referred to above]
    
	
[60 Wall Street,   New York, New York 10005]
    
	
Attention:   [   ](3)
    
	
[Deutsche Bank   AG New York Branch]
    
	
[               ](4),
    
	
[               ]
    
	
as L/C Issuer   under the Credit Agreement
    
	
[Address]
    
	
[Address]
    

 

Ladies and Gentlemen:

 

The Lead Borrower hereby requests that the L/C Issuer referred to above, in its individual capacity, issue a [Trade] [Standby] Letter of Credit for the account of the undersigned(5) on       (6)       (the “Date of Issuance”) in the aggregate stated amount of       (7)       . The requested Letter of Credit shall be denominated in       (8)       and shall be a Letter of Credit for all purposes of the Credit Agreement.

 

For purposes of this Request for L/C Issuance, unless otherwise defined herein, all capitalized terms used herein which are defined in the Credit Agreement shall have the respective meaning provided therein.

 

(3)           Applicable for any Request for L/C Issuance by the Lead Borrower

 

(4)                                 Insert name and address of L/C Issuer. For Standby Letters of Credit issued by Deutsche Bank AG New York Branch insert: [Deutsche Bank AG New York Branch, 60 Wall Street, 38th Floor, New York, NY 10005-MS NYC60-3812, Attention: Global Loan Operations, Standby Letter of Credit Unit, Fax No.: (212) 797-0403. For Trade Letters of Credit issued by Deutsche Bank AG New York Branch, insert: Deutsche Bank AG New York Branch, Trade and Risk Services, 60 Wall Street, New York, NY 10005-MS NYC60-2517, Attention: [         ], Telephone: (212) 250-[         ], Fax: (212) 797-[         ]]. For Letters of Credit issued by another L/C Issuer, insert the correct notice information for that L/C Issuer.

 

(5)                                 If a Non-Loan Party requests a Letter of Credit, the Lead Borrower must be a co-signor under this request for L/C issuance.

 

(6)                                 Date of Issuance which shall be at least two Business Days after the date of this Request for L/C Issuance (or such shorter period as is acceptable to the respective L/C Issuer).

 

(7)                                 Insert aggregate initial Stated Amount of the Letter of Credit (in the Alternative Currency specified in footnote 8), which shall not be less than a Dollar Amount of $100,000 (or, in each case, such lesser amount as is acceptable to the respective L/C Issuer).

 

(8)           Insert applicable Alternative Currency.

 

 

The beneficiary of the requested Letter of Credit will be       (9)       , and such Letter of Credit will be in support of       (10)       and will have a stated expiration date of       (11)       .

 

The Lead Borrower hereby certifies that:

 

(1)           the representations and warranties contained in the Loan Documents will be true and correct in all material respects on the Date of Issuance, both before and after giving effect to the issuance of the Letter of Credit requested hereby (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date); and

 

(2)           no Default has occurred and is continuing nor, after giving effect to the issuance of the Letter of Credit requested hereby, would such a Default occur.

 

Copies of all relevant documentation with respect to the supported transaction are attached hereto.

 

	
 
    	
TRINSEO   MATERIALS OPERATING S.C.A.,
    
	
 
    	
acting by its general   partner,
    
	
 
    	
TRINSEO   MATERIALS S.À.R.L.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

(9)           Insert name and address of beneficiary.

 

(10)                          Insert description of L/C Obligations and describe obligation to which it relates in the case of standby Letters of Credit or a description of the commercial transaction which is being supported in the case of trade Letters of Credit.

 

(11)                          Insert last date upon which drafts may be presented which may not be later than the earlier of (a) in the case of standby Letters of Credit (x) the date which occurs 12 months after the Date of Issuance and (y) the fifth Business Day prior to the Maturity Date for the applicable Revolving Credit Commitment and (b) in the case of trade Letters of Credit, (x) the date which occurs 180 days after the Date of Issuance thereof and (y) the fifth Business Day prior to the Maturity Date for the applicable Revolving Credit Commitment.

 

 

EXHIBIT K

 

FORM OF

 

FIRST LIEN INTERCREDITOR AGREEMENT

 

Among

 

TRINSEO HOLDING S.À R.L.,

as Holdings,

 

TRINSEO MATERIALS S.À R.L.,

as Intermediate Holdings,

 

TRINSEO MATERIALS OPERATING S.C.A.,

as the Lead Borrower,

 

TRINSEO MATERIALS FINANCE, INC.,

as the Co-Borrower,

 

the other Grantors party hereto,

 

DEUTSCHE BANK AG NEW 

YORK BRANCH,

 

as First Lien Credit Agreement Collateral Agent for the First Lien

Credit Agreement Secured Parties,

 

[        ]

 

as the Additional First Lien Collateral Agent,

 

[        ]

 

as the Initial Additional Authorized Representative,

 

and

 

each additional Authorized Representative from time to time party hereto

 

dated as of [        ], 20[      ]

 

 

FIRST LIEN INTERCREDITOR AGREEMENT, dated as of [ ], 20[ ] (as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time, this “Agreement”), among TRINSEO Holding S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), TRINSEO MATERIALS S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with RCS under number B 162639 (“Intermediate Holdings”), TRINSEO MATERIALS OPERATING S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, TRINSEO MATERIALS FINANCE, INC., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), the other Grantors (as defined below) from time to time party hereto, DEUTSCHE BANK AG NEW YORK BRANCH (“DBNY”), as collateral agent for the First Lien Credit Agreement Secured Parties (as defined below) (in such capacity and together with its successors in such capacity, the “First Lien Credit Agreement Collateral Agent”), [ ], as Authorized Representative for the Initial Additional First Lien Secured Parties (as defined below) (in such capacity and together with its successors in such capacity, the “Initial Additional Authorized Representative”) and each additional Authorized Representative from time to time party hereto for the other Additional First Lien Secured Parties of the Series (as each such term is defined below) with respect to which it is acting in such capacity.

 

In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the First Lien Credit Agreement Collateral Agent (for itself and on behalf of the First Lien Credit Agreement Secured Parties), the Initial Additional Authorized Representative (for itself and on behalf of the Initial Additional First Lien Secured Parties) and each additional Authorized Representative (for itself and on behalf of the Additional First Lien Secured Parties of the applicable Series) agree as follows:

 

ARTICLE I

 

Definitions

 

SECTION 1.01 Certain Defined Terms. Capitalized terms used but not otherwise defined herein have the meanings set forth in the First Lien Credit Agreement (as defined below) or, if defined in the New York UCC, the meanings specified therein. As used in this Agreement, the following terms have the meanings specified below:

 

“Additional First Lien Collateral Agent” means (a) prior to the Discharge of the Initial Additional First Lien Obligations, the Initial Additional Authorized Representative and (b) from and after the Discharge of the Initial Additional First Lien Obligations, the Authorized Representative for the Series of Additional First Lien Obligations that constitutes the largest outstanding principal amount of any then outstanding Series of Additional First Lien Obligations.

 

“Additional First Lien Documents” means, with respect to the Initial Additional First Lien Obligations or any Series of Additional Senior Class Debt, the notes, indentures, credit agreements, collateral agreements, security documents, guarantees and other operative agreements evidencing or governing such Indebtedness and the Liens securing such Indebtedness, including the Initial Additional First Lien Documents and the Additional First Lien Security Documents and each other agreement entered

 

 

into for the purpose of securing the Initial Additional First Lien Obligations or any Series of Additional Senior Class Debt; provided that, in each case, the Indebtedness thereunder (other than the Additional First Lien Obligations) has been designated as Additional Senior Class Debt pursuant to Section 5.13 hereto.

 

“Additional First Lien Obligations” means collectively (1) the Initial Additional First Lien Obligations and (2) all amounts owing pursuant to the terms of any Series of Additional Senior Class Debt designated as Additional First Lien Obligations pursuant to Section 5.13 after the date hereof, including, without limitation, the obligation (including guarantee obligations) to pay principal, premium, interest, fees, expenses (including interest, fees and expenses that accrue after the commencement of a Bankruptcy Case, regardless of whether such interest, fees and expenses are an allowed claim under such Bankruptcy Case), letter of credit commissions, reimbursement obligations, charges, attorneys costs, indemnities, penalties, reimbursements, damages and other amounts payable by a Grantor under any Additional First Lien Document (including guarantees of the foregoing).

 

“Additional First Lien Secured Party” means the holders of any Additional First Lien Obligations and any Authorized Representative with respect thereto and the beneficiaries of each indemnification obligation undertaken by the Borrowers and the other Grantors under any related Additional First Lien Document, and shall include the Initial Additional First Lien Secured Parties and the Additional Senior Class Debt Parties.

 

“Additional First Lien Security Document” means any collateral agreement, security agreement or any other document now existing or entered into after the date hereof that creates or purports to create, Liens on any assets or properties of any Grantor to secure any of the Additional First Lien Obligations.

 

“Additional Senior Class Debt” has the meaning assigned to such term in Section 5.13.

 

“Additional Senior Class Debt Collateral Agent” has the meaning assigned to such term in Section 5.13.

 

“Additional Senior Class Debt Parties” has the meaning assigned to such term in Section 5.13.

 

“Additional Senior Class Debt Representative” has the meaning assigned to such term in Section 5.13.

 

“Agreement” has the meaning assigned to such term in the introductory paragraph of hereto.

 

“Applicable Authorized Representative” means, with respect to any Shared Collateral, (i) until the earlier of (x) the Discharge of First Lien Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the First Lien Credit Agreement Collateral Agent and (ii) from and after the earlier of (x) the Discharge of First Lien Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Major Non-Controlling Authorized Representative.

 

“Authorized Representative” means, at any time, (i) in the case of any First Lien Credit Agreement Obligations or the First Lien Credit Agreement Secured Parties, the First Lien Credit Agreement Collateral Agent, (ii) in the case of the Initial Additional First Lien Obligations or the Initial Additional First Lien Secured Parties, the Initial Additional Authorized Representative, and (iii) in the case of any other Series of Additional First Lien Obligations or Additional First Lien Secured Parties that become subject to this Agreement after the date hereof, the Additional Senior Class Debt Representative for such Series named in the applicable Joinder Agreement.

 

“Bankruptcy Case” has the meaning assigned to such term in Section 2.05(b).

 

 

“Bankruptcy Code” means Title 11 of the United States Code, as amended.

 

“Borrower” has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Collateral” means all assets and properties subject to, or purported to be subject to, Liens created pursuant to any First Lien Security Document to secure one or more Series of First Lien Obligations.

 

“Collateral Agent” means (i) in the case of any First Lien Credit Agreement Obligations, the First Lien Credit Agreement Collateral Agent, (ii) in the case of the Initial Additional First Lien Obligations, the Initial Additional Authorized Representative and (iii) in the case of any other Series of Additional First Lien Obligations that become subject to this Agreement after the date hereof, the Additional Senior Class Debt Collateral Agent for such Series named in the applicable Joinder Agreement.

 

“Controlling Collateral Agent” means, with respect to any Shared Collateral, (i) until the earlier of (x) the Discharge of First Lien Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date with respect to such Shared Collateral, the First Lien Credit Agreement Collateral Agent and (ii) from and after the earlier of (x) the Discharge of First Lien Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date with respect to such Shared Collateral, the Additional First Lien Collateral Agent (acting on the instructions of the Applicable Authorized Representative).

 

“Controlling Secured Parties” means, with respect to any Shared Collateral, (i) at any time when the First Lien Credit Agreement Collateral Agent is the Controlling Collateral Agent with respect to such Shared Collateral, the First Lien Credit Agreement Secured Parties and (ii) at any other time, the Series of First Lien Secured Parties whose Authorized Representative is the Applicable Authorized Representative for such Shared Collateral.

 

“Debtor Relief Law” means the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, examinership, insolvency, winding up, 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.

 

“DIP Financing” has the meaning assigned to such term in Section 2.05(b).

 

“DIP Financing Liens” has the meaning assigned to such term in Section 2.05(b).

 

“DIP Lenders” has the meaning assigned to such term in Section 2.05(b).

 

“Discharge” means, with respect to any Shared Collateral and any Series of First Lien Obligations, the date on which such Series of First Lien Obligations is no longer secured by such Shared Collateral. The term “Discharged” shall have a corresponding meaning.

 

“Discharge of First Lien Credit Agreement Obligations” means, with respect to any Shared Collateral, the Discharge of the First Lien Credit Agreement Obligations with respect to such Shared Collateral; provided that the Discharge of First Lien Credit Agreement Obligations shall not be deemed to have occurred in connection with a Refinancing of such First Lien Credit Agreement Obligations with Additional First Lien Obligations secured by such Shared Collateral under an Additional First Lien Document which has been designated in writing by the First Lien Credit Agreement Administrative Agent (under the First Lien Credit Agreement so Refinanced) to the Additional First Lien Collateral Agent and each other Authorized Representative as the “First Lien Credit Agreement” for purposes of this Agreement.

 

“Disposal Obligation” has the meaning assigned to it in Section 2.04.

 

 

“Disposed Entity” has the meaning assigned to it in Section 2.04.

 

“Disposition” has the meaning assigned to it in Section 2.04.

 

“Enforcement Action” means any action to:

 

(1)           foreclose, execute, levy, or collect on, appropriate, take possession or control of, sell or otherwise realize upon (judicially or non-judicially), or lease, license, or otherwise dispose of (whether publicly or privately), Collateral or otherwise exercise or enforce remedial rights with respect to Collateral under the First Lien Documents (including by way of setoff, recoupment, notification of a public or private sale or other disposition pursuant to the UCC or other applicable law, notification to account debtors, notification to depositary banks under deposit account control agreements, or exercise of rights under landlord consents, if applicable);

 

(2)           solicit bids from third Persons, approve bid procedures for any proposed disposition of Collateral, to conduct the liquidation or disposition of Collateral or engage or retain sales brokers, marketing agents, investment bankers, accountants, appraisers, auctioneers, or other third Persons for the purposes of valuing, marketing, promoting, and selling Collateral;

 

(3)           receive a transfer of Collateral in satisfaction of Indebtedness or any other First Lien Obligation secured thereby or enter into any cooperation, compromise or similar arrangement with any Grantor;

 

(4)           otherwise enforce a security interest or exercise another right or remedy, as a secured creditor or otherwise, pertaining to the Collateral at law, in equity, or pursuant to the Secured Credit Documents (including the commencement of applicable legal proceedings or other actions with respect to all or any portion of the Collateral to facilitate the actions described in the preceding clauses, and exercising voting rights in respect of equity interests comprising Collateral); or

 

(5)           the Disposition of Collateral by any Grantor after the occurrence and during the continuation of an “event of default” under the First Lien Documents with the consent of the Controlling Collateral Agent or as otherwise provided herein (in either case, to the extent that such consent is required).

 

“Event of Default” means an “Event of Default” (or similarly defined term) as defined in any Secured Credit Document.

 

“First Lien Credit Agreement Administrative Agent” means the Administrative Agent as defined in the First Lien Credit Agreement and shall include any successor administrative agent (including as a result of any Refinancing or other modification of the First Lien Credit Agreement permitted by Section 2.15 thereof).

 

First Lien Credit Agreement Collateral Agent” has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“First Lien Credit Agreement” means the First Lien Credit Agreement, dated as of September 6, 2017, among Holdings, Intermediate Holdings, the Borrowers, the guarantors from time to time party thereto, the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as First Lien Credit Agreement Administrative Agent, and the other parties thereto, as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time.

 

“First Lien Credit Agreement Collateral Documents” means the First Lien Security Agreement, the other Collateral Documents (as defined in the First Lien Credit Agreement) and each other agreement

 

 

entered into in favor of the First Lien Credit Agreement Collateral Agent for the purpose of securing and/or perfecting any First Lien Credit Agreement Obligations.

 

“First Lien Credit Agreement Obligations” means all “Obligations” as defined in the First Lien Credit Agreement.

 

“First Lien Credit Agreement Secured Parties” means the “Secured Parties” as defined in the First Lien Credit Agreement.

 

“First Lien Documents” means the First Lien Credit Agreement, First Lien Collateral Documents, and the Additional First Lien Documents.

 

“First Lien Obligations” means, collectively, (i) the First Lien Credit Agreement Obligations and (ii) each Series of Additional First Lien Obligations.

 

“First Lien Secured Parties” means (i) the First Lien Credit Agreement Secured Parties and (ii) the Additional First Lien Secured Parties with respect to each Series of Additional First Lien Obligations.

 

“First Lien Security Agreement” means the “Security Agreement” as defined in the First Lien Credit Agreement.

 

“First Lien Security Documents” means, collectively, (i) the First Lien Credit Agreement Collateral Documents and (ii) the Additional First Lien Security Documents.

 

“German Security” means any security interest in the Shared Collateral created under the Security Documents governed by German law.

 

“Grantors” means Holdings, Intermediate Holdings, each Borrower and each of the other Guarantors (as defined in the First Lien Credit Agreement) and each other parent entity or subsidiary of Lead Borrower which has granted a security interest pursuant to any First Lien Security Document to secure any Series of First Lien Obligations (including any such Person which becomes a party to this Agreement as contemplated by Section 5.16). The Grantors existing on the date hereof are set forth in Annex I hereto.

 

“Holdings” has the meaning assigned to such term in the introductory paragraph hereto.

 

“Impairment”6 has the meaning assigned to such term in Section 1.03.

 

“Initial Additional Authorized Representative” has the meaning assigned to such term in the introductory paragraph hereto.

 

“Initial Additional First Lien Agreement” mean that certain [Indenture] [Other Agreement], dated as of [ ], among the Borrowers, [the Guarantors identified therein,] and [ ], as [trustee], as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time.

 

“Initial Additional First Lien Documents” means the Initial Additional First Lien Agreement, the debt securities issued thereunder, the Initial Additional First Lien Security Agreement and any collateral agreements, security documents, guarantees and other operative agreements evidencing or governing the Indebtedness thereunder, and the Liens securing or purporting to secure, such Indebtedness.

 

“Initial Additional First Lien Obligations” means the [Obligations] as such term is defined in the Initial Additional First Lien Security Agreement.

 

 

“Initial Additional First Lien Secured Parties” means the Additional First Lien Collateral Agent, the Initial Additional Authorized Representative and the holders of the Initial Additional First Lien Obligations issued pursuant to the Initial Additional First Lien Agreement.

 

“Initial Additional First Lien Security Agreement” means the security agreement, dated as of the date hereof, among the Borrowers, the Additional First Lien Collateral Agent and the other parties thereto, as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time.

 

“Insolvency or Liquidation Proceeding” means:

 

(1)           any case commenced by or against either Borrower or any other Grantor under any Debtor Relief Law, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of such Borrower or any other Grantor, any receivership or assignment for the benefit of creditors relating to either Borrower or any other Grantor or any similar case or proceeding (including any such proceeding under applicable corporate law) relative to either Borrower or any other Grantor or its creditors, as such, in each case whether or not voluntary;

 

(2)           any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to either Borrower or any other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or

 

(3)           any other proceeding of any type or nature in which substantially all claims of creditors of either Borrower or any other Grantor are determined and any payment or distribution is or may be made on account of such claims.

 

“Intervening Creditor” has the meaning assigned to such term in Section 2.01(a).

 

“Joinder Agreement” means a joinder to this Agreement substantially in the form of Annex II hereto or such other form as shall be approved by the Controlling Collateral Agent.

 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to Real Property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing); provided that in no event shall an operating lease in and of itself be deemed to be a Lien.

 

“Luxembourg” shall mean the Grand-Duchy of Luxembourg.

 

“Luxembourg Companies Register” means the Luxembourg Register of Commerce and Companies.

 

“Lux Party” shall mean any Grantor whose registered office/place of central administration is in Luxembourg.

 

“Major Non-Controlling Authorized Representative” means, with respect to any Shared Collateral, (i) at any time when the First Lien Credit Agreement Collateral Agent is the Controlling Collateral Agent, the Authorized Representative of the Series of Additional First Lien Obligations, if any, that constitutes the largest outstanding principal amount of any then outstanding Series of First Lien Obligations (excluding the First Lien Credit Agreement Obligations) with respect to such Shared Collateral and (ii) at any time when the First Lien Credit Agreement Collateral Agent is not the Controlling Collateral Agent, the Authorized Representative of the Series of First Lien Obligations that

 

 

constitutes the largest outstanding principal amount of any then outstanding Series of First Lien Obligations with respect to such Shared Collateral; provided, however, that if there are two outstanding Series of Additional First Lien Obligations which have an equal outstanding principal amount, the Series of Additional First Lien Obligations with the earlier maturity date shall be considered to have the larger outstanding principal amount for purposes of this definition.

 

“New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York.

 

“Non-Controlling Authorized Representative” means, at any time with respect to any Shared Collateral, any Authorized Representative that is not the Applicable Authorized Representative at such time with respect to such Shared Collateral.

 

“Non-Controlling Authorized Representative Enforcement Date” means, with respect to any Non-Controlling Authorized Representative, the date which is 180 days (throughout which 180 day period such Non-Controlling Authorized Representative was the Major Non-Controlling Authorized Representative) after the occurrence of both (i) an Event of Default (under and as defined in the Additional First Lien Document under which such Non-Controlling Authorized Representative is the Authorized Representative) and (ii) each Collateral Agent’s and each other Authorized Representative’s receipt of written notice from such Non-Controlling Authorized Representative certifying that (x) such Non-Controlling Authorized Representative is the Major Non-Controlling Authorized Representative and that an Event of Default (under and as defined in the Additional First Lien Document under which such Non-Controlling Authorized Representative is the Authorized Representative) has occurred and is continuing and (y) the Additional First Lien Obligations of the Series with respect to which such Non-Controlling Authorized Representative is the Authorized Representative are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Additional First Lien Document; provided that the Non-Controlling Authorized Representative Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred with respect to any Shared Collateral (1) at any time the First Lien Credit Agreement Collateral Agent, the Applicable Authorized Representative or the Controlling Collateral Agent has commenced and is diligently pursuing any enforcement action with respect to such Shared Collateral or (2) at any time the Grantor which has granted a security interest in such Shared Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding.

 

“Non-Controlling Secured Parties” means, with respect to any Shared Collateral, the First Lien Secured Parties which are not Controlling Secured Parties with respect to such Shared Collateral.

 

“Non-Shared Collateral” has the meaning assigned to such term in Section 2.01(c).

 

“Possessory Collateral” means any Shared Collateral in the possession and/or control of any Collateral Agent (or its agents or bailees), to the extent that possession and/or control thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes, without limitation, any Certificated Securities, Promissory Notes, Instruments, and Chattel Paper, in each case, delivered to or in the possession of and/or under the control of any Collateral Agent under the terms of the First Lien Security Documents.

 

“Priority Lien” has the meaning assigned to such term in Section 2.04.

 

“Proceeds” has the meaning assigned to such term in Section 2.01(a).

 

“Receiving Entity” has the meaning assigned to such term in Section 2.04.

 

“Refinance” means, in respect of any indebtedness, to refinance, extend, renew, defease, amend, increase, modify, supplement, restructure, refund, replace or repay such indebtedness, or to issue other

 

 

indebtedness or enter into alternative financing arrangements, in exchange or replacement for such indebtedness (in whole or in part), including by adding or replacing lenders, creditors, agents, borrowers and/or guarantors, and including in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated and including, in each case, through any credit agreement, indenture or other agreement. “Refinanced” and “Refinancing” have correlative meanings.

 

“Secured Credit Document” means (i) the First Lien Credit Agreement and each Loan Document (as defined in the First Lien Credit Agreement), (ii) each Initial Additional First Lien Document, and (iii) each Additional First Lien Document for Additional First Lien Obligations incurred after the date hereof.

 

“Series” means (a) with respect to the First Lien Secured Parties, each of (i) the First Lien Credit Agreement Secured Parties (in their capacities as such), (ii) the Initial Additional First Lien Secured Parties (in their capacities as such), and (iii) the Additional First Lien Secured Parties (in their capacities as such) that become subject to this Agreement after the date hereof that are represented by a common Authorized Representative (in its capacity as such for such Additional First Lien Secured Parties) and (b) with respect to any First Lien Obligations, each of (i) the First Lien Credit Agreement Obligations, (ii) the Initial Additional First Lien Obligations, and (iii) the Additional First Lien Obligations incurred after the date hereof pursuant to any Additional First Lien Document, the holders of which, pursuant to any Joinder Agreement, are to be represented hereunder by a common Authorized Representative (in its capacity as such for such Additional First Lien Obligations).

 

“Shared Collateral” means, at any time, Collateral in which the holders of two or more Series of First Lien Obligations (or their respective Authorized Representatives or Collateral Agents on behalf of such holders) hold or purport to hold, a valid and perfected security interest at such time. If more than two Series of First Lien Obligations are outstanding at any time and the holders of less than all Series of First Lien Obligations hold or purport to hold, a valid and perfected security interest in any Collateral at such time, then such Collateral shall constitute Shared Collateral for those Series of First Lien Obligations that hold a valid and perfected security interest in such Collateral at such time and shall not constitute Shared Collateral for any Series which does not have a valid and perfected security interest in such Collateral at such time.

 

“Transferee” has the meaning assigned to such term in Section 2.04.

 

SECTION 1.02 Terms Generally. 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, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended, supplemented or otherwise modified, (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is made to such subsidiaries, (iii) the words “hereto”, “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, 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 (vi) the term “or” is not exclusive.

 

 

SECTION 1.03 Impairments. It is the intention of the First Lien Secured Parties of each Series that the holders of First Lien Obligations of such Series (and not the First Lien Secured Parties of any other Series) bear the risk of (i) any determination by a court of competent jurisdiction that (x) any of the First Lien Obligations of such Series are unenforceable under applicable law or are subordinated to any other obligations (other than another Series of First Lien Obligations), (y) any of the First Lien Obligations of such Series do not have an enforceable security interest in any of the Collateral securing any other Series of First Lien Obligations and/or (z) any intervening security interest exists securing any other obligations (other than another Series of First Lien Obligations) on a basis ranking prior to the security interest of such Series of First Lien Obligations but junior to the security interest of any other Series of First Lien Obligations or (ii) the existence of any Collateral for any other Series of First Lien Obligations that is not Shared Collateral for such Series (any such condition referred to in the foregoing clauses (i) or (ii) with respect to any Series of First Lien Obligations, an “Impairment” of such Series); provided that the existence of a maximum claim with respect to any Material Real Property (as defined in the First Lien Credit Agreement) subject to a mortgage that applies to all First Lien Obligations shall not be deemed to be an Impairment of any Series of First Lien Obligations. In the event of any Impairment with respect to any Series of First Lien Obligations, the results of such Impairment shall be borne solely by the holders of such Series of First Lien Obligations, and the rights of the holders of such Series of First Lien Obligations (including, without limitation, the right to receive distributions in respect of such Series of First Lien Obligations pursuant to Section 2.01) set forth herein shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of the Series of such First Lien Obligations subject to such Impairment. Additionally, in the event the First Lien Obligations of any Series are modified pursuant to applicable law (including, without limitation, pursuant to Section 1129 of the Bankruptcy Code or any other provision of any Debtor Relief Law), any reference to such First Lien Obligations or the First Lien Security Documents governing such First Lien Obligations shall refer to such obligations or such documents as so modified.

 

SECTION 1.04 Luxembourg Terms. Notwithstanding any other provision of this Agreement to the contrary, in this Agreement where it relates to a Lux Party, a reference to: (a) a winding-up, administration, liquidation, conservatorship, bankruptcy, general assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or dissolution includes bankruptcy (faillite), insolvency, liquidation, composition with creditors (concordat préventif de faillite), moratorium or reprieve from payment (sursis de paiement), controlled management (gestion contrôlée), fraudulent conveyance (action paulienne), general settlement with creditors, reorganization or similar laws affecting the rights of creditors generally; (b) a receiver, receiver and manager, liquidator, administrator, trustee, custodian, sequestrator, conservator or similar officer includes a juge délégué, commissaire, juge-commissaire, mandataire ad hoc, administrateur provisoire, liquidateur or curateur; (c) a Lien or security interest includes any hypothèque, nantissement, gage, privilege, sûreté réelle, droit de rétention, and any type of security in rem (sûreté réelle) or agreement or arrangement having a similar effect and any transfer of title by way of security; (d) a person being unable to pay its debts includes that person being in a state of cessation de paiements or having lost or meeting the criteria to lose its commercial creditworthiness; (e) attachments or similar creditors process means an executory attachment (saisie exécutoire) or conservatory attachment (saisie conservatoire); (f) a guaranty includes any garantie that is independent from the debt to which it relates and excludes any suretyship (cautionnement) within the meaning of Articles 2011 and seq. of the Luxembourg Civil Code; and (g) by-laws or organizational documents includes its articles of association (statuts coordonnés).

 

 

ARTICLE II

 

Priorities and Agreements with Respect to Shared Collateral

 

SECTION 2.01 Priority of Claims.

 

(a)           Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.03), if an Event of Default has occurred and is continuing, and the Controlling Collateral Agent or any First Lien Secured Party is taking action to enforce rights in respect of any Shared Collateral, or any distribution is made in respect of any Shared Collateral in any Bankruptcy Case of either Borrower or any other Grantor or any First Lien Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) with respect to any Shared Collateral, the proceeds of any sale, collection or other liquidation of any such Shared Collateral by the Controlling Collateral Agent or any other First Lien Secured Party on account of such enforcement of rights or remedies or distribution in respect thereof in any Bankruptcy Case or received by the Controlling Collateral Agent or any other First Lien Secured Party pursuant to any such intercreditor agreement (other than this Agreement) with respect to such Shared Collateral and proceeds of any such distribution (subject, in the case of any such distribution, to the sentence immediately following) to which the First Lien Obligations are entitled under any intercreditor agreement (other than this Agreement) (all proceeds of any sale, collection or other liquidation of any Collateral and all proceeds of any such distribution being collectively referred to as “Proceeds”), shall be applied (i) FIRST, to the payment in full in cash of all amounts owing to each Collateral Agent (in its capacity as such and, in the case of the First Lien Credit Agreement Collateral Agent, in its capacity as First Lien Credit Agreement Administrative Agent) pursuant to the terms of any Secured Credit Document, (ii) SECOND, subject to Section 1.03, to the payment in full in cash of the First Lien Obligations of each Series on a ratable basis, with such Proceeds to be applied to the First Lien Obligations of a given Series in accordance with the terms of the applicable Secured Credit Documents and (iii) THIRD after Discharge of all First Lien Obligations, to either Borrower and the other Grantors or their successors or assigns, as their interests may appear, or to whomsoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. If, despite the provisions of this Section 2.01(a), any First Lien Secured Party shall receive any payment or other recovery in excess of its portion of payments on account of the First Lien Obligations to which it is then entitled in accordance with this Section 2.01(a), such First Lien Secured Party shall hold such payment or recovery in trust for the benefit of all First Lien Secured Parties in accordance with Section 2.03(b) for distribution in accordance with this Section 2.01(a). Notwithstanding the foregoing, with respect to any Shared Collateral for which a third party (other than a First Lien Secured Party) has a lien or security interest that is junior in priority to the security interest of any Series of First Lien Obligations but senior (as determined by appropriate legal proceedings in the case of any dispute) to the security interest of any other Series of First Lien Obligations (such third party, an “Intervening Creditor”), the value of any Shared Collateral or Proceeds allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the Shared Collateral or Proceeds to be distributed in respect of the Series of First Lien Obligations with respect to which such Impairment exists.

 

(b)           Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing any Series of First Lien Obligations granted on the Shared Collateral and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, or any other applicable law or the Secured Credit Documents or any defect or deficiencies in the Liens securing the First Lien Obligations of any Series or any other circumstance whatsoever (but, in each case, subject to Section 1.03), each First Lien Secured Party hereby agrees that the Liens securing each Series of First Lien Obligations on any Shared Collateral shall be of equal priority.

 

(c)           Notwithstanding anything in this Agreement, any Secured Credit Document or any other First Lien Security Documents to the contrary, Collateral consisting of cash and cash equivalents pledged to secure First Lien Credit Agreement Obligations consisting of reimbursement obligations in respect of letters of credit or in respect of swing line loans or otherwise held by the First Lien Credit Agreement Collateral Agent or pursuant to Section 2.03(g), 2.04(g) 2.17 or Article 8 of the First Lien Credit Agreement (or any equivalent successor provision) (the “Non-Shared Collateral”) shall be applied as specified in the First Lien Credit Agreement and will not constitute Shared Collateral and it is understood

 

 

and agreed that this Agreement shall not restrict the rights of any First Lien Credit Agreement Secured Party to pursue enforcement proceedings, exercise remedies or make determinations with respect to the Non-Shared Collateral in accordance with the First Lien Credit Agreement.

 

SECTION 2.02 Actions with Respect to Shared Collateral; Prohibition on Contesting Liens.

 

(a)           Only the Controlling Collateral Agent shall act or refrain from acting with respect to any Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral). At any time when the First Lien Credit Agreement Collateral Agent is the Controlling Collateral Agent, no Additional First Lien Secured Party shall or shall instruct any Collateral Agent to, and neither the Additional First Lien Collateral Agent nor any other Collateral Agent that is not the Controlling Collateral Agent shall, commence any judicial or non-judicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any Enforcement Action or other action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any Shared Collateral (including with respect to the relative rights and duties of the holders of the First Lien Obligations granted and/or established hereunder, the Liens under the Secured Credit Documents or otherwise with respect to any intercreditor agreement with respect to any Shared Collateral), whether under any Additional First Lien Security Document, applicable law or otherwise, it being agreed that only the First Lien Credit Agreement Collateral Agent, acting in accordance with the First Lien Credit Agreement Collateral Documents, shall be entitled to take any such actions or exercise any such remedies with respect to Shared Collateral at such time.

 

(b)           With respect to any Shared Collateral at any time when the First Lien Credit Agreement Collateral Agent is not the Controlling Collateral Agent, (i) the Controlling Collateral Agent shall act only on the instructions of the Applicable Authorized Representative, (ii) the Controlling Collateral Agent shall not follow any instructions with respect to such Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral) from any Non-Controlling Authorized Representative (or any other First Lien Secured Party other than the Applicable Authorized Representative) and (iii) no Non-Controlling Authorized Representative or other First Lien Secured Party (other than the Applicable Authorized Representative) shall or shall instruct the Controlling Collateral Agent to, commence any judicial or non-judicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any Enforcement Action, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral), whether under any First Lien Security Document, applicable law or otherwise, it being agreed that only the Controlling Collateral Agent, acting on the instructions of the Applicable Authorized Representative and in accordance with the applicable Additional First Lien Security Documents, shall be entitled to take any Enforcement Action or exercise any such remedies with respect to Shared Collateral.

 

(c)           Notwithstanding the equal priority of the Liens securing each Series of First Lien Obligations with respect to any Shared Collateral, the Controlling Collateral Agent may deal with the Shared Collateral as if such Controlling Collateral Agent had a senior Lien on such Shared Collateral. No Non-Controlling Authorized Representative or Non-Controlling Secured Party will contest, protest or object (or support any other Person in contesting, protesting or objecting) to any Enforcement Action or other foreclosure proceeding or action brought by the Controlling Collateral Agent, the Applicable Authorized Representative or any Controlling Secured Party or any other exercise by the Controlling Collateral Agent, the Applicable Authorized Representative or any Controlling Secured Party of any rights and remedies relating to the Shared Collateral, or to cause the Controlling Collateral Agent to do so. The foregoing shall not be construed to limit the rights and priorities of any First Lien Secured Party, the

 

 

Controlling Collateral Agent or any Authorized Representative with respect to any Collateral not constituting Shared Collateral (including, without limitation, any Non-Shared Collateral).

 

(d)           Each of the First Lien Secured Parties agrees that it will not (and hereby waives any right to) question or contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity, attachment or enforceability of a Lien held by or on behalf of any of the First Lien Secured Parties in all or any part of the Collateral, or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any Collateral Agent or any Authorized Representative to enforce this Agreement.

 

SECTION 2.03 No Interference; Payment Over.

 

(a)           Each First Lien Secured Party agrees that (i) it will not challenge or question in any proceeding the validity or enforceability of any First Lien Obligations of any Series or any First Lien Security Document or the validity, attachment, perfection or priority of any Lien under any First Lien Security Document or the validity or enforceability of the priorities, rights or duties established by or other provisions of this Agreement; (ii) it will not take or cause to be taken any action the purpose or intent of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of the Shared Collateral by the Controlling Collateral Agent, (iii) except as provided in Section 2.02, it shall have no right to (A) direct the Controlling Collateral Agent or any other First Lien Secured Party to undertake or maintain any Enforcement Action, exercise, and shall not exercise, any right, remedy or power with respect to any Shared Collateral (including pursuant to any intercreditor agreement) or (B) consent to the exercise by the Controlling Collateral Agent or any other First Lien Secured Party of any right, remedy or power with respect to any Shared Collateral, (iv) it will not institute any suit or assert in any suit, bankruptcy, insolvency or other proceeding any claim against the Controlling Collateral Agent or any other First Lien Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to any Shared Collateral, and none of the Controlling Collateral Agent, any Applicable Authorized Representative or any other First Lien Secured Party shall be liable for any action taken or omitted to be taken by the Controlling Collateral Agent, such Applicable Authorized Representative or other First Lien Secured Party with respect to any Shared Collateral in accordance with the provisions of this Agreement, (v) if not the Controlling Collateral Agent, it will not seek, and hereby waives any right, to have any Shared Collateral or any part thereof marshaled upon any foreclosure or other disposition of such Collateral and (vi) it will not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Controlling Collateral Agent or any other First Lien Secured Party to enforce this Agreement.

 

(b)           Each First Lien Secured Party hereby agrees that if it shall obtain possession of any Shared Collateral or shall realize any proceeds or payment in respect of any such Shared Collateral, pursuant to any First Lien Security Document or by the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding or through any other exercise of remedies (including pursuant to any intercreditor agreement), at any time prior to the Discharge of each of the First Lien Obligations, then it shall hold such Shared Collateral, proceeds or payment in trust for the other First Lien Secured Parties and promptly transfer such Shared Collateral, proceeds or payment, as the case may be, to the Controlling Collateral Agent, to be distributed in accordance with the provisions of Section 2.01 hereof.

 

(c)           Each First Lien Secured Party agrees that in commencing or maintaining any Enforcement Action or otherwise exercising rights and remedies with respect to the Collateral, the Controlling Collateral Agent may enforce the provisions of the Secured Credit Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their

 

 

sole discretion in compliance with any applicable law and without consultation with any other Collateral Agent or Non-Controlling Secured Party. Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the UCC or other applicable law and of a secured creditor under Debtor Relief Laws in any applicable jurisdiction.

 

SECTION 2.04 Release of Liens.

 

(a)           In connection with any Enforcement Action by the Controlling Collateral Agent or any other exercise of the Controlling Collateral Agent’s remedies in respect of the Collateral, in each case, prior to the Discharge of First Lien Credit Agreement Obligations, the Controlling Collateral Agent is irrevocably authorized (at the cost of the Grantors and without any consent, sanction, authority or further confirmation from the Non-Controlling Secured Parties): (i) to release any of its Liens on any part of the Collateral or any other claim over the asset that is the subject of the Enforcement Action or such other exercise of remedies, and the Liens or any other claim over the asset that is the subject of the Enforcement Action or such other exercise of remedies, if any, of each other Collateral Agent, for itself or for the benefit of each Series of First Lien Secured Parties, on such asset, shall be automatically, unconditionally and simultaneously released to the same extent as the Liens or other claims of the Controlling Collateral Agent, and the Controlling Collateral Agent is irrevocably authorized to execute and deliver or enter into any release of such Liens or claims and to issue any letters of non-crystallization of any floating charge or any consent to dealing (to the extent applicable) that may, in the discretion of the Controlling Collateral Agent, be considered necessary or reasonably desirable in connection with such releases; (ii) if the asset which is the subject of such Enforcement Action or such other exercise of remedies consists of shares in the capital of any Grantor, to release, on behalf of the First Lien Secured Parties (x) that Grantor and any subsidiary of that Grantor from all or any part of its First Lien Obligations, (y) any Liens granted by that Grantor and any subsidiary of that Grantor over any of its assets, and (z) any other claim of any First Lien Secured Party over that Grantor’s assets or over the assets of any subsidiary of that Grantor; (iii) if the asset which is the subject of such Enforcement Action consists of shares in the capital of any Grantor and the Controlling Collateral Agent decides to dispose of all or any part of the First Lien Obligations owed by such Grantor (the “Disposal Obligations”), (x) if the Controlling Collateral Agent does not intend that any transferee of those Disposal Obligations (the “Transferee”) will be treated as a First Lien Secured Party for the purposes of this Agreement, to execute and deliver or enter into any agreement to dispose of all or part of those Disposal Obligations providing that notwithstanding any other provision of the First Lien Credit Agreement, any First Lien Security Document or this Agreement, the Transferee shall not be treated as a First Lien Secured Party for the purposes of this Agreement, and (y) if the Controlling Collateral Agent does intend that any Transferee will be treated as a First Lien Secured Party, to execute and deliver or enter into any agreement to dispose of (I) all (and not part only) of the Disposal Obligations owed to the First Lien Secured Parties, and (II) all or part of any other Disposal Obligations, on behalf of, in each case, the First Lien Secured Parties or the Grantors; and (iv) if the asset which is disposed of consists of shares in the capital of any Grantor (the “Disposed Entity”) and the Controlling Collateral Agent decides to transfer to another Grantor (the “Receiving Entity”) all or any part of the Disposed Entity’s obligations or any obligations of any subsidiary of that Disposed Entity in respect of Additional First Lien Obligations, to execute and deliver or enter into any agreement to (x) agree to the transfer of all or part of the obligations in respect of such Additional First Lien Obligations on behalf of the Grantors to which those obligations are owed and on behalf of the Grantors which owe those obligations and (y) accept the transfer of all or part of the obligations in respect of such Additional First Lien Obligations on behalf of the Receiving Entity or Receiving Entities to which the obligations in respect of such Additional First Lien Obligations is to be transferred. Each Collateral Agent (other than the Controlling Collateral Agent), for itself or on behalf of any such Non-Controlling Secured Parties, promptly shall execute and deliver to the Controlling

 

 

Collateral Agent or such Grantor such termination statements, releases and other documents as the Controlling Collateral Agent or such Grantor may request to effectively confirm the foregoing releases. In the case of any disposal made pursuant to this Section 2.04(a), the Controlling Collateral Agent shall take reasonable care to obtain a fair market price in the prevailing market conditions (though the Controlling Collateral Agent shall have no obligation to postpone any such disposal in order to achieve a higher price).

