Document:

cpk09302020ex-101

                                          Published CUSIP Number:  [_____]                                            Revolving Credit CUSIP Number:  [_____]                     $375,000,000 REVOLVING CREDIT FACILITY                               CREDIT AGREEMENT                                   by and among                     CHESAPEAKE UTILITIES CORPORATION                                        and                          THE LENDERS PARTY HERETO                                        and                       PNC BANK, NATIONAL ASSOCIATION,              as Administrative Agent, Swing Loan Lender and Issuing Lender                           PNC CAPITAL MARKETS LLC,                             BOFA SECURITIES, INC.,                                       and                              CITIZENS BANK, N.A.,                     as Joint Lead Arrangers and Joint Bookrunners                                        and                 BANK OF AMERICA, N.A. and CITIZENS BANK, N.A.,                               as Co-Syndication Agents                           Dated as of September [30], 2020   135035202_4 

 

                            TABLE OF CONTENTS                                                                                                                  Page                ARTICLE 1 CERTAIN DEFINITIONS .................. ERROR! BOOKMARK NOT DEFINED.       1.1   Certain Definitions ................................................ Error! Bookmark not defined.        1.2   Construction ......................................................................................................... 30        1.3   Accounting Principles; Changes in GAAP .......................................................... 30        1.4   Divisions .............................................................................................................. 31        1.5   LIBOR Notification ............................................................................................. 31  ARTICLE 2 REVOLVING CREDIT AND SWING LOAN FACILITIES ................................ 32        2.1   Revolving Credit Commitments. ......................................................................... 32        2.2   Nature of Lenders’ Obligations with Respect to Revolving Credit Loans .......... 32        2.3   Fees ...................................................................................................................... 33        2.4   Termination or Reduction of Revolving Credit Commitments ........................... 33        2.5   Revolving Credit Loan Requests; Conversions and Renewals; Swing Loan              Requests. .............................................................................................................. 34        2.6   Making Revolving Credit Loans and Swing Loans; Presumptions by the              Administrative Agent; Repayment of Revolving Credit Loans; Borrowings              to Repay Swing Loans. ........................................................................................ 34        2.7   Notes .................................................................................................................... 37        2.8   Reserved. .............................................................................................................. 37        2.9   Letter of Credit Subfacility. ................................................................................. 37        2.10  Defaulting Lenders............................................................................................... 44        2.11  Increase in Revolving Credit Commitments. ....................................................... 46        2.12  Extension of Expiration Date ............................................................................... 48  ARTICLE 3 RESERVED ............................................................................................................ 50  ARTICLE 4 INTEREST RATES ................................................................................................ 50        4.1   Interest Rate Options............................................................................................ 50        4.2   Interest Periods..................................................................................................... 51        4.3   Interest After Default ........................................................................................... 51        4.4   LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not              Available. ............................................................................................................. 51        4.5   Selection of Interest Rate Options ....................................................................... 56  ARTICLE 5 PAYMENTS; TAXES; YIELD MAINTENANCE ................................................ 56                                         -i-       135035202_4 

 

                             TABLE OF CONTENTS                                     (continued)                                                                           Page          5.1   Payments .............................................................................................................. 56         5.2   Pro Rata Treatment of Lenders ............................................................................ 56         5.3   Sharing of Payments by Lenders ......................................................................... 57         5.4   Administrative Agent’s Clawback. ...................................................................... 57         5.5   Interest Payment Dates ........................................................................................ 58         5.6   Voluntary Prepayments. ....................................................................................... 58        5.7   Replacement of a Lender; Designation of a Different Lending Office. .............. 59        5.8   Increased Costs. ................................................................................................... 60        5.9   Taxes. ................................................................................................................... 61        5.10  Indemnity ............................................................................................................. 65        5.11  Settlement Date Procedures ................................................................................. 66        5.12  Cash Collateral ..................................................................................................... 66  ARTICLE 6 REPRESENTATIONS AND WARRANTIES ....................................................... 67        6.1   Organization and Qualification; Power and Authority; Compliance With              Laws; Title to Properties; Event of Default ......................................................... 67        6.2   Borrower; Subsidiaries and Owners; Investment Companies ............................. 68        6.3   Validity and Binding Effect ................................................................................. 68        6.4   No Conflict; Material Agreements; Consents ...................................................... 68        6.5   Litigation .............................................................................................................. 69        6.6   Financial Statements. ........................................................................................... 69        6.7   Margin Stock ........................................................................................................ 70        6.8   Full Disclosure ..................................................................................................... 70        6.9   Taxes .................................................................................................................... 70        6.10  Patents, Trademarks, Copyrights, Licenses, Etc .................................................. 70        6.11  Certificate of Beneficial Ownership .................................................................... 71        6.12  Insurance .............................................................................................................. 71        6.13  ERISA Compliance. ............................................................................................. 71        6.14  Environmental Matters......................................................................................... 72        6.15  Solvency ............................................................................................................... 73        6.16  Anti-Terrorism Laws ........................................................................................... 73                                         -ii-         135035202_4 

 

                             TABLE OF CONTENTS                                     (continued)                                                                           Page          6.17  Anti-Corruption Laws .......................................................................................... 73  ARTICLE 7 CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF                 CREDIT ......................................................................................................... 73        7.1   Initial Loans and Letters of Credit. ...................................................................... 73        7.2   Each Loan or Letter of Credit .............................................................................. 75  ARTICLE 8 AFFIRMATIVE COVENANTS............................................................................. 76        8.1   Preservation of Existence, Etc ............................................................................. 76        8.2   Payment of Liabilities, Including Taxes, Etc ....................................................... 76        8.3   Maintenance of Insurance .................................................................................... 76        8.4   Maintenance of Properties and Leases ................................................................. 76        8.5   Inspection Rights ................................................................................................. 77        8.6   Keeping of Records and Books of Account ......................................................... 77        8.7   Compliance with Laws; Use of Proceeds ............................................................ 77        8.8   Further Assurances............................................................................................... 77        8.9   Sanctions and other Anti-Terrorism Laws; Anti-Corruption Laws ..................... 77        8.10  Reserved. .............................................................................................................. 78        8.11  Reporting Requirements ...................................................................................... 78        8.12  Certificates; Notices; Additional Information. .................................................... 78  ARTICLE 9 NEGATIVE COVENANTS ................................................................................... 80        9.1   Indebtedness ......................................................................................................... 80        9.2   Liens; Lien Covenants ......................................................................................... 81        9.3   Loans and Investments ......................................................................................... 81        9.4   Line of Business ................................................................................................... 81        9.5   Liquidations, Mergers, Consolidations, Acquisitions .......................................... 81        9.6   Dispositions of Assets or Subsidiaries ................................................................. 81        9.7   Affiliate Transactions........................................................................................... 82        9.8   Maximum Funded Indebtedness to Total Adjusted Capitalization Ratio ............ 82        9.9   Limitation on Negative Pledges and Restrictive Agreements ............................. 82  ARTICLE 10 DEFAULT ............................................................................................................ 83        10.1  Events of Default ................................................................................................. 83                                         -iii-        135035202_4 

 

                             TABLE OF CONTENTS                                     (continued)                                                                           Page          10.2  Consequences of Event of Default. ...................................................................... 85        10.3  Application of Proceeds ....................................................................................... 87  ARTICLE 11 THE ADMINISTRATIVE AGENT ..................................................................... 88        11.1  Appointment and Authority ................................................................................. 88        11.2  Rights as a Lender ................................................................................................ 88        11.3  Exculpatory Provisions ........................................................................................ 89        11.4  Reliance by Administrative Agent ....................................................................... 90        11.5  Delegation of Duties ............................................................................................ 90        11.6  Resignation of Administrative Agent .................................................................. 90        11.7  Non-Reliance on Administrative Agent and Other Lenders ................................ 91        11.8  No Other Duties, Etc ............................................................................................ 92        11.9  Administrative Agent’s Fee ................................................................................. 92        11.10 Administrative Agent May File Proofs of Claim ................................................. 92        11.11 Reserved ............................................................................................................... 92        11.12 No Reliance on Administrative Agent’s Customer Identification Program ........ 93        11.13  Lender Provided Interest Rate Hedges, Lender Provided Commodity              Hedges and Other Lender Provided Financial Service Products ......................... 93        11.11 Certain ERISA Matters ........................................................................................ 93  ARTICLE 12 MISCELLANEOUS ............................................................................................. 94        12.1  Modifications, Amendments or Waivers ............................................................. 94        12.2  No Implied Waivers; Cumulative Remedies ....................................................... 96        12.3  Expenses; Indemnity; Damage Waiver. ............................................................... 96        12.4  Reserved. .............................................................................................................. 98        12.5  Holidays ............................................................................................................... 98        12.6  Notices; Effectiveness; Electronic Communication ............................................ 99        12.7  Severability ........................................................................................................ 100        12.8  Duration; Survival .............................................................................................. 100        12.9  Successors and Assigns...................................................................................... 101        12.10 Confidentiality. .................................................................................................. 105        12.11 Counterparts; Integration; Effectiveness. ........................................................... 106                                         -iv-         135035202_4 

 

                            TABLE OF CONTENTS                                    (continued)                                                                          Page                     12.12  Choice of Law Submission to Jurisdiction; Waiver of Venue; Service of             Process; Waiver of Jury Trail. ........................................................................... 107       12.13 USA Patriot Act Notice ..................................................................................... 108        12.14  No Advisory or Fiduciary Responsibility .......................................................... 108        12.15  Contractual Recognition of Bail-In .................................................................... 109       12.16  Acknowledgment Regarding Any Supported QFCs .......................................... 109                                                              -v-        135035202_4 

 

                          LIST OF SCHEDULES AND EXHIBITS    SCHEDULES    SCHEDULE 1.1(B)  -      COMMITMENTS OF LENDERS AND ADDRESSES FOR                           NOTICES  SCHEDULE 1.1(C)   -     EXISTING LETTERS OF CREDIT   SCHEDULE 1.1(D)  -      PERMITTED LIENS   SCHEDULE 1.1(E)  -      SPECIFIED EXISTING INDEBTEDNESS  SCHEDULE 6.2      -     SUBSIDIARIES   SCHEDULE 6.6(B)  -      INDEBTEDNESS AND LIABILITIES   SCHEDULE 9.1      -     PERMITTED INDEBTEDNESS    EXHIBITS    EXHIBIT A        -      ASSIGNMENT AND ASSUMPTION AGREEMENT   EXHIBIT B        -      PERMITTED ACQUISITION CERTIFICATE   EXHIBIT C        -      REVOLVING CREDIT NOTE   EXHIBIT D        -      SWING LOAN NOTE   EXHIBIT E         -     REVOLVING CREDIT LOAN REQUEST   EXHIBIT F         -     SWING LOAN REQUEST   EXHIBIT G        -      NEW LENDER JOINDER   EXHIBIT H-1      -      U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders                           That Are Not Partnerships For U.S. Federal Income Tax Purposes)   EXHIBIT H-2      -      U.S. TAX COMPLIANCE CERTIFICATE (For Foreign                           Participants That Are Not Partnerships For U.S. Federal Income                           Tax Purposes)   EXHIBIT H-3      -      U.S. TAX COMPLIANCE CERTIFICATE (For Foreign                           Participants That Are Partnerships For U.S. Federal Income Tax                           Purposes)   EXHIBIT H-4      -      U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders                           That Are Partnerships For U.S. Federal Income Tax Purposes)   EXHIBIT I         -     QUARTERLY COMPLIANCE CERTIFICATE                                              -vi-         135035202_4 

 

                                 CREDIT AGREEMENT          THIS CREDIT AGREEMENT (as hereafter amended, the “Agreement”) is dated as of  September [30], 2020 and is made by and among CHESAPEAKE UTILITIES CORPORATION,  a Delaware corporation (the “Borrower”), the LENDERS (as hereinafter defined), and PNC  BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders  under this Agreement (hereinafter referred to in such capacity as the “Administrative Agent”),  Swing Loan Lender and Issuing Lender.         The Borrower has requested the Lenders to provide a revolving credit facility to the  Borrower in an aggregate principal amount not to exceed $375,000,000, including therein a  Swing Loan subfacility and a Letter of Credit subfacility.  In consideration of their mutual  covenants and agreements hereinafter set forth and intending to be legally bound hereby, the  parties hereto covenant and agree as follows:                                      ARTICLE 1                               CERTAIN DEFINITIONS          1.1   Certain Definitions.  In addition to words and terms defined elsewhere in this   Agreement, the following words and terms shall have the following meanings, respectively,   unless the context hereof clearly requires otherwise:                Acquisition shall mean any transaction, or any series of related transactions,   consummated on or after the date of this Agreement, by which the Borrower or any of its   Subsidiaries (a) acquires any ongoing business or all or substantially all of the assets of any firm,   corporation or limited liability company, or division thereof, whether through purchase of assets,   merger or otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent   transaction in a series of transactions) at least a majority (in number of votes) of the securities of   a corporation which have ordinary voting power for the election of directors (other than   securities having such power only by reason of the happening of a contingency) or a majority (by   percentage or voting power) of the outstanding ownership interests of a partnership or limited   liability company.                 Additional Commitment Lender  shall have the meaning specified in   Section 2.12(d) [(Additional Commitment Lenders].               Administrative Agent shall mean PNC Bank, National Association, and its   successors and assigns, in its capacity as administrative agent hereunder.                Administrative Agent’s Fee shall have the meaning specified in Section 2.3(a)   [Fees].               Administrative Agent’s Letter shall have the meaning specified in Section 2.3(a)   [Fees].               Administrative Questionnaire shall mean an administrative questionnaire in a   form supplied by the Administrative Agent.      135035202_4 

 

