Document:

Exhibit 10.1

 

	 	8360 E. Raintree Dr. #230

 Scottsdale, AZ 85260

 

Employment
Agreement

 

THIS EMPLOYMENT AGREEMENT
(the “Agreement”) is made effective July 01, 2022 (the “Effective Date”) by and between Zoned Properties,
Inc., a Nevada corporation (the “Company”), and Berekk Blackwell, an individual residing in the State of Arizona (“Employee”).

 

 Recital

 

WHEREAS, the Company
desires to retain the employment of Employee and Employee desires to be employed by the Company, pursuant to the terms and conditions
of this Agreement.

 

NOW THEREFORE, in
consideration of the mutual promises contained herein, the benefits to be derived by each party hereunder and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

 Agreement

 

1. Employment.
Upon the terms and subject to the conditions set forth herein, Employer hereby agrees to offer the employment of Employee and Employee
agrees to accept his/her employment with Employer during the Term (defined hereinafter) as Employer’s [President and Chief Operating
Officer].

 

2. Term.
The term of this Agreement (the “Term”) shall commence as of the Effective Date and shall, unless sooner terminated
or extended, terminate on the first (1st) anniversary of the Effective Date (the “Expiration Date”), as
same may be extended by the parties in consistent the provision of Section 7. c) hereof.

 

3. Compensation
and Benefits.

 

a. As
compensation for the services rendered to the Company agrees to compensate Employee in an amount equal to $150,000.00 annually (the “Salary”)
for his services, payable bi-weekly or as is otherwise consistent with the Company’s ordinary payroll policies throughout the Term,
from which shall be withheld applicable state and federal income taxes, and such other and similar payroll taxes and charges (including
deductions for various benefits) as may be required or appropriate under applicable law. The Salary shall be reviewed by the Company’s
Executive Management (the “Executive Management”) and/or the Company’s Board of Directions (the “Board”)
on or prior to each anniversary of the Effective Date and any increases to the Salary shall be commensurate with an increase in Employee’s
experience and commensurate with the Company’s growth. The Company may also award Employee with various bonus payables, determined
from time to time at the discretion of the Company’s Executive Management in either cash and/or equity for the associated period.

 

b. The
Employee will participate in all Company compensation or incentive programs extended to Executive Management (including C-suite) generally
at levels commensurate with Employee’s position.

 

c. The
Employee shall be entitled to participate in all employee and executive benefit plans of the Company including, but not limited to, equity,
profit sharing, 401(k), medical, dental and vision coverage, education, or other retirement or welfare benefits that the Company has adopted
or may adopt, maintain or contribute to for the benefit of its employees and/or Executive Management at a level commensurate with his
position subject to satisfying the applicable eligibility requirements. 

 

d. Upon
submittal of appropriate documentation, the Employee is entitled to reimbursement in accordance with the Company’s expense reimbursement
policy for all reasonable and necessary business and entertainment expenses incurred in connection with the performance of his duties.

 

 

 

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	 	8360 E. Raintree Dr. #230

 Scottsdale, AZ 85260

 

4. Duties;
Responsibilities. During the term of this Agreement, Employee will serve as the Company’s President and Chief Operating Officer
and shall perform tasks and have the rights, powers and obligations normally associated with that role. Employee shall provide the services
as set forth in the Position Description attached hereto. Employee agrees to perform such tasks as reasonably requested.

 

5. Extent
of Services. Employee may perform services for any external organizations and volunteer with any charitable organizations provided
that such services do not prevent Employee from performing his tasks and obligations under this Agreement.

 

6. Expenses.
Employee may incur reasonable expenses on behalf of and to enact business for the Company, including reasonable expenses for entertainment,
travel, and similar items. The Company will reimburse Employee for all such expenses upon Employee’s periodic presentation of an
itemized account of such expenditures.

 

7. Term. This agreement
shall be effect for a period commencing on the Effective Date for a period of TWELVE (12) months (the “Guaranteed Term”).
During the Guaranteed Term, neither party may terminate this Agreement, except for “Cause” (as defined below).

 

For purposes herein, “Cause”,
with respect to Employee, means:

 

		(i)	a material violation of any material written rule or policy of the Company applicable to Employee and
which the Employee fails to correct within 10 days after the Employee receives written notice from the Company;

 

		(ii)	misconduct by the Employee to the material and demonstrable detriment of the Company;

 

		(iii)	the Employee’s conviction (by a court of competent jurisdiction, not subject to further appeal)
of, or pleading guilty to, a felony; or

 

		(iv)	the Employee’s material failure to perform Employee’s obligations and fulfill Employee’s
covenants and agreements as described in this Agreement, after written notice from the Company to the Employee of the specific nature
of such material failure and the Employee’s failure to cure such material failure within 10 days following receipt of such notice.

 

For purposes herein, “Cause”,
with respect to the Company, means Company’s material failure to perform the Company’s obligations and fulfill the Company’s
covenants and agreements as described in this Agreement, after written notice from the Employee to the Company of the specific nature
of such material failure and the Company’s failure to cure such material failure within 10 days following receipt of such notice.

 

In the event of termination
of this Agreement by Employee due to Cause with respect to the Company, all of the parties’ rights and obligations hereunder shall
thereafter cease, other than such rights or obligations which arose prior to the termination date or in connection with such termination.

 

After the Guaranteed Term
expires, this Agreement shall continue to be in full force and effect, unaffected by the expiration, except that either party may terminate
the Agreement for any reason upon 30 days’ written notice to the other party. The Guaranteed Term and remaining term of this Agreement
is referred to as the “Term”. The Company warrants that they will provide their commercially reasonable efforts in supporting
Employee in the performance of his/her duties and obligations.

 

 

 

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	 	8360 E. Raintree Dr. #230

 Scottsdale, AZ 85260

 

8. Restrictive
Covenants.

 

a) Customer Restriction. For
so long as the Employee is employed by the Company, Employee covenants and agrees that Employee shall not, working alone or in conjunction
with one or more other persons or entities, for compensation or not, (i) provide or offer to provide to any Customer any products or services
which are the same as or are sold in competition with those offered by Company, its related parties, subsidiaries or affiliates, or (ii)
induce or attempt to induce any Customer to withdraw, curtail or cancel its business with Company its related parties, subsidiaries or
affiliates.

 

b) Non-Raid.
For so long as the Employee is employed by Company, Employee covenants and agrees that Employee shall not, working alone or in conjunction
with one or more other persons or entities, for compensation or not, directly or indirectly recruit or otherwise solicit or induce any
person or entity who is an employee or Vendor of Company or any of its related parties, subsidiaries or affiliates, to terminate their
employment with, or otherwise cease their relationship with, Company or any of its related parties, subsidiaries or affiliates.

 

9. RESERVED.

 

10. Employee Not Restricted
by Other Agreement. Employee hereby expressly represents, warrants, and covenants to the Company that Employee is not bound, in any
manner, by any agreement, whether written or oral, which would restrict Employee from performing any duties or obligations under this
Agreement.

 

11. Superseding Agreement.
Employee and the Company agree that this agreement will supersede any other employment agreement(s) existing or already in place.

 

12. Indemnification.
Employer shall hold harmless, defend, and indemnify Employee from all claims, demands, or causes of action brought, at any time, against
Employee as a result of any of the following circumstances: (a) Employee’s providing services to Employer; (b) any action or inaction
arising from or relating to Employee’s position as an Officer of Employer; or (c) any action taken or which should have been taken
in the course and scope of Employee’s employment with Employer, or which arose from or related to such employment, including all
costs for any judgment, settlement, attorney fees, legal defense, and other expenses related to same; provided, however, that such indemnification
obligations provided herein shall not extend to any events which constitute willful misconduct, fraud or gross negligence.

 

13. Entire Agreement.
This Agreement constitutes the entire understanding between the parties and there are no covenants, conditions, representations, or agreements,
oral or written, or any nature whatsoever, other than those herein continued.

 

14. Amendments. No
amendment, alteration, or modification of this Agreement shall be binding upon the parties hereto unless said amendment, alteration, or
modification is in writing and signed by all parties.

 

 

 

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	 	8360 E. Raintree Dr. #230

 Scottsdale, AZ 85260

 

15. Waiver. The waiver
of any term, condition, clause, or provision of this Agreement shall in no way be deemed or considered a waiver of any other term, condition,
clause, or provision of this Agreement.

 

16. Severability.
If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions
shall remain in effect and be so construed as to effectuate the intent and purpose of this Agreement.

 

17. Notices. All notices,
demands, and other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing
and shall be deemed to have been given (a) when personally delivered or sent by electronic mail (with hard copy to follow); (b) one
(1) day after being sent by reputable overnight express courier (charges prepaid); or (c) five (5) days following mailing by certified
or registered mail, postage prepaid and return receipt requested. Unless another address is specified in writing, notices, demands, and
communications to the parties shall be sent to the addresses indicated below:

 

	 	If to the Company:	Zoned
Properties, Inc.
	 	 	8360 E. Raintree Drive #230.
	 	 	Scottsdale, AZ 85260

 

	 	And, if to Employee:	Berekk Blackwell
	 	 	8360 E. Raintree Drive #230.
	 	 	Scottsdale, AZ 85260

 

18. Additional Documents.
The parties hereto agree to execute any and all additional papers and documents reasonably necessary or appropriate to effectuate the
terms of this Agreement.

 

19. Governing Law.
This Agreement shall be governed by and construed in accordance with the laws of the state of Arizona without regard to conflicts of laws
principles thereof and all questions concerning the validity and construction hereof shall be determined in accordance with the laws of
said state.

 

20. Dispute Resolution
Process. This Section 20 shall govern any dispute, controversy, or claim related to, connected with, or arising out of this Agreement,
including any question regarding its existence, validity, or termination, as well as any challenge to the tribunal’s jurisdiction.
If such a dispute arises, and if the dispute cannot be settled through direct discussions, the parties agree to endeavor first to settle
the dispute by mediation upon terms agreed upon by the parties. If the parties cannot agree on mediation terms, then the mediation shall
be administered by the American Arbitration Association under its Commercial Mediation Procedures before resorting to arbitration. If
a party fails to respond to a written request for mediation within 30 days after service or fails to participate in any scheduled mediation
conference, that party shall be deemed to have waived its right to mediate the issues in dispute. If the mediation does not result in
settlement of the dispute within 30 days after the initial mediation conference, or if a party has waived its right to mediate any issues
in dispute, then any unresolved controversy or claim arising out of or relating to this contract, or breach thereof, shall be settled
by arbitration administered by the American Arbitration Association in accordance with its Commercial Arbitration Rules, except as may
be otherwise provided herein, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction
thereof.

 

 Except as otherwise specifically
limited in this Agreement, the arbitral tribunal shall have the power to grant any remedy or relief that it deems appropriate, whether
provisional or final, including conservatory relief and injunctive relief, and any such measures ordered by the arbitral tribunal may,
to the extent permitted by applicable law, be deemed to be a final award on the subject matter of the measures and shall be enforceable
as such.”

 

 

 

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	 	8360 E. Raintree Dr. #230

 Scottsdale, AZ 85260

 

Claims shall be heard by
a single arbitrator. If the parties are unable to agree upon the selection of an arbitrator, the arbitrator shall be selected in accordance
with the American Arbitration Association rules. The place of arbitration shall be Maricopa County, Arizona. The arbitration shall be
governed by the laws of the State of Arizona. Hearings will take place pursuant to the standard procedures of the Commercial Arbitration
Rules that contemplate in person hearings. The successful party shall be awarded the cost of the arbitration proceeding and any proceeding
in court to confirm or to vacate any arbitration award, as applicable (including, without limitation, reasonable attorneys’ fees
and costs), as determined by the arbitrators. It is specifically understood and agreed that any party may enforce any award rendered pursuant
to the arbitration provisions of this Section 20 by bringing suit in any court of competent jurisdiction. The parties agree that the arbitrator
shall have authority to grant injunctive or other forms of equitable relief to any party. This Section 20 shall survive the termination
or cancellation of this Agreement. Except as may be required by law, neither a party nor an arbitrator may disclose the existence, content,
or results of any arbitration hereunder without the prior written consent of both parties. The parties agree that failure or refusal of
a party to pay its required share of the deposits for arbitrator compensation or administrative charges shall constitute a waiver by that
party to present evidence or cross-examine witness. In such event, the other party shall be required to present evidence and legal argument
as the arbitrator(s) may require for the making of an award. Such waiver shall not allow for a default judgment against the non-paying
party in the absence of evidence presented as provided for above.

 

21. Attorneys’ Fees
and Costs If any action is brought to enforce this Agreement or to collect damages as a result of a breach of any of its provisions,
the prevailing party shall also be entitled to collect its reasonable attorneys’ fees and costs incurred in such action from the
non-prevailing party, which costs can include the reasonable costs of investigation, expert witnesses and the costs in enforcing or collecting
any judgment rendered, all as determined and awarded by the court.

 

22. Counterparts.
This Agreement may be executed in two counterparts, each of which shall be deemed an original but both of which together shall constitute
one and the same agreement.

 

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement under seal the day and year first above written.

 

	Employer:	 	Employee:
	 	 	 
	Zoned Properties, Inc.	 	Berekk Blackwell
	 	 	 	 	 
	By	/s/
    Bryan McLaren	 	By	/s/
    Berekk Blackwell
	 	Bryan McLaren	 	 	Berekk Blackwell
	 	Chief Executive Officer	 	 	

 

 

 

 

5jpm-trinityx2ndarcredita

EXECUTION VERSION  283508840v.4 SECOND AMENDED AND RESTATED CREDIT AGREEMENT  dated as of  July 25, 2022  among  as Borrower,  JPMORGAN CHASE BANK, N.A.,  as Administrative Agent  with  JPMORGAN CHASE BANK, N.A.,  BANK OF AMERICA, N.A.  and  TRUIST SECURITIES, INC.,  as Joint Bookrunners  and  BANK OF AMERICA, N.A.  and  TRUIST SECURITIES, INC.,  as Co-Syndication Agents  and  WELLS FARGO BANK, NATIONAL ASSOCIATION,  REGIONS BANK  and  PNC BANK,  as Co-Documentation Agents  Exhibit 10.3 

 

TABLE OF CONTENTS  Page    283508840v.4  ARTICLE I Definitions ................................................................................................................................ 1  SECTION 1.01. Defined Terms .................................................................................................................... 1  SECTION 1.02. Classification of Loans and Borrowings .......................................................................... 33  SECTION 1.03. Terms Generally ............................................................................................................... 33  SECTION 1.04. Accounting Terms; GAAP; Pro Forma Calculations ....................................................... 33  SECTION 1.05. Status of Obligations ........................................................................................................ 34  SECTION 1.06. Exchange Rates ................................................................................................................ 35  SECTION 1.07. Interest Rates; Benchmark Notification ........................................................................... 35  SECTION 1.08. Divisions .......................................................................................................................... 36  SECTION 1.09. Letter of Credit Amounts ................................................................................................. 36  ARTICLE II The Credits ............................................................................................................................ 36  SECTION 2.01. Commitments ................................................................................................................... 36  SECTION 2.02. Loans and Borrowings ..................................................................................................... 36  SECTION 2.03. Requests for Revolving Borrowings ................................................................................ 37  SECTION 2.04. Reserved ........................................................................................................................... 38  SECTION 2.05. Swingline Loans ............................................................................................................... 38  SECTION 2.06. Letters of Credit ............................................................................................................... 39  SECTION 2.07. Funding of Borrowings .................................................................................................... 44  SECTION 2.08. Interest Elections .............................................................................................................. 45  SECTION 2.09. Termination and Reduction of Commitments .................................................................. 46  SECTION 2.10. Repayment of Loans; Evidence of Debt .......................................................................... 47  SECTION 2.11. Prepayment of Loans ........................................................................................................ 47  SECTION 2.12. Fees .................................................................................................................................. 48  SECTION 2.13. Interest .............................................................................................................................. 49  SECTION 2.14. Alternative Rate of Interest .............................................................................................. 50  SECTION 2.15. Increased Costs................................................................................................................. 53  SECTION 2.16. Break Funding Payments ................................................................................................. 54  SECTION 2.17. Taxes ................................................................................................................................ 54  SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs ........................................ 58  SECTION 2.19. Mitigation Obligations; Replacement of Lenders ............................................................ 60  SECTION 2.20. Increase of Commitments ................................................................................................ 61  SECTION 2.21. Judgment Currency .......................................................................................................... 62  SECTION 2.22. Defaulting Lenders ........................................................................................................... 62  ARTICLE III Representations and Warranties ........................................................................................... 64  SECTION 3.01. Organization; Powers; Subsidiaries ................................................................................. 64  SECTION 3.02. Authorization; Enforceability ........................................................................................... 65  SECTION 3.03. Governmental Approvals; No Conflicts ........................................................................... 65  SECTION 3.04. Financial Condition; No Material Adverse Change ......................................................... 65  SECTION 3.05. Properties ......................................................................................................................... 65  SECTION 3.06. Litigation, Environmental and Labor Matters .................................................................. 65  SECTION 3.07. Compliance with Laws and Agreements .......................................................................... 66  SECTION 3.08. Investment Company Status ............................................................................................. 66  

 

TABLE OF CONTENTS  (continued)  Page  ii  283508840v.4  SECTION 3.09. Taxes ................................................................................................................................ 66  SECTION 3.10. ERISA .............................................................................................................................. 66  SECTION 3.11. Disclosure ......................................................................................................................... 66  SECTION 3.12. Margin Regulations .......................................................................................................... 67  SECTION 3.13. Liens ................................................................................................................................. 67  SECTION 3.14. No Default ........................................................................................................................ 67  SECTION 3.15. No Burdensome Restrictions ............................................................................................ 67  SECTION 3.16. Anti-Corruption Laws and Sanctions ............................................................................... 67  SECTION 3.17. Primary Business .............................................................................................................. 67  SECTION 3.18. Affected Financial Institutions ......................................................................................... 67  SECTION 3.19. Plan Assets ....................................................................................................................... 67  ARTICLE IV Conditions ............................................................................................................................ 67  SECTION 4.01. Effective Date................................................................................................................... 67  SECTION 4.02. Each Credit Event ............................................................................................................ 69  ARTICLE V Affirmative Covenants .......................................................................................................... 69  SECTION 5.01. Financial Statements and Other Information ................................................................... 69  SECTION 5.02. Notices of Material Events ............................................................................................... 71  SECTION 5.03. Existence; Conduct of Business ....................................................................................... 71  SECTION 5.04. Payment of Obligations .................................................................................................... 72  SECTION 5.05. Maintenance of Properties; Insurance .............................................................................. 72  SECTION 5.06. Books and Records; Inspection Rights ............................................................................. 72  SECTION 5.07. Compliance with Laws ..................................................................................................... 72  SECTION 5.08. Use of Proceeds and Letters of Credit .............................................................................. 72  SECTION 5.09. Maintenance of Debt Ratings ........................................................................................... 73  SECTION 5.10. Keepwell .......................................................................................................................... 73  ARTICLE VI Negative Covenants ............................................................................................................. 73  SECTION 6.01. Indebtedness ..................................................................................................................... 73  SECTION 6.02. Liens ................................................................................................................................. 74  SECTION 6.03. Fundamental Changes and Asset Sales ............................................................................ 75  SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions ......................................... 76  SECTION 6.05. Swap Agreements ............................................................................................................. 77  SECTION 6.06. Transactions with Affiliates ............................................................................................. 77  SECTION 6.07. Restricted Payments ......................................................................................................... 77  SECTION 6.08. Restrictive Agreements .................................................................................................... 78  SECTION 6.09. Financial Covenants ......................................................................................................... 78  SECTION 6.10. Sale and Leaseback Transactions ..................................................................................... 79  SECTION 6.11. Trinity Marks Company ................................................................................................... 79  

 

TABLE OF CONTENTS  (continued)  Page  iii  283508840v.4  ARTICLE VII Events of Default ................................................................................................................ 79  SECTION 7.01. Events of Default .............................................................................................................. 79  SECTION 7.02. Application of Payments .................................................................................................. 82  ARTICLE VIII The Administrative Agent ................................................................................................. 83  SECTION 8.01. Authorization and Action ................................................................................................. 83  SECTION 8.02. Administrative Agent’s Reliance, Indemnification, Etc. ................................................. 85  SECTION 8.03. Posting of Communications ............................................................................................. 86  SECTION 8.04. The Administrative Agent Individually ........................................................................... 87  SECTION 8.05. Successor Administrative Agent ...................................................................................... 88  SECTION 8.06. Acknowledgments of Lenders and Issuing Banks ........................................................... 88  SECTION 8.07. Certain ERISA Matters .................................................................................................... 90  ARTICLE IX Miscellaneous ...................................................................................................................... 91  SECTION 9.01. Notices ............................................................................................................................. 91  SECTION 9.02. Waivers; Amendments ..................................................................................................... 92  SECTION 9.03. Expenses; Indemnity; Damage Waiver ............................................................................ 94  SECTION 9.04. Successors and Assigns .................................................................................................... 96  SECTION 9.05. Survival ............................................................................................................................ 99  SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution ...................................... 99  SECTION 9.07. Severability .................................................................................................................... 100  SECTION 9.08. Right of Setoff ................................................................................................................ 101  SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process ........................................ 101  SECTION 9.10. WAIVER OF JURY TRIAL .......................................................................................... 102  SECTION 9.11. Headings ......................................................................................................................... 102  SECTION 9.12. Confidentiality................................................................................................................ 102  SECTION 9.13. USA PATRIOT Act ....................................................................................................... 103  SECTION 9.14. Releases of Subsidiary Guarantors ................................................................................. 103  SECTION 9.15. Interest Rate Limitation .................................................................................................. 104  SECTION 9.16. No Advisory or Fiduciary Responsibility ...................................................................... 104  SECTION 9.17. Amendment and Restatement of Existing Credit Agreement ........................................ 105  SECTION 9.18. No Fiduciary Duty, etc. .................................................................................................. 105  SECTION 9.19. Acknowledgment and Consent to Bail-In of EEA Financial Institutions ...................... 106  SECTION 9.20. Acknowledgment Regarding Any Supported QFCs ...................................................... 106    

 

TABLE OF CONTENTS    iv  283508840v.4  SCHEDULES:    Schedule 1.01 – Existing Letters of Credit  Schedule 2.01 – Commitments  Schedule 3.01 – Subsidiaries  Schedule 6.01 – Existing Indebtedness  Schedule 6.02 – Existing Liens  Schedule 6.08 – Existing Restrictive Agreements    EXHIBITS:    Exhibit A – Form of Assignment and Assumption  Exhibit B – Form of Opinion of Loan Parties’ Counsel  Exhibit C – Form of Increasing Lender Supplement  Exhibit D – Form of Augmenting Lender Supplement  Exhibit E – Compliance Certificate  Exhibit F – Form of Subsidiary Guaranty  Exhibit G-1 – Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)  Exhibit G-2 – Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)  Exhibit G-3 – Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)  Exhibit G-4 – Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)  Exhibit H-1 – Form of Borrowing Request  Exhibit H-2 – Form of Interest Election Request  Exhibit I – Form of Note      

 

    283508840v.4  SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”)  dated as of July 25, 2022 among TRINITY INDUSTRIES, INC., a Delaware corporation (the “Borrower”),  the LENDERS from time to time party hereto, JPMORGAN CHASE BANK, N.A., as Administrative  Agent, Bank of America, N.A. and Truist Securities, Inc., as Co-Syndication Agents and Wells Fargo Bank,  National Association, Regions Bank and PNC Bank, as Co-Documentation Agents.  Reference is hereby made to that certain Amended and Restated Credit Agreement dated  as of November 1, 2018, with the various financial institutions named therein and JPMorgan Chase Bank,  N.A., as administrative agent for the lenders (as the same has been amended or otherwise modified from  time to time prior to the Effective Date, the “Existing Credit Agreement”).  The parties hereto desire to amend and restate the Existing Credit Agreement in its entirety.  The parties hereto agree as follows:  ARTICLE I    Definitions  SECTION 1.01.  Defined Terms.  As used in this Agreement, the following terms have the  meanings specified below:  “2024 Notes” means the Borrower’s 4.550% Senior Unsecured Notes due 2024 issued  pursuant to that certain Indenture, dated as of September 25, 2014 (as such indenture may be amended,  supplemented or otherwise modified from time to time).  “ABR” when used in reference to any Loan or Borrowing, refers to whether such Loan, or  the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Alternate Base  Rate.  “Adjusted CDOR Rate” means, with respect to any Term Benchmark Borrowing  denominated in Canadian Dollars for any Interest Period, an interest rate per annum equal to (a) the CDOR  Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that if the Adjusted  CDOR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the  Floor for the purposes of this Agreement.  “Adjusted Daily Simple RFR” means with respect to any RFR Borrowing denominated in  Dollars, an interest rate per annum equal to (a) the Daily Simple RFR for Dollars, plus (b) 0.10%; provided  that if the Adjusted Daily Simple RFR as so determined would be less than the Floor, such rate shall be  deemed to be equal to the Floor for the purposes of this Agreement.  “Adjusted Term SOFR Rate” means, for any Interest Period, an interest rate per annum  equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted  Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to  the Floor for the purposes of this Agreement.  “Administrative Agent” means JPMorgan Chase Bank, N.A. (or any of its designated  branch offices or affiliates), in its capacity as administrative agent for the Lenders hereunder.  

 

  2  283508840v.4  “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied  by the Administrative Agent.  “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK  Financial Institution.  “Affiliate” means, with respect to a specified 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.  “Aggregate Commitment” means the aggregate of the Commitments of all of the Lenders,  as reduced or increased from time to time pursuant to the terms and conditions hereof.  As of the Effective  Date, the Aggregate Commitment is $450,000,000.  “Agreed Currencies” means Dollars and each Alternative Currency.  “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the  Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the  Adjusted Term SOFR Rate for a one month Interest Period as published two U.S. Government Securities  Business Days prior to such day (or if such day is not a Business Day, the immediately preceding Business  Day) plus 1.00%; provided that for the purpose of this definition, the Adjusted Term SOFR Rate for any  day shall be based on the Term SOFR Reference Rate at approximately 6:00 a.m. New York time on such  day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term  SOFR Administrator in the Term SOFR Reference Rate methodology).  Any change in the Alternate Base  Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate shall be effective  from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted  Term SOFR Rate, respectively.  If the Alternate Base Rate is being used as an alternate rate of interest  pursuant to Section 2.14 (for the avoidance of doubt, only until the Benchmark Replacement has been  determined pursuant to Section 2.14(b)), then the Alternate Base Rate shall be the greater of clauses (a) and  (b) above and shall be determined without reference to clause (c) above.  For the avoidance of doubt, if the  Alternate Base Rate as so determined pursuant to the foregoing would be less than 1.00%, such rate shall  be deemed to be 1.00% for purposes of this Agreement.  “Alternative Currency” means Canadian Dollars.  “Ancillary Document” has the meaning assigned to it in Section 9.06(b).  “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction  applicable to the Borrower or its Subsidiaries from time to time concerning or relating to bribery or  corruption.  “Applicable Party” has the meaning assigned to such term in Section 8.03(c).  “Applicable Percentage” means, with respect to any Lender, the percentage of the  Aggregate Commitment represented by such Lender’s Commitment; provided that, in the case of  Section 2.22 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of  the Aggregate Commitment (disregarding any Defaulting Lender’s Commitment) represented by such  Lender’s Commitment.  If the Commitments have terminated or expired, the Applicable Percentages shall  be determined based upon the Commitments most recently in effect, giving effect to any assignments and  to any Lender’s status as a Defaulting Lender at the time of determination.  

 

  3  283508840v.4  “Applicable Rate” means, with respect to any Term Benchmark Loan, any RFR Loan or  any ABR Loan or with respect to the commitment fees payable hereunder, as the case may be, the applicable  rate per annum set forth below under the caption “Applicable Rate for Term Benchmark / RFR Loans”,  “Applicable Rate for ABR Loans” or “Commitment Fee”, as the case may be, based upon the Pricing Level  applicable on such date:  Pricing  Level  Leverage Ratio    Commitment  Fee  Applicable Rate for  Term Benchmark  /RFR Loans    Applicable Rate for  ABR Loans and  Canadian Prime Loans  Level I < 1.00 to 1.00 0.175% 1.25% 0.25%  Level II > 1.00 to 1.00 but   < 2.00 to 1.00  0.20% 1.50% 0.50%  Level III > 2.00 to 1.00 but   < 3.00 to 1.00  0.25% 1.75% 0.75%  Level IV > 3.00 to 1.00 but  < 4.00 to 1.00  0.35% 2.25% 1.25%  Level V > 4.00 to 1.00 0.40% 2.50% 1.50%    In each case, the Pricing Level shall be determined in accordance with the foregoing table  based on the Borrower’s then-current Leverage Ratio.  If at any time the Borrower fails to deliver the Financials on or before the date the  Financials are due pursuant to Section 5.01, the highest then applicable Pricing Level shall be deemed  applicable for the period commencing three (3) Business Days after such required date of delivery and  ending on the date which is three (3) Business Days after the Financials are actually delivered, after which  the Pricing Level shall be determined in accordance with the table above as applicable.  The Applicable  Rate as in effect from the Effective Date through the date a Compliance Certificate for the period ending  June 30, 2022 is delivered shall be determined based upon Pricing Level 3.   Adjustments, if any, to the Pricing Level then in effect shall be effective three (3) Business  Days after the Administrative Agent has received the applicable Financials (it being understood and agreed  that each change in Pricing Level shall apply during the period commencing on the effective date of such  change and ending on the date immediately preceding the effective date of the next such change).  “Applicable Time” means, with respect to any Borrowings and payments in any Alternative  Currency, the local time in the place of settlement for such Alternative Currency as may be determined by  the Administrative Agent or the applicable Issuing Bank, as the case may be, to be necessary for timely  settlement on the relevant date in accordance with normal banking procedures in the place of payment.  “Approved Electronic Platform” has the meaning assigned to such term in Section 8.03(a).  “Approved Fund” has the meaning assigned to such term in Section 9.04(b).  “Assignment and Assumption” means an assignment and assumption agreement entered  into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04),  and accepted by the Administrative Agent, in the form of Exhibit A or any other form (including electronic  records generated by use of an electronic platform) approved by the Administrative Agent.  “Augmenting Lender” has the meaning assigned to such term in Section 2.20.  

 

  4  283508840v.4  “Authorized Officer” means the Chairman, the President, the Chief Financial Officer, any  Senior Vice President, any Vice President or the Treasurer of any Loan Party or any other officer of any  Loan Party specified to the Administrative Agent in writing by any of the aforementioned officers of such  Loan Party.  “Availability Period” means the period from and including the Effective Date to but  excluding the earlier of the Maturity Date and the date of termination of the Commitments.  “Available Tenor” means, as of any date of determination and with respect to the then- current Benchmark for any Agreed Currency, as applicable, any tenor for such Benchmark (or component  thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof),  as applicable, that is or may be used for determining the length of an Interest Period for any term rate or  otherwise, for determining any frequency of making payments of interest calculated pursuant to this  Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark  that is then-removed from the definition of “Interest Period” pursuant to clause (e) of Section 2.14.   “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the  applicable Resolution Authority in respect of any liability of an Affected Financial Institution.  “Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing  Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union,  the implementing law, regulation rule or requirement for such EEA Member Country from time to time  which is described in the EU Bail-In Legislation Schedule.  and (b) with respect to the United Kingdom,  Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law,  regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks,  investment firms or other financial institutions or their affiliates (other than through liquidation,  administration or other insolvency proceedings).   “Bankruptcy Event” means, with respect to any Person, such Person becomes the subject  of a voluntary or involuntary bankruptcy or insolvency proceeding, or has had a receiver, conservator,  trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the  reorganization or liquidation of its business appointed for it, or, in the good faith determination of the  Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or  acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding  entered in respect thereof; provided that a Bankruptcy Event shall not result solely by virtue of any  ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental  Authority or instrumentality thereof, unless such ownership interest results in or provides such Person 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 permits such Person (or such Governmental Authority or instrumentality)  to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.  “Benchmark” means, initially, with respect to any (i) RFR Loan, the Adjusted Daily Simple  RFR or (ii) Term Benchmark Loan, the Relevant Rate for the applicable Agreed Currency; provided that if  a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to  the applicable Relevant Rate or the then-current Benchmark for such Agreed Currency, then “Benchmark”  means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced  such prior benchmark rate pursuant to clause (b) of Section 2.14.   “Benchmark Replacement” means, for any Available Tenor, the first alternative set forth  in the order below that can be determined by the Administrative Agent for the applicable Benchmark  

 

  5  283508840v.4  Replacement Date; provided that, in the case of any Loan denominated in an Alternative Currency,  “Benchmark Replacement” shall mean the alternative set forth in (2) below  (1) in the case of any Loan denominated in Dollars, the Adjusted Daily Simple RFR,  (2) the sum of: (a) the alternate benchmark rate that has been selected by the  Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the  applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation  of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant  Governmental Body or (ii) any evolving or then-prevailing market convention for determining a  benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities  denominated in the applicable Agreed Currency at such time in the United States and (b) the related  Benchmark Replacement Adjustment.  If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be  less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this  Agreement and the other Loan Documents.   “Benchmark Replacement Adjustment” means, with respect to any replacement of the  then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period  and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment,  or method for calculating or determining such spread adjustment, (which may be a positive or negative  value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable  Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread  adjustment, or method for calculating or determining such spread adjustment, for the replacement of such  Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body  on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market  convention for determining a spread adjustment, or method for calculating or determining such spread  adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark  Replacement for syndicated credit facilities denominated in the applicable Agreed Currency at such time.  “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark  Replacement and/or any Term Benchmark Revolving Loan denominated in Dollars, any technical,  administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the  definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition  of “RFR Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and  making payments of interest, timing of borrowing requests or prepayment, conversion or continuation  notices, length of lookback periods, the applicability of breakage provisions, and other technical,  administrative or operational matters) that the Administrative Agent decides (in consultation with the  Borrower) may be appropriate to reflect the adoption and implementation of such Benchmark and to permit  the administration thereof by the Administrative Agent in a manner substantially consistent with market  practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not  administratively feasible or if the Administrative Agent determines that no market practice for the  administration of such Benchmark exists, in such other manner of administration as the Administrative  Agent decides is reasonably necessary in connection with the administration of this Agreement and the  other Loan Documents).  “Benchmark Replacement Date” means, with respect to any Benchmark, the earliest to  occur of the following events with respect to such then-current Benchmark:  

 

  6  283508840v.4  (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,”  the later of (a) the date of the public statement or publication of information referenced therein and  (b) the date on which the administrator of such Benchmark (or the published component used in  the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such  Benchmark (or such component thereof); or  (2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the  first date on which such Benchmark (or the published component used in the calculation thereof)  has been determined and announced by the regulatory supervisor for the administrator of such  Benchmark (or such component thereof) to be no longer representative; provided, that such non- representativeness will be determined by reference to the most recent statement or publication  referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such  component thereof) continues to be provided on such date.  For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs  on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark  Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and  (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2)  with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with  respect to all then-current Available Tenors of such Benchmark (or the published component used in the  calculation thereof).  “Benchmark Transition Event” means, with respect to any Benchmark, the occurrence of  one or more of the following events with respect to such then-current Benchmark:  (1) a public statement or publication of information by or on behalf of the  administrator of such Benchmark (or the published component used in the calculation thereof)  announcing that such administrator has ceased or will cease to provide all Available Tenors of such  Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of  such statement or publication, there is no successor administrator that will continue to provide any  Available Tenor of such Benchmark (or such component thereof);  (2) a public statement or publication of information by the regulatory supervisor for  the administrator of such Benchmark (or the published component used in the calculation thereof),  the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, an insolvency  official with jurisdiction over the administrator for such Benchmark (or such component), a  resolution authority with jurisdiction over the administrator for such Benchmark (or such  component) or a court or an entity with similar insolvency or resolution authority over the  administrator for such Benchmark (or such component), in each case, which states that the  administrator of such Benchmark (or such component) has ceased or will cease to provide all  Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely;  provided that, at the time of such statement or publication, there is no successor administrator that  will continue to provide any Available Tenor of such Benchmark (or such component thereof); or  (3) a public statement or publication of information by the regulatory supervisor for  the administrator of such Benchmark (or the published component used in the calculation thereof)  announcing that all Available Tenors of such Benchmark (or such component thereof) are no  longer, or as of a specified future date will no longer be, representative.  

