Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

REVOLVING CREDIT AGREEMENT 

dated as of June 29, 2017 
  

 
  

CRESCENT CAPITAL BDC, INC., 

as the Initial Borrower 
  

 
  

CAPITAL ONE, NATIONAL ASSOCIATION, 

as the Administrative Agent, Lead Arranger, Managing Agent and Committed Lender 

and 
 The other Lender Groups from
time to time party hereto. 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	 DEFINITIONS
	  	 	1	 
			
	 1.1.
	 	 Defined Terms
	  	 	1	 
	 1.2.
	 	 Construction
	  	 	40	 
	 1.3.
	 	 Accounting Terms
	  	 	41	 
	 1.4.
	 	 UCC Terms
	  	 	41	 
	 1.5.
	 	 References to Agreement and Laws
	  	 	41	 
	 1.6.
	 	 Times of Day
	  	 	41	 
	 1.7.
	 	 Exchange Rates; Currency Equivalents
	  	 	41	 
			
	 SECTION 2.
	 	 REVOLVING CREDIT LOANS
	  	 	42	 
			
	 2.1.
	 	 The Commitment
	  	 	42	 
	 2.2.
	 	 Revolving Credit Commitment
	  	 	42	 
	 2.3.
	 	 Manner of Borrowing
	  	 	42	 
	 2.4.
	 	 Minimum Loan Amounts
	  	 	46	 
	 2.5.
	 	 Funding
	  	 	46	 
	 2.6.
	 	 Interest
	  	 	47	 
	 2.7.
	 	 Determination of Rate
	  	 	48	 
	 2.8.
	 	 [Reserved]
	  	 	48	 
	 2.9.
	 	 Qualified Borrowers
	  	 	48	 
	 2.10.
	 	 Use of Proceeds and Borrower Guaranties
	  	 	48	 
	 2.11.
	 	 Fees
	  	 	49	 
	 2.12.
	 	 Unused Commitment Fee
	  	 	49	 
	 2.13.
	 	 [Reserved]
	  	 	49	 
	 2.14.
	 	 Extension of Maturity Date
	  	 	49	 
	 2.15.
	 	 Increase in the Maximum Commitment
	  	 	50	 
			
	 SECTION 3.
	 	 PAYMENT OF OBLIGATIONS
	  	 	52	 
			
	 3.1.
	 	 Revolving Credit Notes
	  	 	52	 
	 3.2.
	 	 Payment of Obligations
	  	 	52	 
	 3.3.
	 	 Payment of Interest
	  	 	52	 
	 3.4.
	 	 Payments on the Obligations
	  	 	53	 
	 3.5.
	 	 Prepayments
	  	 	53	 
	 3.6.
	 	 Reduction or Early Termination of Commitments
	  	 	55	 
	 3.7.
	 	 Lending Office
	  	 	55	 
	 3.8.
	 	 Joint and Several Liability
	  	 	55	 
			
	 SECTION 4.
	 	 CHANGE IN CIRCUMSTANCES
	  	 	56	 
			
	 4.1.
	 	 Taxes
	  	 	56	 
	 4.2.
	 	 Illegality
	  	 	60	 
	 4.3.
	 	 Inability to Determine Rates
	  	 	61	 
	 4.4.
	 	 Increased Cost and Capital Adequacy
	  	 	61	 
	 4.5.
	 	 Funding Losses
	  	 	63	 

							
	 4.6.
	 	 Requests for Compensation
	  	 	63	 
	 4.7.
	 	 Survival
	  	 	63	 
	 4.8.
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	63	 
			
	 SECTION 5.
	 	 SECURITY
	  	 	64	 
			
	 5.1.
	 	 Liens and Security Interest
	  	 	64	 
	 5.2.
	 	 The Collateral Accounts; Capital Calls
	  	 	65	 
	 5.3.
	 	 Agreement to Deliver Additional Collateral Documents
	  	 	66	 
	 5.4.
	 	 Subordination
	  	 	66	 
	 5.5.
	 	 Collateral Adjustment Date
	  	 	67	 
			
	 SECTION 6.
	 	 CONDITIONS PRECEDENT TO LENDING
	  	 	67	 
			
	 6.1.
	 	 Obligations of the Lenders
	  	 	67	 
	 6.2.
	 	 Conditions to all Loans
	  	 	70	 
	 6.3.
	 	 Addition of Qualified Borrowers
	  	 	70	 
			
	 SECTION 7.
	 	 REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES
	  	 	72	 
			
	 7.1.
	 	 Organization and Good Standing
	  	 	72	 
	 7.2.
	 	 Authorization and Power
	  	 	72	 
	 7.3.
	 	 No Conflicts or Consents
	  	 	72	 
	 7.4.
	 	 Enforceable Obligations
	  	 	73	 
	 7.5.
	 	 Priority of Liens
	  	 	73	 
	 7.6.
	 	 Financial Condition
	  	 	73	 
	 7.7.
	 	 Full Disclosure
	  	 	73	 
	 7.8.
	 	 No Default
	  	 	74	 
	 7.9.
	 	 No Litigation
	  	 	74	 
	 7.10.
	 	 Material Adverse Effect
	  	 	74	 
	 7.11.
	 	 Taxes
	  	 	74	 
	 7.12.
	 	 Principal Office; Jurisdiction of Formation
	  	 	74	 
	 7.13.
	 	 ERISA
	  	 	74	 
	 7.14.
	 	 Compliance with Law
	  	 	75	 
	 7.15.
	 	 Environmental Matters
	  	 	75	 
	 7.16.
	 	 Capital Commitments and Contributions
	  	 	75	 
	 7.17.
	 	 Fiscal Year
	  	 	75	 
	 7.18.
	 	 Investor Documents
	  	 	75	 
	 7.19.
	 	 Margin Stock
	  	 	75	 
	 7.20.
	 	 Business Development Company Status
	  	 	76	 
	 7.21.
	 	 No Defenses
	  	 	76	 
	 7.22.
	 	 No Withdrawals Without Approval
	  	 	76	 
	 7.23.
	 	 Foreign Asset Control Laws
	  	 	76	 
	 7.24.
	 	 Insider
	  	 	76	 
	 7.25.
	 	 Investors
	  	 	77	 
	 7.26.
	 	 Organizational Structure
	  	 	77	 
	 7.27.
	 	 No Brokers
	  	 	77	 
	 7.28.
	 	 Financial Condition
	  	 	77	 
	 7.29.
	 	 Transaction Information
	  	 	77	 
	 7.30.
	 	 Anti-Corruption Laws; Anti-Money Laundering Laws
	  	 	77	 

							
	 SECTION 8.
	 	 AFFIRMATIVE COVENANTS OF THE CREDIT PARTIES
	  	 	78	 
			
	 8.1.
	 	 Financial Statements, Reports and Notices
	  	 	78	 
	 8.2.
	 	 Payment of Obligations
	  	 	81	 
	 8.3.
	 	 Maintenance of Existence and Rights
	  	 	82	 
	 8.4.
	 	 Operations and Properties
	  	 	82	 
	 8.5.
	 	 Books and Records; Access
	  	 	82	 
	 8.6.
	 	 Compliance with Law
	  	 	82	 
	 8.7.
	 	 Insurance
	  	 	82	 
	 8.8.
	 	 Authorizations and Approvals
	  	 	82	 
	 8.9.
	 	 Maintenance of Liens
	  	 	82	 
	 8.10.
	 	 Further Assurances
	  	 	83	 
	 8.11.
	 	 Maintenance of Independence
	  	 	83	 
	 8.12.
	 	 Investor Financial Information and Confirmation of Unfunded Capital Commitments
	  	 	83	 
	 8.13.
	 	 Diversification Requirements
	  	 	84	 
	 8.14.
	 	 Compliance with Constituent Documents
	  	 	84	 
	 8.15.
	 	 Investor Default
	  	 	84	 
	 8.16.
	 	 Collateral Account
	  	 	84	 
	 8.17.
	 	 Compliance with Anti Terrorism Laws; Anti-Money Laundering Laws
	  	 	84	 
	 8.18.
	 	 Solvency
	  	 	85	 
	 8.19.
	 	 Returned Capital
	  	 	85	 
			
	 SECTION 9.
	 	 NEGATIVE COVENANTS
	  	 	85	 
			
	 9.1.
	 	 Credit Party Information
	  	 	85	 
	 9.2.
	 	 Mergers, Etc
	  	 	85	 
	 9.3.
	 	 Limitation on Liens
	  	 	85	 
	 9.4.
	 	 Fiscal Year and Accounting Method
	  	 	86	 
	 9.5.
	 	 Transfer of Interests; Admission of Investors
	  	 	86	 
	 9.6.
	 	 Constituent Documents
	  	 	86	 
	 9.7.
	 	 Transfer of Managing Entities’ Interest
	  	 	87	 
	 9.8.
	 	 Negative Pledge
	  	 	87	 
	 9.9.
	 	 Limitation on Withdrawals
	  	 	87	 
	 9.10.
	 	 Anti-Corruption Laws; Anti-Money Laundering Laws
	  	 	88	 
	 9.11.
	 	 Limitation on Indebtedness
	  	 	88	 
	 9.12.
	 	 Capital Commitments
	  	 	88	 
	 9.13.
	 	 Capital Calls
	  	 	88	 
	 9.14.
	 	 ERISA Compliance
	  	 	88	 
	 9.15.
	 	 Dissolution
	  	 	89	 
	 9.16.
	 	 Environmental Matters
	  	 	89	 
	 9.17.
	 	 Limitations on Distributions
	  	 	89	 
	 9.18.
	 	 Limitation on Collateral Account Withdrawals
	  	 	89	 
	 9.19.
	 	 Fund Structure
	  	 	89	 
	 9.20.
	 	 Limitations of Use of Loan Proceeds
	  	 	90	 
	 9.21.
	 	 Capital Returns
	  	 	90	 
	 9.22.
	 	 Commitment Period Termination Date
	  	 	90	 

							
	 9.23.
	 	 Transactions with Affiliates
	  	 	90	 
	 9.24.
	 	 Deposits to Collateral Accounts
	  	 	90	 
	 9.25.
	 	 Deemed Capital Contributions
	  	 	91	 
	 9.26.
	 	 Transaction Information
	  	 	91	 
			
	 SECTION 10.
	 	 EVENTS OF DEFAULT
	  	 	91	 
			
	 10.1.
	 	 Events of Default
	  	 	91	 
	 10.2.
	 	 Remedies Upon Event of Default
	  	 	94	 
	 10.3.
	 	 Lender Offset
	  	 	95	 
	 10.4.
	 	 Performance by the Administrative Agent
	  	 	96	 
	 10.5.
	 	 Good Faith Duty to Cooperate
	  	 	96	 
			
	 SECTION 11.
	 	 AGENCY PROVISIONS
	  	 	96	 
			
	 11.1.
	 	 Appointment and Authorization of Agents
	  	 	96	 
	 11.2.
	 	 Delegation of Duties
	  	 	98	 
	 11.3.
	 	 Exculpatory Provisions
	  	 	98	 
	 11.4.
	 	 Reliance on Communications
	  	 	98	 
	 11.5.
	 	 Notice of Default
	  	 	99	 
	 11.6.
	 	 Non-Reliance on Agents and Other Lenders
	  	 	99	 
	 11.7.
	 	 Indemnification
	  	 	100	 
	 11.8.
	 	 Agents in Their Individual Capacity
	  	 	100	 
	 11.9.
	 	 Successor Agents
	  	 	101	 
	 11.10.
	 	 Reliance by the Borrowers
	  	 	102	 
	 11.11.
	 	 Administrative Agent May File Proofs of Claim
	  	 	102	 
			
	 SECTION 12.
	 	 MISCELLANEOUS
	  	 	103	 
			
	 12.1.
	 	 Amendments
	  	 	103	 
	 12.2.
	 	 Sharing of Offsets
	  	 	105	 
	 12.3.
	 	 Sharing of Collateral
	  	 	105	 
	 12.4.
	 	 Waiver
	  	 	106	 
	 12.5.
	 	 Payment of Expenses; Indemnity
	  	 	106	 
	 12.6.
	 	 Notice
	  	 	108	 
	 12.7.
	 	 Governing Law
	  	 	110	 
	 12.8.
	 	 Choice of Forum; Consent to Service of Process and Jurisdiction; Waiver of Trial by
Jury
	  	 	110	 
	 12.9.
	 	 Invalid Provisions
	  	 	110	 
	 12.10.
	 	 Entirety
	  	 	111	 
	 12.11.
	 	 Successors and Assigns; Participations
	  	 	111	 
	 12.12.
	 	 Defaulting Committed Lenders
	  	 	117	 
	 12.13.
	 	 All Powers Coupled with Interest
	  	 	118	 
	 12.14.
	 	 Headings
	  	 	118	 
	 12.15.
	 	 Survival
	  	 	118	 
	 12.16.
	 	 Full Recourse
	  	 	118	 
	 12.17.
	 	 Availability of Records; Confidentiality
	  	 	119	 
	 12.18.
	 	 USA Patriot Act Notice
	  	 	120	 
	 12.19.
	 	 Multiple Counterparts
	  	 	120	 
	 12.20.
	 	 No Bankruptcy Petition Against any Conduit Lender
	  	 	121	 

							
	 12.21.
	 	 No Recourse Against any Conduit Lender
	  	 	121	 
	 12.22.
	 	 Term of Agreement
	  	 	121	 
	 12.23.
	 	 Inconsistencies with Other Documents
	  	 	121	 
	 12.24.
	 	 Initial Borrower as Agent
	  	 	121	 
	 12.25.
	 	 Judgment Currency
	  	 	122	 
	 12.26.
	 	 Acknowledgment and Consent to Bail-In of EEA Financial Institutions
	  	 	122	 

			
	 SCHEDULES

		
	 SCHEDULE I:
	  	 Credit Party Information

	 SCHEDULE II:
	  	 Lender Commitments and Related Information

	 SCHEDULE III:
	  	 Credit Party Organizational Structure

	 SCHEDULE IV:
	  	 Schedule of Investors

	
	 EXHIBITS

		
	 EXHIBIT A:
	  	 Form of Borrowing Base Certificate

	 EXHIBIT B:
	  	 Form of Note

	 EXHIBIT C:
	  	 Form of Security Agreement

	 EXHIBIT D:
	  	 Form of Pledge of Collateral Account

	 EXHIBIT E:
	  	 Form of Request for Borrowing

	 EXHIBIT F:
	  	 [Reserved]

	 EXHIBIT G:
	  	 Form of Rollover/Conversion Notice

	 EXHIBIT H:
	  	 Form of Lender Assignment and Assumption

	 EXHIBIT I:
	  	 Form of Qualified Borrower Promissory Note

	 EXHIBIT J:
	  	 Form of Qualified Borrower Guaranty

	 EXHIBIT K:
	  	 [Reserved]

	 EXHIBIT L:
	  	 [Reserved]

	 EXHIBIT M:
	  	 Form of Responsible Officer’s Certificate

	 EXHIBIT N:
	  	 Form of Compliance Certificate

	 EXHIBIT O:
	  	 Form of Lender Joinder Agreement

	 EXHIBIT P:
	  	 Form of Facility Extension/Increase Request

	 EXHIBIT Q:
	  	 Form of Capital Return Certification

	 EXHIBIT R:
	  	 [Reserved]

	 EXHIBIT S:
	  	 Form of U.S. Tax Compliance Certificate

	 EXHIBIT T:
	  	 Form of Subscription Agreement

 REVOLVING CREDIT AGREEMENT 

THIS REVOLVING CREDIT AGREEMENT, is dated as of June 29, 2017, by and among CRESCENT CAPITAL BDC,
INC., a Delaware corporation (the “Initial Borrower”, and collectively with any Qualified Borrowers, the “Borrowers”), the banks and other financial institutions from time to time party hereto as Managing
Agents, Conduit Lenders and Committed Lenders (each capitalized term not defined is defined below), and CAPITAL ONE, NATIONAL ASSOCIATION (“Capital One”), as the Administrative Agent (as hereinafter defined) for the Secured
Parties. 
 A.    The Initial Borrower has requested that the Lenders make loans to provide working
capital to the Initial Borrower and to any other Borrower becoming a party hereto for purposes permitted under the Constituent Documents (as defined below) of the Credit Parties (as defined below). 

B.    The Lenders are willing to make loans upon the terms and subject to the conditions set forth in this
Credit Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises herein contained and for other valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
  

	Section 1.	 DEFINITIONS 

1.1.    Defined Terms. For the purposes of the Loan Documents, unless otherwise expressly defined,
the following terms shall have the meanings assigned to them below: 
 “Account Bank” means State Street
Bank and Trust Company, or any successor thereto, or any replacement Account Bank pursuant to Section 5.2(b). 

“Adequately Capitalized” means compliance with the capital standards for bank holding companies as described
in the Bank Holding Company Act of 1956, as amended, and regulations promulgated thereunder. 
 “Adjusted
LIBOR” means, for any Loan, for any Interest Period therefor, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) determined by the Administrative Agent to be equal to: (a) the quotient obtained by dividing:
(i) LIBOR for such Loan for such Interest Period; by (ii) one (1) minus the LIBOR Reserve Requirement for such Loan for such Interest Period; plus (b) the Applicable Margin. If the calculation of Adjusted LIBOR results in an
Adjusted LIBOR rate of less than zero (0) (without, for the avoidance of doubt, inclusion of the Applicable Margin), Adjusted LIBOR shall be deemed to be zero (0) (without, for the avoidance of doubt, inclusion of the Applicable Margin) for all
purposes of the Loan Documents. 
 “Administrative Agent” means Capital One, until the appointment of a
successor “Administrative Agent” pursuant to Section 11.9 and, thereafter, shall mean such successor Administrative Agent. 

 “Administrative Questionnaire” means an administrative
questionnaire in a form supplied by the Administrative Agent. 
 “Affected Party” means each of the Agents,
the Lenders, any Program Support Provider and any permitted assignee or participant of any of the foregoing. 

“Affiliate” of any Person means any other Person that, directly or indirectly, controls or is controlled by,
or is under common control with, such Person. For the purpose of this definition, “control” and the correlative meanings of the terms “controlled by” and “under common control with” when used with respect to any
specified Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting shares, partnership interests, shareholder interests,
membership interests or by contract or otherwise. 
 “Agency Services Address” means the address for the
Administrative Agent set forth in Section 12.6, or such other address as may be identified by written notice from the Administrative Agent to the Borrowers and the Lenders from time to time. 

“Agent-Related Person” has the meaning provided in Section 11.3. 

“Agents” means, collectively, the Administrative Agent, the Lead Arranger, the Managing Agent and any
successors and assigns in such capacities. 
 “Agreement Currency” has the meaning provided in
Section 12.25. 
 “Alternative Currency” means (i) Euro, (ii) Canadian
Dollar, (iii) Sterling and (iv) any other non-Dollar currency requested by a Borrower and approved by the Administrative Agent and the Lenders, in their sole discretion. 

“Alternative Currency Sublimit” means, at any time, an amount equal to 15% of the Available Commitment at
such time. 
 “Annual Valuation Period” means the “annual valuation period” as defined in 29
C.F.R. §2510.3-101(d)(5) as determined for the Initial Borrower, as applicable. 

“Anti-Corruption Laws” shall mean FCPA, the UK Bribery Act of 2010 and any related or similar laws, rules,
regulations or guidelines, which in each case are issued, administered or enforced by any Governmental Authority having jurisdiction over any member of the Group, or to which any member of the Group is subject. 

“Anti-Money Laundering Laws” shall mean all applicable financial recordkeeping and reporting requirements and
the money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, which in each case are issued, administered or enforced by any governmental agency having jurisdiction over any
member of the Group, or to which any member of the Group is subject. 

  
 2 

 “Applicable Law” means all applicable provisions of
constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities and all orders and decrees of all courts and arbitrators. 

“Applicable Margin” means (a) with respect to LIBOR Rate Loans, CDOR Rate Loans or CP Rate Loans, 155
basis points (1.55%) per annum and (b) with respect to Reference Rate Loans, 55 basis points (0.55%) per annum. 

“Applicable Requirement” means each of the following requirements: 

(a)    if such Investor (or such Investor’s Sponsor, Responsible Party or Credit Provider, if applicable) shall be a
Rated Investor, and such Investor (or such Investor’s Sponsor, Responsible Party or Credit Provider, as applicable) shall have a Rating of BBB-/Baa3 or higher; and 

(b)    if such Investor (or such Investor’s Sponsor, Responsible Party or Credit Provider, if applicable) is: 

(i)    a Bank Holding Company, it shall have Adequately Capitalized status or better; 

(ii)    an insurance company, it shall have a Best’s Financial Strength Rating of A- or higher; 
 (iii)    an ERISA Investor or Governmental Plan
Investor, or the trustee or nominee of an ERISA Investor or a Governmental Plan Investor, such ERISA Investor or Governmental Plan Investor, as applicable, shall have a minimum Funding Ratio based on the Rating of its Sponsor or Responsible Party,
as applicable, as follows: 
  

			
	Sponsor Rating	  	Minimum
Funding Ratio
	 A-/A3 or higher
	  	No minimum
	 BBB/Baa2 or higher
	  	90%; or

 (iv)    an Endowment Fund Investor, its Sponsor shall either (x) be a
party to the Subscription Agreement of such Endowment Fund Investor and jointly and severally liable for such Endowment Fund Investor’s Unfunded Capital Commitment or (y) guarantee the obligations of such Endowment Fund Investor to make
its Unfunded Capital Commitment pursuant to an unconditional guarantee or other Credit Link Documents in form and substance satisfactory to the Administrative Agent in its sole discretion. 

The first Rating indicated in each case above is the S&P Rating and the second Rating indicated in each case above is the
Moody’s Rating. In the event that the S&P and Moody’s Ratings are not equivalent, the Applicable Requirement shall be based on the lower of the two. If any such Person has only one Rating from either S&P or Moody’s, then that
Rating shall apply. If the Rating of any Investor (or such Investor’s Sponsor, Responsible Party or Credit Provider, as applicable) falls below the Rating required by this definition, then such Investor shall be deemed to have failed the
Applicable Requirement. 
 “Assignee” has the meaning provided in
Section 12.11(b). 

  
 3 

 “Assignment and Assumption” means the agreement contemplated by
Section 12.11(b), pursuant to which any Lender assigns all or any portion of its rights and obligations hereunder, which agreement shall be substantially in the form of Exhibit H. 

“Attributable Indebtedness” means, on any date of determination, (a) in respect of any Capital Lease of
any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease, the capitalized amount or principal amount of the
remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease. 

“Availability Period” means the period commencing on the Closing Date and ending on the Maturity Date. 

“Available Commitment” means, at any time of determination, (i) the lesser of (a) the Maximum
Commitment at such time and (b) the Borrowing Base then in effect; minus (ii) the FX Reserve Amount on such date. 

“Bail-In Action” means the exercise of any Write-Down and Conversion
Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of the Bank Recovery and Resolution Directive, the implementing law for such EEA Member Country from time
to time which is described in the EU Bail-In Legislation Schedule and (b) the then applicable Commission Delegated Regulation (if any) supplementing the Bank Recovery and Resolution Directive in relation
to Article 55 thereof. 
 “Bank Holding Company” means a “bank holding company” as defined
in Section 2(a) of the Bank Holding Company Act of 1956, as amended from time to time and any successor statute or statutes, or a non-bank subsidiary of such bank holding company. 

“Bank Recovery and Resolution Directive” means Directive 2014/59/EU of the European Parliament and of the
Council of the European Union of 15 May 2014. 
 “BDC SPV” means Crescent Capital BDC Funding, LLC, a
Delaware limited liability company. 
 “Best’s Financial Strength Rating” means a “Best’s
Financial Strength Rating” by A.M. Best Company. 
 “Borrower” and “Borrowers”
have the meanings provided in the first paragraph hereof. 
 “Borrower Party” has the meaning provided in
Section 11.1(a). 
 “Borrowing” means a disbursement made by the Lenders of any
of the proceeds of the Loans, and “Borrowings” means the plural thereof. 

  
 4 

 “Borrowing Base” means, at any time of determination, the sum of
(a) ninety percent (90%) of the aggregate Unfunded Capital Commitments of the Included Investors, and (b) sixty percent (60%) of the aggregate Unfunded Capital Commitments of the Designated Investors, in each case as such Unfunded Capital
Commitments are first reduced by all applicable Concentration Limits; provided in the event that the Unfunded Capital Commitment of any Investor is increased after the inclusion of such Investor as an Included Investor or Designated Investor,
such increased Unfunded Capital Commitment shall not be included in the Borrowing Base unless and until approved by the Administrative Agent and each Lender; provided further, that (i) the foregoing shall be calculated without
duplication of any such Unfunded Capital Commitments of HNW Investors to Pooled Vehicle Investors for the corresponding Unfunded Capital Commitments of such Pooled Vehicle Investors, (ii) no Unfunded Capital Commitment of an HNW Investor to a
Pooled Vehicle Investor shall be included in the Borrowing Base unless and to the extent that such Pooled Vehicle Investor has a corresponding Unfunded Capital Commitment to the Initial Borrower and (iii) no Unfunded Capital Commitment of a
Pooled Vehicle Investor to the Initial Borrower shall be included in the Borrowing Base unless and to the extent that such Pooled Vehicle Investor has corresponding Unfunded Capital Commitments from HNW Investors which are not subject to Exclusion
Events that have not been cured in accordance with the provisions hereof. For the avoidance of doubt, the Unfunded Capital Commitments of an Excluded Investor shall be excluded from the Borrowing Base at all times. 

“Borrowing Base Certificate” means the certification and spreadsheet setting forth the calculation of the
Available Commitment in the form of Exhibit A. 
 “Business Day” means each of (a) subject to
clauses (b), (c) and (d) below, any day of the year except a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by Applicable Law to close; (b) in respect of Loans or
payments under this Credit Agreement in Euros, any day that is both a Business Day described in clause (a) above and a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if
such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euros; (c) if such day relates to any
dealings in an Alternative Currency (other than Euros) to be carried out pursuant to this Credit Agreement, any day that is both a Business Day described in clause (a) above and a day in which banks are open for foreign currency exchange
business in the principal finance center of the country of such Alternative Currency; and (d) if such day relates to any interest rate settings as to a LIBOR Rate Loan, any fundings, disbursements, settlements and payments in respect of any
LIBOR Rate Loan, or any other dealings to be carried out pursuant to this Credit Agreement or the other Loan Documents in respect of any such LIBOR Rate Loan (or any Reference Rate Loan as to which the interest rate is determined by reference to
LIBOR), any day that is both a Business Day as determined pursuant to clause (a) above and a day for trading by and between banks in Dollar deposits in the London interbank market. 

“Canadian Dollar” means lawful money of Canada. 

“Capital Call” means a call upon any or all of the Investors for payment of all or any portion of the Capital
Commitments pursuant to and in accordance with, as applicable, the Constituent Documents of the Initial Borrower (or, as applicable, of a Pooled Vehicle Investor) and the Subscription Agreements of the Investors. “Capital Calls”
means, where the context may require, all Capital Calls, collectively. 

  
 5 

 “Capital Commitment” means the capital commitment of the
Investors to the Initial Borrower (or, as applicable, to a Pooled Vehicle Investor) in the amount set forth in the applicable Constituent Documents, including, for the avoidance of doubt, “Capital Commitment”, as such term is defined in
the Initial Borrower’s or any Pooled Vehicle Investor’s Constituent Documents, as applicable. “Capital Commitments” means, where the context may require, all Capital Commitments, collectively. 

“Capital Contribution” means the amount of cash actually contributed by an Investor to the Initial Borrower
(or, as applicable, to a Pooled Vehicle Investor) with respect to its Capital Commitment as of the time such determination is made, less amounts refunded to such Investor in accordance with the Initial Borrower’s or any Pooled Vehicle
Investor’s Constituent Document. “Capital Contributions” means, where the context may require, all Capital Contributions, collectively. 

“Capital Lease” means any lease of any property by any Person or any of its Subsidiaries, as lessee, that
should, in accordance with GAAP, be classified and accounted for as a capital lease on a consolidated balance sheet of such Person and its Subsidiaries. 

“Capital One” has the meaning provided in the preamble hereto. 

“Capital Return Certification” means the delivery of an updated Borrowing Base Certificate which includes, in
the spreadsheet calculating the Available Commitment, an additional column depicting the Returned Capital distributed to each Investor, along with a certification by a Responsible Officer of the Initial Borrower in the form of Exhibit Q that
such amounts have been returned to the Investors and are recallable as Capital Contributions pursuant to a Capital Call under the Initial Borrower’s (and, as applicable, any Pooled Vehicle Investor’s) Constituent Documents. 

“Capital Return Notice” means the written notice delivered to an Investor by or on behalf of any Credit Party
or Managing Entity for the purpose of making a return of capital pursuant to the applicable Credit Party’s Constituent Document. “Capital Return Notices” means, where the context may require, all Capital Return Notices,
collectively. 
 “Cash Control Event” shall occur if, on any date of determination, (a) an Event of
Default has occurred and is continuing; (b) a Potential Default has occurred and is continuing; or (c) a mandatory prepayment has been triggered pursuant to Section 3.5(b), irrespective of whether such prepayment
has become due and payable under the grace periods afforded in Section 3.5(b). 

“CDOR” means, for any period, the rate per annum equal to the Canadian Dealer Offered Rate, or a comparable
or successor rate which is approved by the Administrative Agent, for the relevant period as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the
Administrative Agent from time to time). If the calculation of CDOR results in a CDOR rate of less than zero (0), CDOR shall be deemed to be zero (0) for all purposes of this Credit Agreement. 

  
 6 

 “CDOR Rate Loan” means a Loan that bears interest at a rate
based on CDOR. 
 “Change in Law” means the occurrence, after the date of this Credit Agreement, of any of
the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any
Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary,
(i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a
“Change in Law”, regardless of the date enacted, adopted or issued. 
 “Change of Control” means
(i) The Crescent Capital Group LP or any of its Affiliates (individually or in the aggregate) shall cease to directly or indirectly own more than 50% of the membership interests of the Investment Advisor or (ii) any Person shall hereafter
own or acquire, directly or indirectly, more than 24.9% of the equity interests in the Initial Borrower without the consent of the Administrative Agent which consent shall be based solely upon such Person being KYC Compliant, unless such event
occurred without the actual knowledge of the Initial Borrower and the Administrative Agent determines that such Person is KYC Compliant. 

“Closing Date” means the date hereof; provided that all of the conditions precedent set forth in
Section 6.1 shall be satisfied or waived by the Lenders in writing. 

“Collateral” means all of the collateral security for the Obligations as assigned, pledged or granted
pursuant to the Collateral Documents. 
 “Collateral Account” means the “Capital Contribution
Account” of the Initial Borrower listed on Schedule I hereto. 
 “Collateral Account Pledges”
means each Pledge of a Collateral Account, in the form of Exhibit D, made by the Initial Borrower in favor of the Administrative Agent, pursuant to which the Initial Borrower has granted to the Administrative Agent for the benefit of the
Secured Parties, a first priority security interest and Lien in and to such Collateral Account of the Initial Borrower, as the same may be amended, supplemented or modified from time to time. 

“Collateral Adjustment Date” means the first date on which the Initial Borrower shall have raised at least
$300,000,000 in Capital Commitments and no Event of Default or Potential Default shall have occurred and be continuing. 

“Collateral Documents” has the meaning provided in Section 5.1. 

“Commercial Paper” means, with respect to a Conduit Lender, the promissory notes issued or to be issued by
such Conduit Lender (or its related commercial paper issuer if such Conduit Lender does not itself issue commercial paper in the commercial paper market) in the commercial paper market required to fund or maintain Loans hereunder. 

  
 7 

 “Commitment” means, for each Committed Lender, the amount set
forth on Schedule II or on its respective Assignment and Assumption or Lender Joinder Agreement, as the same may be increased pursuant to Section 2.15 or reduced from time to time by the Borrowers pursuant to
Section 3.6 or by further assignment by such Committed Lender pursuant to Section 12.11(b). 

“Committed Lender Pro Rata Share” means, with respect to each Committed Lender and any Lender Group, the
percentage obtained from the fraction: (a) the numerator of which is the Commitment of such Committed Lender; and (b) the denominator of which is the aggregate Commitments of all Committed Lenders in the related Lender Group. 

“Committed Lenders” means: (a) for the CONA Lender Group, Capital One and any assignees thereof that
shall become party hereto as a Committed Lender pursuant to Section 12.11; and (b) for any other Lender Group, the Committed Lenders specified therefor who become parties hereto, and any assignees thereof that shall
become party hereto as a Committed Lender pursuant to Section 12.11. 
 “Commitment Period
Termination Date” means the last day of the “Commitment Period”, as that term is defined in the Constituent Documents of the Initial Borrower. 

“Compliance Certificate” has the meaning provided in Section 8.1(b). 

“CONA Committed Lenders” means Capital One and any assignees thereof that shall become party hereto as a
Committed Lender pursuant to Section 12.11. 
 “CONA Lender Group” means Capital
One, as Managing Agent and Committed Lender. 
 “Concentration Limit” means limits on the aggregate amount
of Uncalled Capital Commitments of Designated Investors to be included in the Borrowing Base as determined from time to time by the Administrative Agent and the Lenders, which may include individual Concentration Limits for the Uncalled Capital
Commitments of individual Designated Investors and for the Uncalled Capital Commitments of all Designated Investors in the aggregate; provided, that, (i) for purposes of calculating the Concentration Limit for any Investor, each
Investor and its investing affiliates shall be treated as a single Investor, and (ii) in the case of any Pooled Vehicle Investor, the Uncalled Capital Commitment of such Pooled Vehicle Investor to the Initial Borrower may be subject to an
aggregate Concentration Limit for such Pooled Vehicle Investor’s Uncalled Capital Commitments and sub-Concentration Limits for such Pooled Vehicle Investor’s Uncalled Capital Commitments based on
corresponding Uncalled Capital Commitments to such Pooled Vehicle Investor from each HNW Investor. 
 “Conduit
Assignee” means any special purpose entity that finances its activities directly or indirectly through asset-backed commercial paper and is administered, managed, sponsored or provided liquidity support by the Administrative Agent, a
Managing Agent, Lender or any of their Affiliates and designated by such Person from time to time to accept an assignment from the applicable Conduit Lender of all or a portion of its Loans and other interests hereunder; provided that no
Conduit Assignee shall be a natural person. 

  
 8 

 “Conduit Collateral Agent” means, with respect to any Conduit
Lender, the “Collateral Agent” or “Collateral Trustee” (if any) with respect to such Conduit Lender’s commercial paper program. 

“Conduit Lender” means each Person that shall become a party to this Credit Agreement as a Conduit Lender
(including any Committed Lender that is a Conduit Lender) pursuant to the terms hereof; and, subject to the terms and conditions of this Credit Agreement, their respective successors and assigns (but not any Participant who is not otherwise a party
to this Credit Agreement). 
 “Confidential Information” means, at any time, all data, reports,
interpretations, forecasts and records containing or otherwise reflecting information and concerning the Credit Parties or any Investor which is not available to the general public, together with analyses, compilations, studies or other documents,
which contain or otherwise reflect such information made available by or on behalf of the Credit Parties or any Managing Entity pursuant to this Credit Agreement orally or in writing to the Administrative Agent or any Lender or their respective
attorneys, certified public accountants or agents, but shall not include any data or information that: (a) was or became generally available to the public at or prior to such time; or (b) was or became available to the Administrative Agent
or a Lender on a non-confidential basis from the Credit Parties, any Managing Entity or any Investor or any other source at or prior to such time. 

“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. 
 “Constituent Documents” means, for any
Person, its constituent or organizational documents and any governmental or other filings related thereto, including: (a) in the case of any limited partnership, exempted limited partnership, joint venture, trust or other form of business
entity, the limited partnership agreement, exempted limited partnership agreement, joint venture agreement, articles of association or other applicable agreement of formation and any agreement, instrument, filing or notice with respect thereto filed
in connection with its formation with the secretary of state or other department in the state or jurisdiction of its formation; (b) in the case of any limited liability company, the articles of formation, limited liability company agreement
and/or operating agreement for such Person; and (c) in the case of a corporation or an exempted company, the certificate or articles of incorporation or association, the bylaws for such Person, in each such case as it may be restated, modified,
amended or supplemented from time to time, including, for the avoidance of doubt, with respect to the Initial Borrower, its private placement memorandum and each Subscription Agreement with an Investor. 

“Continue”, “Continuation”, and “Continued” shall refer to the continuation
pursuant to a Rollover of a LIBOR Rate Loan or a CDOR Rate Loan from one Interest Period to the next Interest Period. 

“Control Agreements” means each Control Agreement among a Credit Party, the Administrative Agent and the
Account Bank, as the same may be amended, supplemented or modified from time to time. 

  
 9 

 “Controlled Group” means: (a) the controlled group of
corporations as defined in Section 414(b) of the Internal Revenue Code; or (b) the group of trades or businesses under common control as defined in Section 414(c) of the Internal Revenue Code (and Sections 414(m) and (o) of the
Internal Revenue Code for purposes of provisions relating to Section 412 of the Internal Revenue Code), in each case of which the applicable Credit Party is a member. 

“Conversion Date” means any LIBOR Conversion Date or Reference Rate Conversion Date, as applicable. 

“Conversion Notice” has the meaning provided in Section 2.3(f). 

“Convert,” “Conversion,” and “Converted” shall refer to a conversion
pursuant to Section 2.3(f) or Section 4 of one Type of Loan (other than a CP Rate Loan) into another Type of Loan. 

“Cost of Funds” means, with respect to a Loan in an Alternative Currency, the actual cost to a Lender of
funding or maintaining such Loan in the applicable currency from whatever source it may reasonably select for the relevant Interest Period. 

“Cost of Funds Rate” means a rate per annum notified by the applicable Lender to the Administrative Agent and
the Borrowers as soon as practicable after the occurrence of the events specified in Section 4.2 or 4.3 with respect to such Lender, which rate expresses as a percentage rate the actual Cost of Funds to such Lender.

 “Cost of Funds Rate Loan” means a Loan that bears interest at a rate based on the Cost of Funds Rate.

 “CP Rate” means, for any Interest Period for any Portion of Loans funded or maintained by a Conduit
Lender by issuing Commercial Paper, the per annum rate equivalent to the sum of: (a) the Applicable Margin; and (b) the weighted average cost (as determined in good faith in a commercially reasonable manner by the applicable Managing Agent
and which shall include the incremental carrying costs incurred with respect to Commercial Paper maturing on dates other than those on which corresponding funds are received by such Conduit Lender, other borrowings by such Conduit Lender (other than
under any Program Support Agreement) and any other costs associated with the issuance of Commercial Paper) of or related to the issuance of Commercial Paper that is allocated, in whole or in part, by such Conduit Lender or the applicable Managing
Agent to fund or maintain such Portion of Loans, including all customary fees, including dealer fees and costs for converting or hedging one currency into or against another currency (including in connection with any Alternative Currency), incurred
in connection therewith; provided, that if any component of such rate is a discount rate, in calculating the CP Rate for such Portion of Loans for such Interest Period, such Conduit Lender shall for such component use the rate resulting from
converting such discount rate to an interest bearing equivalent rate per annum. 
 “CP Rate Loan” means a
Loan that bears interest at a rate based on the CP Rate. 
 “Credit Agreement” means this Revolving Credit
Agreement, of which this Section 1.1 forms a part, as amended, restated, supplemented or otherwise modified from time to time. 

  
 10 

 “Credit Facility” means the credit facility provided to the
Borrowers by the Lenders under the terms and conditions of this Credit Agreement and the other Loan Documents. 

“Credit Link Documents” means such financial information and documents as may be requested by the
Administrative Agent in its sole discretion, to reflect and connect the relevant or appropriate credit link or credit support of a Sponsor, Credit Provider or Responsible Party, as applicable, to the obligations of the applicable Investor to make
Capital Contributions, which may include a written guaranty or such other instrument determined by the Administrative Agent in its sole discretion as to whether the applicable Investor satisfies the Applicable Requirement based on the Rating or
other credit standard of its Sponsor, Credit Provider or Responsible Party, as applicable. 
 “Credit
Party” means a Borrower; and “Credit Parties” means the Borrowers collectively. 
 “Credit
Provider” means a Person providing Credit Link Documents, in form and substance acceptable to the Administrative Agent in its sole discretion, of the obligations of an Investor to make Capital Contributions. 

“Debt Limitations” means the limitations set forth in Section 9.11. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in
effect. 
 “Default Rate” means on any day the lesser of: (a) (i) in respect of principal, the rate of
interest otherwise applicable thereto hereunder plus two percent (2%), (ii) in respect of any other amount denominated in Dollars, the Reference Rate in effect on such day plus two percent (2%) and (iii) in respect of any other amount
denominated in an Alternative Currency, the Cost of Funds Rate in effect on such day plus two percent (2%) and (b) the Maximum Rate. 

“Defaulting Committed Lender” means, subject to Section 12.12(b) and
Section 4.8, any Committed Lender that (a) has failed to (i) fund all or any portion of the Loans required to be funded by it hereunder within two (2) Business Days of the date such Loans are required to be
funded hereunder unless such Lender notifies the Administrative Agent and the Borrowers in writing that such failure is the result of such Committed Lender’s determination that one or more conditions precedent to funding (each of which
conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Committed Lender any other amount required to be paid by
it hereunder within two (2) Business Days of the date when due, (b) has notified any Credit Party, Managing Entity or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made
a public statement to that effect (unless such writing or public statement relates to such Committed Lender’s obligation to fund a Loan hereunder and states that such position is based on such Committed Lender’s determination that a
condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after
written request by the Administrative Agent 

  
 11 

 
or the Credit Parties, to confirm in writing to the Administrative Agent and the Credit Parties that it will comply with its prospective funding obligations hereunder (provided that such
Committed Lender shall cease to be a Defaulting Committed Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Credit Parties), or (d) has, or has a direct or indirect
parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person
charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Committed Lender shall not be a Defaulting Committed Lender solely by virtue of the ownership or acquisition of any equity interest in that Committed Lender or any direct or
indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Committed Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of
judgments or writs of attachment on its assets or permit such Committed Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Committed Lender. Any determination by the
Administrative Agent that a Committed Lender is a Defaulting Committed Lender under clauses (a) through (e), and of the effective date of such status, above shall be conclusive and binding absent manifest error, and such Committed
Lender shall be deemed to be a Defaulting Committed Lender (subject to Section 12.12(b) and Section 4.8(b)) upon delivery of written notice of such determination to the Credit Parties and each
other Committed Lender. 
 “Designated Investor” means an HNW Investor or Pooled Vehicle Investor
(a) that has been approved in writing as a Designated Investor by the Administrative Agent and each Lender, in its sole discretion, and (b) in respect of which there has been delivered to the Administrative Agent: 

(i)    a true and correct copy of the Subscription Agreement executed and delivered by such
Investor in the form of Exhibit T, together with the Initial Borrower’s countersignature, accepting such Subscription Agreement; 

(ii)    any Constituent Documents of the applicable Credit Party executed and delivered by
such Investor; 
 (iii)    a true and correct copy of each Side Letter executed by such
Investor, which shall be acceptable to the Administrative Agent in its sole discretion; 

(iv)    if such Investor’s Subscription Agreement or any Constituent Document of the
applicable Credit Party executed by such Investor was signed by any Credit Party or any Affiliate of any Credit Party, as an attorney-in-fact on behalf of such Investor,
the Administrative Agent shall have received evidence of such signatory’s authority documentation reasonably satisfactory to the Administrative Agent; 

(v)    if requested by the Administrative Agent in its sole discretion, if such Investor is
resident of or organized under the laws of any jurisdiction other than the United States of America or any other state thereof, a written submission to the 

  
 12 

 
jurisdiction of the United States Federal District Court and New York State courts, in each case located in New York City, Borough of Manhattan, and any appellate court from any thereof, with
respect to any litigation arising out of or in connection with its Subscription Agreement or any Constituent Document of the applicable Credit Party (such submission to be in form and substance satisfactory to the Administrative Agent in its sole
discretion, who may in its sole discretion require an opinion of counsel that such submission is enforceable); and 

(vi)    evidence that any such HNW Investor (or, in the case of a Pooled Vehicle Investor,
each HNW Investor comprising or owning interests in such Pooled Vehicle Investor) is an Eligible HNW Investor; 
 provided that
(1) for the avoidance of doubt, an HNW Investor which is not an Investor in the Initial Borrower but is an Investor in a Pooled Vehicle Investor shall not itself be a Designated Investor; (2) any Designated Investor in respect of which an
Exclusion Event has occurred shall thereupon no longer be a Designated Investor until such time as all Exclusion Events in respect of such Investor shall have been cured and such Investor shall have been restored as a Designated Investor in the sole
discretion of the Lenders; and (3) each restoration under clause (2) of this proviso shall be subject to the satisfaction of such initial or ongoing conditions as may be specified by the Administrative Agent. The
Designated Investors as of the Closing Date are those specified as being Designated Investors on Schedule IV, as in effect on the Closing Date, and Designated Investors approved by the Administrative Agent and the Lenders subsequent to the
Closing Date will be evidenced by an updated Schedule IV provided by the Administrative Agent to the Initial Borrower. Eligible HNW Investors that satisfy the foregoing criteria therefore shall be Designated Investors. 

“Distribution” has the meaning provided in Section 9.17. 

“Dollar Equivalent” means, at any time: (a) with respect to any amount denominated in Dollars, such
amount; and (b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such time on the basis of the Spot Rate as of the applicable valuation
date, as provided in this Credit Agreement (i.e., either the date upon which such amount is initially drawn or on the most recent Revaluation Date, as applicable) for the purchase of Dollars with such Alternative Currency. 

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

“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. 

  
 13 

 “EEA Resolution Authority” means any public administrative
authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Assignee” means (a) a Conduit Assignee (in the case of any assignment by a Conduit Lender) and
(b) any Person that meets the applicable requirements to be an assignee under Section 12.11(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under
Section 12.11(b)(iii)). 
 “Eligible HNW Investor” means an HNW Investor that
(a) if a natural person, is not deceased, and if a family office or family trust, the primary benefactor of which is not deceased, (b) is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated
under the Securities Act of 1933, as amended, (c) is a “qualified purchaser” as such term is defined in Section 2(a)(51) of the Investment Company Act of 1940 and the rules promulgated thereunder, and (d) generally has a
liquid net worth (excluding residences, home furnishings and personal automobiles) of at least $5 million. 

“Eligible Institution” means any depository institution, organized under the laws of the United States or any
state, having capital and surplus in excess of $200,000,000, the deposits of which are insured by the Federal Deposit Insurance Corporation to the fullest extent permitted by Applicable Law and which is subject to supervision and examination by
federal or state banking authorities; provided that such institution also must have a short-term unsecured debt rating of at least P-1 from Moody’s and at least
A-1 from S&P. If such depository institution publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 

“EMU Legislation” means the legislative measures of the European Union for the introduction of, changeover to
or operation of the Euro in one or more member state. 
 “Endowment Fund Investor” means an Investor that
is a wholly owned, tax exempt, public charity subsidiary of a Sponsor, the assets of which Investor are not wholly disbursable for the Sponsor’s purposes on a current basis under the specific terms of all applicable gift instruments, formed for
the sole purpose of accepting charitable donations on behalf of such Sponsor and investing the proceeds thereof. 

“Environmental Claims” means any and all administrative, regulatory or judicial actions, suits, demands,
demand letters, claims, liens, accusations, allegations, notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business and not in response to any third party action or
request of any kind) or proceedings relating in any way to any actual or alleged violation of or liability under any Environmental Law or relating to any permit issued, or any approval given, under any such Environmental Law, including, without
limitation, any and all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution, indemnification cost recovery, compensation or injunctive relief resulting from Hazardous
Materials or arising from alleged injury or threat of injury to human health (as such relates to exposure to any Hazardous Material) or the environment. 

  
 14 

 “Environmental Laws” means any and all federal, foreign, state,
provincial and local laws, statutes, ordinances, codes, rules, standards and regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities, relating to the protection of human health (as such relates to
exposure to any Hazardous Material) or the environment, including, but not limited to, requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing,
permitting, investigation or remediation of Hazardous Materials. 
 “Environmental Liability” means any
claim, demand, liability (including strict liability) obligation, accusation or cause of action, or any order, violation, loss, damage (including, without limitation, to any Person, property or natural resources and including consequential damages),
injury, judgment, penalty or fine, cost of enforcement, cost of remedial action, cleanup, restoration or any other cost or expense whatsoever (including reasonable fees, costs and expenses of attorneys, consultants, contractors, experts and
laboratories) and disbursements in connection with any Environmental Claims, violation or alleged violation of any Environmental Law, the imposition of any Environmental Lien or the failure to comply in all material respects with any Environmental
Requirement. 
 “Environmental Lien” means a Lien in favor of any Governmental Authority: (a) under
any Environmental Law; or (b) for any liability or damages arising from, or costs incurred by, any Governmental Authority in response to the Release or threatened Release of any Hazardous Material. 

“Environmental Requirement” means any Environmental Law, agreement, or restriction, as the same now exists or
may be changed, amended, or come into effect in the future, which pertains to human health, safety, or the environment, including, but not limited to ground, air, water, or noise pollution, or underground or aboveground tanks. 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended or modified from time to
time. 
 “ERISA Investor” means an Investor that is: (a) an “employee benefit plan”
(as such term is defined in Section 3(3) of ERISA) subject to Part 4 of Subtitle B of Title I of ERISA; (b) any “plan” defined in and subject to Section 4975 of the Internal Revenue Code; or (c) any entity or
account whose assets include or are deemed to include the Plan Assets of one or more such employee benefit plans or plans pursuant to the Plan Asset Regulations or any other relevant legal authority. 

“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. 

“Euro” and “€” mean the single currency unit of the participating member states of the
European Union as constituted by the Treaty on European Union and as referred to in the EMU Legislation. 

  
 15 

 “Event of Default” has the meaning provided in
Section 10.1. 
 “Excluded Investor” means any Investor that is not an Included
Investor or a Designated Investor, including any Investor that is subject to an Exclusion Event that has not been cured in accordance with the provisions hereof. 

“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 Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the
case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender
acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrowers under Section 4.8(b)) or (ii) such Lender changes its Lending Office, except in each case to the extent
that, pursuant to Section 4.1, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its
Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 4.1(f) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“Exclusion Event” means, with respect to any Included Investor or a Designated Investor (or, if applicable,
(x) the Sponsor, Responsible Party, or Credit Provider of such Included Investor or Designated Investor or (y) in the case of a Designated Investor that is a Pooled Vehicle Investor, any HNW Investor comprising or owning interests in such
Pooled Vehicle Investor) any of the following events shall occur (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body): 
 (a)    if
actually known to a Responsible Officer of Initial Borrower (or if the Initial Borrower is informed by the Administrative Agent of the same), such Person shall: (i) apply for or consent to the appointment of a receiver, trustee, custodian,
intervenor, liquidator or other similar official of itself or of all or a substantial part of its assets; (ii) file a voluntary petition as debtor in bankruptcy or admit in writing that it is unable to pay its debts as they become due;
(iii) make a general assignment for the benefit of creditors; (iv) file a petition or answer seeking reorganization or an arrangement with creditors or take advantage of any Debtor Relief Laws; (v) file an answer admitting the
material allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization, or insolvency proceeding; or (vi) take personal, partnership, limited liability company, corporate or trust action,
as applicable, for the purpose of effecting any of the foregoing; 
 (b)    if actually
known to a Responsible Officer of Initial Borrower (or if the Initial Borrower is informed by the Administrative Agent of the same), (A) an 

  
 16 

 
involuntary case or other proceeding shall be commenced against such Person, seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall
remain undismissed and unstayed for a period of sixty (60) days; or (B) an order, order for relief, judgment, or decree shall be entered by any court of competent jurisdiction or other competent authority approving a petition seeking such
Investor’s reorganization or appointing a receiver, custodian, trustee, intervenor, or liquidator of such Person or of all or substantially all of its assets and such order, judgment, or decree shall continue unstayed and in effect for a period
of sixty (60) days, or an order for relief shall be entered in respect of such Person in a proceeding under the United States Bankruptcy Code and such order, judgment, or decree shall continue unstayed and in effect for a period of sixty
(60) days; 
 (c)    if actually known to a Responsible Officer of Initial Borrower
(or if the Initial Borrower is informed by the Administrative Agent of the same), any final judgment or decree which in the aggregate exceeds fifteen percent (15%) of the net worth of such Investor (measured as of the date of its initial designation
as an Included Investor or Designated Investor (or in the case of an HNW Investor comprising or owning interests in a Pooled Vehicle Investor, such Pooled Vehicle Investor’s initial designation as a Designated Investor), as applicable) shall be
rendered against such Investor, and (i) any such judgment or decree shall not be discharged, paid, bonded or vacated within sixty (60) days or (ii) enforcement proceedings shall be commenced by any creditor on any such judgment or
decree and shall not be stayed; 
 (d)    such Investor shall (i) repudiate,
challenge, or declare unenforceable its obligation to make contributions pursuant to its Capital Commitment or a Capital Call or such obligation shall be or become unenforceable, (ii) otherwise disaffirm any material provision of its
Subscription Agreement, the Constituent Documents of the Initial Borrower or a Pooled Vehicle Investor, as applicable, or any Credit Link Document, or (iii) give any written notice of its intent (x) to withdraw from the Initial Borrower or
a Pooled Vehicle Investor or (y) not to fund future contributions pursuant to a Capital Call or comply with the material provisions of its Subscription Agreement, the Constituent Documents of the Initial Borrower or a Pooled Vehicle Investor,
as applicable, or any Credit Link Document; 
 (e)    such Investor shall fail to make a
contribution of capital when initially due pursuant to a Capital Call (unless such failure is deemed immaterial by the Administrative Agent), without regard to any applicable notice or cure period under the applicable Constituent Document, and such
delinquency is not cured by the earlier of (i) the date such Investor is in default under Section 5 of its Subscription Agreement (or any corresponding or similar provision in a Subscription Agreement executed by an HNW Investor in
connection with the subscription for an equity interest in a Pooled Vehicle Investor) and (ii) the date ten (10) Business Days after the initial due date specified in the applicable Capital Call; 

  
 17 

 (f)    such Investor shall be declared a
“Defaulting Subscriber” (or a similar term) under any Constituent Document of the Initial Borrower or a Pooled Vehicle Investor; 

(g)    any material representation, warranty, certification or statement made by such
Person under its Subscription Agreement (or related Side Letter), the applicable Constituent Document or Credit Link Document or in any certificate, financial statement or other document delivered pursuant to this Credit Agreement executed by such
Person shall prove to be untrue, inaccurate or misleading in any material respect, and such Investor shall fail to cure the adverse effect of the failure of such representation or warranty within thirty (30) days after written notice thereof is
delivered by the Administrative Agent to the Initial Borrower and to such Investor; 

(h)    such Investor encumbers its interest in the Initial Borrower or in a Pooled Vehicle
Investor; 
 (i)    a material default shall occur in the performance by it of any of the
material covenants or agreements contained in its Subscription Agreement (or related Side Letter), the applicable Constituent Document or Credit Link Document (except as otherwise specifically addressed in this definition) and such default is not
cured within ten (10) Business Days; 
 (j)    in the case of any Included Investor,
it shall fail to maintain the Applicable Requirement for such Included Investor required in the definition of “Applicable Requirement” in Section 1.1; 

(k)    in the case of any Unrated Included Investor or any Designated Investor (or an HNW
Investor comprising or owning interests in a Pooled Vehicle Investor), the occurrence of any circumstance or event which: (y) would reasonably be expected to have a material and adverse impact on the financial condition of such Investor; or
(z) would reasonably be expected to materially impair the ability of such Investor to fulfill its obligations under its Subscription Agreement, any Constituent Document of the Initial Borrower or a Pooled Vehicle Investor or any Credit Link
Document; 
 (l)    in the case of an Unrated Included Investor, it shall fail to
maintain a net worth (determined in accordance with GAAP), measured as of the end of the time period covered in and based upon such Investor’s most recent financial report, of at least seventy-five percent (75%) of the net worth of such
Investor, measured as of the date of its initial designation as an Included Investor; 

(m)    such Investor shall withdraw, retire or resign from the Initial Borrower or a Pooled
Vehicle Investor, or its equity interest in the Initial Borrower or a Pooled Vehicle Investor is redeemed, forfeited or otherwise repurchased by the Initial Borrower or such Pooled Vehicle Investor, provided that, if less than all of such
equity interest is redeemed, forfeited or otherwise repurchased by the Initial Borrower or such Pooled Vehicle Investor, as applicable, only the redeemed, forfeited or otherwise repurchased portion, as applicable, shall be excluded from the
Borrowing Base; 

  
 18 

 (n)    such Investor shall Transfer its
equity interest in the Initial Borrower or a Pooled Vehicle Investor and be released from its obligation under the applicable Constituent Document to make contributions pursuant to a Capital Call with respect to such transferred interest,
provided that, if such Investor shall Transfer less than all of its equity interest in the Initial Borrower or such Pooled Vehicle Investor, as applicable, only the Transferred portion shall be excluded from the Borrowing Base; 

(o)    the Initial Borrower fails to deliver to the Administrative Agent, upon the request
of the Administrative Agent in accordance with Section 8.12(b), a certificate for such Investor setting forth the remaining amount of its Uncalled Capital Commitment which it is obligated to fund; 

(p)    any Credit Party (or a Managing Entity on its behalf) suspends, cancels, reduces,
excuses, terminates or abates the Capital Commitment or any amounts due with respect to a Capital Call for such Investor; provided, however, that to the extent such suspension, cancellation, reduction, excuse, termination or abatement relates
solely to a portion of such Investor’s Uncalled Capital Commitment, only such suspended, cancelled, reduced, excused, terminated or abated portion shall be excluded from the Borrowing Base; 

(q)    the Uncalled Capital Commitment of such Investor (or in the case of an HNW Investor
comprising or owning interests in a Pooled Vehicle Investor, the Uncalled Capital Commitment of such Pooled Vehicle Investor) ceases to be Collateral subject to a first priority perfected Lien in favor of the Administrative Agent, other than by
reason of any action or inaction by the Administrative Agent or any Lender; 
 (r)    in
connection with any Borrowing made in connection with an Investment, such Investor has the contractual right to be excused from funding a Capital Call with respect to the Investment being acquired or otherwise funded with the proceeds of the related
Borrowing and such Investor has exercised such right or any Credit Party has a good faith belief that such Investor will exercise such right; provided that only the portion of such Investor’s Uncalled Capital Commitment which would
otherwise be contributed to fund such Investment shall be excluded from the Borrowing Base; 

(s)    such Investor becomes a Sanctioned Person, or, to any Credit Party’s knowledge,
such Investor’s funds to be used in connection with funding Capital Calls are derived from illegal activities; 

(t)    if such Investor is an Endowment Fund Investor, a material breach or written
repudiation by its Sponsor of its keepwell agreement with such Investor; 
 (u)    if
such Investor is an ERISA Investor, any failure by its Sponsor to pay any contractual or statutory obligations or make any other payment required by ERISA or the Internal Revenue Code with respect to such ERISA Investor; 

(v)    in the case of an Included Investor or such Investor’s Credit Provider, as
applicable, which does not have publicly available financial information, the Administrative Agent is unable (after giving the Initial Borrower ten (10) Business Days 

  
 19 

 
written notice thereof) to obtain annual updated financial information for such Investor or such Investor’s Credit Provider, as applicable, within
one-hundred twenty (120) days following the end of the applicable fiscal year of such Investor; 

(w)    in the case of an HNW Investor which is not an Investor in the Initial Borrower but
is an Investor in a Pooled Vehicle Investor, an Exclusion Event shall occur with respect to such Pooled Vehicle Investor; or 

(x)    in the case of a Pooled Vehicle Investor, Investors having Capital Commitments
aggregating fifteen percent (15%) or greater of the total Capital Commitments to such Pooled Vehicle Investor shall (x) default in their obligation to fund any Capital Calls (on a cumulative basis) when due and such failure shall not be cured
within two (2) Business Days (without regard to any cure or notice periods contained in the applicable Constituent Agreement) and/or (y) repudiate, challenge, or declare unenforceable its Capital Commitment or its obligation to make
Capital Contributions to the capital of such Pooled Vehicle Investor pursuant to a Capital Call. 
 “Extension
Request” means a written request by the Borrowers substantially in the form of Exhibit P to extend the initial or extended Stated Maturity Date for an additional period of no greater than 364 days. 

“Facility Increase” has the meaning provided in Section 2.15(a). 

“Facility Increase Fee” means the fee payable with respect to any Facility Increase in accordance with
Section 2.15, as set forth in the Fee Letter. 
 “Facility Increase Request”
means the notice in the form of Exhibit P pursuant to which the Borrowers request an increase of the Commitments in accordance with Section 2.15. 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Credit
Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof, any agreements entered into pursuant to
Section 1471(b)(1) of the Internal Revenue Code, and any intergovernmental agreement entered into with the United States in connection with the implementation of such Sections of the Internal Revenue Code. 

“FCPA” shall mean The United States Foreign Corrupt Practices Act of 1977 (Pub. L. No. 95-213, §§101-104), as amended. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System on such day (or, if such day is not a Business Day, for the immediately preceding Business Day), as published by the Federal Reserve Bank of New York on the Business Day
next succeeding such day; provided that if such rate is not so published for any day which is a Business Day, the average of the quotation for such day on such transactions received by the Administrative Agent from three (3) Federal
funds brokers of recognized standing selected by the Administrative Agent. 

  
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 “Fee Letter” means that certain Fee Letter or Fee Letters, dated
the date hereof, between the Initial Borrower and the Administrative Agent as each may be amended, supplemented or otherwise modified from time to time. 

“Filings” means (a) UCC financing statements, UCC financing statement amendments and UCC financing
statement terminations, and (b) the substantial equivalent as reasonably determined to be necessary by the Administrative Agent in any other jurisdiction in which any Credit Party may be formed. 

“First-Tier Foreign Subsidiary” means each Foreign Subsidiary with respect to which any one or more of the
Borrowers and its domestic Subsidiaries (other than a domestic Subsidiary described in clause (b) of the definition of Foreign Subsidiary) directly owns or controls more than 50% of such Foreign Subsidiary’s issued and outstanding equity
interests. 
 “Foreign Lender” means (a) if the applicable Borrower is a U.S. Person, a Lender that is
not a U.S. Person, and (b) if the applicable Borrower is not a U.S. Person, a Lender that is resident of or organized under the laws of a jurisdiction other than that in which the applicable Borrower is resident for tax purposes. 

“Foreign Subsidiary” means (a) any Subsidiary that is a “controlled foreign corporation”
within the meaning of Section 957 of the Internal Revenue Code and (b) to the extent not described in clause (a), any Subsidiary substantially all of the assets of which consist of equity interests in one or more Subsidiaries
described in clause (a). 
 “Funding Ratio” means: (a) for a Governmental Plan Investor or
other plan not covered by clause (b) below, the total net fair market value of the assets of the plan over the actuarial present value of the plan’s total benefit liabilities, as reported in such plan’s most recent audited
financial statements; and (b) for an ERISA Investor that is subject to Form 5500 – series reporting requirements, the funding target attainment percentage reported on Schedule SB to the Form 5500 or the funded percentage for monitoring the
plan’s status reported on Schedule MB to the Form 5500, as applicable, as reported on the most recently filed Form 5500 by such ERISA Investor with the United States Department of Labor. 

“FX Reserve Amount” means, at any date of determination, an amount equal to the sum of the Dollar Equivalent
of the aggregate Principal Obligations denominated in Alternative Currencies multiplied by the FX Reserve Percentage. 

“FX Reserve Percentage” means, as of any date of determination, 5.0%. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and
pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant
segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

  
 21 

 “Government Official” shall mean (a) any officer or
employee of, or any Person acting in an official capacity for or on behalf of, any Governmental Authority, any public international organization or any political party or (b) any candidate for public office. 

“Governmental Approvals” means all authorizations, consents, approvals, permits, licenses and exemptions of,
registrations and filings with, and reports to, all Governmental Authorities. 
 “Governmental Authority”
means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Governmental Plan Investor” means an Investor that is a governmental plan as defined in Section 3(32)
of ERISA. 
 “Group” shall mean the Credit Parties and their respective Subsidiaries and Managing Entities.

 “Guaranty Obligations” means, with respect to the Borrowers and their Subsidiaries, without duplication,
any obligation, contingent or otherwise, of any such Person pursuant to which such Person has directly or indirectly guaranteed any Indebtedness or other obligation of any other Person and, without limiting the generality of the foregoing, any
obligation, direct or indirect, contingent or otherwise, of any such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation (whether arising by virtue of partnership
arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement condition or otherwise) or
(b) entered into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided, that
the term Guaranty Obligation shall not include endorsements for collection or deposit in the ordinary course of business. 

“Hazardous Material” means any substances or materials (a) which are or become defined as hazardous
wastes, hazardous substances, pollutants, contaminants, chemical substances or mixtures or toxic substances under any Environmental Law, (b) which are toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or
otherwise harmful to human health or the environment and are or become regulated by any Governmental Authority, (c) the presence of which require investigation or remediation under any Environmental Law, (d) the discharge or emission or
release of which requires a permit or license under any Environmental Law or other Governmental Approval, or (e) which contain, without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons,
petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas. 

  
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 “Hedge Agreement” means any and all rate swap transactions,
basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or
forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions,
currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master
agreement. 
 “Hedge Termination Value” means, in respect of any one or more Hedge Agreements, after taking
into account the effect of any legally enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been closed out and termination value(s) determined in accordance
therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market
value(s) for such Hedge Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreements (which may include a Lender
or any Affiliate of a Lender). 
 “HNW Investor” means each Investor that is an individual investor
(including a natural person, family office or family trust) or an entity owned or controlled or established by an individual investor (including a natural person, family office or family trust). 