 

(b)           If in connection with any sale, lease, exchange, transfer or other disposition of any Collateral by any Grantor (collectively, a “Disposition”) permitted under the terms of the First Lien Credit Agreement and not expressly prohibited under the terms of the Additional First Lien Security Documents (other than in connection with an Enforcement Action or other exercise of any Authorized Representative’s remedies in respect of the Collateral which shall be governed by Section 2.04(a) above), the Controlling Collateral Agent, for itself or on behalf of any of the Senior Secured Parties, releases any of its Liens on any part of the Collateral, or releases any Grantor from its obligations under its guaranty of the First Lien Obligations, in each case other than in connection with, or following, the Discharge of First Lien Obligations, then the Liens, if any, of each Collateral Agent (other than the Controlling Collateral Agent), for itself or for the benefit of the Non-Controlling Secured Parties, on such Collateral, and the obligations of such Grantor under its guaranty of the Additional First Lien Obligations, shall be automatically, unconditionally and simultaneously released; provided, that such release by such Collateral Agent, for itself or for the benefit of the Non-Controlling Secured Parties, shall not extend to or otherwise affect any of the rights of the Non-Controlling Secured Parties to the proceeds from any such Disposition. Each Collateral Agent (other than the Controlling Collateral Agent), for itself or on behalf of any such Non-Controlling Secured Parties, promptly shall execute and deliver to the Controlling Collateral Agent or such Grantor such termination statements, releases and other documents as the Senior Representative or such Grantor may request to effectively confirm such release.

 

(c)           [Reserved.]

 

(d)           Each Non-Controlling Authorized Representative and Collateral Agent that is not the Controlling Collateral Agent, for itself and on behalf of the First Lien Secured Parties of the Series for whom it is acting, hereby irrevocably constitutes and appoints the Controlling Collateral Agent and any officer or agent of the Controlling Collateral Agent, which appointment is coupled with an interest with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Non-Controlling Authorized Representative, Collateral Agent or First Lien Secured Party, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary to evidence and confirm any release of Shared Collateral provided for in the Section 2.04, including any endorsements or other instruments of transfer or release.

 

(e)           Each of the First Lien Secured Parties irrevocably authorizes the Controlling Collateral Agent, at its option and in its discretion, (i) to release any Lien on any property granted to or held by any Collateral Agent under any First Lien Security Document upon receipt of a certificate of a Responsible Officer of the Lead Borrower stating that the release of such Lien is permitted by the terms of each then extant Secured Credit Document and (ii) to release any Grantor from its obligations under the First Lien Security Documents upon receipt of a certificate of a Responsible Officer of the Lead Borrower stating that such release is permitted by the terms of each then extant Secured Credit Document.

 

SECTION 2.05 Certain Agreements with Respect to Bankruptcy or Insolvency Proceedings.

 

(a)           This Agreement shall continue in full force and effect notwithstanding the commencement of any Insolvency or Liquidation Proceeding. The parties hereto acknowledge that the provisions of this Agreement are intended to be enforceable as contemplated by Section 510(a) of the

 

 

Bankruptcy Code. All references herein to any Grantor shall include such Grantor as a debtor-in-possession and any receiver or trustee for such Grantor.

 

(b)           If either Borrower and/or any other Grantor shall become subject to a case or proceeding (a “Bankruptcy Case”) under the Bankruptcy Code or any other Debtor Relief Law and shall, as debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more lenders (the “DIP Lenders”) to either Borrower or such Grantor under Section 364 of the Bankruptcy Code or any equivalent provision of any other Debtor Relief Law or the use of cash collateral under Section 363 of the Bankruptcy Code or any equivalent provision of any other Debtor Relief Law, each First Lien Secured Party (other than any Controlling Secured Party or the Authorized Representative of any Controlling Secured Party) agrees that it will not raise, join or support any objection to any such financing or to the Liens on the Shared Collateral securing the same (“DIP Financing Liens”) or to any use of cash collateral that constitutes Shared Collateral, unless the Controlling Collateral Agent (in the case of the Additional First Lien Collateral Agent, acting on the instructions of the Applicable Authorized Representative) shall then oppose or object (or join in or support any objection) to such DIP Financing or such DIP Financing Liens or use of cash collateral (and (i) to the extent that such DIP Financing Liens are senior to the Liens on any such Shared Collateral for the benefit of the Controlling Secured Parties, each Non-Controlling Secured Party will subordinate its Liens with respect to such Shared Collateral on the same terms as the Liens of the Controlling Secured Parties (other than any Liens of any First Lien Secured Parties constituting DIP Financing Liens) are subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank pari passu with the Liens on any such Shared Collateral granted to secure the First Lien Obligations of the Controlling Secured Parties, each Non-Controlling Secured Party will confirm the priorities with respect to such Shared Collateral as set forth herein), in each case so long as (A) the First Lien Secured Parties of each Series retain the benefit of their Liens on all such Shared Collateral pledged to the DIP Lenders, including proceeds thereof arising after the commencement of such proceeding, with the same priority vis-à-vis all the other First Lien Secured Parties (other than any Liens of the First Lien Secured Parties constituting DIP Financing Liens) as existed prior to the commencement of the Bankruptcy Case, (B) the First Lien Secured Parties of each Series are granted Liens on any additional collateral pledged to any First Lien Secured Parties as adequate protection or otherwise in connection with such DIP Financing or use of cash collateral, with the same priority vis-à-vis the First Lien Secured Parties as set forth in this Agreement, (C) if any amount of such DIP Financing or cash collateral is applied to repay any of the First Lien Obligations, such amount is applied pursuant to Section 2.01, and (D) if any First Lien Secured Parties are granted adequate protection, including in the form of periodic payments, in connection with such DIP Financing or use of cash collateral, the proceeds of such adequate protection are applied pursuant to Section 2.01; provided that this Agreement shall not limit the right of the First Lien Secured Parties of each Series to object to the grant of a Lien to secure the DIP Financing over any Collateral subject to Liens in favor of the First Lien Secured Parties of such Series or its Authorized Representative that shall not constitute Shared Collateral; and provided, further, that the First Lien Secured Parties receiving adequate protection shall not object to any other First Lien Secured Party receiving adequate protection comparable to any adequate protection granted to such First Lien Secured Parties in connection with a DIP Financing or use of cash collateral.

 

SECTION 2.06 Reinstatement. In the event that any of the First Lien Obligations shall be paid in full and such payment or any part thereof shall subsequently, for whatever reason (including an order or judgment for disgorgement of a preference or other avoidance action under the Bankruptcy Code, or any similar law, or the settlement of any claim in respect thereof), be required to be returned or repaid, the terms and conditions of this Article II shall be fully applicable thereto until all such First Lien Obligations shall again have been paid in full in cash.

 

SECTION 2.07 Insurance. As between the First Lien Secured Parties, the Controlling Collateral Agent (acting at the direction of the Applicable Authorized Representative) shall have the right to adjust or settle any insurance policy or claim covering or constituting Shared Collateral in the event of any loss

 

 

thereunder and to approve any award granted in any condemnation, expropriation or similar proceeding affecting the Shared Collateral.

 

SECTION 2.08 Refinancings, etc. The First Lien Obligations of any Series may, subject to the limitations set forth in the then extant Secured Credit Documents, be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, Refinanced (in whole or in part) or otherwise amended or modified from time to time, in each case, without notice to, or the consent (except to the extent a consent is otherwise required to permit the Refinancing transaction under any Secured Credit Document) of any First Lien Secured Party of any other Series, all without affecting the priorities provided for in Section 2.01(a) or the other provisions hereof; provided that the Authorized Representative of the holders of any such Refinancing indebtedness shall have executed a Joinder Agreement on behalf of the holders of such Refinancing indebtedness.

 

SECTION 2.09 Possessory Collateral Agent as Gratuitous Bailee for Perfection.

 

(a)           The Possessory Collateral shall be delivered to the First Lien Credit Agreement Collateral Agent and the First Lien Credit Agreement Collateral Agent agrees to hold any Shared Collateral constituting Possessory Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for the benefit of each other First Lien Secured Party for which such Possessory Collateral is Shared Collateral and any assignee solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable First Lien Security Documents, in each case, subject to the terms and conditions of this Section 2.09; provided that at any time the First Lien Credit Agreement Collateral Agent is not the Controlling Collateral Agent, the First Lien Credit Agreement Collateral Agent shall (at the sole cost and expense of the Grantors), at the request of the Additional First Lien Collateral Agent that is the Controlling Collateral Agent, promptly deliver all Possessory Collateral to such Additional First Lien Collateral Agent together with any necessary endorsements (or otherwise allow such Additional First Lien Collateral Agent to obtain control of such Possessory Collateral). The Borrowers and the other Grantors shall take such further action as is required to effectuate the transfer contemplated hereby and shall indemnify each Collateral Agent for loss or damage suffered by such Collateral Agent as a result of such transfer except for loss or damage suffered by such Collateral Agent as a result of its own willful misconduct, gross negligence or bad faith (as determined by a court of competent jurisdiction in a final, non-appealable judgment).

 

(b)           The Controlling Collateral Agent agrees to hold any Shared Collateral constituting Possessory Collateral, from time to time in its possession, as gratuitous bailee for the benefit of each other First Lien Secured Party and any assignee, solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable First Lien Security Documents, in each case, subject to the terms and conditions of this Section 2.09.

 

(c)           The duties or responsibilities of the Controlling Collateral Agent and each Collateral Agent under this Section 2.09 shall be limited solely to holding any Shared Collateral constituting Possessory Collateral as gratuitous bailee for the benefit of each other First Lien Secured Party for purposes of perfecting the Lien held by such First Lien Secured Parties thereon.

 

SECTION 2.10 Amendments to Security Documents.

 

(a)           Without the prior written consent of the First Lien Credit Agreement Collateral Agent, each Additional First Lien Secured Party agrees that no Additional First Lien Security Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Additional First Lien Security Document would be (x) prohibited by any of the terms of this Agreement or (y) would adversely affect the First Lien Secured Parties of any other Series.

 

 

(b)           Without the prior written consent of the Additional First Lien Collateral Agent, the First Lien Credit Agreement Collateral Agent agrees that no First Lien Credit Agreement Collateral Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new First Lien Credit Agreement Collateral Document would be (x) prohibited by any of the terms of this Agreement or (y) would adversely affect the First Lien Secured Parties of any other Series.

 

(c)           In making determinations required by this Section 2.10, each Collateral Agent may conclusively rely on a certificate of a Responsible Officer of the Lead Borrower stating that such amendment is permitted by Section 2.10(a) or (b) as the case may be.

 

SECTION 2.11 Shared Collateral (German Security).

 

(a)           The provisions set out in this Section 2.11 shall be applicable with respect to the German Security. In the case of any inconsistency with the other provisions of this Agreement or in any Secured Credit Document as they relate to the German Security, the provisions set out in this Section 2.11 shall prevail.

 

(b)           With respect to German Security, the Controlling Collateral Agent shall, in the case of German Security constituted by non—accessory (nicht akzessorische) security interests, hold, administer and, as the case may be, enforce or release such German Security in its own name, but for the account of the Secured Parties

 

(c)           In the case of German Security constituted by accessory (akzessorische) security interests created by way of pledge or other accessory instruments, the Controlling Collateral Agent shall hold (with regard to its own rights under Section 9.15 of the Credit Agreement), administer and, as the case may be, enforce or release such German Security in the name of and for and on behalf of the Secured Parties and in its own name on the basis of the abstract acknowledgement of indebtedness pursuant to Section 9.15 of the Credit Agreement.

 

(d)           With regard to any First Lien Security Document creating any accessory (akzessorische) German Security and for the purposes of entering into any such First Lien Security Document, performing the rights and obligations thereunder, amending, enforcing and/or releasing such First Lien Security Document, each Non-Controlling Collateral Agent for itself and on behalf of its Non-Controlling Secured Parties, hereby instructs and authorizes the Controlling Collateral Agent to act as its agent (Stellvertreter).

 

(e)           At the request of the Controlling Collateral Agent, each Non-Controlling Collateral Agent shall provide the Controlling Collateral Agent with a separate written power of attorney (Spezialvollmacht) for the purposes of executing any relevant agreements and documents on their behalf (and on behalf of the Non-Controlling Secured Parties) with respect to the German Security. Each Non-Controlling Collateral Agent for itself and on behalf of its Non-Controlling Secured Parties, hereby ratifies and approves all acts previously done by the Controlling Collateral Agent on such Collateral Agent’s and its Non-Controlling Secured Parties’ behalf with respect to the German Security.

 

(f)            Each Non-Controlling Collateral Agent for itself and on behalf of its Non-Controlling Secured Parties, hereby appoints the Controlling Collateral Agent as agent and administrator of the German Security (the “German Security Collateral Agent”) and instructs the Controlling Collateral Agent (with the right of sub-delegation) to enter into any documents evidencing German Security and to make and accept all declarations and take all actions it considers necessary or useful in connection with any German Security on behalf of each such Secured Party. The Controlling Collateral Agent shall further be entitled to rescind, release, amend and/or execute new and different documents securing the German Security.

 

 

(g)           The Controlling Collateral Agent accepts its appointment as the German Security Collateral Agent on the terms and subject to the conditions set out in this Agreement and the Controlling Collateral Agent, each other Collateral Agent and all other parties to this Agreement agree that, in relation to the German Security, no Non-Controlling Collateral Agent or Non-Controlling Secured Party shall exercise any independent power to enforce any German Security or take any other action in relation to the enforcement of the German Security, or make or receive any declarations in relation thereto. Notwithstanding anything herein to the contrary, it is understood and agreed that as of the date hereof and until the earlier of Discharge of First Lien Credit Agreement Obligations and the Non-Controlling Authorized Representative Enforcement Date with respect to such German Security, the German Security Collateral Agent shall have the sole right to give any instructions or directions with respect to the German Security; provided that any amounts or proceeds received in respect of the German Security shall be subject to Article II. Following the Non-Controlling Authorized Representative Enforcement Date with respect to such German Security, and subject to the provisions of Article III, the Non-Controlling Authorized Representative shall, in addition to the Controlling Collateral Agent, have the right to give any instructions or directions to the German Security Collateral Agent; provided that any amounts or proceeds received in respect of the German Security shall be subject to Article II.

 

(h)           The German Security Collateral Agent shall, upon the Discharge of the First Lien Obligations of the Controlling Collateral Agent, enter into amendments to the First Lien Security Documents, or take such other steps as are necessary to assign the role of German Security Collateral Agent, (i) if First Lien Obligations of any other Class are outstanding at such time, to the Collateral Agent of such other Class (or, if First Lien Obligations of more than one other Class are outstanding at such time, to the Collateral Agent of the same Class as the Class of the First Lien Obligations the aggregate principal amount of which outstanding at such time exceeds the aggregate principal amount of the First Lien Obligations of any other Class outstanding at such time) and (ii) if no First Lien Obligations are outstanding at such time, to the applicable Grantor or as directed by a court of competent jurisdiction.

 

SECTION 2.12 Parallel Debt (Covenant to Pay Agent). Notwithstanding any other provision of any Secured Credit Document, each Grantor hereby acknowledges and agrees to be bound by Section 9.15 of the First Lien Credit Agreement.(1)

 

ARTICLE III

 

Existence and Amounts of Liens and Obligations

 

SECTION 3.01 Determinations with Respect to Amounts of Liens and Obligations. Whenever a Collateral Agent or any Authorized Representative shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any First Lien Obligations of any Series, or the Shared Collateral subject to any Lien securing the First Lien Obligations of any Series, it may request that such information be furnished to it in writing by each other Authorized Representative or Collateral Agent and shall be entitled to make such determination or not make any determination on the basis of the information so furnished; provided, however, that if an Authorized Representative or a Collateral Agent shall fail or refuse reasonably promptly to provide the requested information, the requesting Collateral Agent or Authorized Representative shall be entitled to make any such determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of the Lead Borrower. Each Collateral Agent and each Authorized Representative may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise

 

(1) To be included subject to the structure of such Additional Senior Class Debt.

 

 

directed by a court of competent jurisdiction) and shall have no liability to any Grantor, any First Lien Secured Party or any other person as a result of such determination.

 

ARTICLE IV

 

The Controlling Collateral Agent

 

SECTION 4.01 Authority.

 

(a)           Notwithstanding any other provision of this Agreement, nothing herein shall be construed to impose any fiduciary or other duty on any Controlling Collateral Agent to any Non-Controlling Secured Party or any other Person, regardless of whether an Event of Default has occurred or is continuing, or give any Non-Controlling Secured Party the right to direct any Controlling Collateral Agent, except that each Controlling Collateral Agent shall be obligated to distribute proceeds of any Shared Collateral in accordance with Section 2.01 hereof.

 

(b)           In furtherance of the foregoing, each Non-Controlling Secured Party acknowledges and agrees that the Controlling Collateral Agent shall be entitled, for the benefit of the First Lien Secured Parties, to sell, transfer or otherwise dispose of or deal with any Shared Collateral as provided herein and in the First Lien Security Documents, as applicable, pursuant to which the Controlling Collateral Agent is the collateral agent and/or administrative agent for such Shared Collateral, without regard to any rights to which the Non-Controlling Secured Parties would otherwise be entitled as a result of the First Lien Obligations held by such Non-Controlling Secured Parties. Without limiting the foregoing, each Non-Controlling Secured Party agrees that none of the Controlling Collateral Agent, the Applicable Authorized Representative or any other First Lien Secured Party shall have any duty or obligation first to marshal or realize upon any type of Shared Collateral (or any other Collateral securing any of the First Lien Obligations), or to sell, dispose of or otherwise liquidate all or any portion of such Shared Collateral (or any other Collateral securing any First Lien Obligations), in any manner that would maximize the return to the Non-Controlling Secured Parties, notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of proceeds actually received by the Non-Controlling Secured Parties from such realization, sale, disposition or liquidation. Except with respect to any actions expressly prohibited or required to be taken by this Agreement, each of the First Lien Secured Parties waives any claim it may now or hereafter have against any Collateral Agent or the Authorized Representative of any other Series of First Lien Obligations or any other First Lien Secured Party of any other Series arising out of (i) any actions which any Collateral Agent, Authorized Representative or the First Lien Secured Parties take or omit to take (including, actions with respect to the creation, perfection or continuation of Liens on any Collateral, Enforcement Actions or any other action with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part of the First Lien Obligations from any account debtor, guarantor or any other party) in accordance with the First Lien Security Documents or any other agreement related thereto or to the collection of the First Lien Obligations or the valuation, use, protection or release of any security for the First Lien Obligations, (ii) any election by any Applicable Authorized Representative or any holders of First Lien Obligations, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code or (iii) subject to Section 2.05, any borrowing by, or grant of a security interest or administrative expense priority under Section 364 of the Bankruptcy Code or any equivalent provision of any other Debtor Relief Law, by the Loan Parties or any of their Subsidiaries, as debtor-in-possession. Notwithstanding any other provision of this Agreement, the Controlling Collateral Agent shall not accept any Shared Collateral in full or partial satisfaction of any First Lien Obligations pursuant to Section 9-620 of the Uniform Commercial Code of any jurisdiction, without the consent of each Authorized Representative representing holders of First Lien Obligations for whom such Collateral constitutes Shared Collateral.

 

 

SECTION 4.02 Rights as a First Lien Secured Party. The Person serving as the Controlling Collateral Agent hereunder shall have the same rights and powers in its capacity as a First Lien Secured Party under any Series of First Lien Obligations that it holds as any other First Lien Secured Party of such Series and may exercise the same as though it were not the Controlling Collateral Agent and the term “First Lien Secured Party” or “First Lien Secured Parties” or (as applicable) “First Lien Credit Agreement Secured Party”, “First Lien Credit Agreement Secured Parties”, “Additional First Lien Secured Party”, “Additional First Lien Secured Parties”, “Initial Additional First Lien Secured Party” or “Initial Additional First Lien Secured Parties” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Controlling Collateral Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrowers or any Subsidiary or other Affiliate thereof as if such Person were not the Controlling Collateral Agent hereunder and without any duty to account therefor to any other First Lien Secured Party.

 

SECTION 4.03 Exculpatory Provisions.

 

(a)           The Controlling Collateral Agent shall not have any duties or obligations except those expressly set forth herein and in the other First Lien Security Documents to which it is a party. Without limiting the generality of the foregoing, the Controlling Collateral Agent:

 

(i)            shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other First Lien Security Documents that the Controlling Collateral Agent is required to exercise as directed in writing by the Applicable Authorized Representative; provided that the Controlling Collateral Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Controlling Collateral Agent to liability or that is contrary to any First Lien Security Document or applicable law;

 

(ii)           shall not, except as expressly set forth herein and in the other First Lien Security Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrowers or any of their Affiliates that is communicated to or obtained by the Person serving as the Controlling Collateral Agent or any of its Affiliates in any capacity;

 

(iii)          shall not be liable for any action taken or not taken by it (A) with the consent or at the request of the Applicable Authorized Representative or (B) in the absence of the willful misconduct, gross negligence, bad faith or material breach of this Agreement by the Controlling Collateral Agent or any affiliate, director, officer, employee, counsel, agent or attorney-in-fact of the Controlling Collateral Agent (in each case, as determined by a court of competent jurisdiction in a final, non-appealable judgment) or (C) in reliance on a certificate of a Responsible Officer of the Lead Borrower stating that such action is permitted by the terms of this Agreement (it being understood and agreed that the Controlling Collateral Agent shall be deemed not to have knowledge of any Event of Default under any Series of First Lien Obligations unless and until notice describing such Event of Default is given to the Controlling Collateral Agent by the Authorized Representative of such First Lien Obligations or the Borrowers); shall not be responsible for or have any duty to ascertain or inquire into (A) any statement, warranty or representation made in or in connection with this Agreement or any other First Lien Security 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 First Lien Security Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the First Lien Security Documents, (E) the existence,

 

 

value or the sufficiency of any Collateral for any Series of First Lien Obligations, or (F) the satisfaction of any condition set forth in any Secured Credit Document, other than to confirm receipt of items expressly required to be delivered to the Controlling Collateral Agent;

 

(iv)          with respect to the First Lien Credit Agreement or any other Secured Credit Document, may conclusively assume that the Grantors have complied with all of their obligations thereunder unless advised in writing by the Authorized Representative thereunder to the contrary specifically setting forth the alleged violation and

 

(v)           shall not be subject to any fiduciary or other implied duties of any kind or nature to any Person, regardless of whether an Event of Default has occurred and is continuing, including under, or with respect to, any Additional First-Lien Document (but shall be entitled to all protections provided to the Collateral Agent therein).

 

(b)           Each First Lien Secured Party acknowledges that, in addition to acting as the initial Controlling Collateral Agent, DBNY also serves as Administrative Agent (under, and as defined in, the First Lien Credit Agreement), and each First Lien Secured Party hereby waives any right to make any objection or claim against DBNY (or any successor Controlling Collateral Agent or any of their respective counsel) based on any alleged conflict of interest or breach of duties arising from the Controlling Collateral Agent also serving as the First Lien Credit Agreement Collateral Agent.

 

SECTION 4.04 Reliance by Controlling Collateral Agent. The Controlling Collateral Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Controlling Collateral Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. The Controlling Collateral Agent may consult with legal counsel (who may include, but shall not be limited to, counsel for any Grantor or counsel for the Applicable Authorized Representative), 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.

 

SECTION 4.05 Delegation of Duties. The Controlling Collateral Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other First Lien Security Document by or through any one or more sub-agents appointed by the Controlling Collateral Agent. The Controlling Collateral 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 Affiliates. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Affiliates of the Controlling Collateral Agent and any such sub-agent.

 

SECTION 4.06 Non Reliance on Controlling Collateral Agent and Other First Lien Secured Parties. Each First Lien Secured Party acknowledges that it has, independently and without reliance upon the Controlling Collateral Agent, any Authorized Representative or any other First Lien Secured Party or any of their Affiliates and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Secured Credit Documents. Each First Lien Secured Party also acknowledges that it will, independently and without reliance upon the Controlling Collateral Agent, any Authorized Representative or any other First Lien Secured Party or any of their Affiliates and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Secured Credit Document or any related agreement or any document furnished hereunder or thereunder.

 

 

ARTICLE V

 

Miscellaneous

 

SECTION 5.01 Notices. 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 telecopy, as follows:

 

(a)           if to the First Lien Credit Agreement Collateral Agent or to the Authorized Representative for the First Lien Credit Agreement Secured Parties, to it at Deutsche Bank AG New York Branch, 60 Wall Street, New York, NY 10005, Attention of [ ] (Fax No.[ ];

 

(b)           if to the Additional First Lien Collateral Agent or the Initial Additional Authorized Representative, to it at [ ], Attention of [ ] (Fax No. [ ]);

 

(c)           if to any other additional Authorized Representative, to it at the address set forth in the applicable Joinder Agreement;

 

(d)           if to either Borrower or any Grantor, to the Lead Borrower, at its address at: Trinseo Materials Operation S.C.A. [ ], with a copy to K&L Gates LLP, [·],Attention: [·], E-mail: [·], telephone: [·], facsimile: [·];(2)

 

Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and, may be personally served, telecopied, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or electronic mail or upon receipt via U.S. mail (registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth above or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties.

 

Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties party hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases) if delivered by hand or overnight courier service or sent by telecopy or on the date three Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 5.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 5.01. To the extent agreed to in writing among each Collateral Agent and each Authorized Representative from time to time and upon notification to the Lead Borrower, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable person provided from time to time by such person.

 

SECTION 5.02 Waivers; Amendment; Joinder Agreements.

 

(a)           No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would

 

(2) K&L to provide address and contact for notices (including correct K&L Gates office).

 

 

otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by Section 5.02(b), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances.

 

(b)           Neither this Agreement nor any provision hereof may be terminated, waived, amended or modified (other than pursuant to any Joinder Agreement or any Supplement contemplated by Section 5.16) except pursuant to an agreement or agreements in writing entered into by each Authorized Representative and each Collateral Agent (and with respect to any such termination, waiver, amendment or modification which by the terms of this Agreement requires the Borrowers’ consent or which increases the obligations or reduces the rights of or otherwise materially adversely affects the Borrowers or any other Grantor, with the consent of the Borrowers).

 

(c)           Notwithstanding the foregoing, without the consent of any First Lien Secured Party, any Authorized Representative may become a party hereto by execution and delivery of a Joinder Agreement in accordance with Section 5.13 and upon such execution and delivery, such Authorized Representative and the Additional First Lien Secured Parties and Additional First Lien Obligations of the Series for which such Authorized Representative is acting hereunder agree to be bound by, and shall be subject to, the terms hereof.

 

(d)           Notwithstanding the foregoing, in connection with any Refinancing of First Lien Obligations of any Series, or the incurrence of Additional First Lien Obligations of any Series, the Collateral Agents and the Authorized Representatives then party hereto shall enter (and are hereby authorized to enter without the consent of any other First Lien Secured Party or any Loan Party), at the request of any Collateral Agent, any Authorized Representative or the Borrowers, into such amendments or modifications of this Agreement as are reasonably necessary to reflect such Refinancing or such incurrence in compliance with the Secured Credit Documents and are reasonably satisfactory to each such Collateral Agent and each such Authorized Representative, provided that any Collateral Agent or Authorized Representative may condition its execution and delivery of any such amendment or modification on a receipt of a certificate from a Responsible Officer of the Lead Borrower to the effect that such Refinancing or incurrence is permitted by the then existing Secured Credit Documents.

 

SECTION 5.03 Parties in Interest. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, as well as the other First Lien Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement.

 

SECTION 5.04 Survival of Agreement. All covenants, agreements, representations and warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement.

 

SECTION 5.05 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile, pdf. or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

 

SECTION 5.06 Severability. Any provision of this Agreement that is held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality or enforceability of the remaining provisions hereof, and the invalidity in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties shall endeavor in good faith

 

 

negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 5.07 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 5.08 Submission to Jurisdiction Waivers; Consent to Service of Process. Each party hereto (and in the case of Collateral Agent and each Authorized Representative, on behalf of itself and the First Lien Secured Parties of the Series for whom it is acting) irrevocably and unconditionally:

 

(a)           submits for itself and its property in any legal action or proceeding relating to this Agreement and the First Lien Security Documents, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction of the courts of the State of New York in the City of New York, Borough of Manhattan, the courts of the United States for the Southern District of New York, and, in each case, appellate courts from any thereof;

 

(b)           consents and agrees that any such action or proceeding shall be brought in such courts and irrevocably waives (to the extent permitted by applicable law) any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

 

(c)           agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person (or its Authorized Representative) at the address set forth in Section 5.01;

 

(d)           agrees that nothing herein shall affect the right of any other party hereto (or any First Lien Secured Party) to effect service of process in any other manner permitted by law; and

 

(e)           waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 5.08 any special, exemplary, punitive or consequential damages.

 

SECTION 5.09 WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 5.09 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

SECTION 5.10 Headings. Article, Section and Annex headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 

 

SECTION 5.11 Conflicts. In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of any of the First Lien Security Documents or any of the other Secured Credit Documents, the provisions of this Agreement shall control to the extent of the conflict or inconsistency.

 

SECTION 5.12 Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the First Lien Secured Parties in relation to one another. None of the Borrowers, any other Grantor or any other creditor thereof shall have any rights or obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this Agreement (other than Section 2.04, 2.05, 2.08, 2.09 or Article V) is intended to or will amend, waive or otherwise modify the provisions of the First Lien Credit Agreement or any Additional First Lien Documents), and none of the Borrowers or any other Grantor may rely on the terms hereof (other than Sections 2.04, 2.05, 2.08, 2.09 and Article V). Nothing in this Agreement is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional, to pay the First Lien Obligations as and when the same shall become due and payable in accordance with their terms.

 

SECTION 5.13 Additional Senior Debt. To the extent, but only to the extent permitted by the provisions of each of the then extant Secured Credit Documents, the Borrowers may incur additional indebtedness after the date hereof that is secured on an equal and ratable basis by the Liens securing the First Lien Obligations (such indebtedness referred to as “Additional Senior Class Debt”). Any such Additional Senior Class Debt may be secured by a Lien and may be Guaranteed by the Grantors on a senior basis (which Lien shall rank on a pari passu basis with the Liens on the Shared Collateral securing all other First Lien Obligations), in each case under and pursuant to the Additional First Lien Documents, if and subject to the condition that the Authorized Representative of any such Additional Senior Class Debt (each, an “Additional Senior Class Debt Representative”), acting on behalf of the holders of such Additional Senior Class Debt and the collateral agent for the holders of such Additional Senior Class Debt (each, an “Additional Senior Class Debt Collateral Agent”) (such Additional Senior Class Debt Representative, Additional Senior Class Debt Collateral Agent and holders in respect of any Additional Senior Class Debt being referred to as the “Additional Senior Class Debt Parties”), becomes a party to this Agreement as an Authorized Representative and Collateral Agent, as applicable, by satisfying the conditions set forth in clauses (i) through (iv) of the immediately succeeding paragraph.

 

In order for an Additional Senior Class Debt Representative to become a party to this Agreement as an Authorized Representative and Collateral Agent, as applicable,

 

(i)            such Additional Senior Class Debt Representative, such Additional Senior Class Debt Collateral Agent, each Collateral Agent, each Authorized Representative and each Grantor shall have executed and delivered a Joinder Agreement (with such changes as may be reasonably approved by the Controlling Collateral Agent and Additional Senior Class Debt Representative) pursuant to which such Additional Senior Class Debt Representative becomes an Authorized Representative hereunder, such Additional Senior Class Debt Collateral Agent becomes a Collateral Agent hereunder and the Additional Senior Class Debt in respect of which such Additional Senior Class Debt Representative is the Authorized Representative constitutes Additional First Lien Obligations and the related Additional Senior Class Debt Parties become subject hereto and bound hereby as Additional First Lien Secured Parties;

 

(ii)           the Lead Borrower shall have (x) delivered to each Collateral Agent true and complete copies of each of the Additional First Lien Documents relating to such Additional Senior Class Debt, certified as being true and correct by a Responsible Officer of the Lead Borrower and (y) identified in a certificate of a Responsible Officer the obligations to be designated as Additional First Lien Obligations and the initial aggregate principal amount or face amount thereof and certified that such obligations are permitted to be incurred and secured on a

 

 

pari passu basis with the then extant First Lien Obligations and by the terms of the then extant Secured Credit Documents;

 

(iii)          all filings, recordations and/or amendments or supplements to the First Lien Security Documents necessary or desirable in the reasonable judgment of such Additional Senior Class Debt Collateral Agent to confirm and perfect the Liens securing the relevant obligations relating to such Additional Senior Class Debt shall have been made, executed and/or delivered (or, with respect to any such filings or recordations, acceptable provisions to perform such filings or recordations shall have been taken in the reasonable judgment of such Additional Senior Class Debt Collateral Agent), and all fees and taxes in connection therewith shall have been paid (or acceptable provisions to make such payments have been taken in the reasonable judgment of such Additional Senior Class Debt Collateral Agent); and

 

(iv)          the Additional First Lien Documents, as applicable, relating to such Additional Senior Class Debt shall provide, in a manner reasonably satisfactory to each Collateral Agent, that each Additional Senior Class Debt Party with respect to such Additional Senior Class Debt will be subject to and bound by the provisions of this Agreement in its capacity as a holder of such Additional Senior Class Debt.

 

SECTION 5.14 Agent Capacities. Except as expressly provided herein or in the First Lien Credit Agreement Collateral Documents, DBNY is acting in the capacities of First Lien Credit Agreement Administrative Agent and First Lien Credit Agreement Collateral Agent solely for the First Lien Credit Agreement Secured Parties. Except as expressly provided herein or in the Additional First Lien Security Documents, [ ] is acting in the capacity of Additional First Lien Collateral Agent solely for the Additional First Lien Secured Parties. Except as expressly set forth herein, none of the First Lien Credit Agreement Administrative Agent, the First Lien Credit Agreement Collateral Agent or the Additional First Lien Collateral Agent shall have any duties or obligations in respect of any of the Collateral, all of such duties and obligations, if any, being subject to and governed by the applicable Secured Credit Documents.

 

SECTION 5.15 Integration. This Agreement together with the other Secured Credit Documents and the First Lien Security Documents represents the agreement of each of the Grantors and the First Lien Secured Parties with respect to the subject matter hereof and there are no promises, undertakings, representations or warranties by any Grantor, the First Lien Credit Agreement Collateral Agent, or any other First Lien Secured Party relative to the subject matter hereof not expressly set forth or referred to herein or in the other Secured Credit Documents.

 

SECTION 5.16 Additional Grantors. The Borrowers agree that, if any Subsidiary shall become a Grantor after the date hereof, they will promptly cause such Subsidiary to become party hereto by executing and delivering an instrument in the form of Annex III. Upon such execution and delivery, such Subsidiary will become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The parties hereto further agree that, notwithstanding any failure to take the actions required by the immediately preceding sentence, each Person which becomes a Grantor at any time (and any security granted by any such Person) shall be subject to the provisions hereof as fully as if same constituted a Grantor party hereto and had complied with the requirements of the immediately preceding sentence. The execution and delivery of such instrument shall not require the consent of any other party hereunder, and will be acknowledged by the First Lien Credit Agreement Collateral Agent, the Initial Additional Authorized Representative and each additional Authorized Representative. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement.

 

 

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

 

	
 
    	
 
    	
DEUTSCHE BANK AG   NEW YORK BRANCH,
    
	
 
    	
 
    	
as First Lien   Credit Agreement Collateral Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
[      ],
    
	
 
    	
 
    	
as Additional   First Lien Collateral Agent and as Initial
    
	
 
    	
 
    	
Additional   Authorized Representative
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
TRINSEO   MATERIALS OPERATING S.C.A.,
    
	
 
    	
 
    	
as Lead Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
TRINSEO   MATERIALS FINANCE, INC.,
    
	
 
    	
 
    	
as Co-Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
[GRANTORS]
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    

 

 

ANNEX I

 

Grantors

 

 

ANNEX II

 

[FORM OF] JOINDER NO. [ ] dated as of [  ], 201 to the FIRST LIEN INTERCREDITOR AGREEMENT dated as of [  ], 201[   ] (the “First Lien Intercreditor Agreement”), among TRINSEO Holding S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), TRINSEO MATERIALS S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with RCS under number B 162639 (“Intermediate Holdings”), TRINSEO MATERIALS OPERATING S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, TRINSEO MATERIALS FINANCE, INC., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), the other Grantors (as defined below) from time to time party hereto, DEUTSCHE BANK AG NEW YORK BRANCH, as First Lien Credit Agreement Collateral Agent for the First Lien Credit Agreement Secured Parties under the First Lien Security Documents (in such capacity, the “First Lien Credit Agreement Collateral Agent”), [ ] as Authorized Representative, and the additional Authorized Representatives from time to time a party thereto.(3)

 

A.            Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the First Lien Intercreditor Agreement.

 

B.            As a condition to the ability of the Borrowers to incur Additional First Lien Obligations and to secure such Additional Senior Class Debt with the liens and security interests created by the Additional First Lien Security Documents relating thereto, the Additional Senior Class Debt Representative in respect of such Additional Senior Class Debt is required to become an Authorized Representative, the Additional Senior Class Debt Collateral Agent is respect of such Additional Senior Class Debt is required to become a Collateral Agent, and such Additional Senior Class Debt and the Additional Senior Class Debt Parties in respect thereof are required to become subject to and bound by, the First Lien Intercreditor Agreement. Section 5.13 of the First Lien Intercreditor Agreement provides that such Additional Senior Class Debt Representative may become an Authorized Representative, such Additional Senior Class Debt Collateral Agent may become a Collateral Agent and such Additional Senior Class Debt and such Additional Senior Class Debt Parties may become subject to and bound by the First Lien Intercreditor Agreement as Additional First Lien Obligations and Additional First Lien Secured Parties, respectively, upon the execution and delivery by the Additional Senior Class Debt Representative and the Additional Senior Class Debt Collateral Agent of an instrument in the form of this Joinder Agreement and the satisfaction of the other conditions set forth in Section 5.13 of the First Lien Intercreditor Agreement. The undersigned Additional Senior Class Debt Representative (the “New Representative”) and Additional Senior Class Debt Collateral Agent (the “New Collateral Agent”) is executing this Joinder Agreement in accordance with the requirements of the First Lien Intercreditor Agreement and the First Lien Security Documents.

 

Accordingly, each Collateral Agent, each Authorized Representative and the New Representative and the New Collateral Agent agree as follows:

 

(3)         In the event of the Refinancing of the First Lien Credit Agreement Obligations, revise to reflect joinder by a new First Lien Credit Agreement Collateral Agent

 

 

SECTION 1.         In accordance with Section 5.13 of the First Lien Intercreditor Agreement, the New Representative by its signature below becomes an Authorized Representative under, the New Collateral Agent by its signature below becomes a Collateral Agent under, and the related Additional Senior Class Debt and Additional Senior Class Debt Parties become subject to and bound by, the First Lien Intercreditor Agreement as Additional First Lien Obligations and Additional First Lien Secured Parties, with the same force and effect as if the New Representative had originally been named therein as an Authorized Representative and the New Collateral Agent had originally been named therein as Collateral Agent, and each of the New Representative and the New Collateral Agent, on its behalf and on behalf of such Additional Senior Class Debt Parties, hereby agrees to all the terms and provisions of the First Lien Intercreditor Agreement applicable to it as Authorized Representative or Collateral Agent, as applicable and to the Additional Senior Class Debt Parties that it represents as Additional First Lien Secured Parties. Each reference to an “Authorized Representative” in the First Lien Intercreditor Agreement shall be deemed to include the New Representative. Each reference to a “Collateral Agent” in the First Lien Intercreditor Agreement shall be deemed to include the New Collateral Agent. The First Lien Intercreditor Agreement is hereby incorporated herein by reference.

 

SECTION 2.         Each of the New Representative and the New Collateral Agent represents and warrants to each Collateral Agent, each Authorized Representative and the other First Lien Secured Parties, individually, that (i) it has full power and authority to enter into this Joinder, in its capacity as [trustee/administrative agent and collateral agent], (ii) this Joinder has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability and (iii) the Additional First Lien Documents relating to such Additional Senior Class Debt provide that, upon the New Representative’s entry into this Agreement, the Additional Senior Class Debt Parties in respect of such Additional Senior Class Debt will be subject to and bound by the provisions of the First Lien Intercreditor Agreement as Additional First Lien Secured Parties.

 

SECTION 3.         This Joinder may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Joinder shall become effective when each Collateral Agent shall have received a counterpart of this Joinder that bears the signatures of the New Representative and the New Collateral Agent. Delivery of an executed signature page to this Joinder by telecopy, .pdf or other electronic imaging means shall be effective as delivery of a manually signed counterpart of this Joinder.