 

  7  283508840v.4  For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with  respect to any Benchmark if a public statement or publication of information set forth above has occurred  with respect to each then-current Available Tenor of such Benchmark (or the published component used in  the calculation thereof).  “Benchmark Unavailability Period” means, with respect to any Benchmark, the period (if  any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that  definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current  Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14 and  (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all  purposes hereunder and under any Loan Document in accordance with Section 2.14.  “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.  “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is  subject to Part 4 of Subtitle B of Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code, or  (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of  Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.  “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and  interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.  “Borrower” means Trinity Industries, Inc., a Delaware corporation.  “Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued  on the same date and, in the case of Term Benchmark Loans, as to which a single Interest Period is in effect  or (b) a Swingline Loan.  “Borrowing Request” means a request by the Borrower for a Revolving Borrowing in  accordance with Section 2.03, which shall be substantially in the form attached hereto as Exhibit H-1 or  any other form approved by the Administrative Agent.  “Burdensome Restrictions” means any consensual encumbrance or restriction of the type  described in clause (a) or (b) of Section 6.08.  “Business Day” means any day (other than a Saturday or a Sunday) on which banks are  open for business in New York City; provided that, (a) in relation to RFR Loans and any interest rate  settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings in  the applicable Agreed Currency of such RFR Loan, “Business Day” shall also mean any such day that is  only an RFR Business Day and (b) in relation to Loans denominated in Canadian Dollars and in relation to  the calculation and computation of the CDOR Rate, “Business Day” shall also mean any day (other than a  Saturday or Sunday) on which banks are open for business in Toronto, Canada.  In addition to the foregoing,  when used in connection with an amount that bears interest at a rate based on SOFR or any direct or indirect  calculation or determination of SOFR (including with respect to an ABR Loan based on the Adjusted Term  SOFR Rate), the term “Business Day” shall also mean any such day that is a U.S. Government Securities  Business Day.  “Canadian Dollars” and “C$” mean the lawful currency of Canada.  

 

  8  283508840v.4  “Canadian Prime” when used in reference to any Loan or Borrowing denominated in  Canadian Dollars, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing  interest at a rate determined by reference to the Canadian Prime Rate.   “Canadian Prime Rate” means, on any day, a rate per annum determined by the  Administrative Agent to be the higher of (a) the rate equal to the PRIMCAN Index rate that appears on the  Bloomberg screen at 10:15 a.m. Toronto, Ontario time on such day (or, in the event that the PRIMCAN  Index is not published by Bloomberg, any other information service that publishes such index from time to  time, as selected by the Administrative Agent in its reasonable discretion), and (b) the CDOR Rate for a  one month Interest Period at approximately 10:15 a.m., Toronto, Ontario time on such day (and, if such day  is not a Business Day, then on the immediately preceding Business Day (as adjusted by Administrative  Agent after 10:15 a.m. Toronto, Ontario time to reflect any error in the posted rate of interest or in the  posted average annual rate of interest)), rounded to the nearest 1/100th of 1% (with .005% being rounded  up), plus 1.0% per annum; provided, that if any the above rates shall be less than 1.0% per annum, such  rate shall be deemed to be 1% per annum for purposes of this Agreement.  Any change in the Canadian  Prime Rate due to a change in the PRIMCAN Index or the CDOR Rate shall be effective from and including  the effective date of such change in the PRIMCAN Index or CDOR Rate, respectively.  If the Canadian  Prime Rate is being used as an alternate rate of interest pursuant to Section 2.14 (for the avoidance of doubt,  only until the applicable Benchmark Replacement has been determined pursuant to Section 2.14(b)), then  the Canadian Prime Rate shall be determined solely by reference to clause (a) above and shall be determined  without reference to clause (b) above.   “Capital Lease Obligations” of any Person means the obligations of such Person to pay  rent or other amounts under any lease of (or other arrangement conveying the right to use) Property, which  obligations are required to be classified and accounted for as capital lease obligations on a balance sheet of  such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof  determined in accordance with GAAP.  “CDOR Rate” means, with respect to any Term Benchmark Borrowing denominated in  Canadian Dollars and for any Interest Period, the CDOR Screen Rate at approximately 10:15 a.m. Toronto  local time on the first day of such Interest Period (and, if such day is not a Business Day, then on the  immediately preceding Business Day (as adjusted by Administrative Agent after 10:15 a.m. Toronto,  Ontario time to reflect any error in the posted rate of interest or in the posted average annual rate of  interest)), rounded to the nearest 1/100th of 1% (with .005% being rounded up).  “CDOR Screen Rate” means, for any day and time, with respect to any Term Benchmark  Borrowing denominated in Canadian Dollars and for any Interest Period, the annual rate of interest equal  to the average rate applicable to Canadian Dollar Canadian bankers’ acceptances for the applicable Interest  Period that appears on the “Reuters Screen CDOR Page” as defined in the ISDA Definitions (or, in the  event such rate does not appear on such page or screen, on any successor or substitute page or screen that  displays such rate, or on the appropriate page of such other information service that publishes such rate  from time to time, as selected by the Administrative Agent in its reasonable discretion).  “Change in Control” means (a) the acquisition of ownership, directly or indirectly,  beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of  1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests representing  more than thirty-five percent (35%) of the aggregate ordinary voting power represented by the issued and  outstanding Equity Interests of the Borrower; (b) occupation of a majority of the seats (other than vacant  seats) on the board of directors of the Borrower by Persons who were not (i) directors of the Borrower on  the date of this Agreement, (ii) nominated or appointed by the board of directors of the Borrower or (iii)  

 

  9  283508840v.4  approved by the board of directors of the Borrower as director candidates prior to their election; (c) the  acquisition of direct or indirect Control of the Borrower by any Person or group; or (d) the occurrence of a  change in control, or other similar provision, as defined in any agreement or instrument evidencing any  Material Indebtedness of the Borrower (triggering a default or mandatory prepayment, which default or  mandatory prepayment has not been waived in writing).  “Change in Law” means the occurrence, after the  date of this Agreement (or with respect to any Lender, if later, the date on which such Lender becomes a  Lender), of any of the following:  (a) the adoption or taking effect of any law, rule, regulation or treaty,  (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation  or application thereof by any Governmental Authority, or (c) the making or issuance of any request, rules,  guideline, requirement or directive (whether or not having the force of law) by any Governmental  Authority; provided however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall  Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives  thereunder, issued in connection therewith or in implementation thereof, 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 be a “Change in  Law” regardless of the date enacted, adopted, issued or implemented.  “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan,  or the Loans comprising such Borrowing, are Revolving Loans or Swingline Loans.  “CME Term SOFR Administrator” means CME Group Benchmark Administration  Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a  successor administrator).  “Co-Documentation Agent” means each of Wells Fargo Bank, National Association,  Regions Bank and PNC Bank, each in its respective capacity as co-documentation agent for the credit  facility evidenced by this Agreement.  “Code” means the Internal Revenue Code of 1986, as amended.  “Collateral Account” has the meaning assigned to such term in Section 2.06(j).  “Commitment” means, with respect to each Lender, the amount set forth on Schedule 2.01  opposite such Lender’s name, or in the Assignment and Assumption or other documentation or record (as  such term is defined in Section 9-102(a)(70) of the New York Uniform Commercial Code) as provided in  Section 9.04(b)(ii)(C), pursuant to which such Lender shall have assumed its Commitment, as applicable,  and giving effect to (a) any reduction in such amount from time to time pursuant to Section 2.09 and (b) any  reduction or increase in such amount from time to time pursuant to assignments by or to such Lender  pursuant to Section 9.04; provided, that at no time shall the Revolving Credit Exposure of any Lender  exceed its Commitment.  “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.),  as amended from time to time, and any successor statute.  “Communications” has the meaning assigned to such term in Section 8.03(d).  “Connection Income Taxes” means Other Connection Taxes that are imposed on or  measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.  

 

  10  283508840v.4  “Consolidated Capital Expenditures” means, without duplication, any expenditures for any  purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a  consolidated balance sheet of the Borrower and its Restricted Subsidiaries prepared in accordance with  GAAP.   “Consolidated EBITDA” means, with reference to any period, (a) Consolidated Net  Income plus (b) without duplication and to the extent deducted from revenues in determining Consolidated  Net Income, (i) Consolidated Interest Expense, (ii) expense for income and franchise taxes paid or accrued,  (iii) depreciation, (iv) amortization, (v) extraordinary or non-recurring non-cash expenses or losses incurred  other than in the ordinary course of business, (vi) non-cash expenses related to stock based compensation,  (vii) writeoffs or amortization of goodwill, (viii) non-recurring fees and expenses incurred in connection  with Permitted Acquisitions, (ix) all amounts incurred and payable for all fees, commissions and charges  under this Agreement and the other Loan Documents including any amendment, modification, or  supplement hereof or thereof minus (c) to the extent included in Consolidated Net Income, (i) income tax  credits and refunds (to the extent not netted from tax expense), (ii) any cash payments made during such  period in respect of items described in clauses (b)(v) or (b)(vi) above subsequent to the fiscal quarter in  which the relevant non-cash expenses or losses were incurred and (iii) extraordinary, unusual or non- recurring income or gains realized other than in the ordinary course of business, all calculated for the  Borrower and its Restricted Subsidiaries in accordance with GAAP on a consolidated basis.  For the  purposes of calculating Consolidated EBITDA for any period of four consecutive fiscal quarters (each such  period, a “Reference Period”), (A) if at any time during such Reference Period the Borrower or any  Restricted Subsidiary shall have made any Material Disposition, the Consolidated EBITDA for such  Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable  to the Property that is the subject of such Material Disposition for such Reference Period or increased by  an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period,  and (B) if during such Reference Period the Borrower or any Restricted Subsidiary shall have made a  Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after giving  effect thereto on a pro forma basis as if such Material Acquisition occurred on the first day of such  Reference Period.  As used in this definition, “Material Acquisition” means any acquisition of Property or  series of related acquisitions of Property that (a) constitutes (i) assets comprising all or substantially all or  any significant portion of a business or operating unit of a business, or (ii) all or substantially all of the  common stock or other Equity Interests of a Person, and (b) involves the payment of consideration by the  Borrower and the Restricted Subsidiaries in an amount material to the business of the Loan Parties, as  reasonably determined by the Borrower; and “Material Disposition” means any sale, transfer or disposition  of Property or series of related sales, transfers, or dispositions of Property that yields gross proceeds to the  Borrower and the Restricted Subsidiaries in an amount material to the business of the Loan Parties, as  reasonably determined by the Borrower.  “Consolidated Interest Expense” means, with reference to any period, the interest expense  (including without limitation interest expense under Capital Lease Obligations that is treated as interest in  accordance with GAAP) of the Borrower and its Restricted Subsidiaries calculated on a consolidated basis  for such period with respect to all outstanding Indebtedness of the Borrower and its Restricted Subsidiaries  allocable to such period in accordance with GAAP (including, without limitation, all commissions,  discounts and other fees and charges owed with respect to letters of credit and bankers acceptance financing  and net costs under interest rate Swap Agreements to the extent such net costs are allocable to such period  in accordance with GAAP).  In the event that the Borrower or any Restricted Subsidiary shall have  completed a Material Acquisition or a Material Disposition since the beginning of the relevant period,  Consolidated Interest Expense shall be determined for such period on a pro forma basis as if such  acquisition or disposition, and any related incurrence or repayment of Indebtedness, had occurred at the  beginning of such period.  

 

  11  283508840v.4  “Consolidated Net Income” means, with reference to any period, the net income (or loss)  of the Borrower and its Restricted Subsidiaries calculated in accordance with GAAP on a consolidated basis  (without duplication) for such period; provided that there shall be excluded any income (or loss) of any  Unrestricted Subsidiary except to the extent of any cash dividends or distributions actually paid in the  relevant period to the Borrower or any of its Restricted Subsidiaries.  “Consolidated Total Assets” means, as of the date of any determination thereof, total assets  of the Borrower and its Restricted Subsidiaries calculated in accordance with GAAP on a consolidated basis  as of such date.  “Consolidated Total Indebtedness” means at any date the sum, without duplication, of  (a) the aggregate Indebtedness of the Borrower and its Restricted Subsidiaries calculated on a consolidated  basis as of such date in accordance with GAAP, and (b) Indebtedness of the type referred to in clause (a)  hereof of another Person guaranteed by the Borrower or any of its Restricted Subsidiaries, but excluding in  each case (to the extent included therein), without duplication: (i) the Indebtedness of the Unrestricted  Subsidiaries and (ii) the aggregate amount of Indebtedness of the Borrower and its Restricted Subsidiaries  consisting of the undrawn amount of all letters of credit outstanding and bankers acceptances as of such  date.   “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.  The terms “Controlling” and “Controlled” have meanings correlative thereto.  “Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a  tenor (including overnight) or an interest payment period having approximately the same length  (disregarding business day adjustment) as such Available Tenor.  “Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined in, and interpreted in accordance  with, 12 C.F.R. § 252.82(b);  (ii) a “covered bank” as that term is defined in, and interpreted in accordance  with, 12 C.F.R. § 47.3(b); or  (iii) a “covered FSI” as that term is defined in, and interpreted in accordance  with, 12 C.F.R. § 382.2(b).  “Covered Party” has the meaning assigned to such term in Section 9.20.  “Credit Event” means a Borrowing, the issuance, amendment, renewal or extension of a  Letter of Credit, an LC Disbursement or any of the foregoing.  “Credit Party” means the Administrative Agent, the Issuing Banks, the Swingline Lender  or any other Lender.  “Daily Simple RFR” means, for any day (an “RFR Interest Day”), an interest rate per  annum equal to, for any RFR Loan denominated in Dollars, Daily Simple SOFR.  

 

  12  283508840v.4  “Daily Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal  SOFR for the day (such day “SOFR Determination Date”) that is three (3) RFR Business Days prior to (i)  if such SOFR Rate Day is a RFR Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not  a RFR Business Day, the RFR Business Day immediately preceding such SOFR Rate Day, in each case, as  such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website.  Any change  in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of  such change in SOFR without notice to the Borrower.  “Default” means any event or condition which constitutes an Event of Default or which  upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.  “Default Right” has the meaning assigned to that term in, and shall be interpreted in  accordance with 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.  “Defaulting Lender” means any Lender that (a) has failed, within two (2) Business Days  of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its  participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount  required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the  Administrative Agent in writing that such failure is the result of such Lender’s good faith determination  that a condition precedent to funding (specifically identified and including the particular default, if any) has  not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public  statement to the effect, that it does not intend or expect to comply with any of its funding obligations under  this Agreement (unless such writing or public statement indicates that such position is based on such  Lender’s good faith determination that a condition precedent (specifically identified and including the  particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under  other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after  request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer  of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to  fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under  this Agreement; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c)  upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the  Administrative Agent, or (d) has become the subject of (A) a Bankruptcy Event or (B) a Bail-In Action.  “Delaware Divided LLC” means any Delaware LLC which has been formed upon the  consummation of a Delaware LLC Division.  “Delaware LLC” means any limited liability company organized or formed under the laws  of the State of Delaware.  “Delaware LLC Division” means the statutory division of any Delaware LLC into two or  more Delaware LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company Act.  “Designated Rating” means the Borrower’s S&P Rating, Moody’s Rating and/or Fitch  Rating, as the case may be.  “Dollar Equivalent” means, for any amount, at the time of determination thereof, (a) if such  amount is expressed in Dollars, such amount, (b) if such amount is expressed in an Alternative Currency,  the equivalent of such amount in Dollars determined by using the rate of exchange for the purchase of  Dollars with the Alternative Currency last provided (either by publication or otherwise provided to the  Administrative Agent) by Reuters on the Business Day (New York City time) immediately preceding the  

 

  13  283508840v.4  date of determination or if such service ceases to be available or ceases to provide a rate of exchange for  the purchase of Dollars with the Alternative Currency, as provided by such other publicly available  information service which provides that rate of exchange at such time in place of Reuters chosen by the  Administrative Agent in its sole discretion (or if such service ceases to be available or ceases to provide  such rate of exchange, the equivalent of such amount in Dollars as determined by the Administrative Agent  using any method of determination it deems appropriate in its sole discretion) and (c) if such amount is  denominated in any other currency, the equivalent of such amount in Dollars as determined by the  Administrative Agent using any method of determination it deems appropriate in its sole discretion.  “Dollars” or “$” refers to lawful money of the United States of America.  “Domestic Subsidiary” means a Subsidiary organized under the laws of a jurisdiction  located in the United States of America other than a Subsidiary substantially all of the assets of which  consist of the Equity Interests of (and/or receivables or other amounts due from) one or more “controlled  foreign corporations” within the meaning of Section 957 of the Code, so long as such Subsidiary (i) does  not conduct any business or activities other than the ownership of such Equity Interests and/or receivables  and (ii) does not incur and is not otherwise be liable for any Indebtedness or other liabilities.  “ECP” means an “eligible contract participant” as defined in Section 1(a)(18) of the  Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by  the Commodity Futures Trading Commission and/or the SEC.  “EEA Financial Institution” means (a) any credit institution or investment firm established  in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any  entity established in an EEA Member Country which is a parent of an institution described in clause (a) of  this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary  of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision  with its parent.  “EEA Member Country” means any of the member states of the European Union, Iceland,  Liechtenstein, and Norway.  “EEA Resolution Authority” means any public administrative authority or any Person  entrusted with public administrative authority of any EEA Member Country (including any delegee) having  responsibility for the resolution of any EEA Financial Institution.  “Effective Date” means the date on which the conditions specified in Section 4.01 are  satisfied (or waived in accordance with Section 9.02).  “Electronic Signature” means an electronic sound, symbol, or process attached to, or  associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or  accept such contract or record.  “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders,  decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any  Governmental Authority, relating in any way to the environment, preservation or reclamation of natural  resources, the management, release or threatened release of any Hazardous Material or to health and safety  matters.  

 

  14  283508840v.4  “Environmental Liability” means any liability, contingent or otherwise (including any  liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower  or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental  Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous  Materials, (c) exposure to any Hazardous Materials, (d) the release 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.  “Equity Interests” means shares of capital stock, partnership interests, membership  interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in  a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any  of the foregoing.  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from  time to time, and the rules and regulations promulgated thereunder.  “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together  with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or  Section 4001(14) of ERISA or, solely for purposes of Section 302 of ERISA and Section 412 of the Code,  is treated as a single employer under Section 414 of the Code.  “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or  the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice  period is waived); (b) the failure to satisfy the “minimum funding standard” (as defined in Section 412 of  the Code or Section 302 of ERISA), whether or not waived, with respect to any Plan; (c) the filing pursuant  to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum  funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates  of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the  Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an  intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by  the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial  withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the  receipt by the Borrower or any ERISA Affiliate of any notice concerning the imposition upon the Borrower  or any of its ERISA Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or  is expected to be, insolvent, within the meaning of Title IV of ERISA.  “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.  “Eurocurrency Payment Office” of the Administrative Agent means, for each Foreign  Currency, the office, branch, affiliate or correspondent bank of the Administrative Agent for such currency  as specified from time to time by the Administrative Agent to the Borrower and each Lender.  “Event of Default” has the meaning assigned to such term in Section 7.01.  “Excluded Swap Obligation” means, with respect to any Loan Party, any Specified Swap  Obligation if, and to the extent that, all or a portion of the Guarantee of such Loan Party of, or the grant by  such Loan Party of a security interest to secure, such Specified 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) by virtue of such  

 

  15  283508840v.4  Loan Party’s failure for any reason to constitute an ECP at the time the Guarantee of such Loan Party or  the grant of such security interest becomes effective with respect to such Specified Swap Obligation.  If a  Specified Swap Obligation arises under a master agreement governing more than one swap, such exclusion  shall apply only to the portion of such Specified Swap Obligation that is attributable to swaps for which  such Guarantee or security interest is or becomes illegal.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a  Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or  measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,  (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office  or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or  any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S.  Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect  to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on the date  on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than  pursuant to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its  lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such  Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the  applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it  changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f)  and (d) any U.S. Federal withholding Taxes imposed under FATCA.  “Existing Credit Agreement” has the meaning assigned to such term in the recitals to this  Agreement.  “Existing Letters of Credit” means the letters of credit issued for the account of the  Borrower or its Subsidiaries outstanding on the date hereof and described on Schedule 1.01.  “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement  (or any amended or successor version that is substantively comparable and not materially more onerous to  comply with), any current or future regulations or official interpretations thereof, any agreement entered  into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices  adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental  Authorities and implementing such Sections of the Code.  “Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB  based on such day’s federal funds transactions by depositary institutions, as determined in such manner as  shall be set forth on the NYFRB’s Website from time to time, and published on the next succeeding  Business Day by the NYFRB as the effective federal funds rate; provided that if the Federal Funds Effective  Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this  Agreement.  “Federal Reserve Board” means the Board of Governors of the Federal Reserve System of  the United States of America.  “Fee Letter” means that certain Fee Letter dated as of June 29, 2022, by and between the  Borrower and JPMorgan Chase Bank, N.A.  “Financial Officer” means the chief financial officer, principal accounting officer, treasurer  or controller of the Borrower.  

 

  16  283508840v.4  “Financials” means the annual or quarterly financial statements, and accompanying  certificates and other documents, of the Borrower and its Subsidiaries required to be delivered pursuant to  Section 5.01(a) or 5.01(b).  “Fitch Rating” means, at any time, the rating issued by Fitch and then in effect with respect  to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement or, if  no such rating is in effect, Fitch’s general corporate rating with respect to the Borrower.  “Floor” means the benchmark rate floor, if any, provided in this Agreement (as of the  execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with  respect to the Adjusted Term SOFR Rate, Adjusted CDOR Rate or Adjusted Daily Simple RFR, as  applicable.  For the avoidance of doubt, the initial Floor for each of the Adjusted Term SOFR Rate, Adjusted  CDOR Rate and Adjusted Daily Simple RFR shall be zero.  “Foreign Currencies” means Agreed Currencies other than Dollars.  “Foreign Currency Sublimit” means an amount equal to the lesser of (a) $50,000,000 and  (b) the total amount of the Revolving Commitments.  The Foreign Currency Sublimit is part of, and not in  addition to, the Revolving Commitments hereunder.  “Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S.  Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws  of a jurisdiction other than that in which the Borrower is resident for tax purposes.  “GAAP” means generally accepted accounting principles in the United States of America.  “Governmental Authority” means the government of the United States of America, any  other nation or any political subdivision thereof, whether state or local, and any agency, authority,  instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,  judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.  “Governmental Rule” means any statute, law, regulation, ordinance, rule, judgment, order,  decree, permit, concession, grant, franchise, license, agreement, directive, requirement of, or other  governmental restriction or any similar binding form of decision of or determination by, or any binding  interpretation or administration of any of the foregoing by, any Governmental Authority, whether now or  hereafter in effect.  “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or  otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness  or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly,  and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply  funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance  or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease Property,  securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the  payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition  or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other  obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support  such Indebtedness or obligation; provided that the term “Guarantee” shall not include endorsements for  collection or deposit in the ordinary course of business.  

 

  17  283508840v.4  “Hazardous Materials” means all explosive or radioactive substances or wastes and all  hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates,  asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical  wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.  “Hostile Acquisition” means (a) the acquisition of the Equity Interests of a Person through  a tender offer or similar solicitation of the owners of such Equity Interests which has not been approved  (prior to such acquisition) by the board of directors (or any other applicable governing body) of such Person  or by similar action if such Person is not a corporation and (b) any such acquisition as to which such  approval has been withdrawn.  “Increasing Lender” has the meaning assigned to such term in Section 2.20.  “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person  for borrowed money or with respect to deposits or advances of any kind (excluding deposits from customers  received in the ordinary course of business), (b) all obligations of such Person evidenced by bonds (other  than surety bonds, performance bonds and other obligations of a like nature, in each case in the ordinary  course of business), debentures, notes or similar instruments, (c) all obligations of such Person upon which  interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title  retention agreements relating to Property acquired by such Person, (e) all obligations of such Person in  respect of the deferred purchase price of Property or services (excluding current accounts payable incurred  in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of  such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on Property  owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed;  provided that the amount of any Indebtedness under this clause (f) that has not been assumed by such Person  shall be equal to the lesser of the stated amount of such Indebtedness and the fair market value of the  Property securing such Indebtedness, (g) all Guarantees by such Person of Indebtedness of others, (h) all  Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an  account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or  otherwise, of such Person in respect of bankers’ acceptances, and (k) liabilities of such Person in respect of  any Swap Agreement; provided that, for purposes of this definition, such liabilities of such Person in respect  of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting  agreements) that such Person would be required to pay if such Swap Agreement were terminated at such  time.  The Indebtedness of any Person shall include the Indebtedness of any other entity (including any  partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result  of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms  of such Indebtedness provide that such Person is not liable therefor.  Indebtedness of a Person shall not  include the amount of the purchase price of an asset held back by such Person to satisfy warranty, indemnity  or other unperformed obligations of the applicable seller.  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with  respect to any payment made by or on account of any obligation of any Loan Party under any Loan  Document and (b) to the extent not otherwise described in clause (a) hereof, Other Taxes.  “Indemnitee” has the meaning assigned to it in Section 9.03(b).  “Ineligible Institution” has the meaning assigned to such term in Section 9.04(b).  “Interest Coverage Ratio” has the meaning assigned to such term in Section 6.09(b).  

 

  18  283508840v.4  “Interest Election Request” means a request by the Borrower to convert or continue a  Revolving Borrowing in accordance with Section 2.08 in substantially the form attached hereto as  Exhibit H-2.  “Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline  Loan) or Canadian Prime Loan, the last day of each March, June, September and December and the Maturity  Date, (b) with respect to any Term Benchmark Loan, the last day of each Interest Period applicable to the  Borrowing of which such Loan is a part and, in the case of a Term Benchmark Borrowing with an Interest  Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs  at intervals of three months’ duration after the first day of such Interest Period, and the Maturity Date,  (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Maturity  Date and (d) with respect to any RFR Loan, (1) the last day of each calendar month (unless such day is not  a Business Day, in which case such Interest Payment Date shall occur on the next preceding Business Day)  and (2) the Maturity Date.  “Interest Period” means with respect to any Term Benchmark Borrowing, the period  commencing on the date of such Borrowing and ending on the numerically corresponding day in the  calendar month that is one, three or six months (or, solely in the case of any Term Benchmark Borrowing  denominated in Canadian Dollars, one or three months) thereafter (in each case, subject to the availability  for the Benchmark applicable to the relevant Loan or Commitment for any Agreed Currency), as the  Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day,  such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding  Business Day would fall in the next calendar month, in which case such Interest Period shall end on the  next preceding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar  month (or on a day for which there is no numerically corresponding day in the last calendar month of such  Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and  (iii) no tenor that has been removed from this definition pursuant to Section 2.14(e) shall be available for  specification in such Borrowing Request or Interest Election Request.  For purposes hereof, the date of a  Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving  Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such  Borrowing.  “IRS” means the United States Internal Revenue Service.  “ISDA Definitions” means the 2006 ISDA Definitions published by the International  Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time  to time, or any successor definitional booklet for interest rate derivatives published from time to time by  the International Swaps and Derivatives Association, Inc. or such successor thereto.  “Issuing Bank” means JPMorgan Chase Bank, N.A., Bank of America, N.A. and Truist  Bank, each in its capacity as the issuer of Letters of Credit hereunder, and any successors in such capacity  as provided in Section 2.06(i).  An Issuing Bank may, in its discretion, arrange for one or more Letters of  Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include  any such Affiliate with respect to Letters of Credit issued by such Affiliate.  Each reference herein to the  “Issuing Bank” in connection with a Letter of Credit or other matter shall be deemed to be a reference to  the relevant Issuing Bank with respect thereto.  “Joint Bookrunners” means JPMorgan Chase Bank, N.A., Bank of America, N.A. and  Truist Securities, Inc., each in its capacity as a Joint Lead Arranger and Joint Bookrunner.    

 

  19  283508840v.4  “LC Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of  Credit.  “LC Exposure” means, at any time, the sum of (a) the aggregate Dollar Equivalent amount  of the undrawn amount of all outstanding Letters of Credit at such time, plus (b) the aggregate Dollar  Equivalent amount of the amount of all LC Disbursements that have not yet been reimbursed by or on  behalf of the Borrower at such time.  The LC Exposure of any Lender at any time shall be its Applicable  Percentage of the LC Exposure at such time.  For all purposes of this Agreement, if on any date of  determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by  reason of the operation of Article 29(a) of the Uniform Customs and Practice for Documentary Credits,  International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect  at the applicable time) or Rule 3.13 or Rule 3.14 of the International Standby Practices, International  Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the  applicable time) or similar terms in the governing rules or laws or of the Letter of Credit itself, or if  compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be  “outstanding” and “undrawn” in the amount so remaining available to be paid, and the obligations of the  Borrower and each Lender shall remain in full force and effect until the applicable Issuing Bank and the  Lenders shall have no further obligations to make any payments or disbursements under any circumstances  with respect to such Letter of Credit.  “Lender Parent” means, with respect to any Lender, any Person as to which such Lender  is, directly or indirectly, a subsidiary.  “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have  become a Lender hereunder pursuant to Section 2.20 or pursuant to an Assignment and Assumption or other  documentation contemplated hereby, other than any such Person that ceases to be a party hereto pursuant  to an Assignment and Assumption or other documentation contemplated hereby.  Unless the context  otherwise requires, the term “Lenders” includes the Swingline Lender and the Issuing Banks.  “Letter of Credit” means any letter of credit issued pursuant to this Agreement (including  each Existing Letter of Credit).  “Letter of Credit Currency” means each Agreed Currency and any additional currencies  determined after the Effective Date by mutual agreement of the Borrower, the applicable Issuing Bank and  the Administrative Agent; provided that each such currency is a lawful currency that is readily available,  freely transferrable and not restricted and able to be converted into Dollars.  “Leverage Ratio” has the meaning assigned to such term in Section 6.09(a).  “Leveraged Lease” means a lease transaction in which the lessor has borrowed a portion  of the acquisition cost of the asset leased by the lessee on a non-recourse basis and the lender obtains an  assignment of the lease and a mortgage or security interest in the leased asset as collateral for such  Indebtedness.  “Liabilities” means any losses, claims (including intraparty claims), demands, damages or  liabilities of any kind.  “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,  hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor  or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing  

 

  20  283508840v.4  lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in  the case of securities, any purchase option, call or similar right of a third party with respect to such  securities.  The term “Lien” shall include reservations, exceptions, encroachments, easements, rights of  way, covenants, conditions, restrictions, liens and other statutory, constitutional or common law rights of  landlords, leases and other title exceptions and encumbrances affecting Property.  For purposes of this  Agreement, the Borrower and any Subsidiary shall be deemed to be the owner of any Property which it has  acquired or holds subject to a conditional sale agreement, financing lease or other arrangement pursuant to  which title to the Property has been retained by or vested in some other Person for security purposes.  “Loan Documents” means this Agreement, any promissory notes issued pursuant to  Section 2.10(e), any Letter of Credit applications, the Subsidiary Guaranty, and all other agreements,  instruments, documents and certificates identified in Section 4.01 executed and delivered to, or in favor of,  the Administrative Agent or any Lenders and including all other pledges, powers of attorney, consents,  assignments, contracts, notices, letter of credit agreements and all other written matter whether heretofore,  now or hereafter executed by or on behalf of any Loan Party, or any employee of any Loan Party, and  delivered to the Administrative Agent or any Lender in connection with this Agreement or the transactions  contemplated hereby.  Any reference in this Agreement or any other Loan Document to a Loan Document  shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements  or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may  be in effect at any and all times such reference becomes operative.  “Loan Parties” means, collectively, the Borrower and the Subsidiary Guarantors.  “Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement.  “Margin Stock” means margin stock within the meaning of Regulations T, U and X, as  applicable.   “Material Adverse Effect” means a material adverse effect on (a) the business, assets,  operations or financial condition of the Loan Parties, taken as a whole, (b) the ability of any Loan Party to  perform any of its obligations under this Agreement or any other Loan Document or (c) the validity or  enforceability of this Agreement or any and all other Loan Documents or the rights or remedies of the  Administrative Agent and the Lenders thereunder.  “Material Domestic Subsidiary” means each Domestic Subsidiary (other than an  Unrestricted Subsidiary) (a) which, as of the most recent fiscal quarter of the Borrower, for the period of  four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to  Section 5.01(a) or (b) (or, if prior to the date of the delivery of the first financial statements to be delivered  pursuant to Section 5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a)),  contributed (together with any Restricted Subsidiary of such Domestic Subsidiary) greater than ten percent  (10%) of Consolidated EBITDA for such period, (b) which contributed (together with any Restricted  Subsidiary of such Domestic Subsidiary) greater than ten percent (10%) of Consolidated Total Assets as of  such date or (c) which accounts (together with any Restricted Subsidiary of such Domestic Subsidiary) for  more than ten percent (10%) of the consolidated revenues of the Borrower and its Restricted Subsidiaries  as determined for the most-recently ended fiscal year ending on or prior to such date of determination.  “Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit),  or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and its  Subsidiaries in an aggregate principal amount exceeding $50,000,000.  For purposes of determining  Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in  

 

  21  283508840v.4  respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any  netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement  were terminated at such time.  “Maturity Date” means either (a) if the 2024 Notes have been repaid in full on or prior to  July 2, 2024, July 25, 2027 or (b) if the 2024 Notes have not been repaid in full on or prior to July 2, 2024,  July 2, 2024.  “Moody’s” means Moody’s Investors Service, Inc.  “Moody’s Rating” means, at any time, the rating issued by Moody’s and then in effect with  respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement  or, if no such rating is in effect, Moody’s general corporate rating with respect to the Borrower.  “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of  ERISA.  “Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(e).  “NYFRB” means the Federal Reserve Bank of New York.  “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in  effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is  not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are  published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds  transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds  broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so  determined be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.  “NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or  any successor source.  “Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans,  all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other  obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy,  insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such  proceeding), obligations and liabilities of any Loan Party to any of the Lenders, the Administrative Agent,  the Issuing Banks or any indemnified party, individually or collectively, existing on the Effective Date or  arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured,  liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising  or incurred under this Agreement or any of the other Loan Documents or to the Lenders or any of their  Affiliates under any Swap Agreement with respect to interest accruing on the Loans or in respect of any of  the Loans made or reimbursement or other obligations incurred or any of the Letters of Credit or other  instruments at any time evidencing any thereof; provided that the definition of “Obligations” shall not create  or include any guarantee by any Loan Party of (or grant of security interest by any Loan Party to support,  as applicable) any Excluded Swap Obligations of such Loan Party for purposes of determining any  obligations of any Loan Party.  “OFAC” means the Office of Foreign Assets Control of the U.S. Department of the  Treasury.  