                 Affected Financial Institution means (a) any EEA Financial Institution or (b) any   UK Financial Institution.                 Affiliate shall mean, with respect to a specified Person, another Person that   directly or indirectly through one or more intermediaries, Controls or is Controlled by or is under  common Control with the Person specified.                              Agent Parties means as is specified in Section 12.6(d)(ii) [Notices; Effectiveness;   Electronic Communication].                            Alternate Source shall have the meaning specified in the definition of LIBOR   Rate.                Anniversary Date shall have the meaning specified in Section 2.12(a) [Requests   for Extension].                Anti-Corruption Laws shall mean the United States Foreign Corrupt Practices Act   of 1977, as amended, the UK Bribery Act 2010, and any other similar anti-corruption laws or   regulations  administered or enforced in any jurisdiction in which the Borrower or any of its   Subsidiaries conduct business.                 Anti-Terrorism Law shall mean any Law in force or hereinafter enacted related to   terrorism, money laundering or Sanctioned Persons, including Executive Order No. 13224, the   USA PATRIOT Act, the International Emergency Economic Powers Act, 50 U.S.C. 1701, et.   seq., the Trading with the Enemy Act, 50 U.S.C. App. 1, et. seq., 18 U.S.C. § 2332d, and 18   U.S.C. § 2339B and any regulations or directives promulgated under these provisions.                Applicable Margin shall mean the corresponding percentages per annum as set   forth below based on the Total Indebtedness to Total Capitalization Ratio:                                                        Revolving Credit Loans                                                                      Pricing     Total       Commitment    Letter of     Daily       Base Rate      Level  Indebtedness to     Fee        Credit   LIBOR/LIBOR        +                 Total                       Fee           +              Capitalization                 Ratio        I    Equal to or less  0.125%       0.875%       0.875%       0.000%             than 40.0%       II    Greater than      0.150%       1.000%       1.000%       0.000%             40.0% but equal             to or less than             55.0%       III   Greater than      0.175%       1.125%       1.125%       0.125%             55.0% but equal             to or less than             60.0%                                          2   135035202_4 

 

         IV    Greater than      0.225%       1.250%       1.250%       0.250%             60.0%                                                                            The Applicable Margin shall be determined and adjusted quarterly on the date on which the   Borrower is required to provide a Compliance Certificate pursuant to Section 8.12(a)   [Certificates; Notices; Additional Information] for the most recently ended fiscal quarter of the  Borrower (each such date, a “Calculation Date”); provided that (a) the Applicable Margin shall   be based on Pricing Level III until the Calculation Date related to the Compliance Certificate   delivered for the fiscal quarter ended September 30, 2020, and, thereafter the Pricing Level shall   be determined by reference to the Total Indebtedness to Total Capitalization Ratio as of the last   day of the most recently ended fiscal quarter of the Borrower preceding the applicable   Calculation Date, and (b) if the Borrower fails to provide any Compliance Certificate when due  as required by Section 8.12(a) [Certificates; Notices; Additional Information], the Applicable   Margin from the date on which such Compliance Certificate was required to have been delivered   shall be based on Pricing Level IV until such time as such Compliance Certificate is delivered, at   which time the Pricing Level shall be determined by reference to the Total Indebtedness to Total   Capitalization Ratio as of the last day of the most recently ended fiscal quarter of the Borrower  preceding such Calculation Date.  The applicable Pricing Level shall be effective from one   Calculation Date until the next Calculation Date, except as provided in the preceding sentence.    Any adjustment in the Pricing Level shall be applicable to all extensions of credit then existing   or subsequently made or issued.    Notwithstanding the foregoing, in the event that any financial statement or Compliance   Certificate delivered pursuant to Section 8.11(a) or  (b) [Reporting Requirements] or   Section 8.12(a) [Certificates; Notices; Additional Information] is shown to be inaccurate   (regardless of whether (i) this Agreement is in effect, (ii) any Commitments are in effect, or   (iii) any Loan or Letter of Credit Obligation is outstanding when such inaccuracy is discovered  or such financial statement or Compliance Certificate was delivered), and such inaccuracy, if  corrected, would have led to the application of a higher Applicable Margin for any period (an  “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then  (A) the Borrower shall immediately deliver to the Administrative Agent a corrected Compliance   Certificate for such Applicable Period, (B) the Applicable Margin for such Applicable Period   shall be determined as if the Total Indebtedness to Total Capitalization Ratio in the corrected   Compliance Certificate were applicable for such Applicable Period, and (C) the Borrower shall   immediately and retroactively be obligated to pay to the Administrative Agent (for the benefit of   the applicable Lenders) the accrued additional interest and fees owing as a result of such   increased Applicable Margin for such Applicable Period, which payment shall be promptly   applied by the Administrative Agent in accordance with Section 5.4 [Administrative Agent’s   Clawback].  Nothing in this paragraph shall limit the rights of the Administrative Agent and   Lenders with respect to Section 5.1 [Payments] or Section 10.2  [Consequences of Event of   Default] nor any of their other rights under this Agreement or any other Loan Document.  The   Borrower’s obligations under this paragraph shall survive the termination of the Commitments   and the repayment of all other Obligations hereunder.                 Approved Fund shall mean 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.                                          3   135035202_4 

 

                 Arrangers shall, collectively, mean the Lead Arranger, BofA Securities and   Citizens Bank.                Assignment and Assumption shall mean 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 12.9 [Successors and Assigns]), and accepted by the Administrative Agent,   in substantially the form of Exhibit A or any other form approved by the Administrative Agent.                Authorized Officer shall mean the Chief Executive Officer, President, Chief   Financial Officer, Treasurer or Assistant Treasurer of the Borrower, or such other individuals,   designated by written notice to the Administrative Agent from the Borrower, authorized to   execute notices, reports and other documents on behalf of the Borrower required hereunder.  The   Borrower may amend such list of individuals from time to time by giving written notice of such   amendment to the Administrative Agent.                Bail-In Action means the exercise of any Write-Down and Conversion Powers by   the applicable Resolution Authority in respect of any liability of an Affected Financial   Institution.                Bail-In Legislation means, (a) with respect to any EEA Member Country   implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council   of the European Union, the implementing law, rule, regulation or requirement for such EEA   Member Country from time to time which is described in the EU Bail-In Legislation Schedule,  and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as  amended from time to time) and any other law, regulation or rule applicable in the United  Kingdom relating to the resolution of unsound or failing banks, investment firms or other  financial institutions or their affiliates (other than through liquidation, administration or other  insolvency proceedings).               Base Rate shall mean, for any day, a fluctuating per annum rate of interest equal   to the highest of (i) the Overnight Bank Funding Rate, plus 0.5%, (ii) the Prime Rate, and   (iii) the Daily LIBOR Rate, plus 1.00% so long as Daily LIBOR Rate is offered, ascertainable   and not unlawful.  Any change in the Base Rate (or any component thereof) shall take effect at   the opening of business on the day such change occurs.  Notwithstanding the foregoing, if the   Base Rate as determined under any method above would be less than one percent (1.00%) such   rate shall be deemed to be one percent (1.00%) for purposes of this Agreement.                Base Rate Option shall mean the option of the Borrower to have Loans bear   interest at the rate and under the terms set forth in Section 4.1(a)(i) [Revolving Credit Base Rate  Options] or Section 4.1(b) [Swing Loan Interest Rate], as applicable.               Beneficial Owner shall mean, for purposes of the Certificate of Beneficial   Ownership, with respect to the Borrower, each of the following: (a) each individual, if any, who,  directly or indirectly, owns 25% or more of Borrower’s Equity Interests; and (b) a single  individual with significant responsibility to control, manage, or direct Borrower.               Benefit Plan shall mean any of (a) an “employee benefit plan” (as defined in   ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975                                          4   135035202_4 

 

     of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or   otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such   “employee benefit plan” or “plan”.                BofA Securities shall mean BofA Securities, Inc. and its successors and assigns.                Borrower shall have the meaning specified in the introductory paragraph.                Borrowing Date shall mean, with respect to any Loan, the date of the making,   renewal or conversion thereof, which shall be a Business Day.                Borrowing Tranche shall mean specified portions of Revolving Credit Loans   outstanding as follows:  (i) any Revolving Credit Loans to which a LIBOR Rate Option applies   which become subject to the same Interest Rate Option under the same Revolving Credit Loan   Request by the Borrower and which have the same Interest Period shall constitute one Borrowing  Tranche, and (ii) all Revolving Credit Loans to which a Base Rate Option applies shall constitute  one Borrowing Tranche.               Business Day shall mean any day other than a Saturday or Sunday or a legal   holiday on which commercial banks are authorized or required to be closed, or are in fact closed,   for business in Pittsburgh, Pennsylvania (or, if otherwise, the Lending Office of the   Administrative Agent) and if the applicable Business Day relates to any Loan to which the   LIBOR Rate Option applies, such day must also be a day on which dealings are carried on in the   London interbank market.                Cash Collateralize shall mean to pledge and deposit with or deliver to the   Administrative Agent, for the benefit of one or more of the Issuing Lender or the Lenders, as   collateral for Letter of Credit Obligations or obligations of Lenders to fund participations in   respect of Letter of Credit Obligations, cash or deposit account balances or, if the Administrative   Agent and each applicable Issuing Lender shall agree in their sole discretion, other credit   support, in each case pursuant to documentation in form and substance satisfactory to the   Administrative Agent and each applicable Issuing Lender.  “Cash Collateral” shall have a   meaning correlative to the foregoing and shall include the proceeds of such cash collateral and   other credit support.                Cash Equivalents shall, collectively, mean such items described in clauses (i), (ii),   (iii) and (iv) of the definition of Permitted Investments.               Cash Management Agreements shall have the meaning specified in Section 2.6(f)   [Swing Loans Under Cash Management Agreements].                Cash Management Bank shall mean any Person that, at the time it enters into an   Other Lender Provided Financial Service Product, is a Lender or an Affiliate of a Lender, in its   capacity as a party to such Other Lender Provided Financial Service Product.                Certificate of Beneficial Ownership shall mean, for the Borrower, a certificate in   form and substance acceptable to Administrative Agent (as amended or modified by                                          5   135035202_4 

 

     Administrative Agent from time to time in its sole discretion), certifying, among other things, the   Beneficial Owner of Borrower.               CFTC shall mean the Commodity Futures Trading Commission.                Change in Law shall mean the occurrence, after the date of this Agreement, of any   of the following: (i) the adoption or taking effect of any Law, (ii) any change in any Law or in   the administration, interpretation, implementation or application thereof by any Official Body or   (iii) the making or issuance of any request, rule, guideline or directive (whether or not having the   force of Law) by any Official Body; provided that notwithstanding anything herein to the   contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,  rules, regulations, guidelines, interpretations or directives thereunder or issued in connection  therewith (whether or not having the force of Law) and (y) all requests, rules, regulations,  guidelines, interpretations or directives promulgated by the Bank for International Settlements,  the Basel Committee on Banking Supervision (or any successor or similar authority) or the  United States or foreign regulatory authorities (whether or not having the force of Law), in each   case pursuant to Basel III, shall in each case be deemed to be a Change in Law regardless of the   date enacted, adopted, issued, promulgated or implemented.                Change of Control shall mean  any “person” or “group” (as such terms are used in   Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange   Act”)), shall become, or obtain rights (whether by means or warrants, options or otherwise) to   become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange   Act), directly or indirectly, of more than 50% of the Equity Interests of the Borrower.                CIP Regulations shall have the meaning specified in Section 11.12 [No Reliance   on Administrative Agent’s Customer Identification Program].                Citizens  Bank shall mean Citizens Bank, N.A., and its successors and assigns.                Closing Date shall mean September [30], 2020.                  Code shall mean the Internal Revenue Code of 1986, as the same may be   amended or supplemented from time to time, and any successor statute of similar import, and the   rules and regulations thereunder, as from time to time in effect.                Commitment shall mean, as to any Lender, its Revolving Credit Commitment,   and Commitments shall mean the aggregate of the Revolving Credit Commitments of all of the   Lenders.  The term “Commitment” in reference to PNC only may also refer to its Swing Loan   Commitment as the context may require, but does not refer to the aggregate of its Revolving  Credit Commitment and its Swing Loan Commitment.               Commitment Fee shall have the meaning specified in Section 2.3 [Commitment   Fees].                Commodity Hedge shall mean commodity swaps, commodity options, forward   commodity contracts and any other similar transactions entered into by the Borrower in the   ordinary course of its business (only for hedging (rather than speculative) purposes) in order to                                          6   135035202_4 

 

     provide protection to, or minimize the impact upon, the Borrower of increasing prices of   commodities.               Commodity Hedge Bank shall mean any Person that, at the time it enters into a   Lender Provided Commodity Hedge, is a Lender or an Affiliate of a Lender, in its capacity as a   party to such Lender Provided Commodity Hedge.                Commodity Hedge Liabilities shall have the meaning assigned in the definition of   Lender Provided Commodity Hedge.                Communications means as is specified in Section 12.6(d)(ii) [Platform].                Compliance Certificate shall have the meaning specified in Section 8.12(a)   [Certificate of the Borrower].                Connection Income Taxes shall mean Other Connection Taxes that are imposed   on or measured by net income (however denominated) or that are franchise Taxes or branch   profits Taxes.                Consolidated Net Worth shall mean as of any date, the sum of the amounts that   would be shown on a consolidated balance sheet of the Borrower and its Subsidiaries at such   date for (a) capital stock, (b) capital surplus and (c) the other components of  stockholders’  equity.               Consolidated Total Assets shall mean as of any date the aggregate amount at   which the assets of the Borrower and its Subsidiaries would be shown on a consolidated balance   sheet at such date.                Control shall mean the possession, directly or indirectly, of the power to direct or   cause the direction of the management or policies of a Person, whether through the ability to   exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have  meanings correlative thereto.               Covered Entity shall mean (a) the Borrower and each of Borrower’s Subsidiaries   and (b) each Person that, directly or indirectly, is in control of a Person described in clause (a)   above.  For purposes of this definition, control of a Person shall mean the direct or indirect (x)  ownership of, or power to vote, 25% or more of the issued and outstanding equity interests  having ordinary voting power for the election of directors of such Person or other Persons  performing similar functions for such Person, or (y) power to direct or cause the direction of the  management and policies of such Person whether by ownership of equity interests, contract or  otherwise.               Current Indebtedness shall mean with respect to any Person, all Indebtedness for   borrowed money and all Indebtedness secured by any Lien existing on property owned by that   Person (whether or not such Indebtedness have been assumed) which, in either case, is payable   on demand or within one year from their creation, plus the aggregate amount of Guaranties by   that Person of all such Indebtedness of other Persons, except: (a) any Indebtedness which is   renewable or extendible at the option of the debtor to a date more than one year from the date of                                          7   135035202_4 