 

SECTION 4.         Except as expressly supplemented hereby, the First Lien Intercreditor Agreement shall remain in full force and effect.

 

SECTION 5.         THIS JOINDER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 6.         In case any one or more of the provisions contained in this Joinder should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein and in the First Lien Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 7.         All communications and notices hereunder shall be in writing and given as provided in Section 5.01 of the First Lien Intercreditor Agreement. All communications and notices

 

 

hereunder to the New Representative or the New Collateral Agent shall be given to it at its address set forth below its signature hereto.

 

SECTION 8.         Each Borrower agrees to reimburse each Collateral Agent and each Authorized Representative for its reasonable out-of-pocket expenses in connection with this Joinder, including the reasonable fees, other charges and disbursements of counsel, in each case as required by the applicable Secured Credit Documents.

 

 

IN WITNESS WHEREOF, the New Representative has duly executed this Joinder to the First Lien Intercreditor Agreement as of the day and year first above written.

 

 

	
 
    	
 
    	
[NAME OF NEW   REPRESENTATIVE], as
    
	
 
    	
 
    	
[     ] and as collateral agent for the holders   of
    
	
 
    	
 
    	
[     ],
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address for   notices:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
attention of:
    	
 
    
	
 
    	
 
    	
Telecopy:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
[NAME OF NEW   COLLATERAL AGENT], as
    
	
 
    	
 
    	
[     ] and as collateral agent for the   holders of
    
	
 
    	
 
    	
[     ],
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address for   notices:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
attention of:
    	
 
    
	
 
    	
 
    	
Telecopy:
    	
 
    
					

 

 

	
Acknowledged by:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
DEUTSCHE BANK AG   NEW YORK BRANCH,
    	
 
    	
 
    
	
as the First   Lien Credit Agreement Collateral Agent,
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
[      ],
    	
 
    	
 
    
	
as Authorized   Representative [and the Additional First Lien Collateral Agent],
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[OTHER   AUTHORIZED REPRESENTATIVES]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Acknowledged by:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TRINSEO   MATERIALS OPERATING S.C.A.,
    	
 
    	
 
    
	
as Lead Borrower
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TRINSEO   MATERIALS FINANCE, INC.,
    	
 
    	
 
    
	
as Co-Borrower
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
THE OTHER   GRANTORS
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
LISTED ON   SCHEDULE I HERETO,
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

 

Schedule I to the

Supplement to the

First Lien Intercreditor Agreement

 

Grantors

 

 

ANNEX III

 

SUPPLEMENT NO. [  ] dated as of [    ], 201   , to the FIRST LIEN INTERCREDITOR AGREEMENT dated as of [   ], (the “First Lien Intercreditor Agreement”), among among TRINSEO Holding S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), TRINSEO MATERIALS S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with RCS under number B 162639 (“Intermediate Holdings”), TRINSEO MATERIALS OPERATING S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, TRINSEO MATERIALS FINANCE, INC., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), the other Grantors (as defined below) from time to time party hereto, certain subsidiaries and affiliates of the Borrowers (each a “Grantor”), DEUTSCHE BANK AG NEW YORK BRANCH, as collateral agent under the First Lien Credit Agreement, [    ], as Authorized Representative, and the additional Authorized Representatives from time to time party thereto.

 

A.            Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the First Lien Intercreditor Agreement.

 

B.            The Grantors have entered into the First Lien Intercreditor Agreement. Pursuant to the First Lien Credit Agreement and certain Additional First Lien Documents, certain newly acquired or organized Subsidiaries of the Borrowers are required to enter into the First Lien Intercreditor Agreement. Section 5.16 of the First Lien Intercreditor Agreement provides that such Subsidiaries may become party to the First Lien Intercreditor Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the “New Grantor”) is executing this Supplement in accordance with the requirements of the First Lien Credit Agreement and the Additional First Lien Documents.

 

Accordingly, each Authorized Representative and the New Subsidiary Grantor agree as follows:

 

SECTION 1.         In accordance with Section 5.16 of the First Lien Intercreditor Agreement, the New Grantor by its signature below becomes a Grantor under the First Lien Intercreditor Agreement with the same force and effect as if originally named therein as a Grantor, and the New Grantor hereby agrees to all the terms and provisions of the First Lien Intercreditor Agreement applicable to it as a Grantor thereunder. Each reference to a “Grantor” in the First Lien Intercreditor Agreement shall be deemed to include the New Grantor. The First Lien Intercreditor Agreement is hereby incorporated herein by reference.

 

SECTION 2.         The New Grantor represents and warrants to each Authorized Representative and the other First Lien Secured Parties that (i) it has the full power and authority to enter into this Supplement and (ii) this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by Debtor Relief Law and by general principles of equity.

 

SECTION 3.         This Supplement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when each Authorized Representative shall have received a counterpart of this

 

 

Supplement that bears the signature of the New Grantor. Delivery of an executed signature page to this Supplement by facsimile transmission or other electronic method shall be as effective as delivery of a manually signed counterpart of this Supplement.

 

SECTION 4.         Except as expressly supplemented hereby, the First Lien Intercreditor Agreement shall remain in full force and effect.

 

SECTION 5.         THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 6.         In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein and in the First Lien Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 7.         All communications and notices hereunder shall be in writing and given as provided in Section 5.01 of the First Lien Intercreditor Agreement. All communications and notices hereunder to the New Grantor shall be given to it in care of the Lead Borrower as specified in the First Lien Intercreditor Agreement.

 

SECTION 8.         Each Borrowers agrees to reimburse each Authorized Representative for its reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other charges and disbursements of counsel for each Authorized Representative as required by the applicable Secured Credit Documents.

 

IN WITNESS WHEREOF, the New Grantor, and each Authorized Representative have duly executed this Supplement to the First Lien Intercreditor Agreement as of the day and year first above written.

 

	
 
    	
 
    	
[NAME OF NEW SUBSIDIARY GRANTOR]
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    

 

Acknowledged by:

 

DEUTSCHE BANK AG NEW YORK BRANCH,

as the First Lien Credit Agreement Collateral Agent and Authorized Representative,

 

	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

[       ],

as the Initial Additional Authorized Representative [and the Additional First Lien Collateral Agent and],

 

 

	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

[OTHER AUTHORIZED REPRESENTATIVES]

 

 

EXHIBIT L

 

FORM OF

 

SECOND LIEN INTERCREDITOR AGREEMENT

 

among

 

TRINSEO HOLDING S.À R.L.,

as Holdings,

 

TRINSEO MATERIALS S.À R.L.,

as Intermediate Holdings,

 

TRINSEO MATERIALS OPERATING S.C.A.,

as the Lead Borrower,

 

TRINSEO MATERIALS FINANCE, INC.,

as the Co-Borrower,

 

the other Grantors party hereto,

 

DEUTSCHE BANK AG NEW YORK BRANCH,

as Senior Representative for the First Lien Credit Agreement Secured Parties,

 

[                                                                       ],

as the Initial Second Priority Representative for the

Initial Second Priority Debt Parties

 

and

 

each additional Representative from time to time party hereto

 

 

dated as of [                                 ], 20[     ]

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE I
    
	
 
    
	
Definitions
    
	
 
    	
 
    	
 
    
	
SECTION 1.01.
    	
Certain Defined Terms
    	
1
    
	
SECTION 1.02.
    	
Terms Generally
    	
11
    
	
SECTION 1.03.
    	
Luxembourg Terms
    	
12
    
	
 
    	
 
    	
 
    
	
ARTICLE II
    
	
 
    
	
Priorities and   Agreements with Respect to Shared Collateral
    
	
 
    	
 
    	
 
    
	
SECTION 2.01.
    	
Subordination
    	
12
    
	
SECTION 2.02.
    	
Nature of Senior Lender   Claims
    	
12
    
	
SECTION 2.03.
    	
Prohibition on   Contesting Liens
    	
13
    
	
SECTION 2.04.
    	
No New Liens
    	
13
    
	
SECTION 2.05.
    	
Perfection of Liens
    	
14
    
	
SECTION 2.06.
    	
Certain Cash Collateral
    	
14
    
	
SECTION 2.07.
    	
Similar Liens and   Agreements
    	
14
    
	
 
    	
 
    	
 
    
	
ARTICLE III
    
	
 
    
	
Enforcement
    
	
 
    	
 
    	
 
    
	
SECTION 3.01.
    	
Exercise of Remedies
    	
15
    
	
SECTION 3.02.
    	
Cooperation
    	
17
    
	
SECTION 3.03.
    	
Actions upon Breach
    	
17
    
	
SECTION 3.04.
    	
No Additional Rights   for the Grantors Hereunder
    	
17
    
	
 
    	
 
    	
 
    
	
ARTICLE IV
    
	
 
    
	
Payments
    
	
 
    	
 
    	
 
    
	
SECTION 4.01.
    	
Application of Proceeds
    	
18
    
	
SECTION 4.02.
    	
Payments Over
    	
18
    
	
 
    	
 
    	
 
    
	
ARTICLE V
    
	
 
    
	
Other Agreements
    
	
 
    	
 
    	
 
    
	
SECTION 5.01.
    	
Releases
    	
18
    
	
SECTION 5.02.
    	
Insurance and Condemnation   Awards
    	
21
    
	
SECTION 5.03.
    	
Amendments to Second   Priority Collateral Documents
    	
21
    
	
SECTION 5.04.
    	
Rights as Unsecured   Creditors
    	
22
    
	
SECTION 5.05.
    	
Gratuitous Bailee for   Perfection
    	
23
    
	
SECTION 5.06.
    	
When Discharge of   Senior Obligations Deemed To Not Have Occurred
    	
24
    

 

i

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
SECTION 5.07.
    	
Purchase Right
    	
25
    
	
SECTION 5.08.
    	
Shared Collateral   Documents
    	
26
    
	
SECTION 5.09.
    	
Shared Collateral   Documents (German law)
    	
26
    
	
SECTION 5.10.
    	
Intra-Group Lenders
    	
27
    
	
 
    	
 
    	
 
    
	
ARTICLE VI
    
	
 
    
	
Insolvency or   Liquidation Proceedings
    
	
 
    	
 
    	
 
    
	
SECTION 6.01.
    	
Financing Issues
    	
27
    
	
SECTION 6.02.
    	
Relief from the   Automatic Stay
    	
28
    
	
SECTION 6.03.
    	
Adequate Protection
    	
28
    
	
SECTION 6.04.
    	
Preference Issues
    	
29
    
	
SECTION 6.05.
    	
Separate Grants of   Security and Separate Classifications
    	
30
    
	
SECTION 6.06.
    	
No Waivers of Rights of   Senior Secured Parties
    	
30
    
	
SECTION 6.07.
    	
Application
    	
30
    
	
SECTION 6.08.
    	
Other Matters
    	
31
    
	
SECTION 6.09.
    	
506(c) Claims
    	
31
    
	
SECTION 6.11.
    	
Section 1111(b) of   the Bankruptcy Code
    	
31
    
	
SECTION 6.12.
    	
Post-Petition Claims
    	
32
    
	
 
    	
 
    	
 
    
	
ARTICLE VII
    
	
 
    
	
Reliance; Etc.
    
	
 
    	
 
    	
 
    
	
SECTION 7.01.
    	
Reliance
    	
32
    
	
SECTION 7.02.
    	
No Warranties or   Liability
    	
32
    
	
SECTION 7.03.
    	
Obligations   Unconditional
    	
33
    
	
 
    	
 
    	
 
    
	
ARTICLE VIII
    
	
 
    
	
Miscellaneous
    
	
 
    	
 
    	
 
    
	
SECTION 8.01.
    	
Conflicts
    	
33
    
	
SECTION 8.02.
    	
Continuing Nature of   this Agreement; Severability
    	
34
    
	
SECTION 8.03.
    	
Amendments; Waivers
    	
34
    
	
SECTION 8.04.
    	
Information Concerning   Financial Condition of the Lead Borrower and the Subsidiaries
    	
34
    
	
SECTION 8.05.
    	
Subrogation
    	
35
    
	
SECTION 8.06.
    	
Application of Payments
    	
35
    
	
SECTION 8.07.
    	
Additional Grantors
    	
35
    
	
SECTION 8.08.
    	
Dealings with Grantors
    	
35
    
	
SECTION 8.09.
    	
Additional Debt   Facilities
    	
35
    
	
SECTION 8.10.
    	
Refinancings
    	
36
    
	
SECTION 8.11.
    	
Consent to   Jurisdiction; Waivers
    	
37
    
	
SECTION 8.12.
    	
Notices
    	
37
    
	
SECTION 8.13.
    	
Further Assurances
    	
38
    
	
SECTION 8.14.
    	
GOVERNING LAW; WAIVER   OF JURY TRIAL
    	
38
    
	
SECTION 8.15.
    	
Binding on Successors   and Assigns
    	
38
    
	
SECTION 8.16.
    	
Section Titles
    	
38
    
	
SECTION 8.17.
    	
Counterparts
    	
38
    
	
SECTION 8.18.
    	
Intercreditor   Agreements
    	
39
    

 

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Page
    
	
 
    	
 
    	
 
    
	
SECTION 8.19.
    	
No Third Party Beneficiaries; Successors and Assigns 
    	
39
    
	
SECTION 8.20.
    	
Effectiveness 
    	
40
    
	
SECTION 8.21.
    	
First Lien Administrative Agent and Representative 
    	
40
    
	
SECTION 8.22.
    	
Relative Rights 
    	
40
    
	
SECTION 8.23.
    	
Survival of Agreement 
    	
40
    
	
SECTION 8.24.
    	
Rules of Interpretation 
    	
40
    
	
 
    	
 
    	
 
    
	
Annex I
    	
Grantors
    
	
Annex II
    	
Form of Grantor Supplement to Second Lien Intercreditor Agreement
    
	
Annex III
    	
Form of Second Priority Class Debt Representative Joinder   Agreement to Second Lien Intercreditor Agreement
    
	
Annex IV
    	
Form of Senior Class Representative Joinder Agreement to   Second Lien Intercreditor Agreement
    
				

 

iii

 

SECOND LIEN INTERCREDITOR AGREEMENT dated as of [         ], 20[    ] (as amended, supplemented or otherwise modified from time to time, this “Agreement”), among TRINSEO Holding S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), TRINSEO MATERIALS S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with RCS under number B 162639 (“Intermediate Holdings”), TRINSEO MATERIALS OPERATING S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, TRINSEO MATERIALS FINANCE, INC., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), the other Grantors (as defined below) from time to time party hereto, DEUTSCHE BANK AG NEW YORK BRANCH, as Representative for the First Lien Credit Agreement Secured Parties (in such capacity and together with its successors in such capacity, the “First Lien Administrative Agent”), [                                         ], as Representative for the Initial Second Priority Debt Parties (in such capacity and together with its successors in such capacity, the “Initial Second Priority Representative”), and each additional Second Priority Representative and Senior Representative that from time to time becomes a party hereto pursuant to Section 8.09.

 

In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the First Lien Administrative Agent (for itself and on behalf of the First Lien Credit Agreement Secured Parties), the Initial Second Priority Representative (for itself and on behalf of the Initial Second Priority Debt Parties) and each additional Senior Representative (for itself and on behalf of the Additional Senior Debt Parties under the applicable Additional Senior Debt Facility) and each additional Second Priority Representative (for itself and on behalf of the Additional Second Priority Debt Parties under the applicable Additional Second Priority Debt Facility) agree as follows:

 

ARTICLE I

 

Definitions

 

SECTION 1.01.            Certain Defined Terms. Capitalized terms used but not otherwise defined herein have the meanings set forth in the First Lien Credit Agreement or, if defined in the UCC, the meanings specified therein. As used in this Agreement, the following terms have the meanings specified below:

 

“Additional Second Priority Debt” means any Indebtedness that is issued or guaranteed by the Borrower or any other Grantor (and not issued or guaranteed by any Subsidiary that is not a Guarantor) (other than Indebtedness constituting Initial Second Priority Debt Obligations) after the date of this Agreement and documented in the applicable Additional Second Priority Debt Documents, which shall provide that such Indebtedness and guarantees are to be secured by the Second Priority Collateral (or portion thereof) on a subordinate basis to the Senior Obligations (and which is not secured by Liens on any assets of other than the Second Priority Collateral and which are not secured by Liens on any assets that are not included in the Senior Collateral); provided, however, that (i) such Indebtedness is permitted to be incurred, secured and guaranteed on such basis by each then extant Senior Debt Document and Second Priority Debt Document and (ii) the Representative for the holders of such Indebtedness shall

 

 

have become party to this Agreement pursuant to, and by satisfying the conditions set forth in, Section 8.09; provided, further, that, to the extent required by the First Lien Credit Agreement or the Initial Second Priority Debt Documents, if such Indebtedness will be the initial Additional Second Priority Debt incurred by the Borrowers and/or the Grantors, then each Borrower, the Grantors, the Second Priority Representative and the Representative for such Indebtedness shall have executed and delivered the Junior Lien Intercreditor Agreement. Additional Second Priority Debt shall include any Registered Equivalent Notes and Guarantees thereof by the Guarantors issued in exchange therefor.

 

“Additional Second Priority Debt Documents” means, with respect to any series, issue or class of Additional Second Priority Debt, the promissory notes, indentures, credit agreements, Second Priority Collateral Documents or other operative agreements evidencing or governing such Indebtedness.

 

“Additional Second Priority Debt Facility” means each credit agreement, indenture or other governing agreement with respect to any Additional Second Priority Debt.

 

“Additional Second Priority Debt Obligations” means, with respect to any series, issue or class of Additional Second Priority Debt, all amounts owing pursuant to the terms of such Additional Second Priority Debt, including, without limitation, the obligations (including guarantee obligations) to pay principal, interest, fees, expenses (including interest, fees, and expenses that accrue after the commencement of a Bankruptcy Case, regardless of whether such interest, fees or expenses are an allowed or allowable claim under such Bankruptcy Case), letter of credit commissions, reimbursement obligations, charges, penalties, damages, attorneys costs, indemnities and other amounts payable by a Grantor under any Additional Second Priority Debt Document.

 

“Additional Second Priority Debt Parties” means, with respect to any series, issue or class of Additional Second Priority Debt, the holders of such Indebtedness, the Representative with respect thereto, any trustee or agent therefor under any related Additional Second Priority Debt Documents and the beneficiaries of each indemnification obligation undertaken by either Borrower or any other Grantor under any related Additional Second Priority Debt Documents.

 

“Additional Senior Debt” means any Indebtedness that is issued or guaranteed by either Borrower or any Grantor (other than Indebtedness constituting First Lien Credit Agreement Obligations) after the date of this Agreement and documented in the applicable Additional Senior Debt Documents, which shall provide that such Indebtedness and guarantees are secured by the Senior Collateral (or a portion thereof) on a senior basis to the Second Priority Debt Obligations; provided, however, that (i) such Indebtedness is permitted to be incurred, secured and guaranteed on such basis by each then extant Senior Debt Document and Second Priority Debt Document and (ii) the Representative for the holders of such Indebtedness shall have executed and delivered this Agreement as of the date hereof or become party to this Agreement pursuant to, and by satisfying the conditions set forth in, Section 8.09 hereof; provided, further, that, to the extent required by the First Lien Credit Agreement, if such Indebtedness will be the initial Additional Senior Debt incurred by the Borrower and/or Grantors, then each Borrower, the Grantors, the First Lien Administrative Agent and the Representative for such Indebtedness shall have executed and delivered the First Lien Intercreditor Agreement. Additional Senior Debt shall include any Registered Equivalent Notes and Guarantees thereof by the Guarantors issued in exchange therefor.

 

“Additional Senior Debt Documents” means, with respect to any series, issue or class of Additional Senior Debt, the promissory notes, indentures, credit agreements, Senior Collateral Documents or other operative agreements evidencing or governing such Indebtedness.

 

“Additional Senior Debt Facility” means each credit agreement, indenture or other governing agreement with respect to any Additional Senior Debt.

 

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“Additional Senior Debt Obligations” means, with respect to any series, issue or class of Additional Senior Debt, all amounts owing pursuant to the terms of such Additional Senior Debt, including, without limitation, the obligations (including guarantee obligations) to pay principal, interest, fees, and expenses, letter of credit commissions, reimbursement obligations, charges, penalties, damages, attorneys costs, indemnities and other amounts payable by a Grantor under any Additional Senior Debt Document (including interest, fees, and expenses that accrue after the commencement of a Bankruptcy Case, regardless of whether such interest, fees, or expenses are an allowed or allowable claim under such Bankruptcy Case).

 

“Additional Senior Debt Parties” means, with respect to any series, issue or class of Additional Senior Debt, the holders of such Indebtedness, the Representative with respect thereto, any trustee or agent therefor under any related Additional Senior Debt Documents and the beneficiaries of each indemnification obligation undertaken by either Borrower or any Grantor under any related Additional Senior Debt Documents.

 

“Agreement” has the meaning assigned to such term in the introductory paragraph hereto.

 

“Bankruptcy Case” means a case under the Bankruptcy Code or any other Bankruptcy Law.

 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as amended, or any successor statute, any similar federal or state law for the relief of debtors.

 

“Bankruptcy Law” means the Bankruptcy Code and any other Debtor Relief Law.

 

“Borrowers” has the meaning assigned to such term in the introductory paragraph hereto.

 

“Class Debt” has the meaning assigned to such term in Section 8.09.

 

“Class Debt Parties” has the meaning assigned to such term in Section 8.09.

 

“Class Debt Representatives” has the meaning assigned to such term in Section 8.09.

 

“Collateral” means the Senior Collateral and the Second Priority Collateral.

 

“Collateral Documents” means the Senior Collateral Documents and the Second Priority Collateral Documents.”

 

“Contingent Senior Obligation” means, at any time, Senior Obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities (excluding (a) the principal of, and interest and premium (if any) on, and fees and expenses relating to, any Senior Obligation and (b) contingent reimbursement obligations in respect of amounts that may be drawn under outstanding letters of credit) in respect of which no assertion of liability (whether oral or written) and no claim or demand for payment (whether oral or written) has been made (and, in the case of Senior Obligations for indemnification, no notice for indemnification has been issued by the indemnitee) at such time.

 

“Contingent Second Priority Debt Obligation” means, at any time, Second Priority Debt Obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities (excluding (a) the principal of, and interest and premium (if any) on, and fees and expenses relating to, any Second Priority Debt Obligations and (b) contingent reimbursement obligations in respect of amounts that may be drawn under outstanding letters of credit) in respect of which no assertion of liability (whether oral or

 

3

 

written) and no claim or demand for payment (whether oral or written) has been made (and, in the case of Second Priority Debt Obligations for indemnification, no notice for indemnification has been issued by the indemnitee) at such time.

 

“Debt Facility” means any Senior Facility and any Second Priority Debt Facility.

 

“Debtor Relief Laws” means the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, examinership, insolvency, winding up, 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.

 

“Designated Second Priority Representative” means (i) the Initial Second Priority Representative, until such time as the Second Priority Debt Facility under the Initial Second Priority Debt Documents ceases to be the only Second Priority Debt Facility under this Agreement, (ii) if at any time there is only one Second Priority Representative for a Second Priority Debt Facility, until such time as the Discharge of the Second Priority Debt Obligations has occurred, such Second Priority Representative and (iii) at any time when neither clause (i) nor (ii) applies, the Controlling Collateral Agent (or other similarly defined term) (as defined in the Junior Lien Intercreditor Agreement) at such time.

 

“Designated Senior Representative” means (i) if at any time there is only one Senior Representative for a Senior Facility with respect to which the Discharge of Senior Obligations has not occurred, such Senior Representative and (ii) at any time when clause (i) does not apply, the Controlling Collateral Agent (or other similarly defined term) (as defined in the First Lien Intercreditor Agreement) at such time.

 

“DIP Cap” has the meaning assigned to such term in Section 6.01.

 

“DIP Financing” has the meaning assigned to such term in Section 6.01.

 

“Discharge” means, with respect to any Debt Facility, the date on which such Debt Facility and the Senior Obligations or the Second Priority Debt Obligations thereunder, as the case may be, (i) have been paid in full in cash (other than any Contingent Senior Obligations or Contingent Second Priority Debt Obligations) and are no longer secured by the Collateral pursuant to the terms of the documentation governing such Debt Facility or, with respect to any Hedging Obligations or obligations and liabilities under Treasury Services Agreements secured by the Collateral Documents for such Debt Facility, any of (x) such Hedging Obligations or obligations and liabilities under Treasury Services Agreements have been paid in full in cash (other than obligations and liabilities under Treasury Services Agreements and Secured Hedge Agreements not due and payable), (y) such Hedging Obligations or obligations and liabilities under Treasury Services Agreements shall have been cash collateralized on terms satisfactory to each applicable counterparty (or other arrangements satisfactory to the applicable counterparty shall have been made) (other than obligations and liabilities under Treasury Services Agreements and Secured Hedge Agreements not due and payable) or (z) such Hedging Obligations or obligations and liabilities under Treasury Services Agreements are no longer secured by the Collateral pursuant to the terms of the documentation governing such Debt Facility (other than obligations and liabilities under Treasury Services Agreements and Secured Hedge Agreements not due and payable), (ii) any letters of credit issued pursuant to such Debt Facility shall either have expired or have been terminated (other than letters of credit that are cash collateralized or back-stopped or a deemed reissuance under another facility) (in the amount and form required under the applicable Debt Facility) and (iii) all commitments of the Senior Secured Parties and the Second Priority Debt Parties under their respective

 

4

 

Debt Facilities have terminated. For the avoidance of doubt, any “Discharge” remains subject to the requirements of Section 6.04. The term “Discharged” shall have a corresponding meaning.

 

“Discharge of First Lien Credit Agreement Obligations” means, with respect to any Shared Collateral, the Discharge of the First Lien Credit Agreement Obligations with respect to such Shared Collateral; provided that the Discharge of First Lien Credit Agreement Obligations shall not be deemed to have occurred in connection with a Refinancing of such First Lien Credit Agreement Obligations with an Additional Senior Debt Facility secured by such Shared Collateral under one or more Additional Senior Debt Documents which has been designated in writing by the First Lien Administrative Agent (under the First Lien Credit Agreement so Refinanced) to the Designated Senior Representative as the “First Lien Credit Agreement” for purposes of this Agreement.

 

“Discharge of Senior Obligations” means the date on which the Discharge of First Lien Credit Agreement Obligations and the Discharge of each Additional Senior Debt Facility has occurred.

 

“Disposal Obligation” has the meaning assigned to it in Section 5.01(a).

 

“Disposed Entity” has the meaning assigned to it in Section 5.01(a).

 

“Disposition” has the meaning assigned to it in Section 5.01(b).

 

“Enforcement Action” means any action to:

 

(1)           foreclose, execute, levy, or collect on, appropriate, take possession or control of, sell or otherwise realize upon (judicially or non-judicially), or lease, license, or otherwise dispose of (whether publicly or privately), Collateral or otherwise exercise or enforce remedial rights with respect to Collateral under the Senior Debt Documents or the Second Priority Debt Documents (including by way of setoff, recoupment, notification of a public or private sale or other disposition pursuant to the UCC or other applicable law, notification to account debtors, notification to depositary banks under deposit account control agreements, or exercise of rights under landlord consents, if applicable);

 

(2)           solicit bids from third Persons, approve bid procedures for any proposed disposition of Collateral, to conduct the liquidation or disposition of Collateral or engage or retain sales brokers, marketing agents, investment bankers, accountants, appraisers, auctioneers, or other third Persons for the purposes of valuing, marketing, promoting, and selling Collateral;

 

(3)           receive a transfer of Collateral in satisfaction of Indebtedness or any other Senior Obligation secured thereby or enter into any cooperation, compromise or similar arrangement with any Grantor;

 

(4)           otherwise enforce a security interest or exercise another right or remedy, as a secured creditor or otherwise, pertaining to the Collateral at law, in equity, or pursuant to the Senior Debt Documents or the Second Priority Debt Documents (including the commencement of applicable legal proceedings or other actions with respect to all or any portion of the Collateral to facilitate the actions described in the preceding clauses, and exercising voting rights in respect of equity interests comprising Collateral); or

 

(5)           the Disposition of Collateral by any Grantor after the occurrence and during the continuation of an “event of default” under the Senior Debt Documents or the Second Priority Debt Documents with the consent of the Designated Senior Representative or Designated Second Priority Representative, as applicable (in either case, to the extent that such consent is required).

 

5

 

“First Lien Administrative Agent” has the meaning assigned to such term in the introductory paragraph hereto.

 

“First Lien Credit Agreement” means the Credit Agreement, dated as of September 6, 2017, among Holdings, Intermediate Holdings, the Lead Borrower, the Co-Borrower, the guarantors from time to time party thereto, the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as the Administrative Agent,, and the other parties thereto, as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time.

 

“First Lien Credit Agreement Loan Documents” means the First Lien Credit Agreement and the other “Loan Documents” as defined in the First Lien Credit Agreement.

 

“First Lien Credit Agreement Obligations” means the “Obligations”, as defined in the First Lien Credit Agreement.

 

“First Lien Credit Agreement Secured Parties” means the “Secured Parties” as defined in the First Lien Credit Agreement.

 

“First Lien Security Agreement” means the “Security Agreement” as defined in the First Lien Credit Agreement.

 

“German Security Documents” means any agreement, instrument or document governed by German law that creates or purports to create or evidence a Lien in favor of any Senior Representative and/or Second Priority Representative, as agent for the respective Senior Debt Parties and/or Second Priority Debt Parties, respectively.

 

“Grantors” means Holdings, Intermediate Holdco, each Borrower, and each of their respective Subsidiaries or direct or indirect parent company of the Lead Borrower which has granted a security interest pursuant to any Collateral Document to secure any Secured Obligations. The Grantors existing on the date hereof are set forth in Annex I hereto.

 

“Hedging Obligations” of any Person means any obligation of such Person pursuant to any Secured Hedge Agreements.

 

“Holdings” has the meaning assigned to such term in the introductory paragraph hereto.

 

“Initial Second Priority Debt Documents” means that certain [[                    ] dated as of [                              ], 20[    ], among the Company, [the guarantors identified therein,] [         ], as [            ], and [                ], as [                agent]] and any notes, security documents and other operative agreements evidencing or governing such Indebtedness, including any agreement entered into for the purpose of securing the Initial Second Priority Debt Obligations.

 

“Initial Second Priority Debt Obligations” means the Second Priority Debt Obligations arising pursuant to the Initial Second Priority Debt Documents.

 

“Initial Second Priority Debt Parties” means the holders of any Initial Second Priority Debt Obligations and the Initial Second Priority Representative.

 

“Initial Second Priority Representative” has the meaning assigned to such term in the introductory paragraph to this Agreement.

 

6

 

“Insolvency or Liquidation Proceeding” means:

 

(1)           any case commenced by or against either Borrower or any other Grantor under any Bankruptcy Law, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of either Borrower or any other Grantor, any receivership or general assignment for the benefit of creditors relating to either Borrower or any other Grantor or any similar case or proceeding relative to either Borrower or any other Grantor or its creditors, as such, in each case whether or not voluntary;

 

(2)           any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to either Borrower or any other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or

 

(3)           any other proceeding of any type or nature, whether or not involving insolvency or bankruptcy, in which substantially all claims of creditors of either Borrower or any other Grantor are determined and any payment or distribution is or may be made on account of such claims.

 

“Intellectual Property” has the meaning assigned to such term in the First Lien Security Agreement.

 

“Intra-Group Lender” means Holdings or any Subsidiary of Holdings that has made a loan available to, lent money, or otherwise made cash advances to an Grantor, in each case with an aggregate outstanding principal amount in excess of $[5,000,000].

 

“Joinder Agreement” means a supplement to this Agreement in substantially the form of Annex III or Annex IV hereof.

 

“Junior Lien Intercreditor Agreement” has the meaning assigned to such term in Section 8.18(b).

 

“Lead Borrower” has the meaning assigned to such term in the introductory paragraph hereto.

 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing).

 

“Luxembourg” shall mean the Grand-Duchy of Luxembourg.

 

“Luxembourg Companies Register” means the Luxembourg Register of Commerce and Companies.

 

“Lux Party” shall mean any Grantor whose registered office/place of central administration is in Luxembourg.

 

“Officer’s Certificate” has the meaning provided to such term in Section 8.08.

 

7

 

“Pledged or Controlled Collateral” has the meaning assigned to such term in Section 5.05(a).

 

“Priority Lien” has the meaning assigned to it in Section 5.01(f).

 

“Proceeds” means the proceeds of any sale, collection or other liquidation of Shared Collateral and any payment or distribution made in respect of Shared Collateral in a Bankruptcy Case and any amounts received by any Senior Representative or any Senior Secured Party from a Second Priority Debt Party in respect of Shared Collateral pursuant to this Agreement.

 

“Receiving Entity” has the meaning assigned to it in Section 5.01(a).

 

“Recovery” has the meaning assigned to such term in Section 6.04.

 

“Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, increase, modify, supplement, restructure, refund, replace or repay, or to issue other indebtedness or enter into alternative financing arrangements, in exchange or replacement for such Indebtedness (in whole or in part), including by adding or replacing lenders, creditors, agents, borrowers and/or guarantors, and including in each case, but not limited to, after the original instrument giving rise to such Indebtedness has been terminated and including, in each case, through any credit agreement, indenture or other agreement. “Refinanced” and “Refinancing” have correlative meanings.

 

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

 

“Representatives” means the Senior Representatives and the Second Priority Representatives.

 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Second Priority Class Debt” has the meaning assigned to such term in Section 8.09.

 

“Second Priority Class Debt Parties” has the meaning assigned to such term in Section 8.09.

 

“Second Priority Class Debt Representative” has the meaning assigned to such term in Section 8.09.

 

“Second Priority Collateral” means (x) any “Collateral” as defined in any Second Priority Debt Document or (y) any other assets of either Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Second Priority Collateral Document as security for any Second Priority Debt Obligation.

 

“Second Priority Collateral Documents” means the Junior Lien Intercreditor Agreement (if any) and each of the collateral agreements, security agreements and other instruments and documents executed and delivered by either Borrower or any other Grantor for purposes of providing collateral security for any Second Priority Debt Obligation.

 

8

 

“Second Priority Debt Documents” means the Initial Second Priority Debt Documents and any Additional Second Priority Debt Documents.

 

“Second Priority Debt Facilities” means the Initial Second Priority Debt Facility and any and any Additional Second Priority Debt Facilities.

 

“Second Priority Debt Obligations” means the Initial Second Priority Debt Obligations and any Additional Second Priority Debt Obligations.

 

“Second Priority Debt Parties” means the Initial Second Priority Debt Parties and any Additional Second Priority Debt Parties.

 

“Second Priority Enforcement Date” means, with respect to any Second Priority Representative, the date which is 180 days after the occurrence of both (i) an Event of Default (under and as defined in the Second Priority Debt Document for which such Second Priority Representative has been named as Representative) and (ii) the Designated Senior Representative’s and each other Representative’s receipt of written notice from such Second Priority Representative that (x) such Second Priority Representative is the Designated Second Priority Representative and that an Event of Default (under and as defined in the Second Priority Debt Document for which such Second Priority Representative has been named as Representative) has occurred and is continuing and (y) all of the Second Priority Debt Obligations are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Second Priority Debt Documents; provided that the Second Priority Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred with respect to any Shared Collateral (1) at any time the Designated Senior Representative has commenced and is diligently pursuing any enforcement action with respect to any Shared Collateral, (2) when the Senior Obligations are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the Senior Debt Documents, (3) at any time the Grantor which has granted a security interest in any Shared Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding, (4) at any time the Designated Senior Representative is stayed from exercising remedies with respect to any Shared Collateral or (5) if the acceleration of the Second Priority Debt Obligations (if any) is rescinded in accordance with the terms of the Second Priority Debt Documents

 

“Second Priority Lien” means the Liens on the Second Priority Collateral in favor of Second Priority Debt Parties under Second Priority Collateral Documents.

 

“Second Priority Representative” means (i) in the case of the Initial Second Priority Debt Obligations covered hereby, the Initial Second Priority Representative and (ii) in the case of any Additional Second Priority Debt Facility and Additional Second Priority Debt Parties thereunder, the trustee, administrative agent, collateral agent, security agent or similar agent under such Additional Second Priority Debt Facility that is named as the Representative in respect of such Additional Second Priority Debt Facility in the applicable Joinder Agreement.

 

“Secured Obligations” means the Senior Obligations and the Second Priority Debt Obligations.

 

“Secured Parties” means the Senior Secured Parties and the Second Priority Debt Parties.

 

“Senior Class Debt” has the meaning assigned to such term in Section 8.09.

 

“Senior Class Debt Parties” has the meaning assigned to such term in Section 8.09.

 

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“Senior Class Debt Representative” has the meaning assigned to such term in Section 8.09.

 

“Senior Collateral” means (x) any “Collateral” as defined in any Senior Debt Document or (y) any other assets of either Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Senior Collateral Document as security for any Senior Obligations or deemed to be granted pursuant to Section 2.04.

 

“Senior Collateral Documents” means the First Lien Security Agreement and the other “Collateral Documents” as defined in the First Lien Credit Agreement, the First Lien Intercreditor Agreement (upon and after the initial execution and delivery thereof by the initial parties thereto) and each of the collateral agreements, security agreements and other instruments and documents executed and delivered by either Borrower or any other Grantor for purposes of providing collateral security for any Senior Obligation.

 

“Senior Debt Documents” means the First Lien Credit Agreement Loan Documents and any Additional Senior Debt Documents.

 

“Senior Facilities” means the First Lien Credit Agreement and any Additional Senior Debt Facilities.

 

“Senior Lien” means the Liens on the Senior Collateral in favor of the Senior Secured Parties under the Senior Collateral Documents.

 

“Senior Obligations” means the First Lien Credit Agreement Obligations and any Additional Senior Debt Obligations; provided that the aggregate principal amount of debt for borrowed money constituting Senior Obligations (other than Hedging Obligations and Obligations and liabilities under Treasury Services Agreements) shall not exceed the amount of such debt permitted to be incurred as Senior Obligations (other than Hedging Obligations and Obligations and liabilities under Treasury Services Agreements) pursuant to the terms of the Second Priority Debt Documents (as in effect on the date hereof and subject only to such amendments, supplements or other modifications which do not have the effect, directly or indirectly, of reducing the amount of such debt permitted to be incurred thereunder as Senior Obligations or to which the First Lien Administrative Agent, each other First Lien Representative and the Borrowers have consented).

 

“Senior Representative” means (i) in the case of any First Lien Credit Agreement Obligations and the First Lien Credit Agreement Secured Parties, the First Lien Administrative Agent and (ii) in the case of any Additional Senior Debt Facility and the Additional Senior Debt Parties thereunder, the trustee, administrative agent, collateral agent, security agent or similar agent under such Additional Senior Debt Facility that is named as the Representative in respect of such Additional Senior Debt Facility hereunder or in the applicable Joinder Agreement.

 

“Senior Secured Parties” means the First Lien Credit Agreement Secured Parties and any Additional Senior Debt Parties.

 

“Shared Collateral” means, at any time, Collateral in which the holders of Senior Obligations under at least one Senior Facility (or their Representative) and the holders of Second Priority Debt Obligations under at least one Second Priority Debt Facility (or their Representatives) hold a security interest at such time (or, in the case of the Senior Facilities, are deemed pursuant to Article II to hold a security interest). If, at any time, any portion of the Senior Collateral under one or more Senior Facilities does not constitute Second Priority Collateral under one or more Second Priority Debt

 

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Facilities, then such portion of such Senior Collateral shall constitute Shared Collateral only with respect to the Second Priority Debt Facilities for which it constitutes Second Priority Collateral and shall not constitute Shared Collateral for any Second Priority Debt Facility which does not have a security interest in such Collateral at such time.

 

“Shared Collateral Document” means (i) other than with respect to any German Security Document, any agreement, document or instrument pursuant to which one Lien is granted in the Shared Collateral to the holders of Senior Obligations under at least one Senior Facility (or their Representative) and the holders of Second Priority Debt Obligations under at least one Second Priority Debt Facility (or their Representatives) or (ii) with respect to any German Security, any German Security Document, any agreement, document or instrument evidencing or purported to be evidencing non-accessory (nicht-akzessorisch) security interests; with respect to such collateral, the Designated Senior Representative is appointed by each of the Senior Secured Parties and the Second Priority Debt Parties in accordance with the relevant provision in the Senior Debt Documents and the Second Priority Debt Documents, respectively.

 

“Shared German Collateral” has the meaning assigned to such term in Section [            ].

 

“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 Lead Borrower.

 

“Third Lien Intercreditor Agreement” has the meaning assigned to such term in Section 8.18(a).

 

“Transferee” has the meaning assigned to such term in Section 5.01(a).

 

“Uniform Commercial Code” or “UCC” means, unless otherwise specified, the Uniform Commercial Code as from time to time in effect in the State of New York.

 

SECTION 1.02.            Terms Generally. 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, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended, supplemented or otherwise modified, (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is made to such subsidiaries, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, 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 (vi) the term “or” is not exclusive.