 

  22  283508840v.4  “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, or sold or assigned an interest in any Loan,  Letter of Credit or Loan Document).  “Other Taxes” means all present or future stamp, court or documentary, intangible,  recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery,  performance, enforcement or registration of, from the receipt or perfection of a security interest under, or  otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes  imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).  “Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight  federal funds and overnight eurodollar transactions denominated in Dollars by U.S.-managed banking  offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on  the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the  NYFRB as an overnight bank funding rate.  “Overnight Rate” means, for any day, (a) with respect to any amount denominated in  Dollars, the NYFRB Rate, (b) with respect to any amount denominated in Canadian Dollars, the Canadian  Prime Rate and (c) with respect to any amount denominated in any Foreign Currency other than Canadian  Dollars, an overnight rate determined by the Administrative Agent or the Issuing Banks, as the case may  be, in accordance with banking industry rules on interbank compensation.  “Participant” has the meaning assigned to such term in Section 9.04(c).  “Participant Register” has the meaning assigned to such term in Section 9.04(c).  “Patriot Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law  October 26, 2001)).  “Payment” has the meaning assigned to it in Section 8.06(c)(i).  “Payment Notice” has the meaning assigned to it in Section 8.06(c)(ii).  “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in  ERISA and any successor entity performing similar functions.  “Permitted Acquisition” means any acquisition (whether by purchase, merger,  consolidation or otherwise but excluding in any event a Hostile Acquisition) or series of related acquisitions  by the Borrower or any of its Restricted Subsidiaries of (a) all or substantially all the assets of or (b) all or  substantially all the Equity Interests in, a Person or division or line of business of a Person, if, at the time  of and immediately after giving effect thereto, (i) no Default has occurred and is continuing or would arise  after giving effect (including giving effect on a pro forma basis) thereto, (ii) so long as after giving effect  thereto, the representation and warranty set forth in Section 3.17 continues to be true and correct, (iii) the  Borrower and the Subsidiaries are in compliance, on a pro forma basis, with the covenants contained in  Section 6.09 recomputed as of the last day of the most recently ended fiscal quarter of the Borrower for  which financial statements are available, as if such acquisition (and any related incurrence or repayment of  Indebtedness, with any new Indebtedness being deemed to be amortized over the applicable testing period  

 

  23  283508840v.4  in accordance with its terms) had occurred on the first day of each relevant period for testing such  compliance and (iv) in the case of an acquisition, merger or consolidation involving the Borrower, the  Borrower is the surviving entity of such merger and/or consolidation.  “Permitted Encumbrances” means:  (a) Liens imposed by law for Taxes that are not yet due or are being contested in  compliance with Section 5.04;  (b)  carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like  Liens imposed by law, arising in the ordinary course of business and securing obligations that are not  overdue by more than thirty (30) days or are being contested in compliance with Section 5.04;  (c)  pledges and deposits made in the ordinary course of business in compliance with  workers’ compensation, unemployment insurance, health and wellness plans and other social security laws  or regulations or to secure obligations to insurance carriers;  (d)  deposits to secure the performance of bids, trade contracts, leases, statutory  obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case  in the ordinary course of business;   (e)  judgment Liens in respect of judgments that do not constitute an Event of Default  under Section 7.01(l);  (f)  easements, zoning restrictions, rights-of-way and similar encumbrances on real  property imposed by law or arising in the ordinary course of business that do not secure any monetary  obligations and do not materially detract from the value of the affected property or interfere with the  ordinary conduct of business of the Borrower or any Subsidiary;  (g)   ground leases, subleases, licenses and sublicenses in existence on the Effective  Date or granted under the permissions of Section 6.03 in respect of real Property on which facilities owned  or leased by the Borrower or any Restricted Subsidiary are located that do not materially detract from the  value of the affected Property or interfere with the ordinary conduct of business of the Borrower or any  Restricted Subsidiary;  (h) Liens in favor of a banking or other financial institution arising as a matter of law  or in the ordinary course of business under customary general terms and conditions encumbering deposits  or other funds maintained with a financial institution (including the right of set-off) and that are within the  general parameters customary in the banking industry or arising pursuant to such banking institution’s  general terms and conditions;  (i) Liens on specific items of inventory or other goods (other than fixed or capital  assets) and proceeds thereof 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;   (j)   Liens in favor of customs and revenue authorities arising as a matter of law to  secure payment of customs duties in connection with the importation of goods;  

 

  24  283508840v.4  (k)   leases, licenses, subleases or sublicenses granted in compliance with Section 6.03  to others that do not materially detract from the value of the affected Property or interfere with the ordinary  conduct of business of the Borrower or any Restricted Subsidiary;  (l) Liens arising from precautionary Uniform Commercial Code financing statement  or similar filings made in respect of operating leases entered into by the Borrower or any Restricted  Subsidiary;  (m) rights reserved to or vested in any Governmental Authority by the terms of any  right, power, franchise, grant, license or permit issued by such Governmental Authority, or by any provision  of any Governmental Rule;  (n) rights reserved to or vested in any Governmental Authority to use, control or  regulate any Property of the Borrower or any Subsidiary, which do not materially impair the use of such  Property for the purposes for which it is held; and  (o) any set-off or netting rights granted by the Borrower or any Subsidiary pursuant to  any Swap Agreement solely in respect of amounts owing under such Swap Agreements;  provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness.  “Permitted Investments” means:  (a) direct obligations of, or obligations the principal of and interest on which are  unconditionally guaranteed by, the United States of America (or by any agency thereof), in each case  maturing within one year from the date of acquisition thereof;  (b) investments in commercial paper maturing within 270 days from the date of  acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or  from Moody’s;  (c) investments in certificates of deposit, banker’s acceptances and time deposits  maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and  money market deposit accounts issued or offered by, any domestic office of any commercial bank organized  under the laws of the United States of America or any State thereof which has a combined capital and  surplus and undivided profits of not less than $500,000,000;  (d) fully collateralized repurchase agreements with a term of not more than thirty  (30) days for securities described in clause (a) above and entered into with a financial institution satisfying  the criteria described in clause (c) above;   (e) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7  under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have  portfolio assets of at least $1,000,000,000;  (f) money market funds of a Lender and/or any Affiliate of a Lender; and  (g) investments in auction rate securities with a rating of AAA or higher and a  maximum maturity of one year, for which the reset date will be used to determine the maturity date.  

 

  25  283508840v.4  “Person” means any natural person, corporation, limited liability company, trust, joint  venture, association, company, partnership, Governmental Authority or other entity.  “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject  to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect  of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under  Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.  “Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by  Section 3(42) of ERISA, as amended from time to time.  “Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime  Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest  rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected  Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate  quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve  Board (as determined by the Administrative Agent).  Each change in the Prime Rate shall be effective from  and including the date such change is publicly announced or quoted as being effective.  “Property” means any interest in any kind of property or asset, whether real, personal or  mixed (including Equity Interests).  “PTE” means a prohibited transaction class exemption issued by the U.S. Department of  Labor, as any such exemption may be amended from time to time.  “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be  interpreted in accordance with 12 U.S.C. 5390(c)(8)(D).  “QFC Credit Support” has the meaning assigned to such term in Section 9.20.  “Qualified Acquisition” means any Material Acquisition involving consideration paid by  the Borrower or any of its Subsidiaries in an amount in excess of $100,000,000.  “Rating Agencies” means S&P, Moody’s and Fitch.  “Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank,  as applicable.  “Reference Time” with respect to any setting of the then-current Benchmark means (1) if  such Benchmark is the Term SOFR Rate, 6:00 a.m. (New York time) on the day that is two U.S.  Government Securities Business Days preceding the date of such setting, (2) if such Benchmark is the  CDOR Rate, 11:00 a.m. (Toronto, Ontario time) on the Business Day of such setting, (3) if such Benchmark  is the Daily Simple RFR, then three RFR Business Days prior to such setting or (4) if such Benchmark is  not the Term SOFR Rate, the CDOR Rate or the Daily Simple RFR, the time determined by the  Administrative Agent in its reasonable discretion.  “Register” has the meaning assigned to such term in Section 9.04(b)(iv).  “Regulation D” means Regulation D of the Federal Reserve Board, as in effect from time  to time and all official rulings and interpretations thereunder or thereof.  

 

  26  283508840v.4  “Regulation T” means Regulation T of the Federal Reserve Board, as in effect from time  to time and all official rulings and interpretations thereunder or thereof.  “Regulation U” means Regulation U of the Federal Reserve Board, as in effect from time  to time and all official rulings and interpretations thereunder or thereof.  “Regulation X” means Regulation X of the Federal Reserve Board, as in effect from time  to time and all official rulings and interpretations thereunder or thereof.   “Reinvestment Notice” means (a) a written notice executed by an Authorized Officer of  the Borrower stating that no Default has occurred and is continuing and that the Borrower intends to use all  or specified portion of net cash proceeds of an asset disposition on or prior to the end of the Reinvestment  Period applicable to such asset disposition to acquire assets or for other purposes useful in the Borrower’s  business as described in Section 3.17 and (b) in the case of certain dispositions of rail cars, such written  notice delivered quarterly pursuant to Section 5.01(e).  “Reinvestment Period” means, with respect to any asset disposition, the period ending 180  days after such asset disposition; provided that, in the event the Borrower has entered into a definitive  contract or agreement to acquire assets or for other purposes useful in the Borrower’s business utilizing all  or a portion of the proceeds received from any such asset disposition, then the Reinvestment Period shall  be extended until the terms of such contract or agreement are consummated, but in no event shall such  Reinvestment Period be longer than 270 days.  “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and  the respective directors, officers, employees, agents, advisors and representatives of such Person and such  Person’s Affiliates.  “Relevant Governmental Body” means (i) with respect to a Benchmark Replacement in  respect of Loans denominated in Dollars, the Federal Reserve Board and/or the NYFRB, or a committee  officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any  successor thereto and (ii) with respect to a Benchmark Replacement in respect of Loans denominated in  any other currency, (a) the central bank for the currency in which such Benchmark Replacement is  denominated or any central bank or other supervisor which is responsible for supervising either (1) such  Benchmark Replacement or (2) the administrator of such Benchmark Replacement or (b) any working  group or committee officially endorsed or convened by (1) the central bank for the currency in which such  Benchmark Replacement is denominated, (2) any central bank or other supervisor that is responsible for  supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark  Replacement, (3) a group of those central banks or other supervisors or (4) the Financial Stability Board or  any part thereof.  “Relevant Rate” means (i) with respect to any Term Benchmark Borrowing denominated  in Dollars, the Adjusted Term SOFR Rate, (ii) with respect to any Term Benchmark Borrowing  denominated in Canadian Dollars, the Adjusted CDOR Rate or (iii) with respect to any RFR Borrowing,  the Adjusted Daily Simple RFR, as applicable.  “Relevant Screen Rate” means, (i) with respect to any Term Benchmark Borrowing  denominated in Dollars, the Term SOFR Reference Rate and (ii) with respect to any Term Benchmark  Borrowing denominated in Canadian Dollars, the CDOR Screen Rate.  

 

  27  283508840v.4  “Required Lenders” means, subject to Section 2.22,  (a) at any time prior to the termination or expiration of the Commitments, Lenders  having Revolving Credit Exposures (provided, that, as to any Lender, clause (a) of the definition of  “Swingline Exposure” shall only be applicable in calculating a Lender’s Revolving Credit Exposure to the  extent such Lender shall have funded its respective participations in the outstanding Swingline Loans) and  Unfunded Commitments representing more than fifty percent (50%) of the sum of the total Revolving  Credit Exposures and Unfunded Commitments at such time; provided that, for purposes of declaring the  Loans to be due and payable pursuant to Section 7.01 or for purposes of terminating the Commitments,  then, in the event a Lender has not funded its participations in Swingline Loans within one Business Day  of such Lender’s receipt of notice from the Administrative Agent pursuant to Section 2.05(c) (such amount,  the “Swingline Unfunded Amount”) and until such time as such Swingline Unfunded Amount is actually  funded by such Lender, (i) the Unfunded Commitment of each such Lender shall be deemed to be reduced  by such Swingline Unfunded Amount and (ii) the Unfunded Commitment of the Swingline Lender shall be  deemed to be increased by such Swingline Unfunded Amount; and  (b) at any time following the termination or expiration of the Commitments, Lenders  having total Revolving Credit Exposure representing more than fifty percent (50%) of the sum of the total  Revolving Credit Exposures at such time; provided that, for purposes of calculating Revolving Credit  Exposure in connection with this clause (b), the Swingline Exposure of each Lender shall be its Applicable  Percentage of the aggregate outstanding principal amount of all Swingline Loans at such time; provided  further that the Swingline Exposure of any Lender who fails to fund its participation in Swingline Loans  within one Business Day of such Lender’s receipt of notice from the Administrative Agent pursuant to  Section 2.05 shall be deemed to be held by the Swingline Lender in making such determination until such  Lender shall have funded its participation in such Swingline Loans.  “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK  Financial Institution, a UK Resolution Authority.  “Restricted Payment” means any dividend or other distribution (whether in cash, securities  or other Property) with respect to any Equity Interests in the Borrower or any 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, acquisition, cancellation or termination of any such Equity Interests  in the Borrower or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests  in the Borrower or any Subsidiary.  “Restricted Payment Conditions” means, with respect to any applicable Restricted  Payment, as of the date of such Restricted Payment and after giving effect to the payment thereof and any  Indebtedness incurred in connection therewith, (a) no Default shall have occurred and be continuing, (b)  the Borrower is in pro forma compliance with the financial covenants set out in Section 6.09 and (c) the  Leverage Ratio (calculated on a proforma basis as of the last day of the most-recent fiscal quarter then  ended for which financial statements are available) is no more than (x) if the applicable Restricted Payment  occurs on or prior to September 30, 2022, 3.75 to 1.00, (y) if the applicable Restricted Payment occurs after  September 30, 2022 and on or prior to December 31, 2022, 3.25 to 1.00 and (z) if the applicable Restricted  Payment occurs any time thereafter, 3.00 to 1.00.  “Restricted Subsidiary” means any Subsidiary other than an Unrestricted Subsidiary.  “Revaluation Date” shall mean (a) with respect to any Loan denominated in any Alternative  Currency, each of the following: (i) the date of the Borrowing of such Loan and (ii) (A) with respect to any  

 

  28  283508840v.4  Term Benchmark Loan, each date of a conversion into or continuation of such Loan pursuant to the terms  of this Agreement and (B) with respect to any RFR Loan, each date that is on the numerically corresponding  day in each calendar month that is one month after the Borrowing of such Loan (or, if there is no such  numerically corresponding day in such month, then the last day of such month); (b) with respect to any  Letter of Credit denominated in an Alternative Currency, each of the following: (i) the date on which such  Letter of Credit is issued, (ii) the first Business Day of each calendar month and (iii) the date of  any amendment of such Letter of Credit that has the effect of increasing the face amount thereof; and (c)  any additional date as the Administrative Agent may determine at any time when an Event of Default exists.  “Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of  the outstanding principal amount of such Lender’s Revolving Loans, its LC Exposure and its Swingline  Exposure at such time.  “Revolving Loan” means a Loan made pursuant to Section 1.02.  “RFR” means, for any RFR Loan denominated in Dollars, Daily Simple SOFR.  “RFR Administrator” means the SOFR Administrator.  “RFR Borrowing” means, as to any Borrowing, the RFR Loans comprising such  Borrowing.  “RFR Business Day” means, for any Loan denominated in Dollars, a U.S. Government  Securities Business Day.  “RFR Interest Day” has the meaning specified in the definition of “Daily Simple RFR”.  “RFR Loan” means a Loan that bears interest at a rate based on the Adjusted Daily Simple  RFR.  “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services  LLC business.  “S&P Rating” means, at any time, the rating issued by S&P and then in effect with respect  to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement or, if  no such rating is in effect, S&P’s general corporate rating with respect to the Borrower.  “Sale and Leaseback Transaction” means any sale or other transfer of any Property by any  Person with the intent to lease such Property as lessee.  “Sanctioned Country” means, at any time, a country, region or territory which is itself the  subject or target of any Sanctions (at the time of this Agreement, the so - called Donetsk People’s Republic,  the so- called Luhansk People’s Republic, the Crimea Region of Ukraine, Cuba, Iran, North Korea and  Syria).  “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 United Nations Security  Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United  Kingdom, or other relevant sanctions authority, (b) any Person operating, organized or resident in a  

 

  29  283508840v.4  Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the  foregoing clauses (a) or (b) or (d) any Person otherwise the subject of any Sanctions.  “Sanctions” means all 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  OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union,  any European Union member state, Her Majesty’s Treasury of the United Kingdom, or other relevant  sanctions authority.  “SEC” means the United States Securities and Exchange Commission.  “Securities Act” means the United States Securities Act of 1933.   “SOFR” means a rate equal to the secured overnight financing rate as administered by the  SOFR Administrator.  “SOFR Administrator” means the NYFRB (or a successor administrator of the secured  overnight financing rate).  “SOFR Administrator’s Website” means the NYFRB’s website, currently at  http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as  such by the SOFR Administrator from time to time.  “SOFR Determination Date” has the meaning specified in the definition of “Daily Simple  SOFR”.  “SOFR Rate Day” has the meaning specified in the definition of “Daily Simple SOFR”.  “Specified Swap Obligation” means, with respect to any Loan Party, any obligation to pay  or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of  Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.  “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of  which is the number one and the denominator of which is the number one minus the aggregate of the  maximum reserve percentage (including any marginal, special, emergency or supplemental reserves)  expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent is  subject with respect to the Adjusted CDOR Rate for eurocurrency funding (currently referred to as  “Eurocurrency liabilities” in Regulation D) or any other reserve ratio or analogous requirement of any  central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments  or the funding of the Loans.  Such reserve percentage shall include those imposed pursuant to Regulation  D.  Such reserve percentage shall include those imposed pursuant to Regulation D.  Term Benchmark Loans  for which the associated Benchmark is adjusted by reference to the Statutory Reserve Rate (per the related  definition of such Benchmark) shall be deemed to constitute eurocurrency funding and to be subject to such  reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available  from time to time to any Lender under Regulation D or any comparable regulation.  The Statutory Reserve  Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.  “Subordinated Indebtedness” means any Indebtedness of the Borrower or any Restricted  Subsidiary the payment of which is subordinated to payment of the obligations under the Loan Documents  pursuant to terms and conditions reasonably satisfactory to the Administrative Agent.  

 

  30  283508840v.4  “Subordinated Indebtedness Documents” means any document, agreement or instrument  evidencing any Subordinated Indebtedness or entered into in connection with any Subordinated  Indebtedness, in each case, on terms and conditions reasonably satisfactory to the Administrative Agent.  “Subordinated Note Payment” means (a) any payment of principal in the event of a  conversion of all or part of Subordinated Indebtedness, (b) any prepayment or repurchase of all or any part  of any Subordinated Indebtedness or (c) any other payment of principal on all or any part of any  Subordinated Indebtedness.  The term Subordinated Note Payment does not include any refinancing of any  Subordinated Indebtedness with Indebtedness permitted hereunder.  “subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation,  limited liability company, partnership, association or other entity the accounts of which would be  consolidated with those of the parent in the parent’s consolidated financial statements if such financial  statements were prepared in accordance with GAAP as of such date, as well as any other corporation,  limited liability company, partnership, association or other entity (a) of which securities or other ownership  interests representing more than fifty percent (50%) of the equity or more than fifty percent (50%) of the  ordinary voting power or, in the case of a partnership, more than fifty percent (50%) of the general  partnership interests are, as of such date, owned, Controlled or held, or (b) that is, as of such date, otherwise  Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more  subsidiaries of the parent.  “Subsidiary” means any subsidiary of the Borrower.  “Subsidiary Guarantor” means each Material Domestic Subsidiary that is a party to the  Subsidiary Guaranty.  The Subsidiary Guarantors on the Effective Date are identified as such in  Schedule 3.01 hereto.    “Subsidiary Guaranty” means that certain Guaranty dated as of the Effective Date in the  form of Exhibit F (including any and all supplements thereto) and executed by each Subsidiary Guarantor,  as amended, restated, supplemented or otherwise modified from time to time.  “Supported QFC” has the meaning assigned to such term in Section 9.20.  “Swap Agreement” means any agreement with respect to any swap, forward, future or  derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates,  currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices  or measures of economic, financial or pricing risk or value or any similar transaction or any combination  of these transactions; provided that no phantom stock or similar plan providing for payments only on  account of services provided by current or former directors, officers, employees or consultants of the  Borrower or the Subsidiaries shall be a Swap Agreement.  “Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline  Loans outstanding at such time.  The Swingline Exposure of any Lender at any time shall be the sum of  (a) its Applicable Percentage of the total Swingline Exposure at such time other than with respect to any  Swingline Loans made by such Lender in its capacity as a Swingline Lender and (b) the aggregate principal  amount of all Swingline Loans made by such Lender as a Swingline Lender outstanding at such time (less  the amount of participations funded by the other Lenders in such Swingline Loans).  

 

  31  283508840v.4  “Swingline Lender” means JPMorgan Chase Bank, N.A., in its capacity as lender of  Swingline Loans hereunder.  “Swingline Loan” means a Loan made pursuant to Section 2.05.  “Syndication Agent” means Bank of America, N.A., in its capacity as syndication agent  for the credit facility evidenced by this Agreement.  “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, additions to tax or penalties applicable thereto.  “Term Benchmark” when used in reference to any Loan or Borrowing, refers to whether  such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference  to the Adjusted Term SOFR Rate or the Adjusted CDOR Rate.  “Term SOFR Determination Day” has the meaning assigned to it under the definition of  Term SOFR Reference Rate.  “Term SOFR Rate” means, with respect to any Term Benchmark Borrowing denominated  in Dollars and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate  at approximately 6:00 a.m., New York time, two U.S. Government Securities Business Days prior to the  commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the  CME Term SOFR Administrator.  “Term SOFR Reference Rate” means, for any day and time (such day, the “Term SOFR  Determination Day”), with respect to any Term Benchmark Borrowing denominated in Dollars and for any  tenor comparable to the applicable Interest Period, the rate per annum published by the CME Term SOFR  Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR.   If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the “Term SOFR Reference  Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and a  Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then, so long as such  day is otherwise a U.S. Government Securities Business Day, the Term SOFR Reference Rate for such  Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first  preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was  published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government  Securities Business Day is not more than five (5) U.S. Government Securities Business Days prior to such  Term SOFR Determination Day.    “TILC” means Trinity Industries Leasing Company, a Delaware corporation, and a wholly- owned Subsidiary.  “Transactions” means the execution, delivery and performance by the Loan Parties of this  Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the use of  the proceeds thereof and the issuance of Letters of Credit hereunder.  “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of  interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the  Adjusted Term SOFR Rate, the Alternate Base Rate, a Canadian Prime Loan or the Adjusted Daily Simple  RFR.  

 

  32  283508840v.4  “UK Financial Institution” means any BRRD Undertaking (as such term is defined under  the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential  Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from  time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain  credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.  “UK Resolution Authority” means the Bank of England or any other public administrative  authority having responsibility for the resolution of any UK Financial Institution.  “Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement  excluding the related Benchmark Replacement Adjustment.  “Unfunded Commitment” means, with respect to each Lender, the Commitment of such  Lender less its Revolving Credit Exposure; provided, that, as to any Lender, clause (a) of the definition of  “Swingline Exposure” shall only be applicable in calculating a Lender’s Revolving Credit Exposure to the  extent such Lender shall have funded its respective participations in the outstanding Swingline Loans.  “Unrestricted Subsidiary” means (a) each Subsidiary designated on Schedule 3.01 as an  Unrestricted Subsidiary and (b) each special purpose Subsidiary created after the Effective Date (i) to incur  Indebtedness for borrowed money that is non-recourse to the Borrower or any Subsidiaries (other than such  Subsidiary) or to such Subsidiary’s Property other than Property financed by such Indebtedness, in each  case pursuant to customary non-recourse provisions (including normal and customary exceptions to the  non-recourse nature thereof), or to enter into a Leveraged Lease as the lessor, and (ii) for the sole purpose  and business of owning and holding or leasing, as the case may be, specific Property financed by such  Indebtedness or Leveraged Lease, as the case may be, and does not, and by the terms of its organizational  documents, or other agreement to which it or its Property are subject, cannot, (A) own or hold any Property  other than the specific Property financed by such Indebtedness or Leveraged Lease, as the case may be, or  similar Property, (B) participate in any other business or (C) incur any Indebtedness other than the  Indebtedness to finance specific Property, liquidity facilities in connection with securitization activities,  Indebtedness arising as a result of letters of credit issued for its account and Indebtedness arising in  connection with Swap Agreements.  “Unrestricted Subsidiary Indebtedness Interest Coverage Ratio” means, as of the last day  of any fiscal quarter, the ratio of (a) Consolidated EBITDA of the Unrestricted Subsidiaries (calculated  using the definition of Consolidated EBITDA applied to the Unrestricted Subsidiaries on a consolidated  basis mutatis mutandis) to (b) the sum of cash interest payments made with respect to the Indebtedness of  the Unrestricted Subsidiaries on a consolidated basis, in each case for the four (4) fiscal quarters ending on  such last day.  “U.S. Government Securities Business Day” means any day except for (i) a Saturday, (ii)  a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends  that the fixed income departments of its members be closed for the entire day for purposes of trading in  United States government securities.  “U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30)  of the Code.  “U.S. Special Resolution Regime” has the meaning assigned to such term in Section 9.20.  

 

  33  283508840v.4  “U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section  2.17(f)(ii)(B)(3).  “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete  or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of  Title IV of ERISA.  “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time  under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion  powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify  or change the form of a liability of any UK Financial Institution or any contract or instrument under which  that liability arises, to convert all or part of that liability into shares, securities or obligations of that person  or any other person, to provide that any such contract or instrument is to have effect as if a right had been  exercised under it or to suspend any obligation in respect of that liability or any of the powers under that  Bail-In Legislation that are related to or ancillary to any of those powers.  SECTION 1.02.  Classification of Loans and Borrowings.  For purposes of this Agreement,  Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Term  Benchmark Loan”) or by Class and Type (e.g., a “Term Benchmark Revolving Loan”).  Borrowings also  may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Term  Benchmark Borrowing”) or by Class and Type (e.g., a “Term Benchmark Revolving Borrowing”).  SECTION 1.03.  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”.  The word “law” shall be construed as  referring to all statutes, rules, regulations, codes and other laws (including official rulings and  interpretations thereunder having the force of law or with which affected Persons customarily comply), and  all judgments, orders and decrees, of all Governmental Authorities.  Unless the context requires otherwise  (a) any definition of or reference to any agreement, instrument or other document herein shall be construed  as referring to such agreement, instrument or other document as from time to time amended, restated,  supplemented or otherwise modified (subject to any restrictions on such amendments, restatements,  supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to  include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein)  and, in the case of any Governmental Authority, any other Governmental Authority that shall have  succeeded to any or all functions thereof, (c) 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, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to  Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law, rule  or regulation herein shall, unless otherwise specified, refer to such law, rule or regulation as amended,  modified or supplemented from time to time and (f) 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.  SECTION 1.04.  Accounting Terms; GAAP; Pro Forma Calculations.  (a) Except as  otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in  accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the  

 

  34  283508840v.4  Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the  effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation  of such provision (or if the Administrative Agent notifies the 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.   Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used  herein shall be construed, and all computations of amounts and ratios referred to herein shall be made  without giving effect to (i) any election under Financial Accounting Standards Board Accounting Standards  Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any  Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein, (ii) any  treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards  Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard  having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as  described therein, and such Indebtedness shall at all times be valued at the full stated principal amount  thereof, and (iii) all leases of the Borrower and its Subsidiaries (whether of real or personal property) that  are not or would not have been characterized as Capital Lease Obligations in accordance with GAAP as in  effect prior to giving effect to Accounting Standards Update No. 2016-02, Leases (Topic 842) (whether or  not such leases were in effect on such date) shall not be accounted for as Capital Lease Obligations for  purposes of this Agreement regardless of any change in GAAP (including as a result of Accounting  Standards Update No. 2016-02, Leases (Topic 842)) following such date that would otherwise require such  leases to be recharacterized as Capital Lease Obligations.  (b) All pro forma computations required to be made hereunder giving effect to any  acquisition or disposition, or issuance, incurrence or assumption of Indebtedness, or other transaction shall  in each case be calculated giving pro forma effect thereto (and, in the case of any pro forma computation  made hereunder to determine whether such acquisition or disposition, or issuance, incurrence or assumption  of Indebtedness, or other transaction is permitted to be consummated hereunder, to any other such  transaction consummated since the first day of the period covered by any component of such pro forma  computation and on or prior to the date of such computation) as if such transaction had occurred on the first  day of the period of four consecutive fiscal quarters ending with the most recent fiscal quarter for which  financial statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the  delivery of any such financial statements, ending with the last fiscal quarter included in the financial  statements referred to in Section 3.04(a)), and, to the extent applicable, to the historical earnings and cash  flows associated with the assets acquired or disposed of (but without giving effect to any synergies or cost  savings) and any related incurrence or reduction of Indebtedness, all in accordance with Article 11 of  Regulation S-X under the Securities Act. 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 determination had been the applicable rate for the entire period (taking into account any Swap  Agreement applicable to such Indebtedness).  SECTION 1.05.  Status of Obligations.  In the event that the Borrower or any other Loan  Party shall at any time issue or have outstanding any Subordinated Indebtedness, the Borrower shall take  or cause such other Loan Party to take all such actions as shall be necessary to cause the Obligations to  constitute senior indebtedness (however denominated) in respect of such Subordinated Indebtedness and to  enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other  remedies available or potentially available to holders of senior indebtedness under the terms of such  Subordinated Indebtedness.  Without limiting the foregoing, the Obligations are hereby designated as  “senior indebtedness” and as “designated senior indebtedness” and words of similar import under and in  

 

  35  283508840v.4  respect of any indenture or other agreement or instrument under which such Subordinated Indebtedness is  outstanding and are further given all such other designations as shall be required under the terms of any  such Subordinated Indebtedness in order that the Lenders may have and exercise any payment blockage or  other remedies available or potentially available to holders of senior indebtedness under the terms of such  Subordinated Indebtedness.  SECTION 1.06.  Exchange Rates.  (a) Dollar Equivalents.  The Administrative Agent or the Issuing Bank, as applicable, shall  determine the Exchange Rates as of each Revaluation Date to be used for calculating Dollar Equivalent  amounts of Credit Extensions and Outstanding Amounts denominated in Alternative Currencies.  Such  Exchange Rates shall become effective as of such Revaluation Date and shall be the Exchange Rates  employed in converting any amounts between the applicable currencies until the next Revaluation Date to  occur.  Except for purposes of financial statements delivered by Loan Parties hereunder or calculating  financial covenants hereunder or except as otherwise provided herein, the applicable amount of any  currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount  as so determined by the Administrative Agent or the Issuing Bank, as applicable.  (b) Rounding-Off.  Wherever in this Agreement in connection with a Borrowing,  conversion, continuation or prepayment of a Term Benchmark Loan, Canadian Prime Loan or an RFR Loan  or the issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or  multiple amount, is expressed in Dollars, but such Revolving Borrowing, Term Benchmark Loan, Canadian  Prime Loan, RFR Loan, or Letter of Credit is denominated in an Alternative Currency, such amount shall  be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such  Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent  or the L/C Issuer, as the case may be.  SECTION 1.07.  Interest Rates; Benchmark Notification.  The interest rate on a Loan  denominated in dollars or an Alternative Currency may be derived from an interest rate benchmark that  may be discontinued or is, or may in the future become, the subject of regulatory reform.  Upon the  occurrence of a Benchmark Transition Event, Section 2.14(b) provides a mechanism for determining an  alternative rate of interest.  The Administrative Agent does not warrant or accept any responsibility for, and  shall not have any liability with respect to, the administration, submission, performance or any other matter  related to any interest rate used in this Agreement, or with respect to any alternative or successor rate  thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics  of any such alternative, successor or replacement reference rate will be similar to, or produce the same  value or economic equivalence of, the existing interest rate being replaced or have the same volume or  liquidity as did any existing interest rate prior to its discontinuance or unavailability.  The Administrative  Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of  any interest rate used in this Agreement or any alternative, successor or alternative rate (including any  Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the  Borrower.  The Administrative Agent may select information sources or services in its reasonable discretion  to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the  definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the  Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect,  special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract  or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component  thereof) provided by any such information source or service.  