 

     creation thereof; (b) any Indebtedness which, although payable within one year, constitutes   principal payments on Indebtedness expressed to mature more than one year from the date of its   creation and (c) Revolving Credit Loans and Guaranties of Revolving Credit Loans to the extent   in excess of $250,000,000.  For the avoidance of doubt, all outstanding Revolving Credit Loans  and Guaranties of Revolving Credit Loans less than or equal to $250,000,0000 shall constitute  Current Indebtedness.                 Daily LIBOR Rate shall mean, for any day, the rate per annum determined by the   Administrative Agent by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the   LIBOR Reserve Percentage on such day.  Notwithstanding the foregoing, if the Daily LIBOR   Rate as determined above would be less than zero (0.00), such rate shall be deemed to be zero   (0.00) percent for purposes of this Agreement.                Debtor Relief Laws shall mean the Bankruptcy Code of the United States of   America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of  creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor  relief Laws of the United States or other applicable jurisdictions from time to time in effect.                Defaulting Lender shall mean, subject to Section 2.10(b) [Defaulting Lender   Cure], any Lender that (a) has failed to (i) fund all or any portion of its Loans within two   Business Days of the date such Loans were required to be funded hereunder unless such Lender  notifies the Administrative Agent and the Borrower in writing that such failure is the result of  such Lender’s determination that one or more conditions precedent to funding (each of which  conditions precedent, together with any applicable default, shall be specifically identified in such   writing) has not been satisfied, or (ii) pay to the Administrative Agent, the Issuing Lender, the   Swing Loan Lender or any other Lender any other amount required to be paid by it hereunder   (including in respect of its participation in Letters of Credit or Swing Loans) within two Business   Days of the date when due, (b) has notified the Borrower, the Administrative Agent, the Issuing   Lender or the Swing Loan Lender in writing that it does not intend to comply with its funding   obligations hereunder, or has made a public statement to that effect (unless such writing or public   statement relates to such Lender’s obligation to fund a Loan hereunder and states that such   position is based on such Lender’s determination that a condition precedent to funding (which   condition precedent, together with any applicable default, shall be specifically identified in such   writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after   written request by the Administrative Agent or the Borrower, to confirm in writing to the   Administrative Agent and the Borrower that it will comply with its prospective funding   obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant   to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the   Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject   of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian,  conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged  with reorganization or liquidation of its business or assets, including the Federal Deposit  Insurance Corporation or any other state or federal regulatory authority acting in such a capacity,  or (iii) become the subject of a Bail-in Action; provided that a Lender shall not be a Defaulting   Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or   any direct or indirect parent company thereof by an Official Body so long as such ownership   interest does not result in or provide such Lender with immunity from the jurisdiction of courts                                          8   135035202_4 

 

     within the United States or from the enforcement of judgments or writs of attachment on its  assets or permit such Lender (or such Official Body) to reject, repudiate, disavow or disaffirm  any contracts or agreements made with such Lender.  Any determination by the Administrative  Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d)  above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to  be a Defaulting Lender (subject to Section 2.10(b) [Defaulting Lender Cure]) upon delivery of  written notice of such determination to the Borrower, the Issuing Lender, the Swing Loan Lender  and each Lender.               Designated Jurisdiction means any country or territory that itself is specifically   targeted by a sanctions program identified on the list maintained by OFAC and available at   http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx, or any  successor list maintained by, or as otherwise published from time to time by, OFAC.                Disqualified Institution shall mean the Persons identified by the Borrower in   writing to the Administrative Agent prior to the Closing Date, and, upon reasonable notice to the   Administrative Agent, those Persons that are competitors of the Borrower and its Subsidiaries (or   reasonably known, on the basis of their name, Affiliates of any such competitors (other than any  such Affiliate that is a bona fide fixed income fund)) that are specified in writing from time to  time by the Borrower on or after the Closing Date to the Administrative Agent.                            Dollar, Dollars, U.S. Dollars and the symbol $ shall mean lawful money of the   United States of America.               Drawing Date shall have the meaning specified in Section 2.9(c) [Disbursements,   Reimbursement].                 EEA Financial Institution means (a) any credit institution or investment firm   established in any EEA Member Country which is subject to the supervision of an EEA  Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of  an institution described in clause (a) of this definition, or (c) any financial institution established  in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b)   of this definition and is subject to consolidated supervision with its parent.                EEA Member Country means any of the member states of the European Union,   Iceland, Liechtenstein, and Norway.                EEA Resolution Authority means any public administrative authority or any   person entrusted with public administrative authority of any EEA Member Country (including   any delegee) having responsibility for the resolution of any EEA Financial Institution.                Effective Date shall mean the date indicated in a document or agreement to be the   date on which such document or agreement becomes effective, or, if there is no such indication,  the date of execution of such document or agreement.               Eligible Assignee shall mean any Person that meets the requirements to be an   assignee under Section 12.9 [Successors and Assigns](b)(iii), (v) and (vi) (subject to such   consents, if any, as may be required under Section 12.9 [Successors and Assigns] (b)(iii)).                                          9   135035202_4 

 

                                Environmental Laws means any and all federal, state, local, and foreign statutes,   laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants,   franchises, licenses, agreements or governmental restrictions having the force of law relating to   pollution and the protection of the environment or the release of any Hazardous Materials into  the environment.               Environmental Liability shall mean any liability, contingent or otherwise   (including any liability for damages, costs of environmental remediation, fines, penalties or   indemnities), of the Borrower or any of its Subsidiaries directly or indirectly resulting from or   based upon (a) violation of any Environmental Law, (b) the generation, use, handling,   transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any   Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the   environment or (e) any contract, agreement or other consensual arrangement pursuant to which   liability is assumed or imposed with respect to any of the foregoing.                Equity Interests shall mean, with respect to any Person, all of the shares of capital   stock of (or other ownership or profit interests in) such Person, all of the warrants, options or   other rights for the purchase or acquisition from such Person of shares of capital stock of (or   other ownership or profit interests in) such Person, all of the securities convertible into or   exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person   or warrants, rights or options for the purchase or acquisition from such Person of such shares (or   such other interests), and all of the other ownership or profit interests in such Person (including   partnership, member or trust interests therein), whether voting or nonvoting, and whether or not   such shares, warrants, options, rights or other interests are outstanding on any date of   determination.                ERISA shall mean the Employee Retirement Income Security Act of 1974, as the   same may be amended or supplemented from time to time, and any successor statute of similar   import, and the rules and regulations thereunder, as from time to time in effect.                ERISA Event shall mean (a) with respect to a Pension Plan, a reportable event   under Section 4043 of ERISA as to which event (after taking into account notice waivers   provided for in the regulations) there is a duty to give notice to the PBGC; (b) a withdrawal by   Borrower or any member of the ERISA Group from a Pension Plan subject to Section 4063 of   ERISA during a plan year in which it was a substantial employer (as defined in Section   4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under   Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Borrower or any member of   the ERISA Group from a Multiemployer Plan, notification that a Multiemployer Plan is in   reorganization, or occurrence of an event described in Section 4041A(a) of ERISA that results in   the termination of a Multiemployer Plan; (d) the filing of a notice of intent to terminate a Pension   Plan in a distress termination, the treatment of a Pension Plan amendment as a termination under   Section 4041(e) of ERISA, or the commencement of proceedings by the PBGC to terminate a   Pension Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA   for the termination of, or the appointment of a trustee to administer, any Pension Plan or   Multiemployer Plan; (f) the determination that any Pension Plan or Multiemployer Plan is   considered an at-risk plan or a plan in endangered or critical status within the meaning of                                          10   135035202_4 

 

   Sections 430.431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; or (g) the  imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not  delinquent under Section 4007 of ERISA, upon Borrower or any member of the ERISA Group.               ERISA Group shall mean, at any time, the Borrower and all members of a  controlled group of corporations and all trades or businesses (whether or not incorporated) under  common control and all other entities which, together with the Borrower, are treated as a single  employer under Section 414 of the Code or Section 4001(b)(1) of ERISA.               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.               Event of Default shall mean any of the events described in Section 10.1 [Events  of Default] and referred to therein as an “Event of Default.”               Excluded Taxes shall mean any of the following Taxes imposed on or with  respect to a Recipient or required to be withheld or deducted from a payment to a Recipient: (i)  Taxes imposed on or measured by net income (however denominated), franchise Taxes, and  branch profits Taxes, in each case, (a) imposed as a result of such Recipient being organized  under the laws of, or having its principal office or, in the case of any Lender, its applicable  Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision  thereof) or (b) that are Other Connection Taxes, (ii) in the case of a Lender, U.S. federal  withholding Taxes imposed on amounts payable to or for the account of such Lender with  respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date  on which (a) such Lender acquires such interest in such Loan or Commitment (other than  pursuant to an assignment request by the Borrower under Section 5.7(a) [Replacement of a  Lender]) or (b) such Lender changes its lending office, except in each case to the extent that,  pursuant to Section 5.9(g) [Status of Lenders], amounts with respect to such Taxes were payable  either to such Lender’s assignor immediately before such Lender became a party hereto or to  such Lender immediately before it changed its lending office, (iii) Taxes attributable to such  Recipient’s failure to comply with Section 5.9(g) [Status of Lenders], and (iv) any U.S. federal  withholding Taxes imposed under FATCA (except to the extent imposed due to the failure of the  Borrower to provide documentation or information to the IRS).               Executive Order No. 13224 means the Executive Order No. 13224 on Terrorist  Financing, effective September 24, 2001, as the same has been, or shall hereafter be, renewed,  extended, amended or replaced.              Existing Expiration Date shall have the meaning specified in Section 2.12(a)  [Requests for Extension].               Existing Letters of Credit means those letters of credit existing on the Closing  Date and identified on Schedule 1.1(C).               Expiration Date shall mean, with respect to the Revolving Credit Commitments,  September [29], 2021, as such date may be extended with respect to certain Lenders’ Revolving  Credit Commitments pursuant to Section 2.12 [Extension of Expiration Date].                                         11  135035202_4 

 

                 Facility shall mean the revolving loan facility provided pursuant to Article 2.                Facility Termination Date shall mean the date as of which all of the following   shall have occurred: (a) the aggregate Commitments have terminated, (b) all Obligations have   been paid in full (other than (i) contingent indemnification obligations that are not yet due and   (ii) obligations and liabilities under any Lender Provided Interest Rate Hedge, Lender Provided   Commodity Hedge and any Other Lender Provided Financial Service Product (other than any  such obligations for which written notice has been received by the Administrative Agent that  either (x) amounts are currently due and payable under any such Lender Provided Interest Rate  Hedge, Lender Provided Commodity Hedge or Other Lender Provided Financial Service  Product, as applicable, or (y) no arrangements reasonably satisfactory to the applicable Cash  Management Bank, Commodity Hedge Bank or Interest Rate Hedge Bank, as applicable, have  been made)), and (c) all Letters of Credit have terminated or expired (other than Letters of Credit  as to which other arrangements with respect thereto reasonably satisfactory to the Administrative  Agent (to the extent the Administrative Agent is a party to such arrangements) and the Issuing  Lender, including the provision of Cash Collateral, shall have been made).               FATCA shall mean Sections 1471 through 1474 of the Code, as of the date of this   Agreement (or any amended or successor version that is substantively comparable and not   materially more onerous to comply with), any current or future regulations or official   interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the   Code.                Federal Funds Effective Rate shall mean for any day the rate per annum (based on   a year of 360 days and actual days elapsed and rounded upward to the nearest 1/100 of 1%)   announced by the Federal Reserve Bank of New York (or any successor) on such day as being  the weighted average of the rates on overnight federal funds transactions arranged by federal  funds brokers on the previous trading day, as computed and announced by such Federal Reserve   Bank (or any successor) in substantially the same manner as such Federal Reserve Bank  computes and announces the weighted average it refers to as the “Federal Funds Effective Rate”  as of the date of this Agreement; provided that if such Federal Reserve Bank (or its successor)   does not announce such rate on any day, the “Federal Funds Effective Rate” for such day shall be   the Federal Funds Effective Rate for the last day on which such rate was announced.    Notwithstanding the foregoing, if the Federal Funds Effective Rate as determined under any  method above would be less than zero percent (0.00%), such rate shall be deemed to be zero  percent (0.00%) for purposes of this Agreement.               Foreign Lender shall mean a Lender that is not a U.S. Person.                FPU Indebtedness means Florida Public Utilities Company’s 9.08% First   Mortgage Bonds due June 1, 2022, which FPU Indebtedness is described on Schedule 9.1.                Fronting Exposure shall mean, at any time there is a Defaulting Lender, (a) with   respect to the Issuing Lender, such Defaulting Lender’s Ratable Share of the outstanding Letter   of Credit Obligations with respect to Letters of Credit issued by such Issuing Lender other than   Letter of Credit Obligations as to which such Defaulting Lender’s participation obligation has  been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof,                                          12   135035202_4 

 

     and (b) with respect to any Swing Loan Lender, such Defaulting Lender’s Ratable Share of  outstanding Swing Loans made by such Swing Loan Lender other than Swing Loans as to which  such Defaulting Lender’s participation obligation has been reallocated to other Lenders.                            Fund shall mean any Person (other than a natural Person) that is (or will be)   engaged in making, purchasing, holding or otherwise investing in commercial loans, bonds and   similar extensions of credit in the ordinary course of its activities.                Funded Indebtedness shall mean with respect to any Person, without duplication:   (a) its Indebtedness for borrowed money, other than Current Indebtedness; (b) its Indebtedness   secured by any Lien existing on property owned by the Person (whether or not such Indebtedness   have been assumed); (c) the aggregate amount of Guaranties of Indebtedness by the Person,   other than Guaranties which constitute Current Indebtedness; (d) its Indebtedness under   capitalized leases; (e) reimbursement obligations (contingent or otherwise) under any letter of   credit agreement and (f) Indebtedness under any Interest Rate Hedges; provided that the amount   of such Indebtedness under any such Interest Rate Hedges on any date shall be deemed to be the   Hedge Termination Value thereof as of such date.                Funded Indebtedness to Total Adjusted Capitalization Ratio shall mean the ratio   of (a) the aggregate principal amount of all outstanding secured and unsecured Funded   Indebtedness of the Borrower plus secured and unsecured Funded Indebtedness of Subsidiaries   (excluding Indebtedness owed by a Subsidiary to the Borrower or a Wholly-Owned Subsidiary)   to (b) Total Adjusted Capitalization; provided that no more than $250,000,000 in the aggregate   of Current Indebtedness shall be excluded in determining Funded Indebtedness of the Borrower   and its Subsidiaries for purposes of determining the foregoing clause (a) and for purposes of   determining Total Adjusted Capitalization for the foregoing clause (b).  For the avoidance of   doubt, any amount of Indebtedness included in the determination of clause (a) shall also be   included in the determination of clause (b).                GAAP shall mean U.S. generally accepted accounting principles as are in effect   from time to time, subject to the provisions of Section 1.3 [Accounting Principles; Changes in   GAAP], and applied on a consistent basis both as to classification of items and amounts.                Guaranty of any Person shall mean any obligation of such Person guaranteeing or   in effect guaranteeing any liability or obligation of any other Person in any manner, whether   directly or indirectly, including any agreement to indemnify or hold harmless any other Person,   any performance bond or other suretyship arrangement and any other form of assurance against   loss, except endorsement of negotiable or other instruments for deposit or collection in the   ordinary course of business.                Hazardous Materials shall mean any and all pollutants, toxic or hazardous   substances or other materials that have been determined by an Official Body to pose a hazard to   human health and safety, or are regulated as a pollutant, contaminant, petroleum product, coal  combustion residual, manufactured gas plant residual, toxic substance, hazardous substance,  hazardous material or hazardous waste including, but not limited to, asbestos, urea formaldehyde  foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint,  radon gas, or similar restricted or prohibited substances.                                           13   135035202_4 