 

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SECTION 1.03.            Luxembourg Terms. Notwithstanding any other provision of this Agreement to the contrary, in this Agreement where it relates to a Lux Party, a reference to: (a) a winding-up, administration, liquidation, conservatorship, bankruptcy, general assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or dissolution includes bankruptcy (faillite), insolvency, liquidation, composition with creditors (concordat préventif de faillite), moratorium or reprieve from payment (sursis de paiement), controlled management (gestion contrôlée), fraudulent conveyance (action paulienne), general settlement with creditors, reorganization or similar laws affecting the rights of creditors generally; (b) a receiver, receiver and manager, liquidator, administrator, trustee, custodian, sequestrator, conservator or similar officer includes a juge délégué, commissaire, juge-commissaire, mandataire ad hoc, administrateur provisoire, liquidateur or curateur; (c) a Lien or security interest includes any hypothèque, nantissement, gage, privilege, sûreté réelle, droit de rétention, and any type of security in rem (sûreté réelle) or agreement or arrangement having a similar effect and any transfer of title by way of security; (d) a person being unable to pay its debts includes that person being in a state of cessation de paiements or having lost or meeting the criteria to lose its commercial creditworthiness; (e) attachments or similar creditors process means an executory attachment (saisie exécutoire) or conservatory attachment (saisie conservatoire); (f) a guaranty includes any garantie that is independent from the debt to which it relates and excludes any suretyship (cautionnement) within the meaning of Articles 2011 and seq. of the Luxembourg Civil Code; and (g) by-laws or organizational documents includes its articles of association (statuts coordonnés).

 

ARTICLE II

 

Priorities and Agreements with Respect to Shared Collateral

 

SECTION 2.01.            Subordination. Notwithstanding the date, time, manner or order of filing or recordation of any document or instrument or grant, attachment or perfection of any Liens granted to any Second Priority Representative or any Second Priority Debt Parties on the Shared Collateral or of any Liens granted to any Senior Representative or any other Senior Secured Party on the Shared Collateral (or any actual or alleged defect in any of the foregoing) and notwithstanding any provision of the UCC, any applicable Bankruptcy Law, any other applicable law, any Second Priority Debt Document or any Senior Debt Document or any other circumstance whatsoever (including any non-perfection of any Lien purporting to secure the Senior Obligations), each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Debt Facility, hereby agrees that (a) any Lien on the Shared Collateral securing any Senior Obligations now or hereafter held by or on behalf of any Senior Representative or any other Senior Secured Party or other agent or trustee therefor, regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall have priority over and be senior and prior to any Lien on the Shared Collateral securing any Second Priority Debt Obligations in all respects and (b) any Lien on the Shared Collateral securing any Second Priority Debt Obligations now or hereafter held by or on behalf of any Second Priority Representative, any Second Priority Debt Parties or any Second Priority Representative or other agent or trustee therefor, regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Shared Collateral securing any Senior Obligations. All Liens on the Shared Collateral securing any Senior Obligations shall be and remain senior in all respects and prior to all Liens on the Shared Collateral securing any Second Priority Debt Obligations for all purposes, whether or not such Liens securing any Senior Obligations are subordinated to any Lien securing any other obligation of either Borrower, any Grantor or any other Person or otherwise subordinated, voided, avoided, invalidated, lapsed or otherwise deficient in any manner.

 

SECTION 2.02.            Nature of Senior Lender Claims. Each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Debt

 

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Facility, acknowledges that (a) a portion of the Senior Obligations is revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, (b) the terms of the Senior Debt Documents and the Senior Obligations may be amended, supplemented or otherwise modified, and the Senior Obligations, or a portion thereof, may be Refinanced from time to time and (c) subject to the proviso in the definition of Senior Obligations, the aggregate amount of the Senior Obligations may be increased, in each case, without notice to or consent by the Second Priority Representatives or the Second Priority Debt Parties and without affecting the provisions hereof. The Lien priorities provided for in Section 2.01 shall not be altered or otherwise affected by any amendment, supplement or other modification, or any Refinancing, of either the Senior Obligations or the Second Priority Debt Obligations, or any portion thereof. As between each Borrower and the other Grantors and the Second Priority Debt Parties, the foregoing provisions will not limit or otherwise affect the obligations of the Borrowers and the Grantors contained in any Second Priority Debt Document with respect to the incurrence of Additional Senior Debt Obligations.

 

SECTION 2.03.                              Prohibition on Contesting Liens. Each of the Second Priority Representatives, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, agrees that it shall not (and hereby waives any right to) take any action to challenge, oppose, contest or support any other Person in contesting or challenging, directly or indirectly, in any proceeding (including any Insolvency or Liquidation Proceeding), the validity, extent, perfection, priority, allowability, or enforceability of any Lien securing any Senior Obligations held (or purported to be held) by or on behalf of any Senior Representative or any of the other Senior Secured Parties or other agent or trustee therefor in any Senior Collateral, or the relative rights and duties of the holders of the Senior Obligations and the Second Priority Debt Obligations granted and/or established in this Agreement or any other Collateral Document with respect to such Lien, and the Senior Collateral Agent and each Senior Representative, for itself and on behalf of each Senior Secured Party under the applicable Senior Facility, agrees that it shall not (and hereby waives any right to) take any action to challenge, oppose, contest or support any other Person in contesting or challenging, directly or indirectly, in any proceeding (including any Insolvency or Liquidation Proceeding), the validity, extent, perfection, priority, allowability or enforceability of any Lien securing any Second Priority Debt Obligations held (or purported to be held) by or on behalf of any of any Second Priority Representative or any of the Second Priority Debt Parties in the Second Priority Collateral or the relative rights and duties of the holders of the Senior Obligations and the Second Priority Debt Obligations granted and/or established in this Agreement or any other Collateral Document with respect to such Lien. Notwithstanding the foregoing, no provision in this Agreement shall be construed to prevent or impair the rights of any Senior Representative to enforce this Agreement (including the priority of the Liens securing the Senior Obligations as provided in Section 2.01) or any of the Senior Debt Documents.

 

SECTION 2.04.                              No New Liens. The parties hereto agree that, so long as the Discharge of Senior Obligations has not occurred, (a) none of the Grantors shall (1) grant or permit any Liens on any asset or property of any Grantor to secure any Second Priority Debt Obligation unless it has granted, or concurrently therewith grants, a Lien on such asset or property of such Grantor to secure the Senior Obligations or (2) except as otherwise provided herein (including Section 2.06), grant or permit any Liens on any asset or property of any Grantor to secure any Senior Obligation unless it has granted, or concurrently therewith grants, a Lien on such asset or property of such Grantor to secure the Second Priority Debt Obligations; and (b) (1) if any Second Priority Representative or any Second Priority Debt Party shall hold or otherwise be granted any Lien on any assets or property of any Grantor securing any Second Priority Debt Obligations that are not also subject to the first-priority Liens securing all Senior Obligations under the Senior Collateral Documents, such Second Priority Representative or Second Priority Debt Party (A) shall notify the Designated Senior Representative promptly upon becoming aware thereof and, unless such Grantor shall promptly grant a similar Lien on such assets or property to each Senior Representative as security for the Senior Obligations, shall assign such Lien to the Designated

 

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Senior Representative as security for all Senior Obligations for the benefit of the Senior Secured Parties (but may retain a junior lien on such assets or property subject to the terms hereof) and (B) until such assignment or such grant of a similar Lien to each Senior Representative, shall be deemed to hold and have held such Lien for the benefit of each Senior Representative and the other Senior Secured Parties as security for the Senior Obligations or (2) if any Senior Representative or any Senior Secured Party shall hold or otherwise be granted any Lien on any assets or property of any Grantor securing any Senior Obligations that are not also subject to the second-priority Liens securing all Second Priority Debt Obligations under the Second Priority Collateral Documents, such Senior Representative or Senior Secured Party shall notify the Designated Second Priority Representative promptly upon becoming aware thereof and, unless such Grantor shall promptly grant a similar Lien on such assets or property to each Second Priority Representative as security for the Second Priority Debt Obligations, shall be deemed to hold and have held such Lien for the benefit of each Second Priority Representative and the other Second Second Priority Debt Parties as security for the Second Priority Debt Obligations subject to the same priority as the other Liens of the Second Priority Debt Parties are so subordinated to the Liens of the Senior Secured Parties under this Agreement. To the extent that the provisions of the immediately preceding sentence are not complied with for any reason, without limiting any other right or remedy available to any Senior Representative or any other Senior Secured Party, each Second Priority Representative agrees, for itself and on behalf of the other Second Priority Debt Parties, that any amounts received by or distributed to any Second Priority Debt Party pursuant to or as a result of any Lien granted in contravention of this Section 2.04 shall be subject to Section 4.02.

 

SECTION 2.05.                              Perfection of Liens. Except for the limited agreements of the Senior Representatives pursuant to Section 5.05 hereof, none of the Senior Representatives or the Senior Secured Parties shall be responsible for perfecting and maintaining the perfection of Liens with respect to the Shared Collateral for the benefit of the Second Priority Representatives or the Second Priority Debt Parties. The provisions of this Agreement are intended solely to govern the respective Lien priorities as between the Senior Secured Parties and the Second Priority Debt Parties and shall not impose on the Senior Representatives, the Senior Secured Parties, the Second Priority Representatives, the Second Priority Debt Parties or any agent or trustee therefor any obligations in respect of the disposition of Proceeds of any Shared Collateral which would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law.

 

SECTION 2.06.                              Certain Cash Collateral. Notwithstanding anything in this Agreement or any other Senior Debt Documents or Second Priority Debt Documents to the contrary, collateral consisting of cash and Cash Equivalents pledged to secure (a) First Lien Credit Agreement Obligations, consisting of reimbursement obligations in respect of Letters of Credit or otherwise held by the First Lien Administrative Agent pursuant to the First Lien Credit Agreement (or any equivalent successor provisions thereof), shall be applied as specified in the First Lien Credit Agreement and (b) Initial Second Priority Debt Obligations, shall be applied as specified in the Initial Second Priority Debt Documents, and, in each of clauses (a) and (b) above, will not constitute Shared Collateral.

 

SECTION 2.07.                              Similar Liens and Agreements. Except as otherwise set forth in this Agreement (including Section 2.06), the parties hereto agree that it is their intention that the Senior Collateral and the Second Priority Collateral be identical. In furtherance of the foregoing and of Section 8.13, the parties hereto agree, subject to the other provisions of this Agreement:

 

(a)                                 upon request by the Designated Senior Representative or the Designated Second Priority Representative, to cooperate in good faith from time to time in order to determine the specific items included in the Senior Collateral and the Second Priority Collateral and the steps taken to perfect their respective Liens thereon and the identity of the respective parties obligated under the Senior Debt Documents and the Second Priority Debt Documents; and

 

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(b)                                 that the documents and agreements creating or evidencing the Senior Collateral and the Second Priority Collateral and Guarantees for the Senior Obligations and the Second Priority Debt Obligations shall be in all material respects the same forms of documents other than with respect to the senior and subordinate nature of the security interests in the Shared Collateral securing the respective obligations thereunder.

 

ARTICLE III

 

Enforcement

 

SECTION 3.01.                              Exercise of Remedies.

 

(a)                                 So long as the Discharge of Senior Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against either Borrower or any other Grantor, (i) neither any Second Priority Representative nor any Second Priority Debt Party will, (x) exercise or seek to exercise any rights or remedies (including setoff, recoupment, and the right to credit bid debt, if any) with respect to any Shared Collateral in respect of any Second Priority Debt Obligations, or institute any Enforcement Action or other action or proceeding with respect to such rights or remedies (including any action of foreclosure), (y) contest, protest or object to (or support any other party contesting, protesting or objecting) any foreclosure or enforcement proceeding or action brought with respect to the Shared Collateral or any other Senior Collateral by any Senior Representative or any Senior Secured Party in respect of the Senior Obligations, the exercise of any right by any Senior Representative or any Senior Secured Party (or any agent or sub-agent on their behalf) in respect of the Senior Obligations under any lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement to which any Senior Representative or any Senior Secured Party either is a party or may have rights as a third party beneficiary, or any other exercise by any such party of any rights and remedies relating to the Shared Collateral under the Senior Debt Documents or otherwise in respect of the Senior Collateral or the Senior Obligations, or (z) object to the forbearance by the Senior Secured Parties from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Shared Collateral or any other collateral in respect of Senior Obligations and (ii) the Senior Representatives and the Senior Secured Parties shall have the exclusive right to enforce rights, exercise remedies (including setoff, recoupment and any right to credit bid their debt), including commencing an Enforcement Action, and make determinations regarding the release, disposition or restrictions, or waiver or forbearance of rights or remedies, with respect to the Shared Collateral without any consultation with or the consent of any Second Priority Representative or any Second Priority Debt Party; provided, however, that, in each instance in a manner not otherwise inconsistent with the terms of this Agreement, (A) in any Insolvency or Liquidation Proceeding commenced by or against any Borrower or any other Grantor, any Second Priority Representative may file a claim, proof of claim, or statement of interest with respect to the Second Priority Debt Obligations under its Second Priority Debt Facility, (B) any Second Priority Representative may take any action (not adverse to the prior Liens on the Shared Collateral securing the Senior Obligations or the rights of the Senior Representatives or the Senior Secured Parties to exercise remedies in respect thereof) in order to create, prove, perfect, preserve or protect (but not enforce) its rights in, and perfection and priority of its Lien on, the Shared Collateral, (C) any Second Priority Representative and the Second Priority Debt Parties may exercise their rights and remedies as unsecured creditors to the extent provided in Section 5.04, (D) the Second Priority Debt Parties may file any responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the Second Priority Debt Parties or the avoidance of any Second Priority Lien, (E) in any Insolvency or Liquidation Proceeding, the Second Priority Debt Parties shall be entitled to vote on any plan of reorganization or similar dispositive plan to the extent consistent with the provisions hereof, and (F) from and after the Second Priority Enforcement Date, the Designated Second Priority Representative

 

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may exercise or seek to exercise any rights or remedies (including setoff) with respect to any Shared Collateral in respect of any Second Priority Debt Obligations, or institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure), but only so long as (1) the Designated Senior Representative has not commenced and is not diligently pursuing any Enforcement Action with respect to any Shared Collateral and (2) no Grantor which has granted a security interest in any Shared Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding. Any recovery by the Second Priority Debt Parties pursuant to the preceding clause (F) shall be subject to the terms of this Agreement, including Article IV. In exercising rights and remedies with respect to the Senior Collateral, the Senior Representatives and the Senior Secured Parties may enforce the provisions of the Senior Debt Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Shared Collateral upon foreclosure, to incur expenses in connection with such sale or disposition and to exercise all the rights and remedies of a secured lender under the Uniform Commercial Code of any applicable jurisdiction and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction.

 

(b)                                 So long as the Discharge of Senior Obligations has not occurred, each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Debt Facility, agrees that it will not, in the context of its role as secured creditor, take or receive any Shared Collateral or any Proceeds of Shared Collateral in connection with the exercise of any right or remedy or otherwise in an Insolvency or Liquidation Proceeding (including setoff, recoupment, or the right to credit bid debt) with respect to any Shared Collateral in respect of Second Priority Debt Obligations. Without limiting the generality of the foregoing, unless and until the Discharge of Senior Obligations has occurred, except as expressly provided in the proviso to Section 3.01(a), the sole right of the Second Priority Representatives and the Second Priority Debt Parties with respect to the Shared Collateral is to hold a Lien on the Shared Collateral in respect of Second Priority Debt Obligations pursuant to the Second Priority Debt Documents for the period and to the extent granted therein and to receive a share of the Proceeds thereof, if any, after the Discharge of Senior Obligations has occurred in accordance with the terms of the Second Priority Debt Documents and applicable law.

 

(c)                                  Subject to the proviso to Section 3.01(a), (i) each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, agrees that neither such Second Priority Representative nor any such Second Priority Debt Party will take any action that would hinder, delay, limit or prohibit any Enforcement Action or the exercise of remedies undertaken by any Senior Representative or any Senior Secured Party with respect to the Shared Collateral under the Senior Debt Documents, including any collection, sale, lease, exchange, transfer or other disposition of the Shared Collateral, whether by foreclosure or otherwise, and (ii) each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, hereby waives any and all rights it or any such Second Priority Debt Party may have as a junior lien creditor (whether arising under the UCC, any Bankruptcy Law or under any other law) or otherwise to object to the manner in which the Senior Representatives or the Senior Secured Parties seek to enforce or collect the Senior Obligations or the Liens granted on any of the Senior Collateral, regardless of whether any action or failure to act by or on behalf of any Senior Representative or any other Senior Secured Party is adverse to the interests of the Second Priority Debt Parties. In commencing or maintaining any Enforcement Action or otherwise exercising rights and remedies with respect to the Collateral, the Designated Senior Representative and the Senior Secured Parties may enforce the provisions of the Senior Debt Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion in compliance with any applicable law and without consultation with any Second Priority Representative or any Second Priority Debt Party and regardless of whether any such exercise is adverse to the interest of any Second Priority Debt Party. Such exercise and enforcement shall include the rights of an agent appointed by them to sell

 

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or otherwise dispose of Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the UCC or other applicable law and of a secured creditor under Bankruptcy Laws in any applicable jurisdiction.

 

(d)                                 Each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Debt Facility, hereby acknowledges and agrees that no covenant, agreement or restriction contained in any Second Priority Debt Document shall be deemed to restrict in any way the rights and remedies of the Senior Representatives or the Senior Secured Parties with respect to the Senior Collateral as set forth in this Agreement and the Senior Debt Documents.

 

(e)                                  Until the Discharge of Senior Obligations but subject to the proviso to Section 3.01(a), the Designated Senior Representative (or any Person authorized by it) shall have the exclusive right to commence or maintain an Enforcement Action, exercise any right or remedy with respect to the Shared Collateral and shall have the exclusive right to determine and direct the time, method and place for any Enforcement Action or the exercise such right or remedy or conduct of any proceeding with respect thereto.

 

SECTION 3.02.                              Cooperation. Subject to the proviso to Section 3.01(a), each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Debt Facility, agrees that, unless and until the Discharge of Senior Obligations has occurred, it will not commence, or join with any Person (other than the Senior Secured Parties and the Senior Representatives upon the request of the Designated Senior Representative) in commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by it in the Shared Collateral under any of the Second Priority Debt Documents or otherwise in respect of the Second Priority Debt Obligations.

 

SECTION 3.03.                              Actions upon Breach. Should any Second Priority Representative or any Second Priority Debt Party, contrary to this Agreement, in any way take, attempt to take or threaten to take any action with respect to the Shared Collateral (including any attempt to realize upon or enforce any remedy with respect to this Agreement) or fail to take any action required by this Agreement, any Senior Representative or other Senior Secured Party (in its or their own name or in the name of either Borrower or any other Grantor) or either Borrower may obtain relief against such Second Priority Representative or such Second Priority Debt Party by injunction, specific performance or other appropriate equitable relief. Each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Facility, hereby (i) agrees that the Senior Secured Parties’ damages from the actions of the Second Priority Representatives or any Second Priority Debt Party may at that time be difficult to ascertain and may be irreparable and waives any defense that either Borrower, any other Grantor or the Senior Secured Parties cannot demonstrate damage or be made whole by the awarding of damages and (ii) irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific performance in any action that may be brought by any Senior Representative or any other Senior Secured Party.

 

SECTION 3.04.                              No Additional Rights for the Grantors Hereunder. If any Senior Secured Party or Second Priority Debt Party shall enforce its rights or remedies in violation of the terms of this Agreement, no Grantor shall be entitled to use such violation as a defense to any action by any Senior Secured Party or Second Priority Debt Party, nor to assert such violation as a counterclaim or basis for set off or recoupment against any Senior Secured Party or Second Priority Debt Party. In addition, and without limiting the first sentence of this Section 3.04, any Grantor may enforce any provision of this Agreement with the prior written consent of the Designated Senior Representative.

 

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ARTICLE IV

 

Payments

 

SECTION 4.01.                              Application of Proceeds. After an event of default under any Senior Debt Document has occurred and until such event of default is cured or waived, so long as the Discharge of Senior Obligations has not occurred, the Shared Collateral or Proceeds thereof received in connection with any Enforcement Action or any other sale or other disposition of, or collection on or in respect of, such Shared Collateral upon the exercise of remedies or during an Insolvency or Liquidation Proceeding shall be applied by the Designated Senior Representative to the Senior Obligations in such order as specified in the relevant Senior Debt Documents (including the First Lien Intercreditor Agreement, if any) until the Discharge of Senior Obligations has occurred. Upon the Discharge of Senior Obligations, each applicable Senior Representative shall deliver promptly to the Designated Second Priority Representative any Shared Collateral or Proceeds thereof held by it in the same form as received, with any necessary endorsements (such endorsements shall be without recourse and without representation or warranty), or as a court of competent jurisdiction may otherwise direct, to be applied by the Designated Second Priority Representative to the Second Priority Debt Obligations in such order as specified in the relevant Second Priority Debt Documents (including any Junior Lien Intercreditor Agreement).

 

SECTION 4.02.                              Payments Over. Unless and until the Discharge of Senior Obligations has occurred, any Shared Collateral or Proceeds thereof (or any distribution in respect of the Shared Collateral, whether or not expressly characterized as such) received by any Second Priority Representative or any Second Priority Debt Party in connection with any Enforcement Action or the exercise of any right or remedy (including setoff, recoupment, or credit bid) relating to the Shared Collateral, in contravention of this Agreement, shall be segregated and held in trust for the benefit of and forthwith paid over to the Designated Senior Representative for the benefit of the Senior Secured Parties in the same form as received, with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct and shall be applied by the Designated Senior Representative as set forth in Section 4.01 above. The Designated Senior Representative is hereby authorized to make any such endorsements as agent for each of the Second Priority Representatives or any such Second Priority Debt Party. Such authorization is coupled with an interest and is irrevocable. Each Second Priority Representative, for itself and on behalf of each other Second Priority Debt Party, agrees that if, at any time, all or any part of any payment with respect to the Senior Obligations previously made shall be rescinded for any reason whatsoever, such Second Priority Debt Party shall promptly pay over to the Designated Senior Representative any payment received by it in respect of any Shared Collateral and shall promptly turn any Shared Collateral held by it over to the Designated Senior Representative and the provisions set forth in this Agreement shall be reinstated as if such payment had not been made, until the Discharge of the Senior Obligations.

 

ARTICLE V

 

Other Agreements

 

SECTION 5.01.                              Releases.

 

(a)                                 In connection with any Enforcement Action by the Senior Representative or any other exercise of the Senior Representative’s remedies in respect of the Collateral, in each case, prior to the Discharge of Senior Obligations, the Designated Senior Representative is irrevocably authorized (at the cost of the Grantors and without any consent, sanction, authority or further confirmation from the Designated Second Priority Representative, any Second Lien Credit Agreement Secured Party or any Grantor): (i) to release any of its Liens on any part of the Collateral or any other claim over the asset that

 

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is the subject of the Enforcement Action or such other exercise of remedies, and the Liens or any other claim over the asset that is the subject of the Enforcement Action or such other exercise of remedies, if any, of any Second Priority Representative, for itself or for the benefit of the Second Priority Debt Parties, on such asset, shall be automatically, unconditionally and simultaneously released to the same extent as the Liens or other claims of the Designated Senior Representative, and the Designated Senior Representative is irrevocably authorized to execute and deliver or enter into any release of such Liens or claims and to issue any letters of non-crystallization of any floating charge or any consent to dealing (to the extent applicable) that may, in the discretion of the Designated Senior Representative, be considered necessary or reasonably desirable in connection with such releases; (ii) if the asset which is the subject of such Enforcement Action or such other exercise of remedies consists of shares in the capital of any Grantor, to release, on behalf of the Senior Secured Parties, Second Priority Debt Parties, Grantors and Intra-Group Lenders (x) that Grantor and any subsidiary of that Grantor from all or any part of its Senior Obligations, its Second Priority Debt Obligations and/or its Intra-Group Liabilities, (y) any Liens granted by that Grantor and any subsidiary of that Grantor over any of its assets, and (z) any other claim of any Senior Secured Party, Second Priority Debt Party, Grantor or other Intra-Group Lender over that Grantor’s assets or over the assets of any subsidiary of that Grantor; (iii) if the asset which is the subject of such Enforcement Action consists of shares in the capital of any Grantor and the Designated Senior Representative decides to dispose of all or any part of the Senior Obligations and/or Second Priority Debt Obligations owed by such Grantor (the “Disposal Obligations”), (x) if the Designated Senior Representative does not intend that any transferee of those Disposal Obligations (the “Transferee”) will be treated as a Senior Secured Party and/or Second Priority Debt Party for the purposes of this Agreement, to execute and deliver or enter into any agreement to dispose of all or part of those Disposal Obligations providing that notwithstanding any other provision of any Senior Debt Document, any Second Priority Debt Document or this Agreement, the Transferee shall not be treated as a Senior Secured Party and/or Second Priority Debt Party for the purposes of this Agreement, and (y) if the Designated Senior Representative does intend that any Transferee will be treated as a Senior Secured Party and/or Second Priority Debt Party, to execute and deliver or enter into any agreement to dispose of (I) all (and not part only) of the Disposal Obligations owed to the Senior Secured Parties and/or Second Priority Debt Parties, as applicable and (II) all or part of any other Disposal Obligations, on behalf of, in each case, the Senior Secured Parties, the Second Priority Debt Parties or the Grantors; and (iv) if the asset which is disposed of consists of shares in the capital of any Grantor (the “Disposed Entity”) and the Designated Senior Representative decides to transfer to another Grantor (the “Receiving Entity”) all or any part of the Disposed Entity’s obligations or any obligations of any subsidiary of that Disposed Entity in respect of Second Priority Debt Obligations, to execute and deliver or enter into any agreement to (x) agree to the transfer of all or part of the obligations in respect of such Second Priority Debt Obligations on behalf of the Grantors to which those obligations are owed and on behalf of the Grantors which owe those obligations and (y) to accept the transfer of all or part of the obligations in respect of such Second Priority Debt Obligations on behalf of the Receiving Entity or Receiving Entities to which the obligations in respect of such Second Priority Debt Obligations is to be transferred. The Designated Second Priority Representative, for itself or on behalf of any such Second Priority Debt Parties, promptly shall execute and deliver to the Designated Senior Representative or such Grantor such termination statements, releases and other documents as the Designated Senior Representative or such Grantor may request to effectively confirm the foregoing releases. In the case of any disposal made pursuant to this Section 5.1(a), the Designated Senior Representative shall take reasonable care to obtain a fair market price in the prevailing market conditions (though the Designated Senior Representative shall have no obligation to postpone any such disposal in order to achieve a higher price).

 

(b)                                 If in connection with any sale, lease, exchange, transfer or other disposition of any Collateral by any Grantor (collectively, a “Disposition”) permitted under the terms of the Senior Debt Documents and not expressly prohibited under the terms of the Second Priority Debt Documents (other than in connection with an Enforcement Action or other exercise of any Senior Representative’s remedies

 

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in respect of the Collateral which shall be governed by Section 5.1(a) above), the Designated Senior Representative, for itself or on behalf of any of the Senior Secured Parties, releases any of its Liens on any part of the Collateral, or releases any Grantor from its obligations under its guaranty of the Senior Obligations, in each case other than in connection with, or following, the Discharge of Senior Obligations, then the Liens, if any, of each Second Priority Representative, for itself or for the benefit of the Second Priority Debt Parties, on such Collateral, and the obligations of such Grantor under its guaranty of the Second Priority Debt Obligations, shall be automatically, unconditionally and simultaneously released; provided, that such release by such Second Priority Representative, for itself or for the benefit of the Second Priority Debt Parties, shall not extend to or otherwise affect any of the rights of the Second Priority Debt Parties to the proceeds from any such Disposition. Each Second Priority Representative, for itself or on behalf of any such Second Priority Debt Parties, promptly shall execute and deliver to the Designated Senior Representative or such Grantor such termination statements, releases and other documents as the Senior Representative or such Grantor may request to effectively confirm such release.

 

(c)                                  Unless and until the Discharge of Senior Obligations has occurred, each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, hereby consents to the application, whether prior to or after an event of default under any Senior Debt Document of Proceeds of Shared Collateral to the repayment of Senior Obligations pursuant to the Senior Debt Documents; provided that nothing in this Section 5.01(c) shall be construed to prevent or impair the rights of the Second Priority Representatives or the Second Priority Debt Parties to receive proceeds in connection with the Second Priority Debt Obligations not otherwise in contravention of this Agreement.

 

(d)                                 Until the Discharge of Senior Obligations occurs, each Second Lien Collateral Agent, for itself and on behalf of the Second Priority Debt Parties, and each Intra-Group Lender hereby irrevocably constitutes and appoints the Designated Senior Representative and any officer or agent of the Designated Senior Representative, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Second Lien Collateral Agent or such holder or such Intra-Group Lender or in the Designated Senior Representative’s own name, from time to time in the Designated Senior Representative’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary to accomplish the purposes of this Section 5.1, including any endorsements or other instruments of transfer or release. This power is coupled with an interest and is irrevocable until the Discharge of Senior Obligations.

 

(e)                                  Until the Discharge of Senior Obligations occurs, to the extent that any Senior Representative or the Senior Secured Parties (i) have released any Lien on Collateral or any Grantor from its obligation under its guaranty and any such Liens or guaranty are later reinstated or (ii) obtain any new Liens or additional guarantees from any Grantor or any subsidiary of Holdings, then the Designated Second Lien Collateral Agent, for itself and for the Second Priority Debt Parties, shall be granted a Lien on any such Collateral, subject to the Lien subordination provisions of this Agreement, and an additional guaranty, as the case may be.

 

(f)                                   If, prior to the Discharge of Senior Obligations, a subordination of the Senior Representative’s Lien on any Collateral is permitted (or in good faith believed by the Designated Senior Representative to be permitted) under the First Lien Credit Agreement or any other Senior Debt Documents to another Lien permitted under the First Lien Credit Agreement or any other Senior Debt Documents (a “Priority Lien”), then the Designated Senior Representative is authorized to execute and deliver a subordination agreement with respect thereto in form and substance satisfactory to it, and each Second Priority Representative Agent, for itself and on behalf of the Second Priority Debt Parties, shall

 

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promptly execute and deliver to the Designated Senior Representative or the relevant Grantor an identical subordination agreement subordinating the Liens of such Second Lien Collateral Agent for the benefit of the Second Priority Debt Parties to such Priority Lien.

 

SECTION 5.02.                              Insurance and Condemnation Awards. Unless and until the Discharge of Senior Obligations has occurred, the Designated Senior Representative shall have the sole and exclusive right, to the extent permitted by the Senior Debt Documents and subject to the rights of the Grantors thereunder, (a) to adjust settlement for any insurance policy covering the Shared Collateral in the event of any loss thereunder and (b) to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the Shared Collateral. Unless and until the Discharge of Senior Obligations has occurred, all proceeds of any such policy and any such award (or payment with respect to a deed in lieu of condemnation), if in respect of the Shared Collateral, shall be paid (i) first, prior to the occurrence of the Discharge of Senior Obligations, to the Designated Senior Representative for the benefit of Senior Secured Parties pursuant to the terms of the Senior Debt Documents, (ii) second, after the occurrence of the Discharge of Senior Obligations, to the Designated Second Priority Representative for the benefit of the Second Priority Debt Parties pursuant to the terms of the applicable Second Priority Debt Documents and (iii) third, if no Second Priority Debt Obligations are outstanding, to the owner of the subject property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. If any Second Priority Representative or any Second Priority Debt Party shall, at any time, receive any proceeds of any such insurance policy or any such award in contravention of this Agreement, such proceeds shall be segregated and held in trust for the benefit of the Designated Senior Representative for the benefit of the Senior Secured Parties and it shall pay such proceeds over to the Designated Senior Representative in accordance with the terms of Section 4.02.

 

SECTION 5.03.                              Amendments to Second Priority Collateral Documents.

 

(a)                                 Except to the extent not prohibited by any Senior Debt Document, no Second Priority Collateral Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Second Priority Collateral Document, would be prohibited by any of the terms of this Agreement. Each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, agrees that each Second Priority Collateral Document under its Second Priority Debt Facility shall include the following language (or language to similar effect reasonably approved by the Designated Senior Representative):

 

“Notwithstanding anything herein to the contrary, (i) the liens and security interests granted to the [Second Priority Representative] pursuant to this Agreement are expressly subject and subordinate to the liens and security interests granted in favor of the Senior Secured Parties (as defined in the Intercreditor Agreement referred to below), including liens and security interests granted to Deutsche Bank AG New York Branch, as administrative agent, pursuant to or in connection with the First Lien Credit Agreement, dated as of May 5, 2015 among Holdings, Intermediate Holdings, the Lead Borrower, the Co-Borrower, certain of the Lead Borrower’s Subsidiaries, the lenders from time to time party thereto, the guarantors from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent and the other parties thereto, as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time and (ii) the exercise of any right or remedy by the [Second Priority Representative] hereunder is subject to the limitations and provisions of the Second Lien Intercreditor Agreement dated as of [                           ], 20[     ] (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among Deutsche

 

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Bank AG New York Branch, as First Lien Administrative Agent, Holdings, Intermediate Holdings, the Lead Borrower, the Co-Borrower, the other Grantors from time to time party hereto, the Second Priority Representative and each additional Representative from time to time party thereto. In the event of any conflict between the terms of the Intercreditor Agreement and the terms of this Agreement governing the exercise of any right or remedy, the terms of the Intercreditor Agreement shall govern and control.”

 

(b)                                 In the event that each applicable Senior Representative and/or the Senior Secured Parties enter into any amendment, waiver or consent in respect of or replace any of the Senior Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Senior Collateral Document or changing in any manner the rights of the Senior Representatives, the Senior Secured Parties, either Borrower or any other Grantor thereunder (including the release of any Liens in Senior Collateral) in a manner that is applicable to all Senior Facilities, then such amendment, waiver or consent shall apply automatically to any comparable provision of each comparable Second Priority Collateral Document without the consent of any Second Priority Representative or any Second Priority Debt Party and without any action by any Second Priority Representative, either Borrower or any other Grantor; provided, however, that (i) no such amendment, waiver or consent shall (A) remove assets subject to the Second Priority Liens or release any such Liens, except to the extent that such release is permitted or required by Section 5.01(a) or (b); provided  further that there is a concurrent release of the corresponding Senior Liens or (B) amend, modify or otherwise affect the rights or duties of any Second Priority Representative in its role as Second Priority Representative without its prior written consent and (ii) written notice of such amendment, waiver or consent shall have been given to each Second Priority Representative within 10 Business Days after the effectiveness of such amendment, waiver or consent (although the failure to give any such notice shall in no way affect the effectiveness of any such amendment, waiver or consent).

 

(c)                                  The Borrowers agree to deliver to each of the Designated Senior Representative and the Designated Second Priority Representative copies of (i) any amendments, supplements or other modifications to the Senior Debt Documents or the Second Priority Debt Documents and (ii) any new Senior Debt Documents or Second Priority Debt Documents promptly after effectiveness thereof.

 

SECTION 5.04.                              Rights as Unsecured Creditors. Notwithstanding anything to the contrary in this Agreement, the Second Priority Representatives and the Second Priority Debt Parties may exercise rights and remedies as unsecured creditors against either Borrower and any other Grantor in accordance with the terms of the Second Priority Debt Documents and applicable law so long as such rights and remedies do not violate any express provision of this Agreement or any Senior Debt Document. Nothing in this Agreement shall prohibit the receipt by any Second Priority Representative or any Second Priority Debt Party of the required payments of principal, premium, interest, fees and other amounts due under the Second Priority Debt Documents so long as such receipt is not the direct or indirect result of the exercise by a Second Priority Representative or any Second Priority Debt Party of rights or remedies as a secured creditor in respect of Shared Collateral. In the event any Second Priority Representative or any Second Priority Debt Party becomes a judgment lien creditor in respect of Shared Collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Second Priority Debt Obligations, such judgment lien shall be subordinated to the Liens securing Senior Obligations on the same basis as the other Liens securing the Second Priority Debt Obligations are so subordinated to such Liens securing Senior Obligations under this Agreement. Nothing in this Agreement shall impair or otherwise adversely affect any rights or remedies the Senior Representatives or the Senior Secured Parties may have with respect to the Senior Collateral.

 

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SECTION 5.05.                              Gratuitous Bailee for Perfection.

 

(a)                                 Each Senior Representative acknowledges and agrees that if it shall at any time hold a Lien securing any Senior Obligations on any Shared Collateral that can be perfected by the possession or control of such Shared Collateral or of any account in which such Shared Collateral is held, and if such Shared Collateral or any such account is in fact in the possession or under the control of such Senior Representative, or of agents or bailees of such Person (such Shared Collateral being referred to herein as the “Pledged or Controlled Collateral”), or if it shall any time obtain any landlord waiver or bailee’s letter or any similar agreement or arrangement granting it rights or access to Shared Collateral, the applicable Senior Representative shall also hold such Pledged or Controlled Collateral, or take such actions with respect to such landlord waiver, bailee’s letter or similar agreement or arrangement, as sub-agent or gratuitous bailee for the benefit of, and on behalf of, the relevant Second Priority Representatives, in each case solely for the purpose of perfecting the Liens granted under the relevant Second Priority Collateral Documents and subject to the terms and conditions of this Section 5.05.

 

(b)                                 In the event that any Senior Representative (or its agents or bailees) has Lien filings against Intellectual Property that is part of the Shared Collateral that are necessary for the perfection of Liens in such Shared Collateral, such Senior Representative agrees to hold such Liens as sub-agent and gratuitous bailee for and on behalf of the relevant Second Priority Representatives and any assignee thereof, solely for the purpose of perfecting the security interest granted in such Liens pursuant to the relevant Second Priority Collateral Documents, subject to the terms and conditions of this Section 5.05.

 

(c)                                  Except as otherwise specifically provided herein, until the Discharge of Senior Obligations has occurred, the Senior Representatives and the Senior Secured Parties shall be entitled to manage, administer or otherwise deal with the Pledged or Controlled Collateral in accordance with the terms of the Senior Debt Documents as if the Liens under the Second Priority Collateral Documents did not exist. The rights of the Second Priority Representatives and the Second Priority Debt Parties with respect to the Pledged or Controlled Collateral shall at all times be subject to the terms of this Agreement.

 

(d)                                 The Senior Representatives and the Senior Secured Parties shall have no obligation whatsoever to the Second Priority Representatives or any Second Priority Debt Party to assure that any of the Pledged or Controlled Collateral is genuine or owned by the Grantors, that its lien is valid or perfected or to protect or preserve rights or benefits of any Person or any rights pertaining to the Shared Collateral, except as expressly set forth in this Section 5.05. The duties or responsibilities of the Senior Representatives under this Section 5.05 shall be limited solely to holding or controlling the Shared Collateral and the related Liens referred to in paragraphs (a) and (b) of this Section 5.05 as sub-agent and gratuitous bailee for the relevant Second Priority Representative for purposes of perfecting the Lien held by such Second Priority Representative.

 

(e)                                  The Senior Representatives shall not have by reason of the Second Priority Collateral Documents or this Agreement, or any other document, a fiduciary relationship in respect of any Second Priority Representative or any Second Priority Debt Party, and each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, hereby waives and releases the Senior Representatives from all claims and liabilities arising pursuant to the Senior Representatives’ roles under this Section 5.05 as sub-agents and gratuitous bailees with respect to the Shared Collateral.

 

(f)                                   Upon the Discharge of Senior Obligations, each applicable Senior Representative shall, at the Grantors’ sole cost and expense, (i) (A) deliver to the Designated Second Priority Representative, to the extent that it is legally permitted to do so, all Shared Collateral, including all

 

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proceeds thereof, held or controlled by such Senior Representative or any of its agents or bailees, including the transfer of possession and control, as applicable, of the Pledged or Controlled Collateral, together with any necessary endorsements and notices to depositary banks, securities intermediaries and commodities intermediaries, and assign its rights under any landlord waiver or bailee’s letter or any similar agreement or arrangement granting it rights or access to Shared Collateral, or (B) direct and deliver such Shared Collateral as a court of competent jurisdiction may otherwise direct, (ii) notify any applicable insurance carrier that it is no longer entitled to be a loss payee or additional insured under the insurance policies of any Grantor issued by such insurance carrier and (iii) notify any governmental authority involved in any condemnation or similar proceeding involving any Grantor that the Designated Second Priority Representative is entitled to approve any awards granted in such proceeding. The Lead Borrower and the other Grantors shall take such further action as is required to effectuate the transfer contemplated hereby and shall indemnify each Senior Representative for loss or damage suffered by such Senior Representative as a result of such transfer, except for loss or damage suffered by any such Person as a result of its own willful misconduct, gross negligence or bad faith (as determined by a court of competent jurisdiction in a final and non-appealable decision). The Senior Representatives have no obligations to follow instructions from any Second Priority Representative or any other Second Priority Debt Party in contravention of this Agreement.

 

(g)                                  None of the Senior Representatives nor any of the other Senior Secured Parties shall be required to marshal any present or future collateral security for any obligations of the Lead Borrower or any Subsidiary to any Senior Representative or any Senior Secured Party under the Senior Debt Documents or any assurance of payment in respect thereof, or to resort to such collateral security or other assurances of payment in any particular order, and all of their rights in respect of such collateral security or any assurance of payment in respect thereof shall be cumulative and in addition to all other rights, however existing or arising.