 

  36  283508840v.4  SECTION 1.08.  Divisions.  For all purposes under the Loan Documents, in connection  with any division or plan of division under Delaware law (or any comparable event under a different  jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,  obligation or liability of a different Person, then it shall be deemed to have been transferred from the original  Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be  deemed to have been organized and acquired on the first date of its existence by the holders of its Equity  Interests at such time.  SECTION 1.09.  Letter of Credit Amounts.  Unless otherwise specified herein, the amount  of a Letter of Credit at any time shall be deemed to be the Dollar Equivalent of the stated amount of such  Letter of Credit available to be drawn at such time; provided that with respect to any Letter of Credit that,  by its terms, provides for one or more automatic increases in the available amount thereof, the amount of  such Letter of Credit shall be deemed to be the Dollar Equivalent of the maximum amount of such Letter  of Credit after giving effect to all such increases, whether or not such maximum amount is available to be  drawn at such time.  ARTICLE II    The Credits  SECTION 2.01.  Commitments.  Subject to the terms and conditions set forth herein, each  Lender (severally and not jointly) agrees to make Revolving Loans to the Borrower in Agreed Currencies  from time to time during the Availability Period in an aggregate principal amount that will not result in  (a) subject to Sections 2.04 and 2.11(b), the Dollar Equivalent of such Lender’s Revolving Credit Exposure  exceeding such Lender’s Commitment, (b) subject to Sections 2.04 and 2.11(b), the sum of the Dollar  Equivalent of the total Revolving Credit Exposures exceeding the Aggregate Commitment or (c) subject to  Sections 2.04 and 2.11(b), the Dollar Equivalent of the total outstanding Revolving Loans and LC  Exposure, in each case denominated in Foreign Currencies, exceeding the Foreign Currency Sublimit.   Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may  borrow, prepay and reborrow Revolving Loans.  SECTION 2.02.  Loans and Borrowings.  (a) Each Revolving Loan (other than a Swingline  Loan) shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in  accordance with their respective Commitments.  The failure of any Lender to make any Loan required to  be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments  of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans  or fund participations in Letters of Credit and Swingline Loans as required.  Any Swingline Loan shall be  made in accordance with the procedures set forth in Section 2.05.  (b) Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of  (A) in the case of Borrowings in Dollars, entirely of ABR Loans, Term Benchmark Loans or RFR Loans  and (B) in the case of Borrowings in Canadian Dollars, entirely of Canadian Prime Loans or Term  Benchmark Loans.  Each Swingline Loan shall be an ABR Loan.  Each Lender at its option may make any  Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the  case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the  same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of  the Borrower to repay such Loan in accordance with the terms of this Agreement.  (c) At the commencement of each Interest Period for any Term Benchmark Revolving  Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 (or,  

 

  37  283508840v.4  if such Borrowing is denominated in a Foreign Currency, 1,000,000 units of such currency) and not less  than $5,000,000 (or, if such Borrowing is denominated in a Foreign Currency, 5,000,000 units of such  currency).  At the time that each ABR Revolving Borrowing and/or RFR Revolving Borrowing is made,  such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than  $5,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to  the entire unused balance of the Aggregate Commitment or that is required to finance the reimbursement  of an LC Disbursement as contemplated by Section 2.06(e).  Each Swingline Loan shall be in an amount  that is an integral multiple of $1,000,000 and not less than $5,000,000.  Borrowings of more than one Type  and Class may be outstanding at the same time; provided that there shall not at any time be more than a  total of fifteen (15) Term Benchmark Revolving Borrowings or RFR Revolving Borrowings outstanding.  (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be  entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with  respect thereto would end after the Maturity Date.  SECTION 2.03.  Requests for Revolving Borrowings.  To request a Revolving Borrowing,  the Borrower shall notify the Administrative Agent of such request (a) by irrevocable written notice (via a  written Borrowing Request signed by the Borrower, promptly followed by telephonic confirmation of such  request) (i) in the case of a Term Benchmark Borrowing denominated in Dollars, not later than 11:00 a.m.,  New York City time, three (3) U.S. Government Securities Business Days before the date of the proposed  Borrowing or (ii) in the case of a Term Benchmark Borrowing denominated in Canadian Dollars, not later  than 12:00 p.m., Toronto, Ontario time, three (3) Business Days before the date of the proposed Borrowing,  (b) by irrevocable written notice (via a written Borrowing Request signed by the Borrower, promptly  followed by telephonic confirmation of such request) in the case of a RFR Borrowing, not later than 11:00  a.m., New York City time, three (3) RFR Business Days before the date of the proposed Borrowing or  (c) by telephone in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, on the  date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance  the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than  11:00 a.m., New York City time, on the date of the proposed Borrowing.  Each such telephonic Borrowing  Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the  Administrative Agent of a written Borrowing Request signed by the Borrower.  Each such telephonic and  written Borrowing Request shall specify the following information in compliance with Section 2.02:  (i) the Agreed Currency aggregate principal amount of the requested Borrowing;  (ii) the date of such Borrowing, which shall be a Business Day;  (iii) whether such Borrowing is to be an ABR Borrowing, a Term Benchmark Borrowing  or an RFR Borrowing;  (iv) in the case of a Term Benchmark Borrowing, the initial Interest Period to be applicable  thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and  (v) the location and number of the Borrower’s account to which funds are to be disbursed,  which shall comply with the requirements of Section 2.07.  If no election as to the currency of a Borrowing is specified, then the requested Revolving Borrowing shall  be made in Dollars.  If no election as to the Type of Revolving Borrowing is specified, then, the requested  Revolving Borrowing shall be an ABR  Borrowing made in Dollars.  If no Interest Period is specified with  respect to any requested Term Benchmark Revolving Borrowing, then the Borrower shall be deemed to  

 

  38  283508840v.4  have selected an Interest Period of one month’s duration.  Promptly following receipt of a Borrowing  Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details  thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.  Notwithstanding the foregoing, in no event shall the Borrower be permitted to request pursuant to this  Section 2.03, a Canadian Prime Loan.  SECTION 2.04.  Reserved.    SECTION 2.05.  Swingline Loans.  (a) Subject to the terms and conditions set forth herein,  from time to time during the Availability Period, the Swingline Lender may, but shall have no obligation,  to, make Swingline Loans to the Borrower in an aggregate principal amount at any time outstanding that  will not result in (i) the aggregate principal amount of outstanding Swingline Loans made by the Swingline  Lender exceeding $30,000,000 or (ii) any Lender’s Revolving Credit Exposure exceeding its Commitment;  provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an  outstanding Swingline Loan.  Within the foregoing limits and subject to the terms and conditions set forth  herein, the Borrower may borrow, prepay and reborrow Swingline Loans.  (b) To request a Swingline Loan, the Borrower shall notify the Administrative Agent of  such request by telephone (confirmed by telecopy), not later than 12:00 noon, New York City time, on the  day of a proposed Swingline Loan.  Each such notice shall be irrevocable and shall specify the requested  date (which shall be a Business Day) and amount of the requested Swingline Loan.  The Administrative  Agent will promptly advise the Swingline Lender of any such notice received from the Borrower.  The  Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the  general deposit account of the Borrower with the Administrative Agent designated for such purpose (or, in  the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in  Section 2.06(e), by remittance to the applicable Issuing Bank) by 3:00 p.m., New York City time, on the  requested date of such Swingline Loan.  (c) The Swingline Lender may by written notice given to the Administrative Agent on any  Business Day require the Lenders to acquire participations on such Business Day in all or a portion of the  Swingline Loans outstanding.  Such notice shall specify the aggregate amount of Swingline Loans in which  Lenders will participate.  Promptly upon receipt of such notice, the Administrative Agent will give notice  thereof to each Lender, specifying in such notice such Lender’s Applicable Percentage of such Swingline  Loan or Loans.  Each Lender hereby absolutely and unconditionally agrees, promptly upon receipt of such  notice from the Administrative Agent (and in any event, if such notice is received by 1:00 p.m., New York  City time, on a Business Day, no later than 5:00 p.m., New York City time on such Business Day and if  received after 1:00 p.m., New York City time, on a Business Day, no later than 10:00 a.m. New York City  time on the immediately succeeding Business Day) to pay to the Administrative Agent, for the account of  the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Lender  acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this  paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever,  including the occurrence and continuance of a Default or reduction or termination of the Commitments,  and that each such payment shall be made without any offset, abatement, withholding or reduction  whatsoever.  Each Lender shall comply with its obligation under this paragraph by wire transfer of  immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made  by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders),  and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it  from the Lenders.  The Administrative Agent shall notify the Borrower of any participations in any  Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline  

 

  39  283508840v.4  Loan shall be made to the Administrative Agent and not to the Swingline Lender.  Any amounts received  by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a  Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein  shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative  Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their  payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided  that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent,  as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason.   The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower  of any default in the payment thereof.  (d) The Swingline Lender may be replaced at any time by written agreement among the  Borrower, the Administrative Agent, the replaced Swingline Lender and the successor Swingline Lender.   The Administrative Agent shall notify the Lenders of any such replacement of the Swingline Lender.  At  the time any such replacement shall become effective, the Borrower shall pay all unpaid interest accrued  for the account of the replaced Swingline Lender pursuant to Section 2.13(a).  From and after the effective  date of any such replacement, (x) the successor Swingline Lender shall have all the rights and obligations  of the replaced Swingline Lender under this Agreement with respect to Swingline Loans made thereafter  and (y) references herein to the term “Swingline Lender” shall be deemed to refer to such successor or to  any previous Swingline Lender, or to such successor and all previous Swingline Lenders, as the context  shall require.  After the replacement of the Swingline Lender hereunder, the replaced Swingline Lender  shall remain a party hereto and shall continue to have all the rights and obligations of a Swingline Lender  under this Agreement with respect to Swingline Loans made by it prior to its replacement, but shall not be  required to make additional Swingline Loans.  (e) Subject to the appointment and acceptance of a successor Swingline Lender, the  Swingline Lender may resign as Swingline Lender at any time upon thirty days’ prior written notice to the  Administrative Agent, the Borrower and the Lenders, in which case, the Swingline Lender shall be replaced  in accordance with Section 2.05(d) above.  SECTION 2.06.  Letters of Credit.  (a) General.  Subject to the terms and conditions set  forth herein, the Borrower may request the issuance of Letters of Credit denominated in any Letter of Credit  Currency as the applicant thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably  acceptable to the Administrative Agent and the Issuing Banks, at any time and from time to time during the  Availability Period.  In the event of any inconsistency between the terms and conditions of this Agreement  and the terms and conditions of any form of letter of credit application or other agreement submitted by the  Borrower to, or entered into by the Borrower with, an Issuing Bank relating to any Letter of Credit, the  terms and conditions of this Agreement shall control.    (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.  To request  the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of  Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if  arrangements for doing so have been approved by the applicable Issuing Bank) to the applicable Issuing  Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment,  renewal or extension but in any event no less than three Business Days) a notice requesting the issuance of  a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying  the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which  such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of  such Letter of Credit, the Letter of Credit Currency applicable thereto, the name and address of the  beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend  

 

  40  283508840v.4  such Letter of Credit.  In addition, as a condition to any such Letter of Credit issuance, the Borrower shall  have entered into a continuing agreement (or other letter of credit agreement) for the issuance of letters of  credit and/or shall submit a letter of credit application, in each case, as required by the respective Issuing  Bank and using such Issuing Bank’s standard form (each, a “Letter of Credit Agreement”).  In the event of  any conflict between the terms and conditions of this Agreement and the terms and conditions of any Letter  of Credit Agreement, the terms and conditions of this Agreement shall control.  A Letter of Credit shall be  issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of  each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to  such issuance, amendment, renewal or extension (i) the applicable Issuing Bank’s aggregate Revolving  Credit Exposure does not exceed such Issuing Bank’s Commitment, (ii) subject to Sections 2.04 and  2.11(b), the Dollar Equivalent of the LC Exposure shall not exceed $100,000,000, (iii) subject to  Sections 2.04 and 2.11(b), the sum of the Dollar Equivalent of the total Revolving Credit Exposures shall  not exceed the Aggregate Commitment, (iv) subject to Sections 2.04 and 2.11(b), the Dollar Equivalent of  the total outstanding Revolving Loans and LC Exposure, in each case denominated in Foreign Currencies,  shall not exceed the Foreign Currency Sublimit and (v) subject to Sections 2.04 and 2.11(b), the Dollar  Equivalent of the LC Exposure of any individual Issuing Bank shall not exceed $33,333,333.33 (unless  otherwise agreed to by such Issuing Bank, the Administrative Agent and the Borrower).  Notwithstanding  anything herein to the contrary, (i) each Issuing Bank shall have no obligation hereunder to issue, and shall  not issue, any Letter of Credit the proceeds of which would be made available to any Person (x) to fund any  activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such  funding, is the subject of any Sanctions or (y) in any manner that would result in a violation of any Sanctions  by any party to this Agreement and (ii) each Issuing Bank may, but shall have no obligation hereunder to  issue any Letter of Credit.  An Issuing Bank shall not be under any obligation to issue any Letter of Credit if:  (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its  terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or request  that such Issuing Bank refrain from issuing such Letter of Credit, or any law applicable to such  Issuing Bank shall prohibit, the issuance of letters of credit generally or such Letter of Credit in  particular, or any such order, judgment or decree, or law shall impose upon such Issuing Bank with  respect to such Letter of Credit any restriction, reserve or capital or liquidity requirement (for which  such Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or  shall impose upon such Issuing Bank any unreimbursed loss, cost or expense that was not  applicable on the Effective Date and that such Issuing Bank in good faith deems material to it; or  (ii) the issuance of such Letter of Credit would violate one or more policies of such Issuing  Bank applicable to letters of credit generally.  (c) Expiration Date.  Each Letter of Credit shall expire (or be subject to termination by  notice from the applicable Issuing Bank to the beneficiary thereof) at or prior to the close of business on  the earlier of (i) the date one year after the date of the issuance of such Letter of Credit provided that (A)  any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year  periods not to extend past the date in clause (ii) below and (B) Letters of Credit with an aggregate face  amount not to exceed $35,000,000 may have expiration dates that extend to the date three years after the  date of the issuance of each such Letter of Credit (or, in the case of any renewal or extension thereof, three  years after such renewal or extension) not to extend past the date in clause (ii) and (ii) the date that is five  (5) Business Days prior to the Maturity Date.  

 

  41  283508840v.4  (d) Participations.  By the issuance of a Letter of Credit (or an amendment to a Letter of  Credit increasing the amount or extending the term thereof or with respect to the Existing Letters of Credit,  upon the effectiveness of this Agreement) and without any further action on the part of the applicable  Issuing Bank or the Lenders, such Issuing Bank hereby grants to each Lender, and each Lender hereby  acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable  Percentage of the aggregate amount (or, with respect to Letters of Credit denominated in any Letter of  Credit Currency other than Dollars, the aggregate Dollar Equivalent amount) available to be drawn under  such Letter of Credit.  In consideration and in furtherance of the foregoing, each Lender hereby absolutely  and unconditionally agrees to pay to the Administrative Agent, for the account of such Issuing Bank, such  Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed  by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement  payment required to be refunded to the Borrower for any reason.  Each Lender acknowledges and agrees  that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is  absolute and unconditional and shall not be affected by any circumstance whatsoever, including any  amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or  reduction or termination of the Commitments, and that each such payment shall be made without any offset,  abatement, withholding or reduction whatsoever.  (e) Reimbursement.  If an Issuing Bank shall make any LC Disbursement in respect of a  Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative  Agent an amount in the applicable Letter of Credit Currency an amount equal to such LC Disbursement not  later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower  shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date,  or, if such notice has not been received by the Borrower prior to such time on such date, then not later than  12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower  receives such notice, if such notice is not received prior to such time on the day of receipt; provided that  (x) if such LC Disbursement is denominated in Dollars and is not less than $1,000,000, the Borrower may,  subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that  such payment be financed with an ABR Revolving Borrowing or Swingline Loan in an equivalent amount  or (y) if such LC Disbursement is denominated in an Alternative Currency and is not less than the Dollar  Equivalent of $1,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request  in accordance with Section 2.03 that such payment be converted into an equivalent amount of an ABR  Revolving Borrowing denominated in Dollars in an amount equal to the Dollar Equivalent of such  Alternative Currency, and, in each case, to the extent so financed, the Borrower’s obligation to make such  payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Loan,  as applicable.  If the Borrower fails to make such payment when due, the Administrative Agent shall notify  each Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof  and such Lender’s Applicable Percentage thereof.  Promptly following receipt of such notice, each Lender  shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower,  in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section  2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative  Agent shall promptly pay to the respective Issuing Bank the amounts so received by it from the Lenders.   Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this  paragraph, the Administrative Agent shall distribute such payment to the respective Issuing Bank or, to the  extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then  to such Lenders and such Issuing Bank as their interests may appear.  Any payment made by a Lender  pursuant to this paragraph to reimburse an Issuing Bank for any LC Disbursement (other than the funding  of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall  not relieve the Borrower of its obligation to reimburse such LC Disbursement.  

 

  42  283508840v.4  (f) Obligations Absolute.  The Borrower’s obligation to reimburse LC Disbursements as  provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be  performed strictly in accordance with the terms of this Agreement under any and all circumstances  whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, any Letter  of Credit Agreement or this Agreement, or any term or provision therein, (ii) any draft or other document  presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement  therein being untrue or inaccurate in any respect, (iii) payment by the respective Issuing Bank under a Letter  of Credit against presentation of a draft or other document that does not comply with the terms of such  Letter of Credit, (iv) any other event or circumstance whatsoever, whether or not similar to any of the  foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or  provide a right of setoff against, the Borrower’s obligations hereunder or (v) any adverse change in the  relevant exchange rates or in the availability of the relevant Alternative Currency to the Borrower or any  Subsidiary or in the relevant currency markets generally.  Neither the Administrative Agent, the Lenders  nor any Issuing Bank, nor any of their respective Related Parties, shall have any liability or responsibility  by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure  to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding  sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft,  document, notice or other communication under or relating to any Letter of Credit (including any document  required to make a drawing thereunder), any error in interpretation of technical terms, any error in  translation or any consequence arising from causes beyond the control of the respective Issuing Bank;  provided that the foregoing shall not be construed to excuse an Issuing Bank from liability to the Borrower  to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages,  claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law)  suffered by the Borrower that are caused by such Issuing Bank’s failure to exercise care when determining  whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.  The  parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of  an Issuing Bank (as finally determined by a court of competent jurisdiction), such Issuing Bank shall be  deemed to have exercised care in each such determination.  In furtherance of the foregoing and without  limiting the generality thereof, the parties agree that, with respect to documents presented which appear on  their face to be in substantial compliance with the terms of a Letter of Credit, an Issuing Bank may, in its  sole discretion, either accept and make payment upon such documents without responsibility for further  investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment  upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.  (g) Disbursement Procedures.  The Issuing Bank for any Letter of Credit shall, within the  time allowed by applicable law or the specific terms of the Letter of Credit following its receipt thereof,  examine all documents purporting to represent a demand for payment under such Letter of Credit.  Such  Issuing Bank shall promptly after such examination notify the Administrative Agent and the Borrower by  telephone (confirmed by telecopy or electronic mail) of such demand for payment if such Issuing Bank has  made or will make an LC Disbursement thereunder; provided that such notice need not be given prior to  payment by the Issuing Bank and any failure to give or delay in giving such notice shall not relieve the  Borrower of its obligation to reimburse such Issuing Bank and the Lenders with respect to any such LC  Disbursement.  (h) Interim Interest.  If the Issuing Bank for any Letter of Credit shall make any LC  Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full in the applicable  currency on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each  day from and including the date such LC Disbursement is made to but excluding the date that the  reimbursement is due and payable at the rate per annum then applicable to (i) if such LC Disbursement is  denominated in Dollars, ABR Revolving Loans and (ii) if such LC Disbursement is denominated in a Letter  

 

  43  283508840v.4  of Credit Currency other than Dollars, at the applicable Overnight Rate for such Letter of Credit Currency  plus the Applicable Rate and, in each case, such interest shall be due and payable on the date when such  reimbursement is payable; provided that, if the Borrower fails to reimburse such LC Disbursement when  due pursuant to paragraph (e) of this Section, then Section 2.13(d) shall apply.  Interest accrued pursuant to  this paragraph shall be for the account of such Issuing Bank, except that interest accrued on and after the  date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse such Issuing Bank  for such LC Disbursement shall be for the account of such Lender to the extent of such payment.  (i) Replacement and Resignation of Issuing Bank.  (i) An Issuing Bank may be replaced at  any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank  and the successor Issuing Bank.  The Administrative Agent shall notify the Lenders of any such replacement  of an Issuing Bank.  At the time any such replacement shall become effective, the Borrower shall pay all  unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b).  From and  after the effective date of any such replacement, (x) the successor Issuing Bank shall have all the rights and  obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued by it  thereafter and (y) references herein to the term “Issuing Bank” shall be deemed to refer to such successor  or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall  require.  After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party  hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement  with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue  additional Letters of Credit or extend or otherwise amend any existing Letter of Credit.  (ii) Subject to the appointment and acceptance of a successor Issuing Bank, any Issuing  Bank may resign as an Issuing Bank at any time upon thirty days’ prior written notice to the  Administrative Agent, the Borrower and the Lenders, in which case, such resigning Issuing Bank  shall be replaced in accordance with Section 2.06(i)(i) above.  (j) Cash Collateralization.  If any Event of Default shall occur and be continuing, on the  Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders  (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than  50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the  Borrower shall deposit in an account or accounts with the Administrative Agent, in the name of the  Administrative Agent and for the benefit of the Lenders (the “Collateral Account”), an amount in cash equal  to 103% of the LC Exposure in the applicable currencies as of such date plus any accrued and unpaid  interest thereon; provided that the obligation to deposit such cash collateral shall become effective  immediately, and such deposit shall become immediately due and payable, without demand or other notice  of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in 7.01(i)  or 7.01(j).  Such deposit shall be held by the Administrative Agent as collateral for the payment and  performance of the obligations of the Borrower under this Agreement.  In addition, and without limiting  the foregoing or paragraph (c) of this Section, if any LC Exposure remain outstanding after the expiration  date specified in said paragraph (c), the Borrower shall immediately deposit into the Collateral Account an  amount in cash equal to 103% of such LC Exposure as of such date plus any accrued and unpaid interest  thereon.  The Administrative Agent shall have exclusive dominion and control, including the exclusive right of  withdrawal, over such account.  Other than any interest earned on the investment of such deposits, which  investments shall be made at the option and sole discretion of the Administrative Agent and at the  Borrower’s risk and expense, such deposits shall not bear interest.  Interest or profits, if any, on such  investments shall accumulate in such account.  Moneys in such account shall be applied by the  Administrative Agent to reimburse each Issuing Bank for LC Disbursements for which it has not been  

 

  44  283508840v.4  reimbursed, together with related fees, costs and customary processing charges, and, to the extent not so  applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC  Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of  Lenders with LC Exposure representing greater than 103% of the total LC Exposure), be applied to satisfy  other Obligations.  If the Borrower is required to provide an amount of cash collateral hereunder as a result  of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be  returned to the Borrower within three Business Days after all Events of Default have been cured or waived.  (k) Letters of Credit Issued for Account of Subsidiaries.  Notwithstanding that a Letter of  Credit issued or outstanding hereunder supports any obligations of, or is for the account of, a Subsidiary,  or states that a Subsidiary is the “account party,” “applicant,” “customer,” “instructing party,” or the like  of or for such Letter of Credit, and without derogating from any rights of the applicable Issuing Bank  (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in respect of such Letter  of Credit, the Borrower (i) shall reimburse, indemnify and compensate the applicable Issuing Bank  hereunder for such Letter of Credit (including to reimburse any and all drawings thereunder) as if such  Letter of Credit had been issued solely for the account of the Borrower and (ii) irrevocably waives any and  all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations  of such Subsidiary in respect of such Letter of Credit.  The Borrower hereby acknowledges that the issuance  of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s  business derives substantial benefits from the businesses of such Subsidiaries.  SECTION 2.07.  Funding of Borrowings.  (a) Each Lender shall make each Loan to be  made by it hereunder on the proposed date thereof by wire transfer of immediately available funds (i) in the  case of Loans denominated in Dollars, by 12:00 noon, New York City time, to the account of the  Administrative Agent most recently designated by it for such purpose by notice to the Lenders and (ii) in  the case of each Loan denominated in a Foreign Currency, by 12:00 noon, New York City Time, in the city  of the Administrative Agent’s Eurocurrency Payment Office for such currency and at such Eurocurrency  Payment Office for such currency; provided that Swingline Loans shall be made as provided in Section  2.05.  Except in respect of the provisions of this Agreement covering the reimbursement of Letters of Credit,  the Administrative Agent will make such Loans available to the relevant Borrower by promptly crediting  the amounts so received, in like funds, to (x) an account of such Borrower maintained with the  Administrative Agent in New York City and designated by such Borrower in the applicable Borrowing  Request, in the case of Loans denominated in Dollars and (y) an account of such Borrower in the relevant  jurisdiction and designated by such Borrower in the applicable Borrowing Request, in the case of Loans  denominated in a Foreign Currency; provided that ABR Revolving Loans made to finance the  reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the  Administrative Agent to the applicable Issuing Bank.  (b) Unless the Administrative Agent shall have received notice from a Lender prior to the  proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such  Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such  share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon  such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has  not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the  applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on  demand such corresponding amount with interest thereon, for each day from and including the date such  amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent,  at (i) in the case of such Lender, the greater of the applicable Overnight Rate and a rate determined by the  Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the  case of the Borrower, the interest rate applicable to ABR Loans, or in the case of Foreign Currencies, in  

 

  45  283508840v.4  accordance with such market practice, in each case, as applicable.  If such Lender pays such amount to the  Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.  SECTION 2.08.  Interest Elections.  (a) Each Revolving Borrowing initially shall be of the  Type and Agreed Currency specified in the applicable Borrowing Request and, in the case of a Term  Benchmark Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing  Request.  Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue  such Borrowing and, in the case of a Term Benchmark Revolving Borrowing, may elect Interest Periods  therefor, all as provided in this Section.  The Borrower may elect different options with respect to different  portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the  Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall  be considered a separate Borrowing.  This Section shall not apply to Swingline Loans, which may not be  converted or continued.  (b) To make an election pursuant to this Section, the Borrower shall notify the  Administrative Agent of such election by the time that a Borrowing Request would be required under  Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such  election to be made on the effective date of such election.  Each such Interest Election Request shall be  irrevocable and shall be signed by an Authorized Officer of the Borrower.  (c) Notwithstanding any contrary provision herein, this Section shall not be construed to  permit the Borrower to (i) change the currency of any Borrowing, (ii) elect an Interest Period for Term  Benchmark Loans that does not comply with Section 2.02(d) or (iii) convert any Borrowing to a Borrowing  of a Type not available under the Class of Commitments pursuant to which such Borrowing was made.  (d) Each Interest Election Request shall specify the following information in compliance  with Section 2.02:  (i) the Agreed Currency and principal amount of Borrowing to which such Interest Election  Request applies and, if different options are being elected with respect to different portions thereof,  the portions thereof to be allocated to each resulting Borrowing (in which case the information to  be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting  Borrowing);  (ii) the effective date of the election made pursuant to such Interest Election Request,  which shall be a Business Day;  (iii) whether the resulting Borrowing is to be an ABR Borrowing (in the case of  Borrowings denominated in Dollars), a Term Benchmark Borrowing or an RFR Borrowing (in the  case of Borrowings denominated in Dollars); and  (iv) if the resulting Borrowing is a Term Benchmark Borrowing, the Interest Period to be  applicable thereto after giving effect to such election, which Interest Period shall be a period  contemplated by the definition of the term “Interest Period”.  If any such Interest Election Request requests a Term Benchmark Borrowing but does not specify an Interest  Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Notwithstanding the foregoing, in no event shall the Borrower be permitted to request pursuant to this  Section 2.08(c) a Canadian Prime Loan, except to the extent provided in Section 2.14.  

 

  46  283508840v.4  (e) Promptly following receipt of an Interest Election Request, the Administrative Agent  shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.  (f) If the relevant Borrower fails to deliver a timely Interest Election Request with respect  to a Term Benchmark Revolving Borrowing in Dollars prior to the end of the Interest Period applicable  thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such  Borrowing shall be deemed to have an Interest Period that is the same as the immediately preceding Interest  Period.  If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a  Term Benchmark Borrowing in a Foreign Currency prior to the end of the Interest Period therefor, then,  unless such Term Benchmark Borrowing is repaid as provided herein, (i) with respect to a Term Benchmark  Borrowing denominated in Canadian Dollars, such Revolving Borrowing shall be converted to Canadian  Prime Loans at the end of the Interest Period applicable thereto and (ii) with respect to any other Term  Benchmark Borrowing, the Borrower shall be deemed to have selected that such Term Benchmark  Borrowing shall automatically be continued as a Term Benchmark Borrowing in its original Agreed  Currency with an Interest Period of one month at the end of such Interest Period.  Notwithstanding any  contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative  Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default  is continuing (i) no outstanding Borrowing may be converted to or continued as a Term Benchmark  Borrowing and (ii) unless repaid, (x) each Term Benchmark Borrowing and each RFR Borrowing, in each  case, denominated in Dollars shall be converted to an ABR Borrowing at the end of the Interest Period  applicable thereto and (y) each Term Benchmark Borrowing denominated in Canadian Dollars shall be  converted to a Canadian Prime Borrowing at the end of the Interest Period applicable thereto.  (g) Notwithstanding anything in this Agreement or any other Loan Document to the  contrary, and subject to the requirements of Section 2.16 of the Existing Credit Agreement, all  “Eurocurrency Loans” outstanding under the Existing Credit Agreement immediately preceding the  Effective Date shall automatically be converted to Term Benchmark Loans with a one month Interest Period  as of the Effective Date.  SECTION 2.09.  Termination and Reduction of Commitments.  (a) Unless previously  terminated, the Commitments shall terminate on the Maturity Date.  (b) The Borrower may at any time terminate, or from time to time reduce, the  Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral  multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall not terminate or reduce the  Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with  Section 2.11, the Dollar Equivalent amount of any Lender’s Revolving Credit Exposure would exceed its  Commitment.  (c) The Borrower shall notify the Administrative Agent of any election to terminate or  reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days (or such lesser  period as the Administrative Agent shall agree to in writing) prior to the effective date of such termination  or reduction, specifying such election and the effective date thereof.  Promptly following receipt of any  notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each notice delivered by  the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the  Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness  of other credit facilities or other transactions specified therein, in which case such notice may be revoked  by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such  condition is not satisfied.  Any termination or reduction of the Commitments shall be permanent.  Each  

 

  47  283508840v.4  reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective  Commitments.  SECTION 2.10.  Repayment of Loans; Evidence of Debt.  (a) The Borrower hereby  unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then  unpaid principal amount of each Revolving Loan on the Maturity Date and (ii) to the Swingline Lender the  then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the fifth  Business Days after such Swingline Loan is made; provided that on each date that a Revolving Borrowing  is made, the Borrower shall repay all Swingline Loans then outstanding and the proceeds of any such  Borrowing shall be applied by the Administrative Agent to repay any Swingline Loans outstanding.  (b) Each Lender shall maintain in accordance with its usual practice an account or accounts  evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender,  including the amounts of principal and interest payable and paid to such Lender from time to time  hereunder.  (c) The Administrative Agent shall maintain accounts in which it shall record (i) the  amount of each Loan made hereunder, the Class, Agreed Currency and Type thereof and the Interest Period  applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable  from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative  Agent hereunder for the account of the Lenders and each Lender’s share thereof.  (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this  Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein;  provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error  therein shall not in any manner affect the Obligations.  (e) Any Lender may request that Loans made by it be evidenced by a promissory note.  In  such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to  the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in  the form attached hereto as Exhibit I.  Thereafter, the Loans evidenced by such promissory note and interest  thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or  more promissory notes in such form payable to the order of the payee named therein (or, if such promissory  note is a registered note, to such payee and its registered assigns).  SECTION 2.11.  Prepayment of Loans.    (a) The Borrower shall have the right at any time and from time to time to prepay any  Borrowing in whole or in part without premium or penalty but subject to break funding payments pursuant  to Section 2.16, subject to prior notice in accordance with the provisions of this Section 2.11(a).  The  Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the  Swingline Lender) by written notice (promptly followed by telephonic confirmation of such request) of any  prepayment hereunder (i) in the case of prepayment of a Term Benchmark Borrowing, not later than 12:00  noon, New York City Time, three (3) Business Days (in the case of a Term Benchmark Borrowing  denominated in Dollars) or four (4) Business Days (in the case of Term Benchmark Borrowing denominated  in a Foreign Currency), in each case before the date of prepayment, (ii) in the case of prepayment of an  ABR Revolving Borrowing, not later than 12:00 noon, New York City time, on the date of prepayment,  (iii) in the case of prepayment of an RFR Revolving Borrowing, not later than 12:00 noon, New York City  time, three (3) RFR Business Days before the date of prepayment, (iv) in the case of prepayment of a  Canadian Prime Borrowing, not later than 12:00 noon, Toronto, Ontario time, on the date of prepayment or  

 

  48  283508840v.4  (v) in the case of prepayment of a Swingline Loan, not later than 1:00 p.m., New York City time, on the  date of prepayment.  Each such notice shall be irrevocable and shall specify the prepayment date and the  principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of  prepayment is given in connection with a conditional notice of termination of the Commitments as  contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination  is revoked in accordance with Section 2.09.  Promptly following receipt of any such notice relating to a  Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.  Each partial  prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a  Borrowing of the same Type as provided in Section 2.02.  Each prepayment of a Borrowing shall be applied  ratably to the Loans included in the prepaid Borrowing.  Prepayments shall be accompanied by (i) accrued  interest to the extent required by Section 2.13 and (ii) break funding payments pursuant to Section 2.16.  (b) If at any time, (i) other than as a result of fluctuations in currency exchange rates,  (A) the sum of the aggregate principal Dollar Equivalent of all of the Revolving Credit Exposures  (calculated, with respect to those Credit Events denominated in Foreign Currencies, as of the most recent  Revaluation Date with respect to each such Credit Event) exceeds the aggregate Commitments or (ii) solely  as a result of fluctuations in currency exchange rates, the sum of the aggregate principal Dollar Equivalent  of all of the Credit Exposures (so calculated) exceeds 105% of the aggregate Commitments, the Borrower  shall in each case immediately repay Revolving Borrowings or cash collateralize LC Exposure in an account  with the Administrative Agent pursuant to Section 2.06(j), as applicable, in an aggregate principal amount  sufficient to cause the aggregate Dollar Equivalent of all Credit Exposures (so calculated) to be less than or  equal to the aggregate Commitments; provided that, the Borrower shall not be required to cash collateralize  LC Exposure pursuant to this Section unless after giving effect to the prepayment in full of the Revolving  Borrowings the aggregate Dollar Equivalent of all of the Revolving Credit Exposures exceeds the aggregate  Commitments.  SECTION 2.12.  Fees.  (a) The Borrower agrees to pay to the Administrative Agent for the  account of each Lender a commitment fee, which shall accrue at the Applicable Rate on the average daily  unused amount of the Commitment of such Lender during the period from and including the Effective Date  to but excluding the date on which such Commitment terminates (it being understood and agreed that any  Lender’s Swingline Exposure shall not be deemed to be a component of such Lender’s unused Commitment  for purposes of calculating the commitment fee under this Section 2.12(a)); provided that, if such Lender  continues to have any Revolving Credit Exposure after its Commitment terminates, then such facility fee  shall continue to accrue on the daily amount of such Lender’s Revolving Credit Exposure from and  including the date on which its Commitment terminates to but excluding the date on which such Lender  ceases to have any Revolving Credit Exposure.  Accrued commitment fees shall be payable in arrears on  the last day of March, June, September and December of each year and on the date on which the  Commitments terminate, commencing on the first such date to occur after the date hereof.  All commitment  fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days  elapsed (including the first day but excluding the last day).  (b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each  Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the  same Applicable Rate used to determine the interest rate applicable to Term Benchmark Revolving Loans  on the average daily Dollar Equivalent of such Lender’s LC Exposure (excluding any portion thereof  attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date  to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which  such Lender ceases to have any LC Exposure and (ii) to each Issuing Bank for its own account a fronting  fee, which shall accrue at the rate of 0.125% per annum on the average daily Dollar Equivalent of the LC  Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to  

 

  49  283508840v.4  Letters of Credit issued by such Issuing Bank during the period from and including the Effective Date to  but excluding the later of the date of termination of the Commitments and the date on which there ceases  to be any LC Exposure, as well as such Issuing Bank’s standard fees and commissions with respect to the  issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter  of Credit or processing of drawings thereunder.  Participation fees and fronting fees accrued through and  including the last day of March, June, September and December of each year shall be payable on the third  (3rd) Business Day following such last day, commencing on the first such date to occur after the Effective  Date; provided that all such fees shall be payable on the date on which the Commitments terminate and any  such fees accruing after the date on which the Commitments terminate shall be payable on demand.  Any  other fees payable to each Issuing Bank pursuant to this paragraph shall be payable within ten (10) days  after demand.  All participation fees and fronting fees shall be computed on the basis of a year of 360 days  and shall be payable for the actual number of days elapsed (including the first day but excluding the last  day).  Participation fees and fronting fees in respect of Letters of Credit denominated in Dollars shall be  paid in Dollars, and participation fees and fronting fees in respect of Letters of Credit denominated in a  Foreign Currency shall be paid in such Foreign Currency.  (c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees  payable in the amounts and at the times separately agreed upon between the Borrower and the  Administrative Agent (including all fees due and payable pursuant to the terms of the Fee Letter).  (d) All fees payable hereunder shall be paid on the dates due, in Dollars (except as  otherwise expressly provided in this Section 2.12) and immediately available funds, to the Administrative  Agent (or to such Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment  fees and participation fees, to the Lenders.  Fees paid shall not be refundable under any circumstances.  SECTION 2.13.  Interest.  (a) The Loans comprising each ABR Borrowing (including each  Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate. The Loans  compromising each Canadian Prime Borrowing shall bear interest at the Canadian Prime Rate plus the  Applicable Rate.  (b) The Loans comprising each Term Benchmark Borrowing shall bear interest at the  Adjusted Term SOFR Rate or the Adjusted CDOR Rate, as applicable, for the Interest Period in effect for  such Borrowing plus the Applicable Rate.  (c) Each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily  Simple RFR plus the Applicable Rate.  (d) Notwithstanding the foregoing, during the occurrence and continuance of an Event of  Default, the Required Lenders may, at their option, by written notice to the Borrower (which notice may be  revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02 requiring the  consent of “each Lender directly affected thereby” for reductions in interest rates), declare that (i) all Loans  shall bear interest at 2% per annum plus the rate otherwise applicable to such Loans as provided in the  preceding paragraphs of this Section or (ii) in the case of any other amount outstanding hereunder, such  amount shall accrue at 2% per annum plus the rate applicable to such fee or other obligation as provided  hereunder; provided that during the occurrence and continuance of an Event of Default under  Section 7.01(a), (b), (i) or (j), all Loans shall automatically bear interest at 2% per annum plus the rate  otherwise applicable to such Loans as provided in the preceding paragraphs of this Section and in the case  of any other amount outstanding hereunder, such amount shall automatically accrue at 2% per annum plus  the rate applicable to such fee or other obligation as provided hereunder.  