“Included Investor” means an Investor (a) that meets the Applicable Requirement (or whose Credit
Provider, Sponsor or Responsible Party, as applicable, meets the Applicable Requirement) and at the request of the Initial Borrower has been approved in writing as an Included Investor by the Administrative Agent and each Lender, in its sole
discretion, and (b) in respect of which there has been delivered to the Administrative Agent: 

(i)    a true and correct copy of the Subscription Agreement executed and delivered by such
Investor in the form of Exhibit T, together with the applicable Credit Party’s countersignature, accepting such Subscription Agreement; 

(ii)    any Constituent Documents of the applicable Credit Party executed and delivered by
such Investor; 
 (iii)    [reserved]; 

(iv)    a true and correct copy of each Side Letter executed by such Investor, which shall
be acceptable to the Administrative Agent in its sole discretion; 
 (v)    if
applicable, the Credit Link Documents of such Investor’s Sponsor, Credit Provider or Responsible Party, as applicable; 

(vi)    if such Investor’s Subscription Agreement or any Constituent Document of the
applicable Credit Party executed by such Investor was signed by any Credit Party or any Affiliate of any Credit Party, as an attorney-in-fact on behalf of such Investor,
the Administrative Agent shall have received evidence of such signatory’s authority documentation reasonably satisfactory to the Administrative Agent; 

  
 23 

 (vii)    [reserved]; 

(viii)    if requested by the Administrative Agent in its sole discretion, if such Investor
is resident of or organized under the laws of any jurisdiction other than the United States of America or any other state thereof, a written submission to the jurisdiction of the United States Federal District Court and New York State courts, in
each case located in New York City, Borough of Manhattan, and any appellate court from any thereof, with respect to any litigation arising out of or in connection with its Subscription Agreement or any Constituent Document of the applicable Credit
Party (such submission to be in form and substance satisfactory to the Administrative Agent in its sole discretion, who may in its sole discretion require an opinion of counsel that such submission is enforceable); and 

(ix)     if requested by the Administrative Agent in its sole discretion, if such Investor
is a Governmental Authority or an instrumentality of or majority owned by a Governmental Authority or otherwise entitled to any sovereign or other immunity in respect of itself, its property or any such litigation in any jurisdiction, court or
venue, a written waiver (in form and substance satisfactory to the Administrative Agent in its sole discretion) of any such claim of immunity arising out of or in connection with its Subscription Agreement or any Constituent Document of the
applicable Credit Party; 
 provided that (1) any Included Investor in respect of which, to the knowledge of any Credit Party,
an Exclusion Event has occurred shall thereupon no longer be an Included Investor until such time as all Exclusion Events in respect of such Investor shall have been cured and such Investor shall have been restored as an Included Investor in the
sole discretion of the Administrative Agent; and (2) each restoration under clause (1) of this proviso shall be subject to the satisfaction of such initial or ongoing conditions as may be specified by the Administrative Agent. The
Included Investors as of the Closing Date are those specified as being Included Investors on Schedule IV, as in effect on the Closing Date, and Included Investors approved by the Administrative Agent or Lenders, as applicable, subsequent to
the Closing Date will be evidenced by an updated Schedule IV provided by the Administrative Agent to the Initial Borrower. For the avoidance of doubt, unless otherwise agreed by the Lenders in their sole discretion, no HNW Investor or Pooled
Vehicle Investor shall be an Included Investor. 
 “Indebtedness” means, with respect to any Person at any
date and without duplication, the sum of the following: 
 (a)    all liabilities, obligations and
indebtedness for borrowed money including, but not limited to, obligations evidenced by bonds, debentures, notes or other similar instruments of any such Person; 

(b)    all obligations to pay the deferred purchase price of property or services of any such Person
(including, without limitation, all obligations under non-competition, earn-out or similar agreements), except trade payables arising in the ordinary course of business
not more 

  
 24 

 
than 120 days past due, or that are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on the
books of such Person; 
 (c)    the Attributable Indebtedness of such Person with respect to such
Person’s obligations in respect of Capital Leases and Synthetic Leases (regardless of whether accounted for as indebtedness under GAAP); 

(d)    all obligations of such Person under conditional sale or other title retention agreements relating
to property purchased by such Person to the extent of the value of such property (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business); 

(e)    all Indebtedness of any other Person secured by a Lien on any asset owned or being purchased by
such Person (including indebtedness arising under conditional sales or other title retention agreements except trade payables arising in the ordinary course of business), whether or not such indebtedness shall have been assumed by such Person or is
limited in recourse; 
 (f)    all obligations, contingent or otherwise, of any such Person relative to
the face amount of letters of credit, whether or not drawn, and banker’s acceptances issued for the account of any such Person; 

(g)    all obligations of any such Person to repurchase any securities which repurchase obligation is
related to the issuance thereof; 
 (h)    all net obligations of such Person under any Hedge
Agreements; and 
 (i)    all Guaranty Obligations of any such Person with respect to any of the
foregoing. 
 For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or
joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made
non-recourse to such Person. The amount of any net obligation under any Hedge Agreement on any date shall be deemed to be the Hedge Termination Value thereof as of such date. 

“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 Credit Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Indemnitee” has the meaning provided in Section 12.5(b). 

“Initial Borrower” has the meaning provided in the first paragraph hereof. 

“Interest Option” means LIBOR or the Reference Rate. 

  
 25 

 “Interest Payment Date” means: (a) the tenth Business Day
of each calendar month; (b) the date of any prepayment of any Loan made hereunder, as to the amount prepaid; and (c) the Maturity Date. 

“Interest Period” means, 

(a)    with respect to any Portion of Loans that are CP Rate Loans, a period: (A) initially
commencing on (and including) the date of the initial purchase or funding of such Portion of Loans and ending on (and including) the last day of the current calendar month; and (B) thereafter, each period commencing on (and including) the first
day after the last day of the immediately preceding Interest Period for such Portion of Loans and ending on (and including) the last day of the current calendar month; provided that any Interest Period in respect of which interest is computed
by reference to the CP Rate may be terminated at the election of the applicable Managing Agent, in which case the Portion of Loans allocated to such terminated Interest Period shall be allocated to a new Interest Period commencing on (and including)
the date of such termination and ending on (but excluding) the next following Interest Payment Date, and shall accrue interest at the LIBOR Rate or the CDOR Rate, as applicable; 

(b)    with respect to any Portion of Loans that are not CP Rate Loans, initially the period commencing on
(and including) the date of the initial funding of such Loan and ending on (but excluding) the next following Interest Payment Date and (b) thereafter, each period commencing on (and including) an Interest Payment Date and ending on (but
excluding) the next following Interest Payment Date; provided that: 
  

	 	(i)	 any Interest Period with respect to any Loan which would otherwise end on a day which is not a Business Day
shall be extended to the next succeeding Business Day; provided, however, if interest in respect of such Interest Period is computed by reference to LIBOR or CDOR, and such Interest Period would otherwise end on a day which is not a
Business Day, and there is no subsequent Business Day in the same calendar month as such day, such Interest Period shall end on the next preceding Business Day; 

 

	 	(ii)	 if interest in respect of such Interest Period is computed by reference to LIBOR or CDOR, and such Interest
Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, then such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest
Period; and 

  

	 	(iii)	 in the case of any Interest Period for any Loans which commences before the Maturity Date and would otherwise
end on a date occurring after the Maturity Date, such Interest Period shall end on such Maturity Date. 

“Internal Revenue Code” means the U.S. Internal Revenue Code of 1986, as amended or modified from time to
time. 
 “Investment” means an investment as described and set forth in the private placement memorandum of
the Initial Borrower. 

  
 26 

 “Investment Advisor” means CBDC Advisors, LLC. 

“Investment Exclusion Event” means the exclusion or excuse of any Investor from participating in a particular
Investment pursuant to the applicable Constituent Document or its Side Letter, where the Investor is entitled to such exclusion or excuse under the applicable Constituent Document or its Side Letter as a matter of right (i.e. not a Borrower or any
Managing Entity’s discretion). 
 “Investor” means (i) any Person that is admitted to the Initial
Borrower as a limited partner, general partner or stockholder in accordance with the applicable Constituent Documents and (ii) any Person (which shall be an HNW Investor) that is admitted to a Pooled Vehicle Investor as a limited partner,
general partner or stockholder in accordance with the applicable Constituent Documents. 
 “ISP98” means
the International Standby Practices (1998 Revision, effective January 1, 1999), International Chamber of Commerce Publication No. 590. 

“Judgment Currency” has the meaning provided in Section 12.25. 

“KYC Compliant” means any Person who has satisfied all reasonable requests for information from the Lenders
pursuant to “know-your-customer” and other anti-terrorism, anti-money laundering and similar rules and regulations and related policies and who would not result in any Lender being non-compliant with
any such rules and regulations and related policies were such Person to enter into a banking relationship with such Lender. 

“Lead Arranger” means Capital One. 

“Lender” means each Conduit Lender and each Committed Lender, as the context may require.
“Lenders” means, where the context requires, all Lenders, collectively. 
 “Lender Group”
means each of: (a) the CONA Lender Group and (b) any other Lender Group from time to time party hereto as designated by the Managing Agent of such group, subject to the approval of the Administrative Agent (and to the extent contemplated
in the definition of “Eligible Assignee”, the Borrowers), such approval not to be unreasonably withheld. Each Lender Group shall consist of a Managing Agent and a Committed Lender (or Committed Lenders), and, to the extent agreed by such
Managing Agent and the Borrowers, a Lender Group may include a Conduit Lender (or Conduit Lenders). 
 “Lender Group
Percentage” means, for any Lender Group, the percentage equivalent (carried out to five decimal places) of a fraction: (a) the numerator of which is the aggregate Commitments of Lenders in such Lender Group and the denominator of which
is the aggregate Commitments of all Lenders in all Lender Groups; or (b) in the event the Commitments of all Committed Lenders have been terminated, the percentage determined pursuant to clause (a) in effect immediately prior to
such termination, giving effect to any subsequent assignments. 
 “Lender Joinder Agreement” means an
agreement substantially in the form of Exhibit O, pursuant to which a new Lender joins the Credit Facility as contemplated by Section 2.15(c). 

  
 27 

 “Lender Party” has the meaning provided in
Section 11.1(a). 
 “Lending Office” means, as to any Lender, the office or
offices of such Lender (or an Affiliate of such Lender) described as such in such Lender’s Administrative Questionnaire delivered to the Administrative Agent, or such other office or offices as a Lender may from time to time notify the
Borrowers and the Administrative Agent. 
 “LIBOR” means, 

(a)    for any interest rate calculation with respect to any LIBOR Rate Loan, the rate of interest per
annum (expressed to the fifth decimal place) determined on the basis of the rate for deposits in Dollars for a period equal to the applicable Interest Period which appears on Reuters Screen LIBOR01 Page (or any applicable successor page) at
approximately 11:00 a.m. (London time) two Business Days prior to the first day of the applicable Interest Period. If, for any reason, such rate does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then such rate shall
be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m.
(London time) two Business Days prior to the first day of the applicable Interest Period for a period equal to the applicable Interest Period and if such deposit rates cannot be determined, then the such rate shall be otherwise independently
determined by the Administrative Agent from an alternate, substantially independent source available to Administrative Agent or shall be calculated by Administrative Agent by substantially similar methodology as that theretofore used to determine
such offered rate; and 
 (b)    for any interest rate calculation with respect to a Reference Rate
Loan, the rate of interest per annum (expressed to the fifth decimal place) determined on the basis of the rate for deposits in Dollars in minimum amounts of at least $5,000,000 for a period equal to one month (commencing on the date of
determination of such interest rate) which appears on the Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London time) two Business Days prior to such date of determination. If, for any reason, such rate
does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page) then “LIBOR” for such Reference Rate Loan shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which
deposits in Dollars for a period equal to one month would be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two Business Days prior to such date of determination and
if such deposit rates cannot be determined, then the such rate shall be otherwise independently determined by the Administrative Agent from an alternate, substantially independent source available to Administrative Agent or shall be calculated by
Administrative Agent by substantially similar methodology as that theretofore used to determine such offered rate. 
 Each
calculation by the Administrative Agent of LIBOR shall be conclusive and binding for all purposes, absent manifest error. If the calculation of LIBOR results in a LIBOR rate of less than zero (0), LIBOR shall be deemed to be zero (0) for all
purposes of this Credit Agreement. 

  
 28 

 “LIBOR Conversion Date” has the meaning provided in
Section 2.3(f). 
 “LIBOR Rate Loan” means a Loan (other than a Reference Rate
Loan) that bears interest at a rate based on LIBOR. 
 “LIBOR Reserve Requirement” means, at any time, the
stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors
of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Rate Loans is determined or any applicable category of extensions of credit or other assets which
includes loans by an office of any Lender outside of the United States of America). Without limiting the effect of the foregoing, the LIBOR Reserve Requirement shall reflect any other reserves required to be maintained by such member banks with
respect to: (a) any category of liabilities which includes deposits by reference to which Adjusted LIBOR is to be determined; or (b) any category of extensions of credit or other assets which include LIBOR Rate Loans or Reference Rate
Loans bearing interest based off LIBOR. LIBOR shall be adjusted automatically on and as of the effective date of any change in the LIBOR Reserve Requirement. Each determination by the Administrative Agent of the LIBOR Reserve Requirement shall, in
the absence of manifest error, be conclusive and binding. 
 “Lien” means any lien, mortgage, security
interest, assignment by way of security, charge, tax lien, pledge, encumbrance, or conditional sale or title retention arrangement, or any other interest in property designed to secure the repayment of indebtedness, whether arising by agreement or
under common law, any statute, law, contract, or otherwise. 
 “Loan Documents” means this Credit
Agreement, the Notes (including any renewals, extensions, re-issuances and refundings thereof), each of the Collateral Documents, each Assignment and Assumption, each Lender Joinder Agreement, all Credit Link
Documents, each Qualified Borrower Guaranty, the Fee Letter and such other agreements and documents, and any amendments or supplements thereto or modifications thereof, executed or delivered pursuant to the terms of this Credit Agreement or any of
the other Loan Documents and any additional documents delivered in connection with any such amendment, supplement or modification. 

“Loans” means the groups of LIBOR Rate Loans, CDOR Rate Loans, Reference Rate Loans, Cost of Funds Rate Loans
and CP Rate Loans (and loans accruing interested based on the Cost of Funds Rate) made by the Lenders to the Borrowers pursuant to the terms and conditions of this Credit Agreement (and certain other related amounts specified in
Section 2.9 shall be treated as Loans pursuant to Section 2.9). 

“Management Agreement” means that certain Investment Advisory Agreement, dated as of June 2, 2015,
between the Initial Borrower and the Investment Advisor. 
 “Managing Agent” means, with respect to any
Lender Group, the Person acting as Managing Agent therefor and designated as such on the signature pages hereto or in the Assignment and Acceptance Agreement pursuant to which such Lender Group becomes a party hereto, and its successors and assigns.

  
 29 

 “Managing Entity” means (a) with respect to the Initial
Borrower, its board of directors, and (b) with respect to each Borrower joining the Credit Facility after the Closing Date, the entity named as such Borrower’s general partner, board of directors, managing member or other similar managing
fiduciary, as applicable, and any successor thereto permitted under this Credit Agreement, as set forth in its joinder documentation. 

“Margin Stock” has the meaning assigned thereto in Regulation U. 

“Material Adverse Effect” means a material adverse effect on: (a) the assets, operations, properties,
liabilities (actual or contingent), financial condition, or business of any Borrower or of the Borrowers taken as a whole; (b) the ability of any Borrower to perform its obligations under this Credit Agreement or any of the other Loan Documents
taken as a whole, whether due to the inability of a Credit Party to fulfill its material obligations under its respective Constituent Documents or otherwise; (c) the validity or enforceability of this Credit Agreement, any of the other Loan
Documents, or the rights and remedies of the Secured Parties hereunder or thereunder taken as a whole; or (d) the ability of the Investors (or applicable Sponsors, Responsible Parties or Credit Providers) to perform their obligations under the
Constituent Documents of the Initial Borrower, the Subscription Agreements, the Side Letters, or the Credit Link Documents, as applicable, taken as a whole. 

“Material Amendment” has the meaning provided in Section 9.6. 

“Maturity Date” means the earliest of: (a) the Stated Maturity Date; (b) the date upon which the
Administrative Agent declares the Obligations due and payable after the occurrence of an Event of Default; (c) 60 days prior to the date on which the Initial Borrower’s ability to call Capital Commitments for the purpose of repaying the
Obligations is terminated and (d) the date upon which the Borrowers terminate the Commitments pursuant to Section 3.6 or otherwise. 

“Maximum Commitment” means $75,000,000, as such amount may be (a) reduced by the Borrowers pursuant to
Section 3.6 or (b) increased from time to time by the Borrowers pursuant to Section 2.15. 

“Maximum Rate” means, on any day, the highest rate of interest (if any) permitted by Applicable Law on such
day. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

“Non-Capital Commitment Collateral” has the meaning provided in the
Security Agreement. 
 “Non-Consenting Lender” means any Lender
that does not approve any consent, waiver, amendment, modification or termination that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 12.1 and (b) has been
approved by the Required Lenders. 
 “Non-Defaulting Committed
Lender” means, at any time, each Committed Lender that is not a Defaulting Committed Lender at such time. 

  
 30 

 “Non-Recourse
Indebtedness” means, with respect to any Person, Indebtedness that is without recourse to such Person (other than subject to such customary carve-out matters for which such Person acts as a guarantor
in connection with such Indebtedness, such as fraud, misappropriation, breach of representation and warranty and misapplication, unless, until and for so long as a claim for payment or performance has been made thereunder (which has not been
satisfied) at which time the obligations with respect to any such customary carve-out shall not be considered Non-Recourse Indebtedness, to the extent that such claim is
a liability of such Person for GAAP purposes). 
 “Notes” means the promissory notes provided for in
Section 3.1, and all promissory notes delivered in substitution or exchange therefor, as such notes may be amended, restated, reissued, extended or modified, and the Qualified Borrower Promissory Notes; and
“Note” means any one of the Notes. 
 “Obligations” means all present and future
indebtedness, obligations, and liabilities of the Credit Parties to the Lenders and other Secured Parties, and all renewals and extensions thereof or any part thereof, arising pursuant to this Credit Agreement (including, without limitation, the
indemnity provisions hereof) or represented by the Notes and each Qualified Borrower Guaranty, and all interest accruing thereon, and attorneys’ fees incurred in the enforcement or collection thereof, regardless of whether such indebtedness,
obligations, and liabilities are direct, indirect, fixed, contingent, joint, several, or joint and several; together with all indebtedness, obligations and liabilities of the Credit Parties to the Lenders and other Secured Parties evidenced or
arising pursuant to any of the other Loan Documents, and all renewals and extensions thereof, or any part thereof. 

“OFAC” means the United States Department of the Treasury’s Office of Foreign Assets Control. 

“OFAC Regulations” means the regulations promulgated by OFAC, as amended from time to time. 

“Operating Company” means an “operating company” within the meaning of 29 C.F.R. §2510.3-101(c) of the Plan Asset Regulations. 
 “Operating Lease”
means, as to any Person as determined in accordance with GAAP, any lease of property (whether real, personal or mixed) by such Person as lessee which is not a Capital Lease. 

“Other Claims” has the meaning provided in Section 5.4. 

“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 or Loan Document). 

  
 31 

 “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 4.8(b)). 

“Participant” has the meaning provided in Section 12.11(d). 

“Participant Register” has the meaning specified in Section 12.11(e). 

“Patriot Act” has the meaning provided in Section 12.18. 

“Pending Capital Call” means any Capital Call that has been made upon the Investors and that has not yet been
funded by the applicable Investor. 
 “Permitted Indebtedness” means: 

(a)    Non-Recourse Indebtedness; 

(b)    Indebtedness (including guarantees) consisting of all or any part of any deferred purchase price of
(i) any Investment or any other property or (ii) goods and services or progress payments in connection with such goods and services, in either case, whether or not evidenced by a promissory note or similar instrument; 

(c)    Indebtedness arising under a bank guarantee, bond or indemnity in respect of any Investment
incurred in the ordinary course of business; 
 (d)    Indebtedness incurred in relation to any
counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument (together, a “Bond”) issued by a bank or financial institution provided that in each
such case: (i) each such Bond is issued in the ordinary course of business of the relevant party; and (ii) each such Bond is issued in relation to an Investment; 

(e)    any guarantee by a Borrower permitted under the applicable Constituent Document, including any
guarantee of obligations relating to the purchase of Investments incurred by a holding company or special purpose vehicle formed for the purpose of holding or purchasing Investments, in each such case provided that: (i) each such
guarantee is issued in the ordinary course of business of the applicable Borrower and (ii) each such guarantee is issued in relation to an Investment; and 

(f)    Indebtedness pursuant to Hedge Agreements entered into in the ordinary course of business and not
for speculative purposes. 
 “Permitted Lien” has the meaning specified in
Section 9.3. 
 “Person” means an individual, sole proprietorship, joint venture,
association, trust, estate, business trust, corporation, limited liability company, limited liability partnership, limited partnership, nonprofit corporation, partnership, sovereign government or agency, instrumentality, or political subdivision
thereof, or any similar entity or organization. 

  
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 “Plan” means any “employee pension benefit plan” (as
such term is defined in Section 3(2) of ERISA), including any single-employer plan or multiemployer plan (as such terms are defined in Section 4001(a)(15) and in Section 4001(a)(3) of ERISA, respectively), that is subject to Title IV
of ERISA or Section 412 of the Internal Revenue Code. 
 “Plan Asset Regulations” means 29 C.F.R. §2510.3-101, as modified by Section 3(42) of ERISA. 
 “Plan
Assets” means “plan assets” under the Plan Asset Regulations. 
 “Pooled Vehicle
Investor” means an Investor that is an investment vehicle consisting of multiple HNW Investors. 
 “Portion
of Loan” and “Portion of Loans” are defined in Section 2.3(h). 

“Potential Default” means any condition, act or event which, with the giving of notice or lapse of time or
both, would become an Event of Default. 
 “Prime Rate” means, at any time, the rate of interest per annum
publicly announced from time to time by the Administrative Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The parties hereto acknowledge that
the rate announced publicly by the Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks. 

“Principal Obligations” means the sum of the aggregate outstanding principal amount of the Loans. 

“Pro Rata Share” means, with respect to each Committed Lender, the percentage obtained from the fraction:
(a) (i) the numerator of which is the Commitment of such Committed Lender; and (ii) the denominator of which is the aggregate Commitments of all Committed Lenders; or (b) in the event the Commitments of all Committed Lenders have been
terminated, the percentage determined pursuant to clause (a) in effect immediately prior to such termination, giving effect to any subsequent assignments. 

“Proceedings” has the meaning provided in Section 7.9. 

“Program Support Agreement” means and includes, with respect to any Conduit Lender, any agreement entered
into by such Conduit Lender for the issuance of one or more letters of credit for the account of such Conduit Lender (or any related commercial paper issuer that finances such Conduit Lender), the issuance of one or more surety bonds for which such
Conduit Lender (or such related issuer) is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, the sale by such Conduit Lender (or such related issuer) to any Program Support Provider of its interests
hereunder (or portions thereof or participations therein) or the making of loans or other extensions of credit to such Conduit Lender (or such 

  
 33 

 
related issuer) or the entry into a hedge agreement with such Conduit Lender (or such related issuer) in connection with such Conduit Lender’s (or such related issuer’s) commercial
paper program, together with any letter of credit, surety bond or other instrument issued thereunder. 
 “Program
Support Provider” means any counterparty to a Program Support Agreement. Each Program Support Provider shall be a Committed Lender or a Managing Agent hereunder or an Affiliate thereof, unless the Administrative Agent and the Borrowers
shall have otherwise consented in writing (such consent not to be unreasonably withheld). 
 “Proposed
Amendment” has the meaning provided in Section 9.6. 
 “Qualified
Borrower” has the meaning provided in Section 6.3. 
 “Qualified Borrower
Guaranty” and “Qualified Borrower Guaranties” have the meanings provided in Section 6.3. 

“Qualified Borrower Promissory Note” has the meaning provided in Section 6.3. 

“Rate Type” means the LIBOR Rate, the CDOR Rate, the Cost of Funds Rate, the Reference Rate or the CP Rate.

 “Rated Investor” means any Investor that has a Rating (or that has a Credit Provider, Sponsor or
Responsible Party that has a Rating). In the event the Investor, its Credit Provider, Sponsor or Responsible Party has more than one Rating, then the lowest of such Ratings shall be the applicable Rating. 

“Rating” means, for any Person, its senior unsecured debt rating (or equivalent thereof), such as, but not
limited to, a corporate credit rating, issuer rating/insurance financial strength rating (for an insurance company), general obligation rating or credit enhancement program (for a governmental entity), or revenue bond rating (for an educational
institution) from S&P or Moody’s; provided that if such Person has such a rating from each of S&P and Moody’s and such ratings are different (taking into account the different rating systems of S&P and Moody’s), its
Rating for purposes hereof shall be the lower of such ratings. 
 “Recipient” means (a) the
Administrative Agent and (b) any Lender. 
 “Reference Rate” means the greatest of: (i) the Prime
Rate plus the Applicable Margin, (ii) the Federal Funds Rate plus fifty basis points (0.50%) plus the Applicable Margin, and (iii) except during any period of time during which LIBOR is unavailable pursuant to
Section 4.2 or 4.3, one-month Adjusted LIBOR plus one hundred basis points (1.00%). Each change in the Reference Rate shall become effective without prior notice to any Credit
Party automatically as of the opening of business on the day of such change in the Reference Rate. 
 “Reference
Rate Conversion Date” has the meaning provided in Section 2.3(f). 
 “Reference
Rate Loan” means a Loan denominated in Dollars made hereunder with respect to which the interest rate is calculated by reference to the Reference Rate. 

  
 34 

 “Register” has the meaning provided in
Section 12.11(c). 
 “Regulation D,” “Regulation T,”
“Regulation U,” and “Regulation X” means Regulation D, T, U, or X, as the case may be, of the Board of Governors of the Federal Reserve System, from time to time in effect, and shall include any successor or other
regulation relating to reserve requirements or margin requirements, as the case may be, applicable to member banks of the Federal Reserve System. 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,
directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

“Release” means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge,
dispersal, leaching, or migration of Hazardous Materials into the environment, or into or out of any real property Investment, including the movement of any Hazardous Material through or in the air, soil, surface water or groundwater of any real
property Investment. 
 “Removal Effective Date” has the meaning provided in
Section 11.9(a)(ii). 
 “Request for Borrowing” has the meaning provided in
Section 2.3(a). 
 “Required Lenders” means, at any time, (a) (i) at any
time there are two or fewer Lender Groups, each Committed Lender, and (ii) at any time there are three or more Lender Groups, the Committed Lenders holding an aggregate Pro Rata Share of greater than fifty point one percent (50.1%) and
(b) the bank acting as Administrative Agent. The Commitments of any Defaulting Committed Lender shall be disregarded from both the numerator and the denominator in determining Required Lenders at any time. 

“Required Payment Time” means, (i) promptly on demand, and in any event within two (2) Business
Days, to the extent such funds are available in the Collateral Accounts or any other account maintained by the Borrowers; and (ii) otherwise, to the extent that it is necessary for the Credit Parties to issue a Capital Call to fund such
required payment, within fifteen (15) Business Days after the Administrative Agent’s demand (but, in any event, the Credit Parties shall make such payment promptly after related Capital Contributions are received). 

“Resignation Effective Date” has the meaning provided in Section 11.9(a). 

“Responsible Officer” means: (a) in the case of a corporation, its chief executive officer, president or
any vice president, chief financial officer or chief compliance officer, or any director or the equivalent thereof (other than a secretary or assistant secretary), and, in any case where two Responsible Officers are acting on behalf of such
corporation, the second such Responsible Officer may be a secretary or assistant secretary or the equivalent thereof; (b) in the case of a limited partnership or an exempted limited partnership, an officer or director of its general partner or
an officer or director of an entity that has authority to act on behalf of such general partner, acting on behalf of the general partner in its capacity as general partner of such limited partnership; and (c) in the case of a limited liability
company, an officer of such limited liability company or, if there is no officer, a manager, director or managing member, or the individual 

  
 35 

 
acting on behalf of such manager or managing member, in its capacity as manager or managing member of such limited liability company, or in each case such other authorized officer or signatory
who has the power to bind such corporation, limited partnership, limited liability company or any other Person who has provided documentation evidencing such authority. Any document delivered hereunder or under any other Loan Document that is signed
by a Responsible Officer of a Person shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Person and such Responsible Officer shall be conclusively presumed to have
acted on behalf of such Person. 
 “Responsible Party” means, for any Governmental Plan Investor:
(a) if the state under which the Governmental Plan Investor operates is obligated to fund the Governmental Plan Investor and is liable to fund any shortfalls, the state; and (b) otherwise, the Governmental Plan Investor itself. 

“Returned Capital” means, for any Investor, at any time, any amounts distributed to such Investor that are
subject to recall as a Capital Contribution pursuant to the applicable Constituent Document of the Initial Borrower or, as applicable, of a Pooled Vehicle Investor. Any amount of Returned Capital distributed to an Investor shall appear on the
quarterly account statement (or other similar statement) delivered to such Investor. 
 “Revaluation Date”
means each of the following: (a) each date of a Borrowing; (b) the date of any Exclusion Event; (c) the first Business Day of each calendar month; and (d) solely with respect to a significant fluctuation in Alternative Currency,
each other date on which the Administrative Agent shall reasonably determine necessary by notice thereof to the Initial Borrower. 

“RIC” means a Person qualifying for treatment as a “regulated investment company” under Subchapter
M of the Internal Revenue Code. 
 “Rollover” means the renewal of all or any part of any LIBOR Rate Loan
or CDOR Rate Loan upon the expiration of the Interest Period with respect thereto, pursuant to Section 2.3. 

“Rollover Notice” has the meaning provided in Section 2.3(e). 

“Rule 17g-5” shall mean Rule
17g-5 under the Securities Exchange Act of 1934 as such may be amended from time to time, and subject to such clarification and interpretation as has been provided by the U.S. Securities and Exchange
Commission in the adopting release (Amendments to Rules for Nationally Recognized Statistical Rating Organizations, Exchange Act Release No. 34-61050, 74 Fed. Reg. 63,832, 63,865 (Dec. 4, 2009)) and
subject to such clarification and interpretation as may be provided by the U.S. Securities and Exchange Commission or its staff from time to time. 

“S&P” means Standard & Poor’s Financial Services, LLC, a subsidiary of the McGraw-Hill
Companies, Inc. and any successor thereto. 
 “Sanctioned Person” means, each as amended, supplemented or
substituted from time to time, a country, nation, territory, entity (or equivalent) or individual which is subject to Sanctions. 

  
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 “Sanctions” means general trade, economic or financial
restrictions, sanctions or embargoes imposed, administered or enforced from time to time by the government of the United States of America and administered by OFAC, the United Nations Security Council, the European Union or a member state of the
European Union, each as amended, supplemented or substituted from time to time. 
 “Secured Parties” means
the Agents, the Lenders, the Program Support Providers, the Conduit Collateral Agents and each Indemnitee. 

“Securities Exchange Act” means the Securities Exchange Act of 1934, as amended to the date hereof and from
time to time hereafter, and any successor statute. 
 “Security Agreement” means the Security Agreement,
substantially in the form of Exhibit C, made by the Initial Borrower in favor of the Administrative Agent, pursuant to which the Initial Borrower has granted to the Administrative Agent for the benefit of the Secured Parties, a first priority
(subject to Permitted Liens) Lien and security interest in, and pledge of, their interests in the Collateral described therein, as the same may be amended, supplemented or modified from time to time. 

“Side Letter” means any side letter executed by an Investor with any Credit Party or the Investment Advisor
with respect to such Investor’s rights and/or obligations under its Subscription Agreement or other Constituent Documents of the Initial Borrower or of a Pooled Vehicle Investor. 

“Solvent” means, with respect to any Credit Party, as of any date of determination, that as of such date:

 (a)    the fair value of the assets of such Credit Party and, if applicable, the
aggregate Uncalled Capital Commitments, are greater than the total amount of liabilities, including contingent liabilities, of such Credit Party; 

(b)    the fair value of the assets of such Credit Party and, if applicable, the aggregate
Uncalled Capital Commitments, are not less than the amount that will be required to pay the probable liability of the Credit Parties on their debts as they become absolute and matured; 

(c)    such Credit Party does not intend to, and does not believe that it will, incur debts
or liabilities beyond its ability to pay as such debts or liabilities become absolute and matured; and 

(d)    such Credit Party is not engaged in a business or transaction, and is not about to
engage in a business or transaction, for which its assets and, if applicable, the aggregate Uncalled Capital Commitments, would constitute unreasonably small capital. 

For the purposes of this definition, the amount of contingent liabilities (such as litigation, guarantees, and pension plan
liabilities) at any time shall be computed as the amount which, in light of all the facts and circumstances existing at the time, represents the amount which can be reasonably expected to become an actual or matured liability and are determined as
contingent liabilities in accordance with applicable federal and state laws governing determinations of insolvency. 

  
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 “Sponsor” means, (a) for any ERISA Investor, a sponsor as
that term is understood under ERISA, specifically, the entity that established the plan and is responsible for the maintenance of the plan and, in the case of a plan that has a sponsor and participating employers, the entity that has the ability to
amend or terminate the plan, and, in the case of an ERISA Investor that is an individual retirement account or individual retirement annuity, the owner of such account or annuity for whose benefit the account or annuity has been established, and
(b) for any Endowment Fund Investor, the state chartered, “not-for-profit” university or college that has established such fund for its exclusive use and
benefit. As used herein, the term “not-for-profit” means an entity formed not for pecuniary profit or financial gain and for which no part of its assets,
income or profit is distributable to, or inures to the benefit of, its members, directors or officers. 
 “Spot
Rate” means, with respect to any Alternative Currency at any date of determination thereof, the rate quoted by the Administrative Agent as its spot rate for the purchase of such Alternative Currency with Dollars through its principal
foreign exchange trading office for such Alternative Currency at the time and date of determination. 
 “SPV Loan
and Security Agreement” means that certain Loan and Security Agreement, dated as of March 28, 2016, by and among BDC SPV, as borrower, Initial Borrower, as collateral manager, seller and equityholder, Wells Fargo Bank, National
Association, as administrative agent and collateral agent, and each of the lenders party thereto from time to time, as the same may be amended, supplemented or otherwise modified from time to time. 

“SPV Loan Sale Agreement” means that certain Loan Sale Agreement, dated as of March 28, 2016, by and
among BDC SPV, as purchaser, and Initial Borrower, as seller, as the same may be amended, supplemented or otherwise modified from time to time. 

“Stated Maturity Date” means June 29, 2018, subject to any extension of such date pursuant to
Section 2.14. 
 “Sterling” and “£” mean the lawful
currency of the United Kingdom. 
 “Subordination Event” shall occur if, on any date of determination,
(a) an Event of Default has occurred and is continuing; (b) a Potential Default has occurred and is continuing, but solely with respect to any Event of Default that would result under Section 10.1(a); or
(c) a mandatory prepayment has been triggered pursuant to Section 3.5(b), irrespective of whether such prepayment has become due and payable under the grace periods afforded in Section 3.5(b).

 “Subscription Agreement” means (i) a Subscription Agreement in the form of Exhibit T and any
related supplement thereto executed by an Investor in connection with the subscription for an equity interest in the Initial Borrower, as applicable, as amended, restated, supplemented or otherwise modified from time to time and (ii) a
subscription agreement executed by an HNW Investor in connection with the subscription for an equity interest in a Pooled Vehicle Investor, as applicable, as amended, restated, supplemented or otherwise modified from time to time;
“Subscription Agreements” means, where the context may require, all Subscription Agreements, collectively. 

  
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 “Subsidiary” of a Person means a corporation, partnership, joint
venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests
having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless
otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of a Borrower. 

“Subsidiary Assets” has the meaning provided in Section 8.11. 

“Synthetic Lease” means any synthetic lease, tax retention operating lease,
off-balance sheet loan or similar off-balance sheet financing product where such transaction is considered borrowed money indebtedness for tax purposes but is classified
as an Operating Lease in accordance with GAAP. 
 “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. 

“Threshold Amount” means the lesser of (i) $5,000,000 (or Dollar Equivalent thereof), and (ii) 10% of the
aggregate Uncalled Capital Commitments at such time (or Dollar Equivalent thereof). 
 “Transaction
Information” has the meaning provided in Section 12.17. 
 “Transfer”
means to assign, convey, exchange, pledge, sell, set-off, transfer or otherwise dispose. 

“Type of Loan” means a Reference Rate Loan, a LIBOR Rate Loan, a CDOR Rate Loan, a Cost of Funds Rate Loan or
a CP Rate Loan. 
 “UCC” means the Uniform Commercial Code as adopted in the State of New York and any
other state from time to time, which governs creation or perfection (and the effect thereof) of security interests in any Collateral. 

“Uncalled Capital Commitment” means, with respect to any Investor at any time, such Investor’s uncalled
Capital Commitment, including, for the avoidance of doubt, its “Remaining Capital Commitment” (or similar term) as determined pursuant to the applicable Constituent Document of the Initial Borrower or, as applicable, a Pooled Vehicle
Investor. 
 “Unfunded Capital Commitment” means, with respect to any Investor at any time, such
Investor’s Uncalled Capital Commitment minus any portion of such Investor’s Uncalled Capital Commitment that is subject to a Pending Capital Call. 

  
 39 

 “Uniform Customs” means the Uniform Customs and Practice for
Documentary Credits (2007 Revision), effective July, 2007 International Chamber of Commerce Publication No. 600. 

“Unrated Included Investor” means an Investor that is designated as an Included Investor pursuant to
clause (a)(ii) of the first sentence of the definition of “Included Investor”. 
 “U.S.
Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Internal Revenue Code. 

“U.S. Tax Compliance Certificate” has the meaning assigned to such term in
Section 4.1(f). 
 “Withholding Agent” means any Credit Party and the
Administrative Agent. 
 “Write-Down and Conversion Powers” means, with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers
are described in the EU Bail-In Legislation Schedule. 

1.2.    Construction. With reference to this Credit Agreement and each other Loan Document, unless
otherwise specified herein or in such other Loan Document: 
 (a)    all terms defined in this Credit
Agreement shall have the above-defined meanings when used in the Notes or any other Loan Documents or any certificate, report or other document made or delivered pursuant to this Credit Agreement, unless otherwise defined in such other document;

 (b)    the definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined; 
 (c)    whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms; 
 (d)    the words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”; 

(e)    the word “will” shall be construed to have the same meaning and effect as the word
“shall”; 
 (f)    any reference herein to any Person shall be construed to include such
Person’s successors and assigns; 
 (g)    the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this Credit Agreement in its entirety and not to any particular provision hereof; 

(h)    all references herein to Sections, Exhibits and Schedules shall be construed to refer to Sections
of, and Exhibits and Schedules to, this Credit Agreement; 

  
 40 

 (i)    the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights; 

(j)    a Potential Default is “continuing” if it has not been remedied or waived and an Event of
Default is “continuing” if it has not been waived; 
 (k)    the term “documents”
includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form; 

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

(m)    section headings herein and in the other Loan Documents are included for convenience of reference
only and shall not affect the interpretation of this Credit Agreement or any other Loan Document. 

1.3.    Accounting Terms. All accounting terms not specifically or completely defined herein or in
any other Loan Document shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Credit Agreement shall be prepared in conformity with GAAP,
applied on a consistent basis, as in effect from time to time and in a manner consistent with that used in preparing the audited financial statements required by Section 8.1(a), except as otherwise specifically prescribed
herein. 
 1.4.    UCC Terms. Terms defined in the UCC in effect on the Closing Date and not
otherwise defined herein shall, unless the context otherwise indicates, have the meanings provided by those definitions. Subject to the foregoing, the term “UCC” refers, as of any date of determination, to the UCC then in effect. 

1.5.    References to Agreement and Laws. Unless otherwise expressly provided herein,
(a) references to formation documents, governing documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other
modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are not prohibited by any Loan Document; and (b) references to any Applicable Law shall include all statutory and
regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Applicable Law. 

1.6.    Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to times of day in New York, New York. 
 1.7.    Exchange Rates; Currency
Equivalents. The Administrative Agent shall determine the Spot Rates as of each applicable date required to be used for calculating Dollar Equivalent amounts of Principal Obligations denominated in Alternative Currencies. In the case of a Spot
Rate required to be calculated as of a Revaluation Date, such Spot Rate shall become 

  
 41 

 
effective as of such Revaluation Date and shall be the Spot Rate employed in determining such Dollar Equivalent amount until the next Revaluation Date to occur. Except for purposes of financial
statements delivered by a Credit Party 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 reasonably determined by
the Administrative Agent based on the Spot Rate as of the last Revaluation Date. 
  

	Section 2.	 REVOLVING CREDIT LOANS 

2.1.    The Commitment. 

(a)    Committed Amount. Subject to the terms and conditions herein set forth, each Committed Lender
agrees, during the Availability Period to extend to the Borrowers a revolving line of credit in Dollars or any Alternative Currency. 

(b)    Limitation on Borrowings and Re-borrowings. Except
as provided in Section 2.1(c) below, no Committed Lender shall be required to advance any Borrowing, Rollover or Conversion hereunder if: 

(i)    after giving effect to such Borrowing, Rollover or Conversion: (A) the Dollar
Equivalent of the Principal Obligations would exceed the Available Commitment; (B) the Dollar Equivalent of the Principal Obligations owed to any Lender Group would exceed the Commitment of such Lender Group; or (C) the Dollar Equivalent
of the Principal Obligations denominated in any Alternative Currency would exceed the Alternative Currency Sublimit; or 

(ii)    the conditions precedent for such Borrowing in
Section 6.2 have not been satisfied. 
 (c)    Exceptions to
Limitations. Rollovers and Conversions shall be permitted notwithstanding Section 2.1(b)(i) and Section 2.1(b)(ii) above, in each case, unless the Administrative Agent has otherwise accelerated
the Obligations or exercised other rights that terminate the Commitments under Section 10.2. 

2.2.    Revolving Credit Commitment. Subject to the terms and conditions herein set forth, each
Committed Lender severally agrees, on any Business Day during the Availability Period, to make Loans to the Borrowers at any time and from time to time in an aggregate principal amount up to such Committed Lender’s Commitment at any such time.
Subject to the limitations and conditions set forth in Sections 2.1(b) and 6 and the other terms and conditions hereof, the Borrowers may borrow, repay without penalty or premium, and re-borrow
hereunder, during the Availability Period. No Committed Lender shall be obligated to fund any Loan if the interest rate applicable thereto under Section 2.6(a) would exceed the Maximum Rate in effect with respect to such
Loan. 
 2.3.    Manner of Borrowing. 

(a)    Request for Borrowing. The Borrowers shall give the Administrative Agent notice at the Agency
Services Address of the date of each requested Borrowing hereunder, 

  
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which notice may be by telephone, if confirmed in writing by facsimile, electronic mail, or other written communication (a “Request for Borrowing”), in the form of Exhibit
E, and which notice shall be irrevocable and effective upon receipt by the Administrative Agent. Each Request for Borrowing: (i) shall be furnished to the Administrative Agent no later than 11:00 a.m. (x) at least one (1) Business
Day prior to the requested date of Borrowing in the case of a Reference Rate Loan, (y) at least three (3) Business Days prior to the requested date of Borrowing in the case of a LIBOR Rate Loan or a CP Rate Loan in Dollars and (z) at
least four (4) Business Days prior to the requested date of Borrowing in the case of a CDOR Rate Loan, a LIBOR Rate Loan or a CP Rate Loan denominated in an Alternative Currency; and (ii) must specify: (A) the amount of such
Borrowing; (B) the Interest Option (with respect to Loans that are not CP Rate Loans) if such Loan is to be funded in Dollars; (C) the Interest Period therefor, if applicable; (D) the currency; and (E) the date of such Borrowing,
which shall be a Business Day. Any Request for Borrowing received by the Administrative Agent after 11:00 a.m. shall be deemed to have been given by the Borrowers on the next succeeding Business Day. Each Request for Borrowing submitted by the
Borrowers shall be deemed to be a representation and warranty that the conditions specified in Sections 6.1 and 6.2 and, to the extent applicable, Section 6.3, have been satisfied on and as of the date of the
applicable Borrowing. No Request for Borrowing shall be valid hereunder for any purpose unless it shall have been accompanied or preceded by the information and other documents required to be delivered in accordance with this Section. For the
avoidance of doubt, with respect to any Request for Borrowing submitted to a Lender Group with a Conduit Lender (including any Request for Borrowing of a Reference Rate Loan), the Managing Agent of such Conduit Lender’s Lender Group may elect
to have a Conduit Lender or a Committed Lender fund such Loan in its sole discretion and (x) if such Loan is funded by a Conduit Lender, such Loan shall be funded as a CP Rate Loan through the issuance of Commercial Paper (and not pursuant to a
Program Support Agreement) and (y) if such Loan is funded by a Commitment Lender, the Borrowers shall be entitled to select the Interest Option applicable to such Loan. 

(b)    Further Information. Each Request for Borrowing shall be accompanied or preceded by:
(i) a duly executed Borrowing Base Certificate dated the date of such Request for Borrowing; and (ii) such documents as are required to satisfy any applicable conditions precedent as provided in Section 6.2. 

(c)    Request for Borrowing Irrevocable. Each Request for Borrowing completed and signed by the
Borrowers in accordance with Section 2.3(a) shall be irrevocable and binding on the Borrowers, and the Borrowers shall indemnify each Lender against any cost, loss or expense incurred by such Lender (including, in the case
of any Conduit Lender, through a Program Support Agreement), either directly or indirectly, as a result of any failure by the Borrowers to complete such requested Borrowing (other than due to a failure of such Lender to make a Loan in contravention
of its obligations hereunder), including any cost, loss or expense incurred by the Administrative Agent or any Lender, either directly or indirectly by reason of the liquidation or reemployment of funds acquired by such Lender (or the applicable
Program Support Provider(s)) in order to fund such requested Borrowing except to the extent such cost, loss or expense is due to the gross negligence, bad faith or willful misconduct of such Person. A certificate of such Lender setting forth the
amount of any such cost, loss or expense, and the basis for the determination thereof and the calculation thereof, shall be delivered to the Borrowers and shall, in the absence of a manifest error, be conclusive and binding. 

  
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 (d)    Notification of Conduit Lender. The
Administrative Agent will promptly notify each Managing Agent of the Administrative Agent’s receipt of any Request for Borrowing. Each Conduit Lender shall instruct its Managing Agent to accept or reject such Request for Borrowing by notice
given to the Managing Agent and the Borrowers by telephone, facsimile or electronic mail by no later than the close of its business on the Business Day following its receipt of any such Request for Borrowing. In the event that such Conduit Lender
(or its Managing Agent or administrator on its behalf) shall reject such Request for Borrowing for any reason, the Committed Lenders of the same Lender Group as such Conduit Lender shall be obligated to fund the requested Loan in accordance with
Section 2.5. If at any time a Lender is acting as both a Conduit Lender and a Committed Lender of a Lender Group, and the Lender, in its capacity as a Conduit Lender, rejects a request for a Loan, the Managing Agent of such
Conduit Lender shall notify the Administrative Agent that such Lender will be funding the requested Loan in its capacity as a Committed Lender in accordance with Section 2.3(e) (but the failure of a Managing Agent to so notify the
Administrative Agent shall not excuse such Conduit Lender, in its capacity as a Committed Lender, from its obligation to fund the requested Loan in accordance with Section 2.5). 

(e)    Committed Lender’s Commitment. At no time will any Conduit Lender (unless it is a
Committed Lender) have any obligation to fund a Loan. If a Conduit Lender has failed for whatever reason to fund its portion of a Borrowing in full, all Loans shall be made by the Committed Lenders of the same Lender Group on the requested date of
Borrowing in accordance with Section 2.5. At any time when a Conduit Lender has rejected a request for a Loan (it being understood that if a Conduit Lender does not fund any Loan in relation to which all of the conditions
precedent set forth in Section 6.2 have been satisfied on the date set forth in the applicable Request for Borrowing, such Conduit Lender shall be deemed to have rejected the request for Loan), the Managing Agent of
such Conduit Lender shall so notify the Committed Lenders of the same Lender Group as such Conduit Lender and such Committed Lenders shall make such Loan, on a pro rata basis, in accordance with their respective Committed Lender Pro Rata
Share. The obligation of each Committed Lender to remit its Committed Lender Pro Rata Share of any such Loan requested of its Lender Group shall be several from that of each other Committed Lender, and the failure of any Committed Lender to so make
such amount available to the Administrative Agent or a Borrower, as applicable, shall not relieve any other Committed Lender of its obligation hereunder. 

(f)    [Reserved]. 

(g)    Defaulting Committed Lender. If, by 2:00 p.m. on any funding date, one or more Committed
Lenders in a Lender Group (each, a “Defaulting Committed Lender”, and each Committed Lender other than any Defaulting Committed Lender being referred to as a “Non-Defaulting Committed
Lender”) fails to make its share of any Loan available to the Administrative Agent pursuant to Section 2.5 (the aggregate amount not so made available to Administrative Agent being herein called in either case the
“Loan Deficit”), then such Committed Lender’s Managing Agent shall, by no later than 2:30 p.m. on the applicable funding date instruct each Non-Defaulting Committed Lender in such Lender
Group to pay, by no later than 3:00 p.m. on such date, in immediately available funds, to the account designated by the Administrative Agent, an amount equal to the lesser of: (i) such Non-Defaulting
Committed Lender’s proportionate share (based upon the relative Commitments of the Non-Defaulting 

  
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Committed Lenders) of the Loan Deficit with respect to such Lender Group; and (ii) its unused Commitment. A Defaulting Committed Lender shall forthwith, upon demand, pay to its related
Managing Agent for the ratable benefit of the Non-Defaulting Committed Lenders all amounts paid by each Non-Defaulting Committed Lender on behalf of such Defaulting
Committed Lender, together with interest thereon, for each day from the date a payment was made by a Non-Defaulting Committed Lender until the date such Non-Defaulting
Committed Lender has been paid such amounts in full, at a rate per annum equal to the Default Rate. 

(h)    Determination of Interest and Interest Periods. For purposes of determining the Interest
Period applicable to each Loan and to calculate Interest with respect thereto, each applicable Managing Agent shall allocate the Loans of the Lenders in its Lender Group to tranches (each a “Portion of Loan”). Any Portion of Loan
funded by a Conduit Lender may from time to time be funded through the issuance of Commercial Paper or pursuant to a Program Support Agreement, provided that each Conduit Lender confirms that, to the extent permitted by its commercial paper
program documentation, it intends to fund all Loans hereunder through the issuance of its Commercial Paper prior to the termination date specified in its related Program Support Agreement, an Event of Default or certain other circumstances occurring
in the financial or Commercial Paper markets in general or with respect to the Loan Documents, or the Initial Borrower in particular, which, in the sole discretion of the Administrative Agent, such Conduit Lender or its Managing Agent, make funding
the Loans through the issuance of Commercial Paper reasonably inadvisable. Any Portion of Loan funded by a Conduit Lender through the issuance of Commercial Paper (and not pursuant to a Program Support Agreement) shall accrue Interest at the
applicable CP Rate. Any Portion of Loan funded by the Committed Lenders or a Program Support Provider shall accrue interest at a rate per annum equal to: (i) with respect to LIBOR Rate Loans, the Adjusted LIBOR Rate for the applicable Interest
Period, (ii) with respect to CDOR Rate Loans, the CDOR for the Applicable Interest Period, and (iii) with respect to Reference Rate Loans, the Reference Rate in effect from day to day. At any time, each Portion of Loan shall have only one
Interest Period and one Rate Type. The aggregate Portions of Loans of each Lender Group at all times shall be equal to the Loans of such Lender Group, and at any time when the Loans are not divided into two or more portions, the term “Portion
of Loans” shall mean 100% of the Loans of such Lender Group. 
 (i)    Committed Lender Funding
Shall be Proportional. Each Committed Lender shall make each requested Loan in accordance with its Pro Rata Share thereof. 

(j)    Rollovers. No later than 11:00 a.m. at least (x) three (3) Business Days prior to the
termination of each Interest Period related to a LIBOR Rate Loan in Dollars or (y) at least four (4) Business Days prior to the termination of each Interest Period related to a CDOR Rate Loan or a LIBOR Rate Loan denominated in an
Alternative Currency, the Borrowers shall give the Administrative Agent written notice at the Agency Services Address (which notice may be via fax or electronic mail) in the form of Exhibit G (the “Rollover Notice”) whether
it desires to renew such LIBOR Rate Loan or CDOR Rate Loan. The Rollover Notice shall also specify the length of the Interest Period selected by the Borrowers with respect to such Rollover. Each Rollover Notice shall be irrevocable and effective
upon notification thereof to the Administrative Agent. If the Borrowers fail to timely give the Administrative Agent the Rollover Notice with respect to any LIBOR Rate Loan or CDOR Rate Loan, the Borrowers shall be deemed to have elected a one-month Interest Period with respect to such Loan. 

  
 45 

 (k)    Conversions. The Borrowers shall have the
right, with respect to: (i) any Reference Rate Loan, on any Business Day (a “LIBOR Conversion Date”), to convert such Reference Rate Loan to a LIBOR Rate Loan in Dollars; and (ii) any LIBOR Rate Loan in Dollars, on any
Business Day (a “Reference Rate Conversion Date”) to convert such LIBOR Rate Loan to a Reference Rate Loan, provided that the Borrowers shall, on such LIBOR Conversion Date or Reference Rate Conversion Date, make the payments
required by Section 4.5, if any, in either case, by giving the Administrative Agent written notice at the Agency Services Address in the form of Exhibit G (a “Conversion Notice”) of such selection no
later than 11:00 a.m. at least either (x) three (3) Business Days prior to such LIBOR Conversion Date or (y) one (1) Business Day prior to such Reference Rate Conversion Date, as applicable. Each Conversion Notice shall be irrevocable and
effective upon notification thereof to the Administrative Agent. A request of the Borrowers for a Conversion of a Reference Rate Loan to a LIBOR Rate Loan is subject to the condition that no Event of Default or Potential Default exists at the time
of such request or after giving effect to such Conversion. 
 (l)    Tranches. Notwithstanding
anything to the contrary contained herein, no more than ten (10) LIBOR Rate Loans and CDOR Rate Loans may be outstanding hereunder at any one time during the Availability Period. 

(m)    Administrative Agent Notification of the Lenders. The Administrative Agent shall promptly
notify each Managing Agent of the receipt of a Request for Borrowing, a Conversion Notice or a Rollover Notice, the amount of the Borrowing and the amount and currency of such Lender Group’s Lender Group Percentage of the applicable Loans, the
date the Borrowing is to be made, the Interest Option selected, the Interest Period selected, if applicable, and the applicable rate of interest. 

2.4.    Minimum Loan Amounts. Each LIBOR Rate Loan and CDOR Rate Loan shall be in an aggregate
amount that is an integral multiple of $100,000 and not less than $1,000,000 and each Reference Rate Loan shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000; provided that a Reference Rate Loan
or a CP Rate Loan may be in an aggregate amount that is equal to the entire unused balance of the Available Commitment. Any Loans denominated in an Alternative Currency shall satisfy the foregoing minimum thresholds on a Dollar Equivalent basis.

 2.5.    Funding. 

(a)    Funding of Borrowings. Subject to the fulfillment of all applicable conditions set forth
herein, each Committed Lender shall make the proceeds of its Pro Rata Share (or each Conduit Lender shall make the proceeds of its related Committed Lender’s Pro Rata Share) of each Borrowing available (i) at any time that there is more
than one Lender Group, to the Administrative Agent by no later than 12:00 p.m. on the date specified in the Request for Borrowing as the borrowing date, in immediately available funds, and the Administrative Agent shall deposit such proceeds in
immediately available funds in the applicable Borrower’s account maintained with the Administrative Agent not later than 2:00 p.m. on the borrowing date or, if requested by the Borrowers in the Request for Borrowing, shall wire-transfer such
funds as requested on or before such time, and (ii) at any time that there is one Lender Group, by wire transfer of such proceeds in immediately available funds to the applicable Borrower’s account

  
 46 

 
specified in the Request for Borrowing not later than 2:00 p.m. on the borrowing date. If a Lender Group fails to make its Lender Group Percentage of any requested Borrowing available to the
Administrative Agent on the applicable borrowing date pursuant to clause (i) above, then the Administrative Agent may recover the applicable amount on demand: (a) from such Lender Group’s Committed Lender, together with interest at
the Federal Funds Rate for the period commencing on the date the amount was made available to the Borrowers by the Administrative Agent and ending on (but excluding) the date the Administrative Agent recovers the amount from such Committed Lender;
or (b) if such Committed Lender fails to pay its amount upon the Administrative Agent’s demand, then from the Borrowers by the Required Payment Time, together with interest at a rate per annum equal to the rate applicable to the requested
Borrowing for the period commencing on the borrowing date and ending on (but excluding) the date the Administrative Agent recovers the amount from the Borrowers. 

(b)    Obligations of Lender Several. The liabilities and obligations of each Committed Lender
hereunder shall be several and not joint, and neither the Administrative Agent nor any Committed Lender shall be responsible for the performance by any other Committed Lender of its obligations hereunder. The failure of any Committed Lender to
advance the proceeds of its Pro Rata Share of any Borrowing required to be advanced hereunder shall not relieve any other Committed Lender of its obligation to advance the proceeds of its Pro Rata Share of any Borrowing required to be advanced
hereunder. Each Committed Lender hereunder shall be liable to the Borrowers only for the amount of its respective Commitment. 

2.6.    Interest. 

(a)    Interest Rate. Each Loan funded by the Lenders shall accrue interest at a rate per annum
equal to: (i) with respect to LIBOR Rate Loans, Adjusted LIBOR for the applicable Interest Period; (ii) with respect to Reference Rate Loans, the Reference Rate in effect from day to day; (iii) with respect to CDOR Rate Loans, CDOR
for the applicable Interest Period; (iv) with respect to CP Rate Loans, the CP Rate for the applicable Interest Period; and (v) with respect to Cost of Funds Rate Loans, the Cost of Funds Rate in effect from day to day. At any time, each
Loan shall have only one Interest Period and one Interest Option. Notwithstanding anything to the contrary contained herein, in no event shall the interest rate hereunder exceed the Maximum Rate. 

(b)    Change in Rate; Past Due Amounts; Calculations of Interest. Each change in the rate of
interest for any Borrowing consisting of Reference Rate Loans shall become effective, without prior notice to the Credit Parties, automatically as of the opening of business of the Administrative Agent on the date of said change. Interest on the
unpaid principal balance of (i) each LIBOR Rate Loan, Cost of Funds Rate Loan, Reference Rate Loan bearing interest based off LIBOR, CDOR Rate Loan and CP Rate Loan shall be calculated on the basis of the actual days elapsed in a year
consisting of 360 days and (ii) each Reference Rate Loan (other than when the Reference Rate is calculated based off LIBOR) shall be calculated on the basis of the actual days elapsed in a year consisting of 365 or 366 days, as the case may be.

 (c)    Default Rate. If an Event of Default has occurred and is continuing, then (in lieu of
the interest rate provided in Section 2.6(a) above) all Obligations shall bear interest, after as well as before judgment, at the Default Rate. 

  
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 2.7.    Determination of Rate. The Administrative
Agent shall determine each interest rate applicable to the LIBOR Rate Loans, CDOR Rate Loans, Reference Rate Loans and Cost of Funds Rate Loans hereunder. The Managing Agent of each Conduit Lender shall determine each interest rate applicable to the
CP Rate Loans and inform the Administrative Agent thereof prior to each applicable Interest Payment Date. The Administrative Agent shall give notice to the Borrowers and to the Lenders of each rate of interest so determined, and its determination
thereof shall be conclusive and binding in the absence of manifest error. The Managing Agent of each Conduit Lender shall bill the Borrowers directly for payment of interest with respect to all CP Rate Loans, with notice of such billing and receipt
of payments to the Administrative Agent. The Administrative Agent will bill the Borrowers on behalf of all Lenders with respect to interest on LIBOR Rate Loans, CDOR Rate Loans and Reference Rate Loans. 

2.8.    [Reserved] 

2.9.    Qualified Borrowers. In consideration of the Committed Lenders’ agreement to advance
funds to a Qualified Borrower that has joined the Credit Facility in accordance with Section 6.3 and to accept the Qualified Borrower Guaranties in support thereof, the Borrowers hereby authorize, empower, and direct the
Administrative Agent, for the benefit of the Secured Parties, within the limits of the Available Commitment, to disburse directly to the Lenders, with notice to the Borrowers, in immediately available funds, an amount equal to the amount due and
owing under any Qualified Borrower Promissory Note or any Qualified Borrower Guaranty, together with all interest, costs and expenses and fees due to the Lenders pursuant thereto, as a Borrowing hereunder, in the event the Administrative Agent shall
have not received payment of such Obligations when due. The Administrative Agent will notify the Borrowers of any disbursement made to the Lenders pursuant to the terms hereof; provided that the failure to give such notice shall not affect
the validity of the disbursement, and the Administrative Agent shall provide the Lenders with notice thereof. Any such disbursement made by the Administrative Agent to the Lenders shall be deemed to be a Reference Rate Loan pursuant to
Section 2.3 in the amount so paid, and the Borrowers shall be deemed to have given to the Administrative Agent in accordance with the terms and conditions of Section 2.3, a Request for Borrowing
with respect thereto; and such disbursements shall be made without regard to the minimum and multiple amounts specified in Section 2.4. The Administrative Agent may conclusively rely on the Lenders as to the amount of any
such Obligations due to the Lenders, absent manifest error. 
 2.10.    Use of Proceeds and Borrower
Guaranties. The proceeds of the Loans shall be used solely for purposes expressly permitted under the Constituent Documents of each Credit Party. Neither the Lenders nor the Administrative Agent shall have any liability, obligation, or
responsibility whatsoever with respect to the Borrowers’ use of the proceeds of the Loans, and neither the Lenders nor the Administrative Agent shall be obligated to determine whether or not the Borrowers’ use of the proceeds of the Loans
are for purposes permitted under the Constituent Documents of any Credit Party. Nothing, including, without limitation, any Borrowing, any Rollover or acceptance of any Qualified Borrower Guaranty or other document or instrument, shall be construed
as a representation or warranty, express or implied, to any party by the Lenders or the Administrative Agent as to whether any investment by the Borrowers is permitted by the terms of the Constituent Documents of any Credit Party. 

  
 48 

 2.11.    Fees. The Borrowers shall pay to the
Administrative Agent fees in consideration of the arrangement and administration of the Commitments, which fees shall be payable in amounts and on the dates agreed to between the Borrowers and the Administrative Agent in the Fee Letter. The
Borrowers will pay to the Lenders such other fees as are payable in the amount and on the date agreed to between the Borrowers and the Lenders in the Fee Letter. 

2.12.    Unused Commitment Fee. In addition to the payments provided for in
Section 3, the Borrowers shall pay or cause to be paid to the Administrative Agent, for the account of each Lender Group, an unused commitment fee at the rate of 20 basis points (0.20%) per annum on the Commitment of the
Committed Lenders in such Lender Group which was unused, calculated on the basis of actual days elapsed in a year consisting of 360 days and payable in arrears on the first Business Day of each calendar quarter for the preceding calendar quarter;
provided that, notwithstanding anything to the contrary contained herein or in any other Loan Document, no unused commitment fee shall accrue or be due or owing for a period of sixty (60) days following the Closing Date. For purposes of this
Section 2.12, the fee shall be calculated on a daily basis. The Credit Parties and the Lenders acknowledge and agree that the unused commitment fees payable hereunder are bona fide unused commitment fees and are
intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes. No Lender Group shall be entitled to receive any unused commitment fee for any period during
which the Committed Lender in such Lender Group is a Defaulting Committed Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to such Lender Group) (provided that, for
any Lender Group with two or more Committed Lenders, such Lender Group shall not be entitled to receive any unused commitment fee corresponding to the Commitment of any Committed Lender in such Lending Group that is a Defaulting Committed Lender,
but shall remain entitled to receive any unused commitment fee corresponding to the Commitment of any Committed Lender in such Lending Group that is not a Defaulting Committed Lender). 

2.13.    [Reserved]. 

2.14.    Extension of Maturity Date. The Borrowers shall have an option to extend the Stated
Maturity Date then in effect for one (1) additional term not longer than 364 days, subject to satisfaction of the following conditions precedent: 

(a)    each of the extending Lenders and the Administrative Agent consent to the extension in their sole
discretion; 
 (b)    as of the effective date of such extension, the representations and warranties set
forth herein and in the other Loan Documents are true and correct in all material respects with the same force and effect as if made on and as of such date (except to the extent that such representations and warranties expressly relate to an earlier
date); provided that if a representation or warranty is qualified as to materiality, with respect to such representation or warranty, the foregoing materiality qualifier shall be disregarded for the purposes of this condition; 

  
 49 

 (c)    the Borrowers shall have paid an extension fee to the
Administrative Agent, for the benefit of the extending Lender Groups consenting to such extension, payable to each such Lender ratably, in an amount equal to 0.15% times the principal amount of the aggregate Commitments of all Lenders subject to
extension; 
 (d)    no Potential Default or Event of Default shall have occurred and be continuing on
the date on which notice is given in accordance with clause (f) below or on the initial Stated Maturity Date; 

(e)    the Borrowers shall have delivered to the Administrative Agent resolutions adopted by the Borrowers
approving or consenting to such increase, certified by a Responsible Officer of the Borrowers that such resolutions are true and correct copies thereof and are in full force and effect, and such legal opinions as the Administrative Agent may
reasonably request; and 
 (f)    the Borrowers shall have delivered an Extension Request with respect
to the Stated Maturity Date to the Administrative Agent not less than sixty (60) days prior to the Stated Maturity Date then in effect (which shall be promptly forwarded by the Administrative Agent to each Lender). 

2.15.    Increase in the Maximum Commitment. 

(a)    Request for Increase. Provided there exists no Event of Default or Potential Default, and
subject to compliance with the terms of this Section 2.15, with the consent of the Administrative Agent, such consent to be given in its sole and absolute discretion, the Borrowers may increase the Maximum Commitment to an
amount not exceeding $150,000,000. Such increase may be done in one or more requested increases, in minimum increments of $25,000,000 or such lesser amount to be determined by the Administrative Agent (each such increase, shall be referred to herein
as a “Facility Increase”). 
 (b)    Effective Date. The Administrative Agent
shall determine the effective date of any Facility Increase (the “Increase Effective Date”) which shall be no less than ten (10) Business Days after receipt of a Facility Increase Request and shall notify the Borrowers and the
Committed Lenders of the Increase Effective Date and the date on which Committed Lenders shall be required to respond to such request, which shall be no less than five (5) Business Days after receive of a Facility Increase Request. Each
Committed Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its pro rata share of such requested increase.
Any Committed Lender not responding within such time period shall be deemed to have declined to increase its Commitment. To achieve the full amount of a requested increase and subject to the approval of the Administrative Agent, the Borrowers may
also invite additional Eligible Assignees to become Committed Lenders pursuant to a Lender Joinder Agreement. 

  
 50 

 (c)    Conditions to Effectiveness of Increase. The
following are conditions precedent to such increase: 
 (i)    The Borrowers shall
deliver to the Administrative Agent a Facility Increase Request, resolutions adopted by the Borrowers approving or consenting to such increase, certified by a Responsible Officer of the Borrowers that such resolutions are true and correct copies
thereof and are in full force and effect, and such legal opinions as the Administrative Agent may reasonably request; 

(ii)    On or prior to the proposed date of such Facility Increase, the Borrowers shall
have paid to the Administrative Agent the Facility Increase Fee for the account of each new or increasing Committed Lender; 

(iii)    If applicable, the Borrowers shall execute new or replacement Notes payable to the
applicable Lenders reflecting the Facility Increase; and 
 (iv)    On the Increase
Effective Date, (x) an existing Lender Group or Lender Groups shall increase their Commitments to support any Facility Increase, in its sole discretion, and/or (y) an additional Lender Group or Lender Groups shall have joined the Credit
Facility as an additional Lender Group pursuant to a Lender Joinder Agreement and, after giving effect thereto, the aggregate increased and new Commitments, respectively, of such increasing and additional Lender Groups, shall be at least equal to
the amount of such Facility Increase. 
 For the avoidance of doubt, any Facility Increase will be on the
same terms as contained herein with respect to the Credit Facility. No Lender will be required to commit, nor shall any Lender have any preemptive right, to provide any portion of any Facility Increase. 

(d)    Reallocation Following Facility Increase. On any Increase Effective Date with respect to any
Facility Increase (whether pursuant to a new Lender joining the Credit Facility or an existing Lender Group increasing its Commitment), the Administrative Agent will reallocate the outstanding Loans (including any Loans made by any new or increasing
Lender Group pursuant to this Section 2.15) such that, after giving effect thereto, the ratio of each Lender Group’s (including each new or increasing Lender Group’s) share of outstanding Loans to its share of
Commitments is the same as that of each other Lender Group. For the avoidance of doubt, such reallocation may require the reallocation of Loans from an existing Lender Group to a new or increasing Lender Group. In connection with any such
reallocation of the outstanding Loans, (i) the Administrative Agent will give advance notice sufficient to comply with the applicable timing period in Section 2.3 to each Managing Agent for each Committed Lender which
is required to fund any amount or receive any partial repayment in connection therewith and (ii) the applicable Lender or Lenders will fund such amounts up to their respective shares of the Loans being reallocated and the Administrative Agent
shall remit to any applicable Lenders its applicable portion of such funded amount if necessary to give effect to the reallocation of such Loans. In connection with such repayment made with respect to such reallocation (to the extent such repayment
is required), the Borrowers shall pay (i) all interest due on the amount repaid to the date of repayment on the immediately following Interest Payment Date and (ii) any amounts due pursuant to Section 4.5 as a
result of such reallocation occurring on any date other than an Interest Payment Date. 