 

SECTION 5.06.                              When Discharge of Senior Obligations Deemed To Not Have Occurred. If, at any time after, or substantially concurrently with, the Discharge of Senior Obligations has occurred, the Lead Borrower or any Subsidiary enters into any Refinancing of any Senior Obligations, then such Discharge of Senior Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first Discharge of Senior Obligations) and the applicable agreement governing such Senior Obligations shall automatically be treated as a Senior Debt Document for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Shared Collateral set forth herein and the agent, representative or trustee for the holders of such Senior Obligations shall be a Senior Representative for all purposes of this Agreement; provided, that (i) such Refinancing of such Senior Obligations is permitted pursuant to the terms of then extant Senior Debt Documents and Second Priority Debt Documents and (ii) the Representative for the holders of such Refinancing of such Senior Obligations shall have become party to this Agreement pursuant to, and by satisfying the conditions set forth in, Section 8.09 hereof. Upon receipt of notice of such incurrence (including the identity of the new Senior Representative), each Second Priority Representative (including the Designated Second Priority Representative) shall promptly (a) enter into such documents and agreements, including amendments or supplements to this Agreement, as the Lead Borrower or such new Senior Representative shall reasonably request in writing in order to provide the new Senior Representative the rights of a Senior Representative contemplated hereby, (b) deliver to such Senior Representative, to the extent that it is legally permitted to do so, all Shared Collateral, including all proceeds thereof, held or controlled by such Second Priority Representative or any of its agents or bailees, including the transfer of possession and control, as applicable, of the Pledged or Controlled Collateral, together with any necessary endorsements and notices to depositary banks, securities intermediaries and commodities intermediaries, and assign its rights under any landlord waiver or bailee’s letter or any similar agreement or arrangement granting it rights or access to Shared Collateral, and (c) notify any

 

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governmental authority involved in any condemnation or similar proceeding involving a Grantor that the new Senior Representative is entitled to approve any awards granted in such proceeding.

 

SECTION 5.07.                              Purchase Right. Without prejudice to the enforcement of the Senior Secured Parties’ remedies, the Senior Secured Parties agree that following (a) acceleration of the Senior Obligations in accordance with the terms of the Senior Debt Documents, (b) a payment default under the Senior Debt Documents that has not been cured or waived by the Senior Secured Parties within ninety (90) days of the occurrence thereof or (c) the commencement of an Insolvency or Liquidation Proceeding with respect to either Borrower (each, a “Purchase Event”), within thirty (30) days of the Purchase Event, one or more of the Second Priority Debt Parties may request, and the applicable Senior Secured Parties hereby severally offer the Second Priority Debt Parties the option, to purchase for each all, but not less than all, of the aggregate amount of Senior Obligations outstanding at the time of purchase for a purchase price equal to the sum of (1) in the case of all loans, advances or other similar extensions of credit that constitute Senior Obligations (including unreimbursed amounts drawn in respect of letters of credit, but excluding the undrawn amount of then outstanding letters of credit and excluding Obligations and liabilities under Treasury Services Agreements and Hedging Obligations), 100% of the principal amount thereof and all accrued and unpaid interest thereon through the date of purchase (without regard, however, to any acceleration or other prepayment penalties or premiums other than customary breakage costs), (2) in the case of any Obligations and liabilities under Treasury Services Agreements, all amounts then due and owing thereunder and cash collateral in such amounts as the Designated Senior Representative reasonably determines is necessary to secure the Designated Senior Representative and the other Senior Secured Parties in connection with such Obligations and liabilities under Treasury Services Agreements, (3) in the case of any Secured Hedging Agreement, the aggregate amount then owing to each Hedge Bank (which is a Senior Secured Party) thereunder pursuant to the terms of the respective Secured Hedging Agreement, including all amounts owing to such Hedge Bank as a result of the termination (or early termination) thereof (in each case, to the extent of its interest as a Senior Secured Party), (4) in the case of the undrawn amount of then outstanding letters of credit, cash collateral in an amount equal to 105% of the aggregate undrawn amount of such letters of credit and the aggregate facing and other similar fees which will accrue thereon through the stated maturity of the letters of credit (assuming no drawings thereon before stated maturity), (5) all accrued and unpaid fees, expenses, indemnities and other amounts (including any prepayment penalties or premiums or similar fees) through the date of purchase and (6) in the case of contingent or unliquidated Senior Obligations for which a claim has been made against (or identified by) the Senior Secured Parties and indemnification or payment is required under the Senior Debt Documents, cash collateral in such amounts as the Designated Senior Representative and the other Senior Secured Parties reasonably determine is necessary to all such contingent or unliquidated Senior Obligations in connection with such contingent or unliquidated Senior Obligations, without warranty or representation or recourse (except for representations and warranties required to be made by assigning lenders pursuant to the Assignment and Assumption (as such term is defined in the First Lien Credit Agreement)); provided that each Senior Secured Party will retain all rights to indemnification and expense reimbursement provided in the relevant Senior Debt Documents for any unidentified and unasserted claims and other amounts relating to periods prior to the purchase of the Senior Debt Obligations pursuant to this Section 5.07. If such right is exercised, the parties shall endeavor to close promptly thereafter but in any event within ten (10) Business Days of the request. If one or more of the Second Priority Debt Parties exercise such purchase right, it shall be exercised pursuant to documentation mutually acceptable to each of the Senior Representative and the Second Priority Representative. If more than one Second Priority Debt Party has exercised such purchase right and the aggregate amount of all purchase right exercises exceeds the amount of the Senior Obligations, the amount with respect to which each exercising Second Priority Debt Party shall be deemed to have exercised its purchase right shall be reduced on a ratable basis according to the amounts of the original exercises of such purchase right by each such Second Priority Debt Party. If none of the Second Priority Debt Parties timely exercise such right, the Senior Secured Parties shall have no further obligations pursuant to this Section 5.07 for such

 

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Purchase Event and may take any further actions in their sole discretion in accordance with the Senior Debt Documents and this Agreement. Each Grantor irrevocably consents to any assignment effected to one or more Senior Priority Debt Parties pursuant to this Section 5.07 for purposes of all Senior Debt Documents and hereby agrees that no further consent from such Grantor shall be required.

 

SECTION 5.08.                              Shared Collateral Documents.

 

(a)                                 Other than with respect to the German Security, in furtherance of the provisions of Section 6.05 applicable to the Shared Collateral, each Grantor agrees that each Shared Collateral Document shall, to the extent possible under applicable law governing each such Shared Collateral Document, include the following language (or language to similar effect approved by the Designated Senior Representative):

 

“Notwithstanding anything to the contrary contained in this Agreement, each Grantor, the Designated Senior Representative (on behalf of the Senior Secured Parties) and the Designated Second Priority Representative (on behalf of the Second Priority Debt Parties) acknowledges and agrees that:

 

(x)                                 the security interest granted pursuant to this Agreement to the Senior Representative (i) for the benefit of the Senior Secured Parties in the Collateral is intended to be a “first” priority senior security interest and (ii) as agent for the Second Priority Representative for the benefit of the Second Priority Debt Parties in the Collateral is intended to be a “second” priority security interest, fully junior, subordinated and subject to the security interest granted to the Senior Representative for the benefit of the Senior Secured Parties in the Collateral on the terms and conditions set forth in the Intercreditor Agreement notwithstanding the fact that a single security interest has been granted pursuant to this Agreement and all other rights and benefits afforded hereunder to the Second Priority Debt Parties with respect to the Collateral are expressly subject to the terms and conditions of the Intercreditor Agreement,

 

(y)                                 the Senior Secured Parties’ security interests in the Collateral are intended to constitute security interests separate and apart (and of a different class and claim) from the Second Priority Debt Holders’ security interests in the Collateral, and

 

(z)                                  the grant of security interest hereunder is intended to constitute two separate and distinct grants of security, one in favor of the Senior Representative for the benefit of the Senior Secured Parties in the Collateral and the second in favor of the Senior Representative, as agent for the Second Priority Representative for the benefit of the Second Priority Debt Parties in the Collateral notwithstanding the fact that a single security interest has been granted pursuant to this Agreement.”

 

(b)                                 Other than with respect to the German Security Documents and to the extent permitted under applicable law, the Designated Second Priority Representative shall be a party to each Shared Collateral Document and acknowledge the Lien granted in favor of the Designated Senior Representative thereunder.

 

SECTION 5.09.                              Shared Collateral Documents (German law).

 

(a)                                 Solely with respect to any Collateral subject of any Shared Collateral Document governed by German law (such Collateral being the “Shared German Collateral”), the Designated Senior Representative hereby acknowledges and agrees to its appointment as collateral agent by the Second Priority Debt Parties pursuant to [                           ] of the [Name of agreement evidencing the Initial

 

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Second Priority Debt Obligations] and agrees to the provisions of [                                    ] of the Initial Second Priority Debt Documents. The Senior Representative further agrees to hold control over such Shared German Collateral as collateral agent for each of the Senior Secured Parties and the Second Priority Debt Parties, subject to the terms and conditions hereof and as set forth in the relevant German Security Document.

 

(b)                                 Solely with respect to the Shared German Collateral, the Designated Senior Representative agrees to solely take direction with respect to the enforcement over any such Shared German Collateral from the respective Representative, who is then permitted (and not prohibited) pursuant to the terms of this Agreement to exercise or seek to exercise remedies with respect to such portion of the Shared German Collateral.

 

(c)                                  When acting at its own direction or at the direction of a Second Priority Representative pursuant to clause (b) above, the Senior Representative will apply the proceeds of any collection, sale, foreclosure or other realization upon any Shared German Collateral as set forth in Section 4.1.

 

SECTION 5.10.                              Intra-Group Lenders. If, following the date hereof, any Subsidiary of Holdings that is not a party hereto becomes an Intra-Group Lender, subject to applicable Law, the Grantors will procure that such Subsidiary of Holdings will become a party hereto as an Intra-Group Lender by the completion, execution of and delivery to the Senior Representative, an Intra-Group Lender Joinder Agreement within 45 days following the date such Subsidiary becomes an Intra-Group Lender.

 

SECTION 5.11.                              Parallel Debt (Covenant to Pay Agent). Notwithstanding any other provision of any Senior Document or Second Priority Debt Document, each Grantor hereby acknowledges and agrees to be bound by Section 9.15 of the First Lien Credit Agreement and Section [     ] of the Second Lien Credit Agreement (and any successor provision with respect thereto in connection with any Refinancing thereof) to the same extent as if such Grantor were a party thereto.(1)

 

ARTICLE VI

Insolvency or Liquidation Proceedings

 

SECTION 6.01.                              Financing Issues. Until the Discharge of Senior Obligations has occurred, if either Borrower or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding and any Senior Representative shall desire to consent (or not object) to the sale, use or lease of cash or other collateral or to consent (or not object) to such Borrower’s or any other Grantor’s obtaining financing under Section 363 or Section 364 of the Bankruptcy Code or any similar provision of any other Bankruptcy Law (“DIP Financing”), then each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, agrees that it will raise no objection to and will not otherwise contest or oppose or support (or join with) any other person in contesting or opposing (a) such sale, use or lease of such cash or other collateral, unless a Senior Representative or any other Senior Secured Party shall oppose or object to such use of cash collateral (in which case, no Second Priority Representative nor any other Second Priority Debt Party shall seek any relief in connection therewith that is inconsistent with the relief being sought by the Senior Secured Parties); (b) such DIP Financing, unless a Senior Representative or any other Senior Secured Party shall oppose or object to such DIP Financing (provided that the foregoing shall not prevent the Second Priority Debt Parties from proposing any other DIP Financing that is either pari passu with or junior to the Senior Obligations to any Grantors or to a court of competent jurisdiction), and, except to the extent permitted by

 

(1) To be included subject to the structure of Additional Senior Debt or Additional Second Priority Lien Debt.

 

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the proviso to clause (ii) of Section 3.01(a) and by Section 6.03, will not request adequate protection or any other relief in connection therewith and, to the extent the Liens securing any Senior Obligations are subordinated or pari passu with such DIP Financing, will subordinate (and will be deemed hereunder to have subordinated) its Liens in the Shared Collateral to (x) such DIP Financing (and all obligations relating thereto) on the same basis as the Liens securing the Second Priority Debt Obligations are so subordinated to Liens securing Senior Obligations under this Agreement, (y) any adequate protection Liens provided to the Senior Secured Parties, and (z) to any “carve-out” for professional and United States Trustee fees agreed to by the Senior Representatives; provided that as the maximum amount of indebtedness that may be outstanding from time to time in connection with such DIP Financing (not including any Senior Obligations rolled up therein) shall not exceed an amount equal to 10% of the maximum amount of Senior Obligations permitted to be outstanding under the First Lien Credit Agreement Loan Documents (as in effect on the date hereof) on the date of the commencement of such Insolvency or Liquidation Proceeding (the “DIP Cap”), (c) any motion for relief from the automatic stay or from any injunction against foreclosure or enforcement in respect of Senior Obligations made by any Senior Representative or any other Senior Secured Party, (d) any exercise by any Senior Secured Party of the right to credit bid Senior Obligations at any sale in foreclosure of Senior Collateral or otherwise under Section 363(k) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law, (e) any other request for judicial relief made in any court by any Senior Secured Party relating to the lawful enforcement of any Lien on Senior Collateral or (f) any order relating to a sale or other disposition of assets of any Grantor to which any Senior Representative has consented or not objected that provides, to the extent such sale or other disposition is to be free and clear of Liens, that the Liens securing the Senior Obligations and the Second Priority Debt Obligations will attach to the proceeds of the sale on the same basis of priority as the Liens on the Shared Collateral securing the Senior Obligations rank to the Liens on the Shared Collateral securing the Second Priority Debt Obligations pursuant to this Agreement; provided that the Second Priority Debt Parties may assert any objection to the proposed bidding procedures or protections to be utilized in connection with any such sale or other disposition that may be asserted by any unsecured creditor of any Grantor, and provided, further, (x) the Second Priority Debt Parties not deemed to have waived any rights to credit bid on the Shared Collateral in any such sale or disposition under Section 363(k) of the Bankruptcy Code or any similar provision of any other applicable law, so long as any such credit bid provides for the payment in full in cash of the Senior Obligations and (y) the foregoing provisions of this Section 6.01 shall not prevent the Second Priority Debt Parties from objecting to any provision in any DIP Financing relating to any provision or content of a plan of reorganization or other plan of similar effect under any Debtor Relief Laws that are inconsistent with this Agreement. Each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, agrees that notice received two Business Days prior to the entry of an order approving such usage of cash or other collateral or approving such financing shall be adequate notice.

 

SECTION 6.02.                              Relief from the Automatic Stay. Until the Discharge of Senior Obligations has occurred, each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, agrees that none of them shall seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding or take any action in derogation thereof, in each case in respect of any Shared Collateral, without the prior written consent of the Designated Senior Representative.

 

SECTION 6.03.                              Adequate Protection. Each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, agrees that none of them shall (A) object, contest or support any other Person objecting to or contesting (a) any request by any Senior Representative or any Senior Secured Parties for adequate protection, (b) any objection by any Senior Representative or any Senior Secured Parties to any motion, relief, action or proceeding based on any Senior Representative’s or Senior Secured Party’s claiming a lack of adequate

 

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protection in any form or (c) the allowance and/or payment of interest, fees, expenses or other amounts of any Senior Representative or any other Senior Secured Party under Section 506(b) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law or (B) assert or support any claim for costs or expenses of preserving or disposing of any Collateral under Section 506(c) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law. Notwithstanding anything contained in this Section 6.03 or in Section 6.01, in any Insolvency or Liquidation Proceeding, (i) if the Senior Secured Parties (or any subset thereof) are granted adequate protection in the form of additional or replacement collateral or superpriority claims in connection with any DIP Financing (other than in its capacity as a DIP Financing provider) or use of cash collateral under Section 363 or 364 of the Bankruptcy Code or any similar provision of any other Bankruptcy Law, then each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, may seek or request adequate protection in the form of a Lien on such additional or replacement collateral or a superpriority claim, which (A) Lien is subordinated to the Liens securing all Senior Obligations and such DIP Financing (and all obligations relating thereto) on the same basis as the other Liens securing the Second Priority Debt Obligations are so subordinated to the Liens securing Senior Obligations under this Agreement and (B) superpriority claim is subordinated to all claims of the Senior Secured Parties, (ii) in the event any Second Priority Representatives, for themselves and on behalf of the Second Priority Debt Parties under their respective Second Priority Debt Facilities, seek or request adequate protection and such adequate protection is granted (in each instance, to the extent such grant is otherwise permissible under the terms and conditions of this Agreement) in the form of additional or replacement collateral, then such Second Priority Representatives, for themselves and on behalf of each Second Priority Debt Party under their Second Priority Debt Facilities, agree that each Senior Representative shall also be granted a senior Lien on such additional or replacement collateral as security for the Senior Obligations and any such DIP Financing and that any Lien on such additional or replacement collateral securing the Second Priority Debt Obligations shall be subordinated to the Liens on such collateral securing the Senior Obligations and any such DIP Financing (and all obligations relating thereto) and any other Liens granted to the Senior Secured Parties as adequate protection on the same basis as the other Liens securing the Second Priority Debt Obligations are so subordinated to such Liens securing Senior Obligations under this Agreement (and, to the extent the Senior Secured Parties are not granted such adequate protection in such form, any amounts recovered by or distributed to any Second Priority Debt Party pursuant to or as a result of any Lien on such additional or replacement collateral so granted to the Second Priority Debt Parties shall be subject to Section 4.02), and (iii) in the event any Second Priority Representatives, for themselves and on behalf of the Second Priority Debt Parties under their respective Second Priority Debt Facilities, seek or request adequate protection and such adequate protection is granted (in each instance, to the extent such grant is otherwise permissible under the terms and conditions of this Agreement) in the form of a superpriority claim, then such Second Priority Representatives, for themselves and on behalf of each Second Priority Debt Party under their Second Priority Debt Facilities, agree that each Senior Representative shall also be granted adequate protection in the form of a superpriority claim, which superpriority claim shall be senior to the superpriority claim of the Second Priority Debt Parties (and, to the extent the Senior Secured Parties are not granted such adequate protection in such form, any amounts recovered by or distributed to any Second Priority Debt Party pursuant to or as a result of any such superpriority claim so granted to the Second Priority Debt Parties shall be subject to Section 4.02). Notwithstanding the foregoing, if the Senior Secured Parties are granted adequate protection in the form of payments in the amount of current post-petition interest, incurred fees and expenses, or other cash payments, then the Second Priority Representatives and the Second Priority Debt Parties shall not be prohibited from seeking adequate protection in the form of payments in the amount of current post-petition interest, incurred fees and expenses or other cash payments (subject to the right of the Senior Secured Parties to object to the amounts so sought by the Second Priority Debt Parties).

 

SECTION 6.04.                              Preference Issues. If any Senior Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to disgorge, turn over or otherwise pay any amount to

 

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the estate of either Borrower or any other Grantor (or any trustee, receiver or similar Person therefor), because the payment of such amount was declared to be fraudulent or preferential in any respect or for any other reason, any amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of setoff or otherwise, then the Senior Obligations shall be reinstated to the extent of such Recovery and deemed to be outstanding as if such payment had not occurred and the Senior Secured Parties shall be entitled to the benefits of this Agreement until a Discharge of Senior Obligations with respect to all such recovered amounts. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. Each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, hereby agrees that none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise (it being understood and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement).

 

SECTION 6.05.                              Separate Grants of Security and Separate Classifications. Each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, acknowledges and agrees that (a) the grants of Liens pursuant to the Senior Collateral Documents and the Second Priority Collateral Documents constitute separate and distinct grants of Liens and (b) because of, among other things, their differing rights in the Shared Collateral, the Second Priority Debt Obligations are fundamentally different from the Senior Obligations and must be separately classified in any plan of reorganization or similar dispositive restructuring plan proposed, confirmed, or adopted in an Insolvency or Liquidation Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that any claims of the Senior Secured Parties and the Second Priority Debt Parties in respect of the Shared Collateral constitute a single class of claims (rather than separate classes of senior and junior secured claims), then each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, hereby acknowledges and agrees that all distributions shall be made as if there were separate classes of senior and junior secured claims against the Grantors in respect of the Shared Collateral (with the effect being that, to the extent that the aggregate value of the Shared Collateral is sufficient (for this purpose ignoring all claims held by the Second Priority Debt Parties), the Senior Secured Parties shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest, fees, and expenses (whether or not allowed or allowable) before any distribution is made from the Shared Collateral in respect of the Second Priority Debt Obligations), and each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, hereby acknowledges and agrees to turn over to the Designated Senior Representative amounts otherwise received or receivable by them from the Shared Collateral to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the claim or recovery of the Second Priority Debt Parties.

 

SECTION 6.06.                              No Waivers of Rights of Senior Secured Parties. Nothing contained herein shall, except as expressly provided herein, prohibit or in any way limit any Senior Representative or any other Senior Secured Party from objecting in any Insolvency or Liquidation Proceeding or otherwise to any action taken by any Second Priority Debt Party, including the seeking by any Second Priority Debt Party of adequate protection or the assertion by any Second Priority Debt Party of any of its rights and remedies under the Second Priority Debt Documents or otherwise.

 

SECTION 6.07.                              Application. This Agreement, which the parties hereto expressly acknowledge is a “subordination agreement” under Section 510(a) of the Bankruptcy Code or any similar

 

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provision of any other Bankruptcy Law, shall be effective before, during and after the commencement of any Insolvency or Liquidation Proceeding. The relative rights as to the Shared Collateral and proceeds thereof shall continue after the commencement of any Insolvency or Liquidation Proceeding on the same basis as prior to the date of the petition therefor, subject to any court order approving the financing of, or use of cash collateral by, any Grantor. All references herein to any Grantor shall include such Grantor as a debtor-in-possession and any receiver or trustee for such Grantor.

 

SECTION 6.08.                              Other Matters. To the extent that any Second Priority Representative or any Second Priority Debt Party has or acquires rights under Section 363 or Section 364 of the Bankruptcy Code or any similar provision of any other Bankruptcy Law with respect to any of the Shared Collateral, such Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Debt Facility, or such Second Priority Debt Party, as applicable, agrees not to assert any such rights without the prior written consent of each Senior Representative; provided that if requested by any Senior Representative, such Second Priority Representative shall timely exercise such rights in the manner requested by the Senior Representatives (acting unanimously), including any rights to payments in respect of such rights.

 

SECTION 6.09.                              506(c) Claims. Until the Discharge of Senior Obligations has occurred, each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Debt Facility, agrees that it will not assert or enforce any claim under Section 506(c) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law senior to or on a parity with the Liens securing the Senior Obligations for costs or expenses of preserving or disposing of any Shared Collateral.

 

SECTION 6.10.                              Reorganization Securities.

 

(a)                                 If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed, pursuant to a plan of reorganization or similar dispositive restructuring plan, on account of both the Senior Obligations and the Second Priority Debt Obligations, then, to the extent the debt obligations distributed on account of the Senior Obligations and on account of the Second Priority Debt Obligations are secured by Liens upon the same assets or property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations.

 

(b)                                 No Second Priority Debt Party (whether in the capacity of a secured creditor or an unsecured creditor) shall propose, vote in favor of, or otherwise directly or indirectly support any plan of reorganization or similar dispositive restructuring plan that is inconsistent with the priorities or other provisions of this Agreement, other than with the prior written consent of the Designated Senior Representative or to the extent any such plan is proposed or supported by the number of Senior Secured Parties required under Section 1126(c) of the Bankruptcy Code.

 

SECTION 6.11.                              Section 1111(b) of the Bankruptcy Code. Each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, shall not object to, oppose, support any objection, or take any other action to impede, the right of any Senior Secured Party to make an election under Section 1111(b)(2) of the Bankruptcy Code. Each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, waives any claim it may hereafter have against any senior claimholder arising out of the election by any Senior Secured Party of the application of Section 1111(b)(2) of the Bankruptcy Code.

 

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SECTION 6.12.                              Post-Petition Claims.

 

(a)                                 No Second Priority Representative nor any other Second Priority Debt Party shall oppose or seek to challenge (or join with or support any other person in challenging) any claim by any Senior Representative or any Senior Secured Party for allowance in any Insolvency or Liquidation Proceeding of Senior Obligations consisting of post-petition interest, fees, costs, charges or expenses to the extent of the value of the Senior Representative’s Lien held for the benefit of the Senior Secured Parties, without regard to the existence of the Lien of the Second Priority Representatives on behalf of the Second Priority Debt Parties on the Shared Collateral.

 

(b)                                 No Senior Representative nor any other Senior Secured Party shall oppose or seek to challenge (or join with or support any other person in challenging) any claim by any Second Priority Representative or any Second Priority Debt Party for allowance in any Insolvency or Liquidation Proceeding of Second Priority Debt Obligations consisting of post-petition interest, fees, costs, charges or expenses so long as the Senior Secured Parties are receiving post-petition interest, fees or expenses in at least the same form being requested by the Second Priority Debt Parties and then only to the extent of the value of the Lien of the Second Priority Representatives on behalf of the Second Priority Debt Parties on the Shared Collateral (after taking into account the value of the Lien in favor of the Senior Secured Parties; provided, however, to the extent that any such payments are later recharacterized as payments of principal by the applicable bankruptcy court, such payments shall, upon such recharacterization, be turned over to the Senior Secured Parties and applied to the Senior Obligations in accordance with Section 4.01 hereof).

 

ARTICLE VII

 

Reliance; Etc.

 

SECTION 7.01.                              Reliance. All loans and other extensions of credit made or deemed made on and after the date hereof by the Senior Secured Parties to each Borrower and any Subsidiary shall be deemed to have been given and made in reliance upon this Agreement. Each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Debt Facility, acknowledges that it and such Second Priority Debt Parties have, independently and without reliance on any Senior Representative or other Senior Secured Party, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into the Second Priority Debt Documents to which they are party or by which they are bound, this Agreement and the transactions contemplated hereby and thereby, and they will continue to make their own credit decisions in taking or not taking any action under the Second Priority Debt Documents or this Agreement.

 

SECTION 7.02.                              No Warranties or Liability. Each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Debt Facility, acknowledges and agrees that neither any Senior Representative nor any other Senior Secured Party has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the Senior Debt Documents, the ownership of any Shared Collateral or the perfection or priority of any Liens thereon. The Senior Secured Parties will be entitled to manage and supervise their respective loans and extensions of credit under the Senior Debt Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate, and the Senior Secured Parties may manage their loans and extensions of credit without regard to any rights or interests that the Second Priority Representatives and the Second Priority Debt Parties have in the Shared Collateral or otherwise, except as otherwise provided in this Agreement. Neither any Senior Representative nor any other Senior Secured Party shall have any duty to any Second Priority Representative or Second Priority Debt Party to act or refrain from acting in a manner that allows,

 

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or results in, the occurrence or continuance of an event of default or default under any agreement with either Borrower or any Subsidiary (including the Second Priority Debt Documents), regardless of any knowledge thereof that they may have or be charged with. Except as expressly set forth in this Agreement, the Senior Representatives, the Senior Secured Parties, the Second Priority Representatives and the Second Priority Debt Parties have not otherwise made to each other, nor do they hereby make to each other, any warranties, express or implied, nor do they assume any liability to each other with respect to (a) the enforceability, validity, value or collectibility of any of the Senior Obligations, the Second Priority Debt Obligations or any guarantee or security which may have been granted to any of them in connection therewith, (b) any Grantor’s title to or right to transfer any of the Shared Collateral or (c) any other matter except as expressly set forth in this Agreement.

 

SECTION 7.03.           Obligations Unconditional. All rights, interests, agreements and obligations of the Senior Representatives, the Senior Secured Parties, the Second Priority Representatives and the Second Priority Debt Parties hereunder shall remain in full force and effect irrespective of:

 

(a)           any lack of validity or enforceability of any Senior Debt Document or any Second Priority Debt Document;

 

(b)           any change in the time, manner or place of payment of, or in any other terms of, all or any of the Senior Obligations or Second Priority Debt Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of the First Lien Credit Agreement or any other Senior Debt Document or of the terms of any Second Priority Debt Document;

 

(c)           any exchange of any security interest in any Shared Collateral or any other collateral or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Obligations or Second Priority Debt Obligations or any guarantee thereof;

 

(d)           the commencement of any Insolvency or Liquidation Proceeding in respect of either Borrower or any other Grantor; or

 

(e)           any other circumstances that otherwise might constitute a defense available to (i) either Borrower or any other Grantor in respect of the Senior Obligations (other than the Discharge of Senior Obligations subject to Sections 5.06 and 6.04) or (ii) any Second Priority Representative or Second Priority Debt Party in respect of this Agreement.

 

ARTICLE VIII

 

Miscellaneous

 

SECTION 8.01.           Conflicts. Subject to Section 8.22, in the event of any conflict between the provisions of this Agreement and the provisions of any Senior Debt Document or any Second Priority Debt Document, the provisions of this Agreement shall govern. Notwithstanding the foregoing, the relative rights and obligations of (x) the Senior Representatives and the Senior Secured Parties (as amongst themselves) with respect to any Senior Collateral shall be governed by the terms of the First Lien Intercreditor Agreement and in the event of any conflict between the First Lien Intercreditor Agreement and this Agreement as to such relative rights and obligations, the provisions of the First Lien Intercreditor Agreement shall control and (y) the Second Priority Representatives and the Second Priority Debt Parties (as amongst themselves) with respect to any Second Priority Collateral shall be governed by the terms of the Junior Lien Intercreditor Agreement and in the event of any conflict between the Junior Lien

 

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Intercreditor Agreement and this Agreement as to such relative rights and obligations, the provisions of the Junior Lien Intercreditor Agreement shall control.

 

SECTION 8.02.           Continuing Nature of this Agreement; Severability. Subject to Sections 5.06 and 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien subordination, and the Senior Secured Parties may continue, at any time and without notice to the Second Priority Representatives or any Second Priority Debt Party, to extend credit and other financial accommodations and lend monies to or for the benefit of either Borrower or any Subsidiary constituting Senior Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 8.03.           Amendments; Waivers.

 

(a)           No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by Section 8.03(b), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances.

 

(b)           This Agreement may be amended in writing signed by each Representative (in each case, acting in accordance with the documents governing the applicable Debt Facility); provided that any such amendment, supplement or waiver which by the terms of this Agreement requires the Lead Borrower’s consent or which increases the obligations or reduces the rights of, or otherwise materially adversely affects, either Borrower or any Grantor, shall require the consent of the Lead Borrower. Any such amendment, supplement or waiver shall be in writing and shall be binding upon the Senior Secured Parties and the Second Priority Debt Parties and their respective successors and assigns.

 

(c)           Notwithstanding the foregoing, without the consent of any Secured Party, any Representative may become a party hereto by execution and delivery of a Joinder Agreement in accordance with Section 8.09 and upon such execution and delivery, such Representative and the Secured Parties and Senior Obligations or Second Priority Debt Obligations of the Debt Facility for which such Representative is acting shall be subject to the terms hereof.

 

SECTION 8.04.           Information Concerning Financial Condition of the Lead Borrower and the Subsidiaries. The Senior Representatives, the Senior Secured Parties, the Second Priority Representatives and the Second Priority Debt Parties shall each be responsible for keeping themselves informed of (a) the financial condition of Holdings, each Borrower and the Subsidiaries and all endorsers or guarantors of the Senior Obligations or the Second Priority Debt Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the Senior Obligations or the Second Priority Debt Obligations. The Senior Representatives, the Senior Secured Parties, the Second Priority Representatives

 

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and the Second Lien Priority Debt Parties shall have no duty to advise any other party hereunder of information known to it or them regarding such condition or any such circumstances or otherwise. In the event that any Senior Representative, any Senior Secured Party, any Second Priority Representative or any Second Priority Debt Party, in its sole discretion, undertakes at any time or from time to time to provide any such information to any other party, it shall be under no obligation to (i) make, and the Senior Representatives, the Senior Secured Parties, the Second Priority Representatives and the Second Priority Debt Parties shall not make or be deemed to have made, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (ii) provide any additional information or to provide any such information on any subsequent occasion, (iii) undertake any investigation or (iv) disclose any information that, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain confidential.

 

SECTION 8.05.           Subrogation. Each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Debt Facility, hereby waives any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Senior Obligations has occurred.

 

SECTION 8.06.           Application of Payments. Except as otherwise provided herein, all payments received by the Senior Secured Parties may be applied, reversed and reapplied, in whole or in part, to such part of the Senior Obligations as the Senior Secured Parties, in their sole discretion, deem appropriate, consistent with the terms of the Senior Debt Documents. Except as otherwise provided herein, each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Debt Facility, assents to any such extension or postponement of the time of payment of the Senior Obligations or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release of any security that may at any time secure any part of the Senior Obligations and to the addition or release of any other Person primarily or secondarily liable therefor.

 

SECTION 8.07.           Additional Grantors. The Lead Borrower agrees that, if any Subsidiary shall become a Grantor after the date hereof, it will promptly cause such Subsidiary to become party hereto by executing and delivering an instrument in the form of Annex II. Upon such execution and delivery, such Subsidiary will become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of such instrument shall not require the consent of any other party hereto, and will be acknowledged by the Designated Second Priority Representative and the Designated Senior Representative. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement.

 

SECTION 8.08.           Dealings with Grantors. Upon any application or demand by the Lead Borrower or any Grantor to any Representative to take or permit any action under any of the provisions of this Agreement or under any Collateral Document (if such action is subject to the provisions hereof), at the request of such Representative, the Lead Borrower or such Grantor, as appropriate, shall furnish to such Representative a certificate of a Responsible Officer (an “Officer’s Certificate”) stating that all conditions precedent, if any, provided for in this Agreement or such Collateral Document, as the case may be, relating to the proposed action have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Agreement or any Collateral Document relating to such particular application or demand, no additional certificate or opinion need be furnished.

 

SECTION 8.09.           Additional Debt Facilities. To the extent, but only to the extent, permitted by the provisions of the then extant Senior Debt Documents and Second Priority Debt Documents, the Borrowers may incur or issue and sell one or more series or classes of Additional Second

 

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Priority Debt and one or more series or classes of Additional Senior Debt. Any such additional class or series of Additional Second Priority Debt (the “Second Priority Class Debt”) may be secured by a second priority, subordinated Lien on Shared Collateral, in each case under and pursuant to the relevant Second Priority Collateral Documents for such Second Priority Class Debt, if and subject to the condition that the Representative of any such Second Priority Class Debt (each, a “Second Priority Class Debt Representative”), acting on behalf of the holders of such Second Priority Class Debt (such Representative and holders in respect of any Second Priority Class Debt being referred to as the “Second Priority Class Debt Parties”), becomes a party to this Agreement by satisfying conditions (i) through (iii), as applicable, of the immediately succeeding paragraph. Any such additional class or series of Additional Senior Debt (the “Senior Class Debt”; and the Senior Class Debt and Second Priority Class Debt, collectively, the “Class Debt”) may be secured on a senior basis to the Second Priority Debt Obligations by a Lien on Shared Collateral, in each case under and pursuant to the relevant Senior Collateral Documents, if and subject to the condition that the Representative of any such Senior Class Debt (each, a “Senior Class Debt Representative”; and the Senior Class Debt Representatives and Second Priority Class Debt Representatives, collectively, the “Class Debt Representatives”), acting on behalf of the holders of such Senior Class Debt (such Representative and holders in respect of any such Senior Class Debt being referred to as the “Senior Class Debt Parties; and the Senior Class Debt Parties and Second Priority Class Debt Parties, collectively, the “Class Debt Parties”), becomes a party to this Agreement by satisfying the conditions set forth in clauses (i) through (iii), as applicable, of the immediately succeeding paragraph. In order for a Class Debt Representative to become a party to this Agreement:

 

(i)            such Class Debt Representative shall have executed and delivered a Joinder Agreement substantially in the form of Annex III (if such Representative is a Second Priority Class Debt Representative) or Annex IV (if such Representative is a Senior Class Debt Representative) (with such changes as may be reasonably approved by the Designated Senior Representative and such Class Debt Representative) pursuant to which it becomes a Representative hereunder, and the Class Debt in respect of which such Class Debt Representative is the Representative constitutes Additional Senior Debt Obligations or Additional Second Priority Debt Obligations, as applicable, and the related Class Debt Parties become subject hereto and bound hereby as Additional Senior Debt Parties or Additional Second Priority Debt Parties, as applicable;

 

(ii)           the Lead Borrower (a) shall have delivered to the Designated Senior Representative an Officer’s Certificate identifying the obligations to be designated as Additional Senior Debt Obligations or Additional Second Priority Debt Obligations, as applicable, and the initial aggregate principal amount or face amount thereof and certifying that such obligations are permitted to be incurred and secured (I) in the case of Additional Senior Debt Obligations, on a senior basis under each of the Senior Debt Documents to the Second Priority Debt Obligations and (II) in the case of Additional Second Priority Debt Obligations, on a junior basis to the Senior Obligations under each of the Second Priority Debt Documents and (b) if requested, shall have delivered true and complete copies of each of the Second Priority Debt Documents or Senior Debt Documents, as applicable, relating to such Class Debt, certified as being true and correct by an authorized officer of the Lead Borrower; and

 

(iii)          the Second Priority Debt Documents or Senior Debt Documents, as applicable, relating to such Class Debt shall provide that each Class Debt Party with respect to such Class Debt will be subject to and bound by the provisions of this Agreement in its capacity as a holder of such Class Debt.

 

SECTION 8.10.           Refinancings. The Senior Obligations and the Second Priority Debt Obligations may be Refinanced or replaced, in whole or in part, in each case, without notice to, or the

 

36

 

consent (except to the extent a consent is otherwise required to permit the refinancing transaction under any Senior Debt Document or any Second Priority Debt Document) of any Senior Representative or any Secured Party, all without affecting the Lien priorities provided for herein or the other provisions hereof; provided, that (i) such Refinancing is permitted pursuant to the terms of each then extant Senior Debt Documents and Second Priority Debt Documents and (ii) the Representative for the holders of such Refinancing shall have become party to this Agreement pursuant to, and by satisfying the conditions set forth in, Section 8.09 hereof.

 

The Second Priority Representatives hereby agree that at the request of the Lead Borrower in connection with refinancing or replacement of Senior Obligations (“Replacement Senior Obligations”) they will enter into an agreement in form and substance reasonably acceptable to the Second Priority Representatives with the agent for the Replacement Senior Obligations containing terms and conditions substantially similar to the terms and conditions of this Agreement.

 

SECTION 8.11.           Consent to Jurisdiction; Waivers. Each Representative, on behalf of itself and the Secured Parties of the Debt Facility for which it is acting, irrevocably and unconditionally:

 

(a)           submits for itself and its property in any legal action or proceeding relating to this Agreement and the Collateral Documents, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction of the courts of the State of New York in the City of New York, Borough of Manhattan, the courts of the United States of America for the Southern District of New York, and, in each case, appellate courts from any thereof;

 

(b)           consents and agrees that any such action or proceeding shall be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

 

(c)           agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person (or its Representative) at the address referred to in Section 8.12;

 

(d)           agrees that nothing herein shall affect the right of any other party hereto (or any Secured Party) to effect service of process in any other manner permitted by law; and

 

(e)           waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 8.11 any special, exemplary, punitive or consequential damages.

 

SECTION 8.12.           Notices. All notices, requests, demands and other communications provided for or permitted hereunder shall be in writing and shall be sent:

 

(i)         if to either Borrower or any Grantor, to the Lead Borrower, at its address at: Trinseo Materials Operating S.C.A., [                             ], with a copy to K&L Gates LLP, [·],Attention: [·], E-mail: [·], telephone: [·], facsimile: [·];(2)

 

(2)   K&L to provide address and contact for notices. (including correct K&L Gates office).

 

37

 

(ii)        if to the Second Priorit Debt Representative to it at: [                  ] [                                ], Attention of [          ], fax:[                    ];

 

(iii)       if to the First Lien Administrative Agent, to it at: Deutsche Bank AG New York Branch, 60 Wall Street, New York, New York 10005, Attention of [           ], fax:[                          ].

 

(iv)       if to any other Representative, to it at the address specified by it in the Joinder Agreement delivered by it pursuant to Section 8.09.

 

Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and, may be personally served, telecopied, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or electronic mail or upon receipt via U.S. mail (registered or certified, with postage prepaid (or any substantially similar form of mail) and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth above or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties.

 

SECTION 8.13.           Further Assurances. Each Senior Representative, on behalf of itself and each Senior Secured Party under the Senior Debt Facility for which it is acting, each Second Party Representative, on behalf of itself, and each Second Priority Debt Party under its Second Priority Debt Facility, agrees that it will take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as the other parties hereto may reasonably request to effectuate the terms of, and the Lien priorities contemplated by, this Agreement.

 

SECTION 8.14.           GOVERNING LAW; WAIVER OF JURY TRIAL.

 

(A)           THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

(B)           EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

SECTION 8.15.           Binding on Successors and Assigns. This Agreement shall be binding upon the Senior Representatives, the Senior Secured Parties, the Second Priority Representatives, the Second Priority Debt Parties, each Borrower, the other Grantors party hereto and their respective successors and assigns.

 

SECTION 8.16.           Section Titles. The section titles contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of this Agreement.

 

SECTION 8.17.           Counterparts. This Agreement may be executed in one or more counterparts, including by means of facsimile or other electronic method, each of which shall be an original and all of which shall together constitute one and the same document. Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

 

38

 

SECTION 8.18.           Intercreditor Agreements. (a) It is hereby agreed that the Second Priority Representatives and, if any Senior Representative elects to become a party thereto, such Senior Representative, may enter into intercreditor agreements or similar arrangements governing the rights, benefits and privileges as among the Second Priority Debt Parties and the holders of Indebtedness secured on a junior basis to the Second Priority Debt Obligations and the Senior Obligations in respect of the Shared Collateral with one or more trustees, administrative agents, collateral agents or similar agents under the indenture or other governing agreement pursuant to which Indebtedness is issued, incurred or otherwise obtained, including as to application of proceeds of the Shared Collateral, control of the Shared Collateral and waivers, modifications and releases with respect to the Shared Collateral (each, as such agreement or arrangement may be amended, supplemented, restated or otherwise modified from time to time, a “Third Lien Intercreditor Agreement”). In the event that any Third Lien Intercreditor Agreement exists, the provisions thereof shall not, as between any of the Senior Secured Parties, on the one hand, and any of the Second Priority Debt Parties, on the other hand, be (or be construed to be) an amendment, modification or other change to this Agreement and the provisions of this Agreement shall remain in full force and effect in accordance with the terms hereof (as such provisions may be amended, modified or otherwise supplemented from time to time in accordance with the terms hereof).