 

  50  283508840v.4  (e) Accrued interest on each Loan shall be payable in arrears on each Interest Payment  Date for such Loan and, in the case of Revolving Loans, upon termination of the Commitments; provided  that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable on demand, (ii) in the  event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan  prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall  be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any  Term Benchmark Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan  shall be payable on the effective date of such conversion.  (f) Interest computed by reference to the Term SOFR Rate, the Daily Simple SOFR, the  CDOR Rate, the Daily Simple RFR and the Alternate Base Rate hereunder shall be computed on the basis  of a year of 360 days.  Interest computed by reference to the Canadian Prime Rate or the Alternate Base  Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis  of a year of 365 days (or 366 days in a leap year).  In each case interest shall be payable for the actual  number of days elapsed (including the first day but excluding the last day).  All interest hereunder on any  Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of  the applicable date of determination.  The applicable Alternate Base Rate, Canadian Prime Rate, CDOR  Rate, Adjusted CDOR Rate, Adjusted Term SOFR Rate, Adjusted Daily Simple RFR or Daily Simple RFR  shall be determined by the Administrative Agent, and such determination shall be conclusive absent  manifest error.  (g) For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate  hereunder is calculated on the basis of a year (the “deemed year”) that contains fewer days than the actual  number of days in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a  yearly rate by multiplying such rate of interest or fee rate by the actual number of days in the calendar year  of calculation and dividing it by the number of days in the deemed year, (ii) the principle of deemed  reinvestment of interest shall not apply to any interest calculation hereunder and (iii) the rates of interest  stipulated herein are intended to be nominal rates and not effective rates or yields.  SECTION 2.14.  Alternative Rate of Interest.  (a) Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.14, if:  (i) the Administrative Agent determines (which determination shall be conclusive absent  manifest error) (A) prior to the commencement of any Interest Period for a Term Benchmark  Borrowing, that adequate and reasonable means do not exist for ascertaining the Adjusted Term  SOFR Rate, the Term SOFR Rate, the CDOR Rate or the Adjusted CDOR Rate (including because  the Relevant Screen Rate is not available or published on a current basis) for the applicable Agreed  Currency and such Interest Period or (B) at any time, that adequate and reasonable means do not  exist for ascertaining the Adjusted Daily Simple RFR; or   (ii) the Administrative Agent is advised by the Required Lenders that (A) prior to the  commencement of any Interest Period for a Term Benchmark Borrowing, the Adjusted Term SOFR  Rate or the Adjusted CDOR Rate for the applicable Agreed Currency and such Interest Period will  not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans  included in such Borrowing for the applicable Agreed Currency and such Interest Period or (B) at  any time, the Adjusted Daily Simple RFR will not adequately and fairly reflect the cost to such  Lenders of making or maintaining their Loans included in such Borrowing;  

 

  51  283508840v.4  then the Administrative Agent shall give notice thereof to the applicable Borrower and the Lenders by  telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative  Agent notifies the applicable Borrower and the Lenders that the circumstances giving rise to such notice no  longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election  Request in accordance with the terms of Section 2.08 or a new Borrowing Request in accordance with the  terms of Section 2.03, (A) for Loans denominated in Dollars, (1) any Interest Election Request that requests  the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Term  Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Revolving Borrowing  shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable, for (x)  an RFR Borrowing so long as the Adjusted Daily Simple RFR is not also the subject of Section 2.14(a)(i)  or (ii) above or (y) an ABR Borrowing if the Adjusted Daily Simple RFR also is the subject of  Section 2.14(a)(i) or (ii) above and (2) any Borrowing Request that requests an RFR Borrowing shall  instead be deemed to be a Borrowing Request, as applicable, for an ABR Borrowing and (B) for Loans  denominated in Canadian Dollars, any Interest Election Request that requests the conversion of any  Borrowing to, or continuation of any Borrowing as, a Term Benchmark Borrowing and any Interest Election  Request that requests a Term Benchmark Borrowing shall instead be deemed to be an Interest Election  Request for a Canadian Prime Borrowing; provided that if the circumstances giving rise to such notice  affect only one Type of Borrowings, then all other Types of Borrowings shall be permitted.  Furthermore,  if any Term Benchmark Loan or RFR Loan is outstanding on the date of the Borrower’s receipt of the notice  from the Administrative Agent referred to in this Section 2.14(a) with respect to a Relevant Rate applicable  to such Term Benchmark Loan or RFR Loan, then until (x) the Administrative Agent notifies the Borrower  and the Lenders that the circumstances giving rise to such notice no longer exist, with respect to the relevant  Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of  Section 2.08 or a new Borrowing Request in accordance with the terms of Section 2.03, (A) for Loans  denominated in Dollars, (1) any Term Benchmark Loan shall, on the last day of the Interest Period  applicable to such Loan, be converted by the Administrative Agent to, and shall constitute, (x) an RFR  Borrowing so long as the Adjusted Daily Simple RFR is not also the subject of Section 2.14(a)(i) or (ii)  above or (y) an ABR Loan if the Adjusted Daily Simple RFR also is the subject of Section 2.14(a)(i) or (ii)  above, on such day, and (2) any RFR Loan shall on and from such day be converted by the Administrative  Agent to, and shall constitute an ABR Loan and (B) for Loans denominated in Canadian Dollars, any Term  Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding  Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall  constitute, a Canadian Prime Borrowing.  (b) Notwithstanding anything to the contrary herein or in any other Loan Document, if a  Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the  Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark  Replacement is determined in accordance with clause (1) of the definition of “Benchmark Replacement”  with respect to Dollars for such Benchmark Replacement Date, such Benchmark Replacement will replace  such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark  setting and subsequent Benchmark settings without any amendment to, or further action or consent of any  other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is  determined in accordance with clause (2) of the definition of “Benchmark Replacement” with respect to  any Agreed Currency for such Benchmark Replacement Date, such Benchmark Replacement will replace  such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark  setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of  such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or  consent of any other party to, this Agreement or any other Loan Document so long as the Administrative  Agent has not received, by such time, written notice of objection to such Benchmark Replacement from  Lenders comprising the Required Lenders.  

 

  52  283508840v.4  (c) Notwithstanding anything to the contrary herein or in any other Loan Document, the  Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time  to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any  amendments implementing such Benchmark Replacement Conforming Changes will become effective  without any further action or consent of any other party to this Agreement or any other Loan Document.  (d) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any  occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii)  the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement  of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of any  Benchmark Unavailability Period.  Any determination, decision or election that may be made by the  Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14,  including any determination with respect to a tenor, rate or adjustment or of the occurrence or non- occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or  any selection, will be conclusive and binding absent manifest error and may be made in its or their sole  discretion and without consent from any other party to this Agreement or any other Loan Document, except,  in each case, as expressly required pursuant to this Section 2.14.  (e) Notwithstanding anything to the contrary herein or in any other Loan Document, at any  time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current  Benchmark is a term rate (including the Term SOFR Rate or CDOR Rate) and either (A) any tenor for such  Benchmark is not displayed on a screen or other information service that publishes such rate from time to  time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor  for the administrator of such Benchmark has provided a public statement or publication of information  announcing that any tenor for such Benchmark is or will be no longer representative, then the  Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after  such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed  pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a  Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement  that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then  the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or  after such time to reinstate such previously removed tenor.  (f) Upon the Borrower’s receipt of notice of the commencement of a Benchmark  Unavailability Period, the Borrower may revoke any request for a Term Benchmark Borrowing or RFR  Borrowing of, conversion to or continuation of Term Benchmark Loans or RFR Loans to be made,  converted or continued during any Benchmark Unavailability Period and, failing that, either (x) the  Borrower be deemed to have converted any such request for (1) a Term Benchmark Borrowing denominated  in Dollars into a request for a Borrowing of or conversion to (A) an RFR Borrowing so long as the Adjusted  Daily Simple RFR is not the subject of a Benchmark Transition Event or (B) an ABR Borrowing if the  Adjusted Daily Simple RFR is the subject of a Benchmark Transition Event or (y) a Term Benchmark  Borrowing denominated in Canadian Dollars into a request for a Borrowing of or conversion to Canadian  Prime Loans.  During any Benchmark Unavailability Period or at any time that a tenor for the then-current  Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or  such tenor for such Benchmark, as applicable, will not be used in any determination of ABR.  Furthermore,  if any Term Benchmark Loan or RFR Loan is outstanding on the date of the Borrower’s receipt of notice  of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to  such Term Benchmark Loan or RFR Loan, then until such time as a Benchmark Replacement for such  Agreed Currency is implemented pursuant to this Section 2.14, (A) for Loans denominated in Dollars, (1)  any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan, be converted  

 

  53  283508840v.4  by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing so long as the Adjusted Daily  Simple RFR is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Adjusted Daily  Simple RFR is the subject of a Benchmark Transition Event, on such day and (2) any RFR Loan shall on  and from such day, be converted by the Administrative Agent to, and shall constitute an ABR Loan and (B)  for Loans denominated in Canadian Dollars, any Term Benchmark Loan shall on the last day of the Interest  Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be  converted by the Administrative Agent to, and shall constitute, a Canadian Prime Borrowing.  SECTION 2.15.  Increased Costs.  (a) If any Change in Law shall:  (i) impose, modify or deem applicable any reserve, special deposit, liquidity or similar  requirement (including any compulsory loan requirement, insurance charge or other assessment)  against assets of, deposits with or for the account of, or credit extended by, any Lender or any  Issuing Bank;  (ii) impose on any Lender or any Issuing Bank or the applicable offshore interbank market  for the applicable Agreed Currency any other condition, cost or expense (other than Taxes)  affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation  therein; or  (iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes  described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income  Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its  deposits, reserves, other liabilities or capital attributable thereto;  and the result of any of the foregoing shall be to increase the cost to such Lender, Issuing Bank or such  other Recipient of making, continuing, converting into or maintaining any Loan or of maintaining its  obligation to make any such Loan or to increase the cost to such Lender, such Issuing Bank or such other  Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any  sum received or receivable by such Lender, such Issuing Bank or such other Recipient hereunder, whether  of principal, interest or otherwise, then the Borrower will pay to such Lender, such Issuing Bank or such  other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender,  such Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or  reduction suffered.  (b) If any Lender or any Issuing Bank determines that any Change in Law regarding capital  or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or  such Issuing Bank’s capital or on the capital of such Lender’s or such Issuing Bank’s holding company, if  any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held  by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such  Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved  but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and  the policies of such Lender’s or such Issuing Bank’s holding company with respect to capital adequacy and  liquidity), then from time to time the Borrower will pay to such Lender or such Issuing Bank, as the case  may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such  Lender’s or such Issuing Bank’s holding company for any such reduction suffered.  (c) A certificate of a Lender or an Issuing Bank setting forth the amount or amounts  necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may be, as  specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive  

 

  54  283508840v.4  absent manifest error.  The Borrower shall pay such Lender or such Issuing Bank, as the case may be, the  amount shown as due on any such certificate within ten (10) days after receipt thereof.  (d) Failure or delay on the part of any Lender or any Issuing Bank to demand compensation  pursuant to this Section shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to  demand such compensation; provided that the Borrower shall not be required to compensate a Lender or an  Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 270 days  prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Borrower of the  Change in Law giving rise to such increased costs or reductions and of such Lender’s or such Issuing Bank’s  intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such  increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to  include the period of retroactive effect thereof.  SECTION 2.16.  Break Funding Payments.  (a) with respect to Loans that are not RFR  Loans, in the event of (i) the payment of any principal of any Term Benchmark Loan other than on the last  day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any  prepayment pursuant to Section 2.11), (ii) the conversion of any Term Benchmark Loan other than on the  last day of the Interest Period applicable thereto, (iii) the failure to borrow, convert, continue or prepay any  Term Benchmark Loan on the date specified in any notice delivered pursuant hereto (regardless of whether  such notice may be revoked under Section 2.11(a) and is revoked in accordance therewith) or (iv) the  assignment of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto  as a result of a request by the Borrower pursuant to Section 2.19 or (v) the failure by the Borrower to make  any payment of any Loan or drawing under any Letter of Credit (or any interest due thereon) denominated  in a Foreign Currency on its scheduled due date or any payment thereof in a different currency, then, in any  such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such  event.  A certificate of any Lender setting forth in reasonable detail any amount or amounts that such Lender  is entitled to receive pursuant to this Section shall be delivered to the applicable Borrower and shall be  conclusive absent manifest error.  The applicable Borrower shall pay such Lender the amount shown as due  on any such certificate within ten (10) days after receipt thereof.  (b) With respect to RFR Loans, in the event of (i) the payment of any principal of any RFR  Loan other than on the Interest Payment Date applicable thereto (including as a result of an Event of Default  or an optional or mandatory prepayment of Loans), (ii) the failure to borrow or prepay any RFR Loan on  the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked  under Section 2.11(a) and is revoked in accordance therewith), (iii) the assignment of any RFR Loan other  than on the Interest Payment Date applicable thereto as a result of a request by the Borrower pursuant to  Section 2.19 or (iv) the failure by the Borrower to make any payment of any Loan or drawing under any  Letter of Credit (or interest due thereof) denominated in a Foreign Currency on its scheduled due date or  any payment thereof in a different currency, then, in any such event, the Borrower shall compensate each  Lender for the loss, cost and expense attributable to such event.  A certificate of any Lender setting forth  any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to  the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the  amount shown as due on any such certificate within 10 days after receipt thereof.  SECTION 2.17.  Taxes.  (a) Payments Free of Taxes.  Any and all payments by or on  account of any obligation of any Loan Party under any Loan Document shall be made without deduction or  withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in  the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any  Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled  to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the  

 

  55  283508840v.4  relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax,  then the sum payable by the applicable Loan Party shall be increased as necessary so that after such  deduction or withholding has been made (including such deductions and withholdings applicable to  additional sums payable under this Section 2.17) the applicable Recipient receives an amount equal to the  sum it would have received had no such deduction or withholding been made.  (b) Payment of Other Taxes by the Borrower.  The Borrower shall timely pay to the  relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative  Agent timely reimburse it for, Other Taxes.  (c) Evidence of Payments.  As soon as practicable after any payment of Taxes by any Loan  Party to a Governmental Authority pursuant to this Section 2.17, such Loan Party shall deliver to the  Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority  evidencing such payment, a copy of the return reporting such payment or other evidence of such payment  reasonably satisfactory to the Administrative Agent.  (d) Indemnification by the Loan Parties.  The Loan Parties shall jointly and severally  indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified  Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this  Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such  Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such  Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.   A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a  copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a  Lender, shall be conclusive absent manifest error.  (e) Indemnification by the Lenders.  Each Lender shall severally indemnify the  Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to  such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative  Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any  Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) 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 (e).  (f) Status of Lenders.  (i) Any Lender that is entitled to an exemption from or reduction of  withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower  and the Administrative Agent, at the time or times reasonably requested by the Borrower or the  Administrative Agent, such properly completed and executed documentation reasonably requested by the  Borrower or the Administrative Agent as will permit such payments to be made without withholding or at  a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the  Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably  requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative  Agent to determine whether or not such Lender is subject to backup withholding or information reporting  

 

  56  283508840v.4  requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion,  execution and submission of such documentation (other than such documentation set forth in Section  2.17(f)(ii)(A), 2.17(f)(ii)(B) and 2.17(f)(ii)(D) below) shall not be required if in the Lender’s reasonable  judgment such completion, execution or submission would subject such Lender to any material  unreimbursed cost or expense or would materially prejudice the legal or commercial position of such  Lender.  (ii) Without limiting the generality of the foregoing, in the event that the Borrower is a  U.S. Person:  (A) any Lender that is a U.S. Person shall deliver to the Borrower and the  Administrative Agent on or prior to the date on which such Lender becomes a Lender under  this Agreement (and from time to time thereafter upon the reasonable request of the  Borrower or the Administrative Agent), an executed copy of IRS Form W-9 certifying that  such Lender is exempt from U.S. federal backup withholding tax;  (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to  the Borrower and the Administrative Agent (in such number of copies as shall be requested  by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender  under this Agreement (and from time to time thereafter upon the reasonable request of the  Borrower or the Administrative Agent), whichever of the following is applicable:  (1) in the case of a Foreign Lender claiming the benefits of an income tax  treaty to which the United States is a party (x) with respect to payments of interest  under any Loan Document, an executed copy of IRS Form W-8BEN-E or IRS  Form W-8BEN establishing an exemption from, or reduction of, U.S. federal  withholding Tax pursuant to the “interest” article of such tax treaty and (y) with  respect to any other applicable payments under any Loan Document, IRS Form W- 8BEN-E or IRS Form W-8BEN establishing an exemption from, or reduction of,  U.S. Federal withholding Tax pursuant to the “business profits” or “other income”  article of such tax treaty;  (2) in the case of a Foreign Lender claiming that its extension of credit will  generate U.S. effectively connected income, an executed copy of IRS Form W- 8ECI;  (3) in the case of a Foreign Lender claiming the benefits of the exemption  for portfolio interest under Section 881(c) of the Code, (x) a certificate  substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is  not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a  “10 percent shareholder” of the Borrower within the meaning of  Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described  in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and  (y) an executed copy of IRS Form W-8BEN or IRS Form W-8BEN-E; or  (4) to the extent a Foreign Lender is not the beneficial owner, an executed  copy of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W- 8BEN-E or IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially  in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other  certification documents from each beneficial owner, as applicable; provided that if  

 

  57  283508840v.4  the Foreign Lender is a partnership and one or more direct or indirect partners of  such Foreign Lender are claiming the portfolio interest exemption, such Foreign  Lender may provide a U.S. Tax Compliance Certificate substantially in the form  of Exhibit G-4 on behalf of each such direct and indirect partner;  (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to  the Borrower and the Administrative Agent (in such number of copies as shall be requested  by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender  under this Agreement (and from time to time thereafter upon the reasonable request of the  Borrower or the Administrative Agent), executed copies of any other form prescribed by  applicable law as a basis for claiming exemption from or a reduction in U.S. Federal  withholding Tax, duly completed, together with such supplementary documentation as may  be prescribed by applicable law to permit the Borrower or the Administrative Agent to  determine the withholding or deduction required to be made; and  (D) if a payment made to a Lender under any Loan Document would be subject to  U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply  with the applicable reporting requirements of FATCA (including those contained in  Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the  Borrower and the Administrative Agent at the time or times prescribed by law and at such  time or times reasonably requested by the Borrower or the Administrative Agent such  documentation prescribed by applicable law (including as prescribed by  Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably  requested by the Borrower or the Administrative Agent as may be necessary for the  Borrower and the Administrative Agent to comply with their obligations under FATCA  and to determine that such Lender has complied with such Lender’s obligations under  FATCA or to determine the amount to deduct and withhold from such payment.  Solely for  purposes of this clause (D), “FATCA” shall include any amendments made to FATCA  after the date of this Agreement.  Each Lender agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify  the Borrower and the Administrative Agent in writing of its legal inability to do so.  (g) Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised  in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this  Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay to  the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made  under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket  expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by  the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the  request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to  this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental  Authority) in the event that such indemnified party is required to repay such refund to such Governmental  Authority.  Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified  party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment  of which would place the indemnified party in a less favorable net after-Tax position than the indemnified  party would have been in if the Tax subject to indemnification and giving rise to such refund had not been  deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with  respect to such Tax had never been paid.  This paragraph shall not be construed to require any indemnified  

 

  58  283508840v.4  party to make available its Tax returns (or any other information relating to its Taxes that it deems  confidential) to the indemnifying party or any other Person.  (h) Survival.  Each party’s obligations under this Section 2.17 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.  (i) Defined Terms.  For purposes of this Section 2.17, the term “Lender” includes the  Issuing Banks and the term “applicable law” includes FATCA.  SECTION 2.18.  Payments Generally; Pro Rata Treatment; Sharing of Set-offs.  (a) Except with respect to principal of and interest on Loans denominated in a Foreign  Currency, the Borrower shall make each payment or prepayment required to be made by it hereunder  (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under  Section 2.15, 2.16 or 2.17, or otherwise) in Dollars prior to 12:00 noon, New York City time, on the date  when due or the date fixed for any prepayment hereunder and all payments with respect to principal and  interest on Loans denominated in a Foreign Currency shall be made in such Foreign Currency not later than  the Local Time specified by the Administrative Agent on the dates specified herein, in each case, in  immediately available funds, without setoff, recoupment or counterclaim.  Any amounts received after such  time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on  the next succeeding Business Day for purposes of calculating interest thereon.  All such payments shall be  made to the Administrative Agent at its offices at 383 Madison Avenue, New York, New York except  payments to be made directly to Issuing Banks or Swingline Lenders as expressly provided herein and  except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons  entitled thereto.  The Administrative Agent shall distribute any such payments received by it for the account  of any other Person to the appropriate recipient promptly following receipt thereof.  If any payment  hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the  next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be  payable for the period of such extension.  Without limiting the generality of the foregoing, the  Administrative Agent may require that any payments due under this Agreement be made in the United  States.  Notwithstanding the foregoing provisions of this Section, if, after the making of any Credit Event  in any Foreign Currency, currency control or exchange regulations are imposed in the country which issues  such currency with the result that the type of currency in which the Credit Event was made (the “Original  Currency”) no longer exists or if for any other reason the Borrower is not able to make payment to the  Administrative Agent for the account of the Lenders in such Original Currency, then all payments to be  made by such Borrower hereunder in such currency shall instead be made when due in Dollars in an amount  equal to the Dollar Equivalent (as of the date of repayment) of such payment due, it being the intention of  the parties hereto that the Borrower takes all risks of the imposition of any such currency control or  exchange regulations.  (b) If at any time insufficient funds are received by and available to the Administrative  Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due  hereunder not constituting (i) a specific payment of principal, interest, fees or other sum payable under the  Loan Documents (which shall be applied as specified by the Borrower) or (ii) a mandatory prepayment  (which shall be applied in accordance with Section 2.11), such funds shall be applied ratably first, to pay  any fees, indemnities, or expense reimbursements (other than those described in the next clause second),  including amounts then due to the Administrative Agent and each Issuing Bank from the Borrower, second,  to pay any fees or expense reimbursements then due to the Lenders from the Borrower, third, to pay interest  

 

  59  283508840v.4  then due and payable on the Loans ratably, fourth, to prepay principal on the Loans and unreimbursed LC  Disbursements ratably, fifth, to pay in Dollars to the Administrative Agent a Dollar Equivalent equal to one  hundred three percent (103%) of the aggregate undrawn face amount of all outstanding Letters of Credit  and the aggregate amount of any unpaid LC Disbursements, to be held as cash collateral for such  Obligations and sixth, to the payment of any other Obligation due to the Administrative Agent or any Lender  by the Borrower.  Notwithstanding the foregoing, amounts received from any Loan Party shall not be  applied to any Excluded Swap Obligation of such Loan Party.  Notwithstanding anything to the contrary  contained in this Agreement, unless so directed by the Borrower, or unless an Event of Default is in  existence, none of the Administrative Agent or any Lender shall apply any payment which it receives to  any Term Benchmark Loan, except (x) on the expiration date of the Interest Period applicable to any such  Term Benchmark Loan or (y) in the event, and only to the extent, that there are no outstanding ABR Loans  and, in any event, the Borrower shall pay the break funding payment required in accordance with  Section 2.16.  The Administrative Agent and the Lenders shall have the continuing and exclusive right to  apply and reverse and reapply any and all such proceeds and payments to any portion of the Obligations.  (c) At the election of the Administrative Agent, all payments of principal, interest, LC  Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement  for fees and expenses pursuant to Section 9.03), and other sums payable under the Loan Documents, may  be paid from the proceeds of Borrowings made hereunder whether made following a request by the  Borrower pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from  any deposit account of the Borrower maintained with the Administrative Agent.  The Borrower hereby  irrevocably authorizes (i) the Administrative Agent to make a Borrowing for the purpose of paying each  payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan  Documents and agrees that all such amounts charged shall constitute Loans (including Swingline Loans)  and that all such Borrowings shall be deemed to have been requested pursuant to Sections 2.03 or 2.05, as  applicable and (ii) the Administrative Agent to charge any deposit account of the Borrower maintained with  the Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or  any other amount due under the Loan Documents.  (d) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise,  obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in  LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion  of the aggregate amount of its Revolving Loans and participations in LC Disbursements and Swingline  Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender  receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving  Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary  so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the  aggregate amount of principal of and accrued interest on their respective Revolving Loans and  participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are  purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall  be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the  provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant  to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as  consideration for the assignment of or sale of a participation in any of its Loans or participations in LC  Disbursements and Swingline Loans to any assignee or participant, other than to the Borrower or any  Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).  The Borrower  consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any  Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower  rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct  creditor of the Borrower in the amount of such participation.  

 

  60  283508840v.4  (e) Unless the Administrative Agent shall have received notice prior to the date on which  any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Banks pursuant  to the terms hereof or any other Loan Document (including any date that is fixed for prepayment by notice  from the Borrower to the Administrative Agent pursuant to Section 2.11(b)), notice from the Borrower that  the Borrower will not make such payment or prepayment, the Administrative Agent may assume that the  Borrower has made such payment on such date in accordance herewith and may, in reliance upon such  assumption, distribute to the Lenders or the Issuing Banks, as the case may be, the amount due.  In such  event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Banks,  as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount  so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the  date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at  the applicable Overnight Rate.  (f) If any Lender shall fail to make any payment required to be made by it pursuant to  Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), then the Administrative Agent may, in its  discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by  the Administrative Agent for the account of such Lender and for the benefit of the Administrative Agent,  the Swingline Lender or an Issuing Bank to satisfy such Lender’s obligations to it under such Section until  all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account  over which the Administrative Agent shall have exclusive control as cash collateral for, and application to,  any future funding obligations of such Lender under any such Section; in the case of each of clauses (i) and  (ii) above, in any order as determined by the Administrative Agent in its discretion.  SECTION 2.19.  Mitigation Obligations; Replacement of Lenders.  (a) If any Lender  requests compensation under Section 2.15, or the Borrower is required to pay any Indemnified Taxes or  additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant  to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for  funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its  offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment (i) would  eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and  (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be  disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses  incurred by any Lender in connection with any such designation or assignment.  (b) If (i) any Lender requests compensation under Section 2.15, (ii) the Borrower is  required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority  for the account of any Lender pursuant to Section 2.17 or (iii) any Lender becomes a Defaulting Lender,  then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative  Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the  restrictions contained in Section 9.04), all its interests, rights (other than its existing rights to payments  pursuant to Sections 2.15 or 2.17) and obligations under the Loan Documents to an assignee that shall  assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);  provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent  (and if a Commitment is being assigned, the Issuing Banks and the Swingline Lender), which consent shall  not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the  outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued  interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent  of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other  amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under  Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a  

 

  61  283508840v.4  reduction in such compensation or payments.  A Lender shall not be required to make any such assignment  and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances  entitling the Borrower to require such assignment and delegation cease to apply.  SECTION 2.20.  Increase of Commitments.  The Borrower may from time to time elect to  increase the Commitments, in each case in minimum increments of $5,000,000 and not less than  $20,000,000, so long as, after giving effect thereto, the aggregate amount of such increases does not exceed  $200,000,000, after giving effect to any such increase, the Aggregate Commitment does not exceed  $650,000,000 and the total number of increases implemented under this Section 2.20 does not exceed four  (4).  The Borrower may arrange for any such increase to be provided by one or more Lenders (each Lender  so agreeing to an increase in its Commitment, an “Increasing Lender”), or by one or more new banks,  financial institutions or other entities (each such new bank, financial institution or other entity, an  “Augmenting Lender”; provided that no Ineligible Institution may be an Augmenting Lender), which agree  to increase their existing Commitments or provide new Commitments, as the case may be; provided that  (i) each Augmenting Lender, shall be subject to the approval of the Borrower, the Administrative Agent  and the Issuing Banks and the Swingline Lender to the extent the consent of the Issuing Banks or the  Swingline Lender would be required to effect an assignment under Section 9.04(b), and (ii) (x) in the case  of an Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially in  the form of Exhibit C hereto, and (y) in the case of an Augmenting Lender, the Borrower and such  Augmenting Lender execute an agreement substantially in the form of Exhibit D hereto.  No consent of any  Lender (other than the Lenders participating in the increase) shall be required for any increase in  Commitments pursuant to this Section 2.20.  Increases and new Commitments pursuant to this Section 2.20  shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant  Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof.   Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Lender)  shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such  increase, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied or waived  by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated  such date and executed by a Financial Officer of the Borrower and (B) as of the effective date of any such  increase, no Default shall exist and (ii) the Administrative Agent shall have received evidence reasonably  acceptable to the Administrative Agent as to the organizational power and authority of the Borrower to  borrow hereunder after giving effect to such increase.  On the effective date of any increase in the  Commitments, (i) each relevant Increasing Lender and Augmenting Lender shall make available to the  Administrative Agent such amounts in immediately available funds as the Administrative Agent shall  determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to  such increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion  of the outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such  outstanding Revolving Loans, and (ii) the Borrower shall be deemed to have repaid and reborrowed all  outstanding Revolving Loans as of the date of any increase in the Commitments (with such reborrowing to  consist of the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice  delivered by the Borrower, in accordance with the requirements of Section 2.03).  The deemed payments  made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all  accrued interest on the amount prepaid and, in respect of each Eurocurrency Loan, shall be subject to  indemnification by the Borrower pursuant to the provisions of Section 2.16 if the deemed payment occurs  other than on the last day of the related Interest Periods.  Notwithstanding anything herein to the contrary,  the Administrative Agent, the Borrower and the applicable Augmenting Lenders and/or Increasing Lenders  may agree upon procedures for phasing in any increase to minimize breakage costs or for reasons of  convenience.  Nothing contained in this Section 2.20 shall constitute, or otherwise be deemed to be, a  commitment on the part of any Lender to increase its Commitment hereunder at any time.  In connection  with any increase of the Commitments pursuant to this Section 2.20, any Augmenting Lender becoming a  

 

  62  283508840v.4  party hereto shall (1) execute such documents and agreements as the Administrative Agent may reasonably  request and (2) in the case of any Augmenting Lender that is organized under the laws of a jurisdiction  outside of the United States of America, provide to the Administrative Agent, its name, address, tax  identification number and/or such other information as shall be necessary for the Administrative Agent to  comply with “know your customer” and anti-money laundering rules and regulations, including without  limitation, the Patriot Act.  SECTION 2.21.  Judgment Currency.  If, for the purposes of obtaining judgment in any  court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into  another currency, the rate of exchange used shall be that at which in accordance with normal banking  procedures the Administrative Agent could purchase the first currency with such other currency on the  Business Day preceding that on which final judgment is given.  The obligation of the Borrower in respect  of any such sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan  Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that  in which such sum is denominated in accordance with the applicable provisions of this Agreement (the  “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the  Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment  Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal  banking procedures purchase the Agreement Currency with the Judgment Currency.  If the amount of the  Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any  Lender from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and  notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case  may be, against such loss.  If the amount of the Agreement Currency so purchased is greater than the sum  originally due to the Administrative Agent or any Lender in such Currency, the Administrative Agent or  such Lender, as the case may be, agrees to return the amount of any excess to the Borrower (or to any other  Person who may be entitled thereto under applicable law).  SECTION 2.22.  Defaulting Lenders.  Notwithstanding any provision of this Agreement to  the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so  long as such Lender is a Defaulting Lender:  (a) fees shall cease to accrue on the unfunded portion of the Commitment of such  Defaulting Lender pursuant to Section 2.12(a);  (b) any payment of principal, interest, fees or other amounts received by the Administrative  Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to  Section 7.02 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to  Section 9.08 shall be applied at such time or times as may be determined by the Administrative Agent as  follows: (i) first, to the payment of any amounts owing by such Defaulting Lender to the Administrative  Agent hereunder; (ii) second, to the payment on a pro rata basis of any amounts owing by such Defaulting  Lender to any Issuing Bank or the Swingline Lender hereunder; (iii) third, to cash collateralize each Issuing  Bank’s LC Exposure with respect to such Defaulting Lender in accordance with this Section; (iv) fourth,  as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan  in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this  Agreement, as determined by the Administrative Agent; (v) fifth, if so determined by the Administrative  Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such  Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and  (y) cash collateralize each Issuing Bank’s future LC Exposure with respect to such Defaulting Lender with  respect to future Letters of Credit issued under this Agreement, in accordance with this Section; (vi) sixth,  to the payment of any amounts owing to the Lenders, the Issuing Banks or the Swingline Lender as a result  

 

  63  283508840v.4  of any judgment of a court of competent jurisdiction obtained by any Lender, any Issuing Bank or the  Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its  obligations under this Agreement or under any other Loan Document; (vii) seventh, so long as no Default  or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment  of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of  such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan  Document; and (viii) eighth, to such Defaulting Lender or as otherwise directed by a court of competent  jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or LC  Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and  (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set  forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of,  and LC Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the  payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all  Loans and funded and unfunded participations in the Borrower’s obligations corresponding to such  Defaulting Lender’s LC Exposure and Swingline Loans are held by the Lenders pro rata in accordance with  the Commitments without giving effect to clause (d) below.  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 shall be deemed paid to and redirected by such  Defaulting Lender, and each Lender irrevocably consents hereto;  (c) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not  be included in determining whether the Required Lenders have taken or may take any action hereunder  (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); except  that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent  of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each  affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to  other affected Lenders shall require the consent of such Defaulting Lender;  (d) if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a  Defaulting Lender then:  (i) all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender  (other than the portion of such Swingline Exposure referred to in clause (b) of the definition of such  term) shall be reallocated among the non-Defaulting Lenders in accordance with their respective  Applicable Percentages but only to the extent that such reallocation does not, as to any non- Defaulting Lender, cause the Dollar Equivalent of such non-Defaulting Lender’s Revolving Credit  Exposure to exceed its Commitment;  (ii) if the reallocation described in clause (i) above cannot, or can only partially, be  effected, the Borrower shall within one (1) Business Day following notice by the Administrative  Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize for the benefit  of the Issuing Banks only the Borrower’s obligations corresponding to such Defaulting Lender’s  LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in  accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is  outstanding;  (iii) if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC  Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such  Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC  Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;  