  
 51 

	Section 3.	 PAYMENT OF OBLIGATIONS 

3.1.    Revolving Credit Notes. The Managing Agents on behalf of their respective Lender Groups may
request that the Loans be evidenced by a promissory note. In such event, each Borrower shall execute and deliver a Note or Notes in the form of Exhibit B (with blanks appropriately completed in conformity herewith), in favor of the requesting
Managing Agent on behalf of its Lender Group (or to each Committed Lender in such Lender Group if requested by such Managing Agent). Each Borrower agrees, from time to time, upon the request of any Managing Agent, to reissue a new Note, in
accordance with the terms and in the form heretofore provided, to such Managing Agent on behalf of its Lender Group (or to each Committed Lender in such Lender Group if requested by such Managing Agent), in renewal of and substitution for the Note
previously issued by such Borrower to such Managing Agent on behalf of its Lender Group (or to each Committed Lender in such Lender Group if requested by such Managing Agent), subject to the return of any previously issued Note to such Borrower
marked “replaced”. 
 3.2.    Payment of Obligations. The Principal Obligations
outstanding on the Maturity Date, together with all accrued but unpaid interest thereon and any other outstanding Obligations, shall be due and payable on the Maturity Date. 

3.3.    Payment of Interest. 

(a)    Interest. Interest on each Borrowing and any portion thereof shall commence to accrue in
accordance with the terms of this Credit Agreement and the other Loan Documents as of the date of the disbursement or wire transfer of such Borrowing by the Administrative Agent, consistent with the provisions of
Section 2.6, notwithstanding whether the Borrowers received the benefit of such Borrowing as of such date and even if such Borrowing is held in escrow pursuant to the terms of any escrow arrangement or agreement. When a
Borrowing is disbursed by wire transfer pursuant to instructions received from the Borrowers in accordance with the related Request for Borrowing, then such Borrowing shall be considered made at the time of the transmission of the wire, rather than
the time of receipt thereof by the receiving bank. With regard to the repayment of the Loans, interest shall continue to accrue on any amount repaid until such time as the repayment has been received in federal or other immediately available funds
by the Administrative Agent in the Administrative Agent’s account described in Section 3.4, or any other account of the Administrative Agent which the Administrative Agent designates in writing to the Borrowers. 

(b)    Interest Payment Dates. Accrued and unpaid interest on the Obligations shall be due and
payable in arrears (i) on each Interest Payment Date, (ii) on each other date of any reduction of the outstanding principal amount of the Loans hereunder, and (iii) upon the occurrence and during the continuance of an Event of
Default, at any time upon demand by the Administrative Agent. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief
Law. 

  
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 3.4.    Payments on the Obligations. 

(a)    Credit Party Payments. All payments of principal of, and interest on, the Obligations under
this Credit Agreement by any Credit Party to or for the account of the Lenders, or any of them, shall be made without condition or deduction or counterclaim, set-off, defense or recoupment by the Borrowers for
receipt by the applicable Lender (or, if there is more than one Lender Group, to the Administrative Agent) before 1:00 p.m. in federal or other immediately available funds at such account of the Administrative Agent or the applicable Lender that the
Administrative Agent or such Lender, as applicable, designates in writing to the Borrowers. Funds received after 1:00 p.m. shall be treated for all purposes as having been received by the Administrative Agent on the first Business Day next following
receipt of such funds. All payments shall be made in the currency of the related Borrowing. 

(b)    Lender Payments. Except as provided in Section 12.12, each Lender
shall be entitled to receive its ratable share of each payment received by the Administrative Agent hereunder for the account of the Lenders on the Obligations. Each payment received by the Administrative Agent hereunder for the account of a Lender
shall be promptly distributed by the Administrative Agent to such Managing Agent for such Lender. The Administrative Agent, each Managing Agent and each Lender hereby agree that payments to the Administrative Agent by the Borrowers of principal of,
and interest on, the Obligations by the Borrowers to or for the account of the Lenders in accordance with the terms of the Credit Agreement, the Notes and the other Loan Documents shall constitute satisfaction of the Borrowers’ obligations with
respect to any such payments, and the Administrative Agent shall indemnify, and each Managing Agent and each Lender shall hold harmless, the Borrowers from any claims asserted by any Managing Agent or Lender in connection with the Administrative
Agent’s duty to distribute and apportion such payments to the Lenders in accordance with this Section 3.4. 

(c)    Application of Payments. So long as no Event of Default has occurred and is continuing, all
payments made on the Obligations shall be applied as directed by the Borrowers. At all times when an Event of Default has occurred and is continuing, all payments made on the Obligations shall be credited, to the extent of the amount thereof, in the
following manner: (i) first, against all costs, expenses and other fees (including attorneys’ fees) arising under the terms hereof; (ii) second, against the amount of interest accrued and unpaid on the Obligations as of
the date of such payment; (iii) third, against all principal due and owing on the Obligations as of the date of such payment; and (iv) fourth, to all other amounts constituting any portion of the Obligations. 

3.5.    Prepayments. 

(a)    Voluntary Prepayments. The Borrowers may, upon written notice to the Administrative Agent, at
any time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty on any Business Day; provided that: (i) such notice must be received by the Administrative Agent not later than 11:00 a.m.
(A) three (3) Business Days prior to any date of prepayment of any Portion of Loans that are LIBOR Rate Loans or CP Rate Loans denominated in Dollars, (B) four (4) Business Days prior to any date of prepayment of any Portion of Loans that
are CDOR Rate Loans, LIBOR Rate Loans or CP Rate Loans denominated in an Alternative Currency, (C) one (1) Business Day prior to any date of prepayment of any 

  
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Portion of Loans that are Reference Rate Loans and (D) two (2) Business Days prior to any date of prepayment of any Portion of Loans that are CP Rate Loans other than on the maturity date of
the related Commercial Paper (or other financing source) funding such Portion of Loans; and (ii) any prepayment of Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof (or the Dollar Equivalent
thereof) or, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date (which shall be a Business Day) and amount of such prepayment. The Administrative Agent will promptly notify each Managing Agent of
its receipt of each such notice, and of the amount of its Lender Group’s Lender Group Percentage of such prepayment. If such written notice is given by the Borrowers, the Borrowers shall make such prepayment and the payment amount specified in
such notice shall be due and payable on the date specified therein. Any prepayment of a Loan shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to Section 4. Each
such prepayment shall be applied to the Obligations held by each Lender Group in accordance with its respective Lender Group Percentage. 

(b)    Mandatory Prepayment. 

(i)    Excess Loans Outstanding. If on any day (x) the Dollar Equivalent of the
Principal Obligations exceeds the Available Commitment (including, without limitation, as a result of an Exclusion Event or of any Concentration Limit being exceeded) or (y) the Dollar Equivalent of the Principal Obligations denominated in
Alternative Currencies exceeds an amount equal to 105% of the Alternative Currency Sublimit, then in each case the Borrowers shall pay without further demand such excess to the Administrative Agent, for the benefit of the Lenders, in immediately
available funds, by the Required Payment Time. Each Credit Party hereby agrees that the Administrative Agent may withdraw from any Collateral Account any Capital Contributions deposited therein and apply the same to the Principal Obligations until
such time as the payment obligations of this Section 3.5(b)(i) have been satisfied in full. 

(ii)    Excess Obligations under Constituent Documents. If, on any day the Dollar
Equivalent of the Principal Obligations combined with all other Indebtedness of the Borrowers exceeds the maximum amount permitted to be incurred under the Constituent Documents of the Credit Parties, then the Borrowers shall pay the lesser of
(x) such excess and (y) the Principal Obligations then outstanding to the Administrative Agent, for the benefit of the Lenders, in immediately available funds by the Required Payment Time. Each Credit Party hereby agrees that the
Administrative Agent may withdraw from any Collateral Account any Capital Contributions deposited therein and apply the same to the Principal Obligations until such time as the payment obligations of this Section 3.5(b)(ii)
have been satisfied in full. 
 (iii)    Public Offering. On or prior to the date
of consummation of any public offering of equity interests of the Initial Borrower, the Initial Borrower will repay the Obligations in full. 

  
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 3.6.    Reduction or Early Termination of Commitments.
So long as no Request for Borrowing is outstanding, the Borrowers may terminate the Commitments, or reduce the Maximum Commitment, by giving prior irrevocable written notice to the Administrative Agent of such termination or reduction five
(5) Business Days prior to the effective date of such termination or reduction (which date shall be specified by the Borrowers in such notice and shall be a Business Day): (a) (i) in the case of complete termination of the Commitments,
upon prepayment of all of the outstanding Obligations, including, without limitation, all interest accrued thereon, in accordance with the terms of Section 3.3; or (ii) in the case of a reduction of the Maximum
Commitment, upon prepayment of the amount by which the Principal Obligations exceed the reduced Available Commitment resulting from such reduction, including, without limitation, payment of all interest accrued thereon, in accordance with the terms
of Section 3.3. Notwithstanding the foregoing: (x) any reduction of the Maximum Commitment shall be in an amount equal to $5,000,000 or multiples thereof; and (y) in no event shall a reduction by the Borrowers
reduce the Maximum Commitment to $25,000,000 or less (except for a termination of all the Commitments). Promptly after receipt of any notice of reduction or termination, the Administrative Agent shall notify each Managing Agent of the same. Any
reduction of the Maximum Commitment shall reduce the Commitments of the Committed Lenders according to their Pro Rata Share. Any notice of termination may state that such notice is conditioned upon the effectiveness of other credit facilities or
capital raising, in which case such notice may be revoked by the Borrower if such condition is not satisfied. 

3.7.    Lending Office. Each Lender may: (a) designate its principal office or a branch,
subsidiary or Affiliate of such Lender as its Lending Office (and the office to whose accounts payments are to be credited) for any Loan and (b) change its Lending Office from time to time by notice to the Administrative Agent and the
Borrowers. In such event, the Lender shall continue to hold the Note, if any, evidencing the Loans for the benefit and account of such branch, subsidiary or Affiliate. Each Lender shall be entitled to fund all or any portion of its Commitment in any
manner it deems appropriate, consistent with the provisions of Section 2.5. 

3.8.    Joint and Several Liability. Each Borrower acknowledges, agrees, represents and warrants
the following: 
 (a)    Inducement. The Lenders have been induced to make the Loans to the
Borrowers in part based upon the assurances by each Borrower that each Borrower desires that all Obligations under the Loan Documents be honored and enforced as separate obligations of each Borrower, should the Administrative Agent and the Lenders
desire to do so. 
 (b)    Combined Liability. Notwithstanding the foregoing, the Borrowers shall
be jointly and severally liable to the Lenders for all representations, warranties, covenants, obligations and indemnities, including, without limitation, the Loans and the other Obligations, and the Administrative Agent and the Lenders may at their
option enforce the entire amount of the Loans and the other Obligations against any one or more of the Borrowers. 

(c)    Separate Exercise of Remedies. The Administrative Agent (on behalf of the Secured Parties)
may exercise remedies against each Credit Party and its property separately, whether or not the Administrative Agent exercises remedies against any other Credit Party or its property. The Administrative Agent may enforce one or more Credit
Party’s obligations without 

  
 55 

 
enforcing any other Credit Party’s obligations and vice versa. Any failure or inability of the Administrative Agent to enforce one or more Credit Party’s obligations shall not in
any way limit the Administrative Agent’s right to enforce the obligations of the other Credit Parties. If the Administrative Agent forecloses or exercises similar remedies under any one or more Collateral Documents, then such foreclosure or
similar remedy shall be deemed to reduce the balance of the Loans only to the extent of the cash proceeds actually realized by the Lenders from such foreclosure or similar remedy or, if applicable, the Administrative Agent’s credit bid at such
sale, regardless of the effect of such foreclosure or similar remedy on the Loans secured by such Collateral Documents under the applicable state law. 
  

	Section 4.	 CHANGE IN CIRCUMSTANCES 

4.1.    Taxes. 

(a)    [Reserved]. 

(b)    Payments Free of Taxes. Any and all payments by or on account of any obligation of any
Borrower 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 (i) the applicable Withholding Agent shall be entitled to make such deduction or withholding, (ii) the applicable Withholding Agent shall timely pay the
full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law, and (iii) if such Tax is an Indemnified Tax, then the sum payable by the applicable Borrower shall be increased as necessary so that
after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such
deduction or withholding been made. 
 (c)    Payment of Other Taxes by the Credit Parties.
Without limiting the provisions of Section 4.1(b) above, the Borrowers shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse
it for the payment of, any Other Taxes. 
 (d)    Tax Indemnification. (i) The Borrowers
shall, and each does hereby, jointly and severally indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts
payable under this Section 4.1) 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 Borrowers 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. (ii) Each Lender shall, and does hereby, severally indemnify the Administrative Agent within ten (10) days after
demand therefor, for (x) any Indemnified Taxes attributable to such Lender (but only to the extent that any Borrower has 

  
 56 

 
not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of any Borrower to do so), (y) any Taxes attributable to such Lender’s failure
to comply with the provisions of Section 12.11 relating to the maintenance of a Participant Register and (z) any Excluded Taxes attributable to such Lender 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 this Credit Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii). 

(e)    Evidence of Payments. As soon as practicable after any payment of Taxes by a Borrower to a
Governmental Authority pursuant to this Section 4.1, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a
copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(f)    Status of Lenders and Administrative Agent. 

(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 Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the Administrative Agent, such properly completed and executed
documentation reasonably requested by the Borrowers 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 Borrowers or the
Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether or not such
Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Sections 4.1(f)(ii)(A), (f)(ii)(B) and (g) 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 a Borrower is a
U.S. Person, 
  

	 	(A)	 any Lender that is a U.S. Person shall deliver to such Borrower and the Administrative Agent on or prior to
the date on which such Lender becomes a Lender (and from time to time thereafter upon 

  
 57 

	 	 
the reasonable request of such Borrower or the Administrative Agent), executed originals 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 such Borrower and the
Administrative Agent (in such number of copies as shall be requested in the recipient) on or prior to the date on which such Foreign Lender becomes a Lender (and from time to time thereafter upon the reasonable request of the Borrowers or the
Administrative Agent), whichever of the following is applicable: 

  

	 	(i)	 in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a
party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN-E establishing an exemption from, or reduction of,
U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form
W-8BEN-E, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article
of such tax treaty; 

  

	 	(ii)	 executed originals of IRS Form W-8ECI; 

 

	 	(iii)	 in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit S-1 to the effect that such Foreign Lender is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of such Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form
W-8BEN-E; or 

  

	 	(iv)	 if a Foreign Lender is not the beneficial owner, executed originals of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form
W-8BEN-E, withholding certificates, a U.S. Tax Compliance Certificate substantially in the form of Exhibit S-2 or
Exhibit S-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a
partnership and one or more direct or indirect 

  
 58 

	 	 
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 S-4 on behalf of each such direct and indirect partner; and 

  

	 	(C)	 any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers 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 (and from time to time thereafter upon the reasonable request of the Borrowers or the
Administrative Agent), executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by Applicable Law to permit the Borrowers or the Administrative Agent to determine the withholding or deduction required to be made. 

Each Lender agrees that if any form or certification it previously delivered pursuant to this
Section 4.1(f) or Section 4.1(g) expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrowers and the Administrative Agent
in writing of its legal inability to do so. 
 The Administrative Agent shall deliver to Borrower, on or
before the date on which it becomes the Administrative Agent hereunder, the appropriate documentation as described in Section 4.1(f)(ii). The Administrative Agent shall promptly notify the Borrower at any time it determines
that it is no longer in a position to provide the certification described in the preceding sentence. 

(g)    FATCA. 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 Internal Revenue Code, as applicable), such
Lender shall deliver to the Borrowers and the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrowers or the Administrative Agent such documentation prescribed by
Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary for the Borrowers 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 Section 4.1(g), “FATCA” shall include any amendments made to FATCA after the date of this Credit Agreement, and any fiscal or regulatory legislation adopted pursuant to any intergovernmental agreement entered into with the
United States in connection with the implementation of FATCA. 

  
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 (h)    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 4.1 (including by the payment of additional amounts
pursuant to this Section 4.1), 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 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 Section 4.1(h) (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
Section 4.1(h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 4.1(h) the payment of which would place the indemnified party
in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 4.1(h) shall not be construed to require any indemnified party to make available its Tax returns (or
any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(i)    Survival. Each party’s obligations under this Section 4.1
shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Managing Agent or a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all
obligations under any Loan Document. 
 4.2.    Illegality. If any Lender reasonably determines
that any Applicable Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its Lending Office to make, maintain or fund Loans or other Obligations denominated in Dollars or any Alternative
Currency, or materially restricts the authority of such Lender to purchase or sell, or to take deposits of Dollars or any Alternative Currency or to determine or charge interest rates based upon LIBOR or CDOR for Dollars or any Alternative Currency,
then, on notice thereof by such Lender (or its Managing Agent) to the Borrowers through the Administrative Agent, any obligation of such Lender to make or continue Loans or the Obligations in such currency or, in the event such currency is Dollars,
to convert Loans accruing interest calculated by reference to the Reference Rate to be Loans calculated by LIBOR or to convert Loans accruing interest calculated by reference to LIBOR to be Loans calculated by reference to the Reference Rate (where
the Reference Rate is also calculated based off LIBOR in accordance with the definition thereof), shall be suspended until such Lender (or its Managing Agent) notifies the Administrative Agent and the Borrowers that the circumstances giving rise to
such determination no longer exist; provided that, (x) if the forgoing notice relates to Portions of Loans that are outstanding as LIBOR Rate Loans or CDOR Rate Loans, such Portions of Loans shall be Converted to Reference Rate Loans if
denominated in Dollars or Portions of Loans bearing interest at the Cost of Funds Rate if denominated in an Alternative Currency on the last day of the then-current Interest Period, and (y) upon receipt of such notice, the Borrowers may revoke
any outstanding Requests for Borrowing of LIBOR Rate Loans or CDOR Rate Loans in 

  
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the applicable currency. Upon the prepayment of any such Portion of Loans, the Borrowers shall also pay accrued interest on the amount so prepaid. Each Lender agrees to designate a different
Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender. 

4.3.    Inability to Determine Rates. If the Administrative Agent determines, for any proposed
Interest Period, that: (a) deposits in Dollars or the applicable Alternative Currency are not being offered to banks in the applicable offshore market for the applicable amount and Interest Period of any LIBOR Rate Loan or CDOR Rate Loan;
(b) adequate and reasonable means do not exist for determining LIBOR or CDOR for Dollars or for any Alternative Currency; (c) LIBOR does not adequately or fairly reflect the cost to the Lenders of funding or maintaining any LIBOR Rate
Loan; or (d) CDOR does not adequately or fairly reflect the cost to the Lenders of funding or maintaining any CDOR Rate Loan, then: (i) the Administrative Agent shall forthwith notify the Managing Agents and the Borrowers; and
(ii) while such circumstances exist, none of the Lenders shall allocate any Portions of Loans made during such period, or reallocate any Portions of Loans allocated to any then-existing Interest Period ending during such period, to an Interest
Period with respect to which interest is calculated by reference to LIBOR or CDOR, as applicable, in the applicable currency. If, with respect to any outstanding Interest Period, a Managing Agent or a Lender notifies the Administrative Agent that it
is unable to obtain matching deposits in the primary interbank market for an applicable currency to fund its purchase or maintenance of such Loans or that LIBOR or CDOR applicable to such Loans will not adequately reflect the cost to the Lender of
funding or maintaining such Loans for such Interest Period, then: (A) the Administrative Agent shall forthwith so notify the Borrowers and the Lenders; and (B) upon such notice and thereafter while such circumstances exist, the applicable
Lender shall not make any LIBOR Rate Loans or CDOR Rate Loans in such currency during such period or reallocate or rollover or Convert any Loans allocated to any Interest Period ending during such period, to an Interest Period with respect to which
interest is calculated by reference to LIBOR or CDOR, as applicable, denominated in such currency; provided that, (x) if the forgoing notice relates to Portions of Loans that are outstanding as LIBOR Rate Loans or CDOR Rate Loans, such
Portions of Loans shall be Converted to Reference Rate Loans if denominated in Dollars or Portions of Loans bearing interest at the Cost of Funds Rate if denominated in an Alternative Currency on the last day of the then-current Interest Period, and
(y) upon receipt of such notice, the Borrowers may revoke any outstanding Requests for Borrowing of LIBOR Rate Loans or CDOR Rate Loans in the applicable currency. 

4.4.    Increased Cost and Capital Adequacy. 

(a)    Increased Costs Generally. If any Change in Law shall: 

(i)    impose, modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with or for the account of, or advances, loans or other credit extended or participated in by, any Affected Party (except any reserve requirement reflected in Adjusted LIBOR); 

(ii)    subject any Recipient to any Taxes (other than (A) Indemnified Taxes,
(B) Taxes described in clauses (b) through (d) of the definition of 

  
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Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto; or 
 (iii)    impose on any Affected Party or the London interbank
market any other condition, cost or expense (other than Taxes) affecting this Credit Agreement or Loans made by such Lender or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Affected Party or such other Recipient of making,
converting to, continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Affected Party or such other Recipient hereunder (whether of principal,
interest or any other amount) then, upon written request of such Affected Party or other Recipient, the Borrowers shall promptly pay to any such Affected Party or other Recipient, as the case may be, such additional amount or amounts as will
compensate such Affected Party, as the case may be, for such additional costs incurred or reduction suffered. 

(b)    Capital Requirements. If any Affected Party determines that any Change in Law affecting such
Affected Party or any Lending Office of such Affected Party or such Affected Party’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Affected Party’s
capital or on the capital of such Affected Party’s holding company, if any, as a consequence of this Credit Agreement, the Commitment of the Affected Party or the Loans made by, such Affected Party, to a level below that which such Affected
Party or such Affected Party’s holding company could have achieved but for such Change in Law (taking into consideration such Affected Party’s policies and the policies of such Affected Party’s holding company with respect to capital
adequacy), then from time to time upon written request of such Affected Party the Borrowers shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such
reduction suffered. 
 (c)    Certificates for Reimbursement. A certificate of a Managing Agent
on behalf of an Affected Party setting forth the amount or amounts necessary to compensate such Lender as specified in Section 4.4(a) or Section 4.4(b) and delivered to the Borrowers, shall be
conclusive absent manifest error. The Borrowers shall pay such Affected Party the amount shown as due on any such certificate by the Required Payment Time. 

(d)    Delay in Requests. Failure or delay on the part of any Affected Party to demand compensation
pursuant to this Section 4 shall not constitute a waiver of such Affected Party’s right to demand such compensation; provided that the Borrowers shall not be required to compensate an Affected Party pursuant to
this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Affected Party notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions, and of such
Affected Party’s intention to claim compensation therefor (except that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period
of retroactive effect thereof). 

  
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 4.5.    Funding Losses. Upon demand of any Lender (or
its Managing Agent) (with a copy to the Administrative Agent) from time to time, the Borrowers shall promptly pay the Administrative Agent for the account of such Lender, such amount or amounts as shall compensate such Lender for, and hold such
Lender harmless from, any loss, cost or expense incurred by such Lender in obtaining, liquidating or employing deposits or other funds from third parties as a result of (a) any failure or refusal of the Borrowers (for any reasons whatsoever
other than a default by the Administrative Agent or any Lender) to accept a Loan after the Borrowers shall have requested such Loan under the Credit Agreement, (b) any prepayment or other payment of a LIBOR Rate Loan or CDOR Rate Loan on a day
other than the last day of the Interest Period applicable to such Loan, (c) any other prepayment of a Loan that is otherwise not made in compliance with the provisions of the Credit Agreement or (d) the failure of the Borrowers to make a
prepayment of a Loan after giving notice under the Credit Agreement, that such prepayment will be made (other than pursuant to any revocable notice permitted under the Credit Agreement). 

4.6.    Requests for Compensation. If requested by the Borrowers in connection with any demand for
payment pursuant to this Section 4, a Managing Agent on behalf of a Lender shall provide to the Borrowers, with a copy to the Administrative Agent, a certificate setting forth in reasonable detail the basis for such demand,
the amount required to be paid by the Borrowers to such Lender and the computations made by such Lender to determine such amount, such certificate to be conclusive and binding in the absence of manifest error. Any such amount payable by the
Borrowers shall not be duplicative of any amounts (a) previously paid under this Section 4, or (b) included in the calculation of Adjusted LIBOR. 

4.7.    Survival. Without prejudice to the survival of any other agreement of the Borrowers
hereunder, all of the Borrowers’ obligations under this Section 4 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans and
the Commitments or the termination of this Credit Agreement or any provision hereof. Each Managing Agent on behalf of a Lender shall notify the Borrowers of any event occurring after the termination of this Credit Agreement entitling such Lender to
compensation under this Section 4 as promptly as practicable. 

4.8.    Mitigation Obligations; Replacement of Lenders. 

(a)    Designation of a Different Lending Office. If any Lender requests compensation under
Section 4.4, or requires any Borrower to pay additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.1, then such Lender shall, at the
request of the Borrowers, 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 4.4 or Section 4.1, 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 Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any
such designation or assignment. 

  
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 (b)    Replacement of Lenders. If any Lender requests
compensation under Section 4.4, or if any Borrower is required to pay additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.1, and, in
each case, such Lender has declined or is unable to designate a different Lending Office in accordance with Section 4.8(a) which designation cures the underlying issue giving rise to such request or requirement, or if any
Lender is a Defaulting Committed Lender or a Non-Consenting Lender, then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to
assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 12.11), all of its interests, rights (other than its existing rights to payments
pursuant to Section 4.4 or Section 4.1) and obligations under this Credit Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be
another Lender, if a Lender accepts such assignment); provided that: 
 (i)    the
Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 12.11; 

(ii)    such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under this Section 4) from the assignee or the Borrower;

 (iii)    in the case of any such assignment resulting from a claim for compensation
under Section 4.4 or payments required to be made pursuant to Section 4.1, such assignment will result in a reduction in such compensation or payments thereafter (including as a result of the
assignee not making a claim therefor); 
 (iv)    such assignment does not conflict with
Applicable Law; and 
 (v)    in the case of any assignment resulting from a Lender
becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a
waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply. 
  

	Section 5.	 SECURITY 

5.1.    Liens and Security Interest. 

(a)    Capital Commitments and Capital Calls. To secure performance by the Borrowers of the payment
and the performance of the Obligations, the Initial Borrower shall grant to the Administrative Agent, for the benefit of each of the Secured Parties, a first priority and exclusive (in each case, subject to Permitted Liens), perfected security
interest and Lien in and on the Collateral pursuant to the Security Agreement, the related financing statements and the other related documents. 

  
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 (b)    Reliance. The Credit Parties agree that the
Administrative Agent and each Lender has entered into this Credit Agreement, extended credit hereunder at the time of such Loan and will make such Loan in reasonable reliance on the obligations of the Investors to fund their respective Capital
Commitments as shown in their Subscription Agreements delivered in connection herewith and accordingly, it is the intent of the parties that payment of such Capital Commitments may be enforced by the Administrative Agent, on behalf of the Lenders
and other Secured Parties, pursuant to the terms of the Loan Documents, directly against the Investors without further action by any Credit Party and notwithstanding any compromise of any such Capital Commitment by the Initial Borrower or any
Managing Entity after the Closing Date as provided in 6 Del. C. §17-502(b)(1). 

The security agreements, financing statements, assignments, collateral assignments and any other documents and instruments
from time to time executed and delivered pursuant to this Credit Agreement to grant, perfect and continue a security interest in the Collateral, including without limitation the Security Agreement, the Collateral Account Pledges, and the Control
Agreements, and any documents or instruments amending or supplementing the same, shall be collectively referred to herein as the “Collateral Documents.” 

5.2.    The Collateral Accounts; Capital Calls. 

(a)    The Collateral Accounts. In order to secure further the payment and the performance of the
Obligations and to effect and facilitate the right of the Secured Parties, the Initial Borrower shall require that each of its Investors wire transfer to the Initial Borrower’s Collateral Account all monies or sums paid or to be paid by the
Investors pursuant to Capital Calls. In addition, (i) each Borrower will require all securities owned by such Borrower to be held in a Collateral Account, provided that no Borrower shall be required to hold in a Collateral Account (x) more
than 65% of the voting stock of any First-Tier Foreign Subsidiary and (y) any of the stock of any Foreign Subsidiary that is not a First-Tier Foreign Subsidiary, and (ii) the Initial Borrower shall promptly deposit into a Collateral
Account any payments and monies that it receives directly from Investors as Capital Contributions or as distributions from Investments, in each case within two (2) Business Days of receipt thereof. 

(b)    Use of the Collateral Accounts. The Credit Parties may withdraw funds from the Collateral
Accounts only in compliance with Section 9.18. Upon the occurrence of a Cash Control Event, the Administrative Agent is authorized to take exclusive control of the Collateral Accounts and any other deposit account of the
Initial Borrowers constituting Collateral and subject to an account control agreement among the applicable Credit Party, the Administrative Agent and the applicable depositary bank (each an “Other Controlled Account”). If the
applicable Account Bank with respect to any Collateral Account (or applicable depositary bank with respect to an Other Controlled Account) ceases to be an Eligible Institution, the applicable Borrower shall have forty-five (45) days following
notice from the Administrative Agent to move any such Collateral Account or Other Controlled Account to a replacement Account Bank or depositary bank (as applicable) that is an Eligible Institution. If an Account Bank terminates a Control Agreement
with respect to a Collateral Account, the applicable 

  
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Borrower shall open a new Collateral Account that is subject to a new Control Agreement with a replacement Account Bank within forty-five (45) days of such termination. If a depositary bank
terminates a control agreement with respect to an Other Controlled Account, the applicable Borrower shall open a new deposit account that is subject to a new control agreement with a replacement depositary bank within forty-five (45) days of
such termination. Notwithstanding the foregoing, the foregoing provisions relating to Other Controlled Agreements shall terminate and be of no further effect on and after the Collateral Adjustment Date. 

(c)    No Duty. Notwithstanding anything to the contrary herein contained, it is expressly
understood and agreed that neither the Administrative Agent nor any other Secured Party undertakes any duties, responsibilities, or liabilities with respect to the Capital Calls issued by the Initial Borrower. None of them shall be required to refer
to the Constituent Documents of any Credit Party, or a Subscription Agreement or any Side Letter, or take any other action with respect to any other matter that might arise in connection with the Constituent Documents of any Credit Party, a
Subscription Agreement, a Side Letter or any Capital Call. None of them shall have any duty to determine or inquire into any happening or occurrence or any performance or failure of performance of any Credit Party or any of the Investors. None of
them shall have any duty to inquire into the use, purpose, or reasons for the making of any Capital Call by any Credit Party or the Investment or use of the proceeds thereof. 

(d)    Capital Calls and Disbursements from Collateral Accounts. The Credit Parties will
issue Capital Calls at such times as are necessary in order to ensure the timely payment of the Obligations hereunder. Each Credit Party hereby irrevocably authorizes and directs the Secured Parties, acting through the Administrative Agent, to
charge from time to time the Collateral Accounts, and any other accounts of any Credit Party maintained at any Secured Party, for amounts not paid when due (after the passage of any applicable grace period) to the Secured Parties or any of them
hereunder and under the other Loan Documents; provided that promptly after any disbursement of funds from any such account to the Secured Parties, as contemplated in this Section 5.2(d), the Administrative Agent
shall deliver a written notice of such disbursement to the Borrowers. 
 (e)    No
Representations. Neither the Administrative Agent nor any Secured Party shall be deemed to make at any time any representation or warranty as to the validity of any Capital Call nor shall the Administrative Agent or the Secured Parties be
accountable for any Borrower Party’s use of the proceeds of any Capital Contribution. 

5.3.    Agreement to Deliver Additional Collateral Documents. The Credit
Parties shall deliver such security agreements, financing statements, assignments, and other collateral documents (all of which shall be deemed part of the Collateral Documents), in form and substance reasonably satisfactory to the Administrative
Agent, as the Administrative Agent acting on behalf of the Secured Parties may request from time to time for the purpose of granting to, or maintaining or perfecting in favor of the Secured Parties, first priority security interests in the
Collateral. 
 5.4.    Subordination. During the continuance of a
Subordination Event, no Credit Party shall make any payments or advances of any kind, directly or indirectly, on any debts and liabilities to any other Credit Party, Investor or the Investment Advisor whether now existing or

  
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hereafter arising and whether direct, indirect, several, joint and several, or otherwise, and howsoever evidenced or created (collectively, the “Other Claims”) unless and until
all outstanding Obligations have been repaid in full. All Other Claims, together with all Liens on assets securing the payment of all or any portion of the Other Claims shall at all times during the continuance of a Subordination Event be
subordinated to and inferior in right and in payment to the Obligations and all Liens on assets securing all or any portion of the Obligations, and each Credit Party agrees to take such actions as are necessary to provide for such subordination
between it and any other Credit Party, inter se, including but not limited to including provisions for such subordination in the documents evidencing the Other Claims. The Investment Advisor acknowledges and agrees that at any time a
Subordination Event has occurred and is continuing, the payment of any and all management or other fees due and owing to it from any Credit Party (other than any “Base Management Fee” as defined in the Management Agreement as in effect on
the date hereof) shall be subordinated to and inferior in right and payment to the Obligations in all respects. 

5.5.    Collateral Adjustment Date. As set forth in the Security Agreement,
the Non-Capital Commitment Collateral will be released upon the occurrence of the Collateral Adjustment Date. The Collateral Adjustment Date occurred prior to the date hereof and as such the Obligations are
not secured by any Non-Capital Commitment Collateral. 
 Section 6.    CONDITIONS
PRECEDENT TO LENDING. 
 6.1.    Obligations of the Lenders. The
obligation of the Lenders to advance the initial Borrowing hereunder shall not become effective until the date on which (i) the Administrative Agent shall have received each of the following documents and (ii) each of the other conditions
listed below is satisfied, the satisfaction of such conditions to be reasonably satisfactory to the Administrative Agent (and to the extent specified below, to each Lender) in form and substance: 

(a)    Credit Agreement. This Credit Agreement, duly executed and delivered by each party
hereto; 
 (b)    Note. A Note duly executed and delivered by each Borrower (if required)
in accordance with Section 3.1; 
 (c)    Security Agreements.
Each Security Agreement, each duly executed and delivered by the parties thereto in favor of the Administrative Agent for the benefit of the Secured Parties; 

(d)    Collateral Account Pledges. Each Collateral Account Pledge each duly executed and
delivered by the parties thereto in favor of the Administrative Agent for the benefit of the Secured Parties; 

(e)    Control Agreements. Each Control Agreement, each duly executed and delivered by the
parties thereto; 

  
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 (f)    Filings. 

(i)    Reasonably satisfactory reports of searches of Filings (or the equivalent in any
applicable foreign jurisdiction, as applicable) in the jurisdiction of formation of the Credit Parties, or where a filing has been or would need to be made in order to perfect the Administrative Agent’s first priority security interest on
behalf of the Secured Parties in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens (other than Permitted Liens) exist, or, if necessary, copies of proper financing statements, if any, filed
on or before the date hereof necessary to terminate all security interests and other rights of any Person in any Collateral previously granted; and 

(ii)    Filings (or the equivalent in any applicable foreign jurisdiction, as applicable)
reasonably satisfactory to the Administrative Agent with respect to the Collateral together with written evidence reasonably satisfactory to the Administrative Agent that the same have been filed, submitted for filing in the appropriate public
filing office(s), or are in form suitable for filing, to perfect the Secured Parties’ first priority security interest in the Collateral; 

(g)    Responsible Officer Certificates. A certificate from a Responsible Officer of each
Credit Party, in the form of Exhibit M; 
 (h)    The Credit Parties’
Constituent Documents. True and complete copies of the Constituent Documents of each Credit Party, together with certificates of existence and/or registration and good standing (or other similar instruments) of such Credit Party, in each
case certified by a Responsible Officer of such Credit Party to be correct and complete copies thereof and in effect on the date hereof, in each case reasonably satisfactory to the Administrative Agent; 

(i)    [Reserved]; 

(j)    [Reserved]; 

(k)    [Reserved]; 

(l)    Management Agreement. A copy of the Management Agreement, duly executed by the
parties thereto; 
 (m)    Authority Documents. Certified resolutions of each Credit Party
authorizing the entry into the transactions contemplated herein and in the other Loan Documents, in each case certified by a Responsible Officer of such Person as correct and complete copies thereof and in effect on the date hereof; 

(n)    Incumbency Certificate. From each Credit Party, a signed certificate of a Responsible
Officer, who shall certify the names of the Persons authorized, on the date hereof, to sign each of the Loan Documents and the other documents or certificates to be delivered pursuant to the Loan Documents on behalf of such Credit Party, together
with the true signatures of each such Person; the Administrative Agent may conclusively rely on such certificate until it shall receive a further certificate canceling or amending the prior certificate and submitting the authority and signatures of
the Persons named in such further certificate; 

  
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 (o)    Opinions. A favorable written opinion of
counsel to the Credit Parties in form and substance reasonably satisfactory to the Administrative Agent and its counsel, dated as of the Closing Date; 

(p)    Investor Documents. With respect to Investors: (i) a copy of each
Investor’s duly executed Subscription Agreement, Side Letter (if applicable), Credit Link Document, if applicable; and (ii) if such Investor is an Endowment Fund Investor, a copy of any keepwell agreement in place between such Investor and
its Sponsor; 
 (q)    Fees; Costs and Expenses. Payment of all fees and other amounts due
and payable on or prior to the date hereof, including pursuant to the Fee Letter, and, to the extent invoiced, reimbursement or payment of all reasonable expenses required to be reimbursed or paid by the Borrowers hereunder, including the reasonable
fees and disbursements invoiced through the date hereof of the Administrative Agent’s special counsel, Riemer & Braunstein LLP, which may be deducted from the proceeds of such initial Borrowing; 

(r)    ERISA Status. With respect to each Borrower, either (i) a favorable written
opinion of counsel to such Borrower, addressed to the Secured Parties, reasonably acceptable to the Administrative Agent and its counsel, regarding the status of such Borrower as an Operating Company (or a copy of such opinion addressed to the
Investors, reasonably acceptable to the Administrative Agent and its counsel, together with a reliance letter with respect thereto, addressed to the Secured Parties); or (ii) a certificate, addressed to the Secured Parties, signed by a
Responsible Officer of such Borrower that the underlying assets of such Borrower do not constitute Plan Assets because less than 25% of the total value of each class of equity interests in such Credit Party is held by “benefit plan
investors” within the meaning of Section 3(42) of ERISA, or by virtue of the “publicly-offered security” exception in the Plan Asset Regulations; 

(s)    [Reserved]; 

(t)    “Know Your Customer” Information and Documents. Such information and
documentation as is requested by the Lenders so that each of the Credit Parties has become KYC Compliant; 

(u)    Payoff of Existing Facility. A payoff letter from Natixis, New York Branch, as the
agent for the lenders under the Borrower’s existing Revolving Credit Agreement satisfactory in form and substance to the Administrative Agent evidencing that the existing Revolving Credit Agreement has been or concurrently with the Closing Date
is being terminated, all obligations thereunder are being paid in full, and all Liens securing obligations under such existing Revolving Credit Agreement have been or concurrently with the Closing Date are being released; and 

(v)    Additional Information. Such other information and documents as may be required by
the Administrative Agent and its counsel. 

  
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 6.2.    Conditions to all Loans.
The obligation of the Lenders to advance each Borrowing (including without limitation the initial Borrowing) hereunder is subject to the conditions precedent that: 

(a)    Representations and Warranties. The representations and warranties of the Credit
Parties set forth herein and in the other Loan Documents are true and correct in all material respects on and as of the date of the advance of such Borrowing, with the same force and effect as if made on and as of such date, except with respect to
representations and warranties made as of a specific date, which shall be true and correct on and as of such date; 

(b)    No Default. No event shall have occurred and be continuing, or would result from the
Borrowing, which constitutes an Event of Default or a Potential Default; 
 (c)    Request for
Borrowing. The Administrative Agent shall have received a Request for Borrowing, together with a Borrowing Base Certificate; 

(d)    No Investor Excuses. Other than as disclosed to the Administrative Agent in writing,
the Credit Parties have no knowledge or reason to believe any Investor would be entitled to exercise any withdrawal, excuse or exemption right under the applicable Constituent Documents, its Subscription Agreement or any Side Letter with respect to
any Investment being acquired in whole or in part with any proceeds of the related Loan (provided, that if the Credit Parties have disclosed a potential excuse or exemption right to the Administrative Agent in writing, the excused, withdrawn
or exempted portion of the applicable Investor’s Unfunded Capital Commitment shall be excluded from the calculation of the Borrowing Base, but the Borrowers shall not be prohibited from such credit extension upon satisfaction of the other
conditions therefor); 
 (e)    [Reserved]; 

(f)    Available Commitment. After giving effect to the proposed Borrowing the Principal
Obligations will not exceed the Available Commitment as of such date; and 
 (g)    Commitment
Period. The “Commitment Period” (as that term is defined in the Constituent Documents of the Initial Borrower) shall not have been terminated or expired. 

6.3.    Addition of Qualified Borrowers. The obligation of the Lenders to
advance a Borrowing to a proposed Qualified Borrower hereunder is subject to the conditions that the Borrowers shall have given the Administrative Agent at least fifteen (15) Business Days prior written notice and each of the following: 

(a)    Approval of Qualified Borrower. In order for an entity to be approved as a Qualified
Borrower (i) the Borrowers must obtain the written consent of each Managing Agent, not to be unreasonably withheld; (ii) such entity shall be one in which a Borrower or another Credit Party owns a direct or indirect ownership interest, or
through which a Borrower or another Credit Party may acquire an Investment, the indebtedness of which entity can be guaranteed by the Initial Borrower under its Constituent Documents (a “Qualified Borrower”); and (iii) the
provisions of this Section 6.3 shall be satisfied; 

  
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 (b)    Guaranty of Qualified Borrower Obligations. The
Initial Borrower shall provide to the Administrative Agent and each of the Managing Agents on behalf of the Lenders an unconditional guaranty of payment in the form of Exhibit J (the “Qualified Borrower Guaranty”, and such
guaranties, collectively, the “Borrower Guaranties”), which shall be enforceable against the Initial Borrower for the payment of a Qualified Borrower’s debt or obligation to the Lenders; 

(c)    Qualified Borrower Promissory Note. Such Qualified Borrower shall execute and deliver a
promissory note, in the form of Exhibit I (a “Qualified Borrower Promissory Note”), payable to the Administrative Agent, for the benefit of the Secured Parties; 

(d)    Authorizations of Qualified Borrower. The Administrative Agent shall have received from the
Qualified Borrower appropriate evidence of the authorization of the Qualified Borrower approving the execution, delivery and performance of the Qualified Borrower Promissory Note, duly adopted by the Qualified Borrower, as required by Applicable Law
or agreement, and accompanied by a certificate of an authorized Person of such Qualified Borrower stating that such authorizations are true and correct, have not been altered or repealed and are in full force and effect; 

(e)    Incumbency Certificate. The Administrative Agent shall have received from the Qualified
Borrower a signed certificate of a Responsible Officer of the Qualified Borrower which shall certify the names of the Persons authorized to sign the Qualified Borrower Promissory Note and the other documents or certificates to be delivered pursuant
to the terms hereof by such Qualified Borrower, together with the true signatures of each such Person. The Administrative Agent may conclusively rely on such certificate until it shall receive a further certificate canceling or amending the prior
certificate and submitting the authority and signatures of the Persons named in such further certificate; 

(f)    Opinion of Counsel to Qualified Borrowers. The Administrative Agent shall have received a
favorable written opinion of counsel for the Qualified Borrower, in form and substance reasonably satisfactory to the Administrative Agent; 

(g)    Opinion of Counsel to the Borrower. The Administrative Agent shall have received a favorable
written opinion of counsel for the Borrowers with respect to the Qualified Borrower Guaranty, in form and substance satisfactory to the Administrative Agent; 

(h)    “Know Your Customer” Information and Documents. The Lenders shall have received
all items required to make such Qualified Borrower KYC Compliant; 
 (i)    Fees, Costs and
Expenses. Payment of all fees and other invoiced amounts due and payable by any Credit Party on or prior to the date of such Qualified Borrower becomes a Borrower hereunder and, to the extent invoiced, reimbursement or payment of all expenses
required to be reimbursed or paid by any Credit Party hereunder, which may be deducted from the proceeds of any related Borrowing; 

(j)    Due Diligence Review. The Administrative Agent shall have completed to its satisfaction its
due diligence review of such Qualified Borrower and its respective management, controlling owners, systems and operations; 

  
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 (k)    ERISA Status. With respect to the initial
advance to such Qualified Borrower only, either (i) a favorable written opinion of counsel to such Qualified Borrower, addressed to the Secured Parties, reasonably acceptable to the Administrative Agent and its counsel, regarding the status of
such Qualified Borrower as an Operating Company (or a copy of such opinion addressed to the Investors, reasonably acceptable to the Administrative Agent and its counsel, together with a reliance letter with respect thereto, addressed to the Secured
Parties); or (ii) a certificate, addressed to the Secured Parties, signed by a Responsible Officer of such Qualified Borrower that the underlying assets of such Qualified Borrower do not constitute Plan Assets because less than 25% of the total
value of each class of equity interests in such Qualified Borrower is held by “benefit plan investors” within the meaning of Section 3(42) of ERISA, or by virtue of the “publicly-offered security” exception in the Plan Asset
Regulations; and 
 (l)    Other Information. The Administrative Agent shall have received such
other information and documents in respect of such Qualified Borrower as may be required by the Administrative Agent and its counsel. 

Upon the satisfaction of the requirements of this Section 6.3 described above, the Qualified
Borrower shall be bound by the terms and conditions of this Credit Agreement as a Borrower hereunder. 
  

	Section 7.	 REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES 

To induce the Lenders to make the Loans hereunder, the Credit Parties each hereby represents and warrants to the Administrative
Agent and the Lenders that: 
 7.1.    Organization and Good Standing. Each Credit Party is duly
organized, duly formed or duly incorporated, as applicable, validly existing and in good standing under the laws of its jurisdiction of formation or incorporation, has the requisite power and authority to own its properties and assets and to carry
on its business as now conducted, and is qualified to do business in each jurisdiction where the nature of the business conducted or the property owned or leased requires such qualification except where the failure to be so qualified to do business
would not have a Material Adverse Effect. 
 7.2.    Authorization and Power. Each Credit Party
has the partnership, limited liability company or corporate power, as applicable, and requisite authority to execute, deliver, and perform its respective obligations under this Credit Agreement, the Notes, and the other Loan Documents to be executed
by it, its Constituent Documents, and its Subscription Agreements, as applicable. Each Credit Party is duly authorized to, and has taken all partnership, limited liability company or corporate action, as applicable, necessary to authorize it to
execute, deliver, and perform its obligations under this Credit Agreement, the Notes, such other Loan Documents, its Constituent Documents, and the Subscription Agreements, as applicable, and is and will continue to be duly authorized to perform its
obligations under this Credit Agreement, the Notes, such other Loan Documents, its Constituent Documents and the Subscription Agreements, as applicable. 

7.3.    No Conflicts or Consents. None of the execution and delivery of this Credit Agreement, the
Notes or the other Loan Documents, the consummation of any of the transactions 

  
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herein or therein contemplated, or the compliance with the terms and provisions hereof or with the terms and provisions thereof, will contravene or conflict, in any material respect, with any
provision of law, statute or regulation to which the Credit Party is subject or any judgment, license, order or permit applicable to the Credit Party or any indenture, mortgage, deed of trust or other agreement or instrument to which the Credit
Party is a party or by which the Credit Party may be bound, or to which the Credit Party may be subject. No consent, approval, authorization or order of any court or Governmental Authority, Investor or third party is required in connection with the
execution and delivery by the Credit Party of the Loan Documents or to consummate the transactions contemplated hereby or thereby, including its Constituent Documents, except, in each case, for that which has already been waived or obtained. 

7.4.    Enforceable Obligations. This Credit Agreement, the Notes and the other Loan Documents to
which any Credit Party is a party are the legal and binding obligations of such Credit Party, enforceable in accordance with their respective terms, subject to Debtor Relief Laws and general equitable principles (whether considered in a proceeding
in equity or at law). 
 7.5.    Priority of Liens. The Collateral Documents create, as security
for the Obligations, valid and enforceable, perfected first priority security interests in and Liens on all of the Collateral in favor of the Administrative Agent for the benefit of the Secured Parties, subject only to Permitted Liens. Such security
interests in and Liens on the Collateral shall be superior to and prior to the rights of all third parties in such Collateral (other than Permitted Liens), and, other than in connection with any future Change in Law or in the applicable Credit
Party’s name, identity or structure, or its jurisdiction of organization, as the case may be, no further recordings or Filings are or will be required in connection with the creation, perfection or enforcement of such security interests and
Liens, other than the filing of continuation statements in accordance with Applicable Law. Each Lien referred to in this Section 7.5 is and shall be the sole and exclusive Lien on the Collateral (other than Permitted
Liens). 
 7.6.    Financial Condition. The Initial Borrower has delivered to the Administrative
Agent the most recently available copies of the financial statements and reports described in Section 8.1 and the related statement of income, in each case certified by a Responsible Officer of the Initial Borrower to be
true and correct in all material respects; such financial statements fairly present the financial condition of the Initial Borrower as of the applicable date of delivery (or in the case of a pro forma balance sheet, estimated financial
condition based on assumptions that such pro forma balance sheet has been prepared in accordance with GAAP, except as provided therein). For the avoidance of doubt, such representation relating to the financial statements shall be without
qualification, exception or any other statement which has the effect of modifying the opinions therein. 

7.7.    Full Disclosure. There is no fact known to a Credit Party that such Credit Party has not
disclosed to the Administrative Agent in writing which would have a Material Adverse Effect. All information heretofore furnished by such Credit Party, in connection with this Credit Agreement, the other Loan Documents or any transaction
contemplated hereby is, and all such information hereafter furnished will be, true and correct in all material respects on the date as of which such information is stated or deemed stated. 

  
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 7.8.    No Default. Except as disclosed to the
Administrative Agent in writing, no event has occurred and is continuing which constitutes an Event of Default or a Potential Default. 

7.9.    No Litigation. (i) As of the Closing Date, there are no actions, suits, investigations
or legal, equitable, arbitration or administrative proceedings in any court or before any arbitrator or Governmental Authority (“Proceedings”) pending or, to the actual knowledge of a Responsible Officer of such Credit Party,
threatened, against any Credit Party, other than any such Proceeding that has been disclosed in writing by such Credit Party to the Administrative Agent, and (ii) as of any date after the Closing Date, there are no such Proceedings pending or,
to the actual knowledge of a Responsible Officer of such Credit Party, threatened, against such Credit Party, other than any such Proceeding that would not, if adversely determined, have a Material Adverse Effect. 

7.10.    Material Adverse Effect. No circumstances exist or changes to any Credit Party have
occurred since the date of the most recent financial statements of such Credit Party delivered to the Administrative Agent which would reasonably be expected to result in a Material Adverse Effect. 

7.11.    Taxes. To the extent that failure to do so would be reasonably likely to have a Material
Adverse Effect, all Tax returns, information statements and reports required to be filed by any Credit Party in any jurisdiction have been filed and all Taxes (including mortgage recording Taxes) of each Credit Party or upon any of its properties,
income or franchises have been paid prior to the time that such Taxes become delinquent, except as currently being contested in good faith and for which reserves required by U.S. GAAP have been created in the financial statements of the Credit
Party. There is no proposed Tax assessment in writing against any Credit Party or, to the knowledge of any Credit Party, any basis for such assessment which could be likely to result in a Material Adverse Effect. 

7.12.    Principal Office; Jurisdiction of Formation. (a) Each of the principal office, chief
executive office, and principal place of business of the Credit Parties is correctly listed on Schedule I (as such Schedule I may be updated from time to time by the Credit Parties providing notice to the Administrative Agent pursuant
to Section 9.1), and each Credit Party has been at such location since its formation, other than as disclosed to the Administrative Agent in writing; and (b) the jurisdiction of formation of the Credit Parties is
correctly listed on Schedule I, and each Credit Party is not organized under the laws of any other jurisdiction. 

7.13.     ERISA. Each Borrower satisfies an exception under the Plan Asset Regulations so that its
underlying assets do not constitute Plan Assets. The execution, delivery and performance of this Credit Agreement and the other Loan Documents, the enforcement of the Obligations directly against the Investors pursuant to the terms of this Credit
Agreement and the other Loan Documents, and the borrowing and repayment of amounts under this Credit Agreement, do not and will not constitute a non-exempt prohibited transaction under Section 406(a) of
ERISA or Section 4975(c)(1)(A) - (D) of the Internal Revenue Code. No Credit Party has established, maintains, has any obligation to contribute to, or has any liability to any Plan as the sponsor or participating employer with respect to such
Plan; no Credit Party is a party to a collective bargaining or other agreement obligating it to contribute to any Plan; and, except as would not reasonably be expected to have a Material Adverse Effect on such Credit Party, no

  
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Credit Party has incurred liability with respect to any Plan that has become due and payable from such Credit Party. Except as would not reasonably be expected to result in a Material
Adverse Effect, no member of a Credit Party’s Controlled Group has established, maintains, or has any obligation to contribute to, any Plan. 

7.14.    Compliance with Law. Each Credit Party is in compliance with all laws, rules, regulations,
orders, and decrees which are applicable to it or its properties, including, without limitation, Environmental Laws, except where non-compliance would not be reasonably likely to have a Material Adverse
Effect. 
 7.15.    Environmental Matters. Each Credit Party (a) has not received any notice
or other communication or otherwise learned of any Environmental Liability which would individually or in the aggregate reasonably be expected to have a Material Adverse Effect arising in connection with: (i) any actual or alleged non-compliance with or violation of any Environmental Requirements by such Credit Party or any permit issued under any Environmental Law to such Credit Party; or (ii) the Release or threatened Release of any
Hazardous Material into the environment; and (b) to the knowledge of its Responsible Officers, has no actual liability or threatened liability in connection with the Release or threatened Release of any Hazardous Material into the environment
or any Environmental Requirements which would individually or in the aggregate reasonably be expected to have a Material Adverse Effect. 

7.16.    Capital Commitments and Contributions. All the Investors are set forth on Schedule
IV and incorporated herein by reference (or on a revised Schedule IV or Borrowing Base Certificate delivered to the Administrative Agent in accordance with Sections 8.1(i) and Section 8.19), and the true
and correct Capital Commitment of each Investor is set forth on Schedule IV (or on any such revised Schedule IV or Borrowing Base Certificate). No Capital Calls have been delivered to any Investors other than any that have been
disclosed in writing to the Administrative Agent. As of the date hereof, the aggregate amount of the Capital Commitments of each Investor is set forth on Schedule IV; and the aggregate Unfunded Capital Commitment that could be subject to a
Capital Call is set forth on Schedule IV. 
 7.17.    Fiscal Year. The fiscal year of each
Credit Party is the calendar year (or such fiscal year for which notice has been given in accordance with Section 9.4). 

7.18.    Investor Documents. Each Investor has executed a Subscription Agreement which has been
provided to the Administrative Agent. Each Side Letter that has been entered has been provided to the Administrative Agent. For each Investor, the Constituent Document, its Subscription Agreement (and any related Side Letter) set forth its entire
agreement regarding its Capital Commitment. 
 7.19.    Margin Stock. No Credit Party is engaged
in the business of extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Loan will be used: (a) to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or
carrying any Margin Stock; (b) to reduce or retire any Indebtedness which was originally incurred to purchase or carry any such Margin Stock; or (c) for any other purpose which might constitute this transaction a “purpose credit”
within the meaning of Regulation T, U, or X. No Credit Party nor any Person acting on behalf of the Credit Parties has taken or will 

  
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take any action that would cause any Lender to violate Regulation T, U or X or any other regulation of the Board of Governors of the Federal Reserve System or to violate Section 7 of the
Securities Exchange Act, in each case as now in effect or as the same may hereafter be in effect. No Loan will be secured at any time by, and the Collateral in which any Credit Party has granted to the Administrative Agent, for the benefit of each
of the Secured Parties, a security interest and Lien pursuant to the Collateral Documents will not contain at any time any Margin Stock. 

7.20.    Business Development Company Status. Each Credit Party is in compliance with
Section 61 of the Investment Company Act of 1940 and each other requirement applicable to a business development company under the Investment Company Act of 1940, as applicable, in each case in all material respects. 

7.21.    No Defenses. No Responsible Officer of any Credit Party knows of any default or
circumstance which with the passage of time and/or giving of notice, could constitute an event of default under its Constituent Documents, any Subscription Agreement, Side Letter, or Credit Link Document which would constitute a defense to the
obligations of the Investors to make Capital Contributions to the Initial Borrower, pursuant to a Capital Call in accordance with the Subscription Agreements or the applicable Credit Party’s Constituent Document, and no Responsible Officer of
any Credit Party has actual knowledge of any claims of offset or any other claims of the Investors against any Credit Party which would or could diminish or adversely affect the obligations of the Investors to make Capital Contributions and fund
Capital Calls in accordance with the Subscription Agreements (and any related Side Letters), the applicable Credit Party’s Constituent Document, or Credit Link Document. 

7.22.    No Withdrawals Without Approval. No Investor is permitted to withdraw its interest in the
Initial Borrower without the prior approval of the Initial Borrower or its Managing Entity. 

7.23.    Foreign Asset Control Laws. (a) No Credit Party, nor, to the knowledge of any Credit
Party, any director, officer, agent, employee or Affiliate: (i) is the subject of any Sanctions or (ii) is located, organized or resident in a country or territory that is itself the subject of any Sanctions; (b) no Borrower is using
nor will use the proceeds of any Loan for the purpose of financing or making funds available directly or indirectly to any Sanctioned Person, to the extent such financing or provision of funds would be prohibited by Sanctions or would otherwise
cause any person to be in breach of Sanctions; (c) no Borrower is contributing nor will any Borrower contribute or otherwise make available directly or indirectly the proceeds of any Loan to any other Person for the purpose of financing the
activities of a Sanctioned Person, to the extent such contribution or provision of proceeds would be prohibited by Sanctions or would otherwise, to the knowledge and belief of any Credit Party, cause any person to be in breach of Sanctions; and
(d) each Credit Party has not and will not do business, enter into transactions or store with, purchase or receive money from, transport from/to/with, sell goods or give money to, a Sanctioned Person. 

7.24.    Insider. No Credit Party is an “executive officer,” “director,” or
“person who directly or indirectly or acting through or in concert with one or more persons owns, controls, or has the power to vote more than ten percent (10%) of any class of voting securities” (as those terms are defined in 12 U.S.C.
§375b or in regulations promulgated pursuant thereto) of any 

  
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Lender, of a bank holding company of which any Lender is a subsidiary, or of any subsidiary, of a bank holding company of which any Lender is a subsidiary, of any bank at which any Lender
maintains a correspondent account, or of any bank which maintains a correspondent account with any Lender. 

7.25.    Investors. The Borrowing Base Certificate, as it may be updated in writing from time to
time by the Initial Borrower, is true and correct in all material respects. 

7.26.    Organizational Structure. The structure of the Credit Parties is as depicted on
Schedule III. The Credit Parties have not formed any alternative investment vehicles, parallel investment vehicles or similar vehicles. 

7.27.    No Brokers. None of the Credit Parties or the Investment Advisor has dealt with any
broker, investment banker, agent or other Person (except for the Administrative Agent, the Lenders and any Affiliate of the foregoing) who may be entitled to any commission or compensation in connection with the Loan Documents, the Loans or a
transaction under or pursuant to this Credit Agreement or the other Loan Documents. 

7.28.    Financial Condition. Each Credit Party is Solvent. 

7.29.    Transaction Information. Except as permitted in accordance with
Section 9.26 hereof, (i) none of the Credit Parties has contracted with any NRSRO to provide a rating in connection with the Credit Facility, other than as disclosed in writing to each Managing Agent, (ii) the
intent of the Credit Parties in all respects is that none of this Credit Agreement, the related Loan Documents, or any other document or agreement (whether written or oral) to which any Credit Party is a party constitutes a contract or direction of
any sort by any Conduit Lender or Managing Agent for any of the Credit Parties to provide any Transaction Information to any NRSRO, (iii) no Conduit Lender, Managing Agent or other Person has contracted with or directed any of the Credit
Parties to provide Transaction Information to any NRSRO for any purpose, including for purposes of monitoring the ratings of its related Commercial Paper, and (iv) none of the Credit Parties has delivered, in writing or verbally, any
substantive communications with respect to Transaction Information to any NRSRO which to its knowledge was communicated in relation to the ratings of any Conduit Lender’s Commercial Paper. 

7.30.    Anti-Corruption Laws; Anti-Money Laundering Laws. (a) None of the members of
the Group or any director, officer, employee, or agent associated with or acting on behalf of a member of the Group (i) has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to
political activity; (ii) offered, paid, given, promised to pay, authorized the payment of, or taken any action in furtherance of the payment of anything of value directly or indirectly to a Government Official or any other person to improperly
influence the recipient’s action or otherwise to obtain or retain business or to secure an improper business advantage; or (iii) violated or is in violation of any provision of any Anti-Corruption Laws. 

(b)    The operations of each member of the Group are and have been conducted at all times in compliance
with all Anti-Money Laundering Laws and no action, suit or proceeding by or before any Governmental Authority or any arbitrator involving a member of the Group with respect to Anti-Money Laundering Laws is pending and no such actions, suits or
proceedings are threatened or contemplated. 

  
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	Section 8.	 AFFIRMATIVE COVENANTS OF THE CREDIT PARTIES 

So long as the Lenders have any commitment to lend hereunder and until payment and performance in full of the Obligations under
this Credit Agreement and the other Loan Documents, each Credit Party agrees that: 

8.1.    Financial Statements, Reports and Notices. The Credit Parties shall deliver (or cause to be
delivered) to the Administrative Agent sufficient copies for each Lender of the following: 

(a)    Financial Reports. 

(i)    Annual Reports. As soon as available, but no later than one hundred eighty
(180) days after the end of the fiscal year for the Initial Borrower, the audited consolidated balance sheet and related statements of operations, income, partners’, members’ or shareholders’ equity and cash flows of the Initial
Borrower as of the end of and for such year, setting forth in each case in comparative form (if applicable) the figures for the previous fiscal year, all reported on by a firm of nationally recognized independent certified 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 Initial Borrower on a consolidated basis in accordance with GAAP consistently applied. 

(ii)    Quarterly Reports. As soon as available, but no later than ninety
(90) days after the end of each of the first three fiscal quarters of the Initial Borrower, the unaudited consolidated balance sheet and related statements of operations, income, partners’, members’ or shareholders’ equity and
cash flows of the Initial Borrower 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 (or, in the case of the balance sheet, as of the end of)
the corresponding period or periods of the previous fiscal year, all certified by a Responsible Officer of the Initial Borrower, as presenting fairly in all material respects the financial condition and results of operations of the Initial Borrower
on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes (it being understood and agreed that any delivery pursuant to
this clause (ii) for the first fiscal quarter of any fiscal year of the Initial Borrower shall be limited to performance and cash flow information for such period). 

(b)    Compliance Certificate. As soon as available, but no later than the date any financial
statements are due pursuant to Section 8.1(a), a compliance certificate in the form 

  
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of Exhibit N (the “Compliance Certificate”), certified by a Responsible Officer of the Initial Borrower to be true and correct, (i) stating whether any Event of
Default or, to such Responsible Officer’s knowledge, any Potential Default exists; (ii) stating whether each Borrower is in compliance with the Debt Limitations and containing the calculations evidencing such compliance; (iii) stating
that, to the knowledge of any Credit Party, no Exclusion Event has occurred with respect to any Included Investor or Designated Investor (or any HNW Investor comprising or owning interests in a Pooled Vehicle Investor that is a Designated Investor)
that has not previously been disclosed to the Administrative Agent in writing; and (iv) setting forth: (A) in the case of a Compliance Certificate delivered in connection with a fiscal quarter-end
report by the Initial Borrower, a description of the Investments acquired, sold or otherwise disposed of by the Borrowers during such fiscal quarter; (B) in the case of a Compliance Certificate delivered in connection with a fiscal year-end report by the Initial Borrower, a description of the Investments acquired, sold or otherwise disposed of by the Borrowers during such fiscal year, and a statement of the capital account of each Investor;
(C) the aggregate Unfunded Capital Commitments of the Investors and, separately, the aggregate Unfunded Capital Commitments of the Included Investors and Designated Investors; and (D) the calculations for the Available Commitment as of the
date of such Compliance Certificate. 
 (c)    Capital Calls. (i) Within three
(3) Business Days of an issuance of each Capital Call, written notice of the making of such Capital Call together with information as to the timing and amount of such Capital Call to the extent available along with copies of each Capital Call
delivered to the Investors; and (ii) a report of all Investors failing to fund their Capital Contributions delivered every five (5) Business Days beginning with the fifth (5th) Business Day following the date when such Capital
Contributions are initially due pursuant to the related Capital Call therefor and ending once all Investors have funded their Capital Contributions. 

(d)    Notice of Default. Within two (2) Business Days of any Responsible Officer of a Credit
Party becoming aware of the existence of any condition or event which constitutes an Event of Default or a Potential Default, written notice specifying the nature and period of existence thereof and the action which such Credit Party is taking or
proposes to take with respect thereto. 
 (e)    Notice of Certain Withdrawals. Promptly, but no
later than the Business Day following receipt thereof by any Credit Party, copies of any notice of withdrawal or request for excuse or exemption by any Investor pursuant to the applicable Constituent Document, its Subscription Agreement or Side
Letter. 
 (f)    Investor Events. Written notice of any of the following events: 

(i)    no later than three (3) Business Days after any Responsible Officer of a Credit
Party obtaining knowledge thereof, an Exclusion Event has occurred with respect to any Included Investor or Designated Investor (or any HNW Investor comprising or owning interests in a Pooled Vehicle Investor that is a Designated Investor), 

(ii)    no later than three (3) Business Days after any Responsible Officer of a
Credit Party obtaining knowledge thereof, (x) there has been a change in the 

  
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name or notice information of any Included Investor or Designated Investor, (y) any Excluded Investor has violated or breached any material term of the Constituent Documents, the
Subscription Agreement, or Credit Link Document in a material respect; or (z) there has been any decline in the Rating of any Investor (or its Credit Provider, Sponsor or Responsible Party) if such change does not result in an Exclusion Event;
and 
 (iii)    no later than the fifth (5th) Business Day of each calendar month, any
Responsible Officer of a Credit Party becoming aware of a change in the name or notice information of any Excluded Investor that has not been previously disclosed to the Administrative Agent. 

(g)    [Reserved]. 