 

                 Hedge Termination Value shall mean, in respect of any one or more Interest Rate   Hedges, after taking into account the effect of any legally enforceable netting agreement relating   to such Interest Rate Hedges, (a) for any date on or after the date such Interest Rate Hedges have  been closed out and termination value(s) determined in accordance therewith, such termination  value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined   as the mark-to-market value(s) for such Interest Rate Hedges, as determined based upon one or   more mid-market or other readily available quotations provided by any recognized dealer in such   Interest Rate Hedges (which may include a Interest Rate Hedge Bank).                  ICC shall have the meaning specified in Section 12.12(a) [Governing Law].                Increasing Lender shall have the meaning assigned to that term in Section 2.11(a)   [Increasing Lenders and New Lenders].                Indebtedness shall mean, as to any Person at any time, any and all indebtedness,   obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or   indirect, absolute or contingent, or joint or several) of such Person for or in respect of:    (i) borrowed money, (ii) amounts raised under or liabilities in respect of any note purchase or   acceptance credit facility, (iii) reimbursement obligations (contingent or otherwise) under any   letter of credit agreement, (iv) obligations under any Commodity Hedges, Interest Rate Hedges,     currency swap agreements or other similar agreements, (v) any other transaction (including   forward sale or purchase agreements, capitalized leases and conditional sales agreements) having   the commercial effect of a borrowing of money entered into by such Person to finance its   operations or capital requirements (but not including trade payables and accrued expenses   incurred in the ordinary course of business), or (vi) any Guaranty of Indebtedness for borrowed   money.                  Indemnified Taxes shall mean (i) Taxes, other than Excluded Taxes, imposed on   or with respect to any payment made by or on account of any obligation of the Borrower under   any Loan Document, and (ii) to the extent not otherwise described in the preceding clause (i),   Other Taxes.               Indemnitee shall have the meaning specified in Section 12.3(b) [Indemnification   by the Borrower].                Information shall mean all information received from the Borrower or any of its   Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their respective   businesses, other than any such information that is available to the Administrative Agent, any   Lender or the Issuing Lender on a non-confidential basis prior to disclosure by the Borrower or   any of its Subsidiaries, provided that, in the case of information received from the Borrower or   any of its Subsidiaries after the date of this Agreement, such information is clearly identified at   the time of delivery as confidential.                Insolvency Proceeding shall mean, with respect to any Person, (a) a case, action   or proceeding with respect to such Person (i) before any court or any other Official Body under   any bankruptcy, insolvency, reorganization or other similar Law now or hereafter in effect, or   (ii) for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator,                                          14   135035202_4 

 

     conservator (or similar official) of the Borrower or otherwise relating to the liquidation,   dissolution, winding-up or relief of such Person, or (b) any general assignment for the benefit of   creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect   of such Person’s creditors generally or any substantial portion of its creditors; undertaken under   any Law.                Interest Period shall mean the period of time selected by the Borrower in   connection with (and to apply to) any election permitted hereunder by the Borrower to have   Revolving Credit Loans bear interest under the LIBOR Rate Option.  Subject to the last sentence   of this definition, such period shall be one, two, three or six Months.  Such Interest Period shall   commence on the effective date of such Interest Rate Option, which shall be (i) the Borrowing   Date if the Borrower is requesting new Loans, or (ii) the date of renewal of or conversion to the   LIBOR Rate Option if the Borrower is renewing or converting to the LIBOR Rate Option   applicable to outstanding Loans.  Notwithstanding the second sentence hereof: (A) any Interest   Period which would otherwise end on a date which is not a Business Day shall be extended to the   next succeeding Business Day unless such Business Day falls in the next calendar month, in   which case such Interest Period shall end on the next preceding Business Day, and (B) the   Borrower shall not select, convert to or renew an Interest Period for any portion of the Loans that   would end after the Expiration Date.                Interest Rate Hedge shall mean an interest rate exchange, collar, cap, swap, floor,   adjustable strike cap, adjustable strike corridor, cross-currency swap or similar agreements   entered into by the Borrower in the ordinary course of its business (only for hedging (rather than   speculative) purposes) in order to provide protection to, or minimize the impact upon, the   Borrower of increasing floating rates of interest applicable to Indebtedness.                Interest Rate Hedge Bank shall mean any Person that, at the time it enters into a   Lender Provided Interest Rate Hedge, is a Lender or an Affiliate of a Lender, in its capacity as a  party to such Lender Provided Interest Rate Hedge.               Interest Rate Hedge Liabilities shall have the meaning assigned in the definition   of Lender Provided Interest Rate Hedge.                Interest Rate Option shall mean any LIBOR Rate Option or Base Rate Option or,   solely with respect to Swing Loans, the Daily LIBOR Rate plus the Applicable Margin.                Investment shall have the meaning specified in Section 9.3 [Loans and   Investments].                IRS shall mean the United States Internal Revenue Service.                ISP98 shall have the meaning specified in Section 12.12(a) [Governing Law].                Issuing Lender shall mean PNC, in its individual capacity as issuer of Letters of   Credit hereunder (including the Existing Letters of Credit).                 Law shall mean any law(s) (including common law), constitution, statute, treaty,   regulation, rule, ordinance, opinion, issued guidance, release, ruling, order, executive order,                                          15   135035202_4 

 

     injunction, writ, decree, bond, judgment, authorization or approval, lien or award of or any   settlement arrangement, by agreement, consent or otherwise, with any Official Body, foreign or   domestic.                Lead Arranger shall mean PNC Capital Markets LLC.                Lender Provided Commodity Hedge shall mean a Commodity Hedge that is   provided by a Commodity Hedge Bank to the Borrower or any Subsidiary the Borrower and with   respect to which such Commodity Hedge Bank confirms to the Administrative Agent in writing   prior to the execution thereof that it: (a) is documented in a Master Agreement or another  reasonable and customary manner and (b) is entered into for hedging (rather than speculative)  purposes.  The liabilities owing to the Commodity Hedge Bank providing any Lender Provided  Commodity Hedge (the “Commodity Hedge Liabilities”) by the Borrower shall, for purposes of  this Agreement and all other Loan Documents be “Obligations” of the Borrower and otherwise  treated as Obligations for purposes of the other Loan Documents.               Lender Provided Interest Rate Hedge shall mean an Interest Rate Hedge which is   entered into between the Borrower and any Interest Rate Hedge Bank and with respect to which   such Interest Rate Hedge Bank (or the Lender affiliated with such Interest Rate Hedge Bank)   confirms to Administrative Agent in writing prior to the execution thereof that it: (a) is   documented in a Master Agreement or another reasonable and customary manner and (b) is   entered into for hedging (rather than speculative) purposes.  The liabilities owing to the Interest   Rate Hedge Bank providing any Lender Provided Interest Rate Hedge (the “Interest Rate   Hedge Liabilities”) by the Borrower shall, for purposes of this Agreement and all other Loan   Documents be “Obligations” of the Borrower and otherwise treated as Obligations for purposes   of the other Loan Documents.                 Lenders shall mean the financial institutions named on Schedule 1.1(B) and their   respective successors and assigns as permitted hereunder, each of which is referred to herein as a   Lender.  Unless the context requires otherwise, the term “Lenders” includes the Swing Loan   Lender.                Lending Office shall mean, as to the Administrative Agent, the Issuing Lender or   any Lender, the office or offices of such Person described as such in such Lender’s   Administrative Questionnaire, or such other office or offices as such Person may from time to   time notify the Borrower and the Administrative Agent.                Letter of Credit shall have the meaning specified in Section 2.9(a) [Issuance of   Letters of Credit]. As of the Closing Date, each of the Existing Letters of Credit shall constitute,   for all purposes of this Agreement and the other Loan Documents, a Letter of Credit issued and   outstanding hereunder.                Letter of Credit Borrowing shall have the meaning specified in Section 2.9(c)   [Disbursements, Reimbursement].               Letter of Credit Fee shall have the meaning specified in Section 2.9(b) [Letter of   Credit Fees].                                          16   135035202_4 

 

                 Letter of Credit Obligation shall mean, as of any date of determination, the   aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if   any Letter of Credit shall increase in amount automatically in the future, such aggregate amount   available to be drawn shall currently give effect to any such future increase) plus the aggregate   Reimbursement Obligations and Letter of Credit Borrowings on such date.                Letter of Credit Sublimit shall have the meaning specified in Section 2.9(a)   [Issuance of Letters of Credit].                LIBOR Rate shall mean, with respect to the Loans comprising any Borrowing   Tranche to which the LIBOR Rate Option applies for any Interest Period, the interest rate per   annum determined by the Administrative Agent by dividing (the resulting quotient rounded  upwards, if necessary, to the nearest 1/100th of 1% per annum) (i) the rate which appears on the  Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at  which US dollar deposits are offered by leading banks in the London interbank deposit market),  or the rate which is quoted by another source selected by the Administrative Agent as an  authorized information vendor for the purpose of displaying rates at which US dollar deposits are  offered by leading banks in the London interbank deposit market (an “Alternate Source”), at  approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of  such Interest Period as the London interbank offered rate for U.S. Dollars for an amount  comparable to such Borrowing Tranche and having a borrowing date and a maturity comparable  to such Interest Period (or if there shall at any time, for any reason, no longer exist a Bloomberg  Page BBAM1 (or any substitute page) or any Alternate Source, a comparable replacement rate  determined by the Administrative Agent at such time (which determination shall be conclusive  absent manifest error)), by (ii) a number equal to 1.00 minus the LIBOR Reserve Percentage.   Notwithstanding the foregoing, if the LIBOR Rate as determined under any method above would  be less than zero percent (0.00%), such rate shall be deemed to be zero percent  (0.00%) for  purposes of this Agreement.               The LIBOR Rate shall be adjusted with respect to any Loan to which the LIBOR  Rate Option applies that is outstanding on the effective date of any change in the LIBOR Reserve  Percentage as of such effective date.  The Administrative Agent shall give prompt notice to the  Borrower of the LIBOR Rate as determined or adjusted in accordance herewith, which  determination shall be conclusive absent manifest error.               LIBOR Rate Option shall mean the option of the Borrower to have Loans bear   interest at the rate and under the terms set forth in Section 4.1(a)(ii) [Revolving Credit LIBOR   Rate Option].                LIBOR Reserve Percentage shall mean as of any day the maximum effective   percentage in effect on such day, as prescribed by the Board of Governors of the Federal Reserve   System (or any successor) for determining the reserve requirements (including supplemental,   marginal and emergency reserve requirements) with respect to eurocurrency funding or in   respect of eurocurrency liabilities or any similar category of liabilities for a member bank of the   Federal Reserve System in New York City.                                           17   135035202_4 

 

               Lien shall mean any mortgage, deed of trust, pledge, lien, security interest, charge  or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or  involuntarily given, including any conditional sale or title retention arrangement, and any  assignment, deposit arrangement or lease intended as, or having the effect of, security and any  filed financing statement or other notice of any of the foregoing (whether or not a lien or other  encumbrance is created or exists at the time of the filing).              LLC Division means, in the event a Person is a limited liability company, (a) the  division of such Person into two or more newly formed limited liability companies (whether or  not such Person is a surviving entity following any such division) pursuant to Section 18-217 of  the Delaware Limited Liability Company Act or any similar provision under any similar act  governing limited liability companies organized under the laws of any other State or  Commonwealth or of the District of Columbia, or (b) the adoption of a plan contemplating, or  the filing of any certificate with any applicable Official Body that results or may result in, any  such division.               Loan Documents shall mean this Agreement, the Administrative Agent’s Letter,  the Notes and any other instruments, certificates or documents delivered in connection herewith  or therewith.               Loans shall mean collectively and Loan shall mean separately all Revolving  Credit Loans and Swing Loans or any Revolving Credit Loan or Swing Loan.               Master Agreement shall mean any form of master agreement published by the  International Swaps and Derivatives Association, Inc., any International Foreign Exchange  Master Agreement, any North American Energy Standard Board Master Agreement, or any other  master agreement, including any related schedules and such obligations or liabilities thereunder.               Material Adverse Change shall mean any set of circumstances or events which  (a) has any material adverse effect whatsoever upon the validity or enforceability of this  Agreement or any other Loan Document, (b) is material and adverse to the business, properties,  assets, financial condition or results of operations of the Borrower and its Subsidiaries, taken as a  whole, (c) impairs materially the ability of the Borrower to duly and punctually pay or perform  any of the Obligations, or (d) impairs materially the ability of the Administrative Agent or any of  the Lenders, to the extent permitted, to enforce their legal remedies pursuant to this Agreement  or any other Loan Document.               Minimum Collateral Amount shall mean, at any time, (i) with respect to Cash  Collateral consisting of cash or deposit account balances, an amount equal to 102% of the  Fronting Exposure of the Issuing Lender with respect to Letters of Credit issued and outstanding  at such time and (ii) otherwise, an amount determined by the Administrative Agent and the  Issuing Lender in their sole discretion.               Month, with respect to an Interest Period under the LIBOR Rate Option, shall  mean the interval between the days in consecutive calendar months numerically corresponding to  the first day of such Interest Period.  If any LIBOR Rate Interest Period begins on a day of a  calendar month for which there is no numerically corresponding day in the month in which such                                         18  135035202_4 