 

  64  283508840v.4  (iv) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i)  above, then the fees payable to the Lenders pursuant to Section 2.12(a) and Section 2.12(b) shall  be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and  (v) if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor  cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or  remedies of any Issuing Bank or any other Lender hereunder, all letter of credit fees payable under  Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to such  Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized;  and  (e) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be  required to fund any Swingline Loan and the Issuing Banks shall not be required to issue, amend or increase  any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then  outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or  cash collateral will be provided by the Borrower in accordance with Section 2.22(d), and participating  interests in any such newly made Swingline Loan or any newly issued or increased Letter of Credit shall  be allocated among non-Defaulting Lenders in a manner consistent with Section 2.22(d)(i) (and such  Defaulting Lender shall not participate therein).  If (i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent shall occur  following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or the  Issuing Banks have a good faith belief that any Lender has defaulted in fulfilling its obligations under one  or more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not  be required to fund any Swingline Loan and any Issuing Bank shall not be required to issue, amend or  increase any Letter of Credit, unless the Swingline Lender or such Issuing Bank, as the case may be, shall  have entered into arrangements with the Borrower or such Lender, satisfactory to the Swingline Lender or  such Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.  In the event that the Administrative Agent, the Borrower, the Swingline Lender and the  Issuing Banks each agrees that a Defaulting Lender has adequately remedied all matters that caused such  Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be  readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall  purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative  Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its  Applicable Percentage.  ARTICLE III    Representations and Warranties  The Borrower represents and warrants to the Lenders that:  SECTION 3.01.  Organization; Powers; Subsidiaries.  Each of the Borrower and its  Restricted Subsidiaries is duly organized, validly existing and in good standing under the laws of the  jurisdiction of its organization, has all requisite power and authority to carry on its business as now  conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be  expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in,  every jurisdiction where such qualification is required.  Schedule 3.01 hereto (as supplemented from time  to time) identifies each Subsidiary, noting whether such Subsidiary is a Material Domestic Subsidiary and  

 

  65  283508840v.4  specifying those Subsidiaries that are Unrestricted Subsidiaries, the jurisdiction of its incorporation or  organization, as the case may be, the percentage of issued and outstanding shares of each class of its Equity  Interests owned by the Borrower and the other Subsidiaries and, if such percentage is not 100% (excluding  directors’ qualifying shares as required by law), a description of each class issued and outstanding.  SECTION 3.02.  Authorization; Enforceability.  The Transactions are within each Loan  Party’s organizational powers and have been duly authorized by all necessary organizational actions and,  if required, actions by equity holders.  The Loan Documents to which each Loan Party is a party have been  duly executed and delivered by such Loan Party and constitute a legal, valid and binding obligation of such  Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency,  reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general  principles of equity, regardless of whether considered in a proceeding in equity or at law.  SECTION 3.03.  Governmental Approvals; No Conflicts.  The Transactions (a) do not  require any consent or approval of, registration or filing with, or any other action by, any Governmental  Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate  any applicable law or regulation or the charter, by-laws or other organizational documents of any Loan  Party or any order of any Governmental Authority, (c) will not violate or result in a default under any  indenture, agreement or other instrument binding upon any Loan Party or its assets, or give rise to a right  thereunder to require any payment to be made by any Loan Party, and (d) will not result in the creation or  imposition of any Lien on any asset of any Loan Party.  SECTION 3.04.  Financial Condition; No Material Adverse Change.  (a) The Borrower has  heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders  equity and cash flows (i) as of and for the fiscal year ended December 31, 2021 reported on by Ernst &  Young, LLP, independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the  fiscal year ended March 31, 2022.  Such financial statements present fairly, in all material respects, the  financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries  as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and  the absence of footnotes in the case of the statements referred to in clause (ii) above.  (b) Since December 31, 2021, there has been no event or circumstance, either individually  or in the aggregate, that has had or could reasonably be expected to result in a Material Adverse Effect.  SECTION 3.05.  Properties.  (a) Each of the Borrower and its Restricted Subsidiaries has  good title to, or valid leasehold interests in, all Property material to its business, which is not subject to any  Lien except for (i) Permitted Encumbrances and (ii) minor defects in title that do not interfere with its ability  to conduct its business as currently conducted or to utilize such properties for their intended purposes.  (b) Each of the Borrower and its Restricted Subsidiaries owns, or is licensed to use, all  trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the  use thereof by the Borrower and its Restricted Subsidiaries does not infringe upon the rights of any other  Person, except for any such infringements that, individually or in the aggregate, could not reasonably be  expected to result in a Material Adverse Effect.  SECTION 3.06.  Litigation, Environmental and Labor Matters.  (a) There are no actions,  suits, proceedings or investigations by or before any arbitrator or Governmental Authority pending against  or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Restricted  Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if  

 

  66  283508840v.4  adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material  Adverse Effect or (ii) that involve this Agreement or the Transactions.  (b) Except with respect to any other matters that, individually or in the aggregate, could  not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its  Restricted Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or  comply with any permit, license or other approval required under any Environmental Law, (ii) has become  subject to any Environmental Liability, (iii) has received notice of any claim with respect to any  Environmental Liability or (iv) knows of any basis for any Environmental Liability.  (c) There are no strikes, lockouts or slowdowns against the Borrower or any of its  Restricted Subsidiaries pending or, to their knowledge, threatened.  The hours worked by and payments  made to employees of the Borrower and its Restricted Subsidiaries have not been in violation of the Fair  Labor Standards Act or any other applicable Federal, state, local or foreign law relating to such matters.   All material payments due from the Borrower or any of its Restricted Subsidiaries, or for which any claim  may be made against the Borrower or any of its Restricted Subsidiaries, on account of wages and employee  health and welfare insurance and other benefits, have been paid or accrued as liabilities on the books of the  Borrower or such Restricted Subsidiary.  The consummation of the Transactions will not give rise to any  right of termination or right of renegotiation on the part of any union under any collective bargaining  agreement under which the Borrower or any of its Restricted Subsidiaries is bound that could reasonably  be expected to result in a Material Adverse Effect.  SECTION 3.07.  Compliance with Laws and Agreements.  Each of the Borrower and its  Restricted Subsidiaries is in compliance with all laws, regulations and orders of any Governmental  Authority applicable to it or its Property and all indentures, agreements and other instruments binding upon  it or its Property, except where the failure to do so, individually or in the aggregate, could not reasonably  be expected to result in a Material Adverse Effect.  SECTION 3.08.  Investment Company Status.  No Loan Party is an “investment company”  as defined in, or subject to regulation under, the Investment Company Act of 1940.  SECTION 3.09.  Taxes.  Each of the Borrower and its Restricted Subsidiaries has timely  filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to  be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith  by appropriate proceedings and for which the Borrower or such Restricted Subsidiary, as applicable, has  set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be  expected to result in a Material Adverse Effect.  SECTION 3.10.  ERISA.  No ERISA Event has occurred or is reasonably expected to  occur that, when taken together with all other such ERISA Events for which liability is reasonably expected  to occur, could reasonably be expected to result in a Material Adverse Effect.  SECTION 3.11.  Disclosure.  Neither the confidential information memorandum  previously provided by the Borrower nor any of the other reports, financial statements, certificates or other  information furnished by or on behalf of the Borrower or any Restricted Subsidiary to the Administrative  Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as  modified or supplemented by other information so furnished) contains any material misstatement of fact or  omits to state any material fact necessary to make the statements therein, in the light of the circumstances  under which they were made, not misleading; provided that, with respect to projected financial information,  

 

  67  283508840v.4  the Borrower represents only that such information was prepared in good faith based upon assumptions  believed to be reasonable at the time.  SECTION 3.12.  Margin Regulations.  The Borrower is not engaged and will not 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 part of the proceeds of any  Borrowing or Letter of Credit extension hereunder will be used to buy or carry any Margin Stock.   Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not  more than 25% of the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries  on a consolidated basis) will be Margin Stock.    SECTION 3.13.  Liens.  There are no Liens on any of the real or personal properties of the  Borrower or any Restricted Subsidiary except for Liens permitted by Section 6.02.  SECTION 3.14.  No Default.  No Default or Event of Default has occurred and is  continuing.  SECTION 3.15.  No Burdensome Restrictions.  The Borrower is not subject to any  Burdensome Restrictions except Burdensome Restrictions permitted under Section 6.08.  SECTION 3.16.  Anti-Corruption Laws and Sanctions.  The Borrower has implemented  and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its  Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and  applicable Sanctions, and the Borrower, its Subsidiaries and to the knowledge of the Borrower its officers,  directors, employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in  all material respects.  None of the Borrower, any Subsidiary, or to the knowledge of the Borrower or such  Subsidiary their respective directors, officers, employees, or any agent of the Borrower or any Subsidiary  that will act in any capacity in connection with or benefit from the credit facility established hereby, is a  Sanctioned Person.  No Borrowing or Letter of Credit, use of proceeds or other Transactions will violate  any Anti-Corruption Law or applicable Sanctions.  SECTION 3.17.  Primary Business.  The primary business of the Borrower and the  Subsidiaries taken as a whole is that of the manufacturing of, and services related to, transportation and  leasing of railroad cars and related equipment and businesses reasonably related to the foregoing.  SECTION 3.18.  Affected Financial Institutions.  No Loan Party is an Affected Financial  Institution.  SECTION 3.19.  Plan Assets.  None of the Borrower or any of its Subsidiaries is a Benefit  Plan.  ARTICLE IV    Conditions  SECTION 4.01.  Effective Date.  The effectiveness of this Agreement and the obligations  of the Lenders to make Loans hereunder and any agreement of the Issuing Banks to issue, amend, renew or  extend any Letter of Credit hereunder shall not become effective until the date on which each of the  following conditions is satisfied (or waived in accordance with Section 9.02):  

 

  68  283508840v.4  (a) The Administrative Agent (or its counsel) shall have received (i) from each party hereto  either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence  satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed  signature page of this Agreement) that such party has signed a counterpart of this Agreement and (ii) duly  executed copies of the Loan Documents and such other legal opinions, certificates, documents, instruments  and agreements as the Administrative Agent shall reasonably request in connection with the Transactions,  all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.  (b) The Administrative Agent shall have received a favorable written opinion (addressed  to the Administrative Agent and the Lenders and dated the Effective Date) of Haynes & Boone, LLP,  counsel for the Loan Parties, substantially in the form of Exhibit B, and covering such other matters relating  to the Loan Parties, the Loan Documents or the Transactions as the Administrative Agent shall reasonably  request.  The Borrower hereby requests such counsel to deliver such opinion.  (c) The Administrative Agent shall have received such documents and certificates as the  Administrative Agent or its counsel may reasonably request relating to the organization, existence and good  standing of the initial Loan Parties, the authorization of the Transactions and any other legal matters relating  to such Loan Parties, the Loan Documents or the Transactions, all in form and substance reasonably  satisfactory to the Administrative Agent and its counsel.  (d) All governmental and third party approvals necessary in connection with the Loan  Documents or the Transactions and the continuing operations of the Loan Parties (including shareholder  approvals, if any) shall have been obtained on satisfactory terms and shall be in full force and effect.    (e) The Lenders shall have received reasonably satisfactory financial statement projections  through and including the Borrower’s 2024 fiscal year, together with such information as the Administrative  Agent and the Lenders shall reasonably request (including, without limitation, a detailed description of the  assumptions used in preparing such projections).  (f) The Administrative Agent shall have received a certificate, dated the Effective Date and  signed by the President, a Vice President or a Financial Officer of the Borrower, certifying (i) that the  representations and warranties contained in Article III are true and correct in all material respects (or, in the  case of any representation or warranty already qualified by materially, in all respects) as of such date and  (ii) that no Default or Event of Default has occurred and is continuing as of such date.  (g) The Administrative Agent shall have received all fees and other amounts due and  payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of  all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.  (h) Upon the reasonable request of any Lender made in writing at least ten (10) days prior  to the Effective Date, the Borrower shall have provided to such Lender, and such Lender shall be reasonably  satisfied with, the documentation and other information so requested in connection with applicable “know  your customer” and anti-money-laundering rules and regulations, including, without limitation, the  PATRIOT Act, in each case at least five (5) days prior to the Effective Date.  The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice  shall be conclusive and binding.  

 

  69  283508840v.4  SECTION 4.02.  Each Credit Event.  The obligation of each Lender to make a Loan on the  occasion of any Borrowing, and of the Issuing Banks to issue, amend, renew or extend any Letter of Credit,  is subject to the satisfaction of the following conditions:  (a) The representations and warranties of the Borrower set forth in the Loan Documents  shall be true and correct in all material respects (without duplication of any materiality qualifiers set forth  therein) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension  of such Letter of Credit, as applicable, except to the extent that such representations and warranties  specifically refer to an earlier date, in which case they are true and correct in all material respects (or, in the  case of any representation or warranty already qualified by materially, in any respect) as of such earlier  date, and except that the representations and warranties contained in Sections 3.04(a)(i) and (a)(ii) shall be  deemed to refer to the most recent statements furnished pursuant to Sections 5.01(a) and (b), respectively.  (b) At the time of and immediately after giving effect to such Borrowing or the issuance,  amendment, renewal or extension of such Letter of Credit, as applicable, no Default or Event of Default  shall have occurred and be continuing.  Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed  to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified  in paragraphs (a) and (b) of this Section.  ARTICLE V    Affirmative Covenants  Until the Commitments have expired or been terminated and the principal of and interest  on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have  expired or terminated or been cash collateralized, in each case, without any pending draw, and all LC  Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:  SECTION 5.01.  Financial Statements and Other Information.  The Borrower will furnish  to the Administrative Agent and each Lender:  (a) within ninety (90) days after the end of each fiscal year of the Borrower (or, if earlier,  by the date that the Annual Report on Form 10-K of the Borrower for such fiscal year would be required to  be filed under the rules and regulations of the SEC, giving effect to any automatic extension available  thereunder for the filing of such form) (commencing with the fiscal year ended December 31, 2022), its  audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows  as of the end of and for such year, setting forth in each case in comparative form the figures for the previous  fiscal year, all reported on by Ernst & Young, LLP or other independent public accountants of recognized  national standing (without a “going concern” or like qualification or exception and without any qualification  or exception as to the scope of such audit) to the effect that such consolidated financial statements present  fairly in all material respects the financial condition and results of operations of the Borrower and its  consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;  (b) within forty-five (45) days after the end of each of the first three fiscal quarters of each  fiscal year of the Borrower (or, if earlier, by the date that the Quarterly Report on Form 10-Q of the  Borrower for such fiscal quarter would be required to be filed under the rules and regulations of the SEC,  giving effect to any automatic extension available thereunder for the filing of such form) (commencing with  the fiscal quarter ended June 30, 2022), its consolidated balance sheet and related statements of operations,  

 

  70  283508840v.4  stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion  of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or  periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one  of its Financial Officers as presenting fairly in all material respects the financial condition and results of  operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with  GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;  (c) concurrently with any delivery of financial statements under clause (a) or (b) above, a  certificate of a Financial Officer of the Borrower, substantially in the form of Exhibit E, (i) certifying as to  whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action  taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations  demonstrating compliance with Section 6.09 (which shall contain consolidating financial information with  respect to the Borrower, its Restricted Subsidiaries and its Unrestricted Subsidiaries supporting the  calculation of the financial covenants satisfactory to the Administrative Agent) and (iii) stating whether any  change in GAAP or in the application thereof has occurred since the date of the audited financial statements  referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on  the financial statements accompanying such certificate;  (d) promptly after the same become publicly available, copies of all periodic and other  reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the SEC, or any  Governmental Authority succeeding to any or all of the functions of said Commission, or with any national  securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be;  (e) [reserved];  (f) concurrently with the delivery of the certificate described in Section 5.01(c) above for  each fiscal year of Borrower; if requested by the Administrative Agent, within 45 days after the delivery of  the certificate described in Section 5.01(c) for a fiscal quarter; and, if requested by the Administrative Agent  at any time a Default exists, within 45 days after the request: (i) a Subsidiary Guaranty duly executed by  each Material Domestic Subsidiary that has not previously executed and delivered to the Administrative  Agent a Subsidiary Guaranty; (ii) such resolutions, member or partner consents, certificates, legal opinions  and such other related documents as the Administrative Agent may reasonably request with respect to each  such Material Domestic Subsidiary, all in form and substance reasonably satisfactory to the Administrative  Agent (and such Material Domestic Subsidiary shall become a subsidiary guarantor hereunder upon  delivery of the items described in clauses (i) and (ii)); and (iii) an updated Schedule 3.01;   (g) promptly after such delivery or receipt, copies of any financial or other report or notice  delivered to, or received from, any holders of any Subordinated Indebtedness, which report or notice has  not otherwise been delivered to the Administrative Agent hereunder; and  (h) promptly following any request therefor, (x) such other information regarding the  operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with  the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request and (y)  information and documentation reasonably requested by the Administrative Agent or any Lender for  purposes of compliance with applicable “know your customer” and anti-money laundering rules and  regulations, including the Patriot Act and the Beneficial Ownership Regulation.  Documents required to be delivered pursuant to Section 5.01(a), (b) or (d) (to the extent any such documents  are included in materials otherwise filed with the SEC) may be delivered electronically and, if so delivered,  shall be deemed to have been delivered on the date (i) on which such materials are publicly available as  

 

  71  283508840v.4  posted on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR); or (ii) on which such  documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each  Lender and the Administrative Agent have access (whether a commercial, third-party website or whether  made available by the Administrative Agent); provided that: (A) upon written request by the Administrative  Agent (or any Lender through the Administrative Agent) to the Borrower, the Borrower shall deliver paper  copies of such documents to the Administrative Agent or such Lender until a written request to cease  delivering paper copies is given by the Administrative Agent or such Lender and (B) the Borrower shall  notify the Administrative Agent and each Lender (by telecopier or electronic mail) 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.  The Administrative Agent shall have no obligation to request the delivery of  or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility  to monitor compliance by the Borrower with any such request by a Lender for delivery, and each Lender  shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of  such document to it and maintaining its copies of such documents Notwithstanding anything contained  herein, in every instance the Borrower shall be required to provide paper copies of the compliance  certificates required by clause (c) of this Section 5.01 to the Administrative Agent.  SECTION 5.02.  Notices of Material Events.  The Borrower will furnish to the  Administrative Agent and each Lender prompt written notice of the following:  (a) the occurrence of any Default;  (b) the filing or commencement of any action, suit or proceeding by or before any arbitrator  or Governmental Authority against or affecting the Borrower or any Subsidiary thereof that, if adversely  determined, could reasonably be expected to result in a Material Adverse Effect;  (c) the occurrence of any ERISA Event that, alone or together with any other ERISA  Events that have occurred, could reasonably be expected to result in a Material Adverse Effect;   (d) an announcement by Moody’s, Fitch, S&P or other rating agency of a change in the  ratings established or deemed to have been established for the Borrower or any Indebtedness of the  Borrower;  (e) any and all enforcement, cleanup, removal or other governmental or regulatory actions  instituted, completed or threatened or other environmental claims against the Borrower or any of its  Restricted Subsidiaries or any of their respective properties pursuant to any applicable Environmental Laws  which could reasonably be expected to result in a Material Adverse Effect; or  (f) any other development that results in, or could reasonably be expected to result in, a  Material Adverse Effect.  Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other  executive officer of the Borrower setting forth the details of the event or development requiring such notice  and any action taken or proposed to be taken with respect thereto.  SECTION 5.03.  Existence; Conduct of Business.  The Borrower will, and will cause each  of its Restricted Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in  full force and effect (a) its legal existence and (b) the rights, qualifications, licenses, permits, privileges,  franchises, governmental authorizations and intellectual property rights and to maintain all requisite  authority to conduct its business in each jurisdiction in which its business is conducted except, in the case  

 

  72  283508840v.4  of clause (b), where the failure to do so could reasonably be expected to result in a Material Adverse Effect;  provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted  under Section 6.03.  SECTION 5.04.  Payment of Obligations.  The Borrower will, and will cause each of its  Restricted Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could result in a  Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity  or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such  Restricted Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with  GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result  in a Material Adverse Effect.  SECTION 5.05.  Maintenance of Properties; Insurance.  The Borrower will, and will cause  each of its Restricted Subsidiaries to, (a) keep and maintain all Property material to the conduct of its  business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with  financially sound and reputable insurance companies, insurance in such amounts and against such risks as  are customarily maintained by the Borrower and its Restricted Subsidiaries.  SECTION 5.06.  Books and Records; Inspection Rights.  The Borrower will, and will  cause each of its Restricted Subsidiaries to, keep proper books of record and account in which full, true and  correct entries are made of all dealings and transactions in relation to its business and activities.  The  Borrower will, and will cause each of its Restricted Subsidiaries to, permit any representatives designated  by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties,  to examine and make extracts from its books and records, and to discuss its affairs, finances and condition  with its officers and independent accountants, all at such reasonable times and as often as reasonably  requested.  The Borrower acknowledges that the Administrative Agent, after exercising its rights of  inspection, may prepare and distribute to the Lenders certain reports pertaining to the Borrower’s and its  Restricted Subsidiaries’ assets for internal use by the Administrative Agent and the Lenders.  SECTION 5.07.  Compliance with Laws.  The Borrower will, and will cause each of its  Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority  applicable to it or its property (including without limitation Environmental Laws) except where the failure  to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse  Effect.  The Borrower will maintain in effect and enforce policies and procedures designed to ensure  compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents  with Anti-Corruption Laws and applicable Sanctions.  SECTION 5.08.  Use of Proceeds and Letters of Credit.  The proceeds of the Loans will be  used only to finance the working capital needs, and for general corporate purposes, of the Borrower and its  Subsidiaries in the ordinary course of business.  No part of the proceeds of any Loan will be used, whether  directly or indirectly, for any purpose that entails a violation of any of the regulations of the Federal Reserve  Board, including Regulations T, U and X.  The Borrower will not request any Borrowing or Letter of Credit,  and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors,  officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (i) in  furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or  anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of  funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person,  or in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions,  or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.  

 

  73  283508840v.4  SECTION 5.09.  Maintenance of Debt Ratings.  The Borrower shall use commercially  reasonable efforts to ensure that the Borrower’s Indebtedness is at all times rated by at least two (2) Rating  Agencies.  SECTION 5.10.  Keepwell.  The Borrower hereby absolutely, unconditionally and  irrevocably undertakes to provide such funds or other support as may be needed from time to time by each  Subsidiary Guarantor to honor all of its obligations under the Subsidiary Guaranty in respect of Specified  Swap Obligations (provided, however, that the Borrower shall only be liable under this Section 5.10 for the  maximum amount of such liability that can be hereby incurred without rendering its obligations under this  Section 5.10 voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and  not for any greater amount).  The Borrower intends that this Section 5.10 constitute, and this Section 5.10  shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each Subsidiary  Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  ARTICLE VI    Negative Covenants  Until the Commitments have expired or terminated and the principal of and interest on each  Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or  terminated or been cash collateralized, in each case, without any pending draw, and all LC Disbursements  shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:  SECTION 6.01.  Indebtedness.  The Borrower will not, and will not permit any Restricted  Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:  (a) the Obligations;  (b) Indebtedness existing on the date hereof and set forth in Schedule 6.01 and extensions,  renewals and replacements of any such Indebtedness with Indebtedness of a similar type that does not  increase the outstanding principal amount thereof or result in an earlier maturity date or decreased weighted  average life thereof and, to the extent such Indebtedness is subordinated to the Obligations, any replacement  Indebtedness is subordinated to the Obligations to the same extent as the subordinated Indebtedness being  replaced;  (c) Indebtedness of the Borrower to any Restricted Subsidiary and of any Restricted  Subsidiary to the Borrower or any other Restricted Subsidiary;  (d) Guarantees by the Borrower and its Restricted Subsidiaries of any Indebtedness not  prohibited hereunder;  (e) Indebtedness of the Borrower or any Restricted Subsidiary incurred to finance the  acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations  and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien  on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such  Indebtedness that do not increase the outstanding principal amount thereof; provided that (i) such  Indebtedness is incurred prior to or within 120 days after such acquisition or the completion of such  construction or improvement and (ii) no Default has occurred and is continuing at the time such  Indebtedness is incurred or would result from the incurrence thereof;  

 

  74  283508840v.4  (f) Indebtedness of any Person that becomes a Restricted Subsidiary after the date hereof;  provided that (i) such Indebtedness exists at the time such Person becomes a Restricted Subsidiary and is  not created in contemplation of or in connection with such Person becoming a Restricted Subsidiary and  (ii) the aggregate principal amount of Indebtedness permitted by this clause (f) shall not exceed a Dollar  Equivalent equal to $25,000,000;  (g) Indebtedness of the Borrower or any Restricted Subsidiary as an account party in  respect of letters of credit issued in the ordinary course of business (including, for the avoidance of doubt,  letters of credit supporting the performance of bids, trade contracts, leases, statutory obligations, surety and  appeal bonds, performance bonds and other obligations of a like nature); provided that the aggregate  principal amount of Indebtedness permitted by this clause (g) shall not exceed a Dollar Equivalent equal to  $20,000,000 at any time;  (h) Indebtedness of the Borrower or any Restricted Subsidiary secured by a Lien on any  asset of the Borrower or any Restricted Subsidiary; provided that the aggregate outstanding principal  amount of Indebtedness permitted by this clause (h) shall not in the aggregate exceed $15,000,000 at any  time;   (i) Indebtedness existing in connection with Swap Agreements; provided that such Swap  Agreements are in compliance with Section 6.05;   (j) (i) Capital Lease Obligations (excluding those outstanding on the Effective Date) of  TILC and its Restricted Subsidiaries arising under leases of rail cars and (ii) Indebtedness secured by rail  cars and their related leases to the extent that the Liens securing such Indebtedness shall be permitted by  Section 6.02; provided that the aggregate outstanding principal amount of all Indebtedness permitted by  this clause shall not exceed a Dollar Equivalent equal to $100,000,000 at any time outstanding; and   (k) in addition to Indebtedness permitted by the foregoing clauses of this Section 6.01,  unsecured Indebtedness of the Borrower and its Restricted Subsidiaries; provided that: (i) the maturity of  any such Indebtedness extends past the Maturity Date, (ii) no Default has occurred and is continuing at the  time such Indebtedness is incurred or would result from the incurrence thereof and (iii) after giving pro  forma effect to such Indebtedness, the Borrower shall be in compliance with the financial covenants set out  in Section 6.09.  SECTION 6.02.  Liens.  The Borrower will not, and will not permit any Restricted  Subsidiary to, create, incur, assume or permit to exist any Lien on any Property now owned or hereafter  acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect  of any thereof, except:  (a) Permitted Encumbrances;  (b) any Lien on any Property of the Borrower or any Restricted Subsidiary existing on the  date hereof and set forth in Schedule 6.02; provided that (i) such Lien shall not apply to any other Property  of the Borrower or any Restricted Subsidiary, and (ii) such Lien shall secure only those obligations which  it secures on the date hereof, and extensions, renewals and replacements thereof that do not increase the  outstanding principal amount thereof;  (c) any Lien existing on any Property prior to the acquisition thereof by the Borrower or  any Restricted Subsidiary or existing on any Property of any Person that becomes a Restricted Subsidiary  after the date hereof prior to the time such Person becomes a Restricted Subsidiary; provided that (i) such  

 

  75  283508840v.4  Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a  Restricted Subsidiary, as the case may be, (ii) such Lien shall not apply to any other Property of the  Borrower or any Restricted Subsidiary and (iii) such Lien shall secure only those obligations which it  secures on the date of such acquisition or the date such Person becomes a Restricted Subsidiary, as the case  may be, and extensions, renewals and replacements thereof that do not increase the outstanding principal  amount thereof;  (d) Liens on fixed or capital assets acquired, constructed or improved by the Borrower or  any Restricted Subsidiary; provided that (i) such Liens secure Indebtedness permitted by clause (e) of  Section 6.01, (ii) such Liens and the Indebtedness secured thereby are incurred prior to or within 120 days  after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured  thereby does not exceed 100% of the cost of acquiring, constructing or improving such fixed or capital  assets and (iv) such Liens do not apply to any other Property of the Borrower or any Restricted Subsidiary;  (e) Liens on rail cars of TILC and its Restricted Subsidiaries securing the Indebtedness  permitted by clause (j) of Section 6.01; provided that such Liens do not apply to any other Property of the  Borrower or any Restricted Subsidiary;  (f) Liens on rail cars, related leases and related collateral accounts; provided that (i) such  Liens secure Indebtedness permitted by clause (j) of Section 6.01; provided that such Liens do not apply to  any other Property of the Borrower or any Restricted Subsidiary;   (g) deposits to secure reimbursement obligations under letters credit permitted to be issued  under clause (g) of Section 6.01; and  (h) other Liens securing Indebtedness permitted under clause (h) of Section 6.01; provided  that the aggregate book value of all assets encumbered by all the Liens permitted under this clause (g) shall  not exceed $15,000,000, with the book value of an asset determined at the time of the granting of the Lien  therein.  SECTION 6.03.  Fundamental Changes and Asset Sales.  (a) The Borrower will not, and  will not permit any Restricted Subsidiary to, merge into or consolidate with any other Person, or permit any  other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one  transaction or in a series of transactions) any of its assets (including (x) pursuant to a Sale and Leaseback  Transaction and (y) any disposition of property to a Delaware Divided LLC pursuant to a Delaware LLC  Division), or any of the Equity Interests of any of its Subsidiaries (including pursuant to a Delaware LLC  Division) (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if  at the time thereof and immediately after giving effect thereto no Default shall have occurred and be  continuing:  (i) any Person may merge into the Borrower in a transaction in which the Borrower is the  surviving corporation;  (ii) any Restricted Subsidiary may merge into the Borrower or another Restricted  Subsidiary (provided that any such merger involving a Loan Party must result in such Loan Party  being the surviving entity);  (iii) any Restricted Subsidiary may sell, transfer, lease or otherwise dispose of its assets to  the Borrower or another Restricted Subsidiary;  

 

  76  283508840v.4  (iv) the Borrower and its Restricted Subsidiaries may (A) sell inventory in the ordinary  course of business, (B) effect sales, trade-ins or dispositions of used equipment for value in the  ordinary course of business consistent with past practice, (C) enter into licenses of technology in  the ordinary course of business, (D) sell rail cars owned less than one year in the ordinary course  of business, (E) sell rail cars owned more than one year in the ordinary course of business up to  $50,000,000 per year (excluding the sale of rail cars by Restricted Subsidiaries to Unrestricted  Subsidiaries), (F) sell rail cars by Restricted Subsidiaries to Unrestricted Subsidiaries for cash  consideration, or to the extent not for cash consideration, as otherwise permitted by Section 6.04,  (G) lease inventory and, to the extent not constituting inventory, rail cars and other equipment in  the ordinary course of business, (H) sell, transfer and dispose to the Borrower or a Restricted  Subsidiary;  (v) the Borrower and its Restricted Subsidiaries may dispose of other assets during the  entire term of this Agreement with an aggregate book value that does not exceed five percent (5%)  of the Borrower’s consolidated current assets (excluding the current assets of Unrestricted  Subsidiaries); provided that if the Borrower delivers a Reinvestment Notice with respect to an asset  disposition, the five percent (5%) of consolidated current asset limitation of this clause shall not  apply to the related asset disposition if the proceeds from such distribution are actually reinvested  during the related Reinvestment Period; and  (vi) any Restricted Subsidiary may liquidate or dissolve if the Borrower determines in good  faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially  disadvantageous to the Lenders.  (b) The Borrower will not, and will not permit any of its Restricted Subsidiaries to, engage  to any material extent in any business other than businesses of the type conducted by the Borrower and its  Restricted Subsidiaries on the date of execution of this Agreement and businesses reasonably related  thereto.  (c) The Borrower will not, and will not permit any of its Restricted Subsidiaries to, change  its fiscal year from the basis in effect on the Effective Date without the prior written consent of the  Administrative Agent, such consent not to be unreasonably withheld or delayed.  SECTION 6.04.  Investments, Loans, Advances, Guarantees and Acquisitions.  The  Borrower will not, and will not permit any of its Restricted Subsidiaries to, purchase, hold or acquire  (including pursuant to any merger or consolidation with any Person that was not a wholly owned Subsidiary  prior to such merger or consolidation) any Equity Interests, evidences of indebtedness or other securities  (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist  any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any  other interest in, any other Person (other than securities exercisable or convertible into, or exchangeable  for, Equity Interests of the Borrower and each Subsidiary), or purchase or otherwise acquire (in one  transaction or a series of transactions) any Person or any assets of any other Person constituting a business  unit, except:  (a) Permitted Investments;  (b) Permitted Acquisitions;  (c) investments by the Borrower and its Restricted Subsidiaries existing on the date hereof  in the Equity Interests of its Subsidiaries;  

 

  77  283508840v.4  (d) investments, loans or advances made by the Borrower in or to any Restricted Subsidiary  and made by any Restricted Subsidiary in or to the Borrower or any other Restricted Subsidiary;  (e) Guarantees permitted by Section 6.01;   (f) Swap Agreements permitted by Section 6.05; and  (g) in addition to investments permitted by the foregoing clauses of this Section 6.04, any  other investments (including any performance Guarantee of the obligations of any Unrestricted Subsidiary  but expressly excluding any repurchase of the Equity Interest of the Borrower that is not permitted pursuant  to Section 6.07) as long as at the time of and immediately after giving effect to any such investment, (i) no  Default has occurred and is continuing or would result and (ii) after giving pro forma effect to such  investment, the Borrower shall be in compliance with the financial covenants set out in Section 6.09, as  calculated for the fiscal year then most recently ended as if the investment had been incurred as of the first  day of each such period.  SECTION 6.05.  Swap Agreements.  The Borrower will not, and will not permit any of its  Restricted Subsidiaries to, enter into any Swap Agreement, except Swap Agreements entered into in the  ordinary course of business to hedge or mitigate risks to which the Borrower or any of its Restricted  Subsidiaries is exposed in the conduct of its business or the management of its liabilities or in connection  with the repurchase of any Equity Interests of the Borrower to the extent permitted by Section 6.07.  SECTION 6.06.  Transactions with Affiliates.  The Borrower will not, and will not permit  any of its Restricted Subsidiaries to, sell, lease or otherwise transfer any Property to, or purchase, lease or  otherwise acquire any Property from, or otherwise engage in any other transactions with, any of its  Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less  favorable to the Borrower or such Restricted Subsidiary than could be obtained on an arm’s-length basis at  fair market value from unrelated third parties, (b) transactions between or among the Borrower and its  Restricted Subsidiaries not involving any other Affiliate, (c) any Restricted Payment permitted by  Section 6.07 and (d) any transaction permitted by Section 6.04.  SECTION 6.07.  Restricted Payments.  (a) The Borrower will not, and will not permit any  of its Restricted Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any  Restricted Payment, except (i) the Borrower may declare and pay dividends with respect to its Equity  Interests payable solely in additional shares of its common stock, (ii) Restricted Subsidiaries may declare  and pay dividends ratably with respect to their Equity Interests, (iii) the Borrower may make Restricted  Payments pursuant to and in accordance with stock compensation plans or other benefit plans for  management or employees of the Borrower and its Restricted Subsidiaries, (iv) the Borrower and each  Restricted Subsidiary may purchase, redeem or otherwise acquire its Equity Interest with the proceeds  received from the substantially concurrent issuance of Equity Interest of such Person and (v) the Borrower  may declare and pay dividends or other Restricted Payments if, as of the date of the payment of such  dividends and after giving effect to the payment thereof and any Indebtedness incurred in connection  therewith, the Restricted Payment Conditions have been satisfied.  (b) Subordinated Debt Payments.  The Borrower will not make, directly or indirectly, any  cash principal payment of or in respect of any Subordinated Indebtedness (including any sinking fund or  similar deposit and any payment on account of the purchase, redemption, retirement, acquisition,  cancellation or termination of any Subordinated Indebtedness), except for Subordinated Note Payments that  are not prohibited under the subordination provisions set forth in the applicable Subordinated Indebtedness  Documents.  