(h)    ERISA Certification. (i) For each Borrower that provided a certificate of a Responsible
Officer pursuant to Section 6.1(r)(ii), or Section 6.3(k)(ii), prior to admitting one or more ERISA Investors that would result in 25% of the total value of any class of equity interests in such
Borrower being held by “benefit plan investors” within the meaning of Section 3(42) of ERISA, a favorable written opinion of counsel to such Borrower addressed to the Secured Parties, reasonably acceptable to the Administrative Agent
and its counsel, regarding the status of such Borrower as an Operating Company (or a copy of such opinion addressed to the Investors, reasonably acceptable to the Administrative Agent and its counsel, together with a reliance letter with respect
thereto, addressed to the Secured Parties); and (ii) with respect to each Borrower, for so long as there is any ERISA Investor in such Borrower, such Borrower shall provide to the Administrative Agent, no later than sixty (60) days after
the first day of each Annual Valuation Period in the case of clause (1) below or thirty (30) days after the end of such Borrower’s fiscal year in the case of clause (2) below, a certificate signed by a Responsible
Officer of the applicable Borrower that (1) such Borrower has remained and still is an Operating Company or (2) the underlying assets of such Borrower do not constitute Plan Assets because less than 25% of the total value of each class of
equity interests in such Borrower is held by “benefit plan investors” within the meaning of Section 3(42) of ERISA, or by virtue of the “publicly-offered security” exception in the Plan Asset Regulations. 

(i)    Borrowing Base Certificate. A Borrowing Base Certificate certified by a Responsible Officer
of the Initial Borrower to be true and correct in all material respects setting forth a calculation of the Available Commitment in reasonable detail at each of the following times: (i) the last Business Day of the first fiscal quarter of each
fiscal year of the Initial Borrower and concurrently with the delivery of each Compliance Certificate required under Section 8.1(b) above; (ii) in connection with any new Borrowing; (iii) within three
(3) Business Days of the issuance of any Capital Calls to the Investors together with copies of such Capital Calls in accordance within Section 8.1(c); (iv) within three (3) Business Days following a Responsible
Officer of any Credit Party obtaining knowledge of any Exclusion Event or a Transfer of any Included Investor’s or Designated Investor’s Capital Commitment or of the Capital Commitment of any HNW Investor comprising or owning interests in
a Pooled Vehicle Investor that is a Designated Investor; (v) within five (5) Business Days following a Responsible Officer of any Credit Party obtaining knowledge of a decline in the Rating of any Included Investor, where such change
results in a lower Concentration Limit with respect to such Investor 

  
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and whether or not such change results in an Exclusion Event (it being understood that the Credit Parties are not required to affirmatively monitor the Ratings of the Investors, but only to
comply with the delivery obligation in this Section 8.1(i) in the event of a Responsible Officer of a Credit Party obtaining knowledge of a decline in any such Rating); and (vi) within three (3) Business Days of a
Responsible Officer of any Credit Party obtaining knowledge of any other event that reduces the Available Commitment. 

(j)    Other Reporting. Simultaneously with the delivery to any Investor, copies of all other
material financial statements, appraisal reports, notices, and other matters at any time or from time to time furnished to the Investors (which, for the avoidance of doubt, shall not include any quarterly account statements delivered to the
Investors). 
 (k)    Capital Return Notices; Account Statements. (i) Simultaneously with
the delivery to any Investor, copies of any Capital Return Notices provided to such Investor where the Returned Capital is credited as Uncalled Capital Commitments of such Investor following such return of capital and (ii) upon request of the
Administrative Agent (or in connection with any Credit Party’s request to include any Returned Capital in the calculation of the Available Commitment), copies of any applicable quarterly account statements or other account statements provided
to such Investor, which, in each case, clearly sets forth (x) the amount of Returned Capital that is being credited to the Uncalled Capital Commitments of the applicable Investor and (y) the total Uncalled Capital Commitments of the
applicable Investor) solely to the extent that any Returned Capital is credited as Uncalled Capital Commitments of such Investor. 

(l)    New Investors or Amended Investor Documents. Within three (3) Business Days of
execution thereof, copies of the Subscription Agreement (and any related Side Letter) or any transfer documentation of any new Investor or written evidence of an increase in the Capital Commitment of any Investor or any amendments to any
Investor’s Side Letter, including but not limited to any documents related to an Investor’s election to opt into the provisions of any other Investor’s Side Letter pursuant to a ‘most favored nations’ clause. 

(m)    Notice of Material Adverse Effect. Promptly upon receipt of knowledge thereof by a
Responsible Officer of any Credit Party, written notice of any event if such event would reasonably be expected to result in a Material Adverse Effect. 

(n)    Other Information. Such other information concerning the business, properties, or financial
condition of the Credit Parties as the Administrative Agent shall reasonably request. 

8.2.    Payment of Obligations. Each Credit Party shall pay and discharge all Indebtedness and
other obligations, including all material Taxes, assessments, and governmental charges or levies imposed upon it, its income or profits, or any property belonging to it, before any such obligation becomes delinquent, if in the case of Indebtedness
such failure would reasonably be expected to result in a default in excess of the Threshold Amount; provided that no Credit Party shall be required to pay any such Tax, assessment, charge, or levy if and so long as the amount, applicability,
or validity thereof shall currently be contested in good faith by adequate proceedings and adequate reserves therefor have been established in accordance with GAAP. 

  
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 8.3.    Maintenance of Existence and Rights. Each
Credit Party shall preserve and maintain its existence. Each Credit Party shall further preserve and maintain all of its rights, privileges, and franchises necessary in the normal conduct of its business and in accordance with all valid regulations
and orders of any Governmental Authority the failure of which would reasonably be expected to result in a Material Adverse Effect. 

8.4.    Operations and Properties. Each Credit Party shall act prudently and in accordance with
customary industry standards in managing or operating its assets, properties, business, and investments. Each Credit Party shall keep in good working order and condition, ordinary wear and tear accepted, all of its assets and properties which are
necessary to the conduct of its business, in each case except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

8.5.    Books and Records; Access. Following ten (10) Business Days prior written notice
(except if an Event of Default has occurred and is continuing, in which case only two Business Days prior written notice shall be required), each Credit Party shall give the Administrative Agent, the Lenders, or any of them, access during ordinary
business hours to, and permit such person to examine, copy, or make excerpts from, any and all books, records, and documents in the possession of such Credit Party and relating to their affairs, and to inspect any of the properties of the Credit
Party and to discuss its affairs, finances and condition with its officers and independent accountants; provided that such access shall not be at the Borrowers’ expense more than one time during any calendar year unless an Event of
Default has occurred and is continuing. 
 8.6.    Compliance with Law. Each Credit Party shall
observe and comply with all Applicable Laws and all orders of any Governmental Authority, including without limitation, Environmental Laws and ERISA, and maintain in full force and effect all material Governmental Approvals applicable to the conduct
of its business. 
 8.7.    Insurance. Each Credit Party shall maintain, with financially sound
and reputable insurance companies, workmen’s compensation insurance, liability insurance, and insurance on its present and future properties, assets, and businesses against such casualties, risks, and contingencies, and in such types and
amounts, in each case as are consistent with customary practices and standards of its industry in the same or similar locations. 

8.8.    Authorizations and Approvals. Each Credit Party shall promptly obtain, from time to time at
its own expense, all such governmental licenses, authorizations, consents, permits and approvals as may be required to enable such Credit Party to comply with its obligations hereunder, under the other Loan Documents and its Constituent Documents
and to conduct its business in the customary fashion. 
 8.9.    Maintenance of Liens. Each
Credit Party shall perform all such acts and execute all such documents as the Administrative Agent may reasonably request in order to enable the Administrative Agent and Secured Parties to file and record every instrument that the

  
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Administrative Agent may reasonably deem necessary in order to perfect and maintain the Secured Parties’ first priority (subject to Permitted Liens) security interests in (and Liens on) the
Collateral and otherwise to preserve and protect the rights of the Secured Parties in respect of such first priority (subject to Permitted Liens) security interests and Liens. 

8.10.    Further Assurances. Each Credit Party shall make, execute or endorse, and acknowledge and
deliver or file or cause the same to be done, all such vouchers, invoices, notices, certifications, and additional agreements, undertakings, conveyances, transfers, assignments, financing statements, or other assurances, and shall take any and all
such other action, as the Administrative Agent may, from time to time, reasonably deem necessary or desirable in connection with the Credit Agreement or any of the other Loan Documents, the obligations of the Credit Party hereunder or thereunder for
better assuring and confirming unto the Secured Parties all or any part of the security for any of such obligations. 

8.11.    Maintenance of Independence. Each Credit Party shall at all times (i) conduct and
present itself as a separate entity and maintain all business organization formalities, (ii) maintain separate books and records (solely with respect to the Borrowers), provided that the foregoing shall not be construed as to limit the
Borrowers from including their consolidated Subsidiaries in their consolidated financial statements, (iii) conduct all transactions with Affiliates (x) in accordance with the applicable Constituent Document or (y) otherwise on an
arm’s length basis, and (iv) not commingle its funds with funds of other Persons, including Affiliates, except for (I) related Investor Capital Contributions deposited directly or indirectly into the related Collateral Account (which
shall include any deposit into an account of any intermediate fund prior to depositing into the Collateral Account) and (II) collections on Investments owned by or pledged to a Subsidiary of a Credit Party (or a lender or agent acting for
lenders to such a Subsidiary) that are initially deposited and temporarily held in the name or at the account of a Credit Party prior to the transfer of such collections to an account of such Subsidiary, lender or agent (“Subsidiary
Assets”). 
 8.12.    Investor Financial Information and Confirmation of Unfunded Capital
Commitments. 
 (a)    Upon the request of the Administrative Agent, the Credit Parties shall request
from any Investor financial information and/or any other information that the Investor is required to provide pursuant to the applicable Constituent Documents, and shall, upon receipt of such information, promptly deliver same to Administrative
Agent, or shall promptly notify the Administrative Agent of its failure to timely obtain such information in the time period required therefor. 

(b)    Upon the request of the Administrative Agent, the Credit Parties shall promptly, and in any event
within twenty (20) Business Days, obtain a certification from the Investors confirming the amount of their Unfunded Capital Commitment, such certification to be signed by the applicable Investor and in form acceptable to the Administrative
Agent. In the event the Credit Parties are unable to timely obtain such certification, the remedy shall be an Exclusion Event. Absent an Event of Default or Potential Default, the Administrative Agent shall only be entitled to request such
confirmations from Investors once in any calendar year. 

  
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 8.13.    Diversification Requirements.
Each Borrower shall cause its Subsidiaries at all times to, subject to applicable grace periods set forth in the Internal Revenue Code, comply with the portfolio diversification requirements set forth in the Internal Revenue Code applicable to
RICs, to the extent applicable.  
 8.14.    Compliance with Constituent Documents. Each
Credit Party shall comply in all material respects with all material provisions of its Constituent Documents. 

8.15.    Investor Default. At all times when an Event of Default has occurred and is continuing and
any Investor has failed to fund any Capital Contribution when due or otherwise defaulted on any of its obligations to any Credit Party, then each Credit Party shall exercise its available remedies as to such Investor only with the written consent of
the Administrative Agent, at the direction of the Required Lenders. 
 8.16.    Collateral
Account. Each Credit Party shall use commercially reasonable efforts to cause the Account Bank to deliver to the Administrative Agent copies of each account statement, balance report, transaction report or similar statement with respect to the
Collateral Account substantially simultaneously when such statements are delivered to the applicable Credit Party (and in any event, (a) on a monthly basis, (b) promptly after capital contributions are due pursuant to any Capital Call
issued, and (c) promptly upon the Administrative Agent’s request); provided, in the event the Account Bank does not deliver such statements to the Administrative Agent, the applicable Credit Party shall forward such statements
promptly upon receipt (and in any event, within three (3) Business Days).
 8.17.    Compliance
with Anti Terrorism Laws; Anti-Money Laundering Laws. (a) Each Credit Party shall comply with all applicable Anti–Terrorism Laws in all material respects. Each Credit Party shall conduct the requisite due diligence in connection
with the transactions contemplated herein for purposes of complying with the Anti–Terrorism Laws, including with respect to the identity of the applicable Investor and the origin of the assets used by such Investor to purchase the property in
question, and will maintain sufficient information to identify the applicable Investor to the extent required by Applicable Law. Each Credit Party shall, upon the request of the Administrative Agent from time to time, provide certification and
other evidence of such Credit Party’s compliance with this Section 8.17. 

(b)    Each Credit Party shall (i) not contribute or otherwise make available the proceeds of any
Loan, directly or indirectly, to any Person (whether or not related to any member of its group of companies) for the purpose of financing the activities of any Sanctioned Person, to the extent such contribution or provision of proceeds would be
prohibited by Sanctions or would otherwise, to the knowledge and belief of any Credit Party, cause any person to be in breach of Sanctions; (b) not fund all or part of any repayment under the Credit Agreement out of proceeds derived from
transactions which would be prohibited by Sanctions or would otherwise cause any person to be in breach of Sanctions; and (c) ensure that appropriate controls and safeguards are in place designed to prevent any proceeds of the Loans from being
used contrary to the foregoing clause (b)(i). 
 (c)    Each Credit Party shall and shall cause
each other member of the Group to, conduct its operations at all times in compliance with all Anti-Money Laundering Laws. 

  
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 8.18.    Solvency. Each Credit Party shall cause its
financial condition to be such that it is Solvent. 
 8.19.    Returned Capital. The Credit
Parties shall promptly, following notification to the Investors of any Returned Capital the proceeds of which shall be credited toward the Uncalled Capital Commitments of the applicable Investor: (i) notify the Administrative Agent in writing
of such Returned Capital; (ii) deliver to the Administrative Agent a revised Borrowing Base Certificate modified by the Credit Parties reflecting the changes to the Capital Commitments and the Uncalled Capital Commitments, resulting from the
distribution of the Returned Capital; and (iii) deliver to the Administrative Agent copies of all Capital Return Notices and a Capital Return Certification duly executed by the Initial Borrower certifying that such Returned Capital of the
applicable Investor has been added back into the applicable Investor’s Uncalled Capital Commitment and confirming the Uncalled Capital Commitment of the applicable Investor after giving effect to the Returned Capital. The effective date on
which an Investor’s Unfunded Capital Commitment increases by Returned Capital for purposes of this Credit Agreement shall be the date on which the Borrowers have delivered to the Administrative Agent duly completed copies of the items required
by this Section 8.19 and the applicable account statements pursuant to Section 8.1(k). 
  

	Section 9.	 NEGATIVE COVENANTS 

So long as the Lenders have any commitment to lend hereunder, and until payment and performance in full of the Obligations,
each Credit Party agrees that: 
 9.1.    Credit Party Information. No Credit Party shall change
its name, jurisdiction of formation, chief executive office and/or principal place of business (a) with respect to each entity formed in the United States, without providing written notice thereof at least thirty (30) days prior to such
change, which notice shall provide such Credit Party’s new name, jurisdiction of formation, location of its principal office, chief executive office and/or principal place of business, as applicable, and (b) with respect to any other
Person, without the prior written consent of the Administrative Agent. 
 9.2.    Mergers, Etc.
No Credit Party shall take any action (a) to merge or consolidate with or into any Person, unless such Credit Party is the surviving entity, or (b) that will dissolve or terminate such Credit Party except any such dissolution into another
Credit Party. 
 9.3.    Limitation on Liens. No Credit Party shall create, permit or suffer to
exist any Lien (whether such interest is based on common law, statute, other law or contract and whether junior or equal or superior in priority to the security interests and Liens created by the Loan Documents) upon the Collateral, other than the
following (collectively, the “Permitted Liens”): 
 (a)    Liens in favor of the
Administrative Agent, for the benefit of the Secured Parties, pursuant to the Collateral Documents; 

(b)    (i) Liens for Taxes, assessments or charges of any Governmental Authority for claims that are not
material, or are not yet due or are being contested in good faith by appropriate proceedings that have the effect of preventing forfeiture or sale of the assets to which such Liens attach, and, in each case, with respect to which adequate reserves
or other appropriate provisions are being maintained in accordance with GAAP and (ii) statutory Liens or bankers Liens; 

  
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 (c)    any attachment or judgment Lien not constituting an
Event of Default; and 
 (d)    Liens on deposit accounts (other than Collateral Accounts) and cash held
in such accounts securing obligations of the Credit Parties under Hedge Agreements described in clause (f) of the definition of “Permitted Indebtedness”; provided, that the aggregate amount of cash held in any such account
shall not exceed $10,000,000 at any time prior to the Collateral Adjustment Date. 
 9.4.    Fiscal
Year and Accounting Method. No Credit Party shall (nor permit any other Credit Party to) change its fiscal year or its method of accounting without giving notice to the Administrative Agent at least thirty (30) days prior to such change,
unless otherwise required to do so by the Internal Revenue Code or GAAP (and if so required the Borrowers shall promptly notify the Administrative Agent in writing of such change). 

9.5.    Transfer of Interests; Admission of Investors. 

(a)    Transfers by Investors. No Credit Party shall permit any Transfer of an Investor’s
equity interest or Uncalled Capital Commitment unless explicitly approved by each Lender and the Administrative Agent and otherwise permitted pursuant to this Section 9.5. The Initial Borrower shall notify the
Administrative Agent of any proposed Transfer of an Investor’s equity interest in the Initial Borrower or Uncalled Capital Commitment under the applicable Constituent Document at least ten (10) Business Days before the proposed Transfer,
and shall, promptly upon receipt thereof, deliver to the Administrative Agent copies of any proposed assignment agreement and other documentation delivered to, or required of such Investor or new Investor by, the applicable Managing Entity. In order
for a new Investor to be deemed to be an Included Investor or Designated Investor, such new Investor must satisfy the criteria therefor as set out in this Credit Agreement. If the Transfer of an Investor interest to a new Investor would result in a
mandatory prepayment pursuant to Section 3.5(b) (due to the transferee not being designated as an Included Investor or Designated Investor or otherwise), such mandatory prepayment shall be calculated and paid to the Lenders
prior to the effectiveness of the Transfer and such prepayment shall be subject to Section 4.5. 

(b)    OFAC Compliance. Any admission of an assignee of an interest in the Initial Borrower or as a
substitute Investor and any admission of a Person as a new Investor, shall be subject to such Person’s compliance with OFAC Regulations and delivery of all items required to make such new Investor KYC Compliant no fewer than five
(5) Business Days (or such shorter time period as agreed by the Administrative Agent in its sole discretion) prior to the effective date of such admittance. 

9.6.    Constituent Documents. Except as hereinafter provided, the Credit Parties shall not enter
into any new Side Letter or alter, amend, modify, terminate, or change any provision of its Constituent Documents, any Subscription Agreements or any existing Side Letter, if any such Proposed Amendment (hereinafter defined) would (i) remove or
reduce (or affect in a similar manner) the Debt Limitations or (ii) affect any Credit Party’s or any Investor’s (as applicable) 

  
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debts, duties, obligations, and liabilities, or the rights, titles, Liens, powers and privileges of any Credit Parties (as applicable), in any case, relating to any Capital Calls, Capital
Commitments, Capital Contributions or the time period under which they are available (as described in Section 7.22), or except as permitted in Section 9.5, suspend, reduce or terminate any
Investor’s Unfunded Capital Commitments, or any other such change that could otherwise have a Material Adverse Effect on the rights, titles, first priority (subject to Permitted Liens) Liens, and powers and privileges of the Lenders hereunder
(each a “Material Amendment”). With respect to any proposed alteration, amendment, modification, termination or change to any Constituent Document of a Credit Party, any Subscription Agreement or any existing Side Letter or the
proposed entering of any new Side Letter (each, a “Proposed Amendment”), the Credit Party shall notify the Administrative Agent of such proposal. The Administrative Agent shall determine, in its sole reasonable discretion (i.e., the
determination of the other Lenders shall not be required) and on its good faith belief, whether such Proposed Amendment would constitute a Material Amendment within five (5) Business Days of the date on which it is deemed to have received such
notification in accordance with Section 12.6 and shall promptly notify the Credit Party of its determination. If the Administrative Agent determines that the Proposed Amendment is a Material Amendment, the approval of the
Administrative Agent and the Lenders will be required, and the Administrative Agent shall promptly notify the Lenders of such request for such approval, distributing, as appropriate, the Proposed Amendment and any other relevant information provided
by the Credit Party; subject to Section 12.1, the Lenders shall have ten (10) Business Days from the date of submission of the Proposed Amendment by the Credit Party to the Administrative Agent to deliver their
approval or denial thereof (and no response will be deemed to be a denial). If the Administrative Agent determines that the Proposed Amendment is not a Material Amendment, the applicable Credit Party may make such amendment without the consent of
the Lenders. Notwithstanding the foregoing, the Borrowers may, without the consent of the Administrative Agent or the Lenders, amend their applicable Constituent Documents: (x) in the case of the Initial Borrower, to admit new Investors to the
extent permitted by this Credit Agreement; and (y) to reflect transfers of interests in the Borrowers, as applicable, permitted by this Credit Agreement; provided that the Borrowers shall promptly provide to the Administrative Agent a
copy of any such amendment whether or not it requires the consent of the Administrative Agent or the Lenders. 

9.7.    Transfer of Managing Entities’ Interest. Each Managing Entity shall not transfer any
portion of its equity interest in any Borrower or grant any Lien therein without the prior written consent of the Administrative Agent and the Required Lenders. 

9.8.    Negative Pledge. To the extent they are permitted to do so under the applicable Constituent
Document, no Credit Party shall permit any Included Investor or Designated Investor to pledge or otherwise grant a security interest or otherwise create a Lien on such Investor’s right, title and interest in the Initial Borrower without the
prior written consent of the Administrative Agent and the Required Lenders in their sole discretion. 

9.9.    Limitation on Withdrawals. No Credit Party shall permit any Investor to withdraw its
interest in the Initial Borrower without the prior written consent of the Administrative Agent and the Required Lenders, other than in the limited instance in accordance with Section 4.3 of the Subscription Agreement or its applicable
Constituent Document when an Investor’s continuing interest in the applicable Borrower would violate Applicable Law, in connection with a Transfer permitted in accordance with Section 9.5. 

  
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 9.10.    Anti-Corruption Laws; Anti-Money Laundering
Laws. (a) None of the members of the Group nor any director, officer, employee, or agent associated with or acting on behalf of any of the foregoing shall (i) use any corporate funds for any unlawful contribution, gift, entertainment
or other unlawful expense relating to political activity, (ii) offer, pay, give, promise to pay, authorize the payment of, or take any action in furtherance of the payment of anything of value directly or indirectly to a Government Official or
any other person to improperly influence the recipient’s action or otherwise to obtain or retain business or to secure an improper business advantage or (iii), by act or omission, violate any Anti-Corruption Laws. 

(b)    No Credit Party shall, directly or indirectly, use the proceeds of the Loans or lend, contribute or
otherwise make available such proceeds to any Subsidiary, Affiliate, joint venture partner or other Person for the purpose of financing or facilitating any activity that would violate any Anti-Money Laundering Laws. 

9.11.    Limitation on Indebtedness. No Credit Party shall allow any Borrower to (a) incur any
Indebtedness other than the Obligations and Permitted Indebtedness or (b) incur Indebtedness (inclusive of the Obligations and Permitted Indebtedness) which does not comply with the requirements and limitations set forth in their respective
Constituent Documents. The limitations on Indebtedness set forth in this Section 9.11 are, collectively, the “Debt Limitations”. 

9.12.    Capital Commitments. No Credit Party shall: (i) cancel, reduce, excuse, or abate the
Capital Commitment of any Investor without the prior written consent of the Administrative Agent and the Required Lenders which, in each case, may be withheld in their sole discretion; or (ii) relieve, excuse, delay, postpone, compromise or
abate any Investor from the making of any Capital Contribution (including, for the avoidance of doubt, in connection with any particular Investment of such Credit Party), provided however the Credit Parties may excuse any Investor from
funding a Capital Call with respect to which an Investment Exclusion Event applies. 

9.13.    Capital Calls. No Credit Party shall make any contractual or other agreement with any
Person which shall restrict, limit, penalize or control its ability to make Capital Calls or the timing thereof. 

9.14.    ERISA Compliance. No Credit Party shall establish, maintain, have any obligation to
contribute to, or have any liability to any Plan as the sponsor or participating employer with respect to such Plan; no Credit Party shall become a party to a collective bargaining or other agreement obligating it to contribute to any Plan; and,
except as would not reasonably be expected to have a Material Adverse Effect on the applicable Credit Party, no Credit Party shall incur liability with respect to any Plan that is due and payable from such Credit Party. Except as would not
reasonably be expected to result in a Material Adverse Effect, no member of a Credit Party’s Controlled Group shall establish, maintain, or have any obligation to contribute to, any Plan. No Borrower shall fail to satisfy an exception under the
Plan Asset Regulations which failure causes the assets of such Borrower to be deemed Plan Assets. No 

  
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Credit Party shall take any action, or omit to take any action, which would give rise to a non-exempt prohibited transaction under
Section 4975(c)(1)(A), (B), (C) or (D) of the Internal Revenue Code or Section 406(a) of ERISA that would subject the Administrative Agent or the Lenders to any tax, penalty, damages or any other claim or relief under the Internal
Revenue Code or ERISA. 
 9.15.    Dissolution. Without the prior written consent of all Lenders
(in their sole discretion), no Credit Party shall take any action to terminate or dissolve, except (x) in compliance with Section 9.2(b) or a Qualified Borrower that has fully repaid its obligations hereunder (without
regard to joint obligations). 
 9.16.    Environmental Matters. Except for such conditions as
are in compliance with relevant Environmental Laws or otherwise would not reasonably be expected to result in a Material Adverse Effect, no Credit Party shall: (a) cause or permit any Hazardous Material to be generated, placed, held, located or
disposed of on, under or at, or transported to or from, any real property of such Credit Party; or (b) permit any real property of such Credit Party to be used as a dump site or storage site (whether permanent or temporary) for any Hazardous
Material. 
 9.17.    Limitations on Distributions. No Credit Party shall make, pay or declare
any Distribution (as defined below) (i) at any time except as permitted pursuant to their Constituent Documents or (ii) at any time during the existence of a Cash Control Event; provided, that the Initial Borrower may declare and
pay Distributions in or with respect to any taxable year of the Initial Borrower or any calendar year (as relevant) in an amount not to exceed 110% of the amounts that are required to be distributed to: (A) allow the Initial Borrower to satisfy
the minimum distribution requirements imposed by Section 852(a) of the Internal Revenue Code (or any successor thereto) to maintain its eligibility to be taxed as a RIC for any such taxable year or the previous taxable year, (B) reduce to
zero for any such taxable year or the previous taxable year its liability for federal income taxes imposed on (y) its investment company taxable income pursuant to Section 852(b)(1) of the Internal Revenue Code (or any successor thereto),
and (z) its net capital gain pursuant to Section 852(b)(3) of the Internal Revenue Code (or any successor thereto), and (iii) reduce to zero its liability for federal excise taxes for any such calendar year or the previous calendar
year imposed pursuant to Section 4982 of the Internal Revenue Code (or any successor thereto). “Distribution” means any distributions (whether or not in cash) on account of any partnership interest or other equity interest in the
Initial Borrower, including as a dividend or other distribution and on account of the purchase, redemption, retirement or other acquisition of any such partnership interest or other equity interest. 

9.18.    Limitation on Collateral Account Withdrawals. Without the prior written consent of the
Required Lenders and the Administrative Agent, no Credit Party shall make or cause the making of any withdrawal or transfer of funds from any Collateral Account if a Cash Control Event has occurred and is continuing, other than withdrawals for the
purpose of repaying Obligations. 
 9.19.    Fund Structure. No Credit Party shall transfer,
withdraw or assign its interest in a Borrower or its obligations under the Loan Documents without the prior written consent of the Administrative Agent, which consent may be granted or withheld in Administrative Agent’s sole and absolute
discretion. The Credit Parties shall not form any alternative investment vehicles, 

  
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parallel investment vehicles or similar vehicles without the prior written consent of the Lenders and the Administrative Agent; provided that, for the avoidance of doubt, the Borrowers
shall not be restricted from forming special purpose vehicles wholly-owned (directly or indirectly) by the Initial Borrower for the purposes of making and holding Investments. 

9.20.    Limitations of Use of Loan Proceeds. No Credit Party shall use the proceeds of any Loan
for the payment to any Investor of any Distribution. 
 9.21.    Capital Returns. No Credit Party
shall return any funds to the Investors which may be the subject of a Capital Call without concurrently delivering to the Administrative Agent a copy of each related Capital Return Notice and a Capital Return Certification. 

9.22.    Commitment Period Termination Date. No Credit Party shall take any action which could
result in the Commitment Period Termination Date occurring prior to the Stated Maturity Date. 

9.23.    Transactions with Affiliates. No Credit Party shall (nor permit any of its Subsidiaries
to), sell, lease or otherwise transfer any of its property or assets to, or purchase, lease or otherwise acquire any property or assets from, or make any contribution towards, or reimbursement for, any Federal income taxes payable by any Person or
any of its Subsidiaries in respect of income of such Credit Party or Subsidiary, or otherwise engage in any other transactions with, any of its Affiliates (other than Affiliates that are Credit Parties), except (i) transactions in the ordinary
course of business at prices and on terms and conditions not less favorable to such Credit Party or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties,
(ii) any sale or transfer for fair market value and cash consideration of Investments to BDC SPV pursuant to the SPV Loan Sale Agreement and all other instruments or documents related, incidental or necessary thereto and (iii) any capital
contribution of Investments to BDC SPV pursuant to the SPV Loan Sale Agreement or any other capital contribution to BDC SPV pursuant to the SPV Loan and Security Agreement, unless (x) a Cash Control Event shall have occurred and be continuing,
(y) the Dollar Equivalent of the Principal Obligations exceeds the Available Commitment (including, without limitation, as a result of an Exclusion Event or of any Concentration Limit being exceeded), or the Dollar Equivalent of the Principal
Obligations denominated in Alternative Currencies exceeds an amount equal to 105% of the Alternative Currency Sublimit, or (z) the Dollar Equivalent of the Principal Obligations combined with all other Indebtedness of the Borrowers exceeds the
maximum amount permitted to be incurred under the Constituent Documents of the Credit Parties; provided that the Credit Parties agree that they shall not sell, transfer or contribute Investments to BDC SPV described in clauses
(ii) or (iii) of this Section 9.23, other than as they may reasonably deem to be necessary or appropriate to obtain financing for such investments pursuant to the SPV Loan and Security Agreement. For the
avoidance of doubt, to the extent permitted under Section 9.17, any Credit Party shall be permitted to make tax distributions to its partners or shareholders to pay the taxes attributable to the income of such Credit Party.

 9.24.    Deposits to Collateral Accounts. No Credit Party shall (nor permit any of its
Subsidiaries to), deposit or otherwise credit, or cause or permit to be so deposited or credited, to the Collateral Accounts cash or cash proceeds other than Capital Contributions. 

  
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 9.25.    Deemed Capital Contributions. The Borrowers
shall not reinvest current cash flow from Investments and/or net proceeds from Investment dispositions in accordance with Section 6 of the Subscription Agreement or its applicable Constituent Document if (a) an Event of Default has
occurred and is continuing, or (b) such reinvestment would reduce the Unfunded Capital Commitment of any Investor and cause the Dollar Equivalent of the Principal Obligations to exceed the Available Commitment, unless with respect to this
clause (b), prior to such reinvestment, the Borrowers shall make any resulting prepayment required under Section 3.5(b). 

9.26.    Transaction Information. Unless requested by the Managing Agent for any Lender Group, none
of the Credit Parties shall provide Transaction Information to any NRSRO which to its knowledge relates to an initial credit rating of, or undertaking credit rating surveillance on, the Commercial Paper of its related Conduit Lender. 

 

	Section 10.	 EVENTS OF DEFAULT 

10.1.    Events of Default. An “Event of Default” shall exist if any one or more of
the following events (herein collectively called “Events of Default”) shall occur and be continuing (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a)    (i) the Borrowers shall fail to pay when due any principal of the Obligations, including, without
limitation, any failure to pay any amount required under Section 3.5(b); or (ii) the Borrowers shall fail to pay when due any interest on the Obligations or any fee, expense, indemnity or other payment required
hereunder, or under any other Loan Document, and such failure under this clause (ii) shall continue for three (3) Business Days thereafter; 

(b)    any representation or warranty made or deemed made by or on behalf of the Credit Parties (in each
case, as applicable) under this Credit Agreement, or any of the other Loan Documents executed by any one or more of them, or in any certificate or statement furnished or made to the Administrative Agent or Lenders or any one of them by the Credit
Parties (in each case, as applicable) pursuant hereto, in connection herewith or with the Loans, or in connection with any of the other Loan Documents, shall prove to be untrue or inaccurate in any material respect as of the date on which such
representation or warranty is made and the adverse effect of the failure of such representation or warranty shall not have been cured within thirty (30) days after the earlier of: (i) written notice thereof has been given by the
Administrative Agent to the Borrowers or (ii) a Responsible Officer of a Credit Party obtains knowledge thereof; 

(c)    default shall occur in the performance of: (i) any of the covenants or agreements contained
herein (other than the covenants contained in Sections 3.5(b), 8.1(d) (solely with respect to the occurrence of an Event of Default), and Sections 9.1 through 9.26) by the Credit Parties; or (ii) the covenants or
agreements of the Credit Parties contained in any other Loan Documents executed by such Person, and, in the case of clauses (i) and (ii), such default shall continue uncured to the satisfaction of the Administrative Agent for a
period of thirty (30) days after the earlier of: (x) written notice thereof has been given by the Administrative Agent to the Borrowers or (y) a Responsible Officer of a Credit Party obtains knowledge thereof; 

  
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 (d)    default shall occur in the performance of any of the
covenants or agreements of any Credit Party contained in Section 3.5(b), Section 8.17, or any one of Sections 9.1 through 9.26; 

(e)    default shall occur in the performance of Section 8.1(d) (solely with respect to the
occurrence of an Event of Default) and such default shall continue uncured for three (3) Business Days after the earlier of: (x) written notice thereof has been given by the Administrative Agent to the Borrowers or (y) a Responsible
Officer of a Credit Party obtains knowledge thereof; 
 (f)    other than (x) in compliance with
and as a result of the operation of the Loan Documents or (y) as a result of any action or inaction by the Administrative Agent or any Lender, any of the Loan Documents executed by the Credit Parties: (i) shall cease, in whole or in part,
to be legal, valid, binding agreements enforceable against the Credit Parties, as the case may be, in accordance with the terms thereof; (ii) shall in any way be terminated or become or be declared ineffective or inoperative; or
(iii) shall in any way whatsoever cease to give or provide the respective first priority (subject to Permitted Liens) Liens, security interest, rights, titles, interest, remedies, powers, or privileges intended to be created thereby; 

(g)    default shall occur with respect to the payment of any Indebtedness of the Credit Parties in equal
to or in excess of the Threshold Amount or any such Indebtedness shall become due before its stated maturity by acceleration of the maturity thereof or shall become due by its terms and in either case shall not be promptly paid or extended; 

(h)    any Credit Party, Managing Entity or the Investment Advisor shall: (i) apply for or consent to
the appointment of a receiver, trustee, custodian, intervenor, sequestrator, conservator, liquidator or similar official of itself or of all or a substantial part of its assets; (ii) file a voluntary petition in bankruptcy or admit in writing
that it is unable to pay its debts as they become due; (iii) make a general assignment for the benefit of creditors; (iv) file a petition or answer seeking reorganization of an arrangement with creditors or to take advantage of any Debtor
Relief Laws; (v) file an answer admitting the material allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization or insolvency proceeding; or (vi) take any partnership, limited
liability company or corporate action for the purpose of effecting any of the foregoing; 
 (i)    an
order, order for relief, judgment or decree shall be entered by any court of competent jurisdiction or other competent authority approving a petition seeking reorganization of any Credit Party, Managing Entity or the Investment Advisor, or
appointing a receiver, custodian, trustee, intervenor, sequestrator, conservator, liquidator or similar official of any Credit Party, Managing Entity or the Investment Advisor, or of all or substantially all of such Person’s assets, and such
order, judgment or decree shall continue unstayed and in effect for a period of sixty (60) days; 

  
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 (j)    any final judgment(s) for the payment of money equal
to or in excess of the Threshold Amount in the aggregate shall be rendered against any Credit Party alone or against one or more of the Credit Parties and such judgment shall remain undischarged for a period of sixty (60) 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 any Credit Party to enforce any such judgment, unless such judgment is covered in full by
insurance or unless it is being appealed and such Credit Party has posted a bond or cash collateral; 

(k)    [Reserved]; 

(l)    the issuance to any Credit Party of any administrative order by any Governmental Authority under
any Environmental Law, or the issuance to any Credit Party of any injunctive order by any court under any Environmental Law, which, in the Administrative Agent’s reasonable judgment, will result in a Material Adverse Effect; 

(m)    [Reserved]; 

(n)    Investors having Capital Commitments aggregating ten percent (10%) or greater of the total Capital
Commitments of Investors (calculated without duplication of any Capital Commitments of HNW Investors to Pooled Vehicle Investors with the corresponding Unfunded Capital Commitments of such Pooled Vehicle Investors to the Initial Borrower) shall
(x) default in their obligation to fund any Capital Calls (on a cumulative basis) when due and such failure shall not be cured within ten (10) Business Days (without regard to any cure or notice periods contained in the applicable
Constituent Agreement) and/or (y) repudiate, challenge, or declare unenforceable its Capital Commitment or its obligation to make Capital Contributions to the capital of the Initial Borrower or a Pooled Vehicle Investor pursuant to a Capital
Call; 
 (o)    any Credit Party or the Investment Advisor fails to fund any Capital Call when due
(without regard to any cure or notice periods contained in the applicable Constituent Agreement); 

(p)    a Change of Control occurs; 

(q)    any Credit Party or the Investment Advisor shall repudiate, challenge, or declare unenforceable its
Capital Commitment or its obligation to make Capital Contributions pursuant to a Capital Call or shall otherwise disaffirm any material provision of any Credit Party’s Constituent Document, as applicable; 

(r)    any Management Agreement shall cease to be in full force and effect or the Investment Advisor
resigns or is removed from said role and is not replaced by an Affiliate of Crescent Capital Group LP within ten (10) days; 

(s)    an event shall occur that causes a dissolution or liquidation of any Credit Party other than in
accordance with, or as permitted under, the terms of this Credit Agreement; or 

  
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 (t)    the Commitment Period (as defined in any Subscription
Agreement of the Initial Borrower) terminates pursuant to Section 4.3 of the Initial Borrower’s Subscription Agreements. 

10.2.    Remedies Upon Event of Default. (a) If an Event of Default shall have occurred, then
the Administrative Agent may (and shall at the direction of the Required Lenders): (i) suspend the Commitments of the Committed Lenders; (ii) terminate the Commitment of the Committed Lenders hereunder and declare the occurrence of the Maturity
Date; (iii) declare the principal of, and all interest then accrued on, the Obligations to be forthwith due and payable, whereupon the same shall forthwith become due and payable without presentment, demand, protest, notice of default, notice
of acceleration, or of intention to accelerate or other notice of any kind (other than notice of such declaration) all of which the Credit Parties hereby expressly waive, anything contained herein or in any other Loan Document to the contrary
notwithstanding; (iv) exercise any right, privilege, or power set forth in Sections 5.2 and 5.3 and the Collateral Documents, including, but not limited to, the initiation of Capital Calls of the Uncalled Capital Commitments;
(v) suspend the obligation of the Lenders to maintain LIBOR Rate Loans and/or CDOR Rate Loans; and (vi) without notice of default or demand, pursue and enforce any of the Administrative Agent’s or the Lenders’ rights and remedies
under the Loan Documents, or otherwise provided under or pursuant to any Applicable Law or agreement; provided that if any Event of Default specified in Sections 10.1(h) or 10.1(i) shall occur, the principal of, and all interest
on, the Obligations shall thereupon become due and payable concurrently therewith, without any further action by the Administrative Agent or the Lenders, or any of them, and without presentment, demand, protest, notice of default, notice of
acceleration, or of intention to accelerate or other notice of any kind, all of which each of the Credit Parties hereby expressly waives. 

(b)    Actions with Respect to the Collateral. The Administrative Agent, on behalf of the Secured
Parties, is hereby authorized, in the name of the Secured Parties or the name of any Credit Party, at any time or from time to time during the existence of an Event of Default, to: (i) initiate one or more Capital Calls in an amount sufficient
to pay the Obligations then due and owing, (ii) notify the Investors to make all payments due or to become due with respect to their Capital Commitments directly to the Administrative Agent on behalf of the Secured Parties or to an account
other than the Collateral Accounts, (iii) take or bring in any Credit Party’s name, or that of the Secured Parties, all steps, actions, suits, or proceedings deemed by the Administrative Agent necessary or desirable to effect possession or
collection of payments of the Capital Commitments, (iv) complete any contract or agreement of any Credit Party in any way related to payment of any of the Capital Commitments, (v) make allowances or adjustments related to the Capital
Commitments, (vi) compromise any claims related to the Capital Commitments, (vii) issue credit in its own name or the name of any Credit Party, or (viii) exercise any other right, privilege, power, or remedy provided to any Credit
Party under its respective Constituent Documents and the Subscription Agreements with respect to the Capital Commitments. Regardless of any provision hereof, in the absence of gross negligence, bad faith or willful misconduct by the Administrative
Agent or the Secured Parties, neither the Administrative Agent nor the Secured Parties shall be liable for failure to collect or for failure to exercise diligence in the collection, possession, or any transaction concerning, all or part of the
Capital Calls or the Capital Commitment or sums due or paid thereon, nor shall they be under any obligation whatsoever to anyone by virtue of the security interests and Liens relating to the 

  
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Capital Commitment, subject to the Internal Revenue Code. The Administrative Agent shall give the Initial Borrower notice of actions taken pursuant to this
Section 10.2(b) concurrently with, or promptly after, the taking of such action, but its failure to give such notice shall not affect the validity of such action, nor shall such failure give rise to defenses to the Credit
Parties’ obligations hereunder. Notwithstanding the above, during the continuance of an Event of Default, the Credit Parties shall be authorized to issue Capital Calls only with the consent of the Administrative Agent in its sole discretion.

 (c)    Additional Action by the Administrative Agent. After the occurrence and during the
continuance of an Event of Default, issuance by the Administrative Agent on behalf of the Secured Parties of a receipt to any Person obligated to pay any capital contribution shall be a full and complete release, discharge, and acquittance to such
Person to the extent of any amount so paid to the Administrative Agent for the benefit of the Secured Parties so long as such amounts shall not be invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a
trustee, receiver or any other Person under any insolvency law, state or federal law, common law or equitable doctrine. The Administrative Agent, on behalf of the Secured Parties, is hereby authorized and empowered, after the occurrence and during
the continuance of an Event of Default, on behalf of any Credit Party or Managing Entity, to endorse the name of any Credit Party or Managing Entity upon any check, draft, instrument, receipt, instruction, or other document or items, including, but
not limited to, all items evidencing payment upon a Capital Contribution of any Person to any Credit Party coming into the Administrative Agent’s possession, and to receive and apply the proceeds therefrom in accordance with the terms hereof.
After the occurrence and during the continuance of an Event of Default, the Administrative Agent, on behalf of the Secured Parties, is hereby granted an irrevocable power of attorney, which is coupled with an interest, to execute all checks, drafts,
receipts, instruments, instructions, or other documents, agreements, or items on behalf of any Credit Party or Managing Entity, either before or after demand of payment of the Obligations, as shall be deemed by the Administrative Agent to be
necessary or advisable, in the sole discretion of the Administrative Agent, to protect the first priority security interests and Liens in the Collateral or the repayment of the Obligations, and neither the Administrative Agent nor the Secured
Parties, in the absence of gross negligence, bad faith and willful misconduct, shall incur any liability in connection with or arising from its exercise of such power of attorney. 

The application by the Administrative Agent of such funds shall, unless the Lenders shall agree otherwise in writing, be the
same as set forth in Section 3.4. The Credit Parties acknowledge that all funds so transferred into the Collateral Accounts shall be the property of the applicable Credit Party, subject to the first priority and exclusive
(in each case, subject to Permitted Liens) security interest of the Administrative Agent therein. 

10.3.    Lender Offset. If an Event of Default shall have occurred and be continuing, each Lender
is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held
and other obligations (in whatever currency) at any time owing by such Lender to or for the credit or the account of any Borrower or any other Credit Party against any and all of the obligations of any Borrower or such Credit Party now or hereafter
existing under this Credit Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any 

  
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demand under this Credit Agreement or any other Loan Document and although such obligations of any Borrower or such Credit Party may be contingent or unmatured or are owed to a branch or office
of such Lender different from the branch or office holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Committed 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 3.4(c) and, pending such payment, shall be segregated by such Defaulting Committed Lender
from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Committed Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail
the Obligations owing to such Defaulting Committed Lender as to which it exercised such right of setoff. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender
may have under Applicable Law. Each Lender agrees to notify the Borrowers 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. 
 10.4.    Performance by the Administrative Agent. Should any Credit Party or
Managing Entity fail to perform any covenant, duty, or agreement contained herein or in any of the Loan Documents, and such failure continues beyond any applicable cure period, the Administrative Agent may, but shall not be obligated to, perform or
attempt to perform such covenant, duty, or agreement on behalf of such Person. In such event, the Credit Parties shall, at the request of the Administrative Agent, promptly pay any amount expended by the Administrative Agent in such performance or
attempted performance to the Administrative Agent at its designated Agency Services Address, together with interest thereon at the Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly understood
that neither the Administrative Agent nor the Lenders assume any liability or responsibility for the performance of any duties of the Credit Parties, the Managing Entities or any related Person hereunder or under any of the Loan Documents or other
control over the management and affairs of any Credit Party, any Managing Entity or any related Person, nor by any such action shall the Administrative Agent or the Lenders be deemed to create a partnership arrangement with any Credit Party, any
Managing Entity or any related Person. 
 10.5.    Good Faith Duty to Cooperate. In the event
that the Administrative Agent or Required Lenders elect to commence the exercise of remedies pursuant to Section 10.2 or Section 10.3 as a result of the occurrence of any Event of Default, the
Credit Parties agree to cooperate in good faith with the Administrative Agent to enable the Administrative Agent to issue Capital Calls and enforce the payment thereof by the Investors, including but not limited to providing contact information for
each Investor within two (2) Business Days of request. 
  

	Section 11.	 AGENCY PROVISIONS 

11.1.     Appointment and Authorization of Agents. 

(a)    Authority. Each Lender (including any Person that is an assignee, participant, secured party
or other transferee with respect to the interest of such Lender in any Principal Obligation or otherwise under this Credit Agreement) (collectively with such Lender, a “Lender Party”) hereby irrevocably appoints, designates and
authorizes each Agent (other than a 

  
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Managing Agent for a different Lender Group) to take such action on its behalf under the provisions of this Credit Agreement and the other Loan Documents and to exercise such powers and perform
such duties as are expressly delegated to such Agent by the terms hereof and of the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere herein and in the
other Loan Documents, no Agent shall have any duties or responsibilities, except those expressly set forth herein and therein, nor shall any Agent have or been deemed to have any fiduciary relationship with any Lender Party, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Credit Agreement or any of the other Loan Documents or otherwise exist against any Agent. Without limiting the generality of the foregoing sentence,
the use of the term “agent” herein and in the other Loan Documents with reference to any Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead,
such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. The provisions of this Section 11 are solely for the
benefit of the Administrative Agent and the Lenders and none of the Credit Parties, the Managing Entities any Investor, or any Affiliate of the foregoing (each, a “Borrower Party”) shall have any rights as a third-party beneficiary
of the provisions hereof (except for the provisions that explicitly relate to the Credit Parties in Section 11.10). 

(b)    Release of Collateral. The Secured Parties irrevocably authorize the Administrative Agent,
at the Administrative Agent’s option and in its sole discretion, to release any security interest in or Lien on any Collateral granted to or held by the Administrative Agent: (i) upon termination of this Credit Agreement and the other Loan
Documents, termination of the Commitments and payment in full of all of the Obligations, including all fees and indemnified costs and expenses that are then due and payable pursuant to the terms of the Loan Documents; and (ii) if approved by
the Lenders pursuant to the terms of Section 12.1. Upon the request of the Administrative Agent, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of
Collateral pursuant to this Section 11.1(b). 
 (c)    Authority of Other
Agents. Subject to Section 11.1(a), each Lender hereby irrevocably appoints, designates and authorizes each Agent (other than a Managing Agent for a different Lender Group) to take such action on its behalf under the
provisions of this Credit Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to such Agent by the terms hereof and of the other Loan Documents, together with such other powers as are
reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere herein and in the other Loan Documents, no Agent shall have any duties or responsibilities, except those expressly set forth herein and therein, nor shall any
Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Credit Agreement or any of the other Loan Documents or
otherwise exist against any Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in the other Loan Documents with reference to any Agent is not intended to connote any fiduciary or other
implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties. The provisions of this Section 11 are solely for the benefit of the Agents and the Lenders and no 

  
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Borrower Party, Investor or Affiliate thereof shall have any rights as a third-party beneficiary of the provisions hereof (except for the provisions that explicitly relate to the Credit Parties
in Sections 11.9 and 11.10). 
 11.2.    Delegation of Duties. Each Agent may
execute any of its duties hereunder or under the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of legal counsel,
accountants, and other professionals selected by such Agent concerning all matters pertaining to such duties. No Agent shall be responsible to any Lender for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care, nor shall it be liable for any action taken or suffered in good faith by it in accordance with the advice of such Persons The exculpatory provisions of
this Section 11 shall apply to any such sub-agent of such Agent. 

11.3.    Exculpatory Provisions. No Agent nor any of its affiliates, nor any of their respective
officers, directors, employees, agents or attorneys-in-fact (each such person, an “Agent-Related Person”), shall be liable for any action taken or
omitted to be taken by it under or in connection herewith or in connection with any of the other Loan Documents (except for its own gross negligence, bad faith or willful misconduct) or be responsible in any manner to any Lender Party for any
recitals, statements, representations or warranties made by any of the Borrower Parties contained herein or in any of the other Loan Documents or in any certificate, report, document, financial statement or other written or oral statement referred
to or provided for in, or received by such Agent under or in connection herewith or in connection with the other Loan Documents, or enforceability or sufficiency therefor of any of the other Loan Documents, or for any failure of any Borrower Party
to perform its obligations hereunder or thereunder. No Agent-Related Person shall be responsible to any Lender for the effectiveness, genuineness, validity, enforceability, collectability or sufficiency of this Credit Agreement, or any of the other
Loan Documents or for any representations, warranties, recitals or statements made herein or therein or made by any Borrower Party in any written or oral statement or in any financial or other statements, instruments, reports, certificates or any
other documents in connection herewith or therewith furnished or made by the Agent-Related Person to the Lenders or by or on behalf of the Borrower Parties to the Agent-Related Person or any Lender or be required to ascertain or inquire as to the
performance or observance of any of the terms, conditions, provisions, covenants or agreements contained herein or therein or as to the use of the proceeds of the Loans or of the existence or possible existence of any Potential Default or Event of
Default or to inspect the properties, books or records of the Borrower Parties. The Agents are not trustees for the Lenders and owe no fiduciary duty to the Lenders. Each Lender Party recognizes and agrees that the Administrative Agent shall not be
required to determine independently whether the conditions described in Sections 6.2(a) or 6.2(b) have been satisfied and, when the Administrative Agent disburses funds to the Borrowers or accepts any Qualified Borrower Guaranties, it
may rely fully upon statements contained in the relevant requests by a Borrower Party. 

11.4.    Reliance on Communications. The Agents shall be entitled to rely, and shall be fully
protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, email, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be
genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal 

  
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counsel (including, without limitation, counsel to any of the Borrower Parties, independent accountants and other experts selected by the Agents with reasonable care). Each Agent may deem and
treat each Lender as the owner of its interests hereunder for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with Administrative Agent in accordance with
Section 12.11(c). Each Agent shall be fully justified in failing or refusing to take any action under this Credit Agreement or under any of the other Loan Documents unless it shall first receive such advice or concurrence
of the Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Each Agent
shall in all cases be fully protected in acting, or in refraining from acting, hereunder or under any of the other Loan Documents in accordance with a request of the Required Lenders (or to the extent specifically required, all of the Lenders) and
such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders (including their successors and assigns). 

11.5.    Notice of Default. No Agent shall be deemed to have knowledge or notice of the occurrence
of any Potential Default or Event of Default hereunder unless such Agent has received notice from a Lender or a Borrower Party referring to the Loan Document, describing such Potential Default or Event of Default and stating that such notice is a
“notice of default.” The Administrative Agent will notify each Managing Agent and each Managing Agent will notify the Lenders in its Lender Group of its receipt of any such notice, and the Administrative Agent shall take such action with
respect to such Potential Default or Event of Default as shall be reasonably directed by the Required Lenders and as is permitted by the Loan Documents. 

11.6.    Non-Reliance on Agents and Other Lenders. Each
Lender expressly acknowledges that no Agent-Related Person has made any representations or warranties to it and that no act by any Agent-Related Person hereafter taken, including any review of the affairs of any Borrower Party, shall be deemed to
constitute any representation or warranty by the Agent-Related Person to any Lender. Each Lender represents to each Agent that it has, independently and without reliance upon any Agent-Related Person or any other Lender, and based on such documents
and information as it has deemed appropriate, made its own appraisal of and investigation into the business, assets, operations, property, financial and other conditions, prospects and creditworthiness of the Borrower Parties and made its own
decision to make its Loans hereunder and enter into this Credit Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person or any other Lender, and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Credit Agreement and the other Loan Documents, and to make such investigation as it deems necessary
to inform itself as to the business, assets, operations, property, financial and other conditions, prospects and creditworthiness of the Borrower Parties. Except for notices, reports and other documents expressly required to be furnished to the
Lenders by the Administrative Agent hereunder, no Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, assets, property, financial or other conditions, prospects
or creditworthiness of the Borrower Parties which may come into the possession of any Agent-Related Person. 

  
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 11.7.    Indemnification. Whether or not the
transactions contemplated hereby are consummated, the Committed Lenders shall indemnify, upon demand, each Agent-Related Person (to the extent not reimbursed by a Borrower Party and without limiting the obligation of the Borrower Parties to do so),
ratably in accordance with the applicable Committed Lender’s respective Committed Lender Pro Rata Share of its Lender Group’s Lender Group Percentage, and hold harmless each Agent-Related Person from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including without limitation at any time following payment in full of the Obligations) be imposed on,
incurred by or asserted against it in its capacity as such in any way relating to or arising out of this Credit Agreement or 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 it under or in connection with any of the foregoing; provided that no Committed Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Person’s gross negligence, bad faith or willful misconduct, or related to another Lender Group; provided, further, that no action taken in
accordance with the directions of the Required Lenders or all Lenders, as applicable, shall be deemed to constitute gross negligence, bad faith or willful misconduct for purposes of this Section 11.7. Without limitation of
the foregoing, each Lender shall reimburse the Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including attorney costs)
incurred by such Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or
responsibilities under, this Credit Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that such Agent is not reimbursed for such expenses by or on behalf of the Borrower Parties. The agreements
in this Section 11.7 shall survive the termination of the Commitments, payment of all of the Obligations hereunder and under the other Loan Documents or any documents contemplated by or referred to herein or therein, as
well as the resignation or replacement of any Agent. 
 11.8.    Agents in Their Individual
Capacity. Each Agent (and any successor acting as an Agent) and its Affiliates may make loans to, accept deposits from, acquire equity interests in, and generally engage in any kind of banking, trust, financial advisory, underwriting or other
business with any Borrower Party (or any of their Subsidiaries or Affiliates) as though such Agent were not an Agent or a Lender hereunder and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities,
any Agent or its Affiliates may receive information regarding the Borrower Parties or their Affiliates (including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that such Agent shall be under
no obligation to provide such information to them. With respect to the Loans made and all obligations owing to it, an Agent acting in its individual capacity shall have the same rights and powers under this Credit Agreement as any Lender and may
exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity. 

  
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 11.9.     Successor Agents. 

(a) Resignation of Administrative Agent. (i) The Administrative Agent may at any time give notice of its
resignation to the Lenders and the Borrowers. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrowers and subject to the consent of the Borrowers (provided no Event of Default has
occurred and is continuing at the time of such resignation), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have
been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders)
(the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether
or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

(ii)    If the Person serving as Administrative Agent is a Defaulting Committed Lender
pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by Applicable Law, by notice in writing to the Borrowers and such Person, remove such Person as Administrative Agent and, in consultation
with the Borrowers, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders)
(the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

(iii)    With effect from the Resignation Effective Date or the Removal Effective Date (as
applicable), (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any Collateral held by the Administrative Agent on behalf of
the Lenders under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such Collateral until such time as a successor Administrative Agent is appointed) and (2) except for any indemnity payments owed to
the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the
Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights,
powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or removed Administrative Agent shall be discharged
from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Borrowers to a successor Administrative 

  
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Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the retiring or removed Administrative Agent’s resignation
or removal hereunder and under the other Loan Documents, the provisions of this Section 11 and Section 12.5 shall continue in effect for the benefit of such retiring or removed Administrative
Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative
Agent. 
 (b)    Resignation of Other Agents. Any other Agent may, at any time, resign upon
written notice to the Lenders and the Borrowers. If no successor agent is appointed prior to the effective date of the resignation of the applicable Agent, then the retiring Agent may appoint, after consulting with the Lenders and the Borrowers, a
successor Agent from any of the Lenders. Upon the acceptance of its appointment as successor agent hereunder, such successor agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent,
and shall assume the duties and obligations of such retiring Agent, and the retiring Agent shall be discharged from its duties and obligations as Agent under this Credit Agreement and the other Loan Documents. After any retiring Agent’s
resignation hereunder as Agent, the provisions of this Section 11.9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Agent under this Credit Agreement. 

11.10.    Reliance by the Borrowers. The Borrowers shall be entitled to rely upon, and to act or
refrain from acting on the basis of, any notice, statement, certificate, waiver or other document or instrument delivered by the Administrative Agent to the Borrowers, so long as the Administrative Agent is purporting to act in its respective
capacity as the Administrative Agent pursuant to this Credit Agreement, and the Borrowers shall not be responsible or liable to any Lender (or to any Participant or to any Assignee), or as a result of any action or failure to act (including actions
or omissions which would otherwise constitute defaults hereunder) which is based upon such reliance upon Administrative Agent. The Borrowers shall be entitled to treat the Administrative Agent as the properly authorized Administrative Agent pursuant
to this Credit Agreement until the Borrowers shall have received notice of resignation, and the Borrowers shall not be obligated to recognize any successor Administrative Agent until the Borrowers shall have received written notification
satisfactory to them of the appointment of such successor. 
 11.11.    Administrative Agent May File
Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Borrower Party, the Administrative Agent
(irrespective of whether the principal of any Loan 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 Parties) shall be
entitled and empowered, by intervention in such proceeding or otherwise: 
 (a)    to file and prove a
claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of
the Secured Parties (including any claim for the reasonable compensation, expenses, disbursements and advances of the Secured Parties and their respective agents and counsel and all other amounts due the Secured Parties hereunder) allowed in such
judicial proceeding; and 

  
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 (b)    to collect and receive any monies or other property
payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Secured Party to make such payments to Administrative Agent and, in the event that Administrative Agent shall consent to the making of
such payments directly to the Secured Party, to pay to Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Administrative Agent and its agents and counsel, and any other amounts due the
Administrative Agent hereunder. 
 Nothing contained herein shall be deemed to authorize Administrative Agent to authorize
or consent to or accept or adopt on behalf of any Secured Party any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Secured Party or to authorize Administrative Agent to vote in respect
of the claim of any Secured Party in any such proceeding. 
  

	Section 12.	 MISCELLANEOUS 

12.1.    Amendments. Neither this Credit Agreement (including the exhibits hereto) nor any other
Loan Document to which any Credit Party is a party, nor any of the terms hereof or thereof, may be amended, waived, discharged or terminated, unless such amendment, waiver, discharge, or termination is in writing and signed by the Administrative
Agent (based upon the approval of the Required Lenders), or the Required Lenders (and acknowledged by the Administrative Agent), on the one hand, and such Credit Party on the other hand; and, if the rights or duties of an Agent are affected thereby,
by such Agent; provided that no such amendment, waiver, discharge, or termination shall, without the consent of: 

(a)    each Lender affected thereby: 

(i)    reduce or increase the amount or alter the term of the Commitment of such Lender,
alter the provisions relating to any fees (or any other payments) payable to such Lender, or accelerate the obligations of such Lender to advance its portion of any Borrowing, as contemplated in Section 2.5; 

(ii)    extend the time for payment for the principal of or interest on the Obligations, or
fees or costs, or reduce the principal amount of the Obligations (except as a result of the application of payments or prepayments), or reduce the rate of interest borne by the Obligations (other than as a result of waiving the applicability of the
Default Rate), or otherwise affect the terms of payment of the principal of or any interest on the Obligations or fees or costs hereunder; 

(iii)    release any Liens granted under the Collateral Documents or any Borrower
Guaranties, in each case, except as otherwise contemplated herein or therein, and except in connection with the transfer of interests in the Initial Borrower permitted hereunder or in any other Loan Document; and 

  
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 (b)    all Lenders: 

(i)    except as otherwise provided by Section 9.5,
Section 9.6, Section 9.9 or Section 9.12, permit the cancellation, excuse or reduction of the Uncalled Capital Commitment or Capital Commitment of any Included Investor or
Designated Investor; 
 (ii)    amend the definition of “Applicable
Requirement”, “Available Commitment”, “Concentration Limit”, “Designated Investor”, “Eligible Institution”, “Eligible HNW Investor”, “Included Investor”, “Maturity Date”,
“Principal Obligations”, “Pooled Vehicle Investor”, “HNW Investor” or the definition of any of the defined terms used therein; 

(iii)    change the percentages specified in the definition of Required Lenders herein or
any other provision hereof specifying the number or percentage of the Lenders which are required to amend, waive or modify any rights hereunder or otherwise make any determination or grant any consent hereunder; 

(iv)    consent to the assignment or transfer by any Credit Party of any of its rights and
obligations under (or in respect of) the Loan Documents, except as otherwise permitted in Section 9.2, Section 9.7 or Section 9.15; or 

(v)    amend the terms of Section 3.5(b) or this
Section 12.1. 
 (c)    the Managing Agent of each Lender Group with a Conduit
Lender, amend provisions hereof specifically relating to Conduit Lenders, Commercial Paper or CP Rate Loans. 
 The
Administrative Agent agrees that it will promptly notify the Managing Agents (who will in turn promptly notify the Lenders in their respective Lender Groups) of any proposed modification or amendment to any Loan Document, and deliver drafts of such
proposed modification or amendment to the Managing Agents (who will in turn promptly deliver to the Lenders in their respective Lender Groups), prior to the effectiveness of such proposed modification or amendment. Notwithstanding the above, no
provisions of Section 11 may be amended or modified without the consent of the Administrative Agent. Any amendment, waiver or consent not specifically addressed in this Section 12.1 or otherwise
shall be subject to the approval of Required Lenders. 
 Notwithstanding the fact that the consent of all the Lenders is
required in certain circumstances as set forth above: (1) each Lender is entitled to vote as such Lender sees fit on any reorganization plan that affects the Loans and each Lender acknowledges that the provisions of Section 1126(c) of the
Bankruptcy Code of the United States supersede the unanimous consent provisions set forth herein; (2) the Required Lenders may consent to allow a Credit Party to use cash collateral in the context of a bankruptcy or insolvency proceeding; and
(3) the Administrative Agent may, in its sole discretion, agree to the modification or waiver of any of the other terms of this Credit Agreement or any other Loan Document or consent to any action or failure to act by any Credit Party, if such
modification, waiver, or consent is of an administrative nature. 

  
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 If the Administrative Agent shall request the consent of any Lender to any
amendment, change, waiver, discharge, termination, consent or exercise of rights covered by this Credit Agreement, and not receive such consent or denial thereof in writing within ten (10) Business Days of the making of such request by the
Administrative Agent, as the case may be, such Lender shall be deemed to have denied its consent to the request. 

12.2.    Sharing of Offsets. If any Lender shall, by exercising any right of setoff or counterclaim
or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest
thereon or other such obligations (other than pursuant to Section 4 or Section 12.5) greater than its pro rata share thereof as provided herein, then the Lender (or its related Program Support
Provider) receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other
adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of obligations owing them; provided that: 

(i)    if any such participations are purchased and all or any portion of the payment
giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and 

(ii)    the provisions of this paragraph shall not be construed to apply to (A) any
payment made by the Borrowers pursuant to and in accordance with the express terms of this Credit Agreement (including the application of funds arising from the existence of a Defaulting Committed Lender) or (B) any payment obtained by a Lender
as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrowers or any of their Subsidiaries (as to which the provisions of this paragraph shall apply). 

Each Credit Party consents to the foregoing and agrees, to the extent it may effectively do so under Applicable Law, that any
Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Credit Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of each Credit
Party in the amount of such participation. 
 12.3.    Sharing of Collateral. To the extent
permitted by Applicable Law, each Lender and the Administrative Agent, in its capacity as a Lender, agrees that if it shall, through the receipt of any proceeds from a Capital Call or the exercise of any remedies under any Collateral Documents,
receive or be entitled to receive payment of a portion of the aggregate amount of principal, interest and fees due to it under this Credit Agreement which constitutes a greater proportion of the aggregate amount of principal, interest and fees then
due to such Lender under 

  
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 this Credit Agreement than the proportion received by any other Lender in respect of the
aggregate amount of principal, interest and fees due with respect to any Obligations to such Lender under this Credit Agreement, then such Lender or the Administrative Agent, in its capacity as a Lender, as the case may be, shall purchase
participations in the Obligations under this Credit Agreement held by such other Lenders so that all such recoveries of principal, interest and fees with respect to this Credit Agreement, the Notes and the Obligations thereunder held by the Lenders
shall be pro rata according to each Lender’s Commitment (determined as of the date hereof and regardless of any change in any Lender’s Commitment caused by such Lender’s receipt of a proportionately greater or lesser payment
hereunder). Each Lender hereby authorizes and directs the Administrative Agent to coordinate and implement the sharing of collateral contemplated by this Section 12.3 prior to the distribution of proceeds from Capital Calls
or proceeds from the exercise of remedies under the Collateral Documents prior to making any distributions of such proceeds to each Lender or the Administrative Agent, in their respective capacity as the Lenders. 

12.4.    Waiver. No failure to exercise, and no delay in exercising, on the part of the
Administrative Agent or the Lenders, any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Agents and the Lenders hereunder and under the Loan Documents shall be in addition to all other rights provided by Applicable Law. No modification
or waiver of any provision of this Credit Agreement, the Notes or any of the other Loan Documents, nor consent to departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and
purpose involved. No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand. Subject to the terms of this Credit Agreement (including,
without limitation, Section 12.1), the Administrative Agent acting on behalf of all Lenders, and the Credit Parties may from time to time enter into agreements amending or changing any provision of this Credit Agreement or
the rights of the Lenders or the Credit Parties hereunder, or may grant waivers or consents to a departure from the due performance of the obligations of the Credit Parties hereunder, any such agreement, waiver or consent made with such written
consent of the Administrative Agent being effective to bind all the Lenders, except as provided in Section 12.1. A waiver on any one or more occasions shall not be construed as a bar to or waiver of any right or remedy on
any future occasion. 
 12.5.    Payment of Expenses; Indemnity. 

(a)    Cost and Expenses. The Borrowers, jointly and severally, shall pay (i) all reasonable
and documented out of pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of any counsel for the Administrative Agent, including the Administrative Agent’s special
counsel, Riemer & Braunstein LLP), in connection with the preparation, negotiation, execution, delivery, syndication and administration of this Credit Agreement and the other Loan Documents and any amendments, modifications, addition of
Investors, amendments to any Credit Party’s Constituent Document, joinder of Borrowers, or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all
reasonable out of pocket expenses incurred by the Administrative Agent or any Lender (including the 

  
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reasonable fees, charges and disbursements of any counsel for the Administrative Agent or any Lender), in connection with the enforcement or protection of its rights (A) in connection with
this Credit Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out of pocket expenses incurred during any workout, restructuring or
negotiations in respect of such Loans; provided, however, that the Borrowers shall not be liable for the fees and expenses of more than one separate firm of attorneys and local counsel in each applicable jurisdiction. 