 

     Interest Period is to end, the final month of such Interest Period shall be deemed to end on the   last Business Day of such final month.                Multiemployer Plan shall mean any employee pension benefit plan which is a   “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA and to which the   Borrower or any member of the ERISA Group is then making or accruing an obligation to make   contributions or, within the preceding five plan years, has made or had an obligation to make   such contributions, or to which the Borrower or any member of the ERISA Group has any   liability (contingent or otherwise).                New Lender shall have the meaning assigned to that term in Section 2.11(a)   [Increasing Lenders and New Lenders].                Non-Consenting Lender shall mean any Lender that does not approve any   consent, waiver or amendment that (i) requires the approval of all or all affected Lenders in   accordance with the terms of Section 12.1 [Modifications, Amendments or Waivers] and (ii) has   been approved by the Required Lenders.                              Non-Defaulting Lender shall mean, at any time, each Lender that is not a   Defaulting Lender at such time.                            Non-Extending Lender shall have the meaning specified in Section 2.12(b)   [Lender Elections to Extend].                Non-Recourse Debt shall mean Indebtedness that is nonrecourse to the Borrower   or any Subsidiary or any asset of the Borrower or any Subsidiary.                Notes shall mean collectively, and Note shall mean separately, the promissory   notes in the form of Exhibit C evidencing the Revolving Credit Loans and in the form of Exhibit   D evidencing the Swing Loan.                Obligation shall mean any obligation or liability of the Borrower, howsoever   created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter   existing, or due or to become due, under or in connection with (i) this Agreement, the Notes, the  Letters of Credit, the Administrative Agent’s Letter or any other Loan Document whether to the  Administrative Agent, any of the Lenders or their Affiliates or other persons provided for under  such Loan Documents, (ii) any Lender Provided Interest Rate Hedge, (iii) any Lender Provided  Commodity Hedge and (iv) any Other Lender Provided Financial Service Product.                 OFAC   means the Office of Foreign Assets Control of the United States   Department of the Treasury.                Official Body shall mean the government of the United States of America or any   other nation, or of any political subdivision thereof, whether state or local, and any agency,   authority, instrumentality, regulatory body, court, central bank or other entity exercising   executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or   pertaining to government (including any supra-national bodies such as the European Union or  the European Central Bank) and any group or body charged with setting financial accounting or                                          19   135035202_4 

 

     regulatory capital rules or standards (including the Financial Accounting Standards Board, the   Bank for International Settlements or the Basel Committee on Banking Supervision or any   successor or similar authority to any of the foregoing).                 Order shall have the meaning specified in Section 2.9(i) [Liability for Acts and   Omissions].                Other Connection Taxes shall mean, with respect to any Recipient, Taxes   imposed as a result of a present or former connection between such Recipient (or an agent or   affiliate thereof) and the jurisdiction imposing such Tax (other than connections arising solely   from such Recipient having executed, delivered, become a party to, performed its obligations   under, received payments under, received or perfected a security interest under, engaged in any   other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in   any Loan or Loan Document).               Other Lender Provided Financial Service Product shall mean agreements or other   arrangements entered into between the Borrower and any Cash Management Bank that provides   any of the following products or services to the Borrower or any of its Subsidiaries: (a) credit   cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) ACH   transactions, or (f) cash management, including controlled disbursement, accounts or services.    The liabilities owing to the Cash Management Bank providing any Other Lender Provided   Financial Service Products to the Borrower shall, for purposes of this Agreement and all other   Loan Documents be “Obligations” of the Borrower and otherwise treated as Obligations for   purposes of the other Loan Documents.                 Other Taxes shall mean all present or future stamp, court or documentary,   intangible, recording, filing or similar Taxes that arise from any payment made under, from the   execution, delivery, performance, enforcement or registration of, from the receipt or perfection   of a security interest under, or otherwise with respect to, any Loan Document, except any such  Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an   assignment made pursuant to Section 5.7(a) [Replacement of a Lender]).               Overnight Bank Funding Rate means for any day, the rate comprised of both   overnight federal funds and overnight eurocurrency borrowings by U.S.-managed banking  offices of depository institutions, as such composite rate shall be determined by the Federal  Reserve Bank of New York (“NYFRB”), as set forth on its public website from time to time, and  as published on the next succeeding Business Day as the overnight bank funding rate by the  NYFRB (or by such other recognized electronic source (such as Bloomberg) selected by the  Administrative Agent for the purpose of displaying such rate); provided, that if such day is not a   Business Day, the Overnight Bank Funding Rate for such day shall be such rate on the  immediately preceding Business Day; provided, further, that if such rate shall at any time, for   any reason, no longer exist, a comparable replacement rate determined by the Administrative   Agent at such time (which determination shall be conclusive absent manifest error). If the   Overnight Bank Funding Rate determined as above would be less than zero, then such rate shall   be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day   based on changes in the Overnight Bank Funding Rate without notice to the Borrower.                                           20   135035202_4 

 

                 Participant shall have the meaning specified in Section 12.9(d) [Participations].                Participant Register shall have the meaning specified in Section 12.9(d)   [Participations].                Participation Advance shall have the meaning specified in Section 2.9(c)   [Disbursements, Reimbursement].               Payment Date shall mean the first day of each calendar quarter after the Closing   Date and on the Expiration Date, the applicable Specified Maturity Date or upon acceleration of   the Notes.                PBGC shall mean the Pension Benefit Guaranty Corporation established pursuant   to Subtitle A of Title IV of ERISA or any successor.               Pension Plan shall mean at any time an “employee pension benefit plan” (as such   term is defined in Section 3(2) of ERISA) (including a “multiple employer plan” as described in   Sections 4063 and 4064 of ERISA, but not a Multiemployer Plan) which is covered by Title IV   of ERISA or is subject to the minimum funding standards under Section 412 or Section 430 of   the Code and either (i) is sponsored, maintained or contributed to by any member of the ERISA   Group for employees of any member of the ERISA Group, (ii) has at any time within the  preceding five years been sponsored, maintained or contributed to by any entity which was at  such time a member of the ERISA Group for employees of any entity which was at such time a  member of the ERISA Group, or in the case of a “multiple employer” or other plan described in  Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding  five plan years or (iii) or to which the Borrower or any member of the ERISA Group may have  any liability (contingent or otherwise).               Permitted Acquisition shall mean an Acquisition (the Person or division, line of   business or other business unit of the Person to be acquired in such Acquisition shall be referred   to herein as the “Target”), in each case that is a type of business (or assets used in a type of   business) permitted to be engaged in by the Borrower and its Subsidiaries pursuant to the terms   of this Agreement, in each case so long as:                              (a)   no Potential Default or Event of Default shall then exist or would exist         after giving effect thereto;                  (b)   the Administrative Agent shall have received not less than five (5)         Business Days prior to the consummation of any Permitted Acquisition (or such later date         as permitted by the Administrative Agent in its sole discretion), a Permitted Acquisition         Certificate, executed by an Authorized Officer of the Borrower certifying that such         Permitted Acquisition complies with the requirements of this Agreement and attaching (i)         the final forms of the acquisition and purchase documents and (ii) evidence to the         reasonable satisfaction of the Administrative Agent that, after giving effect to the         Acquisition on a pro forma basis (with such Acquisition deemed to have occurred as of         the first day of the applicable period of measurement), the Funded Indebtedness to Total        Adjusted Capitalization Ratio of the Borrower shall be in pro forma compliance with the                                          21   135035202_4 

 

          then applicable level set forth in Section 9.8 [Maximum Funded Indebtedness to Total        Adjusted Capitalization Ratio];                             (c)   (i) the Borrower is the surviving corporation after such Acquisition if it is        the constituent party thereto acquiring such Target, and (ii) if a Subsidiary is a party to        such Acquisition, the surviving Person after such Acquisition shall be a direct or indirect        Wholly-Owned Subsidiary; and                (d)   such Acquisition shall not be a “hostile” Acquisition and shall have been        approved by the board of directors (or equivalent) and/or shareholders (or equivalent) of        the Borrower and the Target, in each case, to the extent required by applicable Law or        such Person’s organizational documents.                Permitted Acquisition Certificate shall mean a certificate substantially the form of   Exhibit B or any other form approved by the Administrative Agent.                              Permitted Investments shall mean:                (i)   direct obligations of the United States of America or any agency or   instrumentality thereof or obligations backed by the full faith and credit of the United States of   America maturing in twelve (12) months or less from the date of acquisition;                (ii)  commercial paper maturing in 180 days or less rated not lower than A-1,  by Standard & Poor’s or P-1 by Moody’s Investors Service, Inc. on the date of acquisition;               (iii) demand deposits, time deposits or certificates of deposit maturing within  one year in commercial banks whose obligations are rated A-1, A or the equivalent or better by   Standard & Poor’s on the date of acquisition;                (iv)  money market or mutual funds whose investments are limited to those   types of investments described in clauses (i)-(iii) above; and                (v)   investments made under the Cash Management Agreements or under cash   management agreements with any other Lenders.                Permitted Liens shall mean:                (i)   Liens for taxes, assessments, or similar charges, incurred in the ordinary   course of business and which are not yet due and payable;                (ii)  Pledges or deposits made in the ordinary course of business to secure   payment of workmen’s compensation, or to participate in any fund in connection with   workmen’s compensation, unemployment insurance, old-age pensions or other social security  programs;               (iii) Liens of mechanics, materialmen, warehousemen, carriers, suppliers or  other like Liens, securing obligations incurred in the ordinary course of business that are not yet                                          22   135035202_4 

 

     due and payable and Liens of landlords securing obligations to pay lease payments that are not   yet due and payable or in default;                (iv)  Good-faith pledges or deposits made in the ordinary course of business to   secure performance of letters of credit, bids, tenders, contracts (other than for the repayment of   borrowed money or for Interest Rate Hedges or Commodity Hedges) or leases, not in excess of   the aggregate amount due thereunder or to secure statutory obligations, or surety, appeal,  indemnity, performance or other similar bonds required in the ordinary course of business;                (v)   Encumbrances consisting of zoning restrictions, easements or other  restrictions on the use of real property, none of which materially impairs the use of such property  or the value thereof, and none of which is violated in any material respect by existing or  proposed structures or land use;               (vi)  Lien existing on property of a Person immediately prior to its being  consolidated with or merged into the Borrower or a Subsidiary or its becoming a Subsidiary, or  any Lien existing on any property acquired by the Borrower or a Subsidiary at the time such  property is so acquired (whether or not the Indebtedness secured thereby shall have assumed),  provided that (i) any Indebtedness secured by such Liens is then permitted by Section 9.1(c)   [Indebtedness], (ii) no such Lien shall have been created in contemplation of such consolidation  or merger or such Person’s becoming a Subsidiary or such acquisition of property and (iii) no  such Lien shall extend to or cover any property not originally subject thereto, other than   improvements to the property originally subject thereto;                 (vii) Any Lien existing on the date of this Agreement and described on   Schedule 1.1(D), and any renewal, extension or refunding of any such Lien, provided that the   principal amount secured thereby is not hereafter increased, and no additional assets become   subject to such Lien;                (viii) Liens securing Indebtedness relating to purchase money security interests,   capitalized leases and first mortgage bonds permitted in Section 9.1(c)(i) [Indebtedness];   provided that (i) any such Indebtedness secured by such Liens is then permitted by   Section 9.1(c)(i) [Indebtedness] and (ii) no such Lien shall extend to or cover any property not  originally subject thereto, other than improvements to the property originally subject thereto;               (ix)  Liens on cash and Cash Equivalents in an aggregate amount not to exceed  $15,000,000 at any time to secure Indebtedness arising under Commodity Hedges which Liens  are granted pursuant to a Master Agreement or pursuant to the rules of a designated contract  market; provided that any such Indebtedness secured by such Liens is then permitted by   Section 9.1(c) [Indebtedness];                 (x)   Liens on property of a Subsidiary, provided that they secure only   Indebtedness owing to the Borrower or a Wholly-Owned Subsidiary that is permitted under   Section 9.1 [Indebtedness];                (xi)  Non-exclusive licenses, leases or subleases granted to other Persons in the   ordinary course of business and not interfering in any material respect with the business of the  Borrower and its Subsidiaries;                                          23   135035202_4 

 

                 (xii) customary bankers’ Liens and rights of setoff arising by either operation  of law or pursuant to depository agreements and, in each case, incurred on deposits made in the  ordinary course of business;               (xiii) The following, (A) if the validity or amount thereof is being contested in  good faith by appropriate and lawful proceedings diligently conducted so long as levy and  execution thereon have been stayed and continue to be stayed or (B) if a final judgment is  entered and such judgment is discharged within thirty (30) days of entry, and in either case they  do not, in the aggregate, materially impair the ability of the Borrower to perform its Obligations  hereunder or under the other Loan Documents:                     (1)   claims or Liens for taxes, assessments or charges due and payable  and subject to interest or penalty; provided that the Borrower maintains such reserves or other   appropriate provisions as shall be required by GAAP and pays all such taxes, assessments or   charges forthwith upon the commencement of proceedings to foreclose any such Lien;                      (2)   claims, Liens or encumbrances upon, and defects of title to, real or   personal property, including any attachment of personal or real property or other legal process   prior to adjudication of a dispute on the merits;                      (3)   claims or Liens of mechanics, materialmen, warehousemen,   carriers, or other statutory nonconsensual Liens; or                      (4)   Liens resulting from final judgments or orders described in   Section 10.1(f) [Final Judgments or Orders]; and                (xiv) Other Liens not otherwise permitted pursuant to clauses (i) through (x)   above securing Indebtedness permitted in Section 9.1(c)(i) [Indebtedness]; provided that (i) any   such Indebtedness secured by such Liens is then permitted by Section 9.1(c)(i) [Indebtedness]   and (ii) no such Lien shall extend to or cover any property not originally subject thereto, other   than improvements to the property originally subject thereto.                Person shall mean any natural person, corporation, limited liability company,   trust, joint venture, association, company, partnership, Official Body or other entity.                Plan shall mean any employee benefit plan within the meaning of Section 3(3) of   ERISA (including a Pension Plan), maintained for employees of the Borrower or any member of   the ERISA Group or any such Plan to which the Borrower or any member of the ERISA Group   is required to contribute on behalf of any of its employees.                Platform shall mean Debt Domain, Intralinks, Syndtrak or a substantially similar   electronic transmission system.                            PNC shall mean PNC Bank, National Association, its successors and assigns.                Potential Default shall mean any event or condition which with notice or passage   of time, or both, would constitute an Event of Default.                                          24   135035202_4 