 

  78  283508840v.4  SECTION 6.08.  Restrictive Agreements.  The Borrower will not, and will not permit any  of its Restricted Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or  other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or  any Restricted Subsidiary to create, incur or permit to exist any Lien upon any of its Property, or (b) the  ability of any Restricted Subsidiary to pay dividends or other distributions with respect to holders of its  Equity Interests or to make or repay loans or advances to the Borrower or any other Restricted Subsidiary  or to Guarantee Indebtedness of the Borrower or any other Restricted Subsidiary; provided that (i) the  foregoing shall not apply to restrictions and conditions imposed by law or by any Loan Document, (ii) the  foregoing shall not apply to restrictions and conditions existing on the Effective Date and identified on  Schedule 6.08 or substantially similar restrictions or conditions set forth in Indebtedness issued after the  Closing Date in accordance with Section 6.01 (but shall apply to any extension or renewal of, or any  amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing  shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a  Restricted Subsidiary pending such sale; provided that such restrictions and conditions apply only to its  Restricted Subsidiary that is to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing  shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness  permitted by this Agreement if such restrictions or conditions apply only to the Property securing such  Indebtedness, (v) clause (a) of the foregoing shall not apply to customary provisions in leases and other  contracts restricting the assignment thereof and (vi) the foregoing shall not apply to restrictions or  conditions imposed by any agreement executed in connection with Indebtedness permitted under  Section 6.01 (A) if at the time such Indebtedness is incurred, the Designated Rating is at least BBB- or  Baa3, as applicable (or the equivalent thereof), by at least two (2) of S&P, Moody’s, or Fitch or (B) if the  conditions in sub clause (A) are not satisfied at the time such Indebtedness is incurred, the foregoing  restrictions shall apply except that any such agreement may require the grant of a Lien to secure the  obligations thereunder if the Loan Party that is the obligor thereunder grants a Lien to secure another  obligation of such Loan Party.  SECTION 6.09.  Financial Covenants.  (a) Maximum Leverage Ratio.  The Borrower will not permit the ratio (the “Leverage  Ratio”), determined as of the end of each of its fiscal quarters ending on and after the fiscal quarter ending  June 30, 2022, of (i) Consolidated Total Indebtedness to (ii) Consolidated EBITDA for the period of four  (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower  and its Restricted Subsidiaries on a consolidated basis, to be greater than the ratio indicated below; provided  that on and after March 31, 2023, as of the last day of the four (4) fiscal quarters following a Qualified  Acquisition, the Borrower may elect to increase the Maximum Leverage Ratio set forth in the chart below  for each applicable fiscal quarter by 0.50x so long as the Borrower has not previously made two such  elections during the term of this Agreement.    Fiscal Quarter End Date Maximum Leverage Ratio  June 30, 2022 4.25:1.00  September 30, 2022 4.25:1.00  December 31, 2022 3.75:1.00  March 31, 2023 and thereafter 3.50:1.00    

 

  79  283508840v.4  (b) Minimum Interest Coverage Ratio.  The Borrower will not permit the ratio (the  “Interest Coverage Ratio”), determined as of the end of each of its fiscal quarters ending on and after June  30, 2022, of (i) the difference of (A) Consolidated EBITDA less (B) Consolidated Capital Expenditures  (but not including Consolidated Capital Expenditures of TILC or any of its Restricted Subsidiaries utilized  to acquire railcars or make modifications or improvements to railcars) to (ii) Consolidated Interest Expense  to the extent paid in cash, in each case for the period of four (4) consecutive fiscal quarters ending with the  end of such fiscal quarter, all calculated for the Borrower and its Restricted Subsidiaries on a consolidated  basis, to be less than 2.25 to 1.00.  (c) Unrestricted Subsidiary Indebtedness Interest Coverage Ratio.  The Borrower will not  permit the Unrestricted Subsidiary Indebtedness Interest Coverage Ratio as of the last day of any fiscal  quarter to be less than 1.50 to 1.00.  SECTION 6.10.  Sale and Leaseback Transactions.  The Borrower will not, and will not  permit any of its Restricted Subsidiaries to, enter into any arrangement, directly or indirectly, whereby it  shall sell or transfer any Property used or useful in its business, whether now owned or hereinafter acquired,  and thereafter rent or lease such Property or other Property that it intends to use for substantially the same  purpose or purposes as the Property sold or transferred, except for any such sale of any fixed or capital  assets that is made for cash consideration in an amount not less than the cost of such fixed or capital asset  in accordance with Section 6.03 and is consummated within 120 days after the Borrower or such Restricted  Subsidiary acquires or completes the construction of such fixed or capital asset.  SECTION 6.11.  Trinity Marks Company.  So long as Trinity Marks Company (“Trinity  Marks”) is designated as an Unrestricted Subsidiary, the Borrower will not, and will not permit any of its  Restricted Subsidiaries (including TILC) to, permit Trinity Marks to (a) hold any assets other than railcar  identification marks, including any evidence of ownership of such marks issued by the Association of  American Railroads and all rights with respect to such marks including the right to payment of railroad  mileage credits (the “Mark Assets”) and (b) conduct any business other than owning the Mark Assets, acting  for holders of the beneficial interests of the Mark Assets and the other activities permitted by Part V of that  certain Amended and Restated Marks Company Trust Agreement between TILC and Wilmington Trust  Company dated as of May 17, 2001, as the same exists on the Effective Date, without giving effect to any  amendment or other modification thereof unless such modification is approved by the Required Lender.   The Borrower will not permit TILC to hold less than 100% of the beneficial interest in all of the assets of  Trinity Marks other than those identified trust assets that are from time to time allocated by Trinity Marks  into one or more separate portfolios of trust assets to be accounted for independently.  ARTICLE VII    Events of Default  SECTION 7.01.  Events of Default.  If any of the following events (“Events of Default”)  shall occur:  (a) the Borrower shall fail to pay (including, but not limited to, any failure to pay any  mandatory prepayment required by Section 2.11(b)) any principal of any Loan or any reimbursement  obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether  at the due date thereof or at a date fixed for prepayment thereof or otherwise;  (b) any Loan Party shall fail to pay any interest on any Loan or any fee or any other amount  (other than an amount referred to in clause (a) of this Section) payable under this Agreement or any other  

 

  80  283508840v.4  Loan Document, when and as the same shall become due and payable, and such failure shall continue  unremedied for a period of five days;  (c) any representation or warranty made or deemed made by or on behalf of any Loan Party  in or in connection with this Agreement or any other Loan Document or any amendment or modification  hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other  document furnished pursuant to or in connection with this Agreement or any other Loan Document or any  amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been  incorrect in any material respect (or, in the case of any representation or warranty already qualified by  materiality, in any respect) when made or deemed made;  (d) the Borrower shall fail to observe or perform any covenant, condition or agreement  contained in Sections 5.01, 5.02, 5.03 (with respect to the Borrower’s existence) or 5.08 or in Article VI;  (e) the Borrower or any Subsidiary, as applicable, shall fail to observe or perform any  covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b)  or (d) of this Section) or any other Loan Document, and such failure shall continue unremedied for a period  of thirty (30) days after the earlier to occur of either (i) an Authorized Officer of the Borrower becoming  aware of such default or (ii) notice thereof having been given to the Borrower by the Administrative Agent  (which notice will be given at the request of any Lender);  (f) the Borrower or any Restricted Subsidiary shall fail to make any payment (whether of  principal or interest and regardless of amount) in respect of any Material Indebtedness of the Borrower or  any Restricted Subsidiary, when and as the same shall become due and payable;  (g) any event or condition occurs that results in any Material Indebtedness of the Borrower  or any Restricted Subsidiary becoming due prior to its scheduled maturity or that enables or permits (with  or without the giving of notice, the lapse of time or both) the holder or holders of any such Material  Indebtedness or any trustee or agent on its or their behalf to cause any such Material Indebtedness to become  due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled  maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result  of the voluntary sale or transfer of the Property securing such Indebtedness;  (h) either (i) any Unrestricted Subsidiary shall fail to make any payment (whether of  principal or interest and regardless of amount) in respect of any Material Indebtedness of such Unrestricted  Subsidiary, when and as the same shall become due and payable or (ii) any event or condition occurs that  results in any Material Indebtedness of any Unrestricted Subsidiary becoming due prior to its scheduled  maturity or enables or permits (with or without the giving of notice, the lapse of time or both) the holder or  holders of any such Material Indebtedness or any trustee or agent on its or their behalf to cause any such  Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance  thereof, prior to its scheduled maturity (not including any secured Indebtedness that becomes due as a result  of the voluntary sale or transfer of the Property securing such Indebtedness) and as a result of the occurrence  of either clause (i) or (ii) of this clause (h), any claims are made against the Borrower or a Restricted  Subsidiary under any performance or other Guarantee relating thereto;  (i) an involuntary proceeding shall be commenced or an involuntary petition shall be filed  seeking (i) liquidation, reorganization or other relief in respect of any Loan Party or its debts, or of a  substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or  similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator,  conservator or similar official for any Loan Party or for a substantial part of its assets, and, in any such case,  

 

  81  283508840v.4  such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving  or ordering any of the foregoing shall be entered;  (j) any Loan Party shall (i) voluntarily commence any proceeding or file any petition  seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy,  insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to  contest in a timely and appropriate manner, any proceeding or petition described in clause (i) of this Section,  (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or  similar official for any Loan Party or for a substantial part of its assets, (iv) file an answer admitting the  material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for  the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;  (k) any Loan Party shall become unable, admit in writing its inability or fail generally to  pay its debts as they become due;  (l) one or more judgments for the payment of money in an aggregate amount in excess of  $50,000,000 (to the extent not covered by independent third-party insurance as to which the insurer does  not dispute coverage) shall be rendered against the Borrower, any Restricted Subsidiary or any combination  thereof and the same shall remain undischarged for a period of thirty (30) consecutive days during which  execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to  attach or levy upon any assets of the Borrower or any such Restricted Subsidiary to enforce any such  judgment;  (m) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when  taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a  Material Adverse Effect;  (n) a Change in Control shall occur;  (o) the occurrence of any “default”, as defined in any Loan Document (other than this  Agreement) or the breach of any of the terms or provisions of any Loan Document (other than this  Agreement), which default or breach continues beyond any period of grace therein provided; or  (p) any material provision of any Loan Document for any reason ceases to be valid, binding  and enforceable in accordance with its terms (or the Borrower or any Subsidiary shall challenge the  enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction based  on any such assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is  not valid, binding and enforceable in accordance with its terms);   then, and in every such event (other than an event with respect to the Borrower described in clause (i) or (j)  of this Section), and at any time thereafter during the continuance of such event, the Administrative Agent  may, and at the request of the Required Lenders shall, by notice to the Borrower, take any or all of the  following actions, at the same or different times:  (i) terminate the Commitments, and thereupon the  Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable  in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be  declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable,  together with accrued interest thereon and all fees and other Obligations of the Borrower accrued hereunder  and under the other Loan Documents, shall become due and payable immediately, without presentment,  demand, protest or other notice of any kind, all of which are hereby waived by the Borrower, (iii) require  cash collateral for the LC Exposure as required in Section 2.06(j) hereof, and (iv) exercise on behalf of  

 

  82  283508840v.4  itself, the Lenders and the Issuing Banks all rights and remedies available to it, the Lenders and the Issuing  Banks under the Loan Documents and applicable law; and in case of any event with respect to the Borrower  described in clause (i) or (j) of this Section, the Commitments shall automatically terminate and the  principal of the Loans then outstanding and cash collateral for the LC Exposure, together with accrued  interest thereon and all fees and other Obligations accrued hereunder and under the other Loan Documents,  shall automatically become due and payable, and the obligation of the Borrower to cash collateralize the  LC Exposure as provided in clause (iii) above shall automatically become effective, in each case, without  presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.   Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may,  and at the request of the Required Lenders shall, exercise any rights and remedies provided to the  Administrative Agent under the Loan Documents or at law or equity.  SECTION 7.02.  Application of Payments.  Notwithstanding anything herein to the  contrary, following the occurrence and during the continuance of an Event of Default, and notice thereof to  the Administrative Agent by the Borrower or the Required Lenders, all payments received on account of  the Obligations shall, subject to Section 2.22, be applied by the Administrative Agent as follows:  (i) first, to payment of that portion of the Obligations constituting fees,  indemnities, expenses and other amounts payable to the Administrative Agent (including fees and  disbursements and other charges of counsel to the Administrative Agent payable under Section 9.03  and amounts pursuant to Section 2.12(c) payable to the Administrative Agent in its capacity as  such);  (ii) second, to payment of that portion of the Obligations constituting fees,  expenses, indemnities and other amounts (other than principal, reimbursement obligations in  respect of LC Disbursements, interest and Letter of Credit fees) payable to the Lenders and the  Issuing Banks (including fees and disbursements and other charges of counsel to the Lenders and  the Issuing Banks payable under Section 9.03) arising under the Loan Documents, ratably among  them in proportion to the respective amounts described in this clause (ii) payable to them;  (iii) third, to payment of that portion of the Obligations constituting accrued  and unpaid Letter of Credit fees and charges and interest on the Loans and unreimbursed LC  Disbursements, ratably among the Lenders and the Issuing Banks in proportion to the respective  amounts described in this clause (iii) payable to them;  (iv) fourth, (A) to payment of that portion of the Obligations constituting  unpaid principal of the Loans and unreimbursed LC Disbursements and any other Obligations  owing to the Lenders or any of their Affiliates under any Swap Agreement and (B) to cash  collateralize that portion of LC Exposure comprising the undrawn amount of Letters of Credit to  the extent not otherwise cash collateralized by the Borrower pursuant to Section 2.06 or 2.22,  ratably among the Lenders and the Issuing Banks in proportion to the respective amounts described  in this clause (iv) payable to them; provided that (x) any such amounts applied pursuant to  subclause (B) above shall be paid to the Administrative Agent for the ratable account of the  applicable Issuing Bank to cash collateralize Obligations in respect of Letters of Credit, (y) subject  to Section 2.06 or 2.21, amounts used to cash collateralize the aggregate amount of Letters of Credit  pursuant to this clause (iv) shall be used to satisfy drawings under such Letters of Credit as they  occur and (z) upon the expiration of any Letter of Credit (without any pending drawings), the pro  rata share of cash collateral shall be distributed to the other Obligations, if any, in the order set forth  in this Section 7.02;  

 

  83  283508840v.4  (v) fifth, to the payment in full of all other Obligations, in each case ratably  among the Administrative Agent, the Lenders, the Issuing Banks and their respective Affiliates  based upon the respective aggregate amounts of all such Obligations owing to them in accordance  with the respective amounts thereof then due and payable; and  (vi) finally, the balance, if any, after all Obligations have been indefeasibly  paid in full, to the Borrower or as otherwise required by law.  If any amount remains on deposit as cash collateral after all Letters of Credit have either been fully drawn  or expired (without any pending drawings), such remaining amount shall be applied to the other  Obligations, if any, in the order set forth above.  ARTICLE VIII    The Administrative Agent  SECTION 8.01.  Authorization and Action.  (a) Each Lender and Issuing Bank hereby  irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement and its  successors and assigns to serve as the administrative agent under the Loan Documents and each Lender and  Issuing Bank authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise  such powers under this Agreement and the other Loan Documents as are delegated to the Administrative  Agent under such agreements and to exercise such powers as are reasonably incidental thereto.  Without  limiting the foregoing, each Lender and Issuing Bank hereby authorizes the Administrative Agent to  execute and deliver, and to perform its obligations under, each of the Loan Documents to which the  Administrative Agent is a party, and to exercise all rights, powers and remedies that the Administrative  Agent may have under such Loan Documents.   (b) As to any matters not expressly provided for herein and in the other Loan Documents  (including enforcement or collection), the Administrative Agent shall not be required to exercise any  discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully  protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or  such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan  Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender  and Issuing Bank; provided, however, that the Administrative Agent shall not be required to take any action  that (i) the Administrative Agent in good faith believes exposes it to liability unless the Administrative  Agent receives an indemnification and is exculpated in a manner satisfactory to it from the Lenders and the  Issuing Banks with respect to such action or (ii) is contrary to this Agreement or any other Loan Document  or applicable law, including any action that may be in violation of the automatic stay under any requirement  of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture,  modification or termination of property of a Defaulting Lender in violation of any requirement of law  relating to bankruptcy, insolvency or reorganization or relief of debtors; provided, further, that the  Administrative Agent may seek clarification or direction from the Required Lenders prior to the exercise  of any such instructed action and may refrain from acting until such clarification or direction has been  provided.  Except as expressly set forth in the Loan Documents, the Administrative Agent shall not have  any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the  Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by  the Person serving as Administrative Agent or any of its Affiliates in any capacity.  Nothing in this  Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any  financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or  

 

  84  283508840v.4  powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity  against such risk or liability is not reasonably assured to it.   (c) In performing its functions and duties hereunder and under the other Loan Documents,  the Administrative Agent is acting solely on behalf of the Lenders and the Issuing Banks (except in limited  circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are  entirely mechanical and administrative in nature.  Without limiting the generality of the foregoing:  (i) the Administrative Agent does not assume and shall not be deemed to have assumed  any obligation or duty or any other relationship as the agent, fiduciary or trustee of or for any  Lender, Issuing Bank or holder of any other obligation other than as expressly set forth herein and  in the other Loan Documents, regardless of whether a Default or an Event of Default has occurred  and is continuing (and it is understood and agreed that the use of the term “agent” (or any similar  term) herein or in any other Loan Document with reference to the Administrative Agent is not  intended to connote any fiduciary duty or other implied (or express) obligations arising under  agency doctrine of any applicable law, and that such term is used as a matter of market custom and  is intended to create or reflect only an administrative relationship between contracting parties);  additionally, each Lender agrees that it will not assert any claim against the Administrative Agent  based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this  Agreement and the transactions contemplated hereby;  (ii) nothing in this Agreement or any Loan Document shall require the Administrative  Agent to account to any Lender for any sum or the profit element of any sum received by the  Administrative Agent for its own account;  (d) The Administrative Agent may perform any of its duties and exercise its rights and  powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed  by the Administrative Agent.  The Administrative Agent and any such sub-agent may perform any of their  respective duties and exercise their respective rights and powers through their respective Related Parties.   The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of  the Administrative Agent and any such sub-agent, and shall apply to their respective activities pursuant to  this Agreement.  The Administrative Agent shall not be responsible for the negligence or misconduct of  any sub-agent except to the extent that a court of competent jurisdiction determines in a final and  nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct  in the selection of such sub-agent.  (e) None of any Syndication Agent, any Co-Documentation Agent or any Joint Lead  Arranger shall have obligations or duties whatsoever in such capacity under this Agreement or any other  Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons  shall have the benefit of the indemnities provided for hereunder.  (f) In case of the pendency of any proceeding with respect to any Loan Party under any  Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the  Administrative Agent (irrespective of whether the principal of any Loan or any other obligation shall then  be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the  Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but  not obligated) by intervention in such proceeding or otherwise:  (i) to file and prove a claim for the whole amount of the principal and interest owing and  unpaid in respect of the Loans, LC Disbursements and all other Obligations that are owing and  

 

  85  283508840v.4  unpaid and to file such other documents as may be necessary or advisable in order to have the  claims of the Lenders, the Issuing Banks and the Administrative Agent (including any claim under  Sections 2.12, 2.13, 2.15, 2.17 and 9.03) allowed in such judicial proceeding; and  (ii) to collect and receive any monies or other property payable or deliverable on any such  claims and to distribute the same;   and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such  proceeding is hereby authorized by each Lender and each Issuing Bank to make such payments to the  Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such  payments directly to the Lenders or the Issuing Banks, to pay to the Administrative Agent any amount due  to it, in its capacity as the Administrative Agent, under the Loan Documents (including under Section 9.03).   Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to  or accept or adopt on behalf of any Lender or Issuing Bank any plan of reorganization, arrangement,  adjustment or composition affecting the Obligations or the rights of any Lender or Issuing Bank or to  authorize the Administrative Agent to vote in respect of the claim of any Lender or Issuing Bank in any  such proceeding.  (g) The provisions of this Article are solely for the benefit of the Administrative Agent, the  Lenders and the Issuing Banks, and, except solely to the extent of the Borrower’s rights to consent pursuant  to and subject to the conditions set forth in this Article, none of the Borrower or any Subsidiary, or any of  their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions.  Each  Lender or Affiliate of a Lender party to a Swap Agreement, whether or not a party hereto, will be deemed,  by its acceptance of the benefits of the Guarantees of the Obligations provided under the Loan Documents,  to have agreed to the provisions of this Article.  SECTION 8.02.  Administrative Agent’s Reliance, Indemnification, Etc.  (a) Neither the  Administrative Agent nor any of its Related Parties shall be (i) liable to any Lender for any action taken or  omitted to be taken by such party, the Administrative Agent or any of its Related Parties under or in  connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of  the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the  Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in  the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence  to be presumed unless otherwise determined by a court of competent jurisdiction by a final and non- appealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements,  representations or warranties made by any Loan Party or any officer thereof contained in this Agreement  or 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 under or in connection with, this Agreement or  any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency  of this Agreement or any other Loan Document (including, for the avoidance of doubt, in connection with  the Administrative Agent’s reliance on any Electronic Signature transmitted by telecopy, e-mailed pdf, or  any other electronic means that reproduces an image of an actual executed signature page) or for any failure  of any Loan Party to perform its obligations hereunder or thereunder.  (b) The Administrative Agent shall be deemed not to have knowledge of any (i) notice of  any of the events or circumstances set forth or described in Section 5.02 unless and until written notice  thereof stating that it is a “notice under Section 5.02” in respect of this Agreement and identifying the  specific clause under said Section is given to the Administrative Agent by the Borrower, or (ii) notice of  any Default or Event of Default unless and until written notice thereof (stating that it is a “notice of Default”  or a “notice of an Event of Default”) is given to the Administrative Agent by the Borrower, a Lender or an  

 

  86  283508840v.4  Issuing Bank. Further, the Administrative Agent shall not be responsible for or have any duty to ascertain  or inquire into (i) any statement, warranty or representation made in or in connection with any Loan  Document, (ii) the contents of any certificate, report or other document delivered thereunder or in  connection therewith, (iii) the performance or observance of any of the covenants, agreements or other  terms or conditions set forth in any Loan Document or the occurrence of any Default or Event of Default,  (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any  other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or  elsewhere in any Loan Document, other than to confirm receipt of items (which on their face purport to be  such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition  that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative  Agent.  Notwithstanding anything herein to the contrary, the Administrative Agent shall not be liable for,  or be responsible for any claim, liability, loss, cost or expense suffered by the Borrower, any Subsidiary,  any Lender or any Issuing Bank as a result of, any determination of the Credit Exposure, any of the  component amounts thereof or any portion thereof attributable to each Lender or Issuing Bank, or any  Exchange Rate or calculation of any Dollar Equivalent.  (c) Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any  promissory note as its holder until such promissory note has been assigned in accordance with Section 9.04,  (ii) may rely on the Register to the extent set forth in Section 9.04(b), (iii) may consult with legal counsel  (including counsel to the Borrower), independent public accountants and other experts selected by it, and  shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the  advice of such counsel, accountants or experts, (iv) makes no warranty or representation to any Lender or  Issuing Bank and shall not be responsible to any Lender or Issuing Bank for any statements, warranties or  representations made by or on behalf of any Loan Party in connection with this Agreement or any other  Loan Document, (v) in determining compliance with any condition hereunder to the making of a Loan, or  the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an  Issuing Bank, may presume that such condition is satisfactory to such Lender or Issuing Bank unless the  Administrative Agent shall have received notice to the contrary from such Lender or Issuing Bank  sufficiently in advance of the making of such Loan or the issuance of such Letter of Credit and (vi) shall be  entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan  Document by acting upon, any notice, consent, certificate or other instrument or writing (which writing  may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any  statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise  authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set  forth in the Loan Documents for being the maker thereof).  SECTION 8.03.  Posting of Communications.  (a) The Borrower agrees that the  Administrative Agent may, but shall not be obligated to, make any Communications available to the  Lenders and the Issuing Banks by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak,  ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic  transmission system (the “Approved Electronic Platform”).   (b) Although the Approved Electronic Platform and its primary web portal are secured with  generally-applicable security procedures and policies implemented or modified by the Administrative  Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and  the Approved Electronic Platform is secured through a per-deal authorization method whereby each user  may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, the Issuing  Banks and the Borrower acknowledges and agrees that the distribution of material through an electronic  medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting  the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that  

 

  87  283508840v.4  there are confidentiality and other risks associated with such distribution.  Each of the Lenders, the Issuing  Banks and the Borrower hereby approves distribution of the Communications through the Approved  Electronic Platform and understands and assumes the risks of such distribution.  (c) THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS  ARE PROVIDED “AS IS” AND “AS AVAILABLE”.  THE APPLICABLE PARTIES (AS DEFINED  BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE  COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND  EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED  ELECTRONIC PLATFORM AND THE COMMUNICATIONS.  NO WARRANTY OF ANY KIND,  EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY,  FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR  FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE  PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC  PLATFORM.  IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY JOINT LEAD  ARRANGER, ANY CO-DOCUMENTATION AGENT, ANY SYNDICATION AGENT OR ANY OF  THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE  ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY ISSUING BANK OR ANY OTHER  PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT,  SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER  IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE  ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE  INTERNET OR THE APPROVED ELECTRONIC PLATFORM.   (d) “Communications” means, collectively, any notice, demand, communication,  information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan  Document or the transactions contemplated therein which is distributed by the Administrative Agent, any  Lender or any Issuing Bank by means of electronic communications pursuant to this Section, including  through an Approved Electronic Platform.  (e) Each Lender and Issuing Bank agrees that notice to it (as provided in the next sentence)  specifying that Communications have been posted to the Approved Electronic Platform shall constitute  effective delivery of the Communications to such Lender for purposes of the Loan Documents.  Each  Lender and Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in the  form of electronic communication) from time to time of such Lender’s or Issuing Bank’s (as applicable)  email address to which the foregoing notice may be sent by electronic transmission and (ii) that the  foregoing notice may be sent to such email address.  (f) Each of the Lenders, the Issuing Banks and the Borrower agrees that the Administrative  Agent may, but (except as may be required by applicable law) shall not be obligated to, store the  Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s  generally applicable document retention procedures and policies.  (g) Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any  Issuing Bank to give any notice or other communication pursuant to any Loan Document in any other  manner specified in such Loan Document.  SECTION 8.04.  The Administrative Agent Individually.  With respect to its Commitment,  Loans and Letters of Credit, the Person serving as the Administrative Agent shall have and may exercise  the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the  

 

  88  283508840v.4  extent set forth herein for any other Lender or Issuing Bank, as the case may be.  The terms “Issuing Bank”,  “Lenders”, “Required Lenders” and any similar terms shall, unless the context clearly otherwise indicates,  include the Administrative Agent in its individual capacity as a Lender, Issuing Bank or as one of the  Required Lenders, as applicable.  The Person serving as the Administrative Agent and its Affiliates may  accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory  capacity for and generally engage in any kind of banking, trust or other business with, the Borrower, any  Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative  Agent and without any duty to account therefor to the Lenders or the Issuing Banks.  SECTION 8.05.  Successor Administrative Agent.  (a) The Administrative Agent may  resign at any time by giving 30 days’ prior written notice thereof to the Lenders, the Issuing Banks and the  Borrower, whether or not a successor Administrative Agent has been appointed.  Upon any such  resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent.  If no  successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have  accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of  resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Banks,  appoint a successor Administrative Agent, which shall be a bank with an office in New York, New York  or an Affiliate of any such bank.  In either case, such appointment shall be subject to the prior written  approval of the Borrower (which approval may not be unreasonably withheld and shall not be required  while an Event of Default has occurred and is continuing).  Upon the acceptance of any appointment as  Administrative Agent by a successor Administrative Agent, such successor Administrative Agent shall  succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring  Administrative Agent.  Upon the acceptance of appointment as Administrative Agent by a successor  Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and obligations  under this Agreement and the other Loan Documents.  Prior to any retiring Administrative Agent’s  resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as  may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative  Agent under the Loan Documents.  (b) Notwithstanding paragraph (a) of this Section, in the event no successor Administrative  Agent shall have been so appointed and shall have accepted such appointment within 30 days after the  retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may  give notice of the effectiveness of its resignation to the Lenders, the Issuing Banks and the Borrower,  whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring  Administrative Agent shall be discharged from its duties and obligations hereunder and under the other  Loan Documents; and (ii) the Required Lenders shall succeed to and become vested with all the rights,  powers, privileges and duties of the retiring Administrative Agent; provided that (A) all payments required  to be made hereunder or under any other Loan Document to the Administrative Agent for the account of  any Person other than the Administrative Agent shall be made directly to such Person and (B) all notices  and other communications required or contemplated to be given or made to the Administrative Agent shall  directly be given or made to each Lender and Issuing Bank.  Following the effectiveness of the  Administrative Agent’s resignation from its capacity as such, the provisions of this Article and Section 9.03,  as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan  Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and  their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while  the retiring Administrative Agent was acting as Administrative Agent.  SECTION 8.06.  Acknowledgments of Lenders and Issuing Banks.  (a) Each Lender and  Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial  lending facility, (ii) it is engaged in making, acquiring or holding commercial loans and in providing other  

 

  89  283508840v.4  facilities set forth herein as may be applicable to such Lender or Issuing Bank, in each case, in the ordinary  course of its business and not for the purpose of purchasing, acquiring or holding any other type of financial  instrument (and each Lender and Issuing Bank agrees not to assert a claim in contravention of the  foregoing), (iii) it has, independently and without reliance upon the Administrative Agent, any Joint Lead  Arranger, any Co-Syndication Agent, any Co-Documentation Agent or any other Lender, or any of the  Related Parties of any of the foregoing, and based on such documents and information as it has deemed  appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to  make, acquire or hold Loans hereunder and (iv) it is sophisticated with respect to decisions to make, acquire  and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such  Lender or such Issuing Bank, and either it, or the Person exercising direction in making its decision to make,  acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making,  acquiring or holding such commercial loans or providing such other facilities.  Each Lender and Issuing  Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent,  any Joint Lead Arranger, any Co-Syndication Agent, any Co-Documentation Agent or any other Lender,  or any of the Related Parties of any of the foregoing, and based on such documents and information (which  may contain material, non-public information within the meaning of the United States securities laws  concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make  its own decisions in taking or not taking action under or based upon this Agreement, any other Loan  Document or any related agreement or any document furnished hereunder or thereunder.  (b) Each Lender, by delivering its signature page to this Agreement on the Effective Date,  or delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant  to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and  consented to and approved, each Loan Document and each other document required to be delivered to, or  be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date.  (c) (i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender  that the Administrative Agent has determined in its sole discretion that any funds received by such Lender  from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of  principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously  transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment  (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter,  return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a  demand was made in same day funds, together with interest thereon in respect of each day from and  including the date such Payment (or portion thereof) was received by such Lender to the date such amount  is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the  Administrative Agent in accordance with banking industry rules on interbank compensation from time to  time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby  waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment  with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any  Payments received, including without limitation any defense based on “discharge for value” or any similar  doctrine.  A notice of the Administrative Agent to any Lender under this Section 8.06(c) shall be conclusive,  absent manifest error.  (ii) Each Lender hereby further agrees that if it receives a Payment from the Administrative  Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that  specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with  respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a  Payment Notice, it shall be on notice, in each such case, that an error has been made with respect  to such Payment.  Each Lender agrees that, in each such case, or if it otherwise becomes aware a  

 

  90  283508840v.4  Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the  Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall  promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent  the amount of any such Payment (or portion thereof) as to which such a demand was made in same  day funds, together with interest thereon in respect of each day from and including the date such  Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the  Administrative Agent at the greater of the NYFRB Rate and a rate determined by the  Administrative Agent in accordance with banking industry rules on interbank compensation from  time to time in effect.  (iii) The Borrower and each other Loan Party hereby agrees that (x) in the event an  erroneous Payment (or portion thereof) are not recovered from any Lender that has received such  Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all  the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay,  prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other  Loan Party.  (iv) Each party’s obligations under this Section 8.06(c) shall survive the resignation or  replacement of the Administrative Agent or any transfer of rights or obligations by, or the  replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or  discharge of all Obligations under any Loan Document.  SECTION 8.07.  Certain ERISA Matters.  (a) Each Lender (x) represents and warrants, as  of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person  became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,  the Administrative Agent and its respective Affiliates, and not, for the avoidance of doubt, to or for the  benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:  (i) such Lender is not using “plan assets” (within the meaning of the Plan Asset  Regulations) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or  the Commitments,  (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class  exemption for certain transactions determined by independent qualified professional asset  managers), PTE 95-60 (a class exemption for certain transactions involving insurance company  general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance  company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions  involving bank collective investment funds) or PTE 96-23 (a class exemption for certain  transactions determined by in-house asset managers), is applicable with respect to such Lender’s  entrance into, participation in, administration of and performance of the Loans, the Letters of  Credit, the Commitments and this Agreement,  (iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset  Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset  Manager made the investment decision on behalf of such Lender to enter into, participate in,  administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement,  (C) the entrance into, participation in, administration of and performance of the Loans, the Letters  of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections  (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the  requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s  

 

  91  283508840v.4  entrance into, participation in, administration of and performance of the Loans, the Letters of  Credit, the Commitments and this Agreement, or  (iv) such other representation, warranty and covenant as may be agreed in writing between  the Administrative Agent, in its sole discretion, and such Lender.  (b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with  respect to a Lender or such Lender has provided another representation, warranty and covenant as provided  in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants,  as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person  became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,  the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the  Borrower or any other Loan Party, that none of the Administrative Agent or any of its Affiliates is a  fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise  of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents  related hereto or thereto).  ARTICLE IX    Miscellaneous  SECTION 9.01.  Notices.  (a) Except in the case of notices and other communications  expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other  communications provided for herein shall be in writing and shall be delivered by hand or overnight courier  service, mailed by certified or registered mail or sent by telecopy, as follows:  (i) if to the Borrower, to it at Trinity Industries, Inc., 14221 North Dallas Parkway,  Suite 1100. Dallas, Texas  75254, Attention: John Lee;  (ii) if to the Administrative Agent or the Swingline Lender or, in its capacity as an Issuing  Bank, to it at JPMorgan Chase Bank, N.A., 2200 Ross Avenue, 3rd Floor, Dallas, Texas 75201,  Attention: Kody Nerios (Email: kody.j.nerios@jpmorgan.com; Telecopy No.: 214-965-2044;  Telephone No.: 214-965-3736), with a copy to JPMorgan Chase Bank, N.A., 10 South Dearborn,  Floor L2, Suite IL1-0480, Chicago, IL 60603-2300, Attention: Ashley Love (Email:  ashley.love@chase.com; Telephone No.: 312-732-9898) and JPMorgan Chase Bank, N.A., Middle  Market Servicing, 10 South Dearborn, Floor L2, Suite IL1-0480, Chicago, IL 60603-2300,  Attention: Commercial Banking Group (Email: jpm.agency.cri@jpmorgan.com and  jpm.agency.servicing.1@jpmorgan.com; Telecopy No.: 844-490-5663); and  (iii) if to any other Lender or Issuing Bank (other than JPMorgan Chase Bank, N.A.), to it  at its address (or telecopy number) set forth in its Administrative Questionnaire.  Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed  to have been given when received; notices sent by facsimile shall be deemed to have been given when sent  (except that, if not given during normal business hours for the recipient, shall be deemed to have been given  at the opening of business on the next business day for the recipient).  Notices delivered through Approved  Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective as provided in said  paragraph (b).  