(b)    Indemnification by the Borrowers. The Borrowers shall indemnify each Affected Party and each
Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, and shall pay or reimburse any such Indemnitee for, any and all losses, claims
(including, without limitation, any Environmental Claims), damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any
Indemnitee by any Person (including the Borrowers or any other Credit Party or Managing Entity), other than such Indemnitee and its Related Parties, arising out of, in connection with, or as a result of (i) the execution or delivery of this
Credit Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby (including, without limitation, the Credit Facility), (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) to the extent relating to the foregoing, any actual or alleged presence or Release of
Hazardous Materials on or from any property owned or operated by any Credit Party or Managing Entity or any Subsidiary of any Credit Party, (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Credit Party or Managing Entity or any Subsidiary of any Credit Party, and regardless of whether any Indemnitee is a party thereto, or
(v) any claim (including, without limitation, any Environmental Claims), investigation, litigation or other proceeding (whether or not the Administrative Agent or any Lender is a party thereto) and the prosecution and defense thereof, arising
out of or in any way connected with the Loans, this Credit Agreement, any other Loan Document, or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby, including without limitation,
reasonable attorneys and consultant’s fees, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from the fraud, gross negligence, bad faith or willful misconduct of such Indemnitee or (y) result from a breach in bad faith of such Indemnitee’s obligations
hereunder or under any other Loan Document, as determined by a court of competent jurisdiction in a final non-appealable judgment. This Section 12.5(b) shall not apply with respect to
Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

(c)    Reimbursement by the Lenders. To the extent that the Borrowers for any reason fail to
indefeasibly pay any amount required under clause (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the
foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s pro rata share (determined

  
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as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Principal Obligations at such time) of such unpaid amount
(including any such unpaid amount in respect of a claim asserted by such Lender); provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
the Administrative Agent (or any such sub-agent) or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in
connection with such capacity. 
 (d)    Waiver of Consequential Damages, Etc. To the fullest
extent permitted by Applicable Law, no party hereto shall assert, and each party hereto hereby waives, 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 Credit Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use
of the proceeds thereof; provided that, nothing in this paragraph (d) shall relieve any 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. No Indemnitee referred to in clause (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Credit Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, except to the extent such damages are determined to have resulted from the
gross negligence, bad faith or willful misconduct of such Indemnitee, as determined by a court of competent jurisdiction in a final and non-appealable judgment. 

(e)    Payments. All amounts due under this Section shall be payable promptly after demand
therefor. 
 (f)    Survival. Each party’s obligations under this Section shall survive the
termination of the Loan Documents and payment of the Obligations hereunder. 
 12.6.    Notice.

 (a)    Notices Generally. Any notice, demand, request or other communication which any party
hereto may be required or may desire to give hereunder shall be in writing (except where telephonic instructions or notices are expressly authorized herein to be given) and shall be deemed to be effective: (a) if by hand delivery, telecopy or
other facsimile transmission, on the day and at the time on which delivered to such party at the address or fax numbers specified below; (b) if by mail, on the day which it is received after being deposited, postage prepaid, in the United
States registered or certified mail, return receipt requested, addressed to such party at the address specified below; or (c) if by FedEx or other reputable express mail service, on the next Business Day following the delivery to such express
mail service, addressed to such party at the address set forth below; (d) if by telephone, on the day and at the time communication with one of the individuals named below occurs during a call to the telephone number or numbers indicated for
such party below; or (e) if by email, as provided in Section 12.6(b). 

  
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 If to the Credit Parties: 

At the address specified with respect thereto on Schedule I. 

If to Capital One at the Agency Services Address: 

Capital One, National Association 

4445 Willard Ave., Suite 600 

Chevy Chase, MD 20815 

Attention: Archana Uppal, Director 

Telephone No. (301) 280-0470 

E-mail: Archana.Uppal@capitalone.com 

If to Capital One as Administrative Agent or Lender: 

Capital One, National Association 

4445 Willard Avenue, 12th Floor 

Chevy Chase, Maryland 20815 

Attention:           John J. Walsh IV, Senior Director 

Telephone:         (301) 280-2586 

E-mail:
              John.Walsh@capitalone.com 
 With a copy
to (which shall not constitute notice hereunder): 
 Riemer & Braunstein LLP 

Three Center Plaza 

Boston, MA 02108 

Attention:          Kevin J. Lyons, Esquire 

Telephone:        (617) 880-3433 

Fax:                   (617) 692-3433 

E-mail:              
klyons@riemerlaw.com 
 If to any other Lender: 

At the address and numbers set forth below the signature of such Lender on the signature page hereof or on the
Assignment and Assumption or Joinder Agreement of such Lender. 
 Any party hereto may change its address for purposes of
this Credit Agreement by giving notice of such change to the other parties pursuant to this Section 12.6. With respect to any notice received by the Administrative Agent from any Borrower or any Investor not otherwise
addressed herein, the Administrative Agent shall notify the Lenders promptly of the receipt of such notice, and shall provide copies thereof to the Lenders. 

(b)    Electronic Communication. Notices and other communications to the Lenders hereunder may be
delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not
apply to notices to any Lender pursuant to Section 2 if such 

  
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 Lender has notified the Administrative Agent that it is incapable of receiving such notices by
electronic communication. Any Credit Party may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures
may be limited to particular notices or communications. 
 Unless the Administrative Agent otherwise
prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the
“return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business
hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be
deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and
identifying the website address therefor. 
 12.7.    Governing Law. This Credit Agreement and
any other Loan Document (except, as to any other Loan Document, as expressly set forth therein), and any claim, controversy or dispute arising under or related to or in connection therewith, the relationship of the parties, and/or the interpretation
and enforcement of the rights and duties of the parties will be governed by the laws of the State of New York without regard to any conflicts of law principles other than Section 5-1401 of the New York
General Obligations Law. 
 12.8.    Choice of Forum; Consent to Service of Process and Jurisdiction;
Waiver of Trial by Jury. Any suit, action or proceeding with respect to this Credit Agreement, the Notes or the other Loan Documents or any judgment entered by any court in respect thereof, shall be brought in the courts of the State of New
York, or in the United States Courts located in the Borough of Manhattan in New York City, pursuant to Section 5-1402 of the New York General Obligations Law, and each party hereto hereby submits to the
exclusive jurisdiction of such courts for the purpose of any such suit, action or proceeding. Each party hereto hereby irrevocably consents to the service of process in any suit, action or proceeding in said court by the mailing thereof by
registered or certified mail, postage prepaid, to such party’s address set forth in Section 12.6. Each party hereto hereby irrevocably waives any objections 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 Credit Agreement or the Notes brought in the courts located in the State of New York, Borough of Manhattan in New York City, and hereby further irrevocably waives any claim that any
such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN CONNECTION WITH THIS CREDIT AGREEMENT, THE NOTES
OR ANY OF THE OTHER LOAN DOCUMENTS, WHICH WAIVER IS INFORMED AND VOLUNTARY. 
 12.9.    Invalid
Provisions. If any provision of this Credit Agreement is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Credit Agreement, such provision shall be fully severable and this Credit
Agreement shall be 

  
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construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Credit Agreement, and the remaining provisions of this Credit Agreement shall
remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Credit Agreement, unless such continued effectiveness of this Credit Agreement, as modified, would be contrary
to the basic understandings and intentions of the parties as expressed herein. If any provision of this Credit Agreement shall conflict with or be inconsistent with any provision of any of the other Loan Documents, then the terms, conditions and
provisions of this Credit Agreement shall prevail. 
 12.10.    Entirety. The Loan
Documents embody the entire agreement between the parties and supersede all prior agreements and understandings, if any, relating to the subject matter hereof and thereof. 

12.11.    Successors and Assigns; Participations. 

(a)    Successors and Assigns Generally. The provisions of this Credit Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrowers nor any other Credit Party may assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of
Section 12.11(b), (ii) by way of participation in accordance with the provisions of Section 12.11(d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions
of Section 12.11(f) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Credit Agreement, expressed or implied, shall be construed to confer upon any Person (other
than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 12.11(d) and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Credit Agreement. 

(b)    Assignments by Committed Lenders. Any Committed Lender may at any time assign to one or more
assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Credit Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that, in each case, any
such assignment shall be subject to the following conditions: 
 (i) Minimum Amounts. 

 

	 	(A)	 in the case of an assignment of the entire remaining amount of the assigning Committed Lender’s
Commitment and/or the Loans at the time owing to it or in the case of an assignment to a Committed Lender or an Affiliate of a Committed Lender, no minimum amount need be assigned; and; 

 

	 	(B)	 in any case not described in Section 12.11(b)(i)(A), the aggregate amount of the
Commitment (which for this purpose includes Loans 

  
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outstanding hereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Committed Lender subject to each such assignment
(determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of such “Trade Date”) shall
not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrowers otherwise consent (each such consent not to be unreasonably withheld or delayed); provided
that the Borrowers shall be deemed to have given their consent five (5) Business Days after the date written notice thereof has been delivered by the assigning Lender (through the Administrative Agent) unless such consent is expressly refused
by the Borrowers in a written notice to the Administrative Agent received prior to such fifth (5th) Business Day. 

(ii)    Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Committed Lender’s rights and obligations under this Credit Agreement with respect to the Loan or the Commitment assigned. 

(iii)    Required Consents. The only consents required for any assignment shall be
(x) those required by Section 12.11(b)(i)(B) and, (y) the following: 
  

	 	(A)	 the consent of the Borrowers (such consent not to be unreasonably withheld or delayed) shall be required
unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Committed Lender, an Affiliate of a Committed Lender or a Committed Lender that is a member of an existing or new
Lender Group that is under common management, administration, sponsorship or provision of liquidity with the assigning Committed Lender’s Lender Group or any of its Affiliates; provided, that the Borrowers shall be deemed to have
consented to any such assignment unless they shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; and provided, further, that the Borrowers’
consent shall not be required during the primary syndication of the Credit Facility; 

  

	 	(B)	 the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be
required for assignments if such assignment is to a Person that is not a Committed Lender with a Commitment or an Affiliate of such Committed Lender; and 

  
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 (iv)    Assignment and Assumption. The
parties to each assignment (and the other members of their respective Lender Groups (or proposed Lender Group for such assignee, if applicable) if such assignor is a Committed Lender assigning its entire Commitment hereunder) shall execute and
deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 for each assignment; provided that the Administrative Agent may, in its sole discretion, elect to waive such processing
and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire if requested by the Administrative Agent. 

(v)    No Assignment to Certain Persons. No such assignment shall be made to
(A) any Credit Party or Managing Entity or any Credit Party’s or Managing Entity’s Subsidiaries or Affiliates, or (B) to any Defaulting Committed Lender or any of its Affiliates, or any Person who, upon becoming a Lender
hereunder, would constitute any of the foregoing Persons described in this clause (B). 

(vi)    No Assignment to Natural Persons. No such assignment shall be made to a
natural Person. 
 (vii)    Certain Additional Payments. In connection with any
assignment of rights and obligations of any Defaulting Committed Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such
additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating
actions, including funding, with the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested, but not funded by, the Defaulting Committed Lender, to each of which the applicable assignee and
assignor hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Committed Lender to the Administrative Agent and each other Lender hereunder (and interest accrued thereon), and
(B) acquire (and fund as appropriate) such Defaulting Committed Lender’s full share of all Loans. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Committed Lender hereunder shall
become effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Committed Lender for all purposes of this Credit Agreement until such compliance
occurs. 
 (viii)    Consequences of Assignment. Subject to acceptance and
recording thereof by the Administrative Agent pursuant to Section 12.11(e), from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Credit Agreement
and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and 

  
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obligations of a Lender under this Credit 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 Credit Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Credit Agreement, such Lender shall cease to be a party hereto) but shall
continue to be entitled to the benefits of Section 4 and Section 12.5 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except
to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Committed Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Committed Lender. Any assignment or transfer by a Lender of rights or obligations under this Credit Agreement that does not comply with this paragraph shall be treated for purposes of this Credit Agreement as a sale by such Lender of a participation
in such rights and obligations in accordance with Section 12.11(d). 

(c)    Assignment by Conduit Lenders to Conduit Assignees. Without limiting the foregoing, each
Conduit Lender may, from time to time, with prior or concurrent notice to the Borrower and the Administrative Agent, in one transaction or a series of transactions, assign all or a portion of its interest in the Principal Obligations and its rights
and obligations under this Credit Agreement and any other Loan Documents to which it is a party, to a Conduit Assignee. Upon and to the extent of such assignment by the Conduit Lender to a Conduit Assignee: (i) such Conduit Assignee shall be
the owner of the assigned portion of the Principal Obligations; (ii) such Conduit Assignee (and any related commercial paper issuer, if such Conduit Assignee does not itself issue commercial paper) and its Program Support Provider(s) and other
related parties shall have the benefit of all the rights and protections provided to the Conduit Lender and its Program Support Provider(s) herein and in the other Loan Documents (including any limitation on recourse against such Conduit Assignee or
related parties, any agreement not to file or join in the filing of a petition to commence an insolvency proceeding against such Conduit Assignee, and the right to assign to another Conduit Assignee as provided in this paragraph); (iii) such Conduit
Assignee shall assume all (or the assigned or assumed portion) of the Conduit Lender’s obligations, if any, hereunder or under any other Loan Document, and the Conduit Lender shall be released from such obligations, in each case to the extent
of such assignment, and the obligations of the Conduit Lender and such Conduit Assignee shall be several and not joint; (iv) all distributions in respect of the Principal Obligations assigned shall be made to the applicable Managing Agent, on
behalf of the Conduit Lender and such Conduit Assignee on a pro rata basis according to their respective interests; (v) the definition of the term “CP Rate” with respect to the portion of the Principal Obligations funded with
commercial paper issued by the Conduit Lender from time to time shall be determined in the manner set forth in the definition of “CP Rate” applicable to the Conduit Lender on the basis of the interest rate or discount applicable to
commercial paper issued by such Conduit Assignee (or the related commercial paper issuer, if such Conduit Assignee does not itself issue commercial paper) rather than the Conduit Lender; (vi) the defined terms and other terms and provisions of
this Credit Agreement and the other Loan Documents shall be interpreted in accordance with the foregoing; and (vii) if requested by the Managing Agent with respect to the Conduit Assignee, the parties will execute and deliver such further
agreements and documents and take such other actions as the Managing Agent may reasonably request to evidence and give 

  
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effect to the foregoing. No such assignment shall be made to a Conduit Assignee unless the commercial paper of such Conduit Assignee shall have short term credit ratings of “A-1” and “P-1” as of the date of such assignment without the consent of the Borrower. No assignment by the Conduit Lender to a Conduit Assignee of all or
any portion of its interest in the Principal Obligations, or any other action pursuant to Sections 12.11(c) or (d) hereof, shall in any way diminish the related Committed Lenders’ obligations under this Credit Agreement,
including Section 2.3, to fund any Loan not funded by the Conduit Lender or such Conduit Assignee. 

(d)    Consequences of Assignment by a Conduit Lender. In the event that a Conduit Lender
makes an assignment to a Conduit Assignee in accordance with clause (e) above, the related Committed Lenders: (i) if requested by the related Managing Agent, shall terminate their participation in the applicable Program Support
Agreement to the extent of such assignment; (ii) if requested by the related Managing Agent, shall execute (either directly or through a participation agreement, as determined by such Managing Agent) the Program Support Agreement related to
such Conduit Assignee, to the extent of such assignment, the terms of which shall be substantially similar to those of the participation or other agreement entered into by such Committed Lender with respect to the applicable Program Support
Agreement (or which shall be otherwise reasonably satisfactory to the related Managing Agent); (iii) if requested by such Conduit Lender, shall enter into such agreements as requested by the Conduit Lender pursuant to which they shall be obligated
to provide funding to such Conduit Assignee on substantially the same terms and conditions as is provided for in this Credit Agreement in respect of such Conduit Lender (or which agreements shall be otherwise reasonably satisfactory to such Conduit
Lender); and (iv) shall take such actions as the Managing Agent shall reasonably request in connection therewith. 

(e)    Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at one of its offices in Charlotte, North Carolina, a copy of each Assignment and Assumption and each Lender Joinder Agreement delivered to it and a register for
the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amounts of (and stated interest on) the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The
entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Credit Agreement. The Register shall be available for inspection by the Borrowers and any Lender (but only to the extent of entries in the Register that are applicable to such Lender), at any reasonable time and from time to time
upon reasonable prior notice. 
 (f)    Participations. Any Lender may at any time, without the
consent of, or notice to, the Borrowers or the Administrative Agent, sell participations to any Person (other than a natural Person, or the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Credit Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this
Credit Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the Borrowers, the Administrative Agent and the other Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights 

  
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and obligations under this Credit Agreement and (iv) such Participant shall satisfy the requirements set forth in Section 12.22 as if it were a Lender hereunder.
For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 12.5(c) with respect to any payments made by such Lender to its Participant(s). 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain
the sole right to enforce this Credit Agreement and to approve any amendment, modification or waiver of any provision of this Credit 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 or modification described in Section 12.1 that directly affects such Participant and could not be effected by a vote of the Required Lenders. The
Borrowers agree that each Participant shall be entitled to the benefits of Section 4 (subject to the requirements and limitations therein, including the requirements of Section 4.1(f) (it being
understood that the documentation required under Section 4.1(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
Section 12.11(b); provided that such Participant (A) agrees to be subject to the provisions of Section 4.8 as if it were an assignee under Section 12.11(b) and
(B) shall not be entitled to receive any greater payment under Sections 4.1 and 4.4, with respect to such 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 Borrowers’ request and expense, to use reasonable efforts to
cooperate with the Borrowers to effectuate the provisions of Section 4.8(b) with respect to any Participant. To the extent permitted by Applicable Law, each Participant also shall be entitled to the benefits of
Section 5.3 as though it were a Lender; provided that such Participant agrees to be subject to Section 12.2 as though it were a Lender. 

(g)    Participant Register. Each Lender that sells a participation shall, acting solely for this
purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); 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 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 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 Credit 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. 

(h)    Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or
any portion of its rights under this Credit Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment
shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

  
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 (i)    Disclosure of Information. Any Lender may
furnish any information concerning any Credit Party or Managing Entity in the possession of such Lender from time to time to assignees and participants (including prospective assignees and participants), subject, however, to the provisions of
Section 12.17. 
 12.12.    Defaulting Committed Lenders. 

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

(i)    Waivers and Amendments. Such Defaulting Committed Lender’s right to
approve or disapprove any amendment, waiver or consent with respect to this Credit Agreement shall be excluded as set forth in the definition of Required Lenders. 

(ii)    Defaulting Committed Lender Waterfall. Any payment of principal, interest,
fees or other amounts received by the Administrative Agent for the account of such Defaulting Committed Lender (whether voluntary or mandatory, at maturity, pursuant to Section 10 or otherwise) or received by the
Administrative Agent from a Defaulting Committed Lender pursuant to Section 12.2 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any
amounts owing by such Defaulting Committed Lender to the Administrative Agent hereunder; second, as the Borrowers may request (so long as no Potential Default or Event of Default exists), to the funding of any Loan or funded participation in
respect of which such Defaulting Committed Lender has failed to fund its portion thereof as required by this Credit Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrowers,
to be held in a deposit account and released pro rata in order to satisfy such Defaulting Committed Lender’s potential future funding obligations with respect to Loans and funded participations under this Credit Agreement;
fourth, to the payment of any amounts owing to the Committed Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Committed Lender as a result of such Defaulting Committed
Lender’s breach of its obligations under this Credit Agreement; fifth, so long as no Potential Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent
jurisdiction obtained by the Borrowers against such Defaulting Committed Lender as a result of such Defaulting Committed Lender’s breach of its obligations under this Credit Agreement; and sixth, to such Defaulting Committed Lender or as
otherwise directed by a court of competent jurisdiction; provided that if (1) such payment is a payment of the principal amount of any Loans in respect of which such 

  
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Defaulting Committed Lender has not fully funded its appropriate share, and (2) such Loans were made at a time when the conditions set forth in Section 6.2 were
satisfied or waived, such payment shall be applied solely to pay the Loans of, all Non-Defaulting Committed Lenders on a pro rata basis prior to being applied to the payment of any Loans
of such Defaulting Committed Lender until such time as all Loans are held by the Committed Lenders pro rata in accordance with their Commitments. Any payments, prepayments or other amounts paid or payable to a Defaulting Committed
Lender that are applied (or held) to pay amounts owed by a Defaulting Committed Lender pursuant to this Section 12.12(a)(ii) shall be deemed paid to and redirected by such Defaulting Committed Lender, and each Lender
irrevocably consents hereto. 
 (b)    Defaulting Committed Lender Cure. If the Borrowers and the
Administrative Agent agree in writing that a Committed Lender is no longer a Defaulting Committed Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any
conditions set forth therein, such Committed Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Committed Lenders or take such other actions as the Administrative Agent may determine to be necessary
to cause the Loans to be held pro rata by the Lender Groups in accordance with the Commitments of the Committed Lender in such Lender Group, whereupon such Committed Lender will cease to be a Defaulting Committed Lender; provided that no
adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Committed Lender was a Defaulting Committed Lender; and provided, further, that except to the extent
otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Committed Lender to Non-Defaulting Committed Lender will constitute a waiver or release of any claim of any party
hereunder arising from that Committed Lender’s having been a Defaulting Committed Lender. 

12.13.    All Powers Coupled with Interest. All powers of attorney and other authorizations granted
to the Lenders, the Administrative Agent and any Persons designated by the Administrative Agent or any Lender pursuant to any provisions of this Credit Agreement or any of the other Loan Documents shall be deemed coupled with an interest and shall
be irrevocable so long as any of the Obligations remain unpaid or unsatisfied, any of the Commitments remain in effect or the Credit Facility has not been terminated. 

12.14.    Headings. Section headings are for convenience of reference only and shall in no way
affect the interpretation of this Credit Agreement. 
 12.15.    Survival. All representations
and warranties made by the Credit Parties herein shall survive delivery of the Notes and the making of the Loans. 

12.16.    Full Recourse. The payment and performance of the Obligations shall be fully recourse to
the Initial Borrower and its properties and assets. Notwithstanding anything in this Credit Agreement and the Loan Documents to the contrary, the Obligations shall not be recourse to any Managing Entity of a Borrower and the Lenders shall not have
the right to pursue any claim or action against such Persons except for any claim or action for actual damages of the Agents or Lenders as a result of any fraud, willful misrepresentation or willful misappropriation of proceeds from the Credit
Facility on the part of such Person in which event there shall be full recourse against such Person. 

  
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 12.17.    Availability of Records; Confidentiality.

 (a)    The Administrative Agent and the Lenders acknowledge and agree that this Credit Agreement, all
Loan Documents, Borrowing Base Certificates, and all other documents, certificates, opinions, letters of credit, reports, and other material information of every nature or description, and all transactions contemplated thereunder (collectively,
“Transaction Information”) are confidential information of the Credit Parties; provided, it is acknowledged and agreed that the Administrative Agent may provide to the Lenders, and that the Administrative Agent and each
Lender may provide to any Affiliate of a Lender or Participant or Assignee or proposed Participant or Assignee and each of their respective officers, directors, employees, advisors, auditors, counsel, rating agencies, commercial paper dealers,
commercial paper conduit service providers and agents or any other Person as deemed necessary or appropriate in any Lender’s reasonable judgment (so long as such party is advised of the confidential nature of such information), Transaction
Information (including originals or copies of this Credit Agreement and other Loan Documents), and may communicate all oral information, at any time submitted by or on behalf of any Borrower Party or received by the Administrative Agent or a Lender
in connection with the Loans, the Commitments or any Borrower Party; provided further that, prior to any such delivery or communication, the Lender, Affiliate of a Lender, Participant, or Assignee, or proposed Participant or Assignee
or such other Person, as the case may be, shall agree to preserve the confidentiality of all data and information which constitutes Transaction Information or Confidential Information. 

(b)    Anything herein to the contrary notwithstanding, the provisions of this
Section 12.17 shall not preclude or restrict the Administrative Agent or any Lender from disclosing any Transaction Information or Confidential Information: (i) to their respective accountants, lawyers and regulators;
(ii) with the prior written consent of any Credit Party or Managing Entity; (iii) upon the order of or pursuant to the rules and regulations of any Governmental Authority having jurisdiction over such party or its Related Parties
(including any self-regulatory authority, such as the National Association of Insurance Commissioners); (iv) in connection with any audit by an independent public accountant of such party, so long as such auditor thereto agrees to be bound by the
provisions of this Section 12.17 or provisions substantially similar hereto; (v) to examiners or auditors of any applicable Governmental Authority which examines such party’s books and records while conducting
such examination or audit; (vi) as otherwise specifically required by Applicable Law; (vi) to (1) any rating agency, or (2) any Commercial Paper dealer, and to any officers, directors, employees, accountants or attorneys of any of the
foregoing, provided that with respect to this clause (vi), such recipient has been advised of the confidential nature of such information, has been instructed to keep such information confidential and has agreed to keep such
information confidential; (vii) to any related Program Support Providers, provided that with respect to this clause (vii), such recipient has been advised of the confidential nature of such information, has been instructed to keep such
information confidential and has agreed to keep such information confidential; (viii) to any actual or prospective Lender, Assignee or Participant, provided that with respect to this clause (viii), such recipient has been advised
of the confidential nature of such information, has been instructed to keep such information confidential and has agreed to keep such information 

  
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confidential; or (ix) to any other provider of credit enhancement or liquidity to a Conduit Lender, provided that with respect to this clause (ix), such recipient has been
advised of the confidential nature of such information, has been instructed to keep such information confidential and has agreed to keep such information confidential. 

Notwithstanding the foregoing, the Administrative Agent and the Lenders (and each of their respective employees,
representatives, or other agents) may disclose to any and all other person, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax
analyses) that are provided to them relating to such tax treatment and tax structure. For the avoidance of doubt, the Credit Parties may disclose Transaction Information or Confidential Information to the Investors (it being understood and agreed
that the Credit Parties may only disclose the details of the transaction (and not any Loan Document) to the Investors without the consent of the other parties hereto), so long as such Investor is not an institution that directly competes with the
Administrative Agent in transactions primarily supported by a pledge (or negative pledge) on the capital commitments to a borrower’s investors. 

Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, each of the parties hereto
acknowledges and agrees that each Managing Agent with a Conduit Lender in its Lender Group may post to a secured password-protected internet website maintained by such Managing Agent and required by any NRSRO rating the Commercial Paper of its
related Conduit Lender in connection with Rule 17g-5, the following information: (a) its Program Support Agreement, (b) a copy of this Credit Agreement (including any amendments), (c) its monthly
transaction surveillance reports, and (d) such other information as may be requested by such NRSRO and consented to in writing by the Borrower; provided that such Managing Agent shall take such actions as are necessary to maintain the
confidential nature of the documents and information so posted (it being understood that any NRSRO viewing such posted information on such website shall not constitute a breach of this proviso so long as it is informed of the confidential nature of
such information on such website or otherwise by the Managing Agent prior to or concurrently with making such information available and has been instructed to keep such information confidential). 

12.18.    USA Patriot Act Notice. Each Lender and the Administrative Agent (for itself and not on
behalf of any Lender) hereby notifies each Credit Party that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot
Act”), it is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will allow such Lender or the Administrative
Agent, as applicable, to identify each Credit Party in accordance with the Patriot Act. 

12.19.    Multiple Counterparts. This Credit Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same agreement, and any of the parties hereto may execute this Credit Agreement by signing any such counterpart. Delivery of an executed counterpart of a signature page of this
Credit Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Credit Agreement. 

  
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 12.20.    No Bankruptcy Petition Against any Conduit
Lender. Each of the Borrower Parties hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of all outstanding Commercial Paper or other rated indebtedness of a Conduit Lender,
it will not institute against, or encourage, cooperate with or join any other Person in instituting against, such Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the law of the United States or
any state of the United States or the Laws of the Cayman Islands or any other jurisdiction. The provisions of this Section 12.20 shall survive the termination of this Credit Agreement. 

12.21.    No Recourse Against any Conduit Lender. Notwithstanding anything to the
contrary contained in this Credit Agreement, the obligations of each Conduit Lender under this Credit Agreement and all other Loan Documents are solely the corporate obligations of such Conduit Lender and shall be payable solely to the extent such
Conduit Lender has excess cash flow from operations or has received funds which may be used to make payment with respect to such obligations and which funds or excess cash flow are not required to repay when due such Conduit Lender’s matured
and maturing Commercial Paper or other rated indebtedness and, to the extent funds are not available to pay such obligations, the claims relating thereto shall not constitute a claim against such Conduit Lender but shall continue to accrue. The
payment of any claim (as defined in Section 101 of Title 11 of the Bankruptcy Code) of any party to this Credit Agreement or any other Loan Document against a Conduit Lender shall be subordinated to the payment in
full of all of such Conduit Lender’s Commercial Paper and other rated indebtedness. No recourse under or with respect to any obligation, covenant or agreement of any Conduit Lender as contained in this Credit Agreement or any other agreement,
instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any manager or administrator of such Person or any incorporator, stockholder, member, officer, employee or director of such Person or of any
such manager or administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise. The provisions of this Section 12.21 shall survive the termination
of this Credit Agreement. 
 12.22.    Term of Agreement. This Credit Agreement shall remain in
effect from the Closing Date through and including the date upon which all Obligations (other than contingent indemnification obligations not then due) arising hereunder or under any other Loan Document shall have been indefeasibly and irrevocably
paid and satisfied in full and all Commitments have been terminated. No termination of this Credit Agreement shall affect the rights and obligations of the parties hereto arising prior to such termination or in respect of any provision of this
Credit Agreement which survives such termination. 
 12.23.    Inconsistencies with Other
Documents. In the event there is a conflict or inconsistency between this Credit Agreement and any other Loan Document, the terms of this Credit Agreement shall control; provided that any provision of the Collateral Documents which
imposes additional burdens on any Credit Party or further restricts the rights of any Credit Party or any of its Affiliates or gives the Administrative Agent or Lenders additional rights shall not be deemed to be in conflict or inconsistent with
this Credit Agreement and shall be given full force and effect. 
 12.24.    Initial Borrower as
Agent. Each Credit Party hereby irrevocably appoints the Initial Borrower as its agent and authorizes and empowers the Initial Borrower to take such 

  
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actions on behalf of such Credit Party and to exercise such related powers under this Credit Agreement and the other Loan Documents as are delegated to such Borrower by the terms hereof or
thereof, together with all such powers as are reasonably incidental hereto or thereto. 

12.25.    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 (i) to the extent relevant, the Spot Rate, and (ii) otherwise, the rate at which in accordance
with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of each Borrower in respect of any such sum due
from it to the Administrative Agent or any Lenders hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in
accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the
Judgment Currency, the Administrative Agent may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to
Agent from such Borrower in the Agreement Currency, each Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or the Person to whom such obligation was owing against such loss. If the
amount of the Agreement Currency so purchased is greater than the sum originally due hereunder in such currency, Agent agrees to promptly return the amount of any excess to such Borrower (or to any other Person who may be entitled thereto under
applicable law). 
 12.26.    Acknowledgment and Consent to
Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in this Credit Agreement or in any other Loan Document, arrangement or understanding among the parties hereto, each party
hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and
consents to, and acknowledges and agrees to be bound by: 
 (a)    the application of any Write-Down and
Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b)    the effects of any Bail-in Action on any such liability,
including, if applicable: 
 (i)    a reduction in full or in part or cancellation of any
such liability; 
 (ii)    a conversion of all, or a portion of, such liability into
shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under this Credit Agreement or any other Loan Document; or 

  
 122 

 (iii)    the variation of the terms of such
liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK 
 SIGNATURE PAGES FOLLOW. 

  
 123 

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

			
	 INITIAL BORROWER:

	
	 CRESCENT CAPITAL BDC, INC., a Delaware
corporation.

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Revolving Credit
Agreement 

 Acknowledged and agreed to with respect to Section 5.4 only: 

 

			
	 INVESTMENT ADVISOR:

	
	 CBDC ADVISORS, LLC

			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Revolving Credit
Agreement 

 
			
	 ADMINISTRATIVE AGENT AND LENDERS:

	
	 CAPITAL ONE, NATIONAL ASSOCIATION,

as Administrative Agent, Lead Arranger, Managing Agent for the CONA Lender Group, and a Committed
Lender

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Revolving Credit
AgreementEXHIBIT 10.1

 

 

 

CUSIP No.  57686PAA3

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

dated as of June 29, 2017

 

among

 

MATSON, INC.,

as the Borrower,

 

BANK OF AMERICA, N.A.,
 as Agent,

 

and

 

the other Lenders party hereto,

 

FIRST HAWAIIAN BANK,

as Syndication Agent,

 

BRANCH BANKING AND TRUST COMPANY,

JPMORGAN CHASE BANK, N.A.,

PNC BANK, NATIONAL ASSOCIATION

and

U.S. BANK NATIONAL ASSOCIATION,

as Co-Documentation Agents

 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

and

FIRST HAWAIIAN BANK,

as Joint Lead Arrangers and Joint Bookrunners

 

 

 

 

TABLE OF CONTENTS

 

	
Section
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE I.   DEFINITIONS AND ACCOUNTING TERMS 
    	
1
    
	
 
    	
 
    
	
1.01
    	
Defined Terms
    	
1
    
	
1.02
    	
Other Interpretive   Provisions
    	
20
    
	
1.03
    	
Accounting Terms
    	
21
    
	
1.04
    	
Rounding
    	
21
    
	
1.05
    	
Times of Day
    	
21
    
	
1.06
    	
Letter of Credit   Amounts
    	
22
    
	
 
    	
 
    	
 
    
	
ARTICLE II.   THE COMMITMENTS AND CREDIT EXTENSIONS
    	
22
    
	
 
    	
 
    
	
2.01
    	
Committed Loans
    	
22
    
	
2.02
    	
Borrowings, Conversions   and Continuations of Committed Loans
    	
22
    
	
2.03
    	
Letters of Credit
    	
24
    
	
2.04
    	
Swing Line Loans
    	
33
    
	
2.05
    	
Prepayments
    	
36
    
	
2.06
    	
Termination or   Reduction of Aggregate Commitments
    	
37
    
	
2.07
    	
Repayment of Loans
    	
37
    
	
2.08
    	
Interest
    	
37
    
	
2.09
    	
Fees
    	
38
    
	
2.10
    	
Computation of Interest   and Fees; Retroactive Adjustment of Applicable Rate
    	
39
    
	
2.11
    	
Evidence of Debt
    	
39
    
	
2.12
    	
Payments Generally;   Agent’s Clawback
    	
40
    
	
2.13
    	
Sharing of Payments by   Lenders
    	
41
    
	
2.14
    	
Increases of Aggregate   Commitments
    	
42
    
	
2.15
    	
Cash Collateral
    	
43
    
	
2.16
    	
Defaulting Lenders
    	
44
    
	
 
    	
 
    	
 
    
	
ARTICLE III.   TAXES, YIELD PROTECTION AND ILLEGALITY
    	
46
    
	
 
    	
 
    
	
3.01
    	
Taxes
    	
46
    
	
3.02
    	
Illegality
    	
51
    
	
3.03
    	
Inability to Determine   Rates
    	
51
    
	
3.04
    	
Increased Costs
    	
52
    
	
3.05
    	
Compensation for Losses
    	
54
    
	
3.06
    	
Mitigation Obligations;   Replacement of Lenders
    	
54
    
	
3.07
    	
Survival
    	
55
    
	
 
    	
 
    	
 
    
	
ARTICLE IV.   CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
    	
55
    
	
 
    	
 
    
	
4.01
    	
Conditions to   Effectiveness and Initial Credit Extensions
    	
55
    
	
4.02
    	
Conditions to all   Credit Extensions
    	
56
    
	
 
    	
 
    	
 
    
	
ARTICLE V.   REPRESENTATIONS AND WARRANTIES
    	
57
    
	
 
    	
 
    
	
5.01
    	
Organization
    	
57
    
	
5.02
    	
Financial Statements
    	
57
    

 

i

 

	
5.03
    	
Actions Pending
    	
58
    
	
5.04
    	
Outstanding Debt
    	
58
    
	
5.05
    	
Title to Properties
    	
58
    
	
5.06
    	
Taxes
    	
58
    
	
5.07
    	
Conflicting Agreements   and Other Matters
    	
58
    
	
5.08
    	
Subsidiaries
    	
58
    
	
5.09
    	
ERISA
    	
58
    
	
5.10
    	
Government Consent
    	
59
    
	
5.11
    	
Investment Company   Status; Margin Stock
    	
59
    
	
5.12
    	
Possession of   Franchises, Licenses, Etc.
    	
59
    
	
5.13
    	
Environmental and   Safety Matters
    	
59
    
	
5.14
    	
Hostile Tender Offers
    	
59
    
	
5.15
    	
Employee Relations
    	
60
    
	
5.16
    	
Sanctions and   Anti-Corruption Laws
    	
60
    
	
5.17
    	
Disclosure
    	
60
    
	
5.18
    	
No EEA Financial   Institution
    	
60
    
	
 
    	
 
    	
 
    
	
ARTICLE VI.   AFFIRMATIVE COVENANTS
    	
60
    
	
 
    	
 
    
	
6.01
    	
Financial Information
    	
61
    
	
6.02
    	
Inspection of Property
    	
62
    
	
6.03
    	
Covenant to Secure   Obligations Equally
    	
63
    
	
6.04
    	
Maintenance of   Properties; Insurance
    	
63
    
	
6.05
    	
Environmental and   Safety Laws
    	
63
    
	
6.06
    	
Use of Proceeds
    	
63
    
	
6.07
    	
United States Citizen
    	
64
    
	
6.08
    	
Guarantors
    	
64
    
	
6.09
    	
Collateral
    	
64
    
	
6.10
    	
Anti-Corruption Laws
    	
65
    
	
6.11
    	
Incumbency Certificates
    	
65
    
	
 
    	
 
    	
 
    
	
ARTICLE VII.   NEGATIVE COVENANTS
    	
65
    
	
 
    	
 
    
	
7.01
    	
Financial Covenants
    	
65
    
	
7.02
    	
Liens
    	
67
    
	
7.03
    	
Loans, Advances and   Investments
    	
68
    
	
7.04
    	
Merger
    	
69
    
	
7.05
    	
Sale of Capital Assets
    	
69
    
	
7.06
    	
Use of Proceeds
    	
70
    
	
7.07
    	
Transactions with   Affiliates and Stockholders
    	
70
    
	
7.08
    	
Dividend Limitation
    	
70
    
	
7.09
    	
Sanctions
    	
70
    
	
7.10
    	
Anti-Corruption Laws
    	
70
    
	
 
    	
 
    	
 
    
	
ARTICLE VIII.   EVENTS OF DEFAULT AND REMEDIES
    	
70
    
	
 
    	
 
    
	
8.01
    	
Events of Default
    	
70
    
	
8.02
    	
Remedies Upon Event of   Default
    	
72
    
	
8.03
    	
Application of Funds
    	
73
    
	
8.04
    	
Savings Clause
    	
74
    

 

ii

 

	
ARTICLE IX.   AGENT
    	
74
    
	
 
    	
 
    
	
9.01
    	
Appointment and   Authority
    	
74
    
	
9.02
    	
Rights as a Lender
    	
75
    
	
9.03
    	
Exculpatory Provisions
    	
75
    
	
9.04
    	
Reliance by Agent
    	
76
    
	
9.05
    	
Delegation of Duties
    	
76
    
	
9.06
    	
Resignation of Agent
    	
76
    
	
9.07
    	
Non-Reliance on Agent   and Other Lenders
    	
78
    
	
9.08
    	
No Other Duties, Etc.
    	
78
    
	
9.09
    	
Guaranty Matters
    	
78
    
	
 
    	
 
    	
 
    
	
ARTICLE X.   MISCELLANEOUS
    	
78
    
	
 
    	
 
    
	
10.01
    	
Amendments, Etc.
    	
78
    
	
10.02
    	
Notices; Effectiveness;   Electronic Communication
    	
80
    
	
10.03
    	
No Waiver; Cumulative   Remedies
    	
82
    
	
10.04
    	
Expenses; Indemnity;   Damage Waiver
    	
82
    
	
10.05
    	
Payments Set Aside
    	
84
    
	
10.06
    	
Successors and Assigns
    	
85
    
	
10.07
    	
Treatment of Certain   Information; Confidentiality
    	
89
    
	
10.08
    	
Right of Setoff
    	
90
    
	
10.09
    	
Interest Rate   Limitation
    	
90
    
	
10.10
    	
Counterparts;   Integration; Effectiveness
    	
90
    
	
10.11
    	
Survival of   Representations and Warranties
    	
91
    
	
10.12
    	
Severability
    	
91
    
	
10.13
    	
Replacement of Lenders
    	
91
    
	
10.14
    	
Governing Law;   Jurisdiction; Etc.
    	
92
    
	
10.15
    	
Waiver of Jury Trial
    	
93
    
	
10.16
    	
No Advisory or   Fiduciary Responsibility
    	
93
    
	
10.17
    	
Electronic Execution of   Assignments and Certain Other Documents
    	
94
    
	
10.18
    	
USA PATRIOT Act
    	
94
    
	
10.19
    	
Acknowledgement and   Consent to Bail-In of EEA Financial Institutions
    	
94
    

 

iii

 

	
SCHEDULES
    
	
 
    	
 
    
	
1.01
    	
Existing Letters of   Credit
    
	
2.01
    	
Commitments and   Applicable Percentages
    
	
5.07
    	
Conflicting Agreements
    
	
5.08
    	
Material Domestic   Subsidiaries
    
	
7.02
    	
Liens Existing on the   Closing Date
    
	
10.02
    	
Agent’s Office; Certain   Addresses for Notices
    
	
 
    	
 
    
	
EXHIBITS
    
	
 
    	
 
    
	
A
    	
Committed Loan Notice
    
	
B
    	
Swing Line Loan Notice
    
	
C
    	
Note
    
	
D
    	
Tax Compliance   Certificates
    
	
E-1
    	
Assignment and   Assumption
    
	
E-2
    	
Administrative Questionnaire
    
	
F
    	
Compliance Certificate
    
	
G
    	
Notice of Loan   Prepayment
    
	
H-1
    	
Security Agreement   (Vessel Type Aloha Class — Hull No. 29)
    
	
H-2
    	
Security Agreement   (Vessel Type Aloha Class — Hull No. 30)
    
	
H-3
    	
Security Agreement   (Vessel Type Kanaloa Class — Hull Nos. 601 and 602
    

 

iv

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

This AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) is entered into as of June 29, 2017 among MATSON, INC., a Hawaii corporation (the “Borrower”), the Lenders (as defined herein), BANK OF AMERICA, N.A., as Agent, Swing Line Lender and L/C Issuer, and FIRST HAWAIIAN BANK, as L/C Issuer.

 

The Borrower is party to a Credit Agreement dated as of June 4, 2012 (as amended, supplemented or otherwise modified from time to time until (but not including) the date of this Agreement, the “Existing Credit Agreement”) with the lenders party thereto and Bank of America, N.A., as agent.

 

The parties to this Agreement desire to amend the Existing Credit Agreement as set forth herein and to restate the Existing Credit Agreement in its entirety to read as follows.  This Agreement is not a novation of the Existing Credit Agreement.

 

In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

ARTICLE I.

 

DEFINITIONS AND ACCOUNTING TERMS

 

1.01                        Defined Terms.  As used in this Agreement, the following terms shall have the meanings set forth below:

 

“Acquisition”, by any Person, means the acquisition by such Person, in a single transaction or in a series of related transactions, of either (a) all or substantially all of the property of, or a line of business or division of, another Person or (b) at least a majority of the voting capital stock or other equity interests of another Person, in each case whether or not involving a merger or consolidation with such other Person.

 

“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit E-2 or any other form approved by the Agent.

 

“Affiliate” means, without duplication, any Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, another Person.  A Person shall be deemed to control another Person if such first Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

 

“Agent’s Office” means the Agent’s address and, as appropriate, account as set forth on Schedule 10.02, or such other address or account as the Agent may from time to time notify to the Borrower and the Lenders in writing.

 

“Aggregate Commitments” means, as of any date of determination, the Commitments of all the Lenders.  The initial amount of the Aggregate Commitments in effect on the Closing Date is $650,000,000.  The Aggregate Commitments may be increased or decreased from time to time as provided herein.

 

 

“Agreement” means this Credit Agreement.

 

“Anti-Corruption Laws” has the meaning specified in Section 5.16(b).

 

“Applicable Maximum Level” has the meaning specified in Section 7.01(b).

 

“Applicable Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented by such Lender’s Commitment at such time.  If the commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments.  The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption or other documentation pursuant to which such Lender becomes a party hereto, as applicable.  The Applicable Percentages shall be subject to adjustment as provided in Section 2.16.

 

“Applicable Rate” means with respect to the commitment fee payable pursuant to Section 2.09(a), Eurodollar Loans, Base Rate Loans and the Letter of Credit Fee, from time to time, the following percentages per annum, based upon the Consolidated Net Leverage Ratio as set forth below:

 

	
Pricing
   Level
    	
 
    	
Consolidated
   Net Leverage
   Ratio
    	
 
    	
Commitment
   Fee
    	
 
    	
Eurodollar
   Loans
    	
 
    	
Base Rate
   Loans
    	
 
    	
Letter of
   Credit Fee
    	
 
    
	
1
    	
 
    	
< 1. 50 to 1.0
    	
 
    	
0.15
    	
%
    	
1.00
    	
%
    	
0.00
    	
%
    	
1.00
    	
%
    
	
2
    	
 
    	
> 1.50 to 1.0 but   < 2.25 to 1.0
    	
 
    	
0.20
    	
%
    	
1.25
    	
%
    	
0.25
    	
%
    	
1.25
    	
%
    
	
3
    	
 
    	
> 2.25 to 1.0 but   < 3.00 to 1.0
    	
 
    	
0.25
    	
%
    	
1.50
    	
%
    	
0.50
    	
%
    	
1.50
    	
%
    
	
4
    	
 
    	
> 3.00 to 1.0
    	
 
    	
0.30
    	
%
    	
1.75
    	
%
    	
0.75
    	
%
    	
1.75
    	
%
    

 

The Applicable Rate in effect on the Closing Date to the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.01(c) for the fiscal quarter ending June 30, 2017 shall initially be Pricing Level 2.  Thereafter, the Applicable Rate shall be determined by reference to the Consolidated Net Leverage Ratio as set forth in the most recent Compliance Certificate received by the Agent pursuant to Section 6.01(c).  Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.01(c); provided, however, that if such Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, Pricing Level 4 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered in accordance with Section 6.01(c), whereupon the Applicable Rate shall be adjusted based upon the calculation of the Consolidated Net Leverage Ratio contained in such Compliance Certificate.

 

“Applicable Relief Period” has the meaning specified in Section 7.01(b).

 

“Applicable Relief Period Notice” has the meaning specified in Section 7.01(b).

 

2

 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

“Arranger” means Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the Closing Date), in its capacity as a joint lead arranger and joint bookrunner.

 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Agent, in substantially the form of Exhibit E-1 or any other form (including electronic documentation generated by use of an electronic platform) approved by the Agent.

 

“Audited Financial Statements” means the audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2016, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the Borrower and its Subsidiaries, including the notes thereto.

 

“Authorized Officer” means, with respect to any Loan Party, any officer of such Loan Party designated as an “Authorized Officer” for the purpose of this Agreement in a certificate executed by one of such Loan Party’s then existing Authorized Officers (as previously identified to the Agent) and any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Agent.  Any action taken under this Agreement or any other Loan Document on behalf of a Loan Party by any individual who on or after the Closing Date shall have been an Authorized Officer of such Loan Party and whom the Agent or any of the Lenders in good faith believes to be an Authorized Officer of such Loan Party at the time of such action shall be binding on such Loan Party even though such individual shall have ceased to be an Authorized Officer of such Loan Party, unless the Borrower or such Loan Party shall have provided the Agent with a certificate executed by one of such Loan Party’s then existing Authorized Officers (as previously identified to the Agent) indicating that such individual is no longer an “Authorized Officer.”

 

“Availability Period” means the period from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of each Lender to make Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02.

 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

 

“Bank of America” means Bank of America, N.A. and its successors.

 

“Base Rate”  means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the Eurodollar Rate set forth in clause (b) of the definition thereof plus 1.00%; and if the Base Rate shall be less than zero, such rate shall be 

 

3

 

deemed zero for purposes of this Agreement.  The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate.  Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.

 

“Base Rate Loan” means a Committed Loan that bears interest based on the Base Rate.

 

“Borrower” has the meaning specified in the introductory paragraph hereto.

 

“Borrower Materials” has the meaning specified in Section 6.01.

 

“Borrowing” means a Committed Borrowing or a Swing Line Borrowing, as the context may require.

 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state where the Agent’s Office is located and, if such day relates to any Eurodollar Loan, means any such day that is also a London Banking Day.

 

“Capital Assets” means all assets other than current assets, and shall not include any amounts in the CCF.

 

“Capitalized Lease Obligation” means, with respect to any Person, any rental obligation of such Person which, under GAAP in effect as of the Closing Date, is or will be required to be capitalized on the books of such Person, taken at the amount thereof accounted for as indebtedness (net of interest expense) in accordance with such principles.

 

“Cash Collateralize” means to pledge and deposit with or deliver to the Agent, for the benefit of one or more of the L/C Issuer or the Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Agent and the L/C Issuer shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to the Agent and the L/C Issuer. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such Cash Collateral and other credit support.

 

“CCF” means the capital construction fund created under Matson Navigation’s Capital Construction Fund Agreement with the United States through the Maritime Administrator.

 

“CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. Section 9601 et. seq.), and the regulations promulgated thereunder.

 

“CFC” means a controlled foreign corporation (as that term is defined in Section 957(a) of the Code).

 

“Change in Law” means the occurrence, after the Closing Date, 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, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all 

 

4

 

requests, rules, guidelines or directives thereunder or issued in connection therewith by any Governmental Authority and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or 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 or issued.

 

“Change of Control” means the acquisition by any “person” or “group” (as such terms are used in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934) of outstanding shares of voting stock of the Borrower representing more than 50% of voting control of the Borrower.

 

“Closing Date” means the date hereof.

 

“Code” means the Internal Revenue Code of 1986.

 

“Collateral” means a collective reference to all assets with respect to which Liens in favor of the Collateral Agent are purported to be granted pursuant to and in accordance with the terms of the applicable Collateral Documents.

 

“Collateral Agent” means Bank of America in its capacity as collateral agent under any of the Collateral Documents or any successor collateral agent.

 

“Collateral Documents” means a collective reference to the applicable Security Agreement or Security Agreements.

 

“Collateral Election” has the meaning set forth in Section 6.09.

 

“Commitment” means, as to each Lender, its obligation to (a) make Committed Loans to the Borrower pursuant to Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption or other documentation pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

 

“Committed Borrowing” means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of Eurodollar Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.

 

“Committed Loan” has the meaning specified in Section 2.01.

 

“Committed Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to the other, or (c) a continuation of Eurodollar Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A or such other form as may be approved by the Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Agent), appropriately completed and signed by an Authorized Officer of the Borrower.

 

“Compliance Certificate” means a certificate signed in the name of the Borrower by an Authorized Officer of the Borrower in substantially the form of Exhibit F.

 

“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.

 

5

 

“Consolidated EBITDA” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Expense for such period, (ii) the provision for federal, state, local and foreign income taxes payable for such period, (iii) depreciation expense for such period, (iv) amortization expense for such period, (v) deferred dry-docking amortization expense for such period (to the extent not included in the preceding clause (iv)), and (vi) non-cash stock-based compensation.  For purposes of calculating Consolidated EBITDA for any period of four consecutive quarters, if during such period the Borrower or any Subsidiary shall have consummated (i) an Acquisition of a Person that upon such consummation constitutes a Material Subsidiary (including any such Acquisition structured as an asset purchase, merger or consolidation) or an Acquisition of a Material Line of Business, Consolidated EBITDA for such period shall be calculated after giving pro forma effect thereto as if such transaction occurred on the first day of such period; provided, that if the aggregate purchase price for any Acquisition is greater than or equal to $25,000,000, Consolidated EBITDA shall only be calculated on a pro forma basis with respect to such Acquisition to the extent such pro forma calculations are based on (w) audited financial statements of such acquired Person or Material Line of Business, (y) unaudited quarterly financial statements of such acquired Person or Material Line of Business, so long as such financial statements have been prepared in conformity with GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the most recent audited financial statements of such Person or Material Line of Business or (z) other financial statements reasonably satisfactory to the Required Lenders and (ii) a disposition of all or substantially all of the assets of a Material Subsidiary or of at least 50% of the equity interests of a Material Subsidiary or of a Material Line of Business, Consolidated EBITDA for such period shall be calculated after giving pro forma effect thereto as if such transaction occurred on the first day of the such period, so long as, in each case, such pro forma calculations are (x) made in accordance with Regulation S-X, (y)  factually supportable and made in good faith based on reasonable assumptions as certified by a Responsible Officer, without giving effect (unless permitted for pro forma financial statements prepared in accordance with Regulation S-X) to projected cost savings or synergies or (z) are otherwise acceptable to the Required Lenders; provided, further, that, notwithstanding anything to the contrary in the foregoing, if such acquired Person or Material Line of Business has earnings before interest, taxes, depreciation and amortization for the four (4) fiscal quarter period prior to the acquisition date in an amount greater than $0, then Consolidated EBITDA shall be calculated after giving pro forma effect to such Acquisition only if the Borrower so elects in a writing delivered to the Administrative Agent.

 

“Consolidated Interest Coverage Ratio” means, at any time of determination thereof, the ratio of (a) Consolidated EBITDA for the most recently completed four quarter period to (b) Consolidated Interest Expense for such period.

 

“Consolidated Interest Expense” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, the sum of (a) all interest, premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, plus (b) the portion of rent expense with respect to such period under capital leases that is treated as interest in accordance with GAAP.

 

“Consolidated Leverage Ratio” means, as at any time of determination thereof, the ratio of (a) all Debt of the Borrower and its Subsidiaries on a consolidated basis as of such time to (b) Consolidated EBITDA for the most recently completed four fiscal quarters.

 

“Consolidated Net Income” means, for any period, the consolidated net income of the Borrower and its Subsidiaries (excluding, to the extent included in such consolidated net income (a) non-cash gains or losses during such period from the write-up or write-down of assets and (b) income or losses during such period from discontinued operations) as determined in accordance with GAAP.

 

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“Consolidated Net Leverage Ratio” means, as at any time of determination thereof, the ratio of (a) the amount of Net Debt of the Borrower and Subsidiaries on a consolidated basis as of such time to (b) Consolidated EBITDA for the most recently completed four fiscal quarters.

 

“Consolidated Tangible Assets” means, as of any date, total assets (excluding treasury stock, unamortized debt discount and expense, goodwill, trademarks, trade names, patents, deferred charges and other intangible assets) of the Borrower and its Subsidiaries on a consolidated basis, as determined in accordance with GAAP.

 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.

 

“Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

“Debt” means, as to any Person at the time of determination thereof without duplication, (a) any indebtedness of such Person (i) for borrowed money, including commercial paper and revolving credit lines, (ii) evidenced by bonds, debentures or notes or otherwise representing extensions of credit, whether or not representing obligations for borrowed money (except trade accounts payable arising in the ordinary course of business) or (iii) for the payment of the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business, regardless of when such liability or other obligation is due and payable, (b) Capitalized Lease Obligations of such Person, (c) direct or contingent obligations under standby letters of credit (and substantially similar instruments such as bank guaranties), (d) Guarantees, assumptions and endorsements by such Person (other than endorsements of negotiable instruments for collection in the ordinary course of business) of Debt of another Person of the types described in clauses (a), (b) and (c) hereof, and (e) Debt of another Person of the types described in clauses (a), (b) and (c) hereof, that is secured by Liens on the property or other assets of such Person.  Notwithstanding the forgoing, “Debt” shall not include (i) to the extent not exceeding $15,000,000 at any time outstanding, unsecured contingent reimbursement obligations under standby letters of credit (and substantially similar instruments such as bank guaranties) or (ii) a Guarantee of Matson Navigation’s trade accounts receivable purchased or held by the CCF.

 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

 

“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

 

“Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a Eurodollar Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum.

 

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“Defaulting Lender” means, subject to Section 2.16(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Agent, the L/C Issuer, the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two Business Days of the date when due, (b) has notified the Borrower, the Agent, the L/C Issuer or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Agent or the Borrower, to confirm in writing to the Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) becomes the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.16(b)) as of the date established therefor by the Agent in a written notice of such determination, which shall be delivered by the Agent to the Borrower, the L/C Issuer, the Swing Line Lender and each other Lender promptly following such determination.

 

“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of any Sanction.

 

“Dollar” and “$” mean lawful money of the United States.

 

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of any state of the United States or the District of Columbia.

 

“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.

 

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“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Sections 10.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).

 

“Eligible Business Line” means any business engaged in as of the Closing Date by the Borrower or any of its Subsidiaries or any business reasonably related thereto (but in no event an airline).

 

“Environmental and Safety Laws” means all Federal, state and local laws, regulations and ordinances, relating to the discharge, handling, disposition or treatment of Hazardous Materials and other substances or the protection of the environment or of employee health and safety, including, without limitation, CERCLA, the Hazardous Materials Transportation Act (49 U.S.C. Section 1901 et. seq.), the Resource Conservation and Recovery Act (42 U.S.C. Section 6901 et. seq.), the Federal Water Pollution Control Act (33 U.S.C. Section 1251 et. seq.), the Clean Air Act (42 U.S.C. Section 7401 et. seq.), the Toxic Substances Control Act (15 U.S.C. Section 2601 et.  seq.), the Occupational Safety and Health Act (29 U.S.C. Section 651 et. seq.) and the Emergency Planning and Community Right-To-Know Act (42 U.S.C. Section 11001 et. seq.).

 

“Environmental Liabilities and Costs” means as to any Person, all liabilities, obligations, responsibilities, remedial actions, losses, damages, punitive damages, consequential damages, treble damages, contribution, cost recovery, costs and expenses (including all fees, disbursements and expenses of counsel, expert and consulting fees, and costs of investigation and feasibility studies), fines, penalties, sanctions and interest incurred as a result of any claim or demand, by any Person, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute, permit, order or agreement with any Federal, state or local Governmental Authority or other Person, arising from environmental, health or safety conditions, or the release or threatened release of a contaminant, pollutant or Hazardous Material into the environment, resulting from the operations of such Person or its subsidiaries, or breach of any Environmental and Safety Law or for which such Person or its Subsidiaries is otherwise liable or responsible.

 

“ERISA” means the Employee Retirement Income Security Act of 1974.

 

“ERISA Affiliate” means any corporation which is a member of the same controlled group of corporations as the Borrower within the meaning of section 414(b) of the Code, or any trade or business which is under common control with the Borrower within the meaning of section 414(c) of the Code.

 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

 

“Eurodollar Loan” means a Committed Loan that bears interest at a rate based on clause (a) of the definition of “Eurodollar Rate.”

 

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“Eurodollar Rate” means:

 

(a)                                 for any Interest Period with respect to a Eurodollar Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate, which rate is approved by the Agent, as published by Bloomberg (or such other commercially available source providing such quotations as may be designated by the Agent from time to time) (in such case, the “LIBOR Rate”) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; and

 

(b)                                 for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the LIBOR Rate, at approximately 11:00 a.m., London time determined two Business Days prior to such date for Dollar deposits with a term of one month commencing that day;

 

provided that (i) to the extent a comparable or successor rate is approved by the Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Agent, such approved rate shall be applied as otherwise reasonably determined by the Agent and (ii) if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

 

“Event of Default” has the meaning specified in Section 8.01.

 

“Excluded Subsidiary” means (a) each CFC and (b) each U.S. Foreign Holdco; provided, that in each case, such Person has not issued or guaranteed any notes issued pursuant to the Note Purchase Agreements.

 

“Excluded Taxes” means, any of the following Taxes imposed on or with respect to any Recipient  or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 10.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01(a)(ii) or 3.01(c), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

 

“Existing Credit Agreement” has the meaning specified in the introductory paragraphs hereto.

 

“Existing Letters of Credit” means those letters of credit set forth on Schedule 1.01.

 

“FATCA” means Sections 1471 through 1474 of the Code, as of the Closing Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

 

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“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Agent.  Notwithstanding the foregoing, if the Federal Funds Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

 

“Fee Letter” means the administrative agent fee letter agreement, dated July 7, 2015, among the Borrower, the Agent and the Arranger.

 

“Foreign Lender” means a Lender that is not a U.S. Person.

 

“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.

 

“FRB” means the Board of Governors of the Federal Reserve System of the United States.

 

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders in accordance with the terms hereof.

 

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.

 

“GAAP” means generally accepted accounting principles in the United States set forth in the Financial Accounting Standards Board Accounting Standards Codification or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

 

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

 

“Guarantee” means, without duplication, any obligation, contingent or otherwise, of any Person guaranteeing or having the economic effect of guaranteeing any Debt or other obligation of any other Person (the primary obligor) in any manner, directly or indirectly, and including any obligation:  (a) to make any loan, advance or capital contribution, or for the purchase of any property from, any Person, in each case for the purpose of enabling such Person to maintain working capital, net worth or any other balance sheet condition or to pay debts, dividends or expenses except for advances, deposits and initial payments made in the usual and ordinary course of business for the purchase or acquisition of property or services; (b) to purchase materials, supplies or other property or services if such obligation requires that 

 

11

 

payment for such materials, supplies or other property or services be made regardless of whether or not delivery of such materials, supplies or other property or services is ever made or tendered; (c) to rent or lease (as lessee) any real or personal property if such obligation is absolute and unconditional under conditions not customarily found in commercial leases then in general use; or (d) of any partnership or joint venture in which such Person is a general partner or joint venturer if such obligation is not expressly non-recourse to such Person; but excluding (i) completion guarantees issued in connection with a real estate development project to the extent contingent and not constituting a direct or indirect obligation to repay Debt, (ii) obligations under environmental indemnification agreements and (iii) a guaranty of Matson Navigation’s trade accounts receivable purchased or held by the CCF.

 

“Guarantors” means, collectively, (a) each Material Domestic Subsidiary of the Borrower identified as a “Guarantor” on the signature pages to the Guaranty, (b) each Person that joins the Guaranty as a Guarantor pursuant to Section 6.08 or otherwise and (c) the successors and permitted assigns of the foregoing; provided, however, that no Excluded Subsidiary shall be a Guarantor.  A Guarantor shall be released from its Guaranty pursuant to, and in accordance with, the terms hereof or the Guaranty.

 

“Guaranty” means the Amended and Restated Guaranty, dated as of the Closing Date, executed by the Guarantors in favor of the Agent for the benefit of the holders of the Obligations.

 

“Hazardous Materials” means (a) any material or substance defined as or included in the definition of “hazardous substances,” “hazardous wastes,” “hazardous materials,” “toxic substances” or any other formulations intended to define, list or classify substances by reason of their deleterious properties, (b) any oil, petroleum or petroleum derived substance, (c) any flammable substances or explosives, (d) any radioactive materials, (e) asbestos in any form, (f) electrical equipment that contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of fifty parts per million, (g) pesticides; or (h) any other chemical, material or substance, exposure to which is prohibited, limited or regulated by any governmental agency or authority or which may or could pose a hazard to the health and safety of persons in the vicinity thereof.

 

“Hostile Acquisition” means any Acquisition that has not been approved by the board of directors or other governing body of the applicable entity as contemplated by Section 5.14(b).

 

“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), Other Taxes.

 

“Indemnitee” has the meaning specified in Section 10.04(b).

 

“Information” has the meaning specified in Section 10.07.

 

“Intercreditor Agreement” means that certain Intercreditor and Collateral Agency Agreement, dated as of July 30, 2015, by and among the Agent and the holders of the Senior Notes under the 2013 Note Purchase Agreement, the 2015 Note Purchase Agreement, the 2016 Met Life Note Purchase Agreement and the 2016 Pru Note Purchase Agreement.

 

“Interest Payment Date” means, (a) as to any Eurodollar Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the first Business Day after the end of each March, June, September and December and the Maturity Date.

 

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“Interest Period” means, as to each Eurodollar Loan, the period commencing on the date such Eurodollar Loan is disbursed or converted to or continued as a Eurodollar Loan and ending on the date one week or one, two, three or six months thereafter (in each case, subject to availability), as selected by the Borrower in its Committed Loan Notice; provided that:

 

(a)                                 any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

 

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

 

(c)                                  no Interest Period shall extend beyond the Maturity Date.

 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the L/C Issuer and the Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of Credit.

 

“L/C Advance” means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

 

“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Committed Borrowing.

 

“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

 

“L/C Issuer” means, as the context requires, (a) First Hawaiian Bank in its capacity as issuer of Letters of Credit hereunder (including certain Existing Letters of Credit), (b) Bank of America in its capacity as issuer of Letters of Credit hereunder (including certain Existing Letters of Credit), (c) Wells Fargo Bank, National Association in its capacity as issuer of certain Letters of Credit hereunder (including certain Existing Letters of Credit), (d) such other Lender selected by the Borrower pursuant to Section 2.03(l) from time to time to issue such Letter of Credit and (e) any successor issuer of Letters of Credit hereunder.  The term “L/C Issuer” when used with respect to a Letter of Credit or the L/C Obligations relating to a Letter of Credit shall refer to the L/C Issuer that issued such Letter of Credit.

 

“L/C Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings.  For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.  For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

 

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“Lender” means each of the Persons identified as a “Lender” on the signature pages hereto, each other Person that becomes a “Lender” in accordance with this Agreement and their successors and assigns and, unless the context requires otherwise, includes the Swing Line Lender.

 

“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Agent, which office may include any Affiliate of such Lender or any domestic or foreign branch of such Lender or such affiliate.  Unless the context otherwise requires each references to a Lender shall include its applicable Lending Office.

 

“Letter of Credit” means any letter of credit issued hereunder providing for the payment of cash upon the honoring of a presentation thereunder and shall include the Existing Letters of Credit.  A Letter of Credit may be a commercial letter of credit or a standby letter of credit.  Notwithstanding anything to the contrary contained herein, a letter of credit issued by an L/C Issuer other than Bank of America shall not be a “Letter of Credit” for purposes of the Loan Documents until such time as the Agent has been notified of the issuance thereof by the applicable L/C Issuer and has confirmed with the L/C Issuer that there exists adequate availability under the Aggregate Commitments to issue such letter of credit.

 

“Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.

 

“Letter of Credit Expiration Date” means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

 

“Letter of Credit Fee” has the meaning specified in Section 2.03(i).

 

“Letter of Credit Sublimit” means an amount equal to the lesser of (a) $100,000,000 and (b) the Aggregate Commitments.  The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments.

 

“Lien” means any mortgage, deed of trust, pledge, security interest, encumbrance, deposit arrangement, lien (including any lien securing any Capitalized Lease Obligation) or charge of any kind (including any conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing).

 

“Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a Committed Loan or a Swing Line Loan.

 

“Loan Documents” means this Agreement, each Note, each Issuer Document, the Guaranty, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.15 and the Fee Letter.

 

“Loan Parties” means, collectively, the Borrower and each Guarantor.

 

“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

 

“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, on the business, financial condition or operations of the Borrower and its Subsidiaries taken as a whole; (b) a material impairment of the ability of any Loan Party to perform its obligations under any Loan Document; or (c) a material adverse effect on the material rights and remedies of the Lenders, which material adverse effect was not caused by any Lender.