 

(b) Notwithstanding anything to the contrary contained in this Agreement, each party hereto agrees that the Senior Secured Parties (as among themselves) may enter into the First Lien Intercreditor Agreeement or other intercreditor agreements (or similar arrangements) governing the rights, benefits and privileges as among the First Lien Secured Parties in respect of the Shared Collateral, this Agreement and the other Senior Debt Documents, including as to application of proceeds of the Shared Collateral, voting rights, control of the Shared Collateral and waivers with respect to the Shared Collateral, in each case so long as the terms thereof do not violate or conflict with (i) the provisions of this Agreement with respect to the relative rights of the Senior Secured Parties on the one hand and the Second Priority Debt Parties on the other hand and/or (ii) the Senior Debt Documents. The Second Priority Debt Parties (as among themselves) may enter into an intercreditor agreement (or similar arrangement) (such agreement or arrangement, as may be amended, supplemented, restated or otherwise modified from time to time, a “Junior Lien Intercreditor Agreement”) governing the rights, benefits and privileges as among the Second Priority Debt Parties in respect of the Shared Collateral, this Agreement and the other Second Priority Debt Documents, including as to application of proceeds of the Shared Collateral, voting rights, control of the Shared Collateral and waivers with respect to the Shared Collateral, in each case so long as the terms thereof do not violate or conflict with (i) the provisions of this Agreement with respect to the relative rights of the Senior Secured Parties on the one hand and the Second Priority Debt Parties on the other hand and/or (ii) or the Second Priority Debt Documents. In any event, if a First Lien Intercreditor Agreement and/or a Junior Lien Intercreditor Agreement exists, the provisions thereof shall not be (or be construed to be) an amendment, modification or other change to this Agreement or any other Senior Collateral Document or Second Priority Collateral Document, and the provisions of this Agreement and the other Senior Collateral Documents and Second Priority Collateral Documents shall remain in full force and effect in accordance with the terms hereof and thereof (as such provisions may be amended, modified or otherwise supplemented from time to time in accordance with the terms hereof and thereof, including to give effect to any intercreditor agreement (or similar arrangement)).

 

(c) Notwithstanding anything herein to the contrary, the provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Senior Secured Parties on the one hand and the Second Priority Debt Parties on the other hand.

 

SECTION 8.19.           No Third Party Beneficiaries; Successors and Assigns. The lien priorities set forth in this Agreement and the rights and benefits hereunder in respect of such lien priorities shall inure solely to the benefit of the Senior Representatives, the Senior Secured Parties, the Second

 

39

 

Priority Representatives and the Second Priority Debt Parties, and their respective permitted successors and assigns, and no other Person (including the Grantors, or any trustee, receiver, debtor in possession or bankruptcy estate in a bankruptcy or like proceeding) shall have or be entitled to assert such rights. Nothing in this Agreement is intended to or shall impair the obligations of either Borrower or any other Grantor, which are absolute and unconditional, to pay the Senior Obligations and the Second Priority Debt Obligations as and when the same shall become due and payable in accordance with their terms.

 

SECTION 8.20.           Effectiveness. This Agreement shall become effective when executed and delivered by the parties hereto. All references to either Borrower or any other Grantor shall include such Borrower or any other Grantor as debtor and debtor-in-possession and any receiver or trustee for such Borrower or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding.

 

SECTION 8.21.           First Lien Administrative Agent and Representative. It is understood and agreed that (a) the First Lien Administrative Agent is entering into this Agreement in its capacity as administrative agent and collateral agent under the First Lien Credit Agreement and the provisions of Article 9 of the First Lien Credit Agreement applicable to the Agents (as defined therein) thereunder shall also apply to the First Lien Administrative Agent hereunder and (b) the Second Priority Representative is entering into this Agreement in its capacity as [                                           ] under the Second Priority Debt Documents.

 

SECTION 8.22.           Relative Rights. Notwithstanding anything in this Agreement to the contrary (a) (except to the extent contemplated by Section 5.01(a), 5.01(b), 5.01(e) or 5.03(b)), nothing in this Agreement is intended to or will (i) amend, waive or otherwise modify the provisions of the First Lien Credit Agreement, any other Senior Debt Document or any Second Priority Debt Documents, or (ii) obligate either Borrower or any Grantor to take any action, or fail to take any action, that would otherwise constitute a breach of, or default under, the First Lien Credit Agreement or any other Senior Debt Document or any Second Priority Debt Document (b) nothing in this Agreement is intended or will (i) change the relative priorities of the Senior Obligations or the Liens granted under the Senior Collateral Documents on the Shared Collateral (or any other assets) as among the Senior Secured Parties, or (ii) otherwise change the relative rights of the Senior Secured Parties in respect of the Shared Collateral as among such Senior Secured Parties.

 

SECTION 8.23.           Survival of Agreement. All covenants, agreements, representations and warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement.

 

SECTION 8.24.           Rules of Interpretation. This Agreement is a product of negotiations among representatives of, and has been reviewed by counsel to, each of the First Lien Administrative Agent, the Second Priority Representative and each Grantor and is the product of those persons on behalf of themselves and the First Lien Credit Agreement Secured Parties (in the case of the First Lien Administrative Agent) and the Second Priority Debt Parties. Accordingly, this Agreement’s provisions shall not be construed against, or in favor of, any party or other person merely by virtue of the extent of that party or other person’s involvement, or lack of involvement, in the preparation of this Agreement and of any of its specific provision.

 

40

 

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

 

	
 
    	
 
    	
DEUTSCHE   BANK AG NEW YORK BRANCH,
    
	
 
    	
 
    	
as First Lien   Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
[                                                        ],
    
	
 
    	
 
    	
as Initial   Second Priority Representative
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    

 

[Trinseo — Second Lien Intercreditor Agreement]

 

 

	
 
    	
 
    	
TRINSEO   MATERIALS OPERATING S.C.A.,
    
	
 
    	
 
    	
as Lead Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
TRINSEO   MATERIALS FINANCE, INC.,
    
	
 
    	
 
    	
as Co-Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    

 

[Trinseo — Second Lien Intercreditor Agreement]

 

 

ANNEX I

Grantors

 

Annex I-1

 

ANNEX II

 

SUPPLEMENT NO. dated as of [              ], 20[    ] (this “Supplement”), to the SECOND LIEN INTERCREDITOR AGREEMENT dated as of [              ], 20[     ] (the “Second Lien Intercreditor Agreement”), among TRINSEO Holding S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), TRINSEO MATERIALS S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with RCS under number B 162639 (“Intermediate Holdings”), TRINSEO MATERIALS OPERATING S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, TRINSEO MATERIALS FINANCE, INC., a Delaware corporation, the other Grantors from time to time party thereto, DEUTSCHE BANK AG NEW YORK BRANCH, as Representative for the First Lien Credit Agreement Secured Parties (in such capacity and together with its successors in such capacity, the “First Lien Administrative Agent”), [                            ], as Representative for the Initial Second Priority Debt Parties (in such capacity and together with its successors in such capacity, the “Initial Second Priority Representative”), and each additional Second Priority Representative and Senior Representative that from time to time becomes a party thereto pursuant to Section 8.09 thereof.

 

A.            Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Second Lien Intercreditor Agreement.

 

B.            The Grantors have entered into the Second Lien Intercreditor Agreement. Pursuant to the First Lien Credit Agreement, the Initial Second Priority Debt Documents, certain Additional Senior Debt Documents and certain Additional Second Priority Debt Documents, certain newly acquired or organized Subsidiaries of the Lead Borrower are required to enter into the Second Lien Intercreditor Agreement. Section 8.07 of the Second Lien Intercreditor Agreement provides that such Subsidiaries may become party to the Second Lien Intercreditor Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the “New Grantor”) is executing this Supplement in accordance with the requirements of the First Lien Credit Agreement, the Initial Second Priority Debt Documents, the Additional Second Priority Debt Documents and Additional Senior Debt Documents.

 

Accordingly, the Designated Senior Representative and the New Grantor agree as follows:

 

SECTION 1.         In accordance with Section 8.07 of the Second Lien Intercreditor Agreement, the New Grantor by its signature below becomes a Grantor under the Second Lien Intercreditor Agreement with the same force and effect as if originally named therein as a Grantor, and the New Grantor hereby agrees to all the terms and provisions of the Second Lien Intercreditor Agreement applicable to it as a Grantor thereunder. Each reference to a “Grantor” in the Second Lien Intercreditor Agreement shall be deemed to include the New Grantor. The Second Lien Intercreditor Agreement is hereby incorporated herein by reference.

 

Annex II-1

 

SECTION 2.         The New Grantor represents and warrants to the Designated Senior Representative and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by Bankruptcy Laws and by general principles of equity.

 

SECTION 3.         This Supplement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Designated Senior Representative shall have received a counterpart of this Supplement that bears the signature of the New Grantor. Delivery of an executed signature page to this Supplement by facsimile transmission or other electronic method shall be as effective as delivery of a manually signed counterpart of this Supplement.

 

SECTION 4.         Except as expressly supplemented hereby, the Second Lien Intercreditor Agreement shall remain in full force and effect.

 

SECTION 5.        THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 6.         In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein and in the Second Lien Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 7.         All communications and notices hereunder shall be in writing and given as provided in Section 8.12 of the Second Lien Intercreditor Agreement. All communications and notices hereunder to the New Grantor shall be given to it in care of the Lead Borrower as specified in the Second Lien Intercreditor Agreement.

 

SECTION 8.         The Lead Borrower agrees to reimburse the Designated Senior Representative for its reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Designated Senior Representative as required by the applicable Senior Debt Documents.

 

Annex II-2

 

IN WITNESS WHEREOF, the New Grantor, and the Designated Senior Representative have duly executed this Supplement to the Second Lien Intercreditor Agreement as of the day and year first above written.

 

	
 
    	
 
    	
[NAME OF NEW   GRANTOR]
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Acknowledged by:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[                        ],   as Designated Senior Representative
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[                        ],   as Designated Second Priority Representative
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

Annex II-3

 

ANNEX III

 

[FORM OF] REPRESENTATIVE SUPPLEMENT NO. [   ] dated as of [         ], 20[   ] to the SECOND LIEN INTERCREDITOR AGREEMENT dated as of [        ], 20[     ] (the “Second Lien Intercreditor Agreement”), among TRINSEO Holding S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), TRINSEO MATERIALS S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with RCS under number B 162639 (“Intermediate Holdings”), TRINSEO MATERIALS OPERATING S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, TRINSEO MATERIALS FINANCE, INC., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), the other Grantors from time to time party thereto, DEUTSCHE BANK AG NEW YORK BRANCH, as Representative for the First Lien Credit Agreement Secured Parties (in such capacity and together with its successors in such capacity, the “First Lien Administrative Agent”), [                                        ], as Representative for the Initial Second Priority Debt Parties (in such capacity and together with its successors in such capacity, the “Initial Second Priority Representative”), and each additional Second Priority Representative and Senior Representative that from time to time becomes a party thereto pursuant to Section 8.09 thereof.

 

A.            Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Second Lien Intercreditor Agreement.

 

B.            As a condition to the ability of the Borrowers to incur Second Priority Class Debt after the date of the Second Lien Intercreditor Agreement and to secure such Second Priority Class Debt with the Second Priority Lien and to have such Second Priority Class Debt guaranteed by the Grantors, in each case under and pursuant to the Second Priority Collateral Documents relating thereto, the Second Priority Class Debt Representative in respect of such Second Priority Class Debt is required to become a Representative under, and such Second Priority Class Debt and the Second Priority Class Debt Parties in respect thereof are required to become subject to and bound by, the Second Lien Intercreditor Agreement. Section 8.09 of the Second Lien Intercreditor Agreement provides that such Second Priority Class Debt Representative may become a Representative under, and such Second Priority Class Debt and such Second Priority Class Debt Parties may become subject to and bound by, the Second Lien Intercreditor Agreement as Additional Second Priority Debt Obligations and Additional Second Priority Debt Parties, respectively, pursuant to the execution and delivery by the Second Priority Class Debt Representative of an instrument in the form of this Representative Supplement and the satisfaction of the other conditions set forth in Section 8.09 of the Second Lien Intercreditor Agreement. The undersigned Second Priority Class Debt Representative (the “New Representative”) is executing this Supplement in accordance with the requirements of the Senior Debt Documents and the Second Priority Debt Documents.

 

Accordingly, the Designated Senior Representative and the New Representative agree as follows:

 

SECTION 1.         In accordance with Section 8.09 of the Second Lien Intercreditor Agreement, the New Representative by its signature below becomes a Representative under, and the

 

Annex III-1

 

related Second Priority Class Debt and Second Priority Class Debt Parties become subject to and bound by, the Second Lien Intercreditor Agreement as Additional Second Priority Debt Obligations and Additional Second Priority Debt Parties, respectively, with the same force and effect as if the New Representative had originally been named therein as a Representative, and the New Representative, on behalf of itself and such Second Priority Class Debt Parties, hereby agrees to all the terms and provisions of the Second Lien Intercreditor Agreement applicable to it as a Second Priority Representative and to the Second Priority Class Debt Parties that it represents as Second Priority Debt Parties. Each reference to a “Representative” or “Second Priority Representative” in the Second Lien Intercreditor Agreement shall be deemed to include the New Representative. The Second Lien Intercreditor Agreement is hereby incorporated herein by reference.

 

SECTION 2.     The New Representative represents and warrants to the Designated Senior Representative and the other Secured Parties that (i) it has full power and authority to enter into this Representative Supplement, in its capacity as [agent][trustee] under [DESCRIBE NEW FACILITY], (ii) this Representative Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms hereof and (iii) the Second Priority Debt Documents relating to such Second Priority Class Debt provide that, upon the New Representative’s entry into this Agreement, the Second Priority Class Debt Parties in respect of such Second Priority Class Debt will be subject to and bound by the provisions of the Second Lien Intercreditor Agreement as Second Priority Debt Parties.

 

SECTION 3.     This Representative Supplement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Representative Supplement shall become effective when the Designated Senior Representative shall have received a counterpart of this Representative Supplement that bears the signature of the New Representative. Delivery of an executed signature page to this Representative Supplement by facsimile transmission or other electronic method shall be effective as delivery of a manually signed counterpart of this Representative Supplement.

 

SECTION 4.     Except as expressly supplemented hereby, the Second Lien Intercreditor Agreement shall remain in full force and effect.

 

SECTION 5.        THIS REPRESENTATIVE SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 6.     In case any one or more of the provisions contained in this Representative Supplement should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein and in the Second Lien Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 7.     All communications and notices hereunder shall be in writing and given as provided in Section 8.12 of the Second Lien Intercreditor Agreement. All communications and notices hereunder to the New Representative shall be given to it at the address set forth below its signature hereto.

 

SECTION 8.     The Lead Borrower agrees to reimburse the Designated Senior Representative for its reasonable out-of-pocket expenses in connection with this Representative

 

Annex III-2

 

Supplement, including the reasonable fees, other charges and disbursements of counsel for the Designated Senior Representative as required by the applicable Senior Debt Documents.

 

Annex III-3

 

IN WITNESS WHEREOF, the New Representative and the Designated Senior Representative have duly executed this Representative Supplement to the Second Lien Intercreditor Agreement as of the day and year first above written.

 

	
 
    	
 
    	
[NAME OF NEW   REPRESENTATIVE],
    
	
 
    	
 
    	
as   [             ]   for the holders of   [                            ]
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address for   notices:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Attention of:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Telecopy:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
[                                  ],
    
	
 
    	
 
    	
as Designated   Senior Representative
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
								

 

Annex III-4

 

	
Acknowledged by:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TRINSEO   MATERIALS OPERATING S.C.A.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TRINSEO   MATERIALS FINANCE, INC.,
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
THE GRANTORS
    	
 
    	
 
    
	
LISTED ON   SCHEDULE I HERETO
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

Annex III-5

 

Schedule I to the

Representative Supplement to the

Second Lien Intercreditor Agreement

 

Grantors

 

Annex III-6

 

ANNEX IV

 

[FORM OF] REPRESENTATIVE SUPPLEMENT NO. [   ] dated as of [      ], 20[   ] to the SECOND LIEN INTERCREDITOR AGREEMENT dated as of [              ], 20[   ] (the “Second Lien Intercreditor Agreement”), among TRINSEO Holding S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, TRINSEO MATERIALS S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg (“Intermediate Holdings”), TRINSEO MATERIALS OPERATING S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, TRINSEO MATERIALS FINANCE, INC., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a “Borrower”), the other Grantors from time to time party thereto, DEUTSCHE BANK AG NEW YORK BRANCH, as Representative for the First Lien Credit Agreement Secured Parties (in such capacity and together with its successors in such capacity, the “First Lien Administrative Agent”), [                                 ], as Representative for the Initial Second Priority Debt Parties (in such capacity and together with its successors in such capacity, the “Initial Second Priority Representative”), and each additional Second Priority Representative and Senior Representative that from time to time becomes a party thereto pursuant to Section 8.09 thereof.

 

A.            Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Second Lien Intercreditor Agreement.

 

B.            As a condition to the ability of the Borrowers to incur Senior Class Debt after the date of the Second Lien Intercreditor Agreement and to secure such Senior Class Debt with the Senior Lien and to have such Senior Class Debt guaranteed by the Grantors on a senior basis, in each case under and pursuant to the Senior Collateral Documents relating thereto, the Senior Class Debt Representative in respect of such Senior Class Debt is required to become a Representative under, and such Senior Class Debt and the Senior Class Debt Parties in respect thereof are required to become subject to and bound by, the Second Lien Intercreditor Agreement. Section 8.09 of the Second Lien Intercreditor Agreement provides that such Senior Class Debt Representative may become a Representative under, and such Senior Class Debt and such Senior Class Debt Parties may become subject to and bound by, the Second Lien Intercreditor Agreement as Additional Senior Debt Obligations and Additional Senior Debt Parties, respectively, pursuant to the execution and delivery by the Senior Class Debt Representative of an instrument in the form of this Representative Supplement and the satisfaction of the other conditions set forth in Section 8.09 of the Second Lien Intercreditor Agreement. The undersigned Senior Class Debt Representative (the “New Representative”) is executing this Supplement in accordance with the requirements of the Senior Debt Documents and the Second Priority Debt Documents.

 

Accordingly, the Designated Senior Representative and the New Representative agree as follows:

 

SECTION 1.         In accordance with Section 8.09 of the Second Lien Intercreditor Agreement, the New Representative by its signature below becomes a Representative under, and the related Senior Class Debt and Senior Class Debt Parties become subject to and bound by, the Second Lien Intercreditor Agreement as Additional Senior Debt Obligations and Additional Senior Debt Parties, respectively, with the same force and effect as if the New Representative had originally been named therein as a Representative, and the New Representative, on behalf of itself and such Senior Class Debt Parties, hereby agrees to all the terms and provisions of the Second Lien Intercreditor Agreement applicable to it as a Senior Representative and to the Senior Class Debt Parties that it represents as Senior Debt Parties. Each reference to a “Representative” or “Senior Representative” in the Second Lien

 

Annex IV-1

 

Intercreditor Agreement shall be deemed to include the New Representative. The Second Lien Intercreditor Agreement is hereby incorporated herein by reference.

 

SECTION 2.     The New Representative represents and warrants to the Designated Senior Representative and the other Secured Parties that (i) it has full power and authority to enter into this Representative Supplement, in its capacity as [agent][trustee] under [DESCRIBE THE NEW FACILITY], (ii) this Representative Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms thereof and (iii) the Senior Debt Documents relating to such Senior Class Debt provide that, upon the New Representative’s entry into this Agreement, the Senior Class Debt Parties in respect of such Senior Class Debt will be subject to and bound by the provisions of the Second Lien Intercreditor Agreement as Senior Secured Parties.

 

SECTION 3.     This Representative Supplement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Representative Supplement shall become effective when the Designated Senior Representative shall have received a counterpart of this Representative Supplement that bears the signature of the New Representative. Delivery of an executed signature page to this Representative Supplement by facsimile transmission or other electronic method shall be effective as delivery of a manually signed counterpart of this Representative Supplement.

 

SECTION 4.     Except as expressly supplemented hereby, the Second Lien Intercreditor Agreement shall remain in full force and effect.

 

SECTION 5.        THIS REPRESENTATIVE SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 6.     In case any one or more of the provisions contained in this Representative Supplement should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein and in the Second Lien Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 7.     All communications and notices hereunder shall be in writing and given as provided in Section 8.12 of the Second Lien Intercreditor Agreement. All communications and notices hereunder to the New Representative shall be given to it at the address set forth below its signature hereto.

 

SECTION 8.     The Lead Borrower agrees to reimburse the Designated Senior Representative for its reasonable out-of-pocket expenses in connection with this Representative Supplement, including the reasonable fees, other charges and disbursements of counsel for the Designated Senior Representative as required by the applicable Senior Debt Documents.

 

Annex IV-2

 

IN WITNESS WHEREOF, the New Representative and the Designated Senior Representative have duly executed this Representative Supplement to the Second Lien Intercreditor Agreement as of the day and year first above written.

 

	
 
    	
 
    	
[NAME OF NEW   REPRESENTATIVE],
    
	
 
    	
 
    	
as [            ] for the holders of [                                      ]
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Address   for notices:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Attention of:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Telecopy:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
[                            ],
    
	
 
    	
 
    	
as Designated Senior   Representative
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
						

 

Annex IV-3

 

	
Acknowledged by:
    	
 
    
	
 
    	
 
    
	
TRINSEO   MATERIALS OPERATING S.C.A.,
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
TRINSEO   MATERIALS FINANCE, INC.,
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
THE GRANTORS
    	
 
    
	
LISTED ON SCHEDULE I   HERETO
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Annex IV-4

 

Schedule I to the

Representative Supplement to the

Second Lien Intercreditor Agreement

 

Grantors

 

Annex IV-5

 

EXHIBIT M

 

TRINSEO MATERIALS OPERATING S.C.A.,

TRINSEO MATERIALS FINANCE, INC.,

c/o Trinseo Materials Operating S.C.A.

1000 Chesterbrook Boulevard, Suite 300

Berwyn, PA 19312

 

September 6, 2017

 

To: Each Existing Lender (as defined below),

 

and

 

Barclays Bank PLC

as Fronting Lender (as defined herein)

745 Seventh Avenue

New York, New York 10019

 

Deutsche Bank AG New York Branch

as Administrative Agent under the Existing Credit Agreement

60 Wall Street

New York, New York 10005

 

Re:          Cashless Settlement of Existing Loans

 

Ladies and Gentlemen:

 

Reference is made to (1) the Credit Agreement, dated as of May 5, 2015 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”), by and among TRINSEO HOLDING S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies (“RCS”) under number B 153582 (“Holdings”), TRINSEO MATERIALS S.À R.L., a private limited liability company (société à responsabilité limitée), organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the RCS under number B 162639 (“Intermediate Holdings”), TRINSEO MATERIALS OPERATING S.C.A., a partnership limited by shares (societe en commandite par actions) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, avenue John F. Kennedy, L-1855 Luxembourg, registered with the RCS under number B153586 (the “Lead Borrower”), acting by its general partner, Intermediate Holdings, TRINSEO MATERIALS FINANCE, INC., a Delaware corporation (the “Co-Borrower”, together with the Lead Borrower, the “Borrowers” and each, a

 

 

“Borrower”) DEUTSCHE BANK AG NEW YORK BRANCH, as administrative agent (in such capacity, the “Existing Administrative Agent”) and the other parties thereto and (2) the Credit Agreement, which will refinance the Existing Credit Agreement as provided therein, proposed to be dated on or around September 6, 2017 (the “New Credit Agreement”) and to be entered into by and among Holdings, Intermediate Holdings, the Borrowers, Deutsche Bank AG New York Branch, as administrative agent (in such capacity, “New Administrative Agent”), the lenders from time to time party thereto and the other parties thereto. Capitalized terms used and not otherwise defined herein shall have the respective meanings given to such terms in the New Credit Agreement or the Existing Credit Agreement, as applicable.

 

Each of the lenders set forth on Schedule I hereto has informed the New Administrative Agent that it has elected to exchange, by cashless roll, all of its Term Loans (as defined in the Existing Credit Agreement) for New Loans (as defined below) by delivery of its signature page to the Credit Agreement marked to reflect its election of a “Cashless Settlement Option” (each such request, a “Lender Commitment”), which Existing Loans (as defined below) shall be deemed satisfied and repaid in full upon such exchange. Each of the Existing Lenders (as defined below) is a Lender of record holding as of the date of its Lender Commitment the principal amount set forth in its Lender Commitment of Loans outstanding (which excludes accrued interest and other non-principal amounts owing, if any) under the Existing Credit Agreement (with respect to such Existing Lender, such principal amount, the “Existing Principal” and such Loans, the “Existing Loans”) and has elected a “Cashless Settlement Option” in its Lender Commitment in order to cashlessly settle its Existing Loans (each an “Existing Lender” and collectively, the “Existing Lenders”), and such Existing Lender’s Existing Principal will be irrevocably exchanged via a cashless rollover for New Loans under the New Credit Agreement in a like principal amounts and currency (or currencies) upon the Closing Date without any cash exchange, which Existing Loans shall be deemed satisfied and repaid in full upon such exchange

 

Pursuant to the New Credit Agreement, the Fronting Lender will make new term loans under the New Credit Agreement (such new loans the “New Loans”) to the Borrowers for the purpose of prepaying in full the Existing Loans and to pay related fees and expenses. The Borrowers hereby offer to the New Administrative Agent, on behalf of each Existing Lender, to exchange the Allocated Amount (as defined below) of the Existing Loans held by each such Existing Lender on the Closing Date (as defined in the New Credit Agreement) for New Loans in an aggregate principal amount equal to the Allocated Amount so exchanged, which shall be evidenced and governed by the New Credit Agreement and the related Loan Documents as defined therein (such Allocated Amount so exchanged, the “Allocated Loans”), and pursuant to the New Credit Agreement, the Administrative Agent, on behalf of each Existing Lender, hereby agrees to accept such exchange.

 

For purposes of this letter agreement, the term “Allocated Amount” shall mean, with respect to any Existing Lender, an aggregate principal amount, not to exceed the amount of the Existing Principal of such Existing Lender outstanding on the Closing Date (as defined in the New Credit Agreement) immediately prior to giving effect to the New Credit Agreement, determined by the New Administrative Agent in consultation with the Borrowers and notified to the Borrowers and each Existing Lender.

 

 

Upon satisfaction of the conditions precedent set forth in Section 4.01 of the New Credit Agreement (including, without limitation, the Borrowers paying to the Existing Administrative Agent, for the account of each Existing Lender, all interest and other non-principal amounts then due and owing by the Borrowers to such Existing Lender in respect of such Existing Lender’s Existing Loans on the Closing Date (as defined in the New Credit Agreement) and the funding of the New Loans on the Closing Date (as defined in the New Credit Agreement), and notwithstanding anything to the contrary contained in the Existing Credit Agreement, all of the Borrowers’ obligations in respect of the Existing Loans of each Existing Lender in the amount equal to such Existing Lender’s Allocated Amount shall be deemed to have been satisfied; provided that if the Allocated Amount with respect to any Existing Lender is less than the Existing Loans of such Lender, then the difference shall be repaid to the extent set forth in and in accordance with the terms of the Payoff Letter dated the date hereof between the Existing Administrative Agent, the Lead Borrower and any of the other parties thereto. Upon the Existing Administrative Agent marking the Register (as defined in the Existing Credit Agreement) as contemplated below, each Existing Lender shall become a “Lender” pursuant to, and for all purposes under, the New Credit Agreement with respect to the Allocated Loans. The Existing Administrative Agent’s determination and entry and completion of the Register shall be conclusive, in each case, absent clearly demonstrable error. For the avoidance of doubt, it is acknowledged and agreed between the Borrowers and each Existing Lender that (i) the Allocated Loans shall be initially made by Barclays Bank PLC (the “Fronting Lender”) on the Closing Date (as defined in the New Credit Agreement), (ii) the Fronting Lender shall not be required to pay any amount with respect to the Allocated Loans made by it, and neither the New Administrative Agent nor the Existing Lenders shall be required to pay any amount with respect to any of the Allocated Loans, but such Allocated Loans shall be transferred to such Existing Lender by marking the Register as contemplated below, and (iii) notwithstanding anything to the contrary contained in the Existing Credit Agreement, each Existing Lender has agreed to accept, as satisfaction in full of its right to receive payment of the Existing Principal under the Existing Credit Agreement in the amount equal to such Existing Lender’s Allocated Amount, the right to receive for no additional consideration Allocated Loans in accordance herewith. Notwithstanding anything to the contrary, each Existing Lender agrees to waive its right to compensation for any amounts owing under Section 3.05 of the Existing Credit Agreement.

 

By its execution and delivery of a Lender Commitment, each Existing Lender (a) represents and warrants to the Existing Administrative Agent, the Lead Arrangers (as defined in the New Credit Agreement), the New Administrative Agent, the Fronting Lender or any other Agent that (i)(A) it has full power and authority, and has taken all action necessary, to execute and deliver its Lender Commitment and to consummate the transactions contemplated hereby and thereby and to become a Lender under the New Credit Agreement in respect of the Allocated Loans, and (B) neither its execution and delivery of the Lender Commitment nor the consummation of the transactions contemplated hereby or thereby conflict with such Existing Lender’s organizational documents or material contracts or with any applicable law, (ii) from and after the Closing Date (as defined in the New Credit Agreement), it shall be bound by the provisions of the New Credit Agreement as a Lender thereunder and, to the extent of the Allocated Loans, shall have the obligations of a Lender thereunder and (iii) it has received a copy of the New Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 8.04 of the Existing Credit Agreement, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis

 

 

and decision to enter into its Lender Commitment and this letter agreement and to accept the Allocated Loans, on the basis of which it has made such analysis and decision independently and without reliance on Lead Arrangers (as defined in the New Credit Agreement), the New Administrative Agent, the Fronting Lender, any other Agent, or any other Lender; and (b) agrees that (i) it will, independently and without reliance on the Lead Arrangers (as defined in the New Credit Agreement), the New Administrative Agent, the Fronting Lender, any other Agent, or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents (as defined in the New Credit Agreement), (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender thereunder, and (iii) pursuant to the terms of the New Credit Agreement, including Section 1.14 thereof, it has irrevocably appointed, designated and authorized the New Administrative Agent to enter into the Cashless Roll Letter on its behalf, and to take such other action on its behalf under the provisions of the New Credit Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of the New Credit Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto, including, without limitation, pursuant to Article IX of the New Credit Agreement.

 

In order to evidence the exchange contemplated above, the Existing Administrative Agent and the New Administrative Agent have notified the Borrowers that, upon the occurrence of the Closing Date (as defined in the New Credit Agreement) (and the payment of all interest and other non-principal amounts then due and owing by the Borrowers to such Existing Lender in respect of such Existing Lender’s Existing Loans on the Closing Date (as defined in the New Credit Agreement), it will mark the Register to reflect (a) the Existing Loans of each Existing Lender in the amount equal to such Existing Lender’s Allocated Amount as no longer outstanding and (b) that each Existing Lender is a Lender under the New Credit Agreement upon the occurrence of the Closing Date (as defined in the New Credit Agreement) in respect of its Allocated Loans. None of the Existing Administrative Agent, the New Administrative Agent, the Lead Arrangers (as defined in the New Credit Agreement), the Fronting Lender, any other agent or any of their respective affiliates (each of the foregoing, an “Agent-Related Person”), shall be liable to any Existing Lender, any other Lender, the Borrowers or any of their respective affiliates, equity holders or debt holders for any losses, costs, damages or liabilities incurred, directly or indirectly, as a result of any Agent-Related Person, or their counsel or other representatives, taking any action in accordance with the Lender Commitments or this letter agreement or executing a Lender Commitment or this letter agreement, except resulting from such Agent Related Persons’ gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction.

 

As among the New Administrative Agent, the Fronting Lender, any other agent, each Existing Lender and the Borrowers, it is understood and agreed that this letter agreement shall satisfy any requirement under the New Credit Agreement to effectuate the exchange of the Allocated Loans as set forth herein, if any. As among the New Administrative Agent, the Fronting Lender, any other agent, each Existing Lender and the Borrowers, it is understood and agreed that this letter agreement is a “Loan Document” for all purposes of the New Credit Agreement.

 

 

THIS LETTER AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS LETTER AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS LETTER AGREEMENT (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. This letter agreement may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this letter agreement by telecopy or electronic transmission shall be effective as delivery of a manually executed counterpart of this letter agreement. This letter agreement shall be binding upon, and inure to the benefits of, the parties hereto and their respective successors and assigns.

 

[Remainder of page intentionally left blank.]

 

 

	
Very   truly yours,
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
TRINSEO MATERIALS   OPERATING S.C.A.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
TRINSEO MATERIALS   FINANCE, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

[Signature Page to Cashless Roll Letter — Trinseo]

 

 

ACKNOWLEDGED AND AGREED TO BY:

 

BARCLAYS BANK PLC, as Fronting Lender

 

 

	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

[Signature Page to Cashless Roll Letter — Trinseo]

 

 

ACKNOWLEDGED AND AGREED TO BY:

 

DEUTSCHE BANK AG NEW YORK BRANCH, as Existing Administrative Agent

 

 

	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

[Signature Page to Cashless Roll Letter — Trinseo]

 

 

ACKNOWLEDGED AND AGREED TO BY:

 

DEUTSCHE BANK AG NEW YORK BRANCH, as New Administrative Agent

 

 

	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

[Signature Page to Cashless Roll Letter — Trinseo]

 

 

SCHEDULE I TO CASHLESS SETTLEMENT AGREEMENT

 

Existing Lenders

 

ALJ Global Bank Loan Fund 2015 A SERIES TRUST OF MULTI MANAGER GLOBAL

 

ALJ Global Loan Fund 2016 A SERIES TRUST OF MULTI MANAGER GLOBAL INVESTMENT TRUST

 

Global-Loan SV S.a r.l.

 

Shackleton 2015-VII CLO, Ltd

 

Shackleton 2017-X CLO, Ltd

 

Shackleton 2017-XI CLO Funding LLC

 

The Dreyfus/Laurel Funds, Inc. - Dreyfus Floating Rate Income Fund

 

US Loan SV S.a.r.l.

 

West CLO 2014-1 Ltd.

 

West CLO 2014-2 Ltd.

 

ALM VII (R), Ltd.

 

ALM VII (R)-2, Ltd.

 

ALM VII, Ltd.

 

ALM XIV, LTD.

 

ALM XIX, LTD.

 

ALM XVI, LTD.

 

ALM XVII, Ltd.

 

RR1 LTD.

 

Ares Senior Loan Trust

 

Ares XLIII CLO Ltd.

 

Ares XLIV CLO Ltd.

 

ARES XXVI CLO LTD.

 

National Pension Service

 

ONTARIO PUBLIC SERVICE EMPLOYEES UNION PENSION PLAN TRUST FUND

 

Renaissance Floating Rate Income Fund

 

Arrowood Indemnity Company

 

ARROWOOD INDEMNITY COMPANY AS ADMINISTRATOR OF THE PENSION PLAN OF ARROWOOD INDEMNITY COMPANY

 

 

BABSON CLO LTD. 2014-II

 

BABSON CLO LTD. 2014-III

 

Babson CLO Ltd. 2015-I

 

Babson CLO Ltd. 2016-I

 

Barings Loan Fund (fka Babson Capital Bank Loan Fund A Series Trust of MultiI Manager GLOBAL INVESTMENT TRUST)

 

Barings Loan Fund Series 2 a Series Trust of Multi Manager Global Investment Trust

 

UNIVERSAL INVESTMENT GMBH W/ BAYVK R2-FONDS SEGMENT BAYVK R2-FONDS BARINGS

 

Universal-Investment GMBH W/BAYVK R1-FONDS SEGMENT BAYVK R1 BARINGS

 

BlueMountain CLO 2015-1 Ltd

 

BlueMountain CLO 2015-2, Ltd.

 

CATHEDRAL LAKE CLO 2013, LTD

 

Cathedral Lake II Ltd

 

Cathedral Lake III, LTD

 

Cathedral Lake IV, Ltd

 

CIFC Funding 2013-II, Ltd.

 

Mt. Whitney Securities, L.L.C.

 

Deutsche Bank AG New York Branch

 

Deutsche Bank (Cayman) Limited

 

AGF Floating Rate Income Fund

 

Brighthouse Funds Trust I - Brighthouse/Eaton Vance Floating Rate Portfolio

 

Columbia Funds Variable Series Trust II - Variable Portfolio - Eaton Vance Floating-Rate Income Fund

 

DaVinci Reinsurance Ltd.

 

Eaton Vance Bank Loan Fund A Series Trust of Multi Manager Global Investment Trust

 

Eaton Vance Bank Loan Fund Series II A Series Trust of Multi Manager Global Investment Trust

 

Eaton Vance CLO 2013-1 LTD.

 

Eaton Vance CLO 2014-1, Ltd.

 

Eaton Vance CLO 2015-1 Ltd.

 

Eaton Vance Floating Rate Portfolio

 

 

Eaton Vance Floating-Rate Income Plus Fund

 

Eaton Vance Floating-Rate Income Trust

 

Eaton Vance Institutional Senior Loan Fund

 

Eaton Vance International (Cayman Islands) Floating-Rate Income Portfolio

 

Eaton Vance Limited Duration Income Fund

 

Eaton Vance Loan Fund Series III A Series Trust of Multi Manager Global Investment Trust

 

Eaton Vance Senior Floating-Rate Trust

 

Eaton Vance Senior Income Trust

 

Eaton Vance US Loan Fund 2016 a Series Trust of Global Cayman Investment Trust

 

Eaton Vance VT Floating-Rate Income Fund

 

Florida Power & Light Company

 

Pacific Select Fund Floating Rate Loan Portfolio

 

Renaissance Investment Holdings Ltd

 

Senior Debt Portfolio

 

First Trust Senior Floating Rate 2022 Target Term Fund

 

First Trust Senior Floating Rate Income Fund II

 

First Trust Senior Loan ETF (CAD-Hedged)

 

First Trust Senior Loan Fund

 

First Trust Short Duration High Income Fund

 

Ocean Trails CLO VI

 

American Equity Investment Life Insurance Company

 

GSO Sakura Loan Fund 2015, a Series Trust of Multi Manager Global Investment Trust

 

GSO Sakura Loan Fund 2017 A Series Trust of Multi Manager Global Investment Trust

 

Xilinx Holding Six Limited

 

Bandera Strategic Credit Partners II, L.P.

 

Blue Cross and Blue Shield of Florida, Inc.

 

Chevron Master Pension Trust

 

EAF comPlan II - Private Debt

 

Endurance Investment Holdings Ltd.

 

First American Home Buyers Protection Corporation

 

Guggenheim Loan Master Fund, Ltd

 

 

Guggenheim U.S. Loan Fund

 

Indiana University Health, Inc.

 

Kitty Hawk CLO 2015-1 LLC

 

Mercer Field II CLO Ltd.

 

Renaissance Investment Holdings Ltd.

 

SC PRO Loan VII Limited

 

Seven Sticks CLO Ltd.

 

Sonoma County Employees’ Retirement Association

 

Swiss Capital PRO Loan V PLC

 

Swiss Capital PRO Loan VIII PLC

 

Ziggurat CLO Ltd.

 

Zilux Senior Loan Fund

 

ICM Senior Loan Fund, L.P.

 

Jamestown CLO VI Ltd.

 

Jamestown CLO VII Ltd.

 

Manulife Floating Rate Income Fund

 

Manulife Floating Rate Senior Loan Fund

 

Manulife Investments Trust - Floating Rate Income Fund

 

Manulife U.S. Dollar Floating Rate Income Fund

 

ELM CLO 2014-1, LTD.

 

Mariner CLO 2015 - 1 LLC

 

Mariner CLO 2016-3, LTD

 

Venture XVII CLO Limited

 

Venture XVIII CLO, Limited

 

VENTURE XX CLO, Limited

 

Venture XXI CLO, Limited

 

OFSI Fund VII, Ltd.

 

MERRIAM FINANCIAL SERVICES, LTD

 

PAYDEN FLOATING RATE FUND

 

PAYDEN STRATEGIC INCOME FUND

 

Putnam Floating Rate Income Fund

 

 

Brookside Mill CLO Ltd.

 

John Hancock Funds II Short Duration Credit Opportunities Fund

 

Stone Harbor Collective Investment Trust - Stone Harbor Bank Loan Collective Fund

 

Stone Harbor Global Funds PLC - Stone Harbor Leveraged Loan Portfolio

 

Stone Harbor Leveraged Loan Fund LLC

 

TELOS CLO 2013-3, Ltd.

 

Catamaran CLO 2014-2 Ltd.

 

Catamaran CLO 2015-1 Ltd.

 

Citi Loan Funding ADGM Funding LLC,

 

Wellfleet CLO 2015-1, Ltd

 

Wellfleet CLO 2016-1, Ltd.

 

Wells Fargo Bank, National Association

 

WESTERN ALLIANCE BANK

 

WHITEHORSE X, LTD.