 

               Prime Rate shall mean the interest rate per annum announced from time to time  by the Administrative Agent at its Principal Office as its then prime rate, which rate may not be  the lowest or most favorable rate then being charged commercial borrowers or others by the  Administrative Agent.  Any change in the Prime Rate shall take effect at the opening of business  on the day such change is announced.               Principal Office shall mean the main banking office of the Administrative Agent  in Pittsburgh, Pennsylvania.               PTE shall mean a prohibited transaction class exemption issued by the U.S.  Department of Labor, as any such exemption may be amended from time to time.                Published Rate shall mean the rate of interest published each Business Day in The  Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered Rates”  for a one month period: provided that if no such rate is published therein for any reason, then the  Published Rate shall be the rate at which U.S. dollar deposits are offered by leading banks in the  London interbank deposit market for a one month period either (i) as published in another  publication selected by the Administrative Agent or (ii) in an Alternate Source (or if there shall  at any time, for any reason, no longer exist any such reference or any Alternate Source, a  comparable replacement rate determined by the Administrative Agent at such time (which  determination shall be conclusive absent manifest error)).               Ratable Share shall mean with respect to a Lender’s obligation to make Revolving  Credit Loans, participate in Letters of Credit and other Letter of Credit Obligations, participate in  Swing Loans, and receive payments, interest, and fees related thereto and all other matters as to a  particular Lender, the percentage obtained by dividing (i) such Lender’s Revolving Credit  Commitment, by (ii) the sum of the aggregate amount of the Revolving Credit Commitments of  all Lenders; provided however that if the Revolving Credit Commitments have terminated or  expired, the computation in this clause shall be determined based upon the Revolving Credit  Commitments most recently in effect, giving effect to any assignments, and not on the current  amount of the Revolving Credit Commitments and provided further in the case of Section 2.10  [Defaulting Lenders] when a Defaulting Lender shall exist, “Ratable Share” shall mean the  percentage of the aggregate Revolving Credit Commitments (disregarding any Defaulting  Lender’s Revolving Credit Commitment) represented by such Lender’s Revolving Credit  Commitment.               Recipient shall mean (i) the Administrative Agent, (ii) any Lender and (iii) the  Issuing Lender, as applicable.               Reimbursement Obligation shall have the meaning specified in Section 2.9(c)  [Disbursements, Reimbursement].              Related Parties shall mean, with respect to any Person, such Person’s Affiliates  and the partners, directors, officers, employees, agents and advisors of such Person and of such  Person’s Affiliates.              Reportable Compliance Event shall mean that any Covered Entity becomes a  Sanctioned Person, or is charged by indictment, criminal complaint or similar charging                                         25  135035202_4 

 

     instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or   Anti-Corruption Law or any predicate crime to any Anti-Terrorism Law or Anti-Corruption Law,   or has knowledge of facts or circumstances to the effect that it is reasonably likely that any   aspect of its operations is in actual or probable violation of any Anti-Terrorism Law or any Anti-  Corruption Law.                Resolution Authority means an EEA Resolution Authority or, with respect to any   UK Financial Institution, a UK Resolution Authority.                Required Lenders shall mean Lenders (other than any Defaulting Lender) having   more than 50% of the sum of the aggregate amount of the Revolving Credit Commitments of the   Lenders (excluding any Defaulting Lender) or, after the termination of the Revolving Credit   Commitments, the outstanding Revolving Credit Loans and Ratable Share of Letter of Credit   Obligations of the Lenders (excluding any Defaulting Lender).  The amount of any participation   in any Swing Line Loan and required but unreimbursed amounts in respect of Letters of Credit   that such Defaulting Lender has failed to fund that have not been reallocated to and funded by  another Lender shall be deemed to be held by the Lender that is the Swing Line Lender or  Issuing Lender, as the case may be, in making such determination.               Required Share shall have the meaning assigned to such term in Section 5.11   [Settlement Date Procedures].               Revolving Credit Commitment shall mean, as to any Lender at any time, the   amount initially set forth opposite its name on Schedule 1.1(B) in the column labeled “Amount   of Commitment for Revolving Credit Loans,” as such Commitment is thereafter assigned or   modified and Revolving Credit Commitments shall mean the aggregate Revolving Credit   Commitments of all of the Lenders.                Revolving Credit Loan Request shall have the meaning specified in Section 2.5   [Revolving Credit Loan Requests; Swing Loan Requests].                Revolving Credit Loans shall mean collectively and Revolving Credit Loan shall   mean separately all Revolving Credit Loans or any Revolving Credit Loan made by the Lenders   or one of the Lenders to the Borrower pursuant to Section 2.1 [Revolving Credit Commitments]   or Section 2.9(c) [Disbursements, Reimbursement].                Revolving Facility Usage shall mean at any time the sum of the outstanding   Revolving Credit Loans, the outstanding Swing Loans, and the Letter of Credit Obligations.                Sanctioned Person means (a) a Person named on the list of “Specially Designated   Nationals and Blocked Persons” maintained by OFAC available at   http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise   published from time to time, (b) a Person named on the lists maintained by the European Union   available at http://eeas.europa.eu/cfsp/sanctions/consol-list_en.htm, or as otherwise published   from time to time, (c) a Person named on the lists maintained by Her Majesty’s Treasury   available at http://www.hm-treasury.gov.uk/fin_sanctions_index.htm, or as otherwise published   from time to time, (d) a Person that is specifically targeted by any other relevant sanctions   authority of a jurisdiction in which the Borrower or any of its Subsidiaries conduct business, (e)                                          26   135035202_4 

 

     (i) an agency of the government of, or an organization controlled by, a Designated Jurisdiction,   to the extent such agency or organization is subject to a sanctions program administered by  OFAC, or (ii) a Person located, organized or resident in a Designated Jurisdiction, to the extent   such Person is subject to a sanctions program administered by OFAC or (f) a Person controlled   by any such Person set forth in clauses (a) through (e) above.                 SEC shall mean the Securities and Exchange Commission.                Secured Parties shall mean, collectively, the Administrative Agent, the Lenders,   the Issuing Lender, Commodity Hedge Banks, Interest Rate Hedge Banks, Lenders or Affiliates   thereof that are owed Interest Rate Hedge Liabilities, Commodity Hedge Liabilities or   obligations under Other Lender Provided Financial Service Products, each co-agent or sub-agent  appointed by the Administrative Agent from time to time pursuant to Section 11.5, and the other   Persons to whom the Obligations are owing.                Settlement Date shall mean the Business Day on which the Administrative Agent   elects to effect settlement pursuant Section 5.11 [Settlement Date Procedures].                Solvent shall mean, with respect to any Person on any date of determination,   taking into account any right of reimbursement, contribution or similar right available to such   Person from other Persons, that on such date (i) the fair value of the property of such Person is   greater than the total amount of liabilities, including contingent liabilities, of such Person, (ii) the   present fair saleable value of the assets of such Person is not less than the amount that will be   required to pay the probable liability of such Person on its debts as they become absolute and  matured, (iii) such Person is able to realize upon its assets and pay its debts and other liabilities,  contingent obligations and other commitments as they mature in the normal course of business,  (iv) such Person does not intend to, and does not believe that it will, incur debts or liabilities  beyond such Person’s ability to pay as such debts and liabilities mature, and (v) such Person is  not engaged in business or a transaction, and is not about to engage in business or a transaction,   for which such Person’s property would constitute unreasonably small capital after giving due   consideration to the prevailing practice in the industry in which such Person is engaged.  In   computing the amount of contingent liabilities at any time, it is intended that such liabilities will  be computed at the amount which, in light of all the facts and circumstances existing at such  time, represents the amount that can reasonably be expected to become an actual or matured  liability.                Specified Existing Indebtedness shall mean such Indebtedness of the Borrower as   evidenced by the documents identified on Schedule 1.1(E).                Specified Maturity Date shall have the meaning specified in Section 2.5(a)   [Revolving Credit Loan Requests; Conversions and Renewals].                Standard & Poor’s shall mean Standard & Poor’s Ratings Services, a division of   The McGraw-Hill Companies, Inc.                 Statements shall have the meaning specified in Section 6.6(a). [Historical   Statements].                                          27   135035202_4 

 

                 Subsidiary of any Person at any time shall mean any corporation, trust,   partnership, limited liability company or other business entity (i) of which more than 50% of the   outstanding voting securities or other interests normally entitled to vote for the election of one or   more directors or trustees (regardless of any contingency which does or may suspend or dilute   the voting rights) is at such time owned directly or indirectly by such Person or one or more of   such Person’s Subsidiaries, or (ii)  which is controlled or capable of being controlled by such  Person or one or more of such Person’s Subsidiaries.               Subsidiary Equity Interests shall have the meaning specified in Section 6.1(b)   [Subsidiaries and Owners; Investment Companies].                Swing Loan Commitment shall mean PNC’s commitment to make Swing Loans   to the Borrower pursuant to Section 2.1(b) [Swing Loan Commitment] hereof in an aggregate   principal amount up to $40,000,000.                Swing Loan Lender shall mean PNC, in its capacity as a lender of Swing Loans.                Swing Loan Note shall mean the Swing Loan Note of the Borrower in the form of   Exhibit D evidencing the Swing Loans, together with all amendments, extensions, renewals,   replacements, refinancings or refundings thereof in whole or in part.                Swing Loan Request shall mean a request for Swing Loans made in accordance   with Section 2.5(b) [Swing Loan Requests] hereof.                Swing Loans shall mean collectively and Swing Loan shall mean separately all   Swing Loans or any Swing Loan made by PNC to the Borrower pursuant to Section 2.1(b)   [Swing Loan Commitment] hereof.                Taxes shall mean all present or future taxes, levies, imposts, duties, deductions,   withholdings (including backup withholding), assessments, fees or other charges imposed by any   Official Body, including any interest, additions to tax or penalties applicable thereto.               Total Adjusted Capitalization means at any date, the aggregate amount at that   date, as determined on a consolidated basis, of the Funded Indebtedness of the Borrower and its   Subsidiaries, plus Consolidated Net Worth.                Total Capitalization means at any date, the aggregate amount at that date, as   determined on a consolidated basis, of the Funded Indebtedness of the Borrower and its  Subsidiaries,  plus (without duplication) Current Indebtedness of the Borrower and its   Subsidiaries plus Consolidated Net Worth.                Total Indebtedness to Total Capitalization Ratio shall mean, as of any date of   determination, the ratio of (a) Funded Indebtedness of the Borrower and its Subsidiaries plus   (without duplication) Current Indebtedness of the Borrower and its Subsidiaries on such date to  (b) Total Capitalization on such date.               UCP shall have the meaning specified in Section 12.12(a) [Governing Law].                                          28   135035202_4 

 

                 UK Financial Institution shall mean any BRRD Undertaking (as such term is   defined under the PRA Rulebook (as amended from time to time) promulgated by the United   Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA   Handbook (as amended from time to time) promulgated by the United Kingdom Financial   Conduct Authority, which includes certain credit institutions and investment firms, and certain   affiliates of such credit institutions or investment firms.                UK Resolution Authority means the Bank of England or any other public   administrative authority having responsibility for the resolution of any UK Financial Institution.               USA Patriot Act shall mean the Uniting and Strengthening America by Providing   Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-  56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.                U.S. Person shall mean any Person that is a “United States Person” as defined in   Section 7701(a)(30) of the Code.                U.S. Tax Compliance Certificate shall have the meaning specified in   Section 5.9(g)(ii)(B)(III) [Status of Lenders].               Wholly-Owned Subsidiary shall mean any Subsidiary whose financial results are   consolidated with the financial results of the Borrower, and all of the Equity Interests of which   (except director’s qualifying shares) are owned by the Borrower and/or one or more Wholly-   Owned Subsidiaries of the Borrower.                Withholding Agent shall mean the Borrower and the Administrative Agent.                Working Cash® Sweep Rider shall mean the Working Cash®, Line of Credit,   Investment Sweep Rider, dated as of the Closing Date, by and among the Borrower and PNC.                Write-down and Conversion Powers means, (a) with respect to any EEA   Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority   from time to time under the Bail-In Legislation for the applicable EEA Member Country, which  write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b)   with respect to the United Kingdom, any powers of the applicable Resolution Authority under   the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK  Financial Institution or any contract or instrument under which that liability arises, to convert all  or part of that liability into shares, securities or obligations of that person or any other person, to  provide that any such contract or instrument is to have effect as if a right had been exercised  under it or to suspend any obligation in respect of that liability or any of the powers under that  Bail-In Legislation that are related to or ancillary to any of those powers.         1.2   Construction.  Unless the context of this Agreement otherwise clearly requires,   the following rules of construction shall apply to this Agreement and each of the other Loan  Documents: (i) references to the plural include the singular, the plural, the part and the whole and  the words “include,” “includes” and “including” shall be deemed to be followed by the phrase   “without limitation”; (ii) the word “will” shall be construed to have the same meaning and effect   as the word “shall”; (iii) the words “hereof,” “herein,” “hereunder,” “hereto” and similar terms in                                          29   135035202_4 