 

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“Material Domestic Subsidiary” means any Domestic Subsidiary of the Borrower (other than a U.S. Foreign Holdco) that accounts for, as of the most recently ended four fiscal quarter period of the Borrower, 5% or more of Consolidated EBITDA of the Borrower and its Subsidiaries for the most recently ended four fiscal quarter period of the Borrower.

 

“Material Line of Business” means a line of business or an operating division that accounts for, as of the most recently ended four fiscal quarter period of the Borrower, 5% or more of Consolidated EBITDA of the Borrower and its Subsidiaries for the most recently ended four fiscal quarter period of the Borrower.

 

“Material Subsidiary” means (a) any Guarantor and (b) any Subsidiary of the Borrower that accounts for, as of the most recently ended four fiscal quarter period of the Borrower, 5% or more of Consolidated EBITDA of the Borrower and its Subsidiaries for the most recently ended four fiscal quarter period of the Borrower.

 

“Matson Navigation” means Matson Navigation Company, Inc.

 

“Maturity Date” means June 29, 2022.  If such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

 

“Minimum Collateral Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 103% of the Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued and outstanding at such time, (b) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 2.15(a)(i), (a)(ii) or (a)(iii), an amount equal to 103% of the Outstanding Amount of all L/C Obligations, and (c) otherwise, an amount equal to 103% of the stated amount of the applicable Letter of Credit.

 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

 

“Multiemployer Plan” means any Plan which is a “multiemployer plan” (as such term is defined in section 4001(a)(3) of ERISA).

 

“Net Debt” means, at any time of determination thereof, the excess of the principal amount of all Debt of the Borrower and its Subsidiaries on a consolidated basis on such date over the Net Debt Cash Amount on such date.

 

“Net Debt Cash Amount” means, for any date of determination, the sum over $15,000,000 (excluding any amount in the CCF) as of such date of (a) the Borrower’s and its Subsidiaries’ unrestricted cash and cash equivalents (other than any amounts in the CCF) as of such date and (b) 60% of the amount in the CCF as of such date.

 

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 10.01 and (ii) has been approved by the Required Lenders.

 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

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“Note” means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form of Exhibit C.

 

“Note Purchase Agreement” means, for any date of determination, (a) the 2013 Note Purchase Agreement, (b) the 2015 Note Purchase Agreement, (c) the 2016 Met Life Note Purchase Agreement, (d) the 2016 Pru Note Purchase Agreement, and (e) any other note purchase agreement entered into by a Loan Party on or after the Closing Date, in each of clauses (a), (b), (c), (d) and (e) under which notes in an aggregate  principal amount of at least $30,000,000 are issued and sold and remain outstanding as of such date of determination; provided, however, that the term Note Purchase Agreement shall exclude (i) Title XI Debt, (ii) financings to build, modify and/or acquire Vessel(s) secured by such Vessel(s) (other than Vessel(s) constituting Collateral) and (iii) for the avoidance of doubt, any Debt between or among the Borrower and its Subsidiaries.

 

“Notice of Loan Prepayment” means a notice of prepayment with respect to a Loan, which shall be substantially in the form of Exhibit G or such other form as may be approved by the Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Agent), appropriately completed and signed by an Authorized Officer of the Borrower.

 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising under any Loan Document and including interest and fees that accrue after the commencement by or against the Borrower or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming a Loan Party as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“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 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 3.06).

 

“Outstanding Amount” means (a) with respect to Committed Loans and Swing Line Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Committed Loans and Swing Line Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts.

 

“Participant” has the meaning specified in Section 10.06(d).

 

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“Participant Register” has the meaning specified in Section 10.06(d).

 

“PBGC” means the Pension Benefit Guaranty Corporation.

 

“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” (as such term is defined in section 3 of ERISA) which is or has been established or maintained, or to which contributions are or have been made, by the Borrower or any ERISA Affiliate.

 

“Platform” has the meaning specified in Section 6.01.

 

“Priority Debt” means, at any time of determination thereof and without duplication, (a) Debt of the Borrower or Matson Navigation secured by any Lien (including, without limitation, all Title XI Debt and all Debt secured by marine assets, in each case whether full recourse or limited recourse) and (b) all Debt secured by any Lien (including, without limitation, all Title XI Debt and all Debt secured by a Lien on marine assets, in each case whether full recourse or limited recourse) and, without duplication, all unsecured Debt of Subsidiaries of the Borrower (other than unsecured Debt of Guarantors); provided, however, that Priority Debt shall not include (i) Debt owing from any Subsidiary to the Borrower or any other Subsidiary, (ii) any of the Obligations, (iii) any of the obligations of the Borrower or any Subsidiary under the Note Purchase Agreements and Guarantees in respect thereof, so long as the Obligations are secured on an equal and ratable basis pursuant to Section 6.03(ii), or (iv) Debt secured solely by Collateral; provided further, for purposes of clarification, the obligations of the Borrower and its Subsidiaries under any Note Purchase Agreements and Guarantees in respect thereof shall not constitute Priority Debt solely as a result of such obligations being secured (x) solely by Collateral and/or (y) being secured (without the Obligations being equally and ratably secured) by cash collateral in an amount for each such Note Purchase Agreement not to exceed the amount of Cash Collateral at such time being provided by the Borrower and its Subsidiaries pursuant to Section 2.15.

 

“Public Lender” has the meaning specified in Section 6.01.

 

“Qualifying Ship” has the meaning specified in Section 7.01(b).

 

“Recipient” means (a) the Agent, (b) any Lender, (c) the L/C Issuer and (d) any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, as applicable.

 

“Register” has the meaning specified in Section 10.06(c).

 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice.

 

“Required Lenders” means, as of any date of determination, Lenders having more than 50% of the Aggregate Commitments or, if the commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, Lenders holding in the aggregate more than 50% of the Total Outstandings (with the aggregate amount of each 

 

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Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this definition); provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders (except that the amount of any participation in any Swing Line Loan and Unreimbursed Amounts that such Defaulting Lender has failed to fund that has not been reallocated to and funded by another Lender shall be deemed to be “held” by the Lender that is the Swing Line Lender or L/C Issuer, as the case may be, in making such determination).

 

“Responsible Officer” means each of the treasurer, the chief financial officer and chief legal officer of a Loan Party and any other officer of a Loan Party whose responsibilities include monitoring such Loan Party’s compliance with the provisions of this Agreement and the other Loan Documents to which it is a party, solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary of a Loan Party, and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Agent.  Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

 

“Restricted Payments” has the meaning specified in Section 7.08.

 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. and any successor thereto.

 

“Sanction(s)” means any international economic sanction or trade embargo administered or enforced by the United States Government, including OFAC, or other relevant sanctions authority applicable to the Borrower and its Subsidiaries.

 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Security Agreement” means, individually, each of (a) that certain Security Agreement (Vessel Type Aloha Class — Hull No. 29) dated as of the applicable date thereof between Matson Navigation and the Collateral Agent in substantially the form set forth as Exhibit H-1, (b) that certain Security Agreement (Vessel Type Aloha Class — Hull No. 30) dated as of the applicable date thereof between Matson Navigation and the Collateral Agent in substantially the form set forth as Exhibit H-2, (c) that certain Security Agreement (Vessel Type Kanaloa Class — Hull Nos. 601 and 602) dated as of the applicable date thereof between Matson Navigation and the Collateral Agent in substantially the form set forth as Exhibit H-3, and (d) any other Security Agreement with respect to an applicable Vessel (or contract to build a Vessel) between a Loan Party and the Collateral Agent in substantially the form set forth as Exhibits H-1, H-2 or H-3 with respect to such applicable Vessel (or contract to build a Vessel) and designated in writing from time to time by any Loan Party to the Collateral Agent as a “Security Agreement” hereunder.

 

“Senior Notes” means the notes issued pursuant to the Note Purchase Agreements.

 

“Special Relief Period” has the meaning specified in Section 7.01(b).

 

“Special Relief Period Notice” has the meaning specified in Section 7.01(b).

 

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“Specified Date” has the meaning specified in Section 7.01(b).

 

“Subsidiary” means, as to any Person, any company, whether operating as a corporation, joint venture, partnership, limited liability company or other entity, which is consolidated with such Person in accordance with GAAP.  Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.

 

“Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04.

 

“Swing Line Lender” means Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder.

 

“Swing Line Loan” has the meaning specified in Section 2.04(a).

 

“Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit B or such other form as approved by the Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Agent pursuant), appropriately completed and signed by an Authorized Officer of the Borrower.

 

“Swing Line Sublimit” means an amount equal to the lesser of (a) $50,000,000 and (b) the Aggregate Commitments.  The Swing Line Sublimit is part of, and not in addition to, the Aggregate Commitments.

 

“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.

 

“Title XI Debt” means all Debt of the Borrower or any Subsidiary that is guaranteed by the United States pursuant to 46 USC Chapter 537.

 

“Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

 

“Type” means, with respect to a Committed Loan, its character as a Base Rate Loan or a Eurodollar Loan.

 

“UCP” means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

 

“United States” and “U.S.” mean the United States of America.

 

“Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).

 

“U.S. Foreign Holdco” means any Domestic Subsidiary, substantially all of the assets of which consist of equity interests of one or more Foreign Subsidiaries.

 

“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(III).

 

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“Vessel” means each vessel that is (or is required to be) documented under and pursuant to the laws of the United States with a coastwise endorsement owned or operated by the Borrower or any Subsidiary.

 

“Withholding Agent” means the Borrower, any Loan Party and the Agent.

 

“2013 Note Purchase Agreement” means that certain Note Purchase Agreement, dated as of November 5, 2013, by and among the Borrower and the purchasers party thereto.

 

“2015 Note Purchase Agreement” means that certain Note Purchase Agreement, dated as of July 30, 2015, by and among the Borrower and the purchasers party thereto.

 

“2016 Met Life Note Purchase Agreement” means that certain Note Purchase Agreement, dated as of December 21, 2016, by and among the Borrower and the purchasers party thereto.

 

“2016 Pru Note Purchase Agreement” means that certain Third Amended and Restated Note Purchase and Private Shelf Agreement, dated as of September 14, 2016, by and among the Borrower and the purchasers party thereto.

 

1.02                        Other Interpretive Provisions.  With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

 

(a)                                 The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any articles of incorporation, bylaws or similar organizational documents) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,”  “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

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

 

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(c)                                  Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

 

(d)                                 All covenants hereunder shall be given independent effect so that if a particular action or condition is prohibited by any one of such covenants, the fact that it would be permitted by an exception to, or otherwise be in compliance within the limitations of, another covenant shall not (i) avoid the occurrence of a Default if such action is taken or such condition exists or (ii) in any way prejudice an attempt by the Agent to prohibit, through equitable action or otherwise the taking of any action by the Borrower or any Subsidiary that would result in a Default.  For the avoidance of doubt, if a particular action or condition is expressly permitted by an exception to a covenant and is not expressly prohibited by another provision in the same covenant, the taking of such action or the existence of such condition shall not result in a Default under such covenant.

 

1.03                        Accounting Terms.

 

(a)                                           Generally.  All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, except as otherwise specifically prescribed herein.  Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded.

 

(b)                                 Changes in GAAP.  If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Agent and the Lenders financial statements and other documents reasonably requested by the Agent hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.  Without limiting the foregoing, leases shall continue to be classified and accounted for on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for above.

 

1.04                        Rounding.  Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

1.05                        Times of Day.  Unless otherwise specified, all references herein to times of day shall be references to Pacific time (daylight or standard, as applicable).

 

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1.06                        Letter of Credit Amounts.  Unless otherwise specified herein, the amount of an outstanding Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

 

ARTICLE II.

 

THE COMMITMENTS AND CREDIT EXTENSIONS

 

2.01                        Committed Loans.  Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Committed Loan”) in Dollars to the Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to any Committed Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed the amount of such Lender’s Commitment.  Subject to the terms and conditions hereof, the Borrower may borrow Committed Loans under this Section 2.01, repay or prepay such Committed Loans under Section 2.05, reborrow such Committed Loans and borrow other Committed Loans under this Section 2.01.  Committed Loans may be Base Rate Loans or Eurodollar Loans, as further provided herein.

 

2.02                        Borrowings, Conversions and Continuations of Committed Loans.

 

(a)                                 Each Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurodollar Loans shall be made upon the Borrower’s irrevocable notice to the Agent, which may be given by: (A) telephone or (B) a Committed Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to the Agent of a Committed Loan Notice.  Each such notice must be received by the Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any Borrowing of Eurodollar Loans or any conversion to or continuation of Eurodollar Loans or of any conversion of Eurodollar Loans to Base Rate Loans and (ii) one Business Day prior to the requested date of any Borrowing of Base Rate Loans.  Each Borrowing of, conversion to or continuation of Eurodollar Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof.  Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof.  Each Committed Loan Notice (whether telephonic or written) shall specify (1) whether the Borrower is requesting a Committed Borrowing, a conversion of Committed Loans from one Type to the other, or a continuation of Eurodollar Loans, (2) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (3) the principal amount of Committed Loans to be borrowed, converted or continued, (4) the Type of Committed Loans to be borrowed or to which existing Committed Loans are to be converted, and (5) if applicable, the duration of the Interest Period with respect thereto.  If the Borrower fails to specify a Type of Committed Loan in a Committed Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation of a Eurodollar Loan, then the applicable Committed Loan shall be made as, or converted to, Base Rate Loans, unless such Committed Loan was a Eurodollar Loan, in which case such Committed Loan shall be continued as a Eurodollar Loan with an Interest Period of one month.  Any such 

 

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automatic conversion to a Base Rate Loan and any such continuation of a Eurodollar Loan, in either case, shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Loans.  If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Loans in any such Committed Loan Notice, but the Borrower fails to specify an Interest Period for such Committed Loan or continuation of a Eurodollar Loan, it will be deemed to have specified an Interest Period of one month.

 

(b)                                 Following receipt of a Committed Loan Notice, the Agent shall promptly notify each Lender of the amount of its Applicable Percentage of the applicable Committed Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans or continuation of Eurodollar Loans described in the preceding subsection.  In the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the Agent in immediately available funds at the Agent’s Office not later than 10:00 a.m. on the Business Day specified in the applicable Committed Loan Notice.  Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Agent shall make all funds so received available to the Borrower in like funds as received by the Agent either by (i) crediting the account of the Borrower on the books of First Hawaiian Bank with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Agent by the Borrower; provided, however, that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above.

 

(c)                                  Except as otherwise provided herein, a Eurodollar Loan may be continued or converted only on the last day of an Interest Period for such Eurodollar Loan.  During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Loans without the consent of the Required Lenders.

 

(d)                                 The Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for Eurodollar Loans upon determination of such interest rate.  At any time that Base Rate Loans are outstanding, the Agent shall notify the Borrower and the Lenders of any change in Bank of America’s prime rate used in determining the Base Rate promptly following the public announcement of such change.

 

(e)                                  After giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of Committed Loans as the same Type, there shall not be more than ten Interest Periods in effect at any single time with respect to Eurodollar Loans.

 

(f)                                             Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Agent and such Lender.

 

(g)                                  This Section 2.02 shall not apply to Swing Line Loans.

 

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2.03                        Letters of Credit.

 

(a)                                 The Letter of Credit Commitment.

 

(i)                                     Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit in Dollars for the account of the Borrower or any of its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit.  Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence.  Within the forgoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed.  All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

 

(ii)                                  The L/C Issuer shall not issue any Letter of Credit if:

 

(A)                               subject to Section 2.03(b)(iii), the expiry date of such requested Letter of Credit would occur more than twelve months after the date of issuance or last extension, unless the Required Lenders have approved such expiry date; or

 

(B)                               the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Lenders have approved such expiry date; provided that Letters of Credit with an expiry date after the Letter of Credit Expiration Date may be issued (but the L/C Issuer shall have no obligation to issue) so long as the Borrower agrees to Cash Collateralize such Letter of Credit in an amount equal to at least 103% of the face amount of such Letter of Credit prior to the Letter of Credit Expiration Date in accordance with the terms of this Agreement.  The Borrower hereby agrees that on or before the Letter of Credit Expiration Date it shall Cash Collateralize any Letter of Credit existing and not expiring on the Letter of Credit Expiration Date in an amount equal to at least 103% of the face amount of such Letter of Credit (and in the event the Borrower fails to do so, the Agent may require each Lender to fund its participation interest in an amount equal to such Lender’s Applicable Percentage of the outstanding Letters of Credit for purposes of Cash Collateralizing the Letters of Credit).  For the avoidance of doubt, the parties hereto agree that the obligations of the Lenders hereunder to reimburse the L/C Issuer for any Unreimbursed Amount with respect to any Letter of Credit shall terminate on the Maturity Date with respect to drawings occurring after that date.

 

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(iii)                               The L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

 

(A)                               any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the L/C Issuer in good faith deems material to it;

 

(B)                               the issuance of such Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally;

 

(C)                               such Letter of Credit is to be denominated in a currency other than Dollars; or

 

(D)                               any Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Defaulting Lender to eliminate the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.16(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion.

 

(iv)                              The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof.

 

(v)                                 The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.

 

(vi)                              The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Agent in Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Agent” as used in Article IX included the L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuer.

 

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(b)                                 Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

 

(i)                                     Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the L/C Issuer (with a copy to the Agent) in the form of a Letter of Credit Application, appropriately completed and signed by an Authorized Officer of the Borrower.  Such Letter of Credit Application may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the L/C Issuer, by personal delivery or by any other means acceptable to the L/C Issuer.  Such Letter of Credit Application must be received by the L/C Issuer and the Agent not later than 11:00 a.m. at least three Business Days (or such later date and time as the Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be.  In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the stated amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of  the requested Letter of Credit; and (H) such other matters as the L/C Issuer may reasonably require.  In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the L/C Issuer may reasonably require.  Additionally, the Borrower shall furnish to the L/C Issuer and the Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Agent may reasonably require.

 

(ii)                                  Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Agent (by telephone or in writing) that the Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, the L/C Issuer will provide the Agent with a copy thereof.  Unless the L/C Issuer has received written notice from any Lender, the Agent or the Borrower, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower or the applicable Subsidiary or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices.  Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Letter of Credit.

 

(iii)                               If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to

 

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prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued.  Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer for any such extension.  Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Agent that the Required Lenders have elected not to permit such extension or (2) from the Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension.

 

(iv)                              If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that permits the automatic reinstatement of all or a portion of the stated amount thereof after any drawing thereunder (each, an “Auto-Reinstatement Letter of Credit”).  Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer to permit such reinstatement.  Once an Auto-Reinstatement Letter of Credit has been issued, except as provided in the following sentence, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to reinstate all or a portion of the stated amount thereof in accordance with the provisions of such Letter of Credit.  Notwithstanding the foregoing, if such Auto-Reinstatement Letter of Credit permits the L/C Issuer to decline to reinstate all or any portion of the stated amount thereof after a drawing thereunder by giving notice of such non-reinstatement within a specified number of days after such drawing (the “Non-Reinstatement Deadline”), the L/C Issuer shall not permit such reinstatement if it has received a notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Reinstatement Deadline (A) from the Agent that the Required Lenders have elected not to permit such reinstatement or (B) from the Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied (treating such reinstatement as an L/C Credit Extension for purposes of this clause) and, in each case, directing the L/C Issuer not to permit such reinstatement.

 

(v)                                 Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Borrower and the Agent a true and complete copy of such Letter of Credit or amendment and any other Issuer Documents related thereto.

 

(c)                                  Drawings and Reimbursements; Funding of Participations.

 

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(i)                                     Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall notify the Borrower and the Agent thereof.  Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse the L/C Issuer through the Agent in an amount equal to the amount of such drawing; provided that the Borrower has received notice of such payment by 9:00 a.m. on such Honor Date, otherwise the Borrower shall make such payment not later than 11:00 a.m. on the following Business Day (together with interest thereon).  If the Borrower fails to so reimburse the L/C Issuer by such time, the Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof.  In such event, and in lieu of the obligation of the Borrower to reimburse the L/C Issuer as provided in the two immediately preceding sentences, the Borrower shall be deemed to have requested a Committed Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice).  Any notice given by the L/C Issuer or the Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

 

(ii)                                  Each Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Agent may apply Cash Collateral provided for this purpose) for the account of the L/C Issuer at the Agent’s Office in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount.  The Agent shall remit the funds so received to the L/C Issuer.

 

(iii)                               With respect to any Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate.  In such event, each Lender’s payment to the Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.03.

 

(iv)                              Until each Lender funds its Committed Loan or its L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be solely for the account of the L/C Issuer.

 

(v)                                 Each Lender’s obligation to make Committed Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the L/C Issuer, the Borrower or any other Person for 

 

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any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Borrower of a Committed Loan Notice).  No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein.

 

(vi)                              If any Lender fails to make available to the Agent for the account of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer shall be entitled to recover from such Lender (acting through the Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing.  If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be.  A certificate of the L/C Issuer submitted to any Lender (through the Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.

 

(d)                                 Repayment of Participations by the Lenders.

 

(i)                                     At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Agent receives for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Agent), the Agent will distribute to such Lender its Applicable Percentage thereof in the same funds as those received by the Agent.

 

(ii)                                  If any payment received by the Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by the L/C Issuer in its discretion), each Lender shall pay to the Agent for the account of the L/C Issuer its Applicable Percentage thereof on demand of the Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

 

(e)                                  Obligations Absolute.  The obligation of the Borrower to reimburse the L/C Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

 

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(i)                                     any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii)                                  the existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)                               any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv)                              waiver by the L/C Issuer of any requirement that exists for the L/C Issuer’s protection and not the protection of the Borrower or any waiver by the L/C Issuer which does not in fact materially prejudice the Borrower;

 

(v)                                 honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

 

(vi)                              any payment made by the L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must be received under such Letter of Credit if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable;

 

(vii)                           any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or

 

(viii)                        any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or any Subsidiary.

 

The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the L/C Issuer.  The Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid.

 

(f)                                   Role of L/C Issuer.  Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document.  None of the L/C Issuer, the 

 

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Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document.  The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement.  None of the L/C Issuer, the Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through (viii) of Section 2.03(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower and any applicable Subsidiary of the Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the Borrower and any applicable Subsidiary of the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower or such Subsidiary which the Borrower or such Subsidiary proves were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit.  In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.  The L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.  The L/C Issuer shall provide to the Agent a list of outstanding Letters of Credit (together with type, amounts and denominated currency) issued by it on a monthly basis.

 

(g)                                  Letters of Credit Issued for Subsidiaries.  Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the L/C Issuer hereunder for any and all drawings under such Letter of Credit.  The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

 

(h)                                 Applicability of ISP and UCP.  Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit.  Notwithstanding the foregoing, the L/C Issuer shall not be responsible to the Borrower for, and the L/C Issuer’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the L/C Issuer required under any law or practice that is required to be applied to any Letter of Credit, including the law of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

 

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(i)                                     Letter of Credit Fees.  The Borrower shall pay to the Agent for the account of each Lender in accordance, subject to Section 2.16, with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit.  Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand, (ii) computed on a quarterly basis in arrears and (iii) computed for the actual number of days that such Letters of Credit are outstanding during the applicable quarter.  If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.  Notwithstanding anything to the contrary contained herein, upon the request of the Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate.

 

(j)                                    Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer.  The Borrower shall pay directly to the L/C Issuer for its own account a fronting fee with respect to each issuance or amendment of a Letter of Credit, at a rate and at the times separately agreed between the Borrower and the L/C Issuer.  In addition, the Borrower shall pay directly to the L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect.  Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

 

(k)                                 Conflict with Issuer Documents.  In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control.

 

(l)                                     Additional L/C Issuers.  The Borrower may from time to time, upon not less than five (5) Business Days’ notice from the Borrower to the Agent (or such shorter period of time as may be agreed by the Agent in its sole discretion), designate a Lender hereunder as an L/C Issuer (upon obtaining such Lender’s prior consent thereto).  The Agent will promptly notify the Lenders of any designation of any such additional L/C Issuers by the Borrower.  Upon (i) notification to the Lenders of any additional L/C Issuer by the Agent and (ii) delivery by the Borrower of such contact and other information regarding such L/C Issuer as the Agent shall reasonably request, such Lender shall become an L/C Issuer for all purposes of this Agreement, and references to “L/C Issuer” shall mean and include such Lender in its capacity as an L/C Issuer.

 

(m)                             L/C Issuer Reports to the Agent.  Unless otherwise agreed by the Agent, each L/C Issuer shall, in addition to its notification obligations set forth elsewhere in this Section, provide the Agent, the following:

 

(i)                                     reasonably prior to the time that such L/C Issuer issues, amends, renews, increases or extends a Letter of Credit, the date of such issuance, amendment, renewal, increase or extension and the stated amount of the applicable Letters of Credit after giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed);

 

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(ii)                                  on each Business Day on which such L/C Issuer makes a payment pursuant to a Letter of Credit, the date and amount of such payment;

 

(iii)                               on any Business Day on which the Borrower fails to reimburse a payment made pursuant to a Letter of Credit required to be reimbursed to such L/C Issuer on such day, the date of such failure and the amount of such payment;

 

(iv)                              on any other Business Day, such other information as the Agent shall reasonably request as to the Letters of Credit issued by such L/C Issuer; and

 

(v)                                 for so long as any Letter of Credit issued by an L/C Issuer is outstanding, such L/C Issuer shall deliver to the Agent (A) on the last Business Day of each calendar month, and (B) on each date that (1) an L/C Credit Extension occurs or (2) there is any expiration, cancellation and/or disbursement, in each case, with respect to any such Letter of Credit, a such information as the Agent shall reasonably request, including, the letter of credit number, maximum face amount, current face amount, beneficiary name, issuance date, expiry date and whether such Letter of Credit is may be automatically renewed or extended.

 

The Agent shall maintain a record of all outstanding Letters of Credit based upon information provided by the Borrower and the L/C Issuers pursuant to this Section 2.03(m), and such record of the Agent shall, absent manifest error, be deemed a correct and conclusive record of all Letters of Credit outstanding from time to time hereunder.  Notwithstanding the foregoing, if and to the extent the Agent determines that there are one or more discrepancies between information provided by the Borrower and any L/C Issuer hereunder, the Agent will notify the Borrower and such L/C Issuer thereof and the Borrower and such L/C Issuer shall endeavor to reconcile any such discrepancy.

 

2.04                        Swing Line Loans.

 

(a)                                 The Swing Line.  Subject to the terms and conditions set forth herein, the Swing Line Lender agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.04, to make loans (each such loan, a “Swing Line Loan”) to the Borrower in Dollars from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit; provided, however, that (i) after giving effect to any Swing Line Loan, (A) the Total Outstandings shall not exceed the Aggregate Commitments, and (B) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment, (ii) the Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan and (iii) the Swing Line Lender shall not be under any obligation to make any Swing Line Loan if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension may have, Fronting Exposure.  Prior to a refinancing of a Swing Line Loan or the funding of a risk participation in Swing Line Loans, in either case, pursuant to Section 2.04(c), it is understood and agreed that the outstanding Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Committed Loans and L/C Obligations of the Swing Line Lender, may exceed the amount of such Lender’s Commitment.  Subject to the other terms and conditions hereof, the Borrower may borrow Swing Line Loans under this Section 2.04, repay or prepay such Swing Line Loans, reborrow such Swing Line Loans and borrow other Swing Line Loans under this Section 2.04.  Each Swing Line 

 

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Loan shall be a Base Rate Loan.  Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Swing Line Loan.

 

(b)                                 Borrowing Procedures.  Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the Swing Line Lender and the Agent, which may be given by:  (A) telephone or (B) a Swing Line Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to the Swing Line Lender and the Agent of a Swing Line Loan Notice.  Each such notice must be received by the Swing Line Lender and the Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business Day.  Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Agent (by telephone or in writing) that the Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Agent (by telephone or in writing) of the contents thereof.  Unless the Swing Line Lender has received notice (by telephone or in writing) from the Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (1) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the proviso to the first sentence of Section 2.04(a), or (2) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrower.

 

(c)                                  Refinancing of Swing Line Loans.

 

(i)                                     The Swing Line Lender at any time in its sole discretion may request, on behalf of the Borrower (which hereby irrevocably authorizes the Swing Line Lender to so request on its behalf), that each Lender make a Base Rate Loan in an amount equal to such Lender’s Applicable Percentage of the amount of Swing Line Loans then outstanding (which Base Rate Loans shall be used to refinance such Swing Line Loans).  Such request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02.  The Swing Line Lender shall furnish the Borrower with a copy of the applicable Committed Loan Notice promptly after delivering such notice to the Agent.  Each Lender shall make an amount equal to its Applicable Percentage of the amount specified in such Committed Loan Notice available to the Agent in immediately available funds (and the Agent may apply Cash Collateral available with respect to the applicable Swing Line Loan) for the account of the Swing Line Lender at the Agent’s Office not later than 1:00 p.m. on the day specified in such Committed Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount.  The Agent shall remit the funds so received to the Swing Line Lender.  To the extent that a Swing Line Loan has been refinanced with a Borrowing of Base Rate Loans pursuant to this Section 2.04(c)(i), such Swing Line Loan shall be deemed repaid for all purposes herein.

 

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(ii)                                  If for any reason any Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that each of the Lenders fund its risk participation in the relevant Swing Line Loan and each Lender’s payment to the Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed payment in respect of such participation.

 

(iii)                               If any Lender fails to make available to the Agent for the account of the Swing Line Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Lender (acting through the Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing.  If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or funded participation in the relevant Swing Line Loan, as the case may be.  A certificate of the Swing Line Lender submitted to any Lender (through the Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error.

 

(iv)                              Each Lender’s obligation to make Committed Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02.  No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrower to repay Swing Line Loans, together with interest as provided herein.

 

(d)                                 Repayment of Participations.

 

(i)                                     At any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Applicable Percentage thereof in the same funds as those received by the Swing Line Lender.

 

(ii)                                  If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each Lender shall pay to the Swing Line Lender its Applicable Percentage thereof on demand of the Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate.  The Agent will make such demand upon the request of the Swing Line Lender.  The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

 

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(e)                                  Interest for Account of Swing Line Lender.  The Swing Line Lender shall be responsible for invoicing the Borrower for interest on the Swing Line Loans.  Until each Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.04 to refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for the account of the Swing Line Lender.

 

(f)                                   Payments Directly to Swing Line Lender.  The Borrower shall make all payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender.

 

2.05                        Prepayments.

 

(a)                                 The Borrower may, upon delivery of a Notice of Loan Prepayment to the Agent, at any time or from time to time voluntarily prepay Committed Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of Eurodollar Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding.  Each such notice shall specify the date and amount of such prepayment and the Type(s) of Committed Loans to be prepaid and, if Eurodollar Loans are to be prepaid, the Interest Period(s) of such Loans.  The Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment.  If the Borrower gives a prepayment notice, then the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein; provided, that any notice of prepayment given in connection with a notice of termination of the Committed Loans given by the Borrower may state that such prepayment notice is conditioned upon the effectiveness of other credit facilities or capital raising, in which case such notice may (subject to compliance by the Borrower with the requirements of Section 3.05) be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied.  Any prepayment of a Eurodollar Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05.  Subject to Section 2.16, each such prepayment shall be applied to the Committed Loans of the Lenders in accordance with their respective Applicable Percentages.

 

(b)                                 The Borrower may, upon delivery of a Notice of Loan Prepayment to the Swing Line Lender (with a copy to the Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Swing Line Lender and the Agent not later than 1:00 p.m. on the date of the prepayment, and (ii) any such prepayment shall be in a minimum principal amount of $100,000.  Each such notice shall specify the date and amount of such prepayment.  If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.

 

(c)                                  If for any reason the Total Outstandings at any time exceed the Aggregate Commitments, the Borrower shall immediately prepay Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(c) unless after the prepayment in full of the Loans the Total Outstandings exceed the Aggregate Commitments then in effect.

 

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2.06                        Termination or Reduction of Aggregate Commitments.  The Borrower may, upon notice to the Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrower shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments and (iv) if, after giving effect to any reduction of the Aggregate Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Commitments, such sublimit shall be automatically reduced by the amount of such excess; provided, that any notice of termination of the Aggregate Commitments given by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or capital raising, in which case such notice may be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied.  The Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Commitments.  Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage.  All fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.

 

2.07                        Repayment of Loans.

 

(a)                                 The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Committed Loans outstanding on such date.

 

(b)                                 Except to the extent previously refinanced with a Base Rate Loan pursuant to Section 2.04(c), the Borrower shall repay each Swing Line Loan on the earlier to occur of (i) the date ten Business Days after such Loan is made and (ii) the Maturity Date.

 

2.08                        Interest.

 

(a)                                 Subject to the provisions of subsection (b) below, (i) each Eurodollar Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the sum of the Eurodollar Rate for such Interest Period plus the Applicable Rate; (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the sum of the Base Rate plus the Applicable Rate; and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the sum of the Base Rate plus the Applicable Rate.

 

(b)                                 (i)                                     If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable laws.

 

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(ii)                                  If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable laws.

 

(iii)                               Upon the request of the Required Lenders, while any Event of Default exists (other than as set forth in clauses (b)(i) and (b)(ii) above), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable laws.

 

(iv)                              Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)                                  Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein.  Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and, to the extent permitted by applicable law, after the commencement of any proceeding under any Debtor Relief Law.

 

2.09                        Fees.  In addition to certain fees described in subsections (i) and (j) of Section 2.03:

 

(a)                                 Commitment Fee.  The Borrower shall pay to the Agent for the account of each Lender in accordance with its Applicable Percentage, a commitment fee equal to the product of the Applicable Rate times the actual daily amount by which the Aggregate Commitments exceed the sum of (i) the Outstanding Amount of Committed Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.16.  For the avoidance of doubt, the Outstanding Amount of Swing Line Loans shall not be counted towards or considered usage of the Aggregate Commitments for purposes of determining the commitment fee. The commitment fee shall accrue at all times during the period commencing on the Closing Date and ending on the last day of the Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period.  The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

 

(b)                                 Other Fees.

 

(i)                                     The Borrower shall pay, or cause to be paid, to the Arranger and the Agent for their own accounts fees in the amounts and at the times specified in the Fee Letter.  Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

(ii)                        The Borrower shall pay, or cause to be paid, to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified.  Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

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2.10                        Computation of Interest and Fees; Retroactive Adjustment of Applicable Rate.

 

(a)                                 All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).  Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one day.  Each determination by the Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

(b)                                 If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Lenders determine that (i) the Consolidated Net Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Net Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Agent for the account of the applicable Lenders or the L/C Issuer, as the case may be, promptly on demand by the Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Agent, any Lender or the L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period.  This paragraph shall not limit the rights of the Agent, any Lender or the L/C Issuer, as the case may be, under Section 2.03(c)(iii), 2.03(i) or 2.08(b) or under Article VIII.  The Borrower’s obligations under this paragraph shall survive the termination of the Aggregate Commitments and the repayment of all other Obligations hereunder.

 

2.11                        Evidence of Debt.

 

(a)                                 The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Agent in the ordinary course of business.  The accounts or records maintained by the Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon.  Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations.  In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Agent in respect of such matters, the accounts and records of the Agent shall control in the absence of manifest error.  Upon the request of any Lender made through the Agent, the Borrower shall execute and deliver to such Lender (through the Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records.  Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

 

(b)                                 In addition to the accounts and records referred to in subsection (a), each Lender and the Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing Line Loans.  In the event of any conflict between the accounts and records maintained by the Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Agent shall control in the absence of manifest error.

 

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2.12                        Payments Generally; Agent’s Clawback.

 

(a)                                 General.  All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff.  Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Agent, for the account of the respective Lenders to which such payment is owed, at the Agent’s Office in Dollars and in immediately available funds not later than 11:00 a.m. on the date specified herein.  The Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office.  All payments received by the Agent after 11:00 a.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.  If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

 

(b)                                 (i)                                     Funding by Lenders; Presumption by Agent.  Unless the Agent shall have received notice from a Lender prior to the proposed date of any Committed Borrowing of Eurodollar Loans (or, in the case of any Committed Borrowing of Base Rate Loans, prior to 12:00 p.m. on the date of such Committed Borrowing) that such Lender will not make available to the Agent such Lender’s share of such Committed Borrowing, the Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a Committed Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Committed Borrowing available to the Agent, then the applicable Lender and the Borrower severally agree to pay to the Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans.  If the Borrower and such Lender shall pay such interest to the Agent for the same or an overlapping period, the Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period.  If such Lender pays its share of the applicable Committed Borrowing to the Agent, then the amount so paid shall constitute such Lender’s Committed Loan included in such Committed Borrowing.  Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Agent.

 

(ii)                                  Payments by Borrower; Presumptions by Agent.  Unless the Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Agent for the account of the Lenders or the L/C Issuer hereunder that the Borrower will not make such payment, the Agent may assume that the Borrower has made such

 

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payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, 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 L/C Issuer, as the case may be, severally agrees to repay to the Agent forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Agent, at the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation.

 

A notice of the Agent to any Lender or the Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error.

 

(c)                                  Failure to Satisfy Conditions Precedent.  If any Lender makes available to the Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

 

(d)                                 Obligations of Lenders Several.  The obligations of the Lenders hereunder to make Committed Loans, to fund participations in Letters of Credit and Swing Line Loans and to make payments pursuant to Section 10.04(c) are several and not joint.  The failure of any Lender to make any Committed Loan, to fund any such participation or to make any payment under Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Committed Loan, to purchase its participation or to make its payment under Section 10.04(c).

 

(e)                                  Funding Source.  Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

 

(f)                                             ERISA Matters.  Each Lender as of the Closing Date represents and warrants as of the Closing Date to the Administrative Agent, the Arranger and each other lead arranger and their respective Affiliates, and not, for the avoidance of doubt, for the benefit of the Borrower or any other Loan Party, that such Lender is not and will not be (1) an employee benefit plan subject to Title I of ERISA, (2) a plan or account subject to Section 4975 of the Code; (3) an entity deemed to hold “plan assets” of any such plans or accounts for purposes of ERISA or the Code; or (4) a “governmental plan” within the meaning of ERISA.

 

2.13                        Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Committed Loans made by it, or the participations in L/C Obligations or in Swing Line Loans held by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Committed Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Agent of such fact, and (b) purchase (for cash at face value) participations in the Committed Loans and subparticipations in L/C Obligations and Swing Line Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Committed Loans and other amounts owing them, provided that:

 

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(i)                                     if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

 

(ii)                        the provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral provided for in Section 2.15, or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Committed Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or participant, other than an assignment to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 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 any Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.

 

2.14                        Increases of Aggregate Commitments.

 

The Borrower shall have the right, upon at least five Business Days’ prior written notice to the Agent, to increase the Aggregate Commitments by up to $250,000,000 in the aggregate in one or more increases, at any time prior to the date that is three months prior to the Maturity Date, subject, however, in any such case, to satisfaction of the following conditions precedent:

 

(a)                                 the Aggregate Commitments shall not exceed $900,000,000 without the consent of the Required Lenders;

 

(b)                                 no Default shall have occurred and be continuing on the date on which such increase is to become effective;

 

(c)                                  the representations and warranties set forth in Article V shall be true and correct in all material respects (or, if such representation or warranty is qualified by materiality or Material Adverse Effect, it shall be true and correct in all respects as drafted) on and as of the date on which such increase is to become effective, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or, if such representation or warranty is qualified by materiality or material adverse effect, it shall be true and correct in all respects as drafted) as of such earlier date;

 

(d)                                 such increase shall be in a minimum amount of $10,000,000, or such lesser amount equal to the remaining available increase amount, and in integral multiples of $1,000,000 in excess thereof;

 

(e)                                  such requested increase shall only be effective upon receipt by the Agent of (i) additional Commitments in a corresponding amount of such requested increase from either existing Lenders and/or one or more other institutions that qualify as Eligible Assignees (it being understood and agreed that no existing Lender shall be required to provide an additional Commitment) and (ii) documentation from each institution providing an additional Commitment evidencing its additional Commitment and its obligations under this Agreement in form and substance acceptable to the Agent;

 

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(f)                                   the Agent shall have received all documents (including resolutions of the board of directors of the Loan Parties and opinions of counsel to the Loan Parties) it may reasonably request relating to the corporate or other necessary authority for such increase and the validity of such increase in the Aggregate Commitments, and any other matters relevant thereto, all in form and substance reasonably satisfactory to the Agent (it being understood that such documents will be limited, if applicable, to an officer’s certificate to the effect that the board resolutions of the Loan Parties adopted on or prior to the Closing Date and delivered pursuant to Section 4.01(a)(ii) remain in full force and effect and have not been modified); and

 

(g)                                  if any Committed Loans are outstanding at the time of the increase in the Aggregate Commitments, the Borrower shall, if applicable, prepay one or more existing Committed Loans (such prepayment to be subject to Section 3.05) in an amount necessary such that after giving effect to the increase in the Aggregate Commitments, each Lender will hold its pro rata share (based on its Applicable Percentage of the increased Aggregate Commitments) of outstanding Committed Loans.

 

2.15                        Cash Collateral.

 

(a)                                 Certain Credit Support Events.  If (i) the L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, (iii) the Borrower shall be required to provide Cash Collateral pursuant to Section 8.02(c), or (iv) there shall exist a Defaulting Lender, the Borrower shall immediately (in the case of clause (iii) above) or within one Business Day (in all other cases) following any request by the Agent or the L/C Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to clause (iv) above, after giving effect to Section 2.16(a)(iv) and any Cash Collateral provided by the Defaulting Lender).  For purposes of clarification, if Fronting Exposure remains after giving effect to Section 2.16(a)(iv), the Agent shall first request that the Defaulting Lender deliver to the Agent Cash Collateral in an amount sufficient to cover the remaining Fronting Exposure and, second, to the extent Fronting Exposure remains after giving effect to Cash Collateral provided by the Defaulting Lender, the Agent shall request that the Borrower deliver to the Agent Cash Collateral in an amount sufficient to cover the remaining Fronting Exposure.  Such Cash Collateralization may be effected by means of a Borrowing of Committed Loans or a funding of participation interests (assuming for such purposes that the Letters of Credit that will survive the Maturity Date had been fully drawn on the Letter of Credit Expiration Date).

 

(b)                                 Grant of Security Interest.  All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America.  As of the Closing Date, the Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the Agent, for the benefit of the Agent, the L/C Issuer and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.15(c).  If at any time the Agent determines that Cash Collateral is subject to

 

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any right or claim of any Person other than the Agent or the L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the relevant Defaulting Lender and, to the extent Fronting Exposure remains thereafter, the Borrower will promptly upon demand by the Agent, pay or provide to the Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.  The relevant Defaulting Lender or, to the extent not paid by the relevant Defaulting Lender, the Borrower, shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral.

 

(c)                                  Application.  Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.15 or Sections 2.03, 2.04, 2.05, 2.16 or 8.02 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

 

(d)                                 Release.  Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 10.06(b)(vi))) or (ii) the Agent’s and the L/C Issuer’s good faith determination that there exists excess Cash Collateral; provided, however, (x) that Cash Collateral furnished by or on behalf of the Borrower shall not be released during the continuance of a Default (and following application as provided in this Section 2.15 may be otherwise applied in accordance with Section 8.03), and (y) the Person providing Cash Collateral and the L/C Issuer, as applicable, may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations.  Between a Defaulting Lender and the Borrower as to any particular Cash Collateral, the Cash Collateral furnished by the Borrower shall be released prior to any Cash Collateral furnished by the Defaulting Lender.

 

2.16                        Defaulting Lenders.

 

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

 

(i)                                     Waivers and Amendments.  Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 10.01.

 

(ii)                                  Defaulting Lender Waterfall.  Any payment of principal, interest, fees or other amounts received by the Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Agent from a Defaulting Lender pursuant to Section 10.08 shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the L/C Issuer or Swing Line Lender hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.15; fourth, as the Borrower may request (so long as no Default exists), to the funding of

 

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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 Agent; fifth, if so determined by the Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.15; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C Issuer or the Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings 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 L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations and Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to Section 2.16(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.16(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)                               Certain Fees.

 

(A)                               No Defaulting Lender shall be entitled to receive any fee payable under Section 2.09(a) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

 

(B)                               Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.15.

 

(C)                               With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the L/C Issuer the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

 

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(iv)                              Reallocation of Applicable Percentages to Reduce Fronting Exposure.  All or any part of such Defaulting Lender’s participation in L/C Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause any Non-Defaulting Lender’s share of the Total Outstandings to exceed such Non-Defaulting Lender’s Commitment.  Subject to Section 10.19, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)                                 Cash Collateral, Repayment of Swing Line Loans.  If the reallocation described in clause (a)(iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y) second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.15.

 

(b)                                 Defaulting Lender Cure.  If the Borrower, the Agent, the Swing Line Lender and the L/C Issuer agree in writing that a Lender is no longer a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Committed Loans of the other Lenders or take such other actions as the Agent may determine to be necessary to cause the Committed Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect to Section 2.16(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

(c)                                  Notification of Defaulting Lender.  Upon becoming aware that a Lender is a Defaulting Lender, the Agent shall reasonably promptly notify the Borrower that such Lender is a Defaulting Lender.

 

ARTICLE III.

 

TAXES, YIELD PROTECTION AND ILLEGALITY

 

3.01                        Taxes.

 

(a)                                 Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

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(i)                                     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 laws.  If any applicable laws (as determined in the good faith discretion of the applicable Withholding Agent) require 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, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below.

 

(ii)                                  If any Withholding Agent shall be required by the Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Withholding Agent shall withhold or make such deductions as are determined by the Withholding Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Withholding Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.  The Borrower shall provide the Agent with at least ten days prior written notice prior to the date that any Loan Party makes any deduction or payment for Taxes in accordance with this subsection (ii).

 

(iii)                               If any Withholding Agent shall be required by any applicable laws other than the Code to withhold or deduct any Taxes from any payment, then (A) the Withholding Agent, as required by such laws, shall withhold or make such deductions as are determined by it to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Withholding Agent, to the extent required by such laws, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.

 

(b)                                 Payment of Other Taxes by the Borrower.  Without limiting the provisions of subsection (a) above, the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Agent timely reimburse it for the payment of, any Other Taxes.

 

(c)                                  Tax Indemnifications.

 

(i)                                     Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in respect thereof 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 3.01) payable or paid by such Recipient or required to be withheld or deducted from a payment

 

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to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority, except in each case, to the extent resulting from the gross negligence or willful misconduct of such Recipient.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or the L/C Issuer (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error.  Each of the Loan Parties shall, and does hereby, jointly and severally indemnify the Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender or the L/C Issuer for any reason fails to pay indefeasibly to the Agent as required pursuant to Section 3.01(c)(ii) below.

 

(ii)                                  Each Lender and the L/C Issuer shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days after demand therefor, (x) the Agent against any Indemnified Taxes attributable to such Lender or the L/C Issuer (but only to the extent that any Loan Party has not already indemnified the Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (y) the Agent and the Loan Parties, as applicable, against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.06(d) relating to the maintenance of a Participant Register and (z) the Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable to such Lender or the L/C Issuer, in each case, that are payable or paid by the Agent or a Loan Party 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 Agent shall be conclusive absent manifest error.  Each Lender and the L/C Issuer hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to the Agent under this clause (ii).

 

(d)                                 Evidence of Payments.  Upon request by the Borrower or the Agent, as the case may be, after any payment of Taxes by the Borrower or by the Agent to a Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the Agent or the Agent shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by laws to report such payment or other evidence of such payment reasonably satisfactory to the Borrower or the Agent, as the case may be.

 

(e)                                  Status of Lenders; Tax Documentation.

 

(i)                                     Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Agent, at the time or times reasonably requested by the Borrower or the Agent, such properly completed and executed documentation reasonably requested by the Borrower or the 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 Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Agent as will enable the Borrower or the Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything

 

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to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 3.01(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(ii)                                  Without limiting the generality of the foregoing,

 

(A)                               any Lender that is a U.S. Person shall deliver to the Borrower and the 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 Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)                               any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the 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 Agent), whichever of the following is applicable:

 

(I)                                   in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN (or W-8BENE, as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN (or W-8BENE, as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

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

 

(III)                         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 D-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN (or W-8BENE, as applicable); or

 

(IV)                          to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN (or W-8BENE, as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-2 or Exhibit D-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender

 

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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 D-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 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 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 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 Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the 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 Agent as may be necessary for the Borrower and the 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 Closing Date.

 

(iii)                               Each Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Agent in writing of its legal inability to do so.

 

(iv)                              For purposes of this Section 3.01(e), the term “Lender” includes any L/C Issuer.

 

(f)                                   Treatment of Certain Refunds.  Unless required by applicable laws, at no time shall the Agent have any obligation to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be.  If any Recipient determines that it has received a refund of any Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay to the Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by a Loan Party under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other

 

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than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to the Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the Loan Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid.  This subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Loan Party or any other Person.

 

(g)                                  Survival.  Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all other Obligations.

 

3.02                        Illegality.  If any Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to perform any of its obligations hereunder or make, maintain, fund or charge interest with respect to any Credit Extensions or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the Agent, (i) any obligation of such Lender to issue, make, maintain, fund or charge interest with respect to any Credit Extension or continue Eurodollar Loans or to convert Base Rate Loans to Eurodollar Loans shall be suspended and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender, shall, if necessary to avoid such illegality, be determined by the Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Agent and the Borrower that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, (A) the Borrower shall, upon demand from such Lender (with a copy to the Agent), prepay or, if applicable, convert all Eurodollar Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Agent without reference to the Eurodollar Rate component of the Base Rate), either (1) if such Lender may lawfully continue to maintain such Eurodollar Loans to such day, on the last day of the Interest Period therefor, or (2) if such Lender may not lawfully continue to maintain such Eurodollar Loans to the last day of the Interest Period therefor, on the last day that such Lender may lawfully continue to maintain such Eurodollar Loans and (B) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until the Agent is advised in writing by such Lender that it is no longer illegal  for such Lender to determine or charge interest rates based upon the Eurodollar Rate.  Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

3.03                  Inability to Determine Rates.

 

(a)                                 If in connection with any request for a Eurodollar Loan or a conversion to or continuation thereof, (i) the Agent determines that (A) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Loan, or (B) adequate and reasonable means do not exist for determining the

 

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Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Loan or in connection with an existing or proposed Base Rate Loan (in each case with respect to clause (A) or (B), the “Impacted Loans”), or (ii) the Agent or the Required Lenders determine that for any reason the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, in each case, the Agent will promptly so notify the Borrower and each Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Loans of the type covered by the Agent’s notice shall be suspended and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Agent (upon the instruction of the Required Lenders) revokes such notice.  Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Loans or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing of Base Rate Loans in the amount specified therein.

 

(b)                                 Notwithstanding the foregoing, if the Agent has made the determination described in clause (a)(i) of this Section, the Agent, in consultation with the Borrower and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (i) the Agent revokes the notice delivered with respect to the Impacted Loans under clause (a)(i) or (a)(ii) of this Section, (ii) the Agent or the affected Lenders notify the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Agent and the Borrower written notice thereof.

 

3.04                        Increased Costs.

 

(a)                                 Increased Costs Generally.  If any Change in Law shall:

 

(i)                                     impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e)) or the L/C Issuer;

 

(ii)                                  subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)                               impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein;

 

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and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Committed Loan the interest on which is determined by reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or the L/C Issuer, the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered.

 

(b)                                 Capital Requirements.  If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swing Line Loans held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction suffered.

 

(c)                                  Certificates for Reimbursement.  A certificate of a Lender or the L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be conclusive absent manifest error.  The Borrower shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within 10 Business Days after receipt thereof.

 

(d)                                 Delay in Requests.  Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than three months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the three-month period referred to above shall be extended to include the period of retroactive effect thereof).

 

(e)                                  Reserves on Eurodollar Loans.  The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower shall have received at least 10 Business Days’ prior notice (with a copy to the Agent) of such additional interest from such Lender.  If a Lender fails to give notice Business Days prior to the relevant Interest Payment Date, such additional interest shall be due and payable 10 Business Days from receipt of such notice.

 

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3.05                        Compensation for Losses.  Upon demand of any Lender (with a copy to the Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

 

(a)                                 any continuation, conversion, payment or prepayment of any Eurodollar Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)                                 any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow or continue a Eurodollar Loan or to convert any Base Rate Loan to a Eurodollar Loan on the date or in the amount notified by the Borrower; or

 

(c)                                  any assignment of a Eurodollar Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 10.13;

 

including any loss (excluding any loss of anticipated profits) or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.  The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.

 

For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar Loan was in fact so funded.

 

3.06                        Mitigation Obligations; Replacement of Lenders.

 

(a)                                 Designation of a Different Lending Office.  If any Lender requests compensation under Section 3.04, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the account of any Lender or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of the Borrower such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to take such actions, including, designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender or the L/C Issuer, such actions, designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender or the L/C Issuer, as the case may be, (as compared to actions taken by such Lender with respect to other similarly situated borrowers).  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection with any such designation or assignment.

 

(b)                                 Replacement of Lenders.  If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower may replace such Lender in accordance with Section 10.13.

 

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3.07                        Survival.  All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the Agent.

 

ARTICLE IV.

 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

4.01                        Conditions to Effectiveness and Initial Credit Extensions.  This Agreement shall become effective upon, and the obligation of the L/C Issuer and each Lender to make its initial Credit Extension hereunder shall be subject to, in each case, satisfaction of the following conditions precedent:

 

(a)                                 The Agent’s receipt of the following, each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the Borrower or the applicable Guarantor and, in the case of this Agreement, each Lender, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date (or, as to any organization documents that have not been amended, modified or terminated since the closing date of the Existing Credit Agreement or the date thereafter on which they were most recently delivered to the Agent, such date)) and each in form and substance satisfactory to the Agent and each of the Lenders:

 

(i)                                     (A) an executed counterpart of this Agreement, (B) a Guaranty executed by each Material Domestic Subsidiary existing as of the Closing Date, and (C) a Note executed by the Borrower in favor of each Lender requesting a Note;

 

(ii)                                  such certificates of resolutions or other action, incumbency certificates with specimen signatures and/or other certificates of the secretary or assistant secretary of each Loan Party as the Agent may reasonably require evidencing the identity, authority and capacity of each Authorized Officer thereof authorized to act as an Authorized Officer in connection with this Agreement and the other Loan Documents;

 

(iii)                               such documents and certifications as the Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing and is in good standing in its jurisdiction of organization;

 

(iv)                              favorable opinions of Gibson, Dunn & Crutcher LLP and Goodsill Anderson Quinn & Stifel, addressed to the Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Lenders may reasonably request; and

 

(v)                       a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and 4.02(b) have been satisfied on and as of the Closing Date, (B) that there has been no event or circumstance since December 31, 2016 that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect, and (C) that attached thereto are copies of all documents evidencing any actions, approval, or consents necessary in connection with this Agreement (or, if no actions, approval or consents are necessary, certifying that no actions, approval or consents are necessary).

 

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(b)                                           The Agent shall have received a complete copy of each Note Purchase Agreement in effect as of the Closing Date (in each case, together with (x) an amendment to such Note Purchase Agreement in form and substance satisfactory to the Agent, and (y) all exhibits and schedules thereto).

 

(c)                                  Any fees agreed in writing to be paid to the Agent, the Arranger or the Lenders on or before the Closing Date shall have been paid.

 

(d)                                 Unless waived by the Agent, the Borrower shall have paid all fees, charges and disbursements of counsel to the Agent (directly to such counsel if requested by the Agent) to the extent invoiced prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the Closing Date (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Agent).

 

The Agent shall notify the Borrower in writing when this Agreement becomes effective.  Without limiting the generality of the provisions of the last paragraph of Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

 

4.02                        Conditions to all Credit Extensions.  The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type, or a continuation of Eurodollar Loans) is subject to the following conditions precedent:

 

(a)                                 The representations and warranties of the Borrower contained in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (or, if such representation or warranty is qualified by materiality or Material Adverse Effect, it shall be true and correct in all respects as drafted) on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or, if such representation or warranty is qualified by materiality or material adverse effect, it shall be true and correct in all respects as drafted) as of such earlier date; and except that for purposes of this Section 4.02, the representations and warranties contained in subsections (a) and (b) of Section 5.02 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01.

 

(b)                                 No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof.

 

(c)                                  The Agent and, if applicable, the L/C Issuer or the Swing Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof.

 

Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type or a continuation of Eurodollar Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and 4.02(b) have been satisfied on and as of the date of the applicable Credit Extension.

 

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ARTICLE V.

 

REPRESENTATIONS AND WARRANTIES

 

The Borrower represents and warrants to the Agent and the Lenders that:

 

5.01                        Organization.  Each Loan Party and each Material Subsidiary is duly organized, validly existing and in good standing under the laws of the state of its organization.  The Borrower and each Material Subsidiary has the full power and authority to own its properties and to carry on its business as now being conducted, and is duly qualified in every state where the nature of its business requires that it do so, and is in good standing under the laws of every jurisdiction outside the state of its organization in which it owns or leases property or conducts business and in which the failure to so qualify would have a Material Adverse Effect.  The Borrower and each Material Subsidiary has complied in all material respects with (or is exempt from the application of) all material federal, state and local laws, regulations and orders that are (or in the absence of any exemption could be) applicable to the operations of its business, including public utility, bank holding company, state agricultural and Environmental and Safety Laws, in each case except to the extent that the failure to so comply would not reasonably be expected to have a Material Adverse Effect.  Each Loan Party has full power, authority and right to execute and deliver, and to perform and observe, the provisions of this Agreement and the other Loan Documents to which such Loan Party is a party and to carry out the transactions contemplated hereby and thereby.  The execution, delivery and performance of the Loan Documents by each Loan Party have been authorized by all necessary corporate and other action, and, when duly executed and delivered, will be the legal, valid and binding obligations of such Loan Party, enforceable against it in accordance with their respective terms.

 

5.02                        Financial Statements.

 

(a)                                 The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Debt.

 

(b)                                 The financial statements delivered pursuant to 6.01(a) for the fiscal quarter ending March 31, 2017 (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (ii) fairly present the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of unaudited financial statements, to the absence of footnotes and to normal year-end audit adjustments).

 

(c)                                  Since the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

 

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5.03                        Actions Pending.  There is no action, suit, investigation or proceeding pending or, to the knowledge of the Borrower, threatened against the Borrower or any Subsidiary or any properties or rights of the Borrower or any Subsidiary, by or before any court, arbitrator or administrative or governmental body which could reasonably be expected to result in a Material Adverse Effect.

 

5.04                        Outstanding Debt.  Neither the Borrower nor any Subsidiary has any Debt outstanding except as not prohibited by this Agreement.

 

5.05                        Title to Properties.  The Borrower and each Material Subsidiary have good and indefeasible title to their respective real properties (other than properties which they lease) and have good title to all of their other material properties and assets, including the properties and assets reflected in the most recent audited balance sheet referred to in Section 5.02(a) or furnished pursuant to Section 6.01(b) (other than properties and assets disposed of in the ordinary course of business) except where the failure to have such good title would not reasonably be expected to have a Material Adverse Effect.  Such properties are not subject to any Liens of any kind except Liens permitted by Section 7.02.  There is no material default, nor any event that, with notice or lapse of time or both, would constitute such a material default under any material lease to which either the Borrower or any Material Subsidiary is a lessee, lessor, sublessee or sublessor.

 

5.06                        Taxes.  Each Loan Party and each Material Subsidiary has filed all Federal and state income tax and all other material tax and informational returns which are required to be filed by it.  The Borrower and each such Subsidiary has paid all taxes as shown on such returns and on all assessments received to the extent that such taxes are not yet delinquent, except such taxes as are being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP.

 

5.07                        Conflicting Agreements and Other Matters.  Neither the execution nor delivery of this Agreement or the other Loan Documents, nor the making of Credit Extensions hereunder, nor fulfillment of nor compliance with the terms and provisions of this Agreement or the other Loan Documents will conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under, or result in any violation of, or result in the creation of any Lien upon any of the properties or assets of the Borrower or any Subsidiary pursuant to, their respective articles of incorporation, bylaws or similar organizational documents, any award of any arbitrator or any agreement, instrument, order, judgment, decree, and after due investigation and to the Borrower’s best knowledge, any statute, law, rule or regulation to which the Borrower or any Subsidiary is subject.  Neither the Borrower nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing any of their respective Debt, any agreement relating thereto or any other contract or agreement which restricts or otherwise limits the incurring of Debt pursuant hereto, except as set forth on Schedule 5.07 hereto.

 

5.08                        Subsidiaries.  Set forth on Schedule 5.08 is a complete and accurate list as of the Closing Date of each Material Domestic Subsidiary.

 

5.09                        ERISA.  No accumulated funding deficiency (as defined in section 302 of ERISA and section 412 of the Code), whether or not waived, exists with respect to any Plan (other than a Multiemployer Plan).  No liability to the PBGC has been or is expected by the Borrower or any ERISA Affiliate to be incurred with respect to any Plan (other than a Multiemployer Plan) by the Borrower, any Subsidiary or any ERISA Affiliate which is or would be materially adverse to the business, condition (financial or otherwise) or operations of the Borrower and its Subsidiaries taken as a whole.  Neither the Borrower, any of its Subsidiaries or any ERISA Affiliate has incurred or presently expects to incur any withdrawal liability under Title IV of ERISA with respect to any Multiemployer Plan which is or would reasonably be expected to have a Material Adverse Effect.  The execution and delivery of this Agreement

 

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and the other Loan Documents and the Credit Extensions hereunder will be exempt from, or did not and will not involve any transaction which is subject to the prohibitions of, section 406 of ERISA and did not and will not involve any transaction in connection with which a penalty could be imposed under section 502(i) of ERISA or a tax could be imposed pursuant to section 4975 of the Code.  As of the Closing Date, the Borrower is not and will not be (1) an employee benefit plan subject to Title I of ERISA, (2) a plan or account subject to Section 4975 of the Code; (3) an entity deemed to hold “plan assets” of any such plans or accounts for purposes of ERISA or the Code; or (4) a “governmental plan” within the meaning of ERISA.

 

5.10                        Government Consent.  Neither the nature of the Borrower or any of its Subsidiaries, nor any of their respective businesses or properties, nor any relationship between the Borrower or a Subsidiary and any other Person, nor any circumstance in connection with the Credit Extensions hereunder is such as to require any authorization, consent, approval, exemption or other action by, notice to or filing with any court, administrative or governmental body (other than routine filings after the Closing Date with the SEC and/or state blue sky authorities) in connection with (a) the execution and delivery of this Agreement and the other Loan Documents or (b) fulfillment of or compliance with the terms and provisions of this Agreement and the other Loan Documents, in either case, that has not been obtained.

 

5.11                        Investment Company Status; Margin Stock.  The Borrower is not an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, or an “investment adviser” within the meaning of the Investment Advisers Act of 1940.  No part of the proceeds of any Credit Extension will be used in any manner that is in violation of Regulations U or X issued by the FRB.  After applying the proceeds of each Credit Extension, margin stock (within the meaning of Regulation U issued by the FRB) will not constitute more than 25% of the value of the assets (either of the Borrower alone or the Borrower and its Subsidiaries on a consolidated basis) that are subject to the provisions of this Agreement that may cause the Credit Extensions to be deemed secured, directly or indirectly, by margin stock.

 

5.12                        Possession of Franchises, Licenses, Etc.  The Borrower and its Subsidiaries possess all material franchises, certificates, licenses, development and other permits and other authorizations from governmental political subdivisions or regulatory authorities and all material patents, trademarks, service marks, trade names, copyrights, licenses, easements, rights of way and other rights (collectively, “Material Rights”), free from burdensome restriction, that are necessary in the judgment of the Borrower in any material respect for the ownership, maintenance and operation of their business, properties and assets, and neither the Borrower nor any of its Subsidiaries is in violation of any Material Rights except where the violation of such Material Rights would not reasonably be expected to have a Material Adverse Effect.  No event has occurred which permits, or after notice or lapse of time or both would permit, the revocation or termination of any such Material Rights except where the revocation of such Material Rights would not reasonably be expected to have a Material Adverse Effect, or which materially and adversely affects the rights of the Borrower or its Subsidiaries thereunder.

 

5.13                        Environmental and Safety Matters.  The Borrower and its Subsidiaries and all of their respective properties and facilities do comply and to the knowledge of the Borrower, have complied at all times and in all respects with all Environmental and Safety Laws except where failure to comply would not result in a Material Adverse Effect.

 

5.14                        Hostile Tender Offers.  None of the proceeds of the Credit Extensions will be used to finance any offer to purchase, or any purchase of, shares of capital stock of any corporation or equity interests in any other entity, or securities convertible into or representing the beneficial ownership of, or rights to acquire, any such shares or equity interests, if such shares, equity interests, securities or rights

 

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are of a class which is publicly traded on any securities exchange or in any over-the-counter market, other than (a) purchases for portfolio investment purposes of such shares, equity interests, securities or rights which, together with any shares, equity interests, securities or rights then owned by the Borrower and its Subsidiaries, represent less than 5% of the equity interests or beneficial ownership of such corporation or other entity, or (b) such offers or purchases as have been duly approved by the board of directors of such corporation or the equivalent governing body of such other entity.

 

5.15                        Employee Relations.  Neither the Borrower nor any Subsidiary is the subject of (a) any material strike, work slowdown or stoppage, union organizing drive or other similar activity or (b) any material action, suit, investigation or other proceeding involving alleged employment discrimination, unfair termination, employee safety or similar matters that in either case would reasonably be expected to have a Material Adverse Effect nor, to the best knowledge of the Borrower, is any such event imminent or likely to occur except those which, individually or in aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

5.16                        Sanctions and Anti-Corruption Laws.

 

(a)                                 No Loan Party, no Subsidiary nor, to the knowledge of senior management of any Loan Party, any Related Party is an individual or entity that is, or is owned or controlled by any individual or entity that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s List of Specially Designated Nationals, or any similar list enforced by any other relevant sanctions authority applicable to the Borrower and its Subsidiaries or (iii) located, organized or resident in a Designated Jurisdiction

 

(b)                                 Neither the Borrower nor any of its Subsidiaries has been charged with, or convicted of bribery or any other anti-corruption related activity under any law or regulation applicable to bribery or any other anti-corruption related activity in a U.S. or any non-U.S. country or jurisdiction, including but not limited to the United States Foreign Corrupt Practices Act of 1977 (“Anti-Corruption Laws”), and the Borrower has established and maintained procedures and controls which it reasonably believes are adequate to promote and achieve compliance by the Borrower and its Subsidiaries in all material respects with all applicable Anti-Corruption Laws.

 

5.17                        Disclosure.  Neither this Agreement nor any other document, certificate or statement furnished to the Agent or any Lender by or on behalf of the Borrower in connection herewith contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein and therein, taken as a whole as of the date thereof, not misleading; provided, that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time and information available to it at such time, it being understood that the Borrower is under no obligation to update such projections or underlying information.

 

5.18                        No EEA Financial Institution.  No Loan Party is an EEA Financial Institution.

 

ARTICLE VI.