 

Z Capital Credit Partners CLO 2015-1 Ltd

 

ZAIS CLO 3, Limited

 

 

SCHEDULE 1.01A

Commitments

 

Term B Commitment:

 

	
Lender
    	
 
    	
New Term B Loans (USD$)
    	
 
    	
Existing Rollover Term Loans
   (USD$)
    	
 
    
	
Barclays Bank   PLC
    	
 
    	
404,686,302.70
    	
 
    	
 
    	
 
    
	
ALJ Global Bank   Loan Fund 2015 A SERIES TRUST OF MULTI MANAGER GLOBAL
    	
 
    	
 
    	
 
    	
8,678,466.78
    	
 
    
	
ALJ Global Loan   Fund 2016 A SERIES TRUST OF MULTI MANAGER GLOBAL INVESTMENT TRUST
    	
 
    	
 
    	
 
    	
10,011,548.07
    	
 
    
	
Global-Loan SV   S.a.r.l.
    	
 
    	
 
    	
 
    	
1,035,541.55
    	
 
    
	
Shackleton   2015-VII CLO, Ltd
    	
 
    	
 
    	
 
    	
1,470,000.00
    	
 
    
	
Shackleton   2017-X CLO, Ltd
    	
 
    	
 
    	
 
    	
490,000.00
    	
 
    
	
Shackleton   2017-XI CLO Funding LLC
    	
 
    	
 
    	
 
    	
1,972,405.05
    	
 
    
	
The   Dreyfus/Laurel Funds, Inc. - Dreyfus Floating Rate Income Fund
    	
 
    	
 
    	
 
    	
2,210,526.30
    	
 
    
	
US Loan SV   S.a.r.l.
    	
 
    	
 
    	
 
    	
1,864,210.52
    	
 
    
	
West CLO 2014-1   Ltd.
    	
 
    	
 
    	
 
    	
3,430,000.00
    	
 
    
	
West CLO 2014-2   Ltd.
    	
 
    	
 
    	
 
    	
3,430,000.00
    	
 
    
	
ALM VII   (R), Ltd.
    	
 
    	
 
    	
 
    	
833,819.28
    	
 
    
	
ALM VII   (R)-2, Ltd.
    	
 
    	
 
    	
 
    	
907,908.28
    	
 
    
	
ALM   VII, Ltd.
    	
 
    	
 
    	
 
    	
819,636.72
    	
 
    
	
ALM   XIV, LTD.
    	
 
    	
 
    	
 
    	
4,909,805.98
    	
 
    
	
ALM   XIX, LTD.
    	
 
    	
 
    	
 
    	
3,934,761.51
    	
 
    
	
ALM   XVI, LTD.
    	
 
    	
 
    	
 
    	
2,561,364.28
    	
 
    
	
ALM   XVII, Ltd.
    	
 
    	
 
    	
 
    	
3,929,824.58
    	
 
    
	
RR1 LTD.
    	
 
    	
 
    	
 
    	
819,636.72
    	
 
    
	
Ares Senior Loan   Trust
    	
 
    	
 
    	
 
    	
989,899.00
    	
 
    
	
Ares XLIII CLO   Ltd.
    	
 
    	
 
    	
 
    	
702,522.10
    	
 
    
	
Ares XLIV CLO   Ltd.
    	
 
    	
 
    	
 
    	
254,536.80
    	
 
    
	
ARES XXVI CLO   LTD.
    	
 
    	
 
    	
 
    	
462,023.77
    	
 
    
	
National Pension   Service
    	
 
    	
 
    	
 
    	
692,929.28
    	
 
    
	
ONTARIO PUBLIC   SERVICE EMPLOYEES UNION PENSION PLAN TRUST FUND
    	
 
    	
 
    	
 
    	
735,000.00
    	
 
    
	
Renaissance Floating   Rate Income Fund
    	
 
    	
 
    	
 
    	
1,521,969.68
    	
 
    
	
Arrowood   Indemnity Company
    	
 
    	
 
    	
 
    	
1,469,995.40
    	
 
    
	
ARROWOOD   INDEMNITY COMPANY AS ADMINISTRATOR OF THE PENSION PLAN OF ARROWOOD INDEMNITY   COMPANY
    	
 
    	
 
    	
 
    	
489,995.44
    	
 
    

 

 

	
Lender
    	
 
    	
New Term B Loans (USD$)
    	
 
    	
Existing Rollover Term Loans
   (USD$)
    	
 
    
	
BABSON CLO LTD.   2014-II
    	
 
    	
 
    	
 
    	
321,616.57
    	
 
    
	
BABSON CLO LTD.   2014-III
    	
 
    	
 
    	
 
    	
456,363.79
    	
 
    
	
Babson CLO Ltd.   2015-I
    	
 
    	
 
    	
 
    	
872,132.35
    	
 
    
	
Babson CLO Ltd.   2016-I
    	
 
    	
 
    	
 
    	
1,969,849.22
    	
 
    
	
Barings Loan   Fund (FKA BABSON CAPITAL BANK LOAN FUND A SERIES TRUST OF MULTI MANAGER   GLOBAL INVESTMENT TRUST)
    	
 
    	
 
    	
 
    	
3,949,622.15
    	
 
    
	
Barings Loan   Fund Series 2 a Series Trust of Multi Manager Global Investment   Trust
    	
 
    	
 
    	
 
    	
11,849,545.27
    	
 
    
	
UNIVERSAL   INVESTMENT GMBH W/ BAYVK R2- FONDS SEGMENT BAYVK R2-FONDS BARINGS
    	
 
    	
 
    	
 
    	
2,940,000.00
    	
 
    
	
UNIVERSAL-INVESTMENT   GMBH W/BAYVK R1- FONDS SEGMENT BAYVK R1 BARINGS
    	
 
    	
 
    	
 
    	
740,554.15
    	
 
    
	
BlueMountain CLO   2015-1 Ltd
    	
 
    	
 
    	
 
    	
1,960,000.00
    	
 
    
	
BlueMountain CLO   2015-2, Ltd.
    	
 
    	
 
    	
 
    	
2,940,000.00
    	
 
    
	
CATHEDRAL LAKE   CLO 2013, LTD
    	
 
    	
 
    	
 
    	
1,960,000.00
    	
 
    
	
Cathedral Lake II   Ltd
    	
 
    	
 
    	
 
    	
3,185,000.00
    	
 
    
	
CATHEDRAL LAKE   III, LTD
    	
 
    	
 
    	
 
    	
3,929,824.58
    	
 
    
	
Cathedral Lake   IV, Ltd
    	
 
    	
 
    	
 
    	
992,405.04
    	
 
    
	
CIFC Funding   2013-II, Ltd.
    	
 
    	
 
    	
 
    	
508,672.82
    	
 
    
	
Mt. Whitney   Securities, L.L.C.
    	
 
    	
 
    	
 
    	
1,470,000.00
    	
 
    
	
Deutsche Bank AG   New York Branch
    	
 
    	
 
    	
 
    	
2,284,929.92
    	
 
    
	
DEUTSCHE BANK   (CAYMAN) LIMITED
    	
 
    	
 
    	
 
    	
490,000.02
    	
 
    
	
AGF Floating   Rate Income Fund
    	
 
    	
 
    	
 
    	
122,500.00
    	
 
    
	
Brighthouse   Funds Trust I - Brighthouse/Eaton Vance Floating Rate Portfolio
    	
 
    	
 
    	
 
    	
1,298,500.00
    	
 
    
	
Columbia Funds   Variable Series Trust II - Variable Portfolio - Eaton Vance   Floating-Rate Income Fund
    	
 
    	
 
    	
 
    	
784,000.00
    	
 
    
	
DaVinci   Reinsurance Ltd.
    	
 
    	
 
    	
 
    	
318,500.00
    	
 
    
	
Eaton Vance Bank   Loan Fund A Series Trust of Multi Manager Global Investment Trust
    	
 
    	
 
    	
 
    	
1,677,278.26
    	
 
    

 

 

	
Lender
    	
 
    	
New Term B Loans (USD$)
    	
 
    	
Existing Rollover Term Loans
   (USD$)
    	
 
    
	
Eaton Vance Bank   Loan Fund Series II A Series Trust of Multi Manager Global   Investment Trust
    	
 
    	
 
    	
 
    	
6,131,766.74
    	
 
    
	
Eaton Vance CLO   2013-1 LTD.
    	
 
    	
 
    	
 
    	
147,000.00
    	
 
    
	
Eaton Vance CLO   2014-1, Ltd.
    	
 
    	
 
    	
 
    	
2,131,500.00
    	
 
    
	
Eaton Vance CLO 2015-1   Ltd.
    	
 
    	
 
    	
 
    	
1,960,000.00
    	
 
    
	
Eaton Vance   Floating Rate Portfolio
    	
 
    	
 
    	
 
    	
4,116,000.00
    	
 
    
	
Eaton Vance   Floating-Rate Income Plus Fund
    	
 
    	
 
    	
 
    	
1,053,500.00
    	
 
    
	
Eaton Vance   Floating-Rate Income Trust
    	
 
    	
 
    	
 
    	
1,813,000.00
    	
 
    
	
Eaton Vance   Institutional Senior Loan Fund
    	
 
    	
 
    	
 
    	
6,541,500.00
    	
 
    
	
Eaton Vance   International (Cayman Islands) Floating-Rate Income Portfolio
    	
 
    	
 
    	
 
    	
3,626,000.00
    	
 
    
	
Eaton Vance   Limited Duration Income Fund
    	
 
    	
 
    	
 
    	
2,842,000.00
    	
 
    
	
Eaton Vance Loan   Fund Series III A Series Trust of Multi Manager Global Investment Trust
    	
 
    	
 
    	
 
    	
7,819,438.82
    	
 
    
	
Eaton Vance   Senior Floating- Rate Trust
    	
 
    	
 
    	
 
    	
318,500.00
    	
 
    
	
Eaton Vance   Senior Income Trust
    	
 
    	
 
    	
 
    	
147,000.00
    	
 
    
	
Eaton Vance US   Loan Fund 2016 a Series Trust of Global Cayman Investment Trust
    	
 
    	
 
    	
 
    	
3,160,500.00
    	
 
    
	
Eaton Vance VT   Floating-Rate Income Fund
    	
 
    	
 
    	
 
    	
1,372,000.00
    	
 
    
	
Florida   Power & Light Company
    	
 
    	
 
    	
 
    	
980,000.00
    	
 
    
	
Pacific Select   Fund Floating Rate Loan Portfolio
    	
 
    	
 
    	
 
    	
1,715,000.00
    	
 
    
	
Renaissance   Investment Holdings Ltd
    	
 
    	
 
    	
 
    	
220,500.00
    	
 
    
	
Senior Debt   Portfolio
    	
 
    	
 
    	
 
    	
17,635,087.71
    	
 
    
	
First Trust   Senior Floating Rate 2022 Target Term Fund
    	
 
    	
 
    	
 
    	
248,730.96
    	
 
    
	
First Trust   Senior Floating Rate Income Fund II
    	
 
    	
 
    	
 
    	
522,666.69
    	
 
    

 

 

	
Lender
    	
 
    	
New Term B Loans (USD$)
    	
 
    	
Existing Rollover Term Loans
   (USD$)
    	
 
    
	
First Trust   Senior Loan ETF (CAD-Hedged)
    	
 
    	
 
    	
 
    	
98,000.00
    	
 
    
	
First Trust   Senior Loan Fund
    	
 
    	
 
    	
 
    	
261,333.31
    	
 
    
	
First Trust   Short Duration High Income Fund
    	
 
    	
 
    	
 
    	
98,000.00
    	
 
    
	
Ocean Trails CLO   VI
    	
 
    	
 
    	
 
    	
490,000.00
    	
 
    
	
American Equity   Investment Life Insurance Company
    	
 
    	
 
    	
 
    	
389,403.95
    	
 
    
	
GSO Sakura Loan   Fund 2015, a Series Trust of Multi Manager Global Investment Trust
    	
 
    	
 
    	
 
    	
22,811,821.92
    	
 
    
	
GSO Sakura Loan   Fund 2017 A Series Trust of Multi Manager Global Investment Trust
    	
 
    	
 
    	
 
    	
5,984,732.82
    	
 
    
	
Xilinx Holding   Six Limited
    	
 
    	
 
    	
 
    	
653,870.29
    	
 
    
	
Bandera   Strategic Credit Partners II, L.P.
    	
 
    	
 
    	
 
    	
1,568,000.00
    	
 
    
	
Blue Cross and   Blue Shield of Florida, Inc.
    	
 
    	
 
    	
 
    	
882,000.00
    	
 
    
	
Chevron Master   Pension Trust
    	
 
    	
 
    	
 
    	
2,372,778.47
    	
 
    
	
EAF comPlan II -   Private Debt
    	
 
    	
 
    	
 
    	
1,321,282.52
    	
 
    
	
Endurance   Investment Holdings Ltd.
    	
 
    	
 
    	
 
    	
456,665.69
    	
 
    
	
First American   Home Buyers Protection Corporation
    	
 
    	
 
    	
 
    	
196,000.00
    	
 
    
	
Guggenheim Loan   Master Fund, Ltd
    	
 
    	
 
    	
 
    	
1,846,334.31
    	
 
    
	
Guggenheim U.S.   Loan Fund
    	
 
    	
 
    	
 
    	
2,744,000.00
    	
 
    
	
Indiana   University Health, Inc.
    	
 
    	
 
    	
 
    	
1,095,244.81
    	
 
    
	
Kitty Hawk CLO   2015-1 LLC
    	
 
    	
 
    	
 
    	
1,615,894.55
    	
 
    
	
Mercer Field II   CLO Ltd.
    	
 
    	
 
    	
 
    	
3,123,493.79
    	
 
    
	
Renaissance   Investment Holdings Ltd.
    	
 
    	
 
    	
 
    	
321,650.20
    	
 
    
	
SC PRO Loan VII   Limited
    	
 
    	
 
    	
 
    	
735,000.00
    	
 
    
	
Seven Sticks CLO   Ltd.
    	
 
    	
 
    	
 
    	
1,568,000.00
    	
 
    
	
Sonoma County   Employees’ Retirement Association
    	
 
    	
 
    	
 
    	
196,000.00
    	
 
    
	
Swiss Capital   PRO Loan V PLC
    	
 
    	
 
    	
 
    	
1,078,000.00
    	
 
    
	
Swiss Capital   PRO Loan VIII PLC
    	
 
    	
 
    	
 
    	
245,000.00
    	
 
    
	
Ziggurat CLO   Ltd.
    	
 
    	
 
    	
 
    	
39,102.50
    	
 
    
	
Zilux Senior   Loan Fund
    	
 
    	
 
    	
 
    	
9,083,375.00
    	
 
    
	
ICM Senior Loan   Fund, L.P.
    	
 
    	
 
    	
 
    	
348,979.94
    	
 
    
	
Jamestown CLO VI   Ltd.
    	
 
    	
 
    	
 
    	
1,308,674.74
    	
 
    
	
Jamestown CLO   VII Ltd.
    	
 
    	
 
    	
 
    	
3,489,799.34
    	
 
    
	
Manulife   Floating Rate Income Fund
    	
 
    	
 
    	
 
    	
338,050.52
    	
 
    

 

 

	
Lender
    	
 
    	
New Term B Loans (USD$)
    	
 
    	
Existing Rollover Term Loans
   (USD$)
    	
 
    
	
Manulife   Floating Rate Senior Loan Fund
    	
 
    	
 
    	
 
    	
776,575.76
    	
 
    
	
Manulife   Investments Trust - Floating Rate Income Fund
    	
 
    	
 
    	
 
    	
1,960,000.00
    	
 
    
	
Manulife U.S.   Dollar Floating Rate Income Fund
    	
 
    	
 
    	
 
    	
98,000.00
    	
 
    
	
ELM CLO   2014-1, LTD.
    	
 
    	
 
    	
 
    	
2,930,038.93
    	
 
    
	
Mariner CLO 2015   - 1 LLC
    	
 
    	
 
    	
 
    	
1,974,817.20
    	
 
    
	
Mariner CLO   2016-3, LTD
    	
 
    	
 
    	
 
    	
1,979,797.96
    	
 
    
	
Venture XVII CLO   Limited
    	
 
    	
 
    	
 
    	
490,000.00
    	
 
    
	
Venture XVIII   CLO, Limited
    	
 
    	
 
    	
 
    	
490,000.00
    	
 
    
	
VENTURE XX CLO,   Limited
    	
 
    	
 
    	
 
    	
490,000.00
    	
 
    
	
Venture XXI CLO,   Limited
    	
 
    	
 
    	
 
    	
1,470,000.00
    	
 
    
	
OFSI Fund   VII, Ltd.
    	
 
    	
 
    	
 
    	
980,000.00
    	
 
    
	
MERRIAM   FINANCIAL SERVICES, LTD
    	
 
    	
 
    	
 
    	
1,969,849.22
    	
 
    
	
PAYDEN FLOATING   RATE FUND
    	
 
    	
 
    	
 
    	
2,468,513.85
    	
 
    
	
PAYDEN STRATEGIC   INCOME FUND
    	
 
    	
 
    	
 
    	
590,954.76
    	
 
    
	
Putnam Floating   Rate Income Fund
    	
 
    	
 
    	
 
    	
1,960,000.00
    	
 
    
	
Brookside Mill   CLO Ltd.
    	
 
    	
 
    	
 
    	
2,940,000.00
    	
 
    
	
John Hancock   Funds II Short Duration Credit Opportunities Fund
    	
 
    	
 
    	
 
    	
1,422,587.85
    	
 
    
	
Stone Harbor   Collective Investment Trust - Stone Harbor Bank Loan Collective Fund
    	
 
    	
 
    	
 
    	
100,940.00
    	
 
    
	
Stone Harbor   Global Funds PLC - Stone Harbor Leveraged Loan Portfolio
    	
 
    	
 
    	
 
    	
726,998.73
    	
 
    
	
Stone Harbor   Leveraged Loan Fund LLC
    	
 
    	
 
    	
 
    	
753,359.48
    	
 
    
	
TELOS CLO   2013-3, Ltd.
    	
 
    	
 
    	
 
    	
2,940,000.00
    	
 
    
	
Catamaran CLO   2014-2 Ltd.
    	
 
    	
 
    	
 
    	
980,000.00
    	
 
    
	
Catamaran CLO   2015-1 Ltd.
    	
 
    	
 
    	
 
    	
2,940,000.00
    	
 
    
	
Citi Loan   Funding ADGM Funding LLC,
    	
 
    	
 
    	
 
    	
1,460,264.86
    	
 
    
	
Wellfleet CLO   2015-1, Ltd
    	
 
    	
 
    	
 
    	
2,452,462.32
    	
 
    
	
Wellfleet CLO   2016-1, Ltd.
    	
 
    	
 
    	
 
    	
1,477,386.96
    	
 
    
	
Wells Fargo   Bank, National Association
    	
 
    	
 
    	
 
    	
852,451.48
    	
 
    
	
WESTERN ALLIANCE   BANK
    	
 
    	
 
    	
 
    	
9,859,491.57
    	
 
    

 

 

	
Lender
    	
 
    	
New Term B Loans (USD$)
    	
 
    	
Existing Rollover Term Loans
   (USD$)
    	
 
    
	
WHITEHORSE   X, LTD.
    	
 
    	
 
    	
 
    	
980,000.00
    	
 
    
	
Z Capital Credit   Partners CLO 2015-1 Ltd
    	
 
    	
 
    	
 
    	
4,907,405.55
    	
 
    
	
ZAIS CLO 3, Limited
    	
 
    	
 
    	
 
    	
980,000.00
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
SUBTOTAL
    	
 
    	
$
    	
404,686,302.70
    	
 
    	
$
    	
295,313,697.30
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
SUM OF   NEW TERM B LOANS AND EXISTING ROLLOVER TERM LOANS:
    	
 
    	
 
    	
 
    	
$
    	
700,000,000
    	
 
    
								

 

Revolving Credit Commitment

 

	
Lender
    	
 
    	
Revolving Credit Commitment
    	
 
    
	
Barclays Bank   PLC
    	
 
    	
$
    	
49,500,000
    	
 
    
	
Deutsche Bank AG   New York Branch
    	
 
    	
$
    	
49,500,000
    	
 
    
	
Citibank, N.A.
    	
 
    	
$
    	
49,500,000
    	
 
    
	
HSBC Securities   (USA) Inc.
    	
 
    	
$
    	
49,500,000
    	
 
    
	
Goldman Sachs   Bank USA
    	
 
    	
$
    	
39,500,000
    	
 
    
	
The Bank of Nova   Scotia
    	
 
    	
$
    	
39,500,000
    	
 
    
	
BNP Paribas
    	
 
    	
$
    	
24,500,000
    	
 
    
	
Mizuho Bank, Ltd.
    	
 
    	
$
    	
24,500,000
    	
 
    
	
Morgan Stanley
    	
 
    	
$
    	
24,500,000
    	
 
    
	
Sumitomo Mitsui   Banking Corporation
    	
 
    	
$
    	
24,500,000
    	
 
    
	
TOTAL:
    	
 
    	
$
    	
375,000,000
    	
 
    

 

 

SCHEDULE 1.01B

Existing Letters Of Credit

 

	
Code
    	
 
    	
Applicant
    	
 
    	
L/C Issuer
    	
 
    	
Currency
    	
 
    	
Undrawn
   Amount
    	
 
    
	
DBS18800
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
EUR
    	
 
    	
1,000,000
    	
 
    
	
DBS18801
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
EUR
    	
 
    	
500,000
    	
 
    
	
DBS18805
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
USD
    	
 
    	
1,500,000
    	
 
    
	
DBS18806
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
USD
    	
 
    	
750,000
    	
 
    
	
DBS18985
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
EUR
    	
 
    	
4,110
    	
 
    
	
DBS18986
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
EUR
    	
 
    	
4,555
    	
 
    
	
DBS19007
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
EUR
    	
 
    	
1,500,000
    	
 
    
	
DBS19685
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
USD
    	
 
    	
100,000
    	
 
    
	
DBS19841
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
USD
    	
 
    	
393,000
    	
 
    
	
DBS20977
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
EUR
    	
 
    	
2,192,722
    	
 
    
	
DBS21085
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
EUR
    	
 
    	
740,965
    	
 
    
	
DBS21155
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
USD
    	
 
    	
3,000,000
    	
 
    
	
DBS21316
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
EUR
    	
 
    	
1,555,611
    	
 
    
	
DBS21317
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
EUR
    	
 
    	
265,663
    	
 
    
	
DBS21526
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Deutsche Bank AG, New York Branch
    	
 
    	
EUR
    	
 
    	
2,391,307
    	
 
    

 

 

SCHEDULE 1.01D

Unrestricted Subsidiaries

 

Trinseo U.S. Receivables Company SPV LLC

 

 

SCHEDULE 1.01E

Existing Investments

 

1.                 The Investments of the Loan Parties set forth on Schedule 5.11 are incorporated by reference herein.

 

2.                 Trinseo LLC holds a 50% interest in Americas Styrenics LLC, a joint venture with Chevron Phillips Chemical Company LP.

 

3.                 The following intercompany notes reflect intercompany Investments outstanding on the Closing Date:

 

	
Issuer
    	
 
    	
Holder
    	
 
    	
Loan
   Currency
    	
 
    	
Loan
   Amount
    	
 
    	
Loan
   Maturity
    
	
Trinseo Petrochemicals (Zhangjiagang) Company Limited
    	
 
    	
Trinseo Fin Lux Luxembourg S.a.r.l. Swiss Branch
    	
 
    	
USD
    	
 
    	
13,600,000
    	
 
    	
11/20/2017
    
	
Trinseo Petrochemicals (Zhangjiagang) Company Limited
    	
 
    	
Trinseo Fin Lux Luxembourg S.a.r.l. Swiss Branch
    	
 
    	
USD
    	
 
    	
7,500,000
    	
 
    	
2/9/2018
    
	
Trinseo Petrochemicals (Zhangjiagang) Company Limited
    	
 
    	
Trinseo Fin Lux Luxembourg S.a.r.l. Swiss Branch
    	
 
    	
USD
    	
 
    	
10,000,000
    	
 
    	
4/23/2018
    
	
Trinseo Petrochemicals (Zhangjiagang) Company Limited
    	
 
    	
Trinseo Fin Lux Luxembourg S.a.r.l. Swiss Branch
    	
 
    	
USD
    	
 
    	
10,000,000
    	
 
    	
7/17/2018
    
	
Trinseo Polymers (Zhangjiagang) Company Limited
    	
 
    	
Trinseo Fin Lux Luxembourg S.a.r.l. Swiss Branch
    	
 
    	
USD
    	
 
    	
27,000,000
    	
 
    	
3/9/2018
    
	
Trinseo Polymers (Zhangjiagang) Company Limited
    	
 
    	
Trinseo Fin Lux Luxembourg S.a.r.l. Swiss Branch
    	
 
    	
USD
    	
 
    	
30,000,000
    	
 
    	
4/4/2018
    
	
Trinseo Polymers (Zhangjiagang) Company Limited
    	
 
    	
Trinseo Fin Lux Luxembourg S.a.r.l. Swiss Branch
    	
 
    	
USD
    	
 
    	
7,000,000
    	
 
    	
6/6/2018
    
	
Trinseo Materials Operating S.C.A.
    	
 
    	
Trinseo Finance Ireland
    	
 
    	
USD
    	
 
    	
1,007,841,485
    	
 
    	
6/8/2021
    
	
Trinseo Materials Operating S.C.A.
    	
 
    	
Trinseo Finance Ireland
    	
 
    	
USD
    	
 
    	
189,400,000
    	
 
    	
6/8/2021
    
	
Taiwan Trinseo Limited
    	
 
    	
Trinseo Holding B.V.
    	
 
    	
USD
    	
 
    	
19,734,000
    	
 
    	
5/1/2022
    
	
Trinseo Italia s.r.l.
    	
 
    	
Trinseo Holding B.V.
    	
 
    	
EUR
    	
 
    	
9,887,000
    	
 
    	
5/28/2022
    
	
Trinseo Italia s.r.l.
    	
 
    	
Trinseo Holding B.V.
    	
 
    	
EUR
    	
 
    	
64,000,000
    	
 
    	
5/28/2022
    
	
Styron Hellas
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
1,310,000
    	
 
    	
9/22/2017
    
	
Trinseo Canada ULC
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
4,200,000
    	
 
    	
5/1/2022
    
	
Trinseo de Mexico S. de R.V.
    	
 
    	
Trinseo Materials Operating
    	
 
    	
USD
    	
 
    	
8,004,000
    	
 
    	
5/1/2022
    

 

 

	
de C.V.
    	
 
    	
S.C.A.
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Trinseo Deutschland GmbH
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
76,000,000
    	
 
    	
5/1/2022
    
	
Trinseo Europe GmbH
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
148,000,000
    	
 
    	
5/1/2022
    
	
Trinseo Europe GmbH
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
50,983,048
    	
 
    	
5/1/2022
    
	
Trinseo France S.A.S.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
2,450,000
    	
 
    	
5/1/2022
    
	
Trinseo Holding Asia Pte. Ltd
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
3,442,962
    	
 
    	
5/1/2022
    
	
Trinseo Holding B.V.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
9,887,000
    	
 
    	
5/28/2022
    
	
Trinseo Holding B.V.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
19,734,000
    	
 
    	
5/1/2022
    
	
Trinseo Holding B.V.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
40,000,000
    	
 
    	
5/28/2022
    
	
Trinseo Holding Sarl
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
292,679,648
    	
 
    	
2/2/2021
    
	
Trinseo Holding Sarl
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
105,000,000
    	
 
    	
12/22/2021
    
	
Trinseo Hong Kong Limited
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
32,047,844
    	
 
    	
6/22/2018
    
	
Trinseo Kimya Ticaret Limited Sirketi
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
5,949,865
    	
 
    	
5/1/2022
    
	
Trinseo Korea Ltd.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
1,250,000
    	
 
    	
5/1/2022
    
	
Trinseo Netherlands B.V.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
60,878,738
    	
 
    	
5/1/2022
    
	
Trinseo S.A.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
259,400,000
    	
 
    	
3/22/2021
    
	
Trinseo Spain S.L.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
646,000
    	
 
    	
5/1/2022
    
	
Trinseo Suomi Oy
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
3,917,443
    	
 
    	
5/1/2022
    
	
Trinseo U.S. Holding, Inc.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
257,710,412
    	
 
    	
5/1/2022
    
	
Trinseo U.S. Holding, Inc.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
353,000,000
    	
 
    	
5/1/2022
    

 

 

SCHEDULE 1.01F(a)

Existing Secured Hedge Agreements

 

	
Company
    	
 
    	
Counterparty
    	
 
    	
Deal Date
    	
 
    	
Unique Trade Identifier
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/27/2016
    	
 
    	
1010000281156301308-9
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/27/2016
    	
 
    	
1010000281156301308-10
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/27/2016
    	
 
    	
1010000281156301308-11
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/27/2016
    	
 
    	
1010000281156301308-12
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
6/6/2016
    	
 
    	
1010000281157456882-9
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
6/6/2016
    	
 
    	
1010000281157456882-10
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
6/6/2016
    	
 
    	
1010000281157456882-11
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
6/6/2016
    	
 
    	
1010000281157456882-12
    
	
Trinseo Fin Lux SB
    	
 
    	
DB London
    	
 
    	
9/30/2016
    	
 
    	
1010000281175337036
    
	
Trinseo Fin Lux SB
    	
 
    	
DB London
    	
 
    	
9/30/2016
    	
 
    	
1010000281175350084
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
9/30/2016
    	
 
    	
9445NFO201609300001000190888597
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
9/30/2016
    	
 
    	
9445NFO201609300001000190888657
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
9/30/2016
    	
 
    	
9445NFO201609300001000190888703
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
9/30/2016
    	
 
    	
9445NFO201609300001000190888750
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
9/30/2016
    	
 
    	
9445NFO201609300001000190888603
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
9/30/2016
    	
 
    	
9445NFO201609300001000190888652
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
9/30/2016
    	
 
    	
9445NFO201609300001000190888710
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
9/30/2016
    	
 
    	
9445NFO201609300001000190888756
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
11/21/2016
    	
 
    	
1010000281183145971-9
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
11/21/2016
    	
 
    	
1010000281183145971-10
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
11/21/2016
    	
 
    	
1010000281183145971-11
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
11/21/2016
    	
 
    	
1010000281183145971-12
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/4/2017
    	
 
    	
1010000281214665414-1
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/4/2017
    	
 
    	
1010000281214665414-2
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/4/2017
    	
 
    	
1010000281214665414-3
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/4/2017
    	
 
    	
1010000281214665414-4
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/4/2017
    	
 
    	
1010000281214665414-5
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/4/2017
    	
 
    	
1010000281214665414-6
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/4/2017
    	
 
    	
1010000281214665414-7
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/4/2017
    	
 
    	
1010000281214665414-8
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/4/2017
    	
 
    	
1010000281214665414-9
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/4/2017
    	
 
    	
1010000281214665414-10
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/4/2017
    	
 
    	
1010000281214665414-11
    
	
Trinseo Europe GmbH
    	
 
    	
HSBC LDN
    	
 
    	
5/4/2017
    	
 
    	
1010000281214665414-12
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
5/8/2017
    	
 
    	
1010000281215368384-1
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
5/8/2017
    	
 
    	
1010000281215368384-2
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
5/8/2017
    	
 
    	
1010000281215368384-3
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
5/8/2017
    	
 
    	
1010000281215368384-4
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
5/8/2017
    	
 
    	
1010000281215368384-5
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
5/8/2017
    	
 
    	
1010000281215368384-6
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
5/8/2017
    	
 
    	
1010000281215368384-7
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
5/8/2017
    	
 
    	
1010000281215368384-8
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
5/8/2017
    	
 
    	
1010000281215368384-9
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
5/8/2017
    	
 
    	
1010000281215368384-10
    

 

 

	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
5/8/2017
    	
 
    	
1010000281215368384-11
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
5/8/2017
    	
 
    	
1010000281215368384-12
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
6/30/2017
    	
 
    	
1010000281226884855-1
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
6/30/2017
    	
 
    	
1010000281226884855-2
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
6/30/2017
    	
 
    	
1010000281226884855-3
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
6/30/2017
    	
 
    	
1010000281226884855-4
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
6/30/2017
    	
 
    	
1010000281226884855-5
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
6/30/2017
    	
 
    	
1010000281226884855-6
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
6/30/2017
    	
 
    	
1010000281226884855-7
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
6/30/2017
    	
 
    	
1010000281226884855-8
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
6/30/2017
    	
 
    	
1010000281226884855-9
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
6/30/2017
    	
 
    	
1010000281226884855-10
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
6/30/2017
    	
 
    	
1010000281226884855-11
    
	
Trinseo Europe GmbH
    	
 
    	
DB London
    	
 
    	
6/30/2017
    	
 
    	
1010000281226884855-12
    
	
Trinseo Fin Lux SB
    	
 
    	
BARCLAYS BANK PLC
    	
 
    	
8/31/2017
    	
 
    	
1010000281237665413
    
	
Trinseo Fin Lux SB
    	
 
    	
CITI LDN
    	
 
    	
8/31/2017
    	
 
    	
1010000281237665682
    
	
Trinseo Fin Lux SB
    	
 
    	
BARCLAYS BANK PLC
    	
 
    	
8/31/2017
    	
 
    	
1010000281237665717
    
	
Trinseo Fin Lux SB
    	
 
    	
HSBC Hong Kong
    	
 
    	
8/31/2017
    	
 
    	
 
    
	
Trinseo Fin Lux SB
    	
 
    	
DB London
    	
 
    	
8/31/2017
    	
 
    	
1010000281237675264
    
	
Trinseo Fin Lux SB
    	
 
    	
HSBC LDN
    	
 
    	
8/31/2017
    	
 
    	
1010000281237675281
    
	
Trinseo Fin Lux SB
    	
 
    	
HSBC LDN
    	
 
    	
8/31/2017
    	
 
    	
1010000281237675293
    
	
Trinseo Fin Lux SB
    	
 
    	
GOLDMAN SACHS INTL
    	
 
    	
8/31/2017
    	
 
    	
1010000281237678695
    
	
Trinseo Fin Lux SB
    	
 
    	
DB London
    	
 
    	
8/31/2017
    	
 
    	
1010000281237682006
    
	
Trinseo Fin Lux SB
    	
 
    	
GOLDMAN SACHS INTL
    	
 
    	
8/31/2017
    	
 
    	
1010000281237683380
    
	
Trinseo Fin Lux SB
    	
 
    	
GOLDMAN SACHS INTL
    	
 
    	
8/31/2017
    	
 
    	
1010000281237683452
    
	
Trinseo Fin Lux SB
    	
 
    	
GOLDMAN SACHS INTL
    	
 
    	
8/31/2017
    	
 
    	
1010000281237683528
    
	
Trinseo Fin Lux SB
    	
 
    	
GOLDMAN SACHS INTL
    	
 
    	
8/31/2017
    	
 
    	
1010000281237686105
    
	
Trinseo Fin Lux SB
    	
 
    	
BARCLAYS BANK PLC MM
    	
 
    	
8/31/2017
    	
 
    	
1010000281237688506
    
	
Trinseo Fin Lux SB
    	
 
    	
DB London
    	
 
    	
8/31/2017
    	
 
    	
1010000281237688511
    
	
Trinseo Fin Lux SB
    	
 
    	
BARCLAYS BANK PLC MM
    	
 
    	
8/31/2017
    	
 
    	
1010000281237695447
    
	
Trinseo Fin Lux SB
    	
 
    	
BARCLAYS BANK PLC MM
    	
 
    	
8/31/2017
    	
 
    	
1010000281237697922
    
	
Trinseo Fin Lux SB
    	
 
    	
DB London
    	
 
    	
8/31/2017
    	
 
    	
1010000281237697935
    
	
Trinseo Fin Lux SB
    	
 
    	
CITI LDN
    	
 
    	
8/31/2017
    	
 
    	
1010000281237701088
    
	
Trinseo Fin Lux SB
    	
 
    	
DB London
    	
 
    	
8/31/2017
    	
 
    	
1010000281237701098
    
	
Trinseo Fin Lux SB
    	
 
    	
CITI LDN
    	
 
    	
8/31/2017
    	
 
    	
1010000281237736667
    
	
Trinseo Fin Lux SB
    	
 
    	
GOLDMAN SACHS INTL
    	
 
    	
8/31/2017
    	
 
    	
1010000281237751962
    
	
Trinseo Materials Operating SCA
    	
 
    	
Citibank, N.A.
    	
 
    	
42979
    	
 
    	
None
    

 

 

	
Trinseo Materials   Operating SCA
    	
 
    	
Deutsche Bank AG
    	
 
    	
42979
    	
 
    	
None
    
	
Trinseo Materials Operating SCA
    	
 
    	
Barclays Bank Plc
    	
 
    	
42979
    	
 
    	
None
    
	
Trinseo Materials Operating SCA
    	
 
    	
HSBC Bank USA, N.A.
    	
 
    	
42979
    	
 
    	
None
    

 

 

SCHEDULE 1.01F(b)

Existing Treasury Services Agreements

 

None.

 

 

SCHEDULE 2.14

Reverse Dutch Auction Procedures

 

This Schedule 2.14 is intended to summarize certain basic terms of the reverse Dutch auction procedures pursuant to and in accordance with the terms and conditions of Section 2.14 of the Credit Agreement, of which this Schedule 2.14 is a part. It is not intended to be a definitive statement of all of the terms and conditions of a reverse Dutch auction, the definitive terms and conditions for which shall be set forth in the applicable offering document. None of the Administrative Agent, the Auction Manager or any of their respective Affiliates, or any officers, directors, employees, agents or attorneys-in-fact of such Persons (together with the Administrative Agent and its Affiliates, the “Agent-Related Person”) makes any recommendation pursuant to any offering document as to whether or not any Lender should sell Term Loans to the Lead Borrower pursuant to any offering documents, nor shall the decision by the Administrative Agent, the Auction Manager or any other Agent-Related Person (or any of their affiliates) in its respective capacity as a Lender to sell its Term Loans to the Lead Borrower be deemed to constitute such a recommendation. Each Lender should make its own decision on whether to sell any of its Term Loans, as the case may be, and, if it decides to do so, the principal amount of and price to be sought for such Term Loans. In addition, each Lender should consult its own attorney, business advisor or tax advisor as to legal, business, tax and related matters concerning each Auction and the relevant offering documents. Each Lender participating in an Auction acknowledges and agrees that in connection with such Auction, (1) the Lead Borrower may have, and later may come into possession of information regarding the Term Loans or the Loan Parties that is not known to such Lender and that may be material to a decision by such Lender to participate in such Auction (“Excluded Information”), (2) such Lender has independently and, without reliance on the Lead Borrower, any of its Subsidiaries, the Auction Manager or any of their respective Affiliates, has made its own analysis and determination to participate in such Auction notwithstanding such Lender’s lack of knowledge of the Excluded Information and (3) none of Holdings, its Subsidiaries, the Administrative Agent, the Auction Manager or any of their respective Affiliates shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against the Lead Borrower, its Subsidiaries, the Administrative Agent, the Auction Manager and their respective Affiliates, under applicable laws or otherwise, with respect to the nondisclosure of the Excluded Information. Each Lender participating in any Auction further acknowledges that the Excluded Information may not be available to the Administrative Agent or the other Lenders. Capitalized terms not otherwise defined in this Schedule 2.14 have the meanings assigned to them in the Credit Agreement.

 

(a)                                 Notice Procedures. In connection with each Auction, the Lead Borrower will provide notification to the Auction Manager (for distribution to the Lenders of the Term Loans (each, an “Auction Notice”). Each Auction Notice shall contain (i) the maximum principal amount (calculated on the face amount thereof) of all Term Loans that the Lead Borrower offers to purchase in such Auction (the “Auction Amount”), which shall be no less than $10,000,000 (unless a lower amount is agreed to by the Administrative Agent); (ii) the range of discounts to par (the “Discount Range”), expressed as a range of prices per $1,000 (in increments of $5), at which the Lead Borrower would be willing to purchase Term Loans in such Auction; and (iii) the date on which such Auction will conclude, on which date Return Bids (as defined below) will be

 

 

due by 1:00 p.m. (as such date and time may be extended by the Auction Manager at the request of the Lead Borrower as set forth below, such time the “Expiration Time”). Such Expiration Time may be extended for a period not exceeding three (3) Business Days upon notice by the Lead Borrower to the Auction Manager received not less than 24 hours before the original Expiration Time; provided, that only one extension per offer shall be permitted. An Auction shall be regarded as a “failed auction” in the event that either (x) the Lead Borrower withdraws such Auction in accordance with the terms hereof or (y) the Expiration Time occurs with no Qualifying Bids (as defined below) having been received. In the event of a failed auction, Lead Borrower shall be permitted to deliver a new Auction Notice prior to the date occurring three (3) Business Days after such withdrawal or Expiration Time, as the case may be. Notwithstanding anything to the contrary contained herein, the Lead Borrower shall initiate any Auction by delivering an Auction Notice to the Auction Manager until after the conclusion (whether successful or failed) of the previous Auction (if any), whether such conclusion occurs by withdrawal of such previous Auction or the occurrence of the Expiration Time of such previous Auction.

 

(b)                                 Reply Procedures. In connection with any Auction, each Lender of Term Loans wishing to participate in such Auction shall, prior to the Expiration Time, provide the Auction Manager with a notice of participation, in the form included in the respective offering document (each, a “Return Bid”) which shall specify (i) a discount to par that must be expressed as a price per $1,000 (in increments of $5) in principal amount of Term Loans (the “Reply Price”) within the Discount Range and (ii) the principal amount of Term Loans, in an amount not less than $1,000,000 or an integral multiple of $1,000 in excess thereof, that such Lender offers for sale at its Reply Price (the “Reply Amount”). A Lender may submit a Reply Amount that is less than the minimum amount and incremental amount requirements described above only if the Reply Amount comprises the entire amount of the Term Loans held by such Lender. Lenders may only submit one Return Bid per Auction but each Return Bid may contain up to three (3) component bids, each of which may result in a separate Qualifying Bid and each of which will not be contingent on any other component bid submitted by such Lender resulting in a Qualifying Bid. In addition to the Return Bid, the participating Lender must execute and deliver, to be held by the Auction Manager, an assignment and acceptance in the form included in the offering document (each, an “Auction Assignment and Assumption”). The Lead Borrower will not purchase any Term Loans at a price that is outside of the applicable Discount Range, nor will any Return Bids (including any component bids specified therein) submitted at a price that is outside such applicable Discount Range be considered in any calculation of the Applicable Threshold Price (as defined below).