 

     this Agreement or any other Loan Document refer to this Agreement or such other Loan   Document as a whole; (iv) article, section, subsection, clause, schedule and exhibit references are   to this Agreement or other Loan Document, as the case may be, unless otherwise specified; (v)   reference to any Person includes such Person’s successors and assigns; (vi) reference to any   agreement, including this Agreement and any other Loan Document together with the schedules   and exhibits hereto or thereto, document or instrument means such agreement, document or   instrument as amended, modified, replaced, substituted for, superseded or restated (subject to any   restrictions on such amendments, supplements or modifications set forth herein); (vii) relative to   the determination of any period of time, “from” means “from and including,” “to” means “to but   excluding,” and “through” means “through and including”; (viii) any reference to any law or   regulation herein shall, unless otherwise specified, refer to such law or regulation as amended,   modified or supplemented from time to time (ix) 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; (x) whenever the  context may require, any pronoun shall include the corresponding masculine, feminine and  neuter forms; (xi) section headings herein and in each other Loan Document are included for  convenience and shall not affect the interpretation of this Agreement or such Loan Document,  and (xii) unless otherwise specified, all references herein to times of day shall constitute  references to Eastern Time.          1.3   Accounting Principles; Changes in GAAP.  Except as otherwise provided in this   Agreement, all computations and determinations as to accounting or financial matters and all   financial statements to be delivered pursuant to this Agreement shall be made and prepared in   accordance with GAAP (including principles of consolidation where appropriate), and all   accounting or financial terms shall have the meanings ascribed to such terms by GAAP;   provided, however, that all accounting terms used in Article 9 [Negative Covenants] (and all   defined terms used in the definition of any accounting term used in Article 9 [Negative   Covenants]) shall have the meaning given to such terms (and defined terms) under GAAP as in   effect on the Closing Date applied on a basis consistent with those used in preparing Statements   referred to in Section 6.6(a) [Historical Statements].  Notwithstanding the foregoing, if the   Borrower notifies the Administrative Agent in writing that the Borrower wishes to amend any   financial covenant in Article 9 [Negative Covenants] of this Agreement, any related definition  and/or the definition of the term Total Indebtedness to Total Capitalization Ratio for purposes of   interest, Letter of Credit Fee and Commitment Fee determinations to eliminate the effect of any   change in GAAP occurring after the Closing Date on the operation of such financial covenants   and/or interest, Letter of Credit Fee or Commitment Fee determinations (or if the Administrative   Agent notifies the Borrower in writing that the Required Lenders wish to amend any financial   covenant in Article 9 [Negative Covenants], any related definition and/or the definition of the   term Total Indebtedness to Total Capitalization Ratio for purposes of interest, Letter of Credit   Fee and Commitment Fee determinations to eliminate the effect of any such change in GAAP),   then the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to   amend such ratios or requirements to preserve the original intent thereof in light of such change   in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, the   Borrower’s compliance with such covenants and/or the definition of the term Total Indebtedness   to Total Capitalization Ratio for purposes of interest, Letter of Credit Fee and Commitment Fee   determinations shall be determined on the basis of GAAP in effect immediately before the   relevant change in GAAP became effective, until either such notice is withdrawn or such                                          30   135035202_4 

 

     covenants or definitions are amended in a manner satisfactory to the Borrower and the Required   Lenders, and the Borrower shall provide to the Administrative Agent, when they deliver their   financial statements pursuant to Sections 8.11(b) [Quarterly Financial Statements] and 8.11(a)   [Annual Financial Statements] of this Agreement, such reconciliation statements as shall be   reasonably requested by the Administrative Agent.  Without limiting the foregoing, leases shall   continue to be classified and accounted for on a basis consistent with that reflected in the   Statements referred to in Section 6.6(a) [Historical 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.          1.4   Divisions.  For all purposes under the Loan Documents, in connection with any   division or plan of division under Delaware law (or any comparable event under a different   jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset,   right, obligation or liability of a different Person, then it shall be deemed to have been transferred   from the original Person to the subsequent Person, and (b) if any new Person comes into   existence, such new Person shall be deemed to have been organized on the first date of its   existence by the holders of its Equity Interests at such time.          1.5   LIBOR  Notification.  Section  4.4(d)  [Successor LIBOR Rate Index] of this   Agreement provides a mechanism for determining an alternative rate of interest in the event that   the London interbank offered rate is no longer available or in certain other circumstances. The   Administrative Agent does not warrant or accept any responsibility for and shall not have any   liability with respect to, the administration, submission or any other matter related to the London   interbank offered rate or other rates in the definition of "LIBOR Rate" or with respect to any   alternative or successor rate thereto, or replacement rate therefor.                                      ARTICLE 2                 REVOLVING CREDIT AND SWING LOAN FACILITIES          2.1   Revolving Credit Commitments.                (a)   Revolving Credit Loans.  Subject to the terms and conditions hereof and   relying upon the representations and warranties herein set forth, each Lender severally agrees to   make Revolving Credit Loans to the Borrower at any time or from time to time on or after the  Closing Date to the Expiration Date; provided that after giving effect to each such Loan (i) the   aggregate amount of Revolving Credit Loans from such Lender shall not exceed such Lender’s   Revolving Credit Commitment minus such Lender’s Ratable Share of the outstanding Swing   Loans and Letter of Credit Obligations and (ii) the Revolving Facility Usage shall not exceed the   Revolving Credit Commitments.  Within such limits of time and amount and subject to the other   provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this   Section 2.1.                (b)   Swing Loan Commitment.  Subject to the terms and conditions hereof and   relying upon the representations and warranties herein set forth and the agreements of the other   Lenders set forth in Section 2.6 [Making Revolving Credit Loans and Swing Loans;   Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowings   to Repay Swing Loans] with respect to Swing Loans, and in order to facilitate loans and                                          31   135035202_4 

 

     repayments between Settlement Dates, PNC may, at its option, cancelable at any time for any   reason whatsoever, make swing loans (the “Swing Loans”) to the Borrower at any time or from   time to time after the Closing Date to, but not including, the Expiration Date, in an aggregate   principal amount up to but not in excess of $40,000,000, provided that after giving effect to such   Swing Loan (i) the aggregate amount of any Lender’s Revolving Credit Loans plus such   Lender’s Ratable Share of the outstanding Swing Loans and Letter of Credit Obligations shall   not exceed such Lender’s Revolving Credit Commitment and (ii) the Revolving Facility Usage   shall not exceed the aggregate Revolving Credit Commitments of the Lenders.  Within such   limits of time and amount and subject to the other provisions of this Agreement, the Borrower   may borrow, repay and reborrow pursuant to this Section 2.1(b).            2.2   Nature of Lenders’ Obligations with Respect to Revolving Credit Loans.  Each   Lender shall be obligated to fund each request for Revolving Credit Loans pursuant to   Section 2.5 [Revolving Credit Loan Requests; Swing Loan Requests] in accordance with its   Ratable Share.  The aggregate of each Lender’s Revolving Credit Loans outstanding hereunder   to the Borrower at any time shall never exceed its Revolving Credit Commitment minus its   Ratable Share of the outstanding Swing Loans and Letter of Credit Obligations.  The obligations   of each Lender hereunder are several.  The failure of any Lender to perform its obligations   hereunder shall not affect the Obligations of the Borrower to any other party nor shall any other   party be liable for the failure of such Lender to perform its obligations hereunder.  The Lenders   shall have no obligation to make Revolving Credit Loans hereunder on or after the Expiration   Date.          2.3   Fees.                  (a)   Accruing at all times from the Closing Date until the Expiration Date (and   without regard to whether the conditions to making Revolving Credit Loans are then met), the  Borrower agrees to pay to the Administrative Agent for the account of each Lender according to  its Ratable Share, a nonrefundable commitment fee (the “Commitment Fee”) equal to the  Applicable Margin for Commitment Fee (computed on the basis of a year of 365 or 366 days, as  the case may be, and actual days elapsed) multiplied by the daily difference between the amount  of (i) the Revolving Credit Commitments minus (ii) the Revolving Facility Usage (provided   however, that solely in connection with determining the share of each Lender in the Commitment   Fee, the Revolving Facility Usage with respect to the portion of the Commitment Fee allocated   to PNC shall include the full amount of the outstanding Swing Loans, and with respect to the   portion of the Commitment Fee allocated by the Administrative Agent to all of the Lenders other   than PNC, such portion of the Commitment Fee shall be calculated (according to each such   Lender's Ratable Share) as if the Revolving Facility Usage excludes the outstanding Swing   Loans); provided that no Defaulting Lender shall be entitled to receive any Commitment Fee for   any period during which that Lender is a Defaulting Lender (and the Borrower shall not be  required to pay any such Commitment Fee that otherwise would have been required to have been  paid to that Defaulting Lender).  Subject to the proviso in the directly preceding sentence, all  Commitment Fees shall be payable in arrears on each Payment Date.               (b)   The Borrower shall pay to the Administrative Agent a nonrefundable fee  (the “Administrative Agent’s Fee”) under the terms of a letter (the “Administrative Agent’s                                          32   135035202_4 

 

     Letter”) between the Borrower, PNC Capital Markets LLC and Administrative Agent, as  amended from time to time.         2.4   Termination or Reduction of Revolving Credit Commitments.  The Borrower   shall have the right, upon not less than three (3) Business Days’ notice to the Administrative   Agent, to terminate the Revolving Credit Commitments or, from time to time, to reduce the   aggregate amount of the Revolving Credit Commitments (ratably among the Lenders in   proportion to their Ratable Shares); provided that no such termination or reduction of Revolving   Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of   the Revolving Credit Loans made on the effective date thereof, the Revolving Facility Usage   would exceed the aggregate Revolving Credit Commitments of the Lenders.  Any such reduction   shall be in an amount equal to $5,000,000, or a whole multiple thereof, and shall reduce   permanently the Revolving Credit Commitments then in effect.  Any such reduction or  termination shall be accompanied by prepayment of the Notes, together with outstanding   Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid   (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause  the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or  less than the Revolving Credit Commitments as so reduced or terminated.  Any notice to reduce  the Revolving Credit Commitments under this Section 2.4 shall be irrevocable.         2.5   Revolving Credit Loan Requests; Conversions and Renewals; Swing Loan   Requests.                (a)   Revolving Credit Loan Requests; Conversions and Renewals.  Except as   otherwise provided herein, the Borrower may from time to time prior to the Expiration Date   request the Lenders to make Revolving Credit Loans, or renew or convert the Interest Rate   Option applicable to existing Revolving Credit Loans pursuant to Section 4.2 [Interest Periods],   by delivering to the Administrative Agent, not later than 10:00 a.m., (i) three (3) Business Days   prior to the proposed Borrowing Date with respect to the making of Revolving Credit Loans to   which the LIBOR Rate Option applies or the conversion to or the renewal of the LIBOR Rate   Option for any Revolving Credit Loans; and (ii) the same Business Day of the proposed   Borrowing Date with respect to the making of a Revolving Credit Loan to which the Base Rate   Option applies or the last day of the preceding Interest Period with respect to the conversion to   the Base Rate Option for any Revolving Credit Loan, of a duly completed request therefor   substantially in the form of Exhibit E or a request by telephone immediately confirmed in writing   by letter, facsimile or telex in such form (each, a “Revolving Credit Loan Request”), it being   understood that the Administrative Agent may rely on the authority of any individual making   such a telephonic request without the necessity of receipt of such written confirmation.  Each   Revolving Credit Loan Request shall be irrevocable and shall specify (A) the aggregate amount   of the proposed Loans comprising each Borrowing Tranche, (B) if applicable, the Interest Period,   which amounts shall be in (x) integral multiples of $100,000 and not less than $1,000,000 for   each Borrowing Tranche under the LIBOR Rate Option, and (y) integral multiples of $100,000   and not less than $500,000 for each Borrowing Tranche under the Base Rate Option and (C) if   the Borrower so chooses, a term, expressed as a number of days (which shall in no event end   later than the Expiration Date), beyond which such Borrowing Tranche may not be outstanding   (the last day of such term the “Specified Maturity Date”).                                          33   135035202_4 

 

                 (b)   Swing Loan Requests.  Except as otherwise provided herein, the Borrower   may from time to time prior to the Expiration Date request the Swing Loan Lender to make   Swing Loans by delivery to the Swing Loan Lender not later than 12:00 noon on the proposed   Borrowing Date of a duly completed request therefor substantially in the form of Exhibit N   hereto or a request by telephone immediately confirmed in writing by letter, facsimile or telex   (each, a “Swing Loan Request”), it being understood that the Administrative Agent may rely on   the authority of any individual making such a telephonic request without the necessity of receipt   of such written confirmation.  Each Swing Loan Request shall be irrevocable and shall specify   the proposed Borrowing Date and the principal amount of such Swing Loan, which shall be not   less than $100,000.          2.6   Making Revolving Credit Loans and Swing Loans; Presumptions by the   Administrative Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swing   Loans.                (a)   Making Revolving Credit Loans.  The Administrative Agent shall,   promptly after receipt by it of a Revolving Credit Loan Request pursuant to Section 2.5   [Revolving Credit Loan Requests; Swing Loan Requests], notify the applicable Lenders of its   receipt of such Revolving Credit Loan Request specifying the information provided by the  Borrower and the apportionment among the Lenders of the requested Revolving Credit Loans as  determined by the Administrative Agent in accordance with Section 2.2 [Nature of Lenders’  Obligations with Respect to Revolving Credit Loans].  Each Lender shall remit its apportioned  share (as provided to it by the Administrative Agent) of the principal amount of each Revolving  Credit Loan to the Administrative Agent such that the Administrative Agent is able to, and the  Administrative Agent shall, to the extent the Lenders have made funds available to it for such  purpose and subject to Section 7.2 [Each Loan or Letter of Credit], fund such Revolving Credit  Loans to the Borrower in U.S. Dollars and immediately available funds at the Principal Office  prior to 2:00 p.m., on the applicable Borrowing Date.               (b)   Repayment of Swing Loans.   The Borrower shall repay the principal   amount of each Swing Loan no later than on the earlier of (i) the Expiration Date and (ii) the   thirtieth (30th) day after the date such Swing Loan was advanced by the Swing Loan Lender.  A  Swing Loan may not be repaid with the proceeds from another Swing Loan.                 (c)   Making Swing Loans.  So long as PNC elects to make Swing Loans,   Swing Loan Lender shall, after receipt by it of a Swing Loan Request pursuant to Section 2.5(b),   [Swing Loan Requests] fund such Swing Loan to the Borrower in U.S. Dollars and immediately   available funds at the Principal Office prior to 4:00 p.m. on the Borrowing Date.  Immediately   upon the making of a Swing Loan, each Lender shall be deemed to, and hereby irrevocably and   unconditionally agrees to, purchase from the Swing Loan Lender a risk participation in such   Swing Loan in an amount equal to the product of such Lender’s Ratable Share times the amount   of such Swing Loan.                (d)   Repayment of Revolving Credit Loans.  The Borrower shall repay the   principal amount of each Revolving Credit Loan, together with all outstanding interest thereon,   no later than on the earlier of (i) the Expiration Date and (ii) the applicable Specified Maturity   Date, if any, specified pursuant to clause (C) of the last sentence of Section 2.5(a) [Revolving                                          34   135035202_4 

 