 

AFFIRMATIVE COVENANTS

 

On and after the Closing Date, and so long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder (other than any contingent indemnification Obligation) shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding:

 

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6.01                        Financial Information.  The Borrower shall deliver to the Agent (for distribution to the Lenders):

 

(a)                                 as soon as practicable and in any event within 60 days after the end of each quarterly period (other than the last quarterly period) in each fiscal year (or if earlier, 5 days after the date required to be filed with the SEC), consolidated statements of income and cash flows of the Borrower and its Subsidiaries for the period from the beginning of the current fiscal year to the end of such quarterly period, and a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such quarterly period, setting forth in each case in comparative form figures for the corresponding period in the preceding fiscal year, all in reasonable detail and certified by an authorized financial officer of the Borrower, subject only to changes resulting from year-end adjustments;

 

(b)                                 as soon as practicable and in any event within 120 days after the end of each fiscal year of the Borrower (or if earlier, 5 days after the date required to be filed with the SEC), consolidated statements of income and cash flows of the Borrower and its Subsidiaries for such year and a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, setting forth in each case in comparative form corresponding figures from the preceding annual audit, certified by independent public accountants of recognized national standing whose opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; provided, that, it shall not be a violation of this clause (b) if the opinion accompanying the financial statements for the last fiscal year prior to the Maturity Date is subject to a “going concern” or like qualification solely as a result of the impending maturity of the Loans under this Agreement;

 

(c)                                  together with each delivery of financial statements required by clauses (a) and (b) above, a Compliance Certificate (x) setting forth computations showing the calculation of the covenants in Sections 7.01 and 7.05, (y) stating that there exists no Default, or if any such Default exists, specifying the nature and period of existence thereof and what action the Borrower proposes to take with respect thereto and (z) attaching supplements to Schedule 5.08 as are necessary such that, as supplemented, such Schedule would be accurate and complete as of the date of such Compliance Certificate;

 

(d)                                 promptly upon transmission thereof, copies of all such financial, proxy and information statements, notices and other reports as are sent to the Borrower’s public stockholders and copies of all registration statements (without exhibits) and all reports which are filed with the SEC;

 

(e)                                  promptly upon receipt thereof, a copy of each other material report submitted to the Borrower or any of its Subsidiaries by independent accountants in connection with any material annual, interim or special audit made by them of the books of such Borrower or such Subsidiary;

 

(f)                                   promptly after the furnishing thereof, copies of any certificate, statement or report furnished to any other lender to, or holder of the debt securities of, the Borrower pursuant to the terms of any indenture, loan, credit or similar agreement or instrument and not otherwise required to be furnished to the Lenders pursuant to any other clause of this Section 6.01; and

 

(g)                                  with reasonable promptness, such other financial data as the Agent or any Lender may reasonably request.

 

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The Borrower also covenants that forthwith upon a Responsible Officer obtaining actual knowledge of a Default, it will deliver to the Agent and the Lenders an Officers’ Certificate specifying the nature and period of existence thereof and what action the Borrower proposes to take with respect thereto.

 

Documents required to be delivered pursuant to Section 6.01(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 the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 10.02; 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 Agent have access (whether a commercial, third-party website or whether sponsored by the Agent); provided that: (A) the Borrower shall deliver paper copies of such documents to the Agent or any Lender that requests the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Agent or such Lender and (B) the Borrower shall provide the Agent (by electronic mail) with an electronic link to such documents.  The Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

The Borrower hereby acknowledges that (1) the Agent and/or the Arranger may, but shall not be obligated to, make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on Debt Domain, IntraLinks, Syndtrak or another similar electronic system (the “Platform”) and (2) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities.  The Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked by the Borrower as “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Agent, the Arranger, the L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Borrower or its securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Agent and the Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”  Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC.”

 

6.02                        Inspection of Property.  The Borrower shall, and shall cause its Subsidiaries to, permit any employees or designated representatives of the Agent, any of its Related Parties or any other Lender with a Commitment in excess of $5,000,000, at such Person’s expense, to visit and inspect any of the properties of the Borrower and its Subsidiaries, to examine their books and financial records and to make copies thereof or extracts therefrom and to discuss their affairs, finances and accounts with the Responsible Officers and the Borrower’s independent certified public accountants, all at such reasonable times and as often as such Person may reasonably request; provided that a principal financial officer of the Borrower shall have reasonable prior notice of, and may elect to be present during, discussions with the Borrower’s independent public accountants.

 

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6.03                        Covenant to Secure Obligations Equally.   (a) If the Borrower or any of its Domestic Subsidiaries shall create, assume or otherwise incur any Lien upon any of its property or assets, whether now owned or hereafter acquired, other than Liens permitted by the provisions of Section 7.02 (including in such permitted Liens, without limitation, Liens securing Title XI Debt to the extent such Title XI Debt is permitted Priority Debt) or (b) if the Borrower or any of its Subsidiaries shall create, assume or otherwise incur any Lien upon any of its property or assets, whether now owned or hereafter acquired to secure its obligations under any Note Purchase Agreement (other than (x) the Collateral and/or (y) cash collateral in an amount not to exceed, for each such Note Purchase Agreement, the amount of Cash Collateral being provided by the Borrower and its Subsidiaries pursuant to Section 2.15), then in either case, the Borrower will make, or will cause its Subsidiaries to make, effective provision whereby the Obligations will be secured by such Lien equally and ratably with any and all other Debt thereby secured so long as any such other Debt shall be so secured pursuant to an agreement or agreements (including security agreements and similar collateral documents and an intercreditor agreement) reasonably acceptable to the Required Lenders.

 

6.04                        Maintenance of Properties; Insurance.  The Borrower shall, and shall cause its Subsidiaries to (a) maintain or cause to be maintained in good repair, working order and condition all material properties used or useful at that time in its business and from time to time will make or cause to be made all appropriate repairs, renewals and replacements thereof and (b) maintain insurance with reputable and financially sound insurers in such amounts and against such liabilities and hazards as is customarily maintained by other companies operating similar businesses and together with each delivery of financial statements under Section 6.01(b), upon the request of the Agent, deliver certificates of insurance to the foregoing effect to the Agent.

 

6.05                        Environmental and Safety Laws.

 

(a)                                 The Borrower shall deliver promptly to the Agent notice of (i) any material enforcement, cleanup, removal or other material governmental or regulatory action instituted or, to the Borrower’s best knowledge, threatened against the Borrower or any Material Subsidiary pursuant to any Environmental and Safety Laws, (ii) all material Environmental Liabilities and Costs against or in respect of the property, Borrower or any Material Subsidiary or any of its material properties and (iii) the Borrower’s or any Material Subsidiary’s discovery of any occurrence or condition on any material real property adjoining or in the vicinity of any of its properties that the Borrower or such Material Subsidiary has reason to believe would cause such property or any material part thereof to be subject to any material restrictions on its ownership, occupancy, transferability or use under any Environmental and Safety Laws.

 

(b)                                 The Borrower shall, and shall cause its Material Subsidiaries to, keep and maintain its properties and conduct its and their operations in compliance in all material respects with all applicable Environmental and Safety Laws except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

6.06                        Use of Proceeds.  The Borrower shall, and shall cause its Subsidiaries to, use the proceeds of the Credit Extensions (a) to finance working capital, capital expenditures (including Acquisitions) and other lawful corporate purposes, (b) to refinance certain existing indebtedness, (c) for support of commercial paper issued by the Borrower, and (d) to pay fees and expenses incurred in connection with this Agreement; provided that in no event shall the proceeds of any Credit Extension be used in contravention of any law or of any Loan Document.

 

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6.07                        United States Citizen.   The Borrower covenants that it will, and will cause each of its Subsidiaries that owns or operates any Vessel, at all times to preserve and maintain its status as a Section 2 Citizen.  For purposes hereof, “Section 2 Citizen” means a Person that is a citizen of the United States as required for the coastwise trade under Section 50501 of Title 46 of the United States Code and the regulations in effect from time to time thereunder.

 

6.08                        Guarantors.

 

(a)                                 Together with each delivery of financial statements required by Sections 6.01(a) and 6.01(b), the Borrower shall notify the Agent if any wholly-owned Subsidiary has become a Material Domestic Subsidiary after the Closing Date.  Within 30 days after such notification (or such longer period as determined by Agent in its sole discretion), the Borrower shall cause such wholly-owned Material Domestic Subsidiary to (i) become a Guarantor by executing and delivering to the Agent a joinder to the Guaranty, and (ii) at the request of the Agent, deliver to the Agent such organization documents, resolutions and favorable opinions of counsel, all in form, content and scope similar to those delivered on the Closing Date or otherwise reasonably satisfactory to the Agent.

 

(b)                                 If a Guarantor is a party to any transaction of merger, consolidation or other combination permitted by Section 7.04(b) or 7.04(c), the continuing or surviving Person of such transaction shall, within 30 days after the consummation of such transaction (or such longer period as determined by Agent in its sole discretion), (i) become a Guarantor by executing and delivering to the Agent a joinder to the Guaranty and (ii) at the request of the Agent, deliver to the Agent such organization documents, resolutions and favorable opinions of counsel, all in form, content and scope similar to those delivered on the Closing Date or otherwise reasonably satisfactory to the Agent.

 

(c)                                  Notwithstanding the forgoing, concurrently with such time as any Person becomes a guarantor or other obligor under any Note Purchase Agreement, the Borrower shall cause such Person to (i) become a Guarantor by executing and delivering to the Agent a joinder to the Guaranty, and (ii) at the request of the Agent, deliver to the Agent such organization documents, resolutions and favorable opinions of counsel, all in form, content and scope similar to those delivered on the Closing Date or otherwise reasonably satisfactory to the Agent.

 

(d)                                 So long as no Default exists, if a Guarantor ceases to be a Material Domestic Subsidiary, then upon the written request of the Borrower, the Agent shall release such Guarantor from its obligations under the Guaranty pursuant to Section 9.09; provided that the Agent shall not release such Guarantor unless such Guarantor is not at such time (or concurrently with such release by the Agent will cease to be) a guarantor or obligor under any Note Purchase Agreement.

 

6.09                        Collateral.   At any time, at the written election of the Borrower (the “Collateral Election”), the Loan Parties shall deliver to the Agent (a) all Collateral Documents and such other document as are necessary to perfect the Agent’s Lien in the applicable Collateral and (b) resolutions in form and substance satisfactory to the Agent; provided that at any time the Loan Parties have granted a Lien on the Collateral to the holders of the Senior Notes, the Borrower shall be required to deliver such documentation as is necessary to perfect to the Agent’s Lien on such Collateral on a pari passu basis.  The Borrower may make the Collateral Election at any time with respect to any Security Agreement.  In addition, from time to time on or after the Closing Date, the Borrower may enter into additional note purchase and/or credit agreements with lenders which are not party to the Intercreditor Agreement for purpose of such additional note purchase and/or credit agreements, and the Borrower may designate, at the written election of the Borrower delivered to the Agent, such lenders to become parties to the Intercreditor Agreement.  Notwithstanding the foregoing, so long as no (i) Default has occurred or is continuing and (ii) the Borrower has revoked its applicable collateral election under the Senior Notes, the Borrower may revoke the Collateral Election with respect to the applicable Security Agreement(s) and, at the expense of the Borrower, the Agent shall deliver such releases as are necessary to evidence the termination of the applicable Liens.

 

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6.10                        Anti-Corruption Laws.   The Borrower shall, and shall cause its Subsidiaries to, conduct its businesses in compliance in all material respects with all applicable Anti-Corruption Laws and maintain procedures and controls which it reasonably believes are adequate to promote and achieve compliance in all material respects by the Borrower and its Subsidiaries with all applicable Anti-Corruption Laws.

 

6.11                        Incumbency Certificates.   To the extent reasonably requested by the Agent, the applicable Loan Party will provide an incumbency certificate for any Responsible Officer of such Loan Party, and to the extent reasonably requested by the Agent, appropriate authorization documentation, in form and substance reasonably satisfactory to the Agent.

 

ARTICLE VII.

 

NEGATIVE COVENANTS

 

On and after the Closing Date, and so long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than any contingent indemnification Obligation) hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding:

 

7.01                        Financial Covenants.  (a)    Minimum Consolidated Interest Coverage Ratio.  The Borrower shall not permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 3.50 to 1.0.

 

(b)                                 Maximum Consolidated Leverage Ratio.  The Borrower shall not permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Borrower to exceed 3.25 to 1.0; provided, however, that:

 

(i)                           at any time after the expiration of the Special Relief Period, but only if the Consolidated Leverage Ratio at such time has been equal to or less than 3.25 to 1.00 as of the end of at least four consecutive fiscal quarters, in connection with any Acquisition in an Eligible Business Line that is not a Hostile Acquisition for which the aggregate purchase consideration equals or exceeds $75,000,000, the maximum permitted Consolidated Leverage Ratio, at the election of the Borrower, with prior written notice from the Borrower to the Agent, shall increase to 3.90 to 1.0 on one occasion during the term of this Agreement, for the period beginning on the date of the consummation of such Acquisition and continuing until the fourth consecutive fiscal quarter end which occurs on or after the date of the consummation of such Acquisition;

 

(ii)                        at any time after the expiration of the Special Relief Period, but only if the Consolidated Leverage Ratio at such time has been equal to or less than 3.25 to 1.00 as of the end of at least four consecutive fiscal quarters, in connection with any purchase or construction of a new container ship for which the aggregate purchase consideration or construction cost equals or exceeds $125,000,000, the maximum permitted Consolidated Leverage Ratio, at the election of the Borrower, with prior written notice from the Borrower to the Agent delivered by the Borrower prior to the Specified Date and specifying therein such Specified Date, shall increase to 3.50 to 1.00, on one occasion

 

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during the term of this Agreement, for the period beginning on a date determined by the Borrower between the commencement of payment for such container ship and delivery of such container ship (the “Specified Date”) and continuing until the fourth consecutive fiscal quarter end which occurs on or after the Specified Date;

 

(iii)                     at any time and from time to time (but subject to the next succeeding clauses (iv), (v), (vi), (vii) and (viii)) during the Special Relief Period in connection with any purchase or construction of one or more new container ships for which the aggregate purchase consideration or construction cost per ship equals or exceeds $125,000,000 (each, a “Qualifying Ship”), the maximum permitted Consolidated Leverage Ratio, at the election of the Borrower effective as of the last day of a fiscal quarter occurring during the Special Relief Period (through the Borrower’s delivery, no later than 20 days after the last day of the applicable fiscal quarter, of a written notice to the Agent, stating that the Borrower is electing an “Applicable Relief Period” and specifying the beginning and ending dates thereof (each, a “Applicable Relief Period Notice”), shall increase to the Applicable Maximum Level as of the last day of the applicable fiscal quarter (the period beginning on the last day of the applicable fiscal quarter and continuing until the day immediately preceding the last day of the next succeeding fiscal quarter, the “Applicable Relief Period”);

 

(iv)                    the Borrower may deliver no more than seven (7) Applicable Relief Period Notices during the Special Relief Period (and if the Borrower delivers more than one (1) Applicable Relief Period Notice, then all Applicable Relief Period Notices must cover consecutive Applicable Relief Periods), and each Applicable Relief Period Notice will specify the Applicable Maximum Level for purpose of the Applicable Relief Period selected in such Applicable Relief Period Notice;

 

(v)                       (A) the “Special Relief Period” shall mean a period of two consecutive years, occurring during the three-year period from December 31, 2017 through December 30, 2020 (or a lesser period of time if the Special Relief Period begins after December 31, 2018), and triggered to begin at the election of the Borrower effective as of the last day of a fiscal quarter during such three-year period (through the Borrower’s delivery, on a one-time basis and no later than 20 days after the last day of the applicable fiscal quarter, of a written notice to the Agent, stating that the Borrower is electing the “Special Relief Period” and specifying the beginning and ending dates thereof (a “Special Relief Period Notice”); and (B) the “Applicable Maximum Level” shall mean (x) 3.50 to 1.00, or (y) 3.75 to 1.00, provided that (1) the Borrower may elect the Applicable Maximum Level of 3.75 to 1.00 only for up to three consecutive Applicable Relief Periods, and (2) the Borrower may elect an Applicable Maximum Level of 3.50 to 1.00 for any or all of the Applicable Relief Periods;

 

(vi)                    notwithstanding anything to the contrary in clauses (iii) through (v) of this Section 7.01(b), (I) in no event shall an Applicable Relief Period extend beyond the end of the Special Relief Period;

 

(vii)                 the Borrower may elect, but shall not be required, to commence an Applicable Relief Period on the same day as the Special Relief Period (in each case, by delivery of the notices contemplated by clauses (iii) and (v) within 20 days after the last day of the applicable fiscal quarter); and

 

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(viii)              notwithstanding anything to the contrary in clauses (iii) through (vii) of this Section 7.01(b) or in Article VIII  hereof:  (A) in no event shall the failure of the Borrower to comply with a required Consolidated Leverage Ratio on the last day of a fiscal quarter and until the Borrower delivers and Applicable Relief Period Notice with respect to the applicable fiscal quarter within 20 days after the end of such fiscal quarter as set forth herein constitute a Default or Event of Default hereunder at any time (including prior to the delivery of an Applicable Relief Period Notice with respect to the applicable fiscal quarter within 20 days thereafter as set forth herein) if such Applicable Relief Period Notice is timely delivered by the Borrower and the maximum permitted Consolidated Leverage Ratio elected by the Borrower in accordance with this Section 7.01(b) in such Applicable Relief Period Notice is equal to or higher than the actual Consolidated Leverage Ratio as of the applicable fiscal quarter end and (B) no interest at the applicable Default Rate shall be due and payable with respect to any matter that would have constituted a Default or Event of Default hereunder but for the provisions of this Section 7.01(b)(viii).  As an abundance of caution, nothing in this Section 7.01(b) shall impair or otherwise affect the right of the Lenders to charge interest at the applicable Default Rate in accordance with the other terms of this Agreement.

 

(c)                                  Maximum Priority Debt.  The Borrower shall not permit (i) the principal amount of Priority Debt at any time to exceed 20% of Consolidated Tangible Assets as of the most recently ended fiscal quarter for which financial statements have been delivered pursuant to Section 6.01(a) or 6.01(b); provided, that such maximum permitted percentage amount of Priority Debt shall be reduced to 17.5% at such time, if any, as the Borrower or any of its Subsidiaries acquires two new vessels for which the aggregate purchase consideration for each vessel exceeds $100,000,000 and (ii) the principal amount of Priority Debt that is not Title XI Priority Debt at any time to exceed 10% of Consolidated Tangible Assets as of the most recently ended fiscal quarter for which financial statements have been delivered pursuant to Section 6.01(a) or 6.01(b).

 

7.02                        Liens.  The Borrower shall not, and shall not permit any Subsidiary to, create, assume or suffer to exist at any time any Lien on or with respect to any of its property or assets, whether now owned or hereafter acquired (whether or not provision is made for the equal and ratable securing of the Obligations in accordance with the provisions of Section 6.03 but subject to the limitation on Priority Debt in Section 7.01(c)), except:

 

(a)                                 Liens for taxes not yet delinquent or which are being actively contested in good faith by appropriate proceedings and for which adequate reserves have been established to the extent required by GAAP;

 

(b)                                 Liens (other than Liens pursuant to ERISA) incidental to the conduct of its business or the ownership of its property and assets which were not incurred in connection with the borrowing of money or the obtaining of advances of credit (including, without limitation, Liens on vessels or equipment (i) for crew and stevedores wages, (ii) for salvage and general average, (iii) arising by operation of law in the ordinary course of business in operating, maintaining or repairing vessels, and (iv) for damages arising from maritime torts which are unclaimed, or which are claimed and are covered by insurance and any deductible applicable thereto), and which do not in the aggregate materially detract from the value of its property or assets or materially impair the use thereof in the operation of its business;

 

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(c)                                  Liens on property or assets of a Subsidiary securing obligations of such Subsidiary to the Borrower or another Subsidiary;

 

(d)                                 Liens encumbering the CCF to the extent incurred to secure the financing by the Borrower or Matson Navigation of “qualified vessels”  as defined in Section 607 of the Merchant Marine Act, 1936, as amended;

 

(e)                                  Liens existing on the Closing Date and listed on Schedule 7.02 and any renewals or extensions thereof, provided that the property covered thereby is not changed;

 

(f)                                   other Liens securing Debt not otherwise permitted by clauses (a) through (e) above, inclusive; provided that the aggregate amount of all Priority Debt does not, at any time, exceed the level prohibited by Section 7.01(c); provided further that, notwithstanding the foregoing, the Borrower shall not, and shall not permit any Subsidiary to, create or permit to exist any Lien on any property securing Debt outstanding or issued under the Note Purchase Agreements (other than (x) Collateral and/or (y) cash collateral in an amount, for each such Note Purchase Agreement, not to exceed the amount of Cash Collateral being provided by the Borrower and its Subsidiaries pursuant to Section 2.15) unless and until the Obligations shall be secured equally and ratably with such Debt pursuant to an agreement or agreements (including security agreements and similar collateral documents and an intercreditor agreement) reasonably acceptable to the Required Lenders;

 

(g)                                  any Lien securing obligations that do not constitute Debt existing on any property of any Person at the time it becomes a Subsidiary, or existing prior to the time of acquisition upon any property acquired by the Borrower or any Subsidiary through purchase, merger or consolidation or otherwise, whether or not assumed by the Borrower or such Subsidiary; provided that any such Lien shall not encumber any other property of the Borrower or such Subsidiary (other than proceeds of such acquired property);

 

(h)                                 (i) other Liens securing obligations that do not constitute Debt provided that the aggregate amount of such obligations does not exceed $10,000,000 at any time outstanding and (ii) other Liens securing obligations that do not constitute Debt provided that the aggregate fair market value (as reasonably determined by the Borrower acting in good faith) of all assets subject to all such Liens does not exceed $10,000,000;

 

(i)                                     any Lien pursuant to any Loan Document or the Collateral Documents; and

 

(j)                                    any Lien on the Collateral securing obligations under the Note Purchase Agreements.

 

7.03                        Loans, Advances and Investments.  The Borrower shall not permit, and shall not permit any Subsidiary to make or permit to remain outstanding any loan or advance to, or own, purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution to, any Person, or consummate any Acquisition, except that the Borrower or any Subsidiary may

 

(a)                                 make, or permit to remain outstanding, loans or advances to the Borrower or any Subsidiary;

 

(b)                                 own, purchase or acquire stock, obligations or securities of a Subsidiary, and, so long as the Borrower is in compliance with the financial covenants set forth in Section 7.01 on a pro forma basis immediately after giving effect to such transaction, consummate Acquisitions;

 

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(c)                                  acquire and own stock, obligations, securities or other investments (i) consisting of extensions of credit arising from the grant of trade credit, or received in settlement or partial satisfaction thereof of obligations (including any Debt or trade credit) owing to the Borrower or any Subsidiary or (ii) received in satisfaction of judgments or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of trade creditors or account debtors;

 

(d)                                 make investments in accordance with the resolutions of the Board of Directors of the Borrower; provided that such resolutions authorize only investments rated investment grade by S&P, Moody’s, or any other nationally recognized credit rating agency or investments in the Borrower’s accounts receivable purchased or held by the CCF;

 

(e)                                  make any investment in any stock, obligations or securities of, or any other interest in, or any capital contribution to, an Eligible Business Line (subject, in the case of any Acquisition, to Section 7.03(b)); and

 

(f)                                   make other investments, loans and advances which in the aggregate (at original cost) do not exceed $30,000,000 at any time outstanding.

 

Notwithstanding the foregoing, (i) amounts in the CCF may be invested only as provided in subsection (d) above and (ii) for the avoidance of doubt, this Section 7.03 shall not apply to any Guarantee.

 

7.04                        Merger.  The Borrower shall not, and shall not permit any Subsidiary to, consummate any transaction of merger, consolidation or other combination with any other Person; provided that:

 

(a)                                 any Subsidiary may merge with the Borrower; provided that the Borrower shall be the continuing or surviving corporation and immediately after such merger no Event of Default shall exist;

 

(b)                                 any Subsidiary may merge with another Subsidiary; provided that if a Material Domestic Subsidiary merges with a Foreign Subsidiary, such Material Domestic Subsidiary shall be the surviving Person and immediately after such merger no Event of Default shall exist; and

 

(c)                                  the Borrower or any Subsidiary may merge, consolidate or combine with any other Person in connection with an Acquisition permitted by Section 7.03(b); provided that (i) immediately after such merger, consolidation or combination, no Event of Default shall exist and (ii) if the Borrower is a party to such transaction, the Borrower will be the continuing or surviving corporation.

 

7.05                        Sale of Capital Assets.   The Borrower shall not, and shall not permit any Subsidiary to, sell, lease, transfer or otherwise dispose of any Capital Asset to any Person, except that (a) any Loan Party may sell or otherwise dispose of any Capital Asset to any other Loan Party, (b) any Subsidiary that is not a Loan Party may sell or otherwise dispose of any Capital Asset to the Borrower or any other Subsidiary and (c) during any rolling twelve-month period, the Borrower or any Subsidiary may sell or otherwise dispose of Capital Assets which constituted up to 10% of the total value of the consolidated assets of Matson Navigation and its Subsidiaries as of December 31, 2016, so long as (A)) such Capital Assets sold contributed less than 25% of the Consolidated Net Income of the Borrower in each of the three fiscal years immediately preceding any such sale and (B) such Capital Assets, when considered together with all other Capital Assets sold or otherwise disposed of subsequent to December 31, 2016, do not constitute in excess of 30% of the total value of the consolidated assets of Matson Navigation and its Subsidiaries as of December 31, 2016; provided, that this Section 7.05 shall not apply to any Lien permitted hereunder.

 

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7.06                        Use of Proceeds.  The Borrower shall not use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.

 

7.07                        Transactions with Affiliates and Stockholders.  The Borrower shall not, and shall not permit any Subsidiary to, directly or indirectly, purchase, acquire or lease any property from, or sell, transfer or lease any property to, or otherwise deal with, in the ordinary course of business or otherwise (a) any Affiliate, (b) any Person owning, beneficially or of record, directly or indirectly, either individually or together with all other Persons to whom such Person is related by blood, adoption or marriage, stock of the Borrower or stock of any Person owning stock of the Borrower (of any class having ordinary voting power for the election of directors) aggregating 5% or more of such voting power or (c) any Person related by blood, adoption or marriage to any Person described or coming within the provisions of clause (a) or (b) of this Section 7.07; provided that the following shall be permitted: (i) the Borrower and Subsidiaries may enter into such transactions on terms no less favorable to the Borrower or Subsidiary than if no such relationship existed, (ii) customary fees, indemnities and reimbursements may be paid to officers, employees, consultants and directors of the Borrower and its Subsidiaries; (iii) the Borrower and its Subsidiaries may enter into and make payments and provide benefits pursuant to reasonable and customary employment arrangements with officers and senior management employees; (iv) the Borrower may sell or issue its capital stock, (v) transactions between the Borrower and any Subsidiary, and among Subsidiaries of the Borrower and (vi) Restricted Payments made in compliance with Section 7.08.

 

7.08                        Dividend Limitation.  The Borrower shall not pay or declare any dividend on any class of stock or make any other distribution on account of any class of its stock, or redeem, purchase or otherwise acquire, directly or indirectly, any shares of its stock (all of the foregoing being herein called “Restricted Payments”) unless (i) at the time any proposed Restricted Payment is to be made, and after giving effect to any proposed Restricted Payment, no Default exists or would exist after giving effect to such Restricted Payment and (ii) the Borrower is in compliance with the financial covenants set forth in Section 7.01 on a pro forma basis after giving effect to such Restricted Payment.

 

7.09                        Sanctions.  The Borrower shall not, and shall not permit any Subsidiary to, directly, or knowingly indirectly, use the proceeds of any Credit Extension (a) in connection with any investment in, or any transaction or dealings with, any Person that, at the time of such funding, is the subject of Sanctions in a manner that will result in a violation of Sanctions, or (b) in any other manner in violation of Sanctions.

 

7.10                        Anti-Corruption Laws.  The Borrower shall not, and shall not permit any Subsidiary to, directly, or knowingly indirectly, use the proceeds of any Credit Extension for any purpose which would breach Anti-Corruption Laws in any material respect.

 

ARTICLE VIII.

 

EVENTS OF DEFAULT AND REMEDIES

 

8.01                        Events of Default.  Any of the following shall constitute an “Event of Default”:

 

(a)                                 Non-Payment.  The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or (ii) within five days after the same becomes due, any interest on any Loan or on any L/C Obligation, any fee due hereunder or any other amount payable hereunder or under any other Loan Document; or

 

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(b)                                 Specific Covenants.  The Borrower fails to perform or observe any agreement contained in Article VII; or

 

(c)                                  Other Defaults.  The Borrower or any other Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure shall not be remedied within 30 days after any Responsible Officer obtains actual knowledge thereof; or

 

(d)                                 Representations and Warranties.  Any representation or warranty made by the Borrower herein or by any Loan Party or any of its officers in any Loan Document or any writing furnished in connection with or pursuant to this Agreement or any other Loan Document shall be false or misleading in any material respect on the date as of which made; provided that to the extent that such breach of representation or warranty relates to clause (c) of the definition of Material Adverse Effect, such breach of representation or warranty shall only constitute an Event of Default under this subsection (d) if such Loan Party knowingly breached such representation or warranty; or

 

(e)                                  Cross-Default.  (i) An Event of Default (as defined in any Note Purchase Agreement) has occurred and is continuing under such Note Purchase Agreement; or (ii) the Borrower or any Material Subsidiary defaults in any payment of principal of, or premium or interest on, any Debt (other than the Obligations) beyond any period of grace provided with respect thereto, or the Borrower or any Material Subsidiary fails to perform or observe any other agreement, term or condition contained in any agreement relating to any such Debt (or any other event under any such agreement occurs and is continuing) and the effect of such default or other failure or event is to cause, or to permit the holder or holders of such Debt (or a trustee on behalf of such holder or holders) to cause, such Debt to become due (or to be required to be repurchased by the Borrower or any Subsidiary) prior to any stated maturity; provided that the aggregate amount of all Debt as to which such a default or other failure or event shall occur and be continuing exceeds $40,000,000; or

 

(f)                                   Insolvency Proceedings, Etc.

 

(i)                                     Any Loan Party or any Material Subsidiary makes an assignment for the benefit of creditors or is generally not paying its debts as such debts become due; or

 

(ii)                                  any decree or order for relief in respect of any Loan Party or any Material Subsidiary is entered under any Debtor Relief Laws of any jurisdiction; or

 

(iii)                               any Loan Party or any Material Subsidiary petitions or applies to any tribunal for, or consents to, the appointment of, or taking possession by, a trustee, receiver, custodian, liquidator or similar official of any Loan Party or any such Material Subsidiary, or of any substantial part of the assets of any Loan Party or any such Material Subsidiary, or commences a voluntary case under the Bankruptcy Code of the United States or any proceedings (other than proceedings for the voluntary liquidation and dissolution of a Material Subsidiary) relating to any Loan Party or any Material Subsidiary under any other Debtor Relief Laws; or

 

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(iv)                              any petition or application of the type described in clause (iii) above is filed, or any such proceedings are commenced, against any Loan Party or any Material Subsidiary and any Loan Party or such Material Subsidiary by any act indicates its approval thereof, consent thereto or acquiescence therein, or an order, judgment or decree is entered appointing any such trustee, receiver, custodian, liquidator or similar official, or approving the petition in any such proceedings, and such order, judgment or decree remains unstayed and in effect for more than 30 days; or

 

(g)                                  Dissolution, Etc.  Any order, judgment or decree is entered in any proceedings against any Loan Party or any Material Subsidiary decreeing the dissolution of such Loan Party or such Material Subsidiary and such order, judgment or decree remains unstayed and in effect for more than 30 days; or

 

(h)                                 ERISA.  (i) Any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Borrower or any ERISA Affiliate that a Plan may become a subject of such proceedings, (iii) the aggregate amount under all Plans of the fair market value of the assets (within the meaning of section 303 of ERISA), is less than 70% of the “Funding Target” (within the meaning of section 303 of ERISA), (iv) the Borrower or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV or ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (v) the Borrower or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi) the Borrower or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Borrower or any Subsidiary thereunder; and any such event or events described in clauses (i) through (vi) above, either individually or together with any other such event or events, could reasonably be expected to have a Material Adverse Effect of the type described in clause (a) or (b) of the definition thereof; or

 

(i)                                     Judgments.  Any judgment(s) or decree(s) in the aggregate amount of $40,000,000 or more shall be entered against the Borrower or any of its Material Subsidiaries that are not paid or fully covered (beyond any applicable deductibles) by insurance and such judgment or decree shall not have been vacated, discharged or stayed or bonded pending appeal within 60 days from the entry thereof; or

 

(j)                                    Invalidity of Loan Documents.  Any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document; or

 

(k)                                 Change of Control.  There occurs any Change of Control.

 

8.02                        Remedies Upon Event of Default.  If any Event of Default occurs and is continuing, the Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

 

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(a)                                 declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

 

(b)                                 declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower;

 

(c)                                  require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto); and

 

(d)                                 exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or applicable law or at equity;

 

provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Agent or any Lender.

 

8.03                        Application of Funds.  After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations, subject to the terms of the Intercreditor Agreement (if applicable), shall, subject to the provisions of Sections 2.15 and 2.16, be applied by the Agent in the following order:

 

First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Agent and amounts payable under Article III) payable to the Agent in its capacity as such;

 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them;

 

Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third payable to them;

 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Fourth held by them;

 

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Fifth, to the Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections 2.03 and 2.15; and

 

Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by law.

 

Subject to Sections 2.03(c) and 2.15, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur.  If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.

 

8.04                        Savings Clause.

 

The provisions of this Article VIII are subject in all respects to the provisions of Section 7.01(b)(viii) as to the matters set forth therein.

 

ARTICLE IX.

 

AGENT

 

9.01                        Appointment and Authority.  Each of the Lenders and the L/C Issuer hereby irrevocably appoints Bank of America to act on its behalf as the Agent hereunder and under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Article are solely for the benefit of the Agent, the Lenders and the L/C Issuer, and no Loan Party shall have rights as a third party beneficiary of any of such provisions.  It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

 

Each of the Lenders (in its capacities as a Lender and Swing Line Lender (if applicable)) and the L/C Issuer (a) irrevocably appoints and authorizes Bank of America to act on its behalf as Collateral Agent under the Intercreditor Agreement and (b) consents to and approves the terms of the Intercreditor Agreement.  By execution hereof, the Lenders acknowledge the terms of the Intercreditor Agreement and agree to be bound by the terms thereof and further authorize and direct the Agent and the Collateral Agent to enter into the Intercreditor Agreement on behalf of all the Lenders, to perform their obligations thereunder and to deliver and accept notices thereunder on behalf of the Lenders (and the Agent shall promptly provide copies of such notices to the Lenders).  In this connection, the Agent, as “Collateral Agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Agent pursuant to Section 9.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Agent, shall be entitled to the benefits of all provisions of this Article IX and Article X (including Section 11.04(c), as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto.  Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Agent and Collateral Agent are hereby irrevocably authorized and directed by each Lender to take any action requested by the Borrower having the effect of releasing any Collateral, subject to Section 6.09, (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with Section 10.01 or (ii) pursuant to the terms of the applicable Collateral Documents.

 

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9.02                        Rights as a Lender.  The Person serving as the Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with respect thereto.

 

9.03                        Exculpatory Provisions.  The Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature.  Without limiting the generality of the foregoing, the Agent:

 

(a)                                 shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)                                 shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and

 

(c)                                  shall not, except as expressly set forth herein and in the other Loan Documents, have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower, its Subsidiaries or any of its Affiliates that is communicated to or obtained by the Person serving as the Agent or any of its Affiliates in any capacity.

 

Neither the Agent nor any of its Related Parties shall be liable for any action taken or not taken by the Agent under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.  Any such action taken or failure to act pursuant to the foregoing shall be binding on all Lenders.  The Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in writing to the Agent by the Borrower, a Lender or the L/C Issuer.

 

Neither the Agent nor any of its Related Parties shall have any duty or obligation to any Lender or participant or any other Person to ascertain or inquire into (A) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (B) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or

 

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therewith, (C) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (D) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (E) the value or the sufficiency of any Collateral, or (F) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Agent.

 

9.04                        Reliance by Agent.  The Agent shall be entitled to rely upon, and shall be fully protected in relying and shall not incur any liability for relying upon, any notice, request, certificate, communication, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall be fully protected in relying and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance, extension, renewal or increase of such Letter of Credit.  The Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

9.05                        Delegation of Duties.  The Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Agent.  The Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Agent.  The Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

9.06                        Resignation of Agent.

 

(a)                                 The Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuer, appoint a successor Agent meeting the qualifications set forth above (provided that in no event shall any such successor Agent be a Defaulting Lender).  Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

 

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(b)                                 If the Person serving as Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

 

(c)                                  With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents, in each case solely in its capacity as Agent and as provided in subsection (d) below (except that in the case of any collateral security held by the Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring or removed Agent shall continue to hold such collateral security until such time as a successor Agent is appointed), and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Agent, all payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender and the L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Agent as provided for above.  Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section) .  The fees payable by the Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the retiring or removed Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect for the benefit of such retiring or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them (i) while the retiring or removed Agent was acting as Agent and (ii) after such resignation or removal for as long as any of them continues to act in any capacity hereunder or under the other Loan Documents, including (A) acting as collateral agent or otherwise holding any collateral security on behalf of any of the Lenders and (B) in respect of any actions taken in connection with transferring the agency to any successor Agent.

 

(d)                                 Any resignation by Bank of America as Agent pursuant to this Section shall also constitute its resignation as L/C Issuer and Swing Line Lender. If Bank of America resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c).  If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c).  Upon the appointment by the Borrower of a successor L/C Issuer or Swing Line Lender hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as applicable, (ii) the retiring L/C

 

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Issuer and Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America  with respect to such Letters of Credit.

 

9.07                        Non-Reliance on Agent and Other Lenders.  Each Lender and the L/C Issuer acknowledges that it has, independently and without reliance upon the Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

9.08                        No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the Bookrunners, arrangers or other titles listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Agent, a Lender or the L/C Issuer hereunder.

 

9.09                        Guaranty Matters.  So long as no Event of Default exists or would result therefrom, the Lenders and the L/C Issuer irrevocably authorize the Agent, at its option and in its discretion, to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Material Domestic Subsidiary as a result of a transaction permitted under the Loan Documents.  Upon request by the Agent at any time, the Required Lenders will confirm in writing the Agent’s authority to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.09.

 

ARTICLE X.

 

MISCELLANEOUS

 

10.01                 Amendments, Etc.  No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall:

 

(a)                                 extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written consent of such Lender;

 

(b)                                 postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender entitled to receive such payment;

 

(c)                                  reduce the principal of, or the rate of interest specified herein on, any Loan or Unreimbursed Amounts under Letters of Credit, or (subject to clause (iv) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender entitled to receive such amount; provided,

 

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however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at the Default Rate and (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder;

 

(d)                                 change Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender directly and adversely affected thereby;

 

(e)                                  release all or substantially all of the value of the Guaranty without the written consent of each Lender, except to the extent the release of any Guarantor is permitted pursuant to Section 9.09 or the provisions of the Guaranty (in which case such release may be made by the Agent acting alone); or

 

(f)                                   change any provision of this Section or the definition of “Required Lenders” without the written consent of each Lender directly and adversely affected thereby;

 

and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Agent in addition to the Lenders required above, affect the rights or duties of the Agent under this Agreement or any other Loan Document; and (iv) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.  Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately  adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.

 

In addition, notwithstanding the foregoing, the Borrower may, by written notice to the Agent from time to time, make one or more offers (each, a “Loan Modification Offer”) to all the Lenders to make one or more amendments or modifications to (A) allow the maturity of the Committed Loans of the accepting Lenders to be extended and (B) increase the Applicable Rate and/or fees payable with respect to the Committed Loans and Commitments of the accepting Lenders (“Permitted Amendments”) pursuant to procedures reasonably specified by the Agent and reasonably acceptable to the Borrower.  Such notice shall set forth (i) the terms and conditions of the requested Permitted Amendment and (ii) the date on which such Permitted Amendment is requested to become effective.  Permitted Amendments shall become effective only with respect to the Committed Loans and/or Commitments of the Lenders that accept the applicable Loan Modification Offer (such Lenders, the “Accepting Lenders”) and, in the case of any Accepting Lender, only with respect to such Lender’s Committed Loans and/or Commitments as to which such Lender’s acceptance has been made.  The Borrower, each other Loan Party and each Accepting Lender shall execute and deliver to the Agent a Loan Modification Agreement and such other documentation as the Agent shall reasonably specify to evidence the acceptance of the Permitted Amendments and the terms and conditions thereof, and the Loan Parties shall also deliver such resolutions, opinions and other documents as reasonably requested by the Agent.  The Agent shall

 

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promptly notify each Lender as to the effectiveness of each Loan Modification Agreement.  Each of the parties hereto hereby agrees that (1) upon the effectiveness of any Loan Modification Agreement, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Permitted Amendment evidenced thereby and only with respect to the Committed Loans and Commitments of the Accepting Lenders as to which such Lenders’ acceptance has been made and (2) any applicable Lender who is not an Accepting Lender may be replaced by the Borrower in accordance with Section 10.13.

 

Notwithstanding any provision herein to the contrary the Agent and the Borrower may amend, modify or supplement this Agreement or any other Loan Document to cure or correct administrative errors or omissions, any ambiguity, omission, defect or inconsistency or to effect administrative changes, and such amendment shall become effective without any further consent of any other party to such Loan Document so long as (i) such amendment, modification or supplement does not adversely affect the rights of any Lender or other holder of Obligations in any material respect and (ii) the Lenders shall have received at least five Business Days’ prior written notice thereof and the Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment.

 

10.02                 Notices; Effectiveness; Electronic Communication.

 

(a)                                 Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

 

(i)                                     if to the Borrower or any other Loan Party, the Agent, the L/C Issuer or the Swing Line Lender, to the address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and

 

(ii)                                  if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the Borrower).

 

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient).  Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b).

 

(b)                                 Electronic Communications.  Notices and other communications to the Lenders and the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e-mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved by the Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified the Agent that it is incapable of receiving notices under such Article by electronic communication.

 

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The Agent, the Swing Line Lender, the L/C Issuer 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 delivered through electronic communications to the extent provided in this subsection (b), shall be effective as provided in this subsection (b).

 

Unless the 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), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

 

(c)                                  The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.  In no event shall the Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any other Loan Party’s or the Agent’s transmission of Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party.

 

(d)                                 Change of Address, Etc.  Each of the Borrower, the Agent, the L/C Issuer and the Swing Line Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto.  Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Borrower, the Agent, the L/C Issuer and the Swing Line Lender.  In addition, each Lender agrees to notify the Agent from time to time to ensure that the Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.  Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable law, including United States Federal and state securities laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States Federal or state securities laws.

 

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(e)                                  Reliance by Agent, L/C Issuer and Lenders.  The Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including telephonic or electronic Committed Loan Notices, Letter of Credit Applications and Swing Line Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Borrower shall indemnify the Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower, except to the extent such losses, costs, expenses and liabilities resulted from the gross negligence or willful misconduct of such Person.  All telephonic notices to and other telephonic communications with the Agent may be recorded by the Agent, and each of the parties hereto hereby consents to such recording.

 

10.03                 No Waiver; Cumulative Remedies.  No failure by any Lender, the L/C Issuer or the Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under any other Loan Document (including the imposition of the Default Rate) preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Agent in accordance with Section 8.02 for the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) the Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swing Line Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

10.04                 Expenses; Indemnity; Damage Waiver.

 

(a)                                 Costs and Expenses.  The Borrower shall pay (i) except as provided in Section 10.06(b)(iv), all reasonable out-of-pocket expenses incurred by the Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement, the other Loan Documents,

 

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the Collateral Documents and the Intercreditor Agreement 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 L/C Issuer 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 Agent, any Lender or the L/C Issuer (including the fees, charges and disbursements of any counsel for the Agent, any Lender or the L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection with this Agreement, the other Loan Documents, the Collateral Documents and the Intercreditor Agreement, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

 

(b)                                 Indemnification by the Borrower.  The Borrower shall indemnify the Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Loan Party) other than such Indemnitee and its Related Parties arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document, the Collateral Documents, the Intercreditor Agreement or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement, the other Loan Documents, the Collateral Documents and the Intercreditor Agreement, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) 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 Liabilities and Costs related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, (y) result from a claim brought by the Borrower against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction or (z) arise solely from claims of any Indemnitee against one or more other Indemnitees that do not involve or have not resulted from (A) an act or omission of an Indemnitee in its capacity as Agent, L/C Issuer, arranger or bookrunner and (B) an act or omission (or an alleged act or omission) by the Borrower or any Subsidiary.  Without limiting the provisions of Section 3.01(c), this Section 10.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

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(c)                                  Reimbursement by Lenders.  To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Agent (or any sub-agent thereof), the L/C Issuer, the Swing Line Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Agent (or any such sub-agent), the L/C Issuer, the Swing Line Lender or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the outstanding Loans, unfunded Commitments and participation interests in Swing Line Loans and L/C Obligations of all Lenders at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders’ Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), provided, further that, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Agent (or any such sub-agent) or the L/C Issuer or the Swing Line Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Agent (or any such sub-agent), the L/C Issuer or the Swing Line Lender in connection with such capacity.   The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.12(d).

 

(d)                                 Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable law, neither any Loan Party nor any Indemnitee shall assert, and each party hereby waives, any claim against any Indemnitee or any Loan Party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof (other than an Indemnitee may assert, and does not waive, a claim against any Loan Party, in respect of any such damages incurred or paid by an Indemnitee to a third party).  No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee.

 

(e)                                  Payments.  All amounts due under this Section shall be payable not later than ten Business Days after written demand therefor.

 

(f)                                   Survival.  The agreements in this Section and the indemnity provisions of Section 10.02(e) shall survive the resignation of the Agent, the L/C Issuer and the Swing Line Lender, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

10.05                 Payments Set Aside.  To the extent that any payment by or on behalf of the Borrower is made to the Agent, the L/C Issuer or any Lender, or the Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Agent

 

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upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

 

10.06                 Successors and Assigns.

 

(a)                                 Successors and Assigns Generally.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)                                 Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C Obligations and in Swing Line Loans) at the time owing to it); provided that any such assignment shall be subject to the following conditions:

 

(i)                                     Minimum Amounts.

 

(A)                               in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the time owing to it or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments) that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)                               in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans 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 Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed).

 

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(ii)                                  Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans;

 

(iii)                               Required Consents.  No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition:

 

(A)                               the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;

 

(B)                               the consent of the Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and

 

(C)                               the consent of the L/C Issuer and the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment.

 

(iv)                              Assignment and Assumption.  The parties to each assignment shall execute and deliver to the Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; provided, however, that the Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.  Except as otherwise provided in Section 10.13, such processing and recordation fees, together with the costs and expenses of the Agent incurred in connection with the execution and delivery of such Assignment and Assumption, shall be paid by either the assignor or the assignee.  The assignee, if it is not a Lender, shall deliver to the Agent an Administrative Questionnaire.

 

(v)                                 No Assignment to Certain Persons.  No such assignment shall be made to (A) the Borrower or any of its Subsidiaries or Affiliates, (B) a natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person) or (C) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (C).

 

(vi)                              Certain Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Agent, the applicable pro rata share of Committed Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Agent, the L/C Issuer or any Lender hereunder

 

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(and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Committed Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

Subject to acceptance and recording thereof by the Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and the Intercreditor Agreement (if applicable) 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 Intercreditor Agreement (if applicable), 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 the Intercreditor Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.  Upon request, and upon receipt of the original Note from the assignor marked “Cancelled,” the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section.

 

(c)                                  Register.  The Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes), shall maintain at the Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, and the Borrower, the Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)                                 Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrower or the Agent, sell participations to any Person (other than a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person), a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing Line Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 10.04(c) without regard to the existence of any participation.

 

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Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any  provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section (it being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 10.13 as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.  Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.06 with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.13 as though it were a Lender.  Each Lender 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 Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.

 

(e)                                  Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(f)                                   Resignation as L/C Issuer or Swing Line Lender after Assignment.  Notwithstanding anything to the contrary contained herein, if at any time a Lender acting as L/C Issuer or Swing Line Lender assigns all of its Commitment and Loans pursuant to subsection (b) above, such Lender may, (i) upon 30 days’ notice to the Borrower and the Lenders, resign as L/C Issuer and/or (ii) upon 30 days’ notice to the Borrower, resign as Swing Line Lender.  In the

 

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event of any such resignation as L/C Issuer or Swing Line Lender, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of the applicable Lender as L/C Issuer or Swing Line Lender, as the case may be.  Any such appointment of a successor L/C Issuer or Swing Line Lender by the Borrower pursuant to this Section 10.06 shall not become effective until acceptance of the appointment by the successor L/C Issuer or Swing Line Lender.  If a Lender resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit issued by it and outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)).  If a Lender resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c).  Upon the appointment of a successor L/C Issuer and/or Swing Line Lender, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the applicable resigning L/C Issuer to effectively assume the obligations of such L/C Issuer with respect to such Letters of Credit.

 

10.07                 Treatment of Certain Information; Confidentiality.  Each of the Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (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 required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (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 hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement (or any Eligible Assignee invited to be a Lender pursuant to Section 2.14) or (ii) any actual or prospective counterparty (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with the prior written consent of the Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Agent, any Lender, the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower or any Subsidiary of the Borrower.  In addition, the Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments.

 

89

 

For purposes of this Section, “Information” means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary.

 

Each of the Agent, the Lenders and the L/C Issuer acknowledges that (a) the Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable law, including Federal and state securities laws.

 

10.08                 Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or the L/C Issuer or their respective Affiliates, irrespective of whether or not such Lender, L/C Issuer or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or the L/C Issuer 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 Agent for further application in accordance with the provisions of Section 2.16 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender, the L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have.  Each Lender and the L/C Issuer agrees to notify the Borrower and the 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.

 

10.09                 Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”).  If the Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.  In determining whether the interest contracted for, charged, or received by the Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

10.10                 Counterparts; Integration; Effectiveness.  This Agreement and each of the other Loan Documents may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement, the other Loan Documents and any separate letter agreements with respect to

 

90

 

fees payable to the Agent or the L/C Issuer constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Agent and when the Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by fax transmission or e-mail transmission (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement or such other Loan Document or certificate.  Without limiting the foregoing, to the extent a manually executed counterpart is not specifically required to be delivered under the terms of any Loan Document, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

 

The parties to the Existing Credit Agreement each hereby agrees that, at such time as this Agreement shall have become effective pursuant to the terms of Section 4.01, (a) the Existing Credit Agreement automatically shall be deemed amended and restated in its entirety by this Agreement, and (b) the Commitments and Loans under the Existing Credit Agreement and as defined therein automatically shall be replaced with the Commitments and Loans hereunder.  This Agreement is not a novation of the Existing Credit Agreement.

 

10.11                 Survival of Representations and Warranties.  All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof.  Such representations and warranties have been or will be relied upon by the Agent and each Lender, regardless of any investigation made by the Agent or any Lender or on their behalf and notwithstanding that the Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

 

10.12                 Severability.  If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Agent, the L/C Issuer or the Swing Line Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

 

10.13                 Replacement of Lenders.  If the Borrower is entitled to replace a Lender pursuant to the provisions of Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:

 

(a)                                 the Borrower shall have paid to the Agent the assignment fee (if any) specified in Section 10.06(b);

 

91

 

(b)                                 such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) 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);

 

(c)                                  in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)                                 such assignment does not conflict with applicable laws; and

 

(e)                                  in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.

 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

10.14                 Governing Law; Jurisdiction; Etc.

 

(a)                                 GOVERNING LAW.  THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)                                 SUBMISSION TO JURISDICTION.  THE BORROWER IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE AGENT, ANY LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR THE TRANSACTIONS RELATING HERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE

 

92

 

BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)                                  WAIVER OF VENUE.  THE BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)                                 SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

10.15                 Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

10.16                 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 Agent, the Arranger, the other lead arranger(s) and the Lenders are arm’s-length commercial transactions between the Borrower, each other Loan Party and their respective Affiliates, on the one hand, and the Agent, the Arranger, the other lead arranger(s) and the Lenders, on the other hand, (B) each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower and each other Loan Party 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) the Agent, the Arranger, each other lead arranger and each Lender 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, any other Loan Party or any of their respective Affiliates, or any other Person and (B) neither the Agent, the Arranger, any other lead arranger nor any Lender has any obligation to the Borrower, any other Loan Party or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agent, the Arranger, the other lead arranger(s) and 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, the other Loan Parties and their

 

93

 

respective Affiliates, and neither the Agent, the Arranger, any other lead arranger nor any Lender has any obligation to disclose any of such interests to the Borrower, any other Loan Party or any of their respective Affiliates.  To the fullest extent permitted by law, each of the Borrower and each other Loan Party hereby waives and releases any claims that it may have against the Agent, the Arranger, the other lead arranger(s) or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

10.17                 Electronic Execution of Assignments and Certain Other Documents.

 

The words “execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement, any other document executed in connection herewith and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications, Loan Notices, Swing Line Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Agent pursuant to procedures approved by it; provided further without limiting the foregoing, upon the request of any party, any electronic signature shall be promptly followed by such manually executed counterpart.

 

10.18                 USA PATRIOT Act.  Each Lender that is subject to the Act (as hereinafter defined) and the Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub.  L.  107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name, address and tax identification numbers of the Loan Parties and other information that will allow such Lender or the Agent, as applicable, to identify the Loan Parties in accordance with the Act.  The Borrower shall, promptly following a request by the Agent or any Lender, provide all documentation and other information that the Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act.

 

10.19                 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and (b) the effects of any Bail-In Action on any such liability, including, if applicable, (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.

 

94

 

[SIGNATURE PAGES FOLLOW]

 

95

 

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

 

	
 
    	
MATSON, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Matthew J. Cox
    
	
 
    	
Name:
    	
Matthew J. Cox
    
	
 
    	
Title:
    	
Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Joel M. Wine
    
	
 
    	
Name:
    	
Joel M. Wine
    
	
 
    	
Title:
    	
Senior Vice President   and Chief Financial
    
	
 
    	
 
    	
Officer
    

 

AMENDED AND RESTATED CREDIT AGREEMENT

MATSON, INC.

 

 

	
 
    	
BANK OF AMERICA, N.A.,
    
	
 
    	
as Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Brenda Schriner
    
	
 
    	
Name:
    	
Brenda Schriner
    
	
 
    	
Title:
    	
Vice President
    

 

AMENDED AND RESTATED CREDIT AGREEMENT

MATSON, INC.

 

 

	
 
    	
BANK OF AMERICA, N.A.,
    
	
 
    	
as Lender, Swing Line   Lender and L/C Issuer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Daryl K. Hogge
    
	
 
    	
Name:
    	
Daryl K. Hogge
    
	
 
    	
Title:
    	
Senior Vice President
    

 

AMENDED AND RESTATED CREDIT AGREEMENT

MATSON, INC.

 

 

	
 
    	
FIRST HAWAIIAN BANK,
    
	
 
    	
as Lender and L/C   Issuer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Darlene Blakeney
    
	
 
    	
Name:
    	
Darlene Blakeney
    
	
 
    	
Title:
    	
Vice President
    

 

AMENDED AND RESTATED CREDIT AGREEMENT

MATSON, INC.

 

 

	
 
    	
BRANCH BANKING AND   TRUST COMPANY,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David Miller
    
	
 
    	
Name:
    	
David Miller
    
	
 
    	
Title:
    	
Vice President
    

 

AMENDED AND RESTATED CREDIT AGREEMENT

MATSON, INC.

 

 

	
 
    	
JPMORGAN CHASE BANK,   N.A.,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Anna C. Araya
    
	
 
    	
Name:
    	
Anna C. Araya
    
	
 
    	
Title:
    	
Executive Director
    

 

AMENDED AND RESTATED CREDIT AGREEMENT

MATSON, INC.

 

 

	
 
    	
PNC BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Brett Schweikle
    
	
 
    	
Name:
    	
Brett Schweikle
    
	
 
    	
Title:
    	
Senior Vice President
    

 

AMENDED AND RESTATED CREDIT AGREEMENT

MATSON, INC.

 

 

	
 
    	
U.S. BANK NATIONAL   ASSOCIATION,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael P. Dickman
    
	
 
    	
Name:
    	
Michael P. Dickman
    
	
 
    	
Title:
    	
Vice President
    

 

AMENDED AND RESTATED CREDIT AGREEMENT

MATSON, INC.

 

 

	
 
    	
AMERICAN SAVINGS BANK,   F.S.B.,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Edward Chin
    
	
 
    	
Name:
    	
Edward Chin
    
	
 
    	
Title:
    	
First Vice President
    

 

AMENDED AND RESTATED CREDIT AGREEMENT

MATSON, INC.

 

 

	
 
    	
BANK OF HAWAII,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John McKenna
    
	
 
    	
Name:
    	
John McKenna
    
	
 
    	
Title:
    	
Senior Vice President
    

 

AMENDED AND RESTATED CREDIT AGREEMENT

MATSON, INC.

 

 

	
 
    	
KEYBANK NATIONAL   ASSOCIATION,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Tad L. Stainbrock
    
	
 
    	
Name:
    	
Tad L. Stainbrock
    
	
 
    	
Title:
    	
Vice President
    

 

AMENDED AND RESTATED CREDIT AGREEMENT

MATSON, INC.

 

 

	
 
    	
WELLS FARGO BANK,   NATIONAL ASSOCIATION,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Thomas M. Molitar
    
	
 
    	
Name:
    	
Thomas M. Molitor
    
	
 
    	
Title:
    	
Managing Director
    

 

AMENDED AND RESTATED CREDIT AGREEMENT

MATSON, INC.

 

 

	
 
    	
CENTRAL PACIFIC BANK,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Carl A. Morita
    
	
 
    	
Name:
    	
Carl A. Morita
    
	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Craig Taylor
    
	
 
    	
Name:
    	
Craig Taylor
    
	
 
    	
Title:
    	
Senior Vice President
    

 

AMENDED AND RESTATED CREDIT AGREEMENT

MATSON, INC.

 

 

SCHEDULE 1.01

 

EXISTING LETTERS OF CREDIT

 

EXISTING LETTERS OF CREDIT ON THE CLOSING DATE ISSUED BY FIRST HAWAIIAN BANK

 

	
NO.
    	
 
    	
BENEFICIARY
    	
 
    	
AMOUNT
   (USD)
    	
 
    	
ISSUANCE
   DATE
    	
 
    	
EXPIRY
   DATE
    	
 
    
	
SB20020034
    	
 
    	
U.S. Department of Labor, Office or

Worker’s Compensation Program
    	
 
    	
1,600,000.00
    	
 
    	
5/1/2002

effective

7/1/2002
    	
 
    	
7/2/2018
    	
 
    
	
SB20030007
    	
 
    	
State of Hawaii, Department of

Transportation, Harbor Division
    	
 
    	
445,000.00
    	
 
    	
1/24/2003
    	
 
    	
1/24/2018
    	
 
    
	
SB20070023
    	
 
    	
Office of Self Insurance Plans, State of California
    	
 
    	
169,906.00
    	
 
    	
3/19/2007
    	
 
    	
7/2/2018
    	
 
    
	
SB20070026
    	
 
    	
XL Specialty Insurance Company &/or

Greenwich Insurance Co.
    	
 
    	
909,959.00
    	
 
    	
4/3/2007
    	
 
    	
9/15/2017
    	
 
    
	
SB20070047
    	
 
    	
Signal Mutual Indemnity Association

c/o Signal Administration
    	
 
    	
3,058,175.00
    	
 
    	
7/25/2007

 
    	
 
    	
10/1/2017
    	
 
    
	
SB20080045
    	
 
    	
700 Independent Road, LP, A California

Limited Partnership
    	
 
    	
64,020.00
    	
 
    	
8/29/2008
    	
 
    	
8/29/2017
    	
 
    
	
SB20080047
    	
 
    	
9401 San Leandro, LP, A California

Limited Partnership
    	
 
    	
168,000.00
    	
 
    	
8/29/2008
    	
 
    	
8/29/2017
    	
 
    
	
SB20100060
    	
 
    	
First Industrial, LP
    	
 
    	
85,000.00
    	
 
    	
11/8/2010
    	
 
    	
11/8/2017
    	
 
    

 

EXISTING LETTERS OF CREDIT ON THE CLOSING DATE ISSUED BY WELLS FARGO BANK, NATIONAL ASSOCIATION

 

	
NO.
    	
 
    	
BENEFICIARY
    	
 
    	
AMOUNT ($)
    	
 
    	
ISSUANCE
   DATE
    	
 
    	
EXPIRY
   DATE
    	
 
    
	
SM227390W
    	
 
    	
United States Fidelity and Guaranty  Company
    	
 
    	
910,000.00
    	
 
    	
8/21/2007
    	
 
    	
1/10/2018
    	
 
    
	
SM227399W
    	
 
    	
National Union Fire Insurance of  Pittsburgh
    	
 
    	
1,366,396.00
    	
 
    	
8/21/2007
    	
 
    	
2/27/2018
    	
 
    
	
SM231642W
    	
 
    	
KTR South Bay I, LLC
    	
 
    	
1,750,000.00
    	
 
    	
6/12/2008
    	
 
    	
10/5/2017
    	
 
    

 

 

SCHEDULE 2.01

 

COMMITMENTS AND APPLICABLE PERCENTAGES

 

	
Lender
    	
 
    	
Commitment
    	
 
    	
Applicable Percentage of
   Aggregate Commitments
    	
 
    
	
Bank of America, N.A.
    	
 
    	
$
    	
90,000,000
    	
 
    	
13.846153847
    	
%
    
	
First Hawaiian Bank
    	
 
    	
$
    	
90,000,000
    	
 
    	
13.846153847
    	
%
    
	
Branch Banking and Trust Company
    	
 
    	
$
    	
75,000,000
    	
 
    	
11.538461538
    	
%
    
	
JPMorgan Chase Bank, N.A.
    	
 
    	
$
    	
75,000,000
    	
 
    	
11.538461538
    	
%
    
	
PNC Bank, National Association
    	
 
    	
$
    	
75,000,000
    	
 
    	
11.538461538
    	
%
    
	
U.S. Bank National Association
    	
 
    	
$
    	
75,000,000
    	
 
    	
11.538461538
    	
%
    
	
American Savings Bank, F.S.B.
    	
 
    	
$
    	
35,000,000
    	
 
    	
5.384615385
    	
%
    
	
Bank of Hawaii
    	
 
    	
$
    	
25,000,000
    	
 
    	
3.846153846
    	
%
    
	
KeyBank National Association
    	
 
    	
$
    	
40,000,000
    	
 
    	
6.153846154
    	
%
    
	
Wells Fargo Bank, National Association
    	
 
    	
$
    	
50,000,000
    	
 
    	
7.692307692
    	
%
    
	
Central Pacific Bank
    	
 
    	
$
    	
20,000,000
    	
 
    	
3.076923077
    	
%
    
	
TOTAL
    	
 
    	
$
    	
650,000,000
    	
 
    	
100
    	
%
    

 

 

SCHEDULE 5.07

 

CONFLICTING AGREEMENTS

 

1.              Third Amended and Restated Note Purchase and Private Shelf Agreement dated September 14, 2016 among Matson, Inc. and the holders of the notes issued thereunder, as amended to the date hereof.

 

2.              Note Purchase Agreement dated November 5, 2013 among Matson, Inc. and the holders of the notes issued thereunder, as amended to the date hereof.

 

3.              Capital Construction Agreement between Matson Navigation Company and the United States of America, dated September 21, 1976 as amended.

 

4.              Security Agreement Contract No. MA-13897, dated as of July 29, 2004 between Matson Navigation Company, Inc. and the United States of America, represented by the Secretary of Transportation, acting by and through the Maritime Administrator, as amended by Amendment No.1 to Security Agreement dated as of September 21, 2007.

 

5.              Parent Company Agreement, dated as of April 24, 2002, among SSA Pacific Terminals, Inc., formerly known as Stevedoring Services of America, Inc., SSA Ventures, Inc., Matson Navigation Company, Inc. and Matson Ventures, Inc.

 

6.              Amended and Restated Limited Liability Company Agreement of SSA Terminal, LLC  between SSA Ventures, Inc. and Matson Ventures, Inc., dated April 24, 2002.

 

7.              Shipbuilding Contract (Vessel Type Aloha Class — Hull No. 29) by and between Aker Philadelphia Shipyard, Inc. and Matson Navigation Company, Inc. dated as of November 6, 2013.

 

8.              Shipbuilding Contract (Vessel Type Aloha Class — Hull No. 30) by and between Aker Philadelphia Shipyard, Inc. and Matson Navigation Company, Inc. dated as of November 6, 2013.

 

9.              Guaranty Agreement by Aker Philadelphia Shipyard ASA in favor of Matson Navigation Company, Inc., dated as of November 6, 2013.

 

10.       Contribution, Assumption and Purchase Agreement dated November 11, 2014 by and among The Pasha Group, SR Holding LLC, Matson Alaska, Inc. (f/k/a Horizon Lines, Inc.) and Sunrise Operations LLC, as amended.

 

11.       Settlement Agreement and Release between the State of Hawaii, Matson Terminals, Inc. and Matson Navigation Company, Inc., dated July 29, 2015.

 

12.       Note Purchase Agreement dated July 30, 2015 among Matson, Inc. and the holders of the notes issued thereunder, as amended to the date hereof.

 

 

13.       Membership Interest Purchase Agreement between Matson Logistics, Inc. and Span Holdings, LLC dated as of July 18, 2016.

 

14.       Contract for Construction of Two Vessels for Matson Navigation Company, Inc. by National Steel and Shipbuilding Company dated August 25, 2016.

 

15.       Contractor’s Corporate Guaranty Agreement executed by General Dynamics Corporation and acknowledged by Matson Navigation Company, Inc. dated August 25, 2016.

 

16.       Purchaser’s Corporate Guaranty Agreement executed by Matson, Inc. and acknowledged by National Steel and Shipbuilding Company dated August 25, 2016.

 

17.       Note Purchase Agreement dated as of December 21, 2016 among Matson, Inc. and the holders of the notes issued thereunder, as amended to the date hereof.

 

 

SCHEDULE 5.08

 

MATERIAL DOMESTIC SUBSIDIARIES

 

1.                                      Matson Navigation Company, Inc., a Hawaii corporation

 

2.                                      Matson Ventures, Inc., a Hawaii corporation

 

3.                                      Matson Logistics, Inc., a Hawaii corporation

 

4.                                      Matson Alaska, Inc., a Delaware corporation

 

5.                                      Horizon Lines Holding Corp., a Delaware corporation

 

6.                                      Horizon Lines, LLC, a Delaware limited liability company

 

7.                                      Matson Navigation Company of Alaska, LLC, a Delaware limited liability company

 

8.                                      Horizon Lines Alaska Vessels, LLC, a Delaware limited liability company

 

9.                                      Horizon Lines Merchant Vessels, LLC, a Delaware limited liability company

 

10.                               Span Intermediate, LLC, a Delaware limited liability company

 

11.                               Span Acquisition Co., LLC, a Delaware limited liability company

 

 

SCHEDULE 7.02

 

LIENS EXISTING ON THE CLOSING DATE

 

1.                                      UCC Financing Statement executed by Matson Navigation Company, Inc. in favor of The United States of America, represented by the Secretary of Transportation, Document No. 2003-181811 recorded by the State of Hawaii, Bureau of Conveyances dated 08/28/03 as to all goods, equipment and inventory and all additions and accessions on the Vessel M.V. Manukai.

 

2.                                      Security Agreement Contract No. MA-13853, dated as of September 4, 2003 between Matson Navigation Company, Inc. and the United States of America, represented by the Secretary of Transportation, acting by and through the Maritime Administrator, as amended by Amendment No.1 to Security Agreement dated as of September 21, 2007.

 

3.                                      First Preferred Ship Mortgage, Contract No. MA-13854, dated as of September 5, 2003 between Matson Navigation Company, Inc. and the United States of America, represented by the Secretary of Transportation, acting by and through the Maritime Administrator.

 

4.                                      UCC Financing Statement executed by Matson Navigation Company, Inc. in favor of The United States of America, represented by the Secretary of Transportation, Document No. 2004-151116 recorded by the State of Hawaii, Bureau of Conveyances dated 7/23/04 as to all goods, equipment and inventory and all additions and accessions on the Vessel M.V. Maunawili.