 

  92  283508840v.4  (b) Notices and other communications to the Lenders and the Issuing Banks hereunder may  be delivered or furnished by using Approved Electronic Platforms pursuant to procedures approved by the  Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless  otherwise agreed by the Administrative Agent and the applicable Lender.  The Administrative Agent or the  Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by  electronic communications pursuant to procedures approved by it; provided that approval of such  procedures may be limited to particular notices or communications.  Unless the Administrative Agent otherwise prescribes, (i) notices and other  communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an  acknowledgement from the intended recipient (such as by the “return receipt requested” function, as  available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to  an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient,  at its e-mail address as described in the foregoing clause (i), of notification that such notice or  communication is available and identifying the website address therefor; provided that, for both clauses (i)  and (ii) above, if such notice, email or other communication is not sent during the normal business hours  of the recipient, such notice or communication shall be deemed to have been sent at the opening of business  on the next business day for the recipient.  (c) Any party hereto may change its address or telecopy number for notices and other  communications hereunder by notice to the other parties hereto.  SECTION 9.02.  Waivers; Amendments.  (a) No failure or delay by the Administrative  Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan  Document 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  Administrative Agent, the Issuing Banks and the Lenders hereunder and under the other Loan Documents  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 the Borrower therefrom shall in any  event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver  or consent shall be effective only in the specific instance and for the purpose for which given.  Without  limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be  construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any  Issuing Bank may have had notice or knowledge of such Default at the time.  (b) Except as provided in Section 2.20 with respect to an increase in the Commitments and  subject to Section 2.14(c) and clauses (c) and (d) below, neither this Agreement nor any provision hereof  may be waived, amended or modified except pursuant to an agreement or agreements in writing entered  into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the  consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of  any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC  Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the  written consent of each Lender directly affected thereby (other than with respect to any default interest,  which may be waived by the Required Lenders), (iii) postpone the scheduled date of payment of the  principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder,  or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration  of any Commitment, without the written consent of each Lender directly affected thereby, (iv) change  Section 2.09(c) or Section 2.18(b) or (d) in a manner that would alter the pro rata sharing of payments or  pro rata reduction of Commitments required thereby, without the written consent of each Lender affected  

 

  93  283508840v.4  thereby, (v) change the payment waterfall provisions of Section 2.22(b) or 7.02 without the written consent  of each Lender affected thereby, (vi) change any of the provisions of this Section or the definition of  “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required  to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder,  without the written consent of each Lender, (vii) change any of the provisions of the definition of “Agreed  Currencies” without the written consent of each Lender or (viii) release all or substantially all of the  Subsidiary Guarantors from their obligations under the Subsidiary Guaranty, in each case, without the  written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise  affect the rights or duties of the Administrative Agent, the Issuing Banks or the Swingline Lender hereunder  without the prior written consent of the Administrative Agent, the Issuing Banks or the Swingline Lender,  as the case may be (it being understood that any change to Section 2.22 shall require the consent of the  Administrative Agent, the Issuing Banks and the Swingline Lender); provided further that no such  agreement shall amend or modify the provisions of Section 2.06 or any letter of credit application and any  bilateral agreement between the Borrower and any Issuing Bank regarding the respective rights and  obligations between the Borrower and such Issuing Bank in connection with the issuance of Letters of  Credit without the prior written consent of the Administrative Agent and such Issuing Bank, respectively.   Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other modification of  this Agreement shall be required of any Defaulting Lender, except with respect to any amendment, waiver  or other modification referred to in clause (i), (ii) or (iii) of the first proviso of this paragraph and then only  in the event such Defaulting Lender shall be directly affected by such amendment, waiver or other  modification.  (c) Notwithstanding the foregoing, this Agreement and any other Loan Document may be  amended (or amended and restated) with the written consent of the Required Lenders, the Administrative  Agent and the Borrower (x) to add one or more credit facilities to this Agreement and to permit 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 Revolving Loans  and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding  such credit facilities in any determination of the Required Lenders and Lenders.  (d) If the Administrative Agent and the Borrower acting together identify any ambiguity,  omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan  Document, then the Administrative Agent and the Borrower shall be permitted to amend, modify or  supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect,  and such amendment shall become effective without any further action or consent of any other party to this  Agreement.  (e) If, in connection with any proposed amendment, waiver or consent requiring the  consent of “each Lender” or “each Lender directly affected thereby,” the consent of the Required Lenders  is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is  necessary but has not been obtained being referred to herein as a “Non-Consenting Lender”), then the  Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement; provided  that, concurrently with such replacement, (i) another bank or other entity (other than any Ineligible  Institution) which is reasonably satisfactory to the Borrower, the Administrative Agent, the Swingline  Lender and the Issuing Banks shall agree, as of such date, to purchase for cash the Loans and other  Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become  a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender  to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04, and  (ii) the Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such  replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender  

 

  94  283508840v.4  by the Borrower hereunder to and including the date of termination, including without limitation payments  due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the  payment which would have been due to such Lender on the day of such replacement under Section 2.16  had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement  Lender.  Each party hereto agrees that (a) an assignment required pursuant to this paragraph may be effected  pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the  assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by  reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such  parties are participants), and (b) the Lender required to make such assignment need not be a party thereto  in order for such assignment to be effective and shall be deemed to have consented to an be bound by the  terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such  assignment agree to execute and deliver such documents necessary to evidence such assignment as  reasonably requested by the applicable Lender; provided that any such documents shall be without recourse  to or warranty by the parties thereto.  (f) Notwithstanding anything to the contrary contained herein, the parties hereto hereby  agree that all Swap Agreements in effect from time to time between any Lender (or any of its Affiliates)  and the Borrower or any of the Subsidiaries are independent agreements governed by the written provisions  of such Swap Agreements, which will remain in force and effect, notwithstanding any repayment,  prepayment, acceleration, reduction, increase, or change in the terms of this Agreement or any other Loan  Document except as otherwise expressly provided in any such Swap Agreement, and any payoff statement  from the Administrative Agent relating to the Obligations hereunder shall not apply to any such Swap  Agreement unless otherwise expressly consented or agreed to by the applicable Lender (or its Affiliate) and  the Borrower  SECTION 9.03.  Expenses; Indemnity; Damage Waiver.  (a) The Borrower shall pay (i) all  reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the  reasonable fees, charges and disbursements of outside counsel for the Administrative Agent, in connection  with the syndication and distribution (including, without limitation, via the internet or through a service  such as Intralinks) of the credit facilities provided for herein, the preparation and administration of this  Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions  hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated),  (ii) all reasonable out-of-pocket expenses incurred by the Issuing Banks in connection with the issuance,  amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all  out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank or any Lender, including  the fees, charges and disbursements of any outside counsel for the Administrative Agent, any Issuing Bank  or any Lender, in connection with the enforcement or protection of its rights in connection with this  Agreement and any other Loan Document, including its rights under this Section, or in connection with the  Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during  any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.  (b) The Borrower shall indemnify the Administrative Agent, each Joint Lead Arranger,  each Syndication Agent, each Co-Documentation Agent, each Issuing Bank and each Lender, and each  Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and  hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses,  including the fees, charges and disbursements of any outside counsel for any Indemnitee, incurred by or  asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or  delivery of any Loan Document or any agreement or instrument contemplated thereby, (ii) the performance  by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or  any other transactions contemplated hereby, (iii) any Loan or Letter of Credit or the use of the proceeds  

 

  95  283508840v.4  therefrom (including any refusal by an Issuing Bank 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), (iv) any actual or alleged presence or release of Hazardous Materials on or from any  Property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability  related in any way to the Borrower or any of its Subsidiaries, or (v) any actual or prospective claim,  litigation, investigation or proceeding relating to any of the foregoing, whether or not such claim, litigation,  investigation or proceeding is brought by the Borrower or any other Loan Party or its or their respective  equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any  other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall  not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related  expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have  (x) resulted primarily from the gross negligence or willful misconduct of such Indemnitee or (y) arisen out  of disputes solely between and among Indemnitees (other than (1) as a result of any act or omission by the  Borrower or any of its Affiliates and (2) any dispute involving an Indemnitee acting in its capacity or  fulfilling its role as Administrative Agent, Joint Lead Arranger, Co-Documentation Agent or Syndication  Agent).  This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent  losses, claims or damages arising from any non-Tax claim.  (c) Each Lender severally agrees to pay any amount required to be paid by the Borrower  under paragraphs (a), (b) or (d) of this Section 9.03 to the Administrative Agent, each Joint Lead Arranger,  each Syndication Agent, each Co-Documentation Agent, the Issuing Banks and the Swingline Lender, and  each Related Party of any of the foregoing Persons (each, an “Agent Indemnitee”) (to the extent not  reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according  to their respective Applicable Percentage in effect on the date on which such payment is sought under this  Section (or, if such payment is sought after the date upon which the Commitments shall have terminated  and the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage  immediately prior to such date), and agrees to indemnify and hold each Indemnitee harmless from and  against any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and  disbursements of any kind whatsoever that may at any time (whether before or after the payment of the  Loans) be imposed on, incurred by or asserted against such Agent Indemnitee in any way relating to or  arising out of the Commitments, this Agreement, any of the other Loan Documents or any documents  contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any  action taken or omitted by such Agent Indemnitee under or in connection with any of the foregoing;  provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as  the case may be, was incurred by or asserted against such Agent Indemnitee in its capacity as such; provided  further that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses,  damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and  nonappealable decision of a court of competent jurisdiction to have resulted from such Agent Indemnitee’s  gross negligence or willful misconduct.  The agreements in this Section shall survive the termination of this  Agreement and the payment of the Loans and all other amounts payable hereunder.  (d) To the extent permitted by applicable law, (i) the Borrower shall not assert, and hereby  waives, any claim against any Indemnitee for any damages arising from the use by others of information or  other materials obtained through telecommunications, electronic or other information transmission systems  (including the Internet), and (ii) no party hereto shall assert, and each such party hereby waives, any claim  against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive  damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this  Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the  Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this  

 

  96  283508840v.4  clause (d)(ii) shall relieve the Borrower of any obligation it may have to indemnify an Indemnitee against  special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.  (e) All amounts due under this Section shall be payable not later than fifteen (15) days after  written demand therefor.  SECTION 9.04.  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 (including any Affiliate of the Issuing Banks that issues any Letter of Credit), except that  (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the  prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without  such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or  obligations hereunder except in accordance with this Section.  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 (including any Affiliate of the Issuing Banks that issues any Letter  of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly  contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Banks and the  Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.  (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign  to one or more Persons (other than an Ineligible Institution) all or a portion of its rights and obligations  under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it)  with the prior written consent (such consent not to be unreasonably withheld) of:  (A) the Borrower (provided that the Borrower shall be deemed to have consented  to any such assignment unless it shall object thereto by written notice to the Administrative  Agent within five (5) Business Days after having received notice thereof); provided,  further, that no consent of the Borrower shall be required for an assignment to a Lender,  an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is  continuing, any other assignee;  (B) the Administrative Agent; provided that no consent of the Administrative  Agent shall be required for an assignment of any Commitment to an assignee that is a  Lender (other than a Defaulting Lender) with a Commitment immediately prior to giving  effect to such assignment;  (C) the Issuing Banks; and  (D) the Swingline Lender.  (ii) Assignments shall be subject to the following additional conditions:  (A) except in the case of an assignment to a Lender or 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 $5,000,000 unless each of the Borrower and  the Administrative Agent otherwise consent; provided that no such consent of the Borrower  shall be required if an Event of Default has occurred and is continuing;  

 

  97  283508840v.4  (B) each partial assignment shall be made as an assignment of a proportionate part  of all the assigning Lender’s rights and obligations under this Agreement; provided that  this clause shall not be construed to prohibit the assignment of a proportionate part of all  the assigning Lender’s rights and obligations in respect of one Class of Commitments or  Loans;  (C) the parties to each assignment shall execute and deliver to the Administrative  Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement  incorporating an Assignment and Assumption by reference pursuant to an Approved  Electronic Platform as to which the Administrative Agent and the parties to the Assignment  and Assumption are participants, together with a processing and recordation fee of $3,500,  such fee to be paid by either the assigning Lender or the assignee Lender or shared between  such Lenders; and  (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative  Agent an Administrative Questionnaire in which the assignee designates one or more credit  contacts to whom all syndicate-level information (which may contain material non-public  information about the Borrower and its Affiliates and their Related Parties or their  respective securities) will be made available and who may receive such information in  accordance with the assignee’s compliance procedures and applicable laws, including  Federal and state securities laws.  For the purposes of this Section 9.04(b), the terms “Approved Fund” and “Ineligible  Institution” have the following meanings:  “Approved Fund” means any Person (other than a natural person) that is engaged in  making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary  course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or  (c) an entity or an Affiliate of an entity that administers or manages a Lender.  “Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender or its Lender  Parent, (c) the Borrower, any of its Subsidiaries or any of its Affiliates, or (d) a company, investment vehicle  or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof.  (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this  Section, from and after the effective date specified in each Assignment and Assumption the  assignee thereunder shall be a party hereto 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 2.15, 2.16, 2.17 and 9.03).  Any assignment or transfer by a Lender of rights  or obligations under this Agreement that does not comply with this Section 9.04 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 paragraph (c) of this Section.  (iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the  Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered  to it and a register for the recordation of the names and addresses of the Lenders, and the  

 

  98  283508840v.4  Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements  owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries  in the Register shall be conclusive, and the Borrower, the Administrative Agent, the Issuing Banks  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.  The Register shall be available for inspection by the Borrower, any Issuing Bank and  any Lender, at any reasonable time and from time to time upon reasonable prior notice.  (v) Upon its receipt of (x) a duly completed Assignment and Assumption executed by an  assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an  Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which  the Administrative Agent and the parties to the Assignment and Assumption are participants, the  assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender  hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any  written consent to such assignment required by paragraph (b) of this Section, the Administrative  Agent shall accept such Assignment and Assumption and record the information contained therein  in the Register; provided that if either the assigning Lender or the assignee shall have failed to make  any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e)  or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and  Assumption and record the information therein in the Register unless and until such payment shall  have been made in full, together with all accrued interest thereon.  No assignment shall be effective  for purposes of this Agreement unless it has been recorded in the Register as provided in this  paragraph.  (c) Any Lender may, without the consent of the Borrower, the Administrative Agent, the  Issuing Banks or the Swingline Lender, sell participations to one or more banks or other entities (a  “Participant”), other than an Ineligible Institution, in all or a portion of such Lender’s rights and obligations  under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided  that (A) such Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall  remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the  Borrower, the Administrative Agent, the Issuing Banks 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 to approve any  amendment, modification or waiver of any provision of this Agreement; provided that such agreement or  instrument may provide that such Lender will not, without the consent of the Participant, agree to any  amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such  Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15,  2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under  Section 2.17(f) (it being understood that the documentation required under Section 2.17(f) shall be  delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest  by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be  subject to the provisions of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of this  Section; and (B) shall not be entitled to receive any greater payment under Sections 2.15 or 2.17, with  respect to any participation, than its participating Lender would have been entitled to receive, except to the  extent such entitlement to receive a greater payment results from a Change in Law that occurs after the  Participant acquired the applicable participation.  Each Lender that sells a participation agrees, at the  Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the  provisions of Section 2.19(b) with respect to any Participant.  To the extent permitted by law, each  Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided that  

 

  99  283508840v.4  such Participant agrees to be subject to Section 2.18(d) as though it were a Lender.  Each Lender that sells  a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a  register on which it enters the name and address of each Participant and the principal amounts (and stated  interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the  “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of  the Participant Register (including the identity of any Participant or any information relating to a  Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan  Document) to any Person except to the extent that such disclosure is necessary to establish that such  Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of  the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent  manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register  as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the  contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)  shall have no responsibility for maintaining a Participant Register.  (d) Any Lender may at any time pledge or assign a security interest in all or any portion of  its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment  to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or  assignment of a security interest; provided that no such pledge or assignment of a security interest shall  release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such  Lender as a party hereto.  SECTION 9.05.  Survival.  All covenants, agreements, representations and warranties  made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in  connection with or pursuant to this Agreement or any other Loan Document shall be considered to have  been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan  Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any  investigation made by any such other party or on its behalf and notwithstanding that the Administrative  Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect  representation or warranty at the time any credit is extended hereunder, and shall continue in full force and  effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable  under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is  outstanding and so long as the Commitments have not expired or terminated.  The provisions of  Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect  regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the  expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement  or any other Loan Document or any provision hereof or thereof.  SECTION 9.06.  Counterparts; Integration; Effectiveness; Electronic Execution.    (a) This Agreement may be executed in counterparts (and by different parties hereto on  different counterparts), each of which shall constitute an original, but all of which when taken together shall  constitute a single contract.  This Agreement, the other Loan Documents and any separate letter agreements  with respect to fees payable to the Administrative Agent constitute the entire contract among the parties  relating to the subject matter hereof and supersede any and all previous agreements and understandings,  oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement  shall become effective when it shall have been executed by the Administrative Agent and when the  Administrative Agent shall have received counterparts hereof which, when taken together, bear the  signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit  of the parties hereto and their respective successors and assigns.    

 

  100  283508840v.4  (b) Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any  other Loan Document and/or (z) any document, amendment, approval, consent, information, notice  (including, for the avoidance of doubt, any notice delivered pursuant to Section 9.01Error! Reference  source not found.), certificate, request, statement, disclosure or authorization related to this Agreement,  any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary  Document”) that is an Electronic Signature transmitted by telecopy, emailed pdf.  or any other electronic  means that reproduces an image of an actual executed signature page shall be effective as delivery of a  manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document,  as applicable.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or  relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to  include Electronic Signatures, deliveries or the keeping of records in any electronic form (including  deliveries by telecopy, emailed pdf.  or any other electronic means that reproduces an image of an actual  executed signature page), each of which shall be of the same legal effect, validity or enforceability as a  manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,  as the case may be; provided that nothing herein shall require the Administrative Agent to accept Electronic  Signatures in any form or format without its prior written consent and pursuant to procedures approved by  it; provided, further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed  to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to  rely on such Electronic Signature purportedly given by or on behalf of the Borrower or any other Loan  Party without further verification thereof and without any obligation to review the appearance or form of  any such Electronic signature and (ii) upon the request of the Administrative Agent or any Lender, any  Electronic Signature shall be promptly followed by a manually executed counterpart.  Without limiting the  generality of the foregoing, the Borrower hereby (A) agrees that, for all purposes, including without  limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy  proceedings or litigation among the Administrative Agent, the Lenders, the Borrower and the Loan Parties,  Electronic Signatures transmitted by telecopy, emailed pdf.  or any other electronic means that reproduces  an image of an actual executed signature page and/or any electronic images of this Agreement, any other  Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability  as any paper original, (B) the Administrative Agent and each of the Lenders may, at its option, create one  or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form  of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such  Person’s business, and destroy the original paper document (and all such electronic records shall be  considered an original for all purposes and shall have the same legal effect, validity and enforceability as a  paper record), (C) waives any argument, defense or right to contest the legal effect, validity or enforceability  of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of  paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document,  respectively, including with respect to any signature pages thereto and (D) waives any claim against any  Indemnitee for any Liabilities arising solely from the Administrative Agent’s and/or any Lender’s reliance  on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf.  or any other electronic  means that reproduces an image of an actual executed signature page, including any Liabilities arising as a  result of the failure of the Borrower and/or any Loan Party to use any available security measures in  connection with the execution, delivery or transmission of any Electronic Signature.  SECTION 9.07.  Severability.  Any provision of any Loan Document 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 and enforceability of the  remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall  not invalidate such provision in any other jurisdiction.  

 

  101  283508840v.4  SECTION 9.08.  Right of Setoff.  If an Event of Default shall have occurred and be  continuing, each Lender, the Issuing Bank, and each of their respective Affiliates is hereby authorized at  any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all  deposits (general or special, time or demand, provisional or final and in whatever currency denominated)  at any time held, and other obligations at any time owing, by such Lender, such Issuing Bank or any such  Affiliate, to or for the credit or the account of the Borrower or any Subsidiary Guarantor against any and  all of the Obligations now or hereafter existing under this Agreement or any other Loan Document to such  Lender or such Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender,  Issuing Bank or Affiliate shall have made any demand under this Agreement or any other Loan Document  and although such obligations may be contingent or unmatured or are owed to a branch office or Affiliate  of such Lender or such Issuing Bank different from the branch office or Affiliate holding such deposit or  obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any  such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent  for further application in accordance with the provisions of Section 2.22 and, pending such payment, shall  be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of  the Administrative Agent, the Issuing Banks, and the Lenders, and (y) the Defaulting Lender shall provide  promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to  such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender, each Issuing  Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including  other rights of setoff) that such Lender, such Issuing Bank or their respective Affiliates may have.  Each  Lender and Issuing Bank agrees to notify the Borrower and the Administrative Agent promptly after any  such setoff and application; provided that the failure to give such notice shall not affect the validity of such  setoff and application.  SECTION 9.09.  Governing Law; Jurisdiction; Consent to Service of Process.  (a) This  Agreement and the other Loan Documents shall be construed in accordance with and governed by the law  of the State of New York.  (b) Each of the Lenders and the Administrative Agent hereby irrevocably and  unconditionally agrees that, notwithstanding the governing law provisions of any applicable Loan  Document, any claims brought against the Administrative Agent by any Lender relating to this Agreement,  any other Loan Document or the consummation or administration of the transactions contemplated hereby  or thereby shall be construed in accordance with and governed by the law of the State of New York.  (c) The Borrower hereby irrevocably and unconditionally submits, for itself and its  Property, to the exclusive jurisdiction of the United States District Court for the Southern District of New  York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme  Court of the State of New York sitting in the Borough of Manhattan), and any appellate court from any  thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document  or the transactions relating hereto or thereto, or for recognition or enforcement of any judgment, and each  of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such  action or proceeding may (and any such claims, cross-claims or third party claims brought against the  Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to  the extent permitted by law) or New York State.  Each of the parties hereto agrees that a final judgment in  any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the  judgment or in any other manner provided by law.  Nothing in this Agreement or any other Loan Document  shall (i) affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have  to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan  Party or its properties in the courts of any jurisdiction, (ii) waive any statutory, regulatory, common law, or  other rule, doctrine, legal restriction, provision or the like providing for the treatment of bank branches,  

 

  102  283508840v.4  bank agencies, or other bank offices as if they were separate juridical entities for certain purposes, including  Uniform Commercial Code Sections 4-106, 4-A-105(1)(b), and 5-116(b), UCP 600 Article 3 and ISP98  Rule 2.02, and URDG 758 Article 3(a), or (iii) affect which courts have or do not have personal jurisdiction  over the issuing bank or beneficiary of any Letter of Credit or any advising bank, nominated bank or  assignee of proceeds thereunder or proper venue with respect to any litigation arising out of or relating to  such Letter of Credit with, or affecting the rights of, any Person not a party to this Agreement, whether or  not such Letter of Credit contains its own jurisdiction submission clause.  (d) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it  may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue  of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document  in any court referred to in paragraph (c) of this Section.  Each of the parties hereto hereby irrevocably  waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of  such action or proceeding in any such court.  (e) Each party to this Agreement irrevocably consents to service of process in the manner  provided for notices in Section 9.01.  Nothing in this Agreement or any other Loan Document will affect  the right of any party to this Agreement to serve process in any other manner permitted by law.  SECTION 9.10.  WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY  WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY  HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY  ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR  THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON  CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT  NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,  EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF  LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT  IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS  AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS  IN THIS SECTION.  SECTION 9.11.  Headings.  Article and Section headings and the Table of Contents used  herein are for convenience of reference only, are not part of this Agreement and shall not affect the  construction of, or be taken into consideration in interpreting, this Agreement.  SECTION 9.12.  Confidentiality.  Each of the Administrative Agent, the Issuing Banks and  the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that  Information may be disclosed (a) to its, and its Affiliates’, directors, officers, employees 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 (including any  self-regulatory authority, such as the National Association of Insurance Commissioners), (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) in connection with the exercise of any remedies under this Agreement or any  other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan  Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing  provisions substantially the same as those of this Section, to (1) any assignee of or Participant in, or any  prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (2) any  actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the  

 

  103  283508840v.4  Borrower and its obligations, (g) on a confidential basis to (1) any rating agency in connection with rating  the Borrower or its Subsidiaries or the credit facilities provided for herein or (2) the CUSIP Service Bureau  or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to  the credit facilities provided for herein, (h) with the consent of the Borrower or (i) to the extent such  Information (1) becomes publicly available other than as a result of a breach of this Section or (2) becomes  available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a  source other than the Borrower.  For the purposes of this Section, “Information” means all information  received from the Borrower relating to the Borrower or its business, other than any such information that  is available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis prior  to disclosure by the Borrower and other than information pertaining to this Agreement routinely provided  by arrangers to data service providers, including league table providers, that serve the lending industry;  provided that, in the case of information received from the Borrower after the date hereof, such information  is clearly identified at the time of delivery as confidential.  Any Person required to maintain the  confidentiality of Information as provided in this Section shall be considered to have complied with its  obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of  such Information as such Person would accord to its own confidential information.  EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THE  IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS  AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING  THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES,  AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING  THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE  SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE  PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES  LAWS.  ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS,  FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR  IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL  INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION  ABOUT THE BORROWER, THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES  OR THEIR RESPECTIVE SECURITIES.  ACCORDINGLY, EACH LENDER REPRESENTS TO  THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS  ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE  INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN  ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.  SECTION 9.13.  USA PATRIOT Act.  Each Lender that is subject to the requirements of  the Patriot Act hereby notifies each Loan Party that pursuant to the requirements of the Patriot Act, it is  required to obtain, verify and record information that identifies such Loan Party, which information  includes the name and address of such Loan Party and other information that will allow such Lender to  identify such Loan Party in accordance with the Patriot Act.  SECTION 9.14.  Releases of Subsidiary Guarantors.  (a) A Subsidiary Guarantor shall automatically be released from its obligations under the  Subsidiary Guaranty upon the consummation of any transaction permitted by this Agreement as a result of  which such Subsidiary Guarantor ceases to be a Subsidiary; provided that, if so required by this Agreement,  the Required Lenders shall have consented to such transaction and the terms of such consent shall not have  

 

  104  283508840v.4  provided otherwise.  In connection with any termination or release pursuant to this Section, the  Administrative Agent shall (and is hereby irrevocably authorized by each Lender to) execute and deliver to  any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request  to evidence such termination or release.  Any execution and delivery of documents pursuant to this Section  shall be without recourse to or warranty by the Administrative Agent.  (b) Further, the Administrative Agent shall (and is hereby irrevocably authorized by each  Lender to), upon the request of the Borrower, release any Subsidiary Guarantor from its obligations under  the Subsidiary Guaranty if such Subsidiary Guarantor is no longer a Material Domestic Subsidiary.  (c) At such time as the principal and interest on the Loans, all LC Disbursements, the fees,  expenses and other amounts payable under the Loan Documents and the other Obligations (other than  obligations under any Swap Agreement and other Obligations expressly stated to survive such payment and  termination) shall have been paid in full in cash, the Commitments shall have been terminated and no  Letters of Credit shall be outstanding (unless cash collateralized), the Subsidiary Guaranty and all  obligations (other than those expressly stated to survive such termination) of each Subsidiary Guarantor  thereunder shall automatically terminate, all without delivery of any instrument or performance of any act  by any Person.  SECTION 9.15.  Interest Rate Limitation.  Notwithstanding anything herein to the  contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other  amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall  exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken,  received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest  payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be  limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been  payable in respect of such Loan but were not payable as a result of the operation of this Section shall be  cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall  be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with  interest thereon at the applicable Overnight Rate to the date of repayment, shall have been received by such  Lender.  SECTION 9.16.  No Advisory or Fiduciary Responsibility.  In connection with all aspects  of each transaction contemplated hereby (including in connection with any amendment, waiver or other  modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that: (i) (A)  the arranging and other services regarding this Agreement provided by the Lenders are arm’s-length  commercial transactions between the Borrower and its Affiliates, on the one hand, and the Lenders and  their Affiliates, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and  tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and  understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the  other Loan Documents; (ii) (A) each of the Lenders and their Affiliates is and has been acting solely as a  principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will  not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person  and (B) no Lender or any of its Affiliates has any obligation to the Borrower or any of its Affiliates with  respect to the transactions contemplated hereby except, in the case of a Lender, those obligations expressly  set forth herein and in the other Loan Documents; and (iii) each of the Lenders and their respective Affiliates  may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower  and its Affiliates, and no Lender or any of its Affiliates has any obligation to disclose any of such interests  to the Borrower or its Affiliates.  To the fullest extent permitted by law, the Borrower hereby waives and  releases any claims that it may have against each of the Lenders and their Affiliates with respect to any  

 

  105  283508840v.4  breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction  contemplated hereby.  SECTION 9.17.  Amendment and Restatement of Existing Credit Agreement.  The parties  hereto agree that as of the Effective Date: (a) the Obligations hereunder represent the amendment,  restatement, extension, and consolidation of the “Obligations” under the Existing Credit Agreement; (b) this  Agreement amends, restates, supersedes, and replaces the Existing Credit Agreement in its entirety; and  (c) any Subsidiary Guaranty executed pursuant to this Agreement amends, restates, supersedes, and  replaces any “Guaranty” executed pursuant to the Existing Credit Agreement.  On the Effective Date, (i) the  commitment of any “Lender” under the Existing Credit Agreement that is not continuing as a Lender  hereunder shall terminate and (ii) Administrative Agent shall reallocate the Commitments hereunder to  reflect the terms hereof.  SECTION 9.18.  No Fiduciary Duty, etc..  The Borrower acknowledges and agrees, and  acknowledges its Subsidiaries’ understanding, that no Credit Party will have any obligations except those  obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting  solely in the capacity of an arm’s length contractual counterparty to the Borrower with respect to the Loan  Documents and the transactions contemplated therein and not as a financial advisor or a fiduciary to, or an  agent of, the Borrower or any other person.  The Borrower agrees that it will not assert any claim against  any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this  Agreement and the transactions contemplated hereby.  Additionally, the Borrower acknowledges and agrees  that no Credit Party is advising the Borrower as to any legal, tax, investment, accounting, regulatory or any  other matters in any jurisdiction.  The Borrower shall consult with its own advisors concerning such matters  and shall be responsible for making its own independent investigation and appraisal of the transactions  contemplated hereby, and the Credit Parties shall have no responsibility or liability to the Borrower with  respect thereto.  The Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding,  that each Credit Party, together with its Affiliates, is a full service securities or banking firm engaged in  securities trading and brokerage activities as well as providing investment banking and other financial  services.  In the ordinary course of business, any Credit Party may provide investment banking and other  financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity,  debt and other securities and financial instruments (including bank loans and other obligations) of, the  Borrower and other companies with which it may have commercial or other relationships.  With respect to  any securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in  respect of such securities and financial instruments, including any voting rights, will be exercised by the  holder of the rights, in its sole discretion.  In addition, the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’  understanding, that each Credit Party and its affiliates may be providing debt financing, equity capital or  other services (including financial advisory services) to other companies in respect of which the Borrower  or its Subsidiaries may have conflicting interests regarding the transactions described herein and otherwise.   No Credit Party will use confidential information obtained from the Borrower by virtue of the transactions  contemplated by the Loan Documents or its other relationships with the Borrower or its Subsidiaries in  connection with the performance by such Credit Party of services for other companies, and no Credit Party  will furnish any such information to other companies.  The Borrower also acknowledges that no Credit  Party has any obligation to use in connection with the transactions contemplated by the Loan Documents,  or to furnish to the Borrower, confidential information obtained from other companies.  

 

  106  283508840v.4  SECTION 9.19.  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 liability of any Affected  Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion  Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to  be bound by:  (a) the application of any Write-Down and Conversion Powers by the applicable  Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party  hereto that is an Affected Financial Institution; and  (b) the effects of any Bail-In Action on any such liability, including, if applicable:  (i) a reduction in full or in part or cancellation of any such liability;  (ii) a conversion of all, or a portion of, such liability into shares or other instruments of  ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may  be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership  will be accepted by it in lieu of any rights with respect to any such liability under this Agreement  or any other Loan Document; or  (iii) the variation of the terms of such liability in connection with the exercise of the Write- Down and Conversion Powers of the applicable Resolution Authority.  SECTION 9.20.  Acknowledgment Regarding Any Supported QFCs.  To the extent that  the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other  agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a  “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of  the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the  Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated  thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit  Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported  QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States  or any other state of the United States):  In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes  subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and  the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC  and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit  Support) from such Covered Party will be effective to the same extent as the transfer would be effective  under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any  such interest, obligation and rights in property) were governed by the laws of the United States or a state of  the United States.  In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject  to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that  might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against  such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be  exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were  governed by the laws of the United States or a state of the United States.  Without limitation of the  foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting  

 

  107  283508840v.4  Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any  QFC Credit Support.  [Signature Pages Follow]    

 

 

 

JPMORGAN CHASE BANK, N.A., individually as a  Lender, as the Swingline Lender, as an Issuing Bank and  as Administrative Agent  Signature Page to Credit Agreement          By     Name: Kody J. Nerios  Title: Authorized Officer  

 

 

 

 

 

Signature Page to Credit Agreement  WELLS FARGO BANK, N.A, as a Lender  By:   Name: Kara Treiber       Title: Director   

 

REGIONS BANK, as a Lender By: Name: Griffin Higginbotham Title: Assistant Vice President Signature Page to Credit Agreement 

 

    Signature Page to Credit Agreement        PNC BANK,  as a Lender    By:   Name: Samreen Fatima    Title: Vice President

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