 

(c)                                  Acceptance Procedures. Based on the Reply Prices and Reply Amounts received by the Auction Manager, the Auction Manager, in consultation with the Lead Borrower, will calculate the lowest purchase price (the “Applicable Threshold Price”) for such Auction within the Discount Range for such Auction that will allow the Lead Borrower to complete the Auction by purchasing the full Auction Amount (or such lesser amount of Term Loans for which the Lead Borrower has received Qualifying Bids). The Lead Borrower shall purchase Term Loans from each Lender whose Return Bid is within the Discount Range and contains a Reply Price that is equal to or less than the Applicable Threshold Price (each, a “Qualifying Bid”). All Term Loans included in Qualifying Bids (including multiple component Qualifying Bids contained in a

 

 

single Return Bid) received at a Reply Price lower than the Applicable Threshold Price will be purchased at such applicable Reply Prices and shall not be subject to proration.

 

(d)                                 Proration Procedures. All Term Loans offered in Return Bids (or, if applicable, any component thereof) constituting Qualifying Bids at the Applicable Threshold Price will be purchased at the Applicable Threshold Price; provided that if the aggregate principal amount (calculated on the face amount thereof) of all Term Loans for which Qualifying Bids have been submitted in any given Auction at the Applicable Threshold Price would exceed the remaining portion of the Auction Amount (after deducting all Term Loans to be purchased at prices below the Applicable Threshold Price), the Lead Borrower shall purchase the Term Loans for which the Qualifying Bids submitted were at the Applicable Threshold Price ratably based on the respective principal amounts offered and in an aggregate amount equal to the amount necessary to complete the purchase of the Auction Amount. No Return Bids or any component thereof will be accepted above the Applicable Threshold Price.

 

(e)                                  Notification Procedures. The Auction Manager will calculate the Applicable Threshold Price and post the Applicable Threshold Price and proration factor onto an interne or intranet site (including an IntraLinks, SyndTrak or other electronic workspace) in accordance with the Auction Manager’s standard dissemination practices by 4:00 p.m. New York City time on the same Business Day as the date the Return Bids were due (as such due date may be extended in accordance with this Schedule2.14). The Auction Manager will insert the principal amount of Term Loans to be assigned and the applicable settlement date into each applicable Auction Assignment and Assumption received in connection with a Qualifying Bid. Upon the request of the submitting Lender, the Auction Manager will promptly return any Auction Assignment and Assumption received in connection with a Return Bid that is not a Qualifying Bid.

 

(f)                                   Auction Assignment and Assumption. Each Auction Notice and Auction Assignment and Assumption shall contain the following representations and warranties by the Lead Borrower:

 

“No Event of Default has occurred and is continuing, or would result from this Auction.”

 

(g)                                  Additional Procedures. Once initiated by an Auction Notice, the Lead Borrower may withdraw an Auction only in the event that, as of such time, (i) no Qualifying Bid has been received by the Auction Manager or (ii) the Lead Borrower has failed, or believes in good faith that it will fail, to satisfy one or more of the conditions set forth in Section 2.14 of the Credit Agreement which are required to be met at the time which otherwise would have been the time of purchase of Term Loans pursuant to the respective Auction. Furthermore, in connection with any Auction, upon submission by a Lender of a Return Bid, such Lender will not have any withdrawal rights. Any Return Bid (including any component bid thereof) delivered to the Auction Manager may not be modified, revoked, terminated or cancelled by a Lender. However, an Auction may become void if the conditions to the purchase of Term Loans by the Lead Borrower required by the terms and conditions of Section 2.14 of the Credit Agreement are not met. The purchase price in respect of each Qualifying Bid for which purchase by the Lead Borrower is required in accordance with the foregoing provisions shall be paid directly by Lead Borrower to the respective assigning Lender on a settlement date as determined jointly by the

 

 

Lead Borrower and the Auction Manager (which shall be not later than ten (10) Business Days after the date Return Bids are due). The Lead Borrower shall execute each applicable Auction Assignment and Assumption received in connection with a Qualifying Bid. All questions as to the form of documents and validity and eligibility of Term Loans that are the subject of an Auction will be determined by the Auction Manager, in consultation with the Lead Borrower, and their determination will be final and binding so long as such determination is not inconsistent with the terms of Section2.14 of the Credit Agreement or this Schedule2.14. The Auction Manager’s interpretation of the terms and conditions of the offering document, in consultation with the Lead Borrower, will be final and binding so long as such interpretation is not inconsistent with the terms of Section 2.14 of the Credit Agreement or this Schedule 2.14. None of the Administrative Agent, the Auction Manager, any other Agent-Related Person or any of their respective affiliates assumes any responsibility for the accuracy or completeness of the information concerning the Lead Borrower, the other Loan Parties, or any of their affiliates (whether contained in an offering document or otherwise) or for any failure to disclose events that may have occurred and may affect the significance or accuracy of such information. This Schedule 2.14 shall not require the Lead Borrower to initiate any Auction.

 

 

SCHEDULE 4.01(B)

Other Collateral Documents

 

SECURITY DOCUMENTS

 

Germany

 

1.              Global Assignment Agreement (Trinseo Deutschland GmbH) between Trinseo Deutschland GmbH and Deutsche Bank AG New York Branch

2.              Global Assignment Agreement (Trinseo Anlagengesellschaft mbH) between Trinseo Anlagengesellschaft mbH and Deutsche Bank AG New York Branch

3.              Security Transfer Agreement (Trinseo Deutschland GmbH) between Trinseo Deutschland GmbH and Deutsche Bank AG New York Branch

4.              Security Transfer Agreement (Trinseo Anlagengesellschaft mbH) between Trinseo Anlagengesellschaft mbH and Deutsche Bank AG New York Branch

5.              Account Pledge Agreement (Trinseo Deutschland GmbH) between Trinseo Deutschland GmbH and Deutsche Bank AG New York Branch

6.              Account Pledge Agreement relating to certain (Trinseo Anlagengesellschaft mbH) between Trinseo Anlagengesellschaft mbH and Deutsche Bank AG New York Branch

7.              Account Pledge Agreement (Trinseo Netherlands B.V.) between Trinseo Netherlands B.V. and Deutsche Bank AG New York Branch

8.              Account Pledge Agreement (Trinseo Materials Operating S.C.A.) between Trinseo Materials Operating S.C.A. and Deutsche Bank AG New York Branch

9.              Account Pledge Agreement (Trinseo Finance Luxembourg S.à r.l.) between Trinseo Finance Luxembourg S.à r.l. and Deutsche Bank AG New York Branch

10.       Account Pledge Agreement (Trinseo Holding S.à r.l.) between Trinseo Holding S.à r.l. and Deutsche Bank AG New York Branch

11.       Share Pledge Agreement (Trinseo Deutschland GmbH) between Trinseo Holding B.V., Trinseo Netherlands B.V. and Deutsche Bank AG New York Branch

12.       Share Pledge Agreement (Trinseo Anlagengesellschaft mbH) between Trinseo Anlagengesellschaft mbH and Deutsche Bank AG New York Branch

 

Ireland

 

1.              Security Deed (Debenture) between Trinseo Finance Ireland Unlimited Company and Deutsche Bank AG New York Branch

2.              Security Over Shares Deed between Trinseo Holding S.à r.l, Trinseo Materials Operating S.C.A and Deutsche Bank AG New York Branch

 

Switzerland

 

1.              Security Agreement between Trinseo Europe GmbH and Deutsche Bank AG New York Branch

2.              Quota Pledge Agreement between Trinseo Holding B.V. and Deutsche Bank AG New York Branch

3.              Account Pledge Agreement between Trinseo Finance Luxembourg S.à r.l and Deutsche Bank AG New York Branch

4.              Security Agreement between Trinseo Export GmbH and Deutsche Bank AG New York Branch

5.              Quota Pledge Agreement between Trinseo Europe GmbH and Deutsche Bank AG New York Branch

 

Hong Kong

 

1.              Debenture between Trinseo (Hong Kong) Limited and Deutsche Bank AG New York Branch

2.              Share Charge between Trinseo Holdings Asia Pte. Ltd. and Deutsche Bank AG New York Branch

 

Netherlands

 

1.              Deed of Disclosed Pledge over Registered Shares (Trinseo Netherlands B.V.) between Trinseo Holding B.V., Trinseo Netherlands B.V. and Deutsche Bank AG New York Branch

2.              Deed of Disclosed Pledge over Registered Shares (Trinseo Holding B.V.) between Trinseo

 

 

Holding B.V., Trinseo Materials Operating S.C.A. and Deutsche Bank AG New York Branch

3.              Deed of Disclosed Pledge over Receivables (Bank Accounts And Intercompany Claims) between Trinseo Holding B.V., Trinseo Netherlands B.V. and Deutsche Bank AG New York Branch

4.              Deed of non-Possessory Pledge over Movables between Trinseo Holding B.V., Trinseo Netherlands B.V. and Deutsche Bank AG New York Branch

5.              Deed of Undisclosed Pledge over Receivables between Trinseo Holding B.V., Trinseo Netherlands B.V. and Deutsche Bank AG New York Branch

 

Luxembourg

 

1.              Share Pledge Agreement between Trinseo Holding S.à r.l., Trinseo Materials S.à r.l. and Deutsche Bank AG New York Branch

2.              Share Pledge Agreement between Trinseo Holding S.à r.l., Trinseo Materials Operating S.C.A. and Deutsche Bank AG New York

3.              Share Pledge Agreement between Trinseo Finance Luxembourg S.à r.l., Trinseo Materials Operating S.C.A. and Deutsche Bank AG New York

4.              Receivables Pledge Agreement between Trinseo Materials Operating S.C.A. and Deutsche Bank AG New York

5.              Receivables Pledge Agreement between Trinseo Finance Luxembourg S.à r.l. and Deutsche Bank AG New York

6.              Deposit Accounts Pledge Agreement between Trinseo Holding S.à r.l. and Deutsche Bank AG New York Branch

7.              Deposit Accounts Pledge Agreement between Trinseo Finance Luxembourg S.à r.l. and Deutsche Bank AG New York Branch

8.              Deposit Accounts Pledge Agreement between Trinseo Materials Operating S.C.A and Deutsche Bank AG New York Branch

9.              Deposit Accounts Pledge Agreement between Trinseo Materials S.à r.l. and Deutsche Bank AG New York Branch

 

Singapore

 

1.              Security Deed between Trinseo Holdings Asia Pte Ltd and Deutsche Bank AG New York

2.              Share Charge between Trinseo Holding B.V. and Deutsche Bank AG New York

3.              Share Charge between Trinseo Holdings Asia Pte Ltd and Deutsche Bank AG New York

 

 

SCHEDULE 5.07

Ownership of Property; Liens

 

1.                                      There is a written policy that allows Dow employees to hunt on the Dalton, Georgia site.

 

2.                                      There is a historical graveyard and house on the Allyn’s Point, Connecticut site. New development is not permitted on the graveyard and new development may be restricted in the vicinity of the house. Descendants of the deceased and others visit the graveyard.

 

3.                                      The Korea Industrial Complex Corp. imposes certain use restrictions that apply to the industrial complex where the Ulsan, South Korea site is located.

 

4.                                      Regus Samsungdong Ltd. imposes certain use restrictions that apply to the office complex where the Seoul, South Korea office site is located. Office use of retail or medical nature, along with carrying on a business that competes with Regus Samsungdong Ltd. is prohibited.

 

5.                                      46 JFK Luxembourg Centre S.A. imposes certain use restrictions that apply to the users of the office complex where the Luxembourg office site is located. Office use of retail or medical nature, along with carrying on a business that competes with 46 JFK Luxembourg Centre S.A., is prohibited.

 

6.                                      Regus Management de Mexico SA de CV imposes certain use restrictions that apply to the users of the office complex where the Mexico City, Mexico office site is located. Office use of retail or medical nature, along with carrying on a business that competes with Regus Management de Mexico SA de CV, is prohibited.

 

7.                                      Velizy Business Centre (Regus) imposes certain use restrictions that apply to users of the office complex where the Velizy Villacoublay, France office site is located. Office use of retail or medical nature, along with carrying on a business that competes with Velizy Business Centre, is prohibited.

 

8.                                      Toyko Shingawa East One Tower (Regus) imposes certain use restrictions that apply to users of the office complex where the Toyko, Japan office site is located. Office use of retail or medical nature, along with carrying on a business that competes with Toyko Shingawa East One Tower is prohibited.

 

9.                                      Central Plaza Management Company Limited prohibits the Hong Kong office site from being used for the manufacture of goods and merchandise or for warehousing activities.

 

10.                               United Overseas Bank Limited restricts the use of the Wilke Edge, Singapore office site from being used for any other purpose other than as office space and prohibits the subletting and assignment of the site.

 

11.                               Nanshan Life Insurance Co., Ltd. prohibits the subletting and assignment of the Taipei City, Taiwan commercial site without the consent of Nanshan Life Insurance Co., Ltd.

 

 

12.                               The local harbor authority (Haminan Satama Oy) has a security oversight role at the Hamina, Finland site.

 

13.                               Lease, by and between Dow Chemical Korea Limited and Chusikhoesa Youngdong Kasuljaesanup, dated July 1, 2008, for premises at the Ulsan, Korea site.

 

14.                               Ground Lease and Easement Agreement, by and between Trinseo LLC (assignee of The Dow Chemical Company) and Americas Styrenics LLC, dated May 1, 2008, for premises at the Allyn’s Point, Connecticut site.

 

15.                               The Hamina, Finland site is subject to the Finnish Pre-Emption Act, which gives the City of Hamina a right of first refusal over the transfer of the site.

 

16.                               The Norrköping, Sweden site is subject to a statutory purchase right in favor of the local government in the event of a land transfer.

 

17.                               The lack of a building title certificate (Fang Wu Suo You Quan Zheng) prevents evidencing ownership of the old control building and certain support facilities located at the Zhangjiagang, China site.

 

18.                               Certain support facilities located at the Zhangjiagang, China site do not have construction project planning permits.

 

19.                               The building rental agreement and long-term lease between Giinthardt Immobilien AG and Trinseo Europe GmbH for the Samstagern, Switzerland site must be assigned in accordance with Article 263 of the Swiss Code of Obligations.

 

20.                               The Seaload Facility at Stade, Germany is subject to an oral agreement (being memorialized in written form) requiring Trinseo Deutschland GmbH to move or destroy the facility in the event that Dow determines to build railroad tracks across the footprint of the facility.

 

 

SCHEDULE 5.08(a)

Environmental Matters

 

None.

 

 

SCHEDULE 5.11

Subsidiaries; Equity Interests

 

	
Loan Party
    	
 
    	
Subsidiary
    	
 
    	
Ownership
    	
 
    
	
Trinseo   US Holding, Inc.
    	
 
    	
Trinseo LLC
    	
 
    	
100
    	
%
    
	
Trinseo   LLC
    	
 
    	
Trinseo U.S.   Receivables Company SPV LLC
    	
 
    	
100
    	
%
    
	
Trinseo   Finance Luxembourg S.à r.l.
    	
 
    	
Trinseo Finance   Luxembourg S.à r.l., Luxembourg, Zweigniederlassung Horgen (Swiss Branch)
    	
 
    	
100
    	
%
    
	
Trinseo   Netherlands B.V.
    	
 
    	
Trinseo Deutshland GmbH
    	
 
    	
90
    	
%
    
	
Trinseo   Deutschland GmbH
    	
 
    	
Trinseo Deutschland   Anlagengesellschaft mbH
    	
 
    	
100
    	
%
    
	
Trinseo   Holding B.V.
    	
 
    	
Trinseo Belgium BVBA
    	
 
    	
100
    	
%*
    
	
 
    	
 
    	
Trinseo Canada ULC
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo Europe GmbH
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo France SAS
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Styron Hellas M.EPE
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo Holdings Asia   Pte. Ltd.
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo Italia s.r.l.
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo Kimya Ticaret   Limited Sirketi
    	
 
    	
100
    	
%*
    
	
 
    	
 
    	
Trinseo de México S. de   R.L. de C.V.
    	
 
    	
100
    	
%*
    
	
 
    	
 
    	
Trinseo Services de   México, S. de R.L. de C.V.
    	
 
    	
100
    	
%*
    
	
 
    	
 
    	
Trinseo Netherlands   B.V.
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo Spain S.L.
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo Suomi Oy
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo Sverige AB
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo UK Limited
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo Export GmbH
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo Deutschland   GmbH
    	
 
    	
10
    	
%
    
	
 
    	
 
    	
API Holding S.r.l.
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
A.P.I. Applicazioni   Plastiche Industriali S.P.A.
    	
 
    	
100
    	
%
    

 

 

	
Trinseo   Holdings Asia Pte. Ltd.
    	
 
    	
PT   Trinseo Materials Indonesia
    	
 
    	
99
    	
%
    
	
 
    	
 
    	
Trinseo   Australia Pty. Ltd.
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo   Materials (Hong Kong) Limited
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo   India Trading Private Limited
    	
 
    	
99
    	
%
    
	
 
    	
 
    	
Trinseo   Japan Y.K.
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo   Korea Ltd
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo   Petrochemicals (Zhangjiagang) Company
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Limited
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Trinseo   Singapore Pte. Ltd.
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Taiwan   Trinseo Limited
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo   Polymers (Zhangjiagang) Company Limited
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo   (Hong Kong) Limited
    	
 
    	
100
    	
%
    
	
Trinseo   Singapore Pte. Ltd.
    	
 
    	
PT   Trinseo Materials Indonesia
    	
 
    	
1
    	
%
    
	
 
    	
 
    	
Trinseo   India Trading Private Limited
    	
 
    	
1
    	
%
    
	
 
    	
 
    	
Trinseo   Deutschland GmbH
    	
 
    	
90
    	
%
    
	
Trinseo   Materials Operating S.C.A.
    	
 
    	
Trinseo   Finance Luxembourg S.á r.l.
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo   Holding B.V.
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo   US Holding, Inc.
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo   Materials Finance, Inc.
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Trinseo   Finance Ireland Unlimited Company
    	
 
    	
100
    	
%**
    
	
Trinseo   Holding S.á r.l.
    	
 
    	
Trinseo   Materials S.á r.l.
    	
 
    	
100
    	
%
    
	
Trinseo   Materials S.à r.l.
    	
 
    	
Trinseo   Materials Operating S.C.A.
    	
 
    	
100
    	
%****
    

 

*An insignificant non-material minority interest is held by Trinseo Netherlands B.V. in countries which require at least two shareholders on a share register. Such interest may be 1% or less and/or may be merely a legal ownership with beneficial ownership held by Trinseo Holding B.V.

 

**One share is held by Trinseo Holding S.à r.l. in trust for Trinseo Materials Operating S.C.A.

 

***One share is held by Trinseo Materials Operating S.C.A. in trust for Trinseo Holding S.à r.l.

 

****An insignificant non-material minority interest is held by Trinseo Holding S.à r.l.

 

 

SCHEDULE 6.18

Post-Closing Actions

 

1.              With respect to the Material Real Property located at 1737 Route 12, Ledyard, Connecticut (Town of Ledyard - New London County) and 1761 Route 12, Ledyard, Connecticut (Town of Ledyard - New London County), no later than one hundred and twenty (120) days following the Closing Date or such later date as agreed to the Administrative Agent in its sole discretion, the Collateral Agent shall have received executed Mortgages and other documents and instruments required to be delivered pursuant to clause (d) in the definition of Collateral and Guarantee Requirement.

 

2.              Within twenty Business Days after closing (or such later date as the Administrative Agent shall agree), the delivery of any original fully-executed intercompany notes to be delivered pursuant to the terms of the Security Agreement.

 

3.              Within ten Business Days after closing (or such later date as the Administrative Agent shall agree), the delivery of an original fully-executed Global Intercompany Note.

 

4.              Within ten Business Days after closing (or such later date as the Administrative Agent shall agree), delivery of (a) original share certificate(s), together with share power(s) executed in blank, representing 3,300,000 ordinary shares of Trinseo Holdings Asia Ptd. Ltd. and (b) original share certificate(s), together with share power(s) executed in blank, representing 60,000 ordinary shares of Trinseo Singapore Pte. Ltd. and (c) to the extent required by the Collateral Agent, an amendment, duly executed by Trinseo Holding B.V., to that certain Share Charge, dated as of September 6, 2017, between Trinseo Holding B.V. and Deutsche Bank AG New York.

 

 

SCHEDULE 7.01(b)

Existing Liens

 

1.              State tax lien filed by the Commonwealth of Pennsylvania Department of Revenue against Trinseo LLC in the amount of $1,199.33, which was satisfied in full. It is expected to be removed shortly after the Closing by the applicable authority.

 

 

SCHEDULE 7.03(b)

Existing Indebtedness

 

The following intercompany notes reflect intercompany Indebtedness on the Closing Date:

 

	
 
    	
 
    	
 
    	
 
    	
Loan
    	
 
    	
Loan
    	
 
    	
Loan
    	
 
    
	
Issuer
    	
 
    	
Holder
    	
 
    	
Currency
    	
 
    	
Amount
    	
 
    	
Maturity
    	
 
    
	
Trinseo Petrochemicals (Zhangjiagang) Company   Limited
    	
 
    	
Trinseo Fin Lux Luxembourg S.a.r.l. Swiss Branch
    	
 
    	
USD
    	
 
    	
13,600,000
    	
 
    	
11/20/2017
    	
 
    
	
Trinseo Petrochemicals (Zhangjiagang) Company   Limited
    	
 
    	
Trinseo Fin Lux Luxembourg S.a.r.l. Swiss Branch
    	
 
    	
USD
    	
 
    	
7,500,000
    	
 
    	
2/9/2018
    	
 
    
	
Trinseo Petrochemicals (Zhangjiagang) Company   Limited
    	
 
    	
Trinseo Fin Lux Luxembourg S.a.r.l. Swiss Branch
    	
 
    	
USD
    	
 
    	
10,000,000
    	
 
    	
4/23/2018
    	
 
    
	
Trinseo Petrochemicals (Zhangjiagang) Company   Limited
    	
 
    	
Trinseo Fin Lux Luxembourg S.a.r.l. Swiss Branch
    	
 
    	
USD
    	
 
    	
10,000,000
    	
 
    	
7/17/2018
    	
 
    
	
Trinseo Polymers (Zhangjiagang) Company Limited
    	
 
    	
Trinseo Fin Lux Luxembourg S.a.r.l. Swiss Branch
    	
 
    	
USD
    	
 
    	
27,000,000
    	
 
    	
3/9/2018
    	
 
    
	
Trinseo Polymers (Zhangjiagang) Company Limited
    	
 
    	
Trinseo Fin Lux Luxembourg S.a.r.l. Swiss Branch
    	
 
    	
USD
    	
 
    	
30,000,000
    	
 
    	
4/4/2018
    	
 
    
	
Trinseo Polymers (Zhangjiagang) Company Limited
    	
 
    	
Trinseo Fin Lux Luxembourg S.a.r.l. Swiss Branch
    	
 
    	
USD
    	
 
    	
7,000,000
    	
 
    	
6/6/2018
    	
 
    
	
Trinseo Materials Operating S.C.A.
    	
 
    	
Trinseo Finance Ireland
    	
 
    	
USD
    	
 
    	
1,007,841,485
    	
 
    	
6/8/2021
    	
 
    
	
Trinseo Materials Operating S.C.A.
    	
 
    	
Trinseo Finance Ireland
    	
 
    	
USD
    	
 
    	
189,400,000
    	
 
    	
6/8/2021
    	
 
    
	
Taiwan Trinseo Limited
    	
 
    	
Trinseo Holding B.V.
    	
 
    	
USD
    	
 
    	
19,734,000
    	
 
    	
5/1/2022
    	
 
    
	
Trinseo Italia s.r.l.
    	
 
    	
Trinseo Holding B.V.
    	
 
    	
EUR
    	
 
    	
9,887,000
    	
 
    	
5/28/2022
    	
 
    
	
Trinseo Italia s.r.l.
    	
 
    	
Trinseo Holding B.V.
    	
 
    	
EUR
    	
 
    	
64,000,000
    	
 
    	
5/28/2022
    	
 
    
	
Styron Hellas
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
1,310,000
    	
 
    	
9/22/2017
    	
 
    
	
Trinseo Canada ULC
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
4,200,000
    	
 
    	
5/1/2022
    	
 
    
	
Trinseo de Mexico S. de R.V. de C.V.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
8,004,000
    	
 
    	
5/1/2022
    	
 
    
	
Trinseo Deutschland GmbH
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
76,000,000
    	
 
    	
5/1/2022
    	
 
    
	
Trinseo Europe GmbH
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
148,000,000
    	
 
    	
5/1/2022
    	
 
    
	
Trinseo Europe GmbH
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
50,983,048
    	
 
    	
5/1/2022
    	
 
    

 

 

	
Trinseo France S.A.S.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
2,450,000
    	
 
    	
5/1/2022
    	
 
    
	
Trinseo Holding Asia Pte. Ltd
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
3,442,962
    	
 
    	
5/1/2022
    	
 
    
	
Trinseo Holding B.V.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
9,887,000
    	
 
    	
5/28/2022
    	
 
    
	
Trinseo Holding B.V.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
19,734,000
    	
 
    	
5/1/2022
    	
 
    
	
Trinseo Holding B.V.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
40,000,000
    	
 
    	
5/28/2022
    	
 
    
	
Trinseo Holding Sarl
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
292,679,648
    	
 
    	
2/2/2021
    	
 
    
	
Trinseo Holding Sarl
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
105,000,000
    	
 
    	
12/22/2021
    	
 
    
	
Trinseo Hong Kong Limited
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
32,047,844
    	
 
    	
6/22/2018
    	
 
    
	
Trinseo Kimya Ticaret Limited Sirketi
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
5,949,865
    	
 
    	
5/1/2022
    	
 
    
	
Trinseo Korea Ltd.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
1,250,000
    	
 
    	
5/1/2022
    	
 
    
	
Trinseo Netherlands B.V.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
60,878,738
    	
 
    	
5/1/2022
    	
 
    
	
Trinseo Spain S.L.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
646,000
    	
 
    	
5/1/2022
    	
 
    
	
Trinseo Suomi Oy
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
EUR
    	
 
    	
3,917,443
    	
 
    	
5/1/2022
    	
 
    
	
Trinseo U.S. Holding, Inc.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
257,710,412
    	
 
    	
5/1/2022
    	
 
    
	
Trinseo U.S. Holding, Inc.
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
USD
    	
 
    	
353,000,000
    	
 
    	
5/1/2022
    	
 
    

 

 

SCHEDULE 7.08

Transactions with Affiliates

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Original
    
	
Type of Agreement
    	
 
    	
Parties to the Agreement
    	
 
    	
Date
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Employment Agreement
    	
 
    	
Trinseo US Holding, Inc. and Bain Capital Everest   Manager Holding S.C.A.
    	
 
    	
Christopher D. Pappas
    	
 
    	
1/2/2013
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Currency Rate Hedging Agreement
    	
 
    	
Trinseo Finance Luxembourg S.à r.l., Luxembourg,   Zweigniederlassung Horgen
    	
 
    	
Trinseo S.A.
    	
 
    	
7/31/2014
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Currency Rate Hedging Agreement
    	
 
    	
Trinseo Finance Luxembourg S.à r.l., Luxembourg,   Zweigniederlassung Horgen
    	
 
    	
Trinseo Luxco S.à r.l.
    	
 
    	
7/31/2014
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Services Agreement
    	
 
    	
Trinseo LLC
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
6/17/2010
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Services Agreement
    	
 
    	
Trinseo Materials Operating S.C.A.
    	
 
    	
Trinseo Europe GmbH
    	
 
    	
6/17/2010
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Services Agreement
    	
 
    	
Trinseo LLC
    	
 
    	
Trinseo S.A.
    	
 
    	
1/1/2014
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Technology License Agreement
    	
 
    	
Trinseo LLC
    	
 
    	
Trinseo Europe GmbH
    	
 
    	
1/1/2014
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Contract Research and Development Services Agreement
    	
 
    	
Trinseo LLC
    	
 
    	
Trinseo Europe GmbH
    	
 
    	
6/17/2010
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Contract Research and Development Services Agreement
    	
 
    	
Trinseo Netherlands B.V.
    	
 
    	
Trinseo Europe GmbH
    	
 
    	
6/17/2010
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Contract Research and Development Services Agreement
    	
 
    	
Trinseo Deutschland GmbH
    	
 
    	
Trinseo Europe GmbH
    	
 
    	
6/17/2010
    

 

 

	
Contract Research and Development Services Agreement
    	
 
    	
Trinseo Deutschland Anlagengesellschaft mbH
    	
 
    	
Trinseo Europe GmbH
    	
 
    	
6/17/2010
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Consignment Manufacturing Agreement
    	
 
    	
Trinseo Netherlands B.V.
    	
 
    	
Trinseo Europe GmbH
    	
 
    	
1/1/2013
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Consignment Manufacturing Agreement
    	
 
    	
Trinseo Deutschland GmbH
    	
 
    	
Trinseo Europe GmbH
    	
 
    	
1/1/2013
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Consignment Manufacturing Agreement
    	
 
    	
Trinseo Deutschland Anlagengesellschaft mbH
    	
 
    	
Trinseo Europe GmbH
    	
 
    	
1/1/2013
    

 

 

SCHEDULE 7.09

Certain Contractual Obligations

 

The Senior Notes Indenture

 

 

SCHEDULE 10.02

 

Notices and Other Communications

 

If to any Loan Party:

 

Trinseo LLC

1000 Chesterbrook Boulevard, Suite 300

Berwyn, PA 19312

Facsimile: (610) 240-3308

Attention: Angelo N. Chaclas, Chief Legal Officer

Email: Chaclas@Trinseo.com

 

With a copy to:

 

K&L Gates LLP

K&L Gates Center

210 Sixth Avenue

Pittsburgh, PA 15222

Facsimile: (412) 355-6501

Attn: Vanessa Spiro

Email: Vanessa.Spiro@klgates.com

 

Administrative Agent and Lenders

 

	
Barclays Bank PLC
    	
 
    	
745 Seventh Avenue
    
	
 
    	
 
    	
New York, New York 10019
    
	
 
    	
 
    	
Attention: Leah Kaniampuram
    
	
 
    	
 
    	
Telephone No.: (212) 526-4763
    
	
 
    	
 
    	
Telecopier No.: (212) 526-5115
    
	
 
    	
 
    	
 
    
	
Deutsche Bank AG New York Branch
    	
 
    	
60 Wall Street (NYC60 - 0219)
    
	
 
    	
 
    	
New York, New York 10005
    
	
 
    	
 
    	
Attention: Marcus Tarkington
    
	
 
    	
 
    	
Telephone No.: 212 250-6153
    
	
 
    	
 
    	
Telecopier No.: 212 553-3080
    
	
 
    	
 
    	
 
    
	
Citibank, N.A.
    	
 
    	
Citibank, N.A.
    
	
 
    	
 
    	
1615 Brett Road, Building III
    
	
 
    	
 
    	
New Castle, DE 19720
    
	
 
    	
 
    	
Attention: Loan Administration —Sarath Kumar
    
	
 
    	
 
    	
Kumar Kamaraji
    
	
 
    	
 
    	
Telephone No.: (201) 751-7571
    

 

 

	
 
    	
 
    	
Fax: (904) 746-4860
    
	
 
    	
 
    	
GLOriginationOps@citi.com
    
	
 
    	
 
    	
 
    
	
HSBC Bank USA, N.A.
    	
 
    	
452 Fifth Avenue, 8th Floor
    
	
 
    	
 
    	
New York, New York 10018
    
	
 
    	
 
    	
Attention: David Mandell
    
	
 
    	
 
    	
Telephone No: (212) 525-8137
    
	
 
    	
 
    	
Telecopier No: (212) 525-2479
    
	
 
    	
 
    	
 
    
	
Goldman Sachs Bank USA
    	
 
    	
200 West Street
    
	
 
    	
 
    	
New York, New York 10282
    
	
 
    	
 
    	
Attention: Thierry C. Le Jouan
    
	
 
    	
 
    	
Telephone No: (212) 902-1099
    
	
 
    	
 
    	
Telecopier No: (917) 977-3966
    
	
 
    	
 
    	
 
    
	
The Bank of Nova Scotia
    	
 
    	
711 Louisiana Street, Suite 1400
    
	
 
    	
 
    	
Houston, Texas 77002
    
	
 
    	
 
    	
Attention: U.S. Loans Operations
    
	
 
    	
 
    	
Telephone No.: (713) 759-3426
    
	
 
    	
 
    	
Telecopier No.: (713) 752-2425
    
	
 
    	
 
    	
 
    
	
BNP Paribas
    	
 
    	
787 Seventh Avenue
    
	
 
    	
 
    	
New York, NY 10019
    
	
 
    	
 
    	
Attention: David Berger
    
	
 
    	
 
    	
Telephone No: (212) 340 -3461
    
	
 
    	
 
    	
Telecopier No.: (201) 616-7911
    
	
 
    	
 
    	
 
    
	
Mizuho Bank, Ltd.
    	
 
    	
1251 Avenue of the Americas, 32nd Fl.
    
	
 
    	
 
    	
New York, New York 10020
    
	
 
    	
 
    	
Attention: Jesse Millner
    
	
 
    	
 
    	
Telephone No.: (212) 282-4908
    
	
 
    	
 
    	
Telecopier No.: (212) 282-9705
    
	
 
    	
 
    	
 
    
	
Morgan Stanley Bank, N.A.
    	
 
    	
1 New York Plaza
    
	
 
    	
 
    	
New York, NY 10004
    
	
 
    	
 
    	
Attention: Primary Docs
    
	
 
    	
 
    	
Telephone No. : (212) 276-7315
    
	
 
    	
 
    	
Telecopier No. : (718) 233-2132
    
	
 
    	
 
    	
 
    
	
Sumitomo Mitsui Banking Corporation
    	
 
    	
277 Park Avenue
    
	
 
    	
 
    	
New York, NY 10172
    
	
 
    	
 
    	
Attention: Adrei Eftimie
    
	
 
    	
 
    	
Telephone No.: (212) 224-4446
    
	
 
    	
 
    	
Telecopier No.: (212) 224-4384Exhibit 10.2

 

From:

 

[Bank Name]

 

To:

 

TRINSEO MATERIALS OPERATING S.C.A.

 

Email:

 

Date:           06 September 2017

 

	
Our   Reference
    	
:
    
	
USI   Reference
    	
:
    

 

FORM OF CROSS-CURRENCY RATE SWAP TRANSACTION CONFIRMATION

 

The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the Swap Transaction entered into between us on the Trade Date specified below.  This Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below.

 

The definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc. (the “Definitions”) are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern.

 

This Confirmation supplements, forms part of and is subject to the ISDA Master Agreement dated as of 31 August 2017, as amended and supplemented from time to time (the “Agreement”), between [Bank Name] (“Party A”) and TRINSEO MATERIALS OPERATING S C A (“Party B”) (the “Counterparty”). All provisions contained in or incorporated by reference in the Agreement govern this Confirmation except as expressly modified below.

 

The terms of the particular Swap Transaction to which this Confirmation relates are as follows:

 

	
Trade Date:
    	
 
    	
: 01 September 2017
    
	
 
    	
 
    	
 
    
	
Termination Date
    	
 
    	
: 03 November 2022, subject to No Adjustment.
    
	
 
    	
 
    	
 
    
	
Fixed Amounts 1
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Fixed Rate Payer 1
    	
 
    	
: Party A
    

 

	
[RESTRICTED]
    	
3138258N
    	
 
    

 

1

 

	
Fixed Rate Payer 1 Currency Amount
    	
 
    	
: [Currency][Amount]
    
	
 
    	
 
    	
 
    
	
Fixed Rate Payer 1 Payment Date
    	
 
    	
: Early Payment - One (1) Business Days prior   each Fixed Rate Payer Period End Date 
    
	
 
    	
 
    	
 
    
	
Fixed Rate Payer 1 Period End Dates 
    	
 
    	
: Semi-annually   on the 3rd of May and November of each calendar year commencing on   03 May 2018 and ending on the Termination Date, subject   to No Adjustment
    
	
 
    	
 
    	
 
    
	
Fixed Rate Payer 1 Initial Calculation Period
    	
 
    	
: From and including the Effective Date to but   excluding 03 May 2018. 
    
	
 
    	
 
    	
 
    
	
Fixed Rate
    	
 
    	
: [Insert Rate]% per annum
    
	
 
    	
 
    	
 
    
	
Fixed Rate Payer 1 Fixed Rate Day Count Fraction
    	
 
    	
: 30/360 
    
	
 
    	
 
    	
 
    
	
Business Days
    	
 
    	
: New York and TARGET Settlement Day
    
	
 
    	
 
    	
 
    
	
Fixed Amounts 2
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Fixed Rate Payer 2
    	
 
    	
: Party B
    
	
 
    	
 
    	
 
    
	
Fixed Rate Payer 2 Currency Amount 
    	
 
    	
: [Currency][Amount]
    
	
 
    	
 
    	
 
    
	
Fixed Rate Payer 2 Payment Date
    	
 
    	
: Early Payment - One (1) Business Days prior   each Fixed Rate Payer Period End Date
    
	
 
    	
 
    	
 
    
	
Fixed Rate Payer 2 Period End Dates 
    	
 
    	
: Semi-annually   on the 3rd of May and November of each calendar year commencing on   03 May 2018 and ending on 03 November 2022, subject to No   Adjustment.
    
	
 
    	
 
    	
 
    
	
Fixed Rate Payer 2 Initial Calculation Period
    	
 
    	
: From and including the Effective Date to but   excluding 03 May 2018. 
    
	
 
    	
 
    	
 
    
	
Fixed Rate
    	
 
    	
: [Insert Rate]% per annum
    
	
 
    	
 
    	
 
    
	
Fixed Rate Payer 2 Fixed Rate Day Count Fraction
    	
 
    	
: 30/360
    
	
 
    	
 
    	
 
    
	
Business Days
    	
 
    	
: New York and TARGET Settlement Day
    
	
 
    	
 
    	
 
    
	
Initial Exchange
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Initial Exchange Date 
    	
 
    	
: 06 September 2017
    
	
 
    	
 
    	
 
    
	
Inital Exchange Amount
    	
 
    	
: [Currency][Amount]
    
	
 
    	
 
    	
 
    
	
-Party A will pay to Party B
    	
 
    	
: [Currency][Amount]
    
	
 
    	
 
    	
 
    
	
-Party B will pay to Party A
    	
 
    	
: [Currency][Amount]
    

 

2

 

	
Interim Exchanges
    	
 
    	
: Inapplicable
    

 

3

 

	
Final Exchange
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Final Exchange Date
    	
 
    	
: Early Payment — One (1) Business Days prior   the Termination Date 
    
	
 
    	
 
    	
 
    
	
Final Exchange Amount
    	
 
    	
: [Currency][Amount]
    
	
 
    	
 
    	
 
    
	
-Party A will   pay to Party B
    	
 
    	
: [Currency] [Amount]
    
	
 
    	
 
    	
 
    
	
-Party B will   pay to Party A
    	
 
    	
: [Currency][Amount]
    
	
 
    	
 
    	
 
    
	
Calculation Agent
    	
 
    	
: Party A or as otherwise specified in the Agreement
    
	
 
    	
 
    	
 
    
	
Office(s):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
The office of   Party A for the Swap Transaction is
    
	
 
    	
 
    	
 
    
	
Account Details: 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
In [Currency]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Bank Name]
    	
 
    	
: As per Standard Settlement Instruction, or as   otherwise advised separately.
    
	
 
    	
 
    	
 
    
	
TRINSEO MATERIALS OPERATING S C A
    	
 
    	
: As per Standard Settlement Instruction, or as   otherwise advised separately.
    
	
 
    	
 
    	
 
    
	
Account Details: 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
In [Currency]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Bank Name]
    	
 
    	
: As per Standard Settlement Instruction, or as   otherwise advised separately.
    
	
 
    	
 
    	
 
    
	
TRINSEO MATERIALS OPERATING S C A
    	
 
    	
: As per Standard Settlement Instruction, or as   otherwise advised separately.
    
	
 
    	
 
    	
 
    
	
Please confirm that the forgoing   correctly sets forth the terms of our agreement by having an authorized   officer sign this Confirmation and return it via facsimile to:
    
	
 
    	
 
    	
 
    
	
[Bank Name]
    	
 
    	
 
    
	
Attention:
    	
 
    	
 
    
	
Telephone:
    	
 
    	
 
    
	
Fax:
    	
 
    	
 
    

 

4

 

	
Please   direct all settlement inquiries to:
    
	
 
    	
 
    	
 
    
	
[Bank Name]
    	
 
    	
 
    
	
Attention:
    	
 
    	
 
    
	
Telephone:
    	
 
    	
 
    
	
Fax:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[Bank   Name]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:           [Name of Authorized Individual]
    
	
 
    	
 
    	
 
    
	
TRINSEO MATERIALS OPERATING S C A
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name: 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Please quote your trade reference here:
    

 

5

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