 

5.                                      Security Agreement Contract No. MA-13897, dated as of July 29, 2004 between Matson Navigation Company, Inc. and the United States of America, represented by the Secretary of Transportation, acting by and through the Maritime Administrator, as amended by Amendment No. 1 to Security Agreement dated as of September 21, 2007.

 

6.                                      First Preferred Ship Mortgage, Contract No. MA-13898, dated as of July 30, 2004 between Matson Navigation Company, Inc. and the United States of America, represented by the Secretary of Transportation, acting by and through the Maritime Administrator.

 

7.                                      Master Equipment Lease Agreement between Matson Navigation Company, Inc. and Key Equipment Finance, a Division of KeyBank National Association, dated November 25 2015.

 

8.                                      Equipment subject to capital leases of Matson Logistics Warehousing, Inc. having an aggregate net book value of less than $30,000.

 

 

	
DEBTOR(S)
    	
 
    	
JURISDICTION
   SEARCHED
    	
 
    	
SEARCH
   VALID
   THRU
    	
 
    	
SECURED PARTY
    	
 
    	
FILE NO./
   FILE DATE
    	
 
    	
COLLATERAL
   DESCRIPTION
    
	
Matson Navigation Company, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
North American Communications Res. Inc.
    	
 
    	
A-45870550

7/23/2012
    	
 
    	
Equipment
    
	
Matson Navigation Company, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
Verizon Credit Inc.
    	
 
    	
A-46820820
   10/26/2012
    	
 
    	
Equipment
    
	
Matson Navigation Company, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
Verizon Credit Inc.
    	
 
    	
A-46820821
   10/26/2012
    	
 
    	
Equipment
    
	
Matson Navigation Company, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
Verizon Credit Inc.
    	
 
    	
A-46820822
   10/26/2012
    	
 
    	
Equipment
    
	
Matson Navigation Company, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
Verizon Credit Inc.
    	
 
    	
A-48701126
   5/2/2013
    	
 
    	
Equipment
    
	
Matson Navigation Company, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
BB&T Equipment Finance Group
    	
 
    	
A-49680793

8/8/2013
    	
 
    	
Equipment
    
	
Matson Navigation Company, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
Verizon Credit Inc.
    	
 
    	
A-50220786
   10/1/2013
    	
 
    	
Equipment
    
	
Matson Navigation Company, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
Verizon Credit Inc.
    	
 
    	
A-50250648

10/4/2013
    	
 
    	
Equipment
    
	
Matson Navigation Company, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
Verizon Credit Inc.
    	
 
    	
A-50720967

11/20/2013
    	
 
    	
Equipment
    
	
Matson Navigation Company, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
BB&T Equipment Finance Corporation
    	
 
    	
A-53530688

8/28/2014
    	
 
    	
Equipment
    
	
Matson Navigation Company, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
Key Equipment Finance
    	
 
    	
A-58330854
   12/21/2015
    	
 
    	
Equipment
    
	
Matson Navigation Company, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
U.S. Bank Equipment Finance
    	
 
    	
A-62070684

12/29/2016
    	
 
    	
Equipment
    
	
Matson Navigation Company, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
Banc of America Leasing & Capital, LLC
    	
 
    	
A-62081149

12/30/2016
    	
 
    	
Equipment
    
	
Matson Logistics, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
Wells Fargo Equipment Finance, Inc.
    	
 
    	
A-45540889 6/20/2012
    	
 
    	
Equipment
    
	
Matson Logistics, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
LEAF Capital Funding, LLC
    	
 
    	
A-45560912

6/22/2012
    	
 
    	
Equipment
    
	
Matson Logistics, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
Wells Fargo Equipment Finance, Inc.
    	
 
    	
A-52631109

5/30/2014
    	
 
    	
Equipment
    
	
Matson Logistics, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
Wells Fargo Equipment Finance, Inc.
    	
 
    	
A-53810600

9/25/2014
    	
 
    	
Equipment
    
	
Matson Logistics, Inc.
    	
 
    	
HI SOS
    	
 
    	
1/27/17
    	
 
    	
Wells Fargo Equipment Finance, Inc.
    	
 
    	
A-60190755

6/24/2016
    	
 
    	
Equipment
    

 

 

	
DEBTOR(S)
    	
 
    	
JURISDICTION
   SEARCHED
    	
 
    	
SEARCH
   VALID
   THRU
    	
 
    	
SECURED PARTY
    	
 
    	
FILE NO./
   FILE DATE
    	
 
    	
COLLATERAL
   DESCRIPTION
    
	
Horizon Lines, LLC
    	
 
    	
DE SOS
    	
 
    	
4/4/17
    	
 
    	
Tal International Container Corporation
    	
 
    	
20111278806
   4/6/2011
    	
 
    	
Equipment
    
	
Horizon Lines, LLC
    	
 
    	
DE SOS
    	
 
    	
4/4/17
    	
 
    	
Toyota Motor Credit Corporation
    	
 
    	
20124271542
   11/5/2012
    	
 
    	
Equipment
    
	
Horizon Lines, LLC
    	
 
    	
DE SOS
    	
 
    	
4/4/17
    	
 
    	
Canon Financial Services
    	
 
    	
20124604825

11/29/2012
    	
 
    	
Equipment
    
	
Horizon Lines, LLC
    	
 
    	
DE SOS
    	
 
    	
4/4/17
    	
 
    	
Thompson Tractor Co., Inc.
    	
 
    	
20140248724
   1/20/2014
    	
 
    	
Equipment
    

 

 

SCHEDULE 10.02

 

AGENT’S OFFICE; CERTAIN ADDRESSES FOR NOTICES

 

Loan Parties:

 

To: Matson, Inc. / Matson Navigation Company, Inc.:

 

Matson, Inc. / Matson Navigation Company, Inc.

555 12th Street, 8th Floor

Oakland, CA 94067

Attn:       Chief Financial Officer

Fax:        (510) 628-7300

Email:    jwine@matson.com

 

Matson, Inc. / Matson Navigation Company, Inc.

555 12th Street, 8th Floor

Oakland, CA 94067

Attn:       Treasurer

Fax:        (510) 628-7351

Email:    bbowler@matson.com

 

Administrative Agent

 

Administrative Agent’s Office (for payments and Requests for Credit Extensions):

 

Bank of America, N.A., as Administrative Agent

Credit Services

Mail Code:  NC1-001-05-46
 101 N. Tryon Street, Floor 5

Attention: Cassandra Whitaker-Coleman

Telephone: 980-387-9871

Telecopier: 704-548-5981

Electronic Mail:  cassandra.whitaker-coleman@baml.com

Wire Instruction:

Bank of America, New York, NY

ABA # 026009593

Account Name: Wire Clearing Acct for Syn Loans-LIQ

Account No.:

Attention: Cassandra Whitaker-Coleman

Ref.:  Matson, Inc.

 

Other Notices as Administrative Agent:

 

Bank of America, N.A.

Agency Management

Mail Code: WA6-112-01-01

Port Orchard BC

1497 Olney Ave. SE

 

 

Port Orchard, WA  98366

Attention: Brenda Schriner

Telephone: 206-358-0048

Telecopier: 415-343-0557

Electronic Mail:  Brenda.schriner@baml.com

 

L/C Issuer

Standby Letters of Credit

 

Bank of America, N.A.

Global Trade Operations

Mail Code: PA6-580-02-30

1 Fleet Way

Scranton, PA 18507

Phone: 800.370.7519

General Fax: 800.755.8743

Email:   scranton_standby_lc@bankofamerica.com

 

Michael Grizzanti

Phone: (570) 496-9621

Fax:      (800) 755-8743

Email:   michael.a.grizzanti@baml.com

 

Commercial Letters of Credit

 

Bank of America, N.A.

Trade Operations-Import

PA6-580-02-30

1 Fleet Way

Scranton, PA  18507

Attention: Lily Guan

Telephone: 570-496-9611

Telecopier: 800-755-8740

Electronic Mail: lily.guan@baml.com

 

Swing Line Lender

 

Bank of America, N.A.

Credit Services

Mail Code:  NC1-001-05-46
 101 N. Tryon Street, Floor 5

Attention: Cassandra Whitaker-Coleman

Telephone: 980-387-9871

Telecopier: 704-548-5981

Electronic Mail:  cassandra.whitaker-coleman@baml.com

Wire Instruction:

Bank of America, New York, NY

ABA # 026009593

 

 

Account Name: Wire Clearing Acct for Syn Loans-LIQ

Account No.:

Attention: Cassandra Whitaker-Coleman

Ref.:  Matson, Inc.

 

 

EXHIBIT A

 

FORM OF COMMITTED LOAN NOTICE

 

	
 
    	
Date:
    	
 
    

 

To:                             Bank of America, N.A., as Agent

 

Ladies and Gentlemen:

 

Reference is made to that certain Amended and Restated Credit Agreement, dated as of June 29, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Matson, Inc., a Hawaii corporation (the “Borrower”), the Lenders from time to time party thereto, Bank of America, N.A., as Agent, Swing Line Lender and an L/C Issuer, and First Hawaiian Bank, as an L/C Issuer.

 

The undersigned hereby requests (select one):

 

o  A Committed Borrowing

 

o  A conversion or continuation of the following Committed Loans

 

1.                                      On                                                                                                                                                                                                                                                                                (a Business Day).

 

2.                                      In the amount of $                                                                                                                                                                                         .

 

3.                                      Comprised of                                                                                                                                                                                                                      .

[Specify Type]

 

4.                                      For Eurodollar Loans:  with an Interest Period of [          months](1) [    week](2).

 

The Committed Borrowing, if any, requested herein complies with the provisos to the first sentence of Section 2.01 of the Agreement.

 

[signature page follows]

 

(1)  One, two, three or six, pursuant to Section 1.01 of the Credit Agreement.

(2)  One, pursuant to Section 1.01 of the Credit Agreement.

 

 

	
 
    	
MATSON, INC.,
    
	
 
    	
a Hawaii corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

 

EXHIBIT B

 

FORM OF SWING LINE LOAN NOTICE

 

	
 
    	
Date:
    	
 
    

 

To:                             Bank of America, N.A., as Swing Line Lender
 Bank of America, N.A., as Agent

 

Ladies and Gentlemen:

 

Reference is made to that certain Amended and Restated Credit Agreement, dated as of June 29, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Matson, Inc., a Hawaii corporation (the “Borrower”), the Lenders from time to time party thereto, Bank of America, N.A., as Agent, Swing Line Lender and an L/C Issuer, and First Hawaiian Bank, as an L/C Issuer.

 

The undersigned hereby requests a Swing Line Loan:

 

1.                                      On                                                                                                                                                                                                                                                                                (a Business Day).

 

2.                                      In the amount of $                                                                                                                                                                                   .

 

The Swing Line Borrowing requested herein complies with the requirements of the proviso to the first sentence of Section 2.04(a) of the Agreement.

 

	
 
    	
MATSON, INC.,
    
	
 
    	
a Hawaii corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

 

EXHIBIT C

 

FORM OF NOTE

 

FOR VALUE RECEIVED, the undersigned (the “Borrower”) hereby promises to pay to                       or registered assigns under Section 10.06(b) of the Agreement (defined below) (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the Lender to the Borrower under that certain Amended and Restated Credit Agreement, dated as of June 29, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the Borrower, the Lenders from time to time party thereto, Bank of America, N.A., as Agent, Swing Line Lender and an L/C Issuer, and First Hawaiian Bank, as an L/C Issuer.

 

The Borrower promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement.  Except as otherwise set forth Section 2.04(f) of the Agreement, all payments of principal and interest shall be made to the Agent for the account of the Lender in Dollars in immediately available funds at the Agent’s Office.  If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement.

 

This Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein.  Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement.  Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto.

 

The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note.

 

[signature page follows]

 

 

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

 

	
 
    	
MATSON, INC.,
    
	
 
    	
a Hawaii corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

 

EXHIBIT D-1

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to that certain Amended and Restated Credit Agreement, dated as of June 29, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Matson, Inc., a Hawaii corporation (the “Borrower”), the Lenders from time to time party thereto, Bank of America, N.A., as Agent, Swing Line Lender and an L/C Issuer, and First Hawaiian Bank, as an L/C Issuer.

 

Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN (or W-8BENE, as applicable).  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF LENDER]

 

	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    

 

 

EXHIBIT D-2

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to that certain Amended and Restated Credit Agreement, dated as of June 29, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Matson, Inc., a Hawaii corporation (the “Borrower”), the Lenders from time to time party thereto, Bank of America, N.A., as Agent, Swing Line Lender and an L/C Issuer, and First Hawaiian Bank, as an L/C Issuer.

 

Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN (or W-8BENE, as applicable).  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF PARTICIPANT]

 

	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    

 

 

EXHIBIT D-3

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to that certain Amended and Restated Credit Agreement, dated as of June 29, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Matson, Inc., a Hawaii corporation (the “Borrower”), the Lenders from time to time party thereto, Bank of America, N.A., as Agent, Swing Line Lender and an L/C Issuer, and First Hawaiian Bank, as an L/C Issuer.

 

Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN (or W-8BENE, as applicable) or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN (or W-8BENE, as applicable) from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF PARTICIPANT]

 

	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    

 

 

EXHIBIT D-4

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to that certain Amended and Restated Credit Agreement, dated as of June 29, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Matson, Inc., a Hawaii corporation (the “Borrower”), the Lenders from time to time party thereto, Bank of America, N.A., as Agent, Swing Line Lender and an L/C Issuer, and First Hawaiian Bank, as an L/C Issuer.

 

Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN (or W-8BENE, as applicable) or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN (or W-8BENE, as applicable) from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	
[NAME OF LENDER]
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    

 

 

EXHIBIT E-1

 

FORM OF ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between the Assignor identified in item 1 below (the “Assignor”) and the Assignee identified in item 2 below (the “Assignee”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Amended and Restated Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

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

 

	
1.
    	
Assignor:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Assignor [is] [is not]   a Defaulting Lender.
    	
 
    
	
 
    	
 
    	
 
    
	
2.
    	
Assignee:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
[for each Assignee,   indicate [Affiliate] [Approved Fund] of [identify Lender]]
    
	
 
    	
 
    	
 
    	
 
    
	
3.
    	
Borrower:
    	
Matson, Inc., a   Hawaii corporation
    
	
 
    	
 
    	
 
    
	
4.
    	
Agent:
    	
Bank of America, N.A.,   as the administrative agent under the Credit Agreement
    
	
 
    	
 
    	
 
    
	
5.
    	
Credit Agreement:       Amended and Restated   Credit Agreement, dated as of June 29, 2017, as amended, restated,   extended, supplemented or otherwise modified in writing from time to time,   among the Borrower, the Lenders from time to time party thereto, Bank of   America, N.A., as Agent, Swing Line Lender and an L/C Issuer, and First   Hawaiian Bank, as an L/C Issuer.
    

 

 

	
6.
    	
Assigned Interest:
    

 

	
Facility
   Assigned
    	
 
    	
Aggregate
   Amount of
   Commitments/
   Loans
   for all Lenders
    	
 
    	
Amount of
   Commitments/
   Loans
   Assigned
    	
 
    	
Percentage
   Assigned of
   Commitments/
   Loans(3)
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
%
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
%
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
%
    

 

	
[7.
    	
Trade Date:                          ]
    

 

Effective Date:                              , 20    [TO BE INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

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

 

	
 
    	
ASSIGNOR
    
	
 
    	
[NAME OF ASSIGNOR]
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
ASSIGNEE
    
	
 
    	
[NAME OF ASSIGNEE]
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

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

 

 

	
[Consented to   and](4) Accepted:
    	
 
    
	
 
    	
 
    
	
BANK OF AMERICA, N.A.,
    	
 
    
	
as Agent
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    
	
[Consented to:](5)
    	
 
    
	
 
    	
 
    
	
MATSON, INC.,
    	
 
    
	
a Hawaii corporation
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    
	
[Consented to:](6)
    	
 
    
	
 
    	
 
    
	
BANK OF AMERICA, N.A.,
    	
 
    
	
as [L/C Issuer] [Swing   Line Lender]
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    
	
[Consented to:](7)
    	
 
    
	
 
    	
 
    
	
FIRST HAWAIIAN BANK,
    	
 
    
	
as L/C Issuer
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    

 

(4)  To be added only if the consent of the Agent is required by the terms of the Credit Agreement.

(5)  To be added only if the consent of the Borrower is required by the terms of the Credit Agreement.

(6)  To be added only if the consent of other parties (e.g. Swing Line Lender, L/C Issuer) is required by the terms of the Credit Agreement.

(7)  To be added only if the consent of the L/C Issuer is required by the terms of the Credit Agreement.

 

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD TERMS AND CONDITIONS FOR

 

ASSIGNMENT AND ASSUMPTION

 

1.         Representations and Warranties.

 

1.1.     Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

 

1.2.     Assignee.  The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.06(b)(iii) and (v) of the Credit Agreement (subject to such consents, if any, as may be required under Section 10.06(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, (vi) it has, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; (b) represents and warrants as of the Effective Date, to the Administrative Agent, the Assignor, and the respective Affiliates of each (and not, for the avoidance of doubt, for the benefit of the Borrower or any other Loan Party), that the Assignee is not and will not be (i) an employee benefit plan subject to Title I of ERISA, (ii) a plan or account subject to Section 4975 of the Code, (iii) an entity deemed to hold “plan assets” of any such plans or accounts for purposes of ERISA or the Code, or (iv) a “governmental plan” within the meaning of ERISA; and (c) agrees that (i) it will, independently and without reliance upon the Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

 

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

 

3.         General Provisions.  This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.  This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

 

 

EXHIBIT E-2

 

FORM OF ADMINISTRATIVE QUESTIONNAIRE

 

See attached.

 

 

EXHIBIT F

 

FORM OF COMPLIANCE CERTIFICATE

 

For the fiscal [quarter][year] ended                                 , 20   . (“Statement Date”)

 

	
Date:
    	
 
    	
 
    

 

I,                                  , [Title] of Matson, Inc., a Hawaii corporation (the “Borrower”) hereby certify that, to the best of my knowledge and belief, with respect to that certain Amended and Restated Credit Agreement dated as of June 29, 2017 (as amended, modified, restated or supplemented from time to time, the “Credit Agreement”; all of the defined terms in the Credit Agreement are incorporated herein by reference) among the Borrower, the from time to time party thereto, Bank of America, N.A., as Agent, Swing Line Lender and an L/C Issuer, and First Hawaiian Bank, as an L/C Issuer:

 

(a)           [The Borrower has delivered the year-end audited financial statements required by Section 6.01(b) of the Credit Agreement for the fiscal year of the Borrower ended as of the Statement Date, together with the report and option of an independent certified public accountant required by such section.][The company-prepared financial statements which accompany this certificate are true and correct in all material respects and have been prepared in accordance with GAAP consistently applied throughout the period covered thereby, subject only to changes resulting from year-end adjustments.]

 

(b)           (select one):

 

o            Since             (the date of the last similar certification, or, if none, the Closing Date) no Default or Event of Default has occurred under the Credit Agreement.

 

 ̈            The following covenants or conditions have not been performed or observed and the following is a list of the nature and period of existence of each such Default and what action the Borrower proposes to take with respect thereto:

 

(c)           (select one):

 

 ̈            Attached hereto are supplements to Schedule 5.08 to the Credit Agreement such that, as supplemented, such Schedule is accurate and complete as of the date hereof.

 

 ̈            No such supplements are required at this time.

 

Delivered herewith are detailed calculations demonstrating compliance by the Loan Parties with the financial covenants contained in Sections 7.01 and 7.05 of the Credit Agreement as of the end of the fiscal period ended on the Statement Date referred to above.

 

 

	
 
    	
MATSON, INC.,
    
	
 
    	
a Hawaii corporation
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

 

Attachment to Officer’s Certificate

Computation of Financial Covenants

 

	
4 Quarter Period
    
	
Ending      /      /      
    

 

I. Consolidated Interest Coverage Ratio - Section 7.01(a)

 

A. Consolidated EBITDA for the most recent 4 quarters:

 

1.             Consolidated Net Income

2.             Consolidated Interest Expense

3.             federal, state, local and foreign income tax expense

4.             depreciation expense

5.             amortization expense

6.             deferred dry-docking amortization expense

7.             non-cash stock-based compensation

8.             Consolidated EBITDA

 

B. Consolidated Interest Expense

 

1.             Interest, premium payments, debt discounts, fees, charges and related expenses in connection with borrowed money (including capitalized interest)

2.             Portion of rent expense under capital leases

3.             Consolidated Interest Expense

 

Consolidated Interest Coverage Ratio

     : 1.00

Minimum Permitted = 3.50 : 1

	
Covenant Compliance
    	
Yes/No
    

 

II. Consolidated Leverage Ratio - Section 7.01(b)

 

A. All Debt of the Borrower and Subsidiaries on a consolidated basis

B. Consolidated EBITDA

 

Consolidated Leverage Ratio

       : 1.00

Maximum Permitted = 3.25 : 1(8)

	
Covenant Compliance
    	
Yes/No
    

 

(8)  Or as otherwise permitted under Section 7.01(b) of the Credit Agreement.

 

 

III. Priority Debt - Section 7.01(c)

(including, without limitation, all Title XI and all Debt secured by marine assets)

 

A. Priority Debt

B. Consolidated Tangible Assets

	
C. Priority Debt /   Consolidated Tangible Assets
    	
%
    

 

Maximum Permitted = See Credit Agreement

	
Covenant Compliance
    	
Yes/No
    

 

D. Principal amount of Priority Debt that is not Title XI Priority Debt

	
E. Priority Debt /   Consolidated Tangible Assets
    	
%
    

 

Maximum Permitted = 10%

	
Covenant Compliance
    	
Yes/No
    

 

IV. Sale of Capital Assets - Section 7.05

 

A. Capital Assets dispositions during the twelve-month period then ended

B. Total value of consolidated assets of Matson Navigation and its Subsidiaries as of December, 31, 2016

	
C. IV A / IV B
    	
%
    

 

Maximum Permitted = 10%

	
Covenant Compliance
    	
Yes/No
    

 

D. All Capital Assets disposed of subsequent to December 31, 2016

 

	
E. IV D / IV B
    	
%
    

 

Maximum Permitted = 30%

	
Covenant Compliance
    	
Yes/No
    

 

 

V. Consolidated Net Leverage Ratio

 

A. All Net Debt of the Company and Subsidiaries on a consolidated basis

 

1.             Debt of the Borrower and its Subsidiaries

2.             Net Debt Cash Amount (V.B)

3.             Net Debt

 

B. Net Debt Cash Amount

 

1.             unrestricted cash and cash equivalents

2.             60% of the amount in the CCF

3.             $15,000,000

 

C. Consolidated EBITDA

 

Consolidated Net Leverage Ratio

       : 1.00

 

 

EXHIBIT G

 

FORM OF NOTICE OF LOAN PREPAYMENT

 

DATE:             ,           

 

TO:         Bank of America, N.A., as [Agent][and Swing Line Lender]

 

Reference is made to that certain Amended and Restated Credit Agreement, dated as of June 29, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Matson, Inc., a Hawaii corporation (the “Borrower”), the Lenders from time to time party thereto, Bank of America, N.A., as Agent, Swing Line Lender and an L/C Issuer, and First Hawaiian Bank, as an L/C Issuer..  Capitalized terms used but not otherwise defined herein have the meanings provided in the Credit Agreement.

 

The Borrower hereby notifies the [Agent][and the Swing Line Lender] that on              , pursuant to the terms of Section 2.05 of the Credit Agreement, that the Borrower intends to prepay/repay the following Loans as more specifically set forth below [subject to the conditions set forth below]:

 

 ̈            Voluntary prepayment of Committed Loans in the following amount(s):

 

 ̈            Eurodollar Loans: $

 

Applicable Interest Period(s):

 

 ̈            Base Rate Loans: $

 

 ̈            Voluntary prepayment of Swing Line Loans in the following amount(s): $

 

[Any conditions to prepayment to be inserted here per Section 2.05 of the Credit Agreement.]

 

 

The Borrower has caused this Notice of Loan Prepayment to be duly executed and delivered as of the date first above written.

 

	
 
    	
MATSON, INC.,
    
	
 
    	
a Hawaii corporation
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

 

EXHIBIT H-1

 

FORM OF SECURITY AGREEMENT

 

Vessel Type Aloha Class — Hull No. 29

 

SECURITY AGREEMENT dated                , 20   between Matson Navigation Company, Inc. (the “Obligor”) and Bank of America, N.A., in its capacity as Collateral Agent (“Collateral Agent”) for the benefit of the Secured Parties (as defined below).

 

Reference is made to (i) the Amended and Restated Credit Agreement dated as of June 29, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”) among Matson, Inc. (“Matson”), a Hawaii corporation, Bank of America, N.A., as administrative agent (the “Agent”), and the lenders party thereto (together with their respective successors, transferees and assigns, the “Lenders”), (ii) the Note Purchase Agreement dated as of November 5, 2013 by and among Matson and certain purchasers party thereto, as amended, supplemented and modified on or prior to the date hereof (the “NYL 2013 Note Purchase Agreement”), (iii) the Note Purchase Agreement dated as of July 30, 2015 by and among Matson and certain purchasers party thereto, as amended, supplemented and modified on or prior to the date hereof (the “NYL 2015 Note Purchase Agreement”), (iv) the Third Amended and Restated Note Purchase Agreement and Private Shelf Agreement dated as of September 16, 2016 by and among Matson and certain purchasers party thereto, as amended, supplemented and modified on or prior to the date hereof (the “Prudential 2016 Note Purchase Agreement”), (v) the Note Purchase Agreement dated as of December 21, 2016 by and among Matson and certain purchasers party thereto, as amended, supplemented and modified on or prior to the date hereof (the “MetLife 2016 Note Purchase Agreement, and, collectively with the NYL 2013 Note Purchase Agreement, the NYL 2015 Note Purchase Agreement, the Prudential 2016 Note Purchase Agreement, the “Note Purchase Agreements”), (vi) the guarantees of the obligations under the Credit Agreement and the Note Purchase Agreements by certain subsidiaries of Matson, including the Obligor, as amended, supplemented and modified on or prior to the date hereof (the “Guaranties,” and collectively with the Credit Agreement and the Note Purchase Agreements, the “Financing Agreements”)(9), and (vii) the Intercreditor and Collateral Agency Agreement dated as of July 30, 2015 among the Agent, the purchasers party to the Note Purchase Agreements (collectively, the “Secured Parties”) and the Collateral Agent named therein, as amended, supplemented and modified on or prior to the date hereof (the “Intercreditor Agreement”).

 

1.             GENERAL DEFINITIONS.

 

1.1          As used herein, “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York.

 

1.2          All capitalized terms contained in this Agreement, but not specifically defined in this Agreement, shall have the meanings provided by the UCC to the extent the same are used or defined therein.

 

2.             OBLIGATIONS SECURED.  The Collateral (as defined below) shall secure any and all obligations of the Obligor to or for the benefit of the Secured Parties under the Guaranties, whether now existing or hereafter arising, joint or several, absolute or contingent, liquidated or unliquidated, and however arising (all such indebtedness, obligations and liabilities of the Obligor under the Guaranties

 

(9)  References to agreements and guaranties to be updated as necessary.

 

 

being collectively referred to herein as the “Guaranty Obligations”; and the Financing Agreements, together with any agreement, instrument, guaranty or other document now or hereafter evidencing or securing any of the Guaranty Obligations, being collectively referred to herein as the “Financing Documents”).

 

3.             GRANT OF SECURITY INTEREST.  To secure the punctual payment and performance of the Guaranty Obligations when due (whether at the stated maturity, by acceleration, demand or otherwise), the Obligor effective as of the date hereof (the “Granting Date”) hereby grants to the Collateral Agent for the benefit of the Secured Parties a security interest in and to, and a lien upon (the “Security Interest”), all right, title and interest of the Obligor in and to the following property, whether now owned and existing or hereafter acquired or arising, and wherever located (collectively, the “Collateral”):

 

(a)           that certain Shipbuilding Contract (Vessel Type Aloha Class — Hull No. 29) by and between Aker Philadelphia Shipyard, Inc. and Matson Navigation Company, Inc. dated as of November 6, 2013 (the “Shipbuilding Contract”);

 

(b)           any personal property assets constituting (i) work in process under the Shipbuilding Contract, including without limitation, the applicable partially-constructed vessel, (ii) Buyer’s Supplies (as defined in the Shipbuilding Contract), and (iii) any Goods, Inventory and material the Obligor has title to under the Shipbuilding Contract; and

 

(c)           all Proceeds of any of such property in whatever form, whether derived from voluntary or involuntary disposition, all products of any of such property, all renewals, replacements, substitutions, and additions to or from any such property.

 

The Security Interest created herein shall be subject to any applicable restriction to the creation of a Security Interest to the extent that such restriction is not made ineffective by UCC Sections 9-406, 9-407, 9-408, or 9-409.

 

4.             REPRESENTATIONS AND WARRANTIES.  The Obligor represents and warrants that:

 

4.1          Authority.  The Obligor has full power and authority to grant security interests in the Collateral, to execute and deliver this Agreement, and to perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other person except as may have been specifically disclosed to the Secured Parties in writing.

 

4.2          Information Regarding Names.  The Obligor has disclosed to the Secured Parties in Schedule I hereto complete and correct information regarding the Obligor’s exact legal name, type of organization and jurisdiction of incorporation.

 

5.             COVENANTS AND AGREEMENTS OF THE OBLIGOR.  The Obligor covenants and agrees as follows:

 

5.1          Information Regarding Names.  At least 10 days (or such shorter period of time approved in writing by the Collateral Agent) before changing its name or adopting a new name, the Obligor shall give written notice to the Collateral Agent of any new name of the Obligor.

 

5.2          Further Assurances and Authority of Collateral Agent.  The Obligor shall from time to time on and after the Granting Date execute, deliver, file and record all such further agreements, instruments, financing statements, notices and other documents (including any information necessary to

 

 

update Schedule I hereto) as may be reasonably requested by the Collateral Agent to perfect or preserve the Security Interest, to enable the Collateral Agent to notify any third parties of the existence of the Collateral Agent’s Security Interest, or otherwise to carry out the intent of this Agreement.  On and after the Granting Date, the Obligor authorizes the Collateral Agent to file financing statements where desirable in the Collateral Agent’s judgment to perfect the Security Interest under the UCC without the signature of the Obligor.

 

6.             RELEASE OF COLLATERAL; TERMINATION OF AGREEMENT.  Provided that no Event of Default under any of the Financing Agreements has then occurred and is continuing, upon the earlier of (a) delivery of the Vessel (as defined in the Shipbuilding Contract) to the Obligor and (b) delivery of a written Notice of Termination of Security Interest from the Obligor to the Collateral Agent in substantially the form set forth as Exhibit A hereto (which the Obligor may deliver to the Collateral Agent at any time in its sole discretion with or without the occurrence or happening of any event and without any further action on the part of any party hereto, but, as an abundance of caution, subject to the proviso at the beginning of this sentence), the Security Interest in the Collateral shall be automatically terminated and released, and this Security Agreement shall automatically terminate and no longer be of any force or effect without any further action of any party.  The Collateral Agent agrees, at the sole expense of the Obligor, to promptly file UCC amendments and execute and deliver any other documents or instruments reasonably requested by Obligor to evidence the termination of the Security Interest so released.

 

7.             RIGHTS AND REMEDIES OF THE SECURED PARTIES UPON EVENT OF DEFAULT.

 

7.1          Effect of Event of Default Remedies.  If any Event of Default described in the Financing Documents shall occur and be continuing, the Collateral Agent shall have all of the rights, powers and remedies with respect to the Collateral of a secured party under the Uniform Commercial Code of the state in which such rights, powers and remedies are asserted.

 

7.2          Application of Proceeds.  Subject to the rights of any prior secured party, any proceeds received by the Secured Parties in respect of any sale of collection from, or other realization upon all or any part of the Collateral following the occurrence of an Event of Default shall be applied as set forth in the Intercreditor Agreement.

 

7.3          Notice.  Any notice required to be given by the Collateral Agent of a sale, lease, or other disposition of Collateral, or any other intended action by the Collateral Agent, which is sent pursuant to Section 11 hereof at least ten (10) days prior to such proposed action, or such longer period as shall be specified by applicable law, shall constitute commercially reasonable and fair notice thereof to the Obligor.

 

8.             REMEDIES NOT EXCLUSIVE; FORECLOSURES.  No right or remedy hereunder is exclusive of any other right or remedy.  Each and every right and remedy shall be cumulative and shall be in addition to and without prejudice to every other remedy given hereunder, under any other agreement between the Obligor and the Collateral Agent or now or hereafter existing at law or in equity, and may be exercised from time to time as often as deemed expedient, separately or concurrently.  The giving, taking or enforcement of or execution against any other or additional security, collateral, or guaranty for the payment of the Guaranty Obligations shall not operate to prejudice, waive or affect any rights, powers or remedies hereunder, nor shall the Collateral Agent be required to first look to, enforce, exhaust or execute against such other or additional security, or guarantees prior to so acting against the Collateral.  The Collateral Agent may foreclose on or execute against the items of Collateral in such order as the Collateral Agent may, in its sole and unfettered discretion, determine.

 

 

9.             WAIVERS.  The failure or delay of the Collateral Agent to insist in any instances upon the performance of any of the terms, covenants or conditions of this Agreement or other Financing Documents, or to exercise any right, remedy or privilege herein or therein conferred, shall not impair or be construed as thereafter waiving any such covenants, remedies, conditions or provisions, but every such term, condition and covenant shall continue and remain in full force and effect; nor shall any waiver of an Event of Default suspend, waive or affect any other Event of Default, whether the same is prior or subsequent thereto and whether of the same or of a different type.

 

10.          SEVERABILITY.  Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective.  If any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement.

 

11.          NOTICE.  All notices, demands and communications hereunder shall be in writing and shall be by messenger or overnight air courier, facsimile transmission, e-mail or United States mail and shall be deemed to have been given when delivered (or, if such day is not a business day, the next occurring business day) by messenger or overnight air courier, upon completion of facsimile transmission or e-mail (with, in each case, electronic confirmation of receipt) or two business days after deposit in the United States mail, registered or certified, with postage prepaid, addressed to the parties at the addresses set forth on the signature page hereof, or at such other address as any party shall have furnished to the other parties in writing in accordance with the requirements of this Section 11.

 

12.          GOVERNING LAW.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

13.          WAIVERS BY THE OBLIGOR.  Except as otherwise expressly provided in this Agreement or the other Financing Documents, the Obligor waives:  (i) presentment, demand, and protest and notice of presentment, protest, default, non-payment, maturity, release, compromise, settlement, extension, or renewal of any or all Financing Documents under or pursuant to which the Obligor may in any way be liable and hereby ratifies and confirms whatever the Collateral Agent or Secured Parties may do in this regard; (ii) notice prior to taking possession or control of Collateral or any bond or security that might be required by any court prior to allowing the Collateral Agent to exercise any remedies; (iii) the benefit of all valuation, appraisement, and exemption laws; (iv) any right to require the Collateral Agent to proceed against any other person or collateral held from any other person; (v) any right to require the Collateral Agent to pursue any other remedy in the Collateral Agent’s power whatsoever; or (vi) any defense arising out of any election by Collateral Agent to exercise or not exercise any right or remedy it may have against the Obligor, any other person or any security held by it, even though such election operates to impair or extinguish any right of reimbursement to subrogation or other right or remedy of the Obligor against any other person or any such security.

 

14.          ADDITIONAL SECURED PARTIES.  If any Loan Party enters into any other Note Purchase Agreement (as defined in the Credit Agreement), then, upon written notice by the Obligor to the Collateral Agent and the Secured Parties, the holders of the indebtedness under such Note Purchase Agreements shall become additional Secured Parties (each, an “Additional Secured Party”) hereunder.  Effective upon such notice, each Additional Secured Party shall have the same rights and obligations as the other Secured Parties hereunder and the term “Secured Parties” as used herein shall be deemed to include each such Additional Secured Party.  Notwithstanding Section 15.2, no consent of the Collateral Agent or any Secured Party shall be necessary to add such holders as additional Secured Parties.

 

 

15.          MISCELLANEOUS.  The Obligor agrees that the following shall govern the interpretation and enforcement of this Agreement:

 

15.1        Binding on Successors.  This Agreement shall be binding upon the Obligor, the administrators, successors and assigns of the Obligor, and shall inure to the benefit of and be enforceable by the Collateral Agent, its successors, transferees and assigns.

 

15.2        No Oral Modifications.  None of the terms or provisions of this Agreement may be waived, altered, modified, limited or amended except pursuant to the agreement thereto of the parties hereto in writing.

 

15.3        Section Titles.  The section titles contained in this Agreement are merely for convenience and shall be without substantive meaning or content.

 

15.4        Construction.  The word “including” shall have the inclusive meaning represented by the phrase “including without limitation.”  Unless the context of this Agreement clearly otherwise requires, the word “or” shall have the meaning represented by the phrase “and/or,” references to the plural include the singular and references to the singular include the plural.

 

16.          WAIVER OF JURY TRIAL.  The Obligor and the Collateral Agent each irrevocably and unconditionally waive trial by jury in any action or proceeding relating to this Agreement or any other Financing Document and for any counterclaim therein.

 

 

IN WITNESS WHEREOF, this Agreement is executed and delivered as of the date first set forth above.

 

	
 
    	
OBLIGOR:
    
	
 
    	
 
    
	
 
    	
MATSON   NAVIGATION COMPANY, INC.,
    
	
 
    	
a Hawaii corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Address:
    
	
 
    	
[Insert]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
COLLATERAL   AGENT:
    
	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Address:
    
	
 
    	
[Insert]
    

 

 

Schedule I

 

Legal Name, Type of Organization and Jurisdiction of Organization

 

Matson Navigation Company, Inc., a Hawaii corporation

 

 

Exhibit A

 

Notice of Termination of Security Interest

 

[                ], 20[   ]

 

[Address of Collateral Agent]

 

Re:                             Security Agreement dated [                ], 20[  ] (Vessel Type Aloha Class — Hull No. 29) (the “Security Agreement”) between Matson Navigation Company, Inc. (the “Company”) and Bank of America, N.A as Collateral Agent

 

Ladies and Gentlemen:

 

The Company hereby notifies you that, effective as of the date hereof, the Security Interest (as defined in the Security Agreement) is terminated.

 

	
Very truly yours,
    	
 
    
	
 
    	
 
    
	
MATSON   NAVIGATION COMPANY, INC.
    	
 
    
	
a Hawaii corporation
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    
	
Title:
    	
 
    
			

 

 

EXHIBIT H-2

 

FORM OF SECURITY AGREEMENT

 

Vessel Type Aloha Class — Hull No. 30

 

SECURITY AGREEMENT dated                 , 20  , between Matson Navigation Company, Inc. (the “Obligor”) and Bank of America, N.A., in its capacity as Collateral Agent (“Collateral Agent”) for the benefit of the Secured Parties (as defined below).

 

Reference is made to (i) the Amended and Restated Credit Agreement dated as of June 29, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”) among Matson, Inc. (“Matson”), a Hawaii corporation, Bank of America, N.A., as administrative agent (the “Agent”), and the lenders party thereto (together with their respective successors, transferees and assigns, the “Lenders”), (ii) the Note Purchase Agreement dated as of November 5, 2013 by and among Matson and certain purchasers party thereto, as amended, supplemented and modified on or prior to the date hereof (the “NYL 2013 Note Purchase Agreement”), (iii) the Note Purchase Agreement dated as of July 30, 2015 by and among Matson and certain purchasers party thereto, as amended, supplemented and modified on or prior to the date hereof (the “NYL 2015 Note Purchase Agreement”), (iv) the Third Amended and Restated Note Purchase Agreement and Private Shelf Agreement dated as of September 16, 2016 by and among Matson and certain purchasers party thereto, as amended, supplemented and modified on or prior to the date hereof (the “Prudential 2016 Note Purchase Agreement”), (v) the Note Purchase Agreement dated as of December 21, 2016 by and among Matson and certain purchasers party thereto, as amended, supplemented and modified on or prior to the date hereof (the “MetLife 2016 Note Purchase Agreement, and, collectively with the NYL 2013 Note Purchase Agreement, the NYL 2015 Note Purchase Agreement, the Prudential 2016 Note Purchase Agreement, the “Note Purchase Agreements”), (vi) the guarantees of the obligations under the Credit Agreement and the Note Purchase Agreements by certain subsidiaries of Matson, including the Obligor, as amended, supplemented and modified on or prior to the date hereof (the “Guaranties,” and collectively with the Credit Agreement and the Note Purchase Agreements, the “Financing Agreements”)(10), and (vii) the Intercreditor and Collateral Agency Agreement dated as of July 30, 2015 among the Agent, the purchasers party to the Note Purchase Agreements (collectively, the “Secured Parties”) and the Collateral Agent named therein, as amended, supplemented and modified on or prior to the date hereof (the “Intercreditor Agreement”).

 

1.                                      GENERAL DEFINITIONS.

 

1.1                               As used herein, “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York.

 

1.2                               All capitalized terms contained in this Agreement, but not specifically defined in this Agreement, shall have the meanings provided by the UCC to the extent the same are used or defined therein.

 

2.                                      OBLIGATIONS SECURED.  The Collateral (as defined below) shall secure any and all obligations of the Obligor to or for the benefit of the Secured Parties under the Guaranties, whether now existing or hereafter arising, joint or several, absolute or contingent, liquidated or unliquidated, and however arising (all such indebtedness, obligations and liabilities of the Obligor under the Guaranties 

 

(10)  References to agreements and guaranties to be updated as necessary.

 

 

being collectively referred to herein as the “Guaranty Obligations”; and the Financing Agreements, together with any agreement, instrument, guaranty or other document now or hereafter evidencing or securing any of the Guaranty Obligations, being collectively referred to herein as the “Financing Documents”).

 

3.                                      GRANT OF SECURITY INTEREST.  To secure the punctual payment and performance of the Guaranty Obligations when due (whether at the stated maturity, by acceleration, demand or otherwise), the Obligor effective as of the date hereof (the “Granting Date”) hereby grants to the Collateral Agent for the benefit of the Secured Parties a security interest in and to, and a lien upon (the “Security Interest”), all right, title and interest of the Obligor in and to the following property, whether now owned and existing or hereafter acquired or arising, and wherever located (collectively, the “Collateral”):

 

(a)                                 that certain Shipbuilding Contract (Vessel Type Aloha Class — Hull No. 30) by and between Aker Philadelphia Shipyard, Inc. and Matson Navigation Company, Inc. dated as of November 6, 2013 (the “Shipbuilding Contract”);

 

(b)                                 any personal property assets constituting (i) work in process under the Shipbuilding Contract, including without limitation, the applicable partially-constructed vessel, (ii) Buyer’s Supplies (as defined in the Shipbuilding Contract), and (iii) any Goods, Inventory and material the Obligor has title to under the Shipbuilding Contract; and

 

(c)                                  all Proceeds of any of such property in whatever form, whether derived from voluntary or involuntary disposition, all products of any of such property, all renewals, replacements, substitutions, and additions to or from any such property..

 

The Security Interest created herein shall be subject to any applicable restriction to the creation of a Security Interest to the extent that such restriction is not made ineffective by UCC Sections 9-406, 9-407, 9-408, or 9-409.

 

4.                                      REPRESENTATIONS AND WARRANTIES.  The Obligor represents and warrants that:

 

4.1                               Authority.  The Obligor has full power and authority to grant security interests in the Collateral, to execute and deliver this Agreement, and to perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other person except as may have been specifically disclosed to the Secured Parties in writing.

 

4.2                               Information Regarding Names.  The Obligor has disclosed to the Secured Parties in Schedule I hereto complete and correct information regarding the Obligor’s exact legal name, type of organization and jurisdiction of incorporation.

 

5.                                      COVENANTS AND AGREEMENTS OF THE OBLIGOR.  The Obligor covenants and agrees as follows:

 

5.1                               Information Regarding Names.  At least 10 days (or such shorter period of time approved in writing by the Collateral Agent) before changing its name or adopting a new name, the Obligor shall give written notice to the Collateral Agent of any new name of the Obligor.

 

5.2                               Further Assurances and Authority of Collateral Agent.  The Obligor shall from time to time on and after the Granting Date execute, deliver, file and record all such further agreements, instruments, financing statements, notices and other documents (including any information necessary to 

 

 

update Schedule I hereto) as may be reasonably requested by the Collateral Agent to perfect or preserve the Security Interest, to enable the Collateral Agent to notify any third parties of the existence of the Collateral Agent’s Security Interest, or otherwise to carry out the intent of this Agreement.  On and after the Granting Date, the Obligor authorizes the Collateral Agent to file financing statements where desirable in the Collateral Agent’s judgment to perfect the Security Interest under the UCC without the signature of the Obligor.

 

6.                                      RELEASE OF COLLATERAL; TERMINATION OF AGREEMENT.  Provided that no Event of Default under any of the Financing Agreements has then occurred and is continuing, upon the earlier of (a) delivery of the Vessel (as defined in the Shipbuilding Contract) to the Obligor and (b) delivery of a written Notice of Termination of Security Interest from the Obligor to the Collateral Agent in substantially the form set forth as Exhibit A hereto (which the Obligor may deliver to the Collateral Agent at any time in its sole discretion with or without the occurrence or happening of any event and without any further action on the part of any party hereto, but, as an abundance of caution, subject to the proviso at the beginning of this sentence), the Security Interest in the Collateral shall be automatically terminated and released, and this Security Agreement shall automatically terminate and no longer be of any force or effect without any further action of any party.  The Collateral Agent agrees, at the sole expense of the Obligor, to promptly file UCC amendments and execute and deliver any other documents or instruments reasonably requested by Obligor to evidence the termination of the Security Interest so released.

 

7.                                      RIGHTS AND REMEDIES OF THE SECURED PARTIES UPON EVENT OF DEFAULT.

 

7.1                               Effect of Event of Default Remedies.  If any Event of Default described in the Financing Documents shall occur and be continuing, the Collateral Agent shall have all of the rights, powers and remedies with respect to the Collateral of a secured party under the Uniform Commercial Code of the state in which such rights, powers and remedies are asserted.

 

7.2                               Application of Proceeds.  Subject to the rights of any prior secured party, any proceeds received by the Secured Parties in respect of any sale of collection from, or other realization upon all or any part of the Collateral following the occurrence of an Event of Default shall be applied as set forth in the Intercreditor Agreement.

 

7.3                               Notice.  Any notice required to be given by the Collateral Agent of a sale, lease, or other disposition of Collateral, or any other intended action by the Collateral Agent, which is sent pursuant to Section 11 hereof at least ten (10) days prior to such proposed action, or such longer period as shall be specified by applicable law, shall constitute commercially reasonable and fair notice thereof to the Obligor.

 

8.                                      REMEDIES NOT EXCLUSIVE; FORECLOSURES.  No right or remedy hereunder is exclusive of any other right or remedy.  Each and every right and remedy shall be cumulative and shall be in addition to and without prejudice to every other remedy given hereunder, under any other agreement between the Obligor and the Collateral Agent or now or hereafter existing at law or in equity, and may be exercised from time to time as often as deemed expedient, separately or concurrently.  The giving, taking or enforcement of or execution against any other or additional security, collateral, or guaranty for the payment of the Guaranty Obligations shall not operate to prejudice, waive or affect any rights, powers or remedies hereunder, nor shall the Collateral Agent be required to first look to, enforce, exhaust or execute against such other or additional security, or guarantees prior to so acting against the Collateral.  The Collateral Agent may foreclose on or execute against the items of Collateral in such order as the Collateral Agent may, in its sole and unfettered discretion, determine.

 

 

9.                                      WAIVERS.  The failure or delay of the Collateral Agent to insist in any instances upon the performance of any of the terms, covenants or conditions of this Agreement or other Financing Documents, or to exercise any right, remedy or privilege herein or therein conferred, shall not impair or be construed as thereafter waiving any such covenants, remedies, conditions or provisions, but every such term, condition and covenant shall continue and remain in full force and effect; nor shall any waiver of an Event of Default suspend, waive or affect any other Event of Default, whether the same is prior or subsequent thereto and whether of the same or of a different type.

 

10.                               SEVERABILITY.  Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective.  If any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement.

 

11.                               NOTICE.  All notices, demands and communications hereunder shall be in writing and shall be by messenger or overnight air courier, facsimile transmission, e-mail or United States mail and shall be deemed to have been given when delivered (or, if such day is not a business day, the next occurring business day) by messenger or overnight air courier, upon completion of facsimile transmission or e-mail (with, in each case, electronic confirmation of receipt) or two business days after deposit in the United States mail, registered or certified, with postage prepaid, addressed to the parties at the addresses set forth on the signature page hereof, or at such other address as any party shall have furnished to the other parties in writing in accordance with the requirements of this Section 11.

 

12.                               GOVERNING LAW.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

13.                               WAIVERS BY THE OBLIGOR.  Except as otherwise expressly provided in this Agreement or the other Financing Documents, the Obligor waives:  (i) presentment, demand, and protest and notice of presentment, protest, default, non-payment, maturity, release, compromise, settlement, extension, or renewal of any or all Financing Documents under or pursuant to which the Obligor may in any way be liable and hereby ratifies and confirms whatever the Collateral Agent or Secured Parties may do in this regard; (ii) notice prior to taking possession or control of Collateral or any bond or security that might be required by any court prior to allowing the Collateral Agent to exercise any remedies; (iii) the benefit of all valuation, appraisement, and exemption laws; (iv) any right to require the Collateral Agent to proceed against any other person or collateral held from any other person; (v) any right to require the Collateral Agent to pursue any other remedy in the Collateral Agent’s power whatsoever; or (vi) any defense arising out of any election by Collateral Agent to exercise or not exercise any right or remedy it may have against the Obligor, any other person or any security held by it, even though such election operates to impair or extinguish any right of reimbursement to subrogation or other right or remedy of the Obligor against any other person or any such security.

 

14.                               ADDITIONAL SECURED PARTIES.  If any Loan Party enters into any other Note Purchase Agreement (as defined in the Credit Agreement), then, upon written notice by the Obligor to the Collateral Agent and the Secured Parties, the holders of the indebtedness under such Note Purchase Agreements shall become additional Secured Parties (each, an “Additional Secured Party”) hereunder.  Effective upon such notice, each Additional Secured Party shall have the same rights and obligations as the other Secured Parties hereunder and the term “Secured Parties” as used herein shall be deemed to include each such Additional Secured Party.  Notwithstanding Section 15.2, no consent of the Collateral Agent or any Secured Party shall be necessary to add such holders as additional Secured Parties.

 

 

15.                               MISCELLANEOUS.  The Obligor agrees that the following shall govern the interpretation and enforcement of this Agreement:

 

15.1                        Binding on Successors.  This Agreement shall be binding upon the Obligor, the administrators, successors and assigns of the Obligor, and shall inure to the benefit of and be enforceable by the Collateral Agent, its successors, transferees and assigns.

 

15.2                        No Oral Modifications.  None of the terms or provisions of this Agreement may be waived, altered, modified, limited or amended except pursuant to the agreement thereto of the parties hereto in writing.

 

15.3                        Section Titles.  The section titles contained in this Agreement are merely for convenience and shall be without substantive meaning or content.

 

15.4                        Construction.  The word “including” shall have the inclusive meaning represented by the phrase “including without limitation.”  Unless the context of this Agreement clearly otherwise requires, the word “or” shall have the meaning represented by the phrase “and/or,” references to the plural include the singular and references to the singular include the plural.

 

16.                               WAIVER OF JURY TRIAL.  The Obligor and the Collateral Agent each irrevocably and unconditionally waive trial by jury in any action or proceeding relating to this Agreement or any other Financing Document and for any counterclaim therein.

 

 

IN WITNESS WHEREOF, this Agreement is executed and delivered as of the date first set forth above.

 

	
 
    	
OBLIGOR:
    
	
 
    	
 
    
	
 
    	
MATSON   NAVIGATION COMPANY, INC.,
    
	
 
    	
a Hawaii corporation
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Address:
    
	
 
    	
[Insert]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
COLLATERAL   AGENT:
    
	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Address:
    
	
 
    	
[Insert]
    

 

 

Schedule I

 

Legal Name, Type of Organization and Jurisdiction of Organization

 

Matson Navigation Company, Inc., a Hawaii corporation

 

 

Exhibit A

 

Notice of Termination of Security Interest

 

[                ], 20[   ]

 

[Address of Collateral Agent]

 

Re:                             Security Agreement dated [                ], 20[  ] (Vessel Type Aloha Class — Hull No. 30) (the “Security Agreement”) between Matson Navigation Company, Inc. (the “Company”) and Bank of America, N.A as Collateral Agent

 

Ladies and Gentlemen:

 

The Company hereby notifies you that, effective as of the date hereof, the Security Interest (as defined in the Security Agreement) is terminated.

 

Very truly yours,

 

MATSON NAVIGATION COMPANY, INC.
 a Hawaii corporation

 

	
By:
    	
 
    	
 
    
	
Name:
    	
 
    
	
Title:
    	
 
    

 

 

EXHIBIT H-3

 

FORM OF SECURITY AGREEMENT

 

Vessel Type Kanaloa Class — Hull Nos. 601 and 602

 

SECURITY AGREEMENT dated                ,     , between Matson Navigation Company, Inc. (the “Obligor”) and Bank of America, N.A., in its capacity as Collateral Agent (“Collateral Agent”) for the benefit of the Secured Parties (as defined below).

 

Reference is made to (i) the Amended and Restated Credit Agreement dated as of June 29, 2017 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”) among Matson, Inc. (“Matson”), a Hawaii corporation, Bank of America, N.A., as administrative agent (the “Agent”), and the lenders party thereto (together with their respective successors, transferees and assigns, the “Lenders”), (ii) the Note Purchase Agreement dated as of November 5, 2013 by and among Matson and certain purchasers party thereto, as amended, supplemented and modified on or prior to the date hereof (the “NYL 2013 Note Purchase Agreement”), (iii) the Note Purchase Agreement dated as of July 30, 2015 by and among Matson and certain purchasers party thereto, as amended, supplemented and modified on or prior to the date hereof (the “NYL 2015 Note Purchase Agreement”), (iv) the Third Amended and Restated Note Purchase Agreement and Private Shelf Agreement dated as of September 16, 2016 by and among Matson and certain purchasers party thereto, as amended, supplemented and modified on or prior to the date hereof (the “Prudential 2016 Note Purchase Agreement”), (v) the Note Purchase Agreement dated as of December 21, 2016 by and among Matson and certain purchasers party thereto, as amended, supplemented and modified on or prior to the date hereof (the “MetLife 2016 Note Purchase Agreement, and, collectively with the NYL 2013 Note Purchase Agreement, the NYL 2015 Note Purchase Agreement, the Prudential 2016 Note Purchase Agreement, the “Note Purchase Agreements”), (vi) the guarantees of the obligations of Matson under the Credit Agreement and the Note Purchase Agreements by certain subsidiaries of Matson, including the Obligor, as amended, supplemented and modified on or prior to the date hereof (the “Guaranties,” and collectively with the Credit Agreement and the Note Purchase Agreements, the “Financing Agreements”), and (vii) the Intercreditor and Collateral Agency Agreement dated as of July 30, 2015 among the Lenders and the purchasers party to the Note Purchase Agreements (collectively, the “Secured Parties”) and the Collateral Agent named therein, as amended, supplemented and modified on or prior to the date hereof (the “Intercreditor Agreement”).

 

1.                                      GENERAL DEFINITIONS.

 

1.1                               As used herein, “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York.

 

1.2                               All capitalized terms contained in this Agreement, but not specifically defined in this Agreement, shall have the meanings provided by the UCC to the extent the same are used or defined therein.

 

2.                                      OBLIGATIONS SECURED.  The Collateral (as defined below) shall secure any and all obligations of the Obligor to or for the benefit of the Secured Parties under the Guaranties, whether now existing or hereafter arising, joint or several, absolute or contingent, liquidated or unliquidated, and however arising (all such indebtedness, obligations and liabilities of the Obligor under the Guaranties being collectively referred to herein as the “Guaranty Obligations”; and the Financing Agreements, together with any agreement, instrument, guaranty or other document now or hereafter evidencing or 

 

 

securing any of the Guaranty Obligations, being collectively referred to herein as the “Financing Documents”).

 

3.                                      GRANT OF SECURITY INTEREST.  To secure the punctual payment and performance of the Guaranty Obligations when due (whether at the stated maturity, by acceleration, demand or otherwise), the Obligor effective as of the date hereof (the “Granting Date”) hereby grants to the Collateral Agent for the benefit of the Secured Parties a security interest in and to, and a lien upon (the “Security Interest”), all right, title and interest of the Obligor in and to the following property, whether now owned and existing or hereafter acquired or arising, and wherever located (collectively, the “Collateral”):

 

(a)                                 that certain Contract for Construction of Two Vessels for Matson Navigation Company, Inc. by and between National Steel and Shipbuilding Company and Matson Navigation Company, Inc. dated as of August 25, 2016 (the “Shipbuilding Contract”);

 

(b)                                 any personal property assets constituting work in process under the Shipbuilding Contract, and any rights with respect thereto (including without limitation the security interest of Obligor in certain assets as set forth in Section 27(b) of the Shipbuilding Contract); and

 

(c)                                  all Proceeds of any of such property in whatever form, whether derived from voluntary or involuntary disposition, all products of any of such property, all renewals, replacements, substitutions, and additions to or from any such property.

 

The Security Interest created herein shall be subject to any applicable restriction to the creation of a Security Interest to the extent that such restriction is not made ineffective by UCC Sections 9-406, 9-407, 9-408, or 9-409.

 

4.                                      REPRESENTATIONS AND WARRANTIES.  The Obligor represents and warrants that:

 

4.1                               Authority.  The Obligor has full power and authority to grant security interests in the Collateral, to execute and deliver this Agreement, and to perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other person except as may have been specifically disclosed to the Secured Parties in writing.

 

4.2                               Information Regarding Names.  The Obligor has disclosed to the Secured Parties in Schedule I hereto complete and correct information regarding the Obligor’s exact legal name, type of organization and jurisdiction of incorporation.

 

5.                                      COVENANTS AND AGREEMENTS OF THE OBLIGOR.  The Obligor covenants and agrees as follows:

 

5.1                               Information Regarding Names.  At least 10 days (or such shorter period of time approved in writing by the Collateral Agent) before changing its name or adopting a new name, the Obligor shall give written notice to the Collateral Agent of any new name of the Obligor.

 

5.2                               Further Assurances and Authority of Collateral Agent.  The Obligor shall from time to time on and after the Granting Date execute, deliver, file and record all such further agreements, instruments, financing statements, notices and other documents (including any information necessary to update Schedule I hereto) as may be reasonably requested by the Collateral Agent to perfect or preserve the Security Interest, to enable the Collateral Agent to notify any third parties of the existence of the Collateral Agent’s Security Interest, or otherwise to carry out the intent of this Agreement.  On and after 

 

 

the Granting Date, the Obligor authorizes the Collateral Agent to file financing statements where desirable in the Collateral Agent’s judgment to perfect the Security Interest under the UCC without the signature of the Obligor.

 

6.                                      RELEASE OF COLLATERAL; TERMINATION OF AGREEMENT.

 

(a)                                 Provided that no Event of Default under any of the Financing Agreements has then occurred and is continuing, upon delivery of either Vessel (as defined in the Shipbuilding Contract) to the Obligor, the Security Interest in the Collateral related to such Vessel (but, for the avoidance of doubt, not the Collateral related to the other Vessel) shall be automatically terminated and released.

 

(b)                                 Provided that no Event of Default under any of the Financing Agreements has then occurred and is continuing, upon the delivery of a written Notice of Termination of Security Interest from the Obligor to the Collateral Agent in substantially the form set forth as Exhibit A hereto (which the Obligor may deliver to the Collateral Agent at any time in its sole discretion with or without the occurrence or happening of any event and without any further action on the part of any party hereto), but, as an abundance of caution, subject to the proviso at the beginning of this sentence, the Security Interest in the Collateral shall be automatically terminated and released, and this Security Agreement shall automatically terminate and no longer be of any force or effect without any further action of any party

 

(c)                                  The Collateral Agent agrees, at the sole expense of the Obligor, to promptly file UCC amendments and execute and deliver any other documents or instruments reasonably requested by Obligor to evidence the termination of the Security Interest so released with respect to (i) the applicable Collateral (as set forth in Section 6(a) above) and (ii) all of the Collateral (as set forth in Section 6(b) above).

 

7.                                      RIGHTS AND REMEDIES OF THE SECURED PARTIES UPON EVENT OF DEFAULT.

 

7.1                               Effect of Event of Default Remedies.  If any Event of Default described in the Financing Documents shall occur and be continuing, the Collateral Agent shall have all of the rights, powers and remedies with respect to the Collateral of a secured party under the Uniform Commercial Code of the state in which such rights, powers and remedies are asserted.

 

7.2                               Application of Proceeds.  Subject to the rights of any prior secured party, any proceeds received by the Secured Parties in respect of any sale of collection from, or other realization upon all or any part of the Collateral following the occurrence of an Event of Default shall be applied as set forth in the Intercreditor Agreement.

 

7.3                               Notice.  Any notice required to be given by the Collateral Agent of a sale, lease, or other disposition of Collateral, or any other intended action by the Collateral Agent, which is sent pursuant to Section 11 hereof at least ten (10) days prior to such proposed action, or such longer period as shall be specified by applicable law, shall constitute commercially reasonable and fair notice thereof to the Obligor.

 

8.                                      REMEDIES NOT EXCLUSIVE; FORECLOSURES.  No right or remedy hereunder is exclusive of any other right or remedy.  Each and every right and remedy shall be cumulative and shall be in addition to and without prejudice to every other remedy given hereunder, under any other agreement between the Obligor and the Collateral Agent or now or hereafter existing at law or in equity, and may be 

 

 

exercised from time to time as often as deemed expedient, separately or concurrently.  The giving, taking or enforcement of or execution against any other or additional security, collateral, or guaranty for the payment of the Guaranty Obligations shall not operate to prejudice, waive or affect any rights, powers or remedies hereunder, nor shall the Collateral Agent be required to first look to, enforce, exhaust or execute against such other or additional security, or guarantees prior to so acting against the Collateral.  The Collateral Agent may foreclose on or execute against the items of Collateral in such order as the Collateral Agent may, in its sole and unfettered discretion, determine.

 

9.                                      WAIVERS.  The failure or delay of the Collateral Agent to insist in any instances upon the performance of any of the terms, covenants or conditions of this Agreement or other Financing Documents, or to exercise any right, remedy or privilege herein or therein conferred, shall not impair or be construed as thereafter waiving any such covenants, remedies, conditions or provisions, but every such term, condition and covenant shall continue and remain in full force and effect; nor shall any waiver of an Event of Default suspend, waive or affect any other Event of Default, whether the same is prior or subsequent thereto and whether of the same or of a different type.

 

10.                               SEVERABILITY.  Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective.  If any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement.

 

11.                               NOTICE.  All notices, demands and communications hereunder shall be in writing and shall be by messenger or overnight air courier, facsimile transmission, e-mail or United States mail and shall be deemed to have been given when delivered (or, if such day is not a business day, the next occurring business day) by messenger or overnight air courier, upon completion of facsimile transmission or e-mail (with, in each case, electronic confirmation of receipt) or two business days after deposit in the United States mail, registered or certified, with postage prepaid, addressed to the parties at the addresses set forth on the signature page hereof, or at such other address as any party shall have furnished to the other parties in writing in accordance with the requirements of this Section 11.

 

12.                               GOVERNING LAW.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

13.                               WAIVERS BY THE OBLIGOR.  Except as otherwise expressly provided in this Agreement or the other Financing Documents, the Obligor waives:  (i) presentment, demand, and protest and notice of presentment, protest, default, non-payment, maturity, release, compromise, settlement, extension, or renewal of any or all Financing Documents under or pursuant to which the Obligor may in any way be liable and hereby ratifies and confirms whatever the Collateral Agent or Secured Parties may do in this regard; (ii) notice prior to taking possession or control of Collateral or any bond or security that might be required by any court prior to allowing the Collateral Agent to exercise any remedies; (iii) the benefit of all valuation, appraisement, and exemption laws; (iv) any right to require the Collateral Agent to proceed against any other person or collateral held from any other person; (v) any right to require the Collateral Agent to pursue any other remedy in the Collateral Agent’s power whatsoever; or (vi) any defense arising out of any election by Collateral Agent to exercise or not exercise any right or remedy it may have against the Obligor, any other person or any security held by it, even though such election operates to impair or extinguish any right of reimbursement to subrogation or other right or remedy of the Obligor against any other person or any such security.

 

14.                               ADDITIONAL SECURED PARTIES.  If any Loan Party enters into any other Note Purchase Agreement (as defined in the Credit Agreement), then, upon written notice by the Obligor to the 

 

 

Collateral Agent and the Secured Parties, the holders of the indebtedness under such Note Purchase Agreements shall become additional Secured Parties (each, an “Additional Secured Party”) hereunder.  Effective upon such notice, each Additional Secured Party shall have the same rights and obligations as the other Secured Parties hereunder and the term “Secured Parties” as used herein shall be deemed to include each such Additional Secured Party.  Notwithstanding Section 15.2, no consent of the Collateral Agent or any Secured Party shall be necessary to add such holders as additional Secured Parties.

 

15.                               MISCELLANEOUS.  The Obligor agrees that the following shall govern the interpretation and enforcement of this Agreement:

 

15.1                        Binding on Successors.  This Agreement shall be binding upon the Obligor, the administrators, successors and assigns of the Obligor, and shall inure to the benefit of and be enforceable by the Collateral Agent, its successors, transferees and assigns.

 

15.2                        No Oral Modifications.  None of the terms or provisions of this Agreement may be waived, altered, modified, limited or amended except pursuant to the agreement thereto of the parties hereto in writing.

 

15.3                        Section Titles.  The section titles contained in this Agreement are merely for convenience and shall be without substantive meaning or content.

 

15.4                        Construction.  The word “including” shall have the inclusive meaning represented by the phrase “including without limitation.”  Unless the context of this Agreement clearly otherwise requires, the word “or” shall have the meaning represented by the phrase “and/or,” references to the plural include the singular and references to the singular include the plural.

 

16.                               WAIVER OF JURY TRIAL.  The Obligor and the Collateral Agent each irrevocably and unconditionally waive trial by jury in any action or proceeding relating to this Agreement or any other Financing Document and for any counterclaim therein.

 

 

IN WITNESS WHEREOF, this Agreement is executed and delivered as of the date first set forth above.

 

	
 
    	
OBLIGOR:
    
	
 
    	
 
    
	
 
    	
MATSON   NAVIGATION COMPANY, INC.,
    
	
 
    	
a Hawaii corporation
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Address:
    
	
 
    	
[Insert]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
COLLATERAL   AGENT:
    
	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Address:
    
	
 
    	
[Insert]
    

 

 

Schedule I

 

Legal Name, Type of Organization and Jurisdiction of Organization

 

Matson Navigation Company, Inc., a Hawaii corporation

 

 

Exhibit A

 

Notice of Termination of Security Interest

 

[                ], 20[   ]

 

[Address of Collateral Agent]

 

Re:                             Security Agreement dated [                ], 20[  ] (Vessel Type Kanaloa Class — Hull Nos. 601 and 602) (the “Security Agreement”) between Matson Navigation Company, Inc. (the “Company”) and Bank of America, N.A as Collateral Agent

 

Ladies and Gentlemen:

 

The Company hereby notifies you that, effective as of the date hereof, the Security Interest (as defined in the Security Agreement) is terminated.

 

	
Very truly yours,
    	
 
    
	
 
    	
 
    
	
MATSON   NAVIGATION COMPANY, INC.
    	
 
    
	
a Hawaii corporation
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    
	
Title:

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