   Credit Loan Requests; Conversions and Renewals] in the Revolving Credit Loan Request related  to such Revolving Credit Loan.               (e)   Borrowings to Repay Swing Loans.                       (i)   PNC may, at its option, exercisable at any time for any reason        whatsoever, demand repayment of any or all of the outstanding Swing Loans, and each       Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable       Share of the aggregate principal amount of the outstanding Swing Loans with respect to       which repayment is demanded, plus, if PNC so requests, accrued interest thereon,       provided that no Lender shall be obligated in any event to make Revolving Credit Loans        in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of Credit        Obligations and minus its Ratable Share of any Swing Loans not so being repaid.         Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the        Base Rate Option and shall be deemed to have been properly requested in accordance       with Section 2.5(a) [Revolving Credit Loan Requests] without regard to any of the       requirements of that provision.  PNC shall provide notice to the Lenders (which may be       telephonic or written notice by letter, facsimile or telex) that such Revolving Credit       Loans are to be made under this Section 2.6(e) and of the apportionment among the       Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving       Credit Loans (whether or not the conditions specified in Section 2.5(a) [Revolving Credit       Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] are then satisfied) by the       time PNC so requests, which shall not be earlier than 3:00 p.m. on the next succeeding       Business Day following the date the Lenders receive such notice from PNC.                     (ii)  With respect to any Swing Loan that is not refinanced into        Revolving Credit Loans in whole or in part as contemplated by Section 2.6(e)(i), because        of the Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Each Loan or        Letter of Credit] other than any notice requirements, or for any other reason, each Lender        shall fund its risk participation in the applicable Swing Loan.  Each Lender’s payment to        the Swing Loan Lender pursuant to this Section 2.6(e)(ii) shall be deemed to be a        payment in respect of its risk participation in such Swing Loan from such Lender in        satisfaction of its risk participation obligation under Section 2.6(c) [Making Swing        Loans].                     (iii) If any Lender fails to make available to the Administrative Agent       for the account of PNC (as the Swing Loan Lender) any amount required to be paid by       such Lender pursuant to the foregoing provisions of this Section 2.6(e) by the time        specified in Section 2.6(e)(i), the Swing Loan Lender shall be entitled to recover from        such Lender (acting through the Administrative Agent), on demand, such amount with        interest thereon for the period from the date such payment is required to the date on        which such payment is immediately available to the Swing Loan Lender at a rate per        annum equal to the greater of the Federal Funds Effective Rate and a rate determined by        the Administrative Agent in accordance with banking industry rules on interbank        compensation, plus any administrative, processing or similar fees customarily charged by        the Swing Loan Lender in connection with the foregoing.  If such Lender pays such        amount (with interest and fees as aforesaid), the amount so paid shall constitute such                                         35  135035202_4 

 

          Lender’s Revolving Credit Loan or funded participation, as applicable, with respect to        such prepayment.  A certificate of the Swing Loan Lender submitted to any Lender        (through the Administrative Agent) with respect to any amounts owing under this clause         (ii) shall be conclusive absent manifest error.                (f)   Swing Loans Under Cash Management Agreements.  In addition to   making Swing Loans pursuant to the foregoing provisions of Section 2.6(c) [Making Swing  Loans], without the requirement for a specific request from the Borrower pursuant to Section  2.5(b) [Swing Loan Requests], PNC as the Swing Loan Lender may make Swing Loans to the   Borrower in accordance with the provisions of the Working Cash® Sweep Rider and any other   agreements between the Borrower and such Swing Loan Lender relating to the Borrower’s  deposit, sweep and other accounts at such Swing Loan Lender and related arrangements and  agreements regarding the management and investment of the Borrower’s cash assets as in effect  from time to time (the “Cash Management Agreements”) to the extent of the daily aggregate  net negative balance in the Borrower’s accounts which are subject to the provisions of the Cash  Management Agreements.  Swing Loans made pursuant to this Section 2.6(f) in accordance with  the provisions of the Cash Management Agreements shall (i) be subject to the limitations as to  aggregate amount set forth in Section 2.1(b) [Swing Loan Commitment], (ii) not be subject to the  limitations as to individual amount set forth in Section 2.5(b) [Swing Loan Requests], (iii) be  payable by the Borrower, both as to principal and interest, at the rates and times set forth in the  Cash Management Agreements (but in no event later than the Expiration Date), (iv) not be made  at any time after such Swing Loan Lender has received written notice of the occurrence of an  Event of Default and so long as such shall continue to exist, or, unless consented to by the  Required Lenders, a Potential Default and so long as such shall continue to exist, (v) if not repaid  by the Borrower in accordance with the provisions of the Cash Management Agreements, be  subject to each Lender’s obligation pursuant to Section 2.6(e) [Borrowings to Repay Swing  Loans], and (vi) except as provided in the foregoing subsections (i) through (v), be subject to all  of the terms and conditions of this Section 2.          2.7   Notes.  The Obligation of the Borrower to repay the aggregate unpaid principal   amount of the Revolving Credit Loans and Swing Loans made to it by each Lender, together   with interest thereon, shall be evidenced, at the request of such Lender, by a Revolving Credit   Note and the Swing Loan Note each dated the Closing Date payable to the order of such Lender   in a face amount equal to the Revolving Credit Commitment or Swing Loan Commitment, as   applicable, of such Lender.          2.8   Reserved.          2.9   Letter of Credit Subfacility.                (a)   Issuance of Letters of Credit.  The Borrower may at any time prior to the   Expiration Date request the issuance of a standby letter of credit (each a “Letter of Credit”) for  its own account or the account of any Subsidiary (in which case the Borrower and such  Subsidiary shall be co-applicants with respect to such Letter of Credit), or the amendment or  extension of an existing Letter of Credit, by delivering or transmitting electronically to the  Issuing Lender (with a copy to the Administrative Agent) a completed application for letter of  credit, or request for such amendment or extension, as applicable, in such form as the Issuing                                          36   135035202_4 

 

     Lender may specify from time to time by no later than 10:00 a.m. at least five (5) Business Days,   or such shorter period as may be agreed to by the Issuing Lender, in advance of the proposed  date of issuance.  The Borrower shall authorize and direct the Issuing Lender to name the  Borrower or any Subsidiary as the “Applicant” or “Account Party” of each Letter of Credit.   Promptly after receipt of any letter of credit application, the Issuing Lender shall confirm with  the Administrative Agent (by telephone or in writing) that the Administrative Agent has received  a copy of such Letter of Credit application and if not, the Issuing Lender will provide the  Administrative Agent with a copy thereof.  As of the Closing Date, each of the Existing Letters  of Credit shall constitute, for all purposes of this Agreement and the other Loan Documents, a  Letter of Credit issued and outstanding hereunder.                     (i)   Unless the Issuing Lender has received notice from any Lender,  the Administrative Agent or the Borrower, at least one day prior to the requested date of   issuance, amendment or extension of the applicable Letter of Credit, that one or more applicable   conditions in Section 7 [Conditions of Lending and Issuance of Letters of Credit] is not satisfied,   then, subject to the terms and conditions hereof and in reliance on the agreements of the other   Lenders set forth in this Section 2.9, the Issuing Lender or any of the Issuing Lender’s Affiliates   will issue the proposed Letter of Credit or agree to such amendment or extension, provided that,   subject to the second to last sentence of this clause (a)(i), each Letter of Credit shall in no event   expire later than the Expiration Date and provided further that in no event shall (i) the Letter of   Credit Obligations exceed, at any one time, $15,000,000 (the “Letter of Credit Sublimit”) or   (ii) the Revolving Facility Usage exceed, at any one time, the Revolving Credit Commitments.    Each request by the Borrower for the issuance, amendment or extension of a Letter of Credit   shall be deemed to be a representation by the Borrower that it shall be in compliance with the   preceding sentence and with Section 7 [Conditions of Lending and Issuance of Letters of Credit]   after giving effect to the requested issuance, amendment or extension of such Letter of Credit.    Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to the   beneficiary thereof, the applicable Issuing Lender will also deliver to the Borrower and the   Administrative Agent a true and complete copy of such Letter of Credit or amendment.  If any  Letter of Credit Obligation for any reason remains outstanding seven (7) days prior to the  applicable Expiration Date, Borrower shall immediately Cash Collateralize the then outstanding  amount of all Letter of Credit Obligations in the Minimum Collateral Amount or the Borrower  shall have entered into other arrangements satisfactory to the Administrative Agent and the  Issuing Lender with respect to such outstanding Letter of Credit Obligations.  The Borrower  hereby grants to the Administrative Agent, for the benefit of each Issuing Lender and the  Lenders, a security interest in all Cash Collateral pledged pursuant to this Section or otherwise  under this Agreement.                     (ii)  Notwithstanding Section 2.9(a)(i), the Issuing Lender shall not be  under any obligation to issue any Letter of Credit if (i) any order, judgment or decree of any  Official Body or arbitrator shall by its terms purport to enjoin or restrain the Issuing Lender from  issuing the Letter of Credit, or any Law applicable to the Issuing Lender or any request or  directive (whether or not having the force of law) from any Official Body with jurisdiction over  the Issuing Lender shall prohibit, or request that the Issuing Lender refrain from, the issuance of  letters of credit generally or the Letter of Credit in particular or shall impose upon the Issuing  Lender with respect to the Letter of Credit any restriction, reserve or capital requirement (for  which the Issuing Lender is not otherwise compensated hereunder) not in effect on the Closing                                          37   135035202_4 

 

     Date, or shall impose upon the Issuing Lender any unreimbursed loss, cost or expense which was   not applicable on the Closing Date and which the Issuing Lender in good faith deems material to   it, (ii) the issuance of the Letter of Credit would violate one or more policies of the Issuing  Lender applicable to letters of credit generally or (iii) any Lender is at that time a Defaulting  Lender, unless the Issuing Lender has entered into arrangements, including the delivery of Cash  Collateral, satisfactory to the Issuing Lender (in its sole discretion) with the Borrower or such  Lender to eliminate the Issuer Lender’s actual or potential Fronting Exposure (after giving effect  to Section 2.10(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 Issuer Lender Obligations   as to which the Issuing Lender has actual or potential Fronting Exposure, as it may elect in its   sole discretion.                (b)   Letter of Credit Fees.  The Borrower shall pay (i) to the Administrative   Agent for the ratable account of the Lenders a fee (the “Letter of Credit Fee”) equal to the   Applicable Margin for Letters of Credit times the daily amount available to be drawn under each   Letter of Credit, and (ii) to the Issuing Lender for its own account a fronting fee equal to 0.125%   per annum on the daily amount available to be drawn under each Letter of Credit.  All Letter of   Credit Fees and fronting fees shall be computed on the basis of a year of 360 days and actual   days elapsed and shall be payable quarterly in arrears on each Payment Date following issuance   of each Letter of Credit.  The Borrower shall also pay to the Issuing Lender for the Issuing   Lender’s sole account the Issuing Lender’s then in effect customary fees and administrative   expenses payable with respect to the Letters of Credit as the Issuing Lender may generally   charge or incur from time to time in connection with the issuance, maintenance, amendment (if   any), assignment or transfer (if any), negotiation, and administration of Letters of Credit.                (c)   Disbursements, Reimbursement.  Immediately upon the issuance of each   Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally   agrees to, purchase from the Issuing Lender a participation in such Letter of Credit and each   drawing thereunder in an amount equal to such Lender’s Ratable Share of the maximum amount   available to be drawn under such Letter of Credit and the amount of such drawing, respectively.                      (i)   In the event of any request for a drawing under a Letter of Credit   by the beneficiary or transferee thereof, the Issuing Lender will promptly notify the Borrower   and the Administrative Agent thereof.  Provided that it shall have received such notice, the   Borrower shall reimburse (such obligation to reimburse the Issuing Lender shall sometimes be   referred to as a “Reimbursement Obligation”) the Issuing Lender prior to 12:00 noon on each   date that an amount is paid by the Issuing Lender under any Letter of Credit (each such date, a   “Drawing Date”) by paying to the Administrative Agent for the account of the Issuing Lender   an amount equal to the amount so paid by the Issuing Lender.  In the event the Borrower fails to   reimburse the Issuing Lender (through the Administrative Agent) for the full amount of any   drawing under any Letter of Credit by 12:00 noon on the Drawing Date, the Administrative   Agent will promptly notify each Lender thereof, and the Borrower shall be deemed to have   requested that Revolving Credit Loans be made by the Lenders under the Base Rate Option to be   disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the   unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in   Section 7.2 [Each Loan or Letter of Credit] other than any notice requirements.  Any notice   given by the Administrative Agent or Issuing Lender pursuant to this Section 2.9(c)(i)  may be                                          38   135035202_4 

 

     oral if immediately confirmed in writing; provided that the lack of such an immediate   confirmation shall not affect the conclusiveness or binding effect of such notice.                      (ii)  Each Lender shall upon any notice pursuant to Section 2.9(c)(i)   make available to the Administrative Agent for the account of the Issuing Lender an amount in   immediately available funds equal to its Ratable Share of the amount of the drawing, whereupon   the participating Lenders shall (subject to Section 2.9(c) [Disbursements; Reimbursement]) each   be deemed to have made a Revolving Credit Loan under the Base Rate Option to the Borrower in   that amount.  If any Lender so notified fails to make available to the Administrative Agent for   the account of the Issuing Lender the amount of such Lender’s Ratable Share of such amount by   no later than 2:00 p.m. on the Drawing Date, then interest shall accrue on such Lender’s   obligation to make such payment, from the Drawing Date to the date on which such Lender   makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the   first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate  applicable to Revolving Credit Loans under the Base Rate Option on and after the fourth day   following the Drawing Date.  The Administrative Agent and the Issuing Lender will promptly   give notice (as described in Section 2.9(c)(i) above) of the occurrence of the Drawing Date, but   failure of the Administrative Agent or the Issuing Lender to give any such notice on the Drawing   Date or in sufficient time to enable any Lender to effect such payment on such date shall not   relieve such Lender from its obligation under this Section 2.9(c)(ii).                      (iii) With respect to any unreimbursed drawing that is not converted   into Revolving Credit Loans under the Base Rate Option to the Borrower in whole or in part as   contemplated by Section 2.9(c)(i), because of the Borrower’s failure to satisfy the conditions set   forth in Section 7.2 [Each Loan or Letter of Credit] other than any notice requirements, or for   any other reason, the Borrower shall be deemed to have incurred from the Issuing Lender a   borrowing (each a “Letter of Credit Borrowing”) in the amount of such drawing.  Such Letter   of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear   interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate   Option.  Each Lender’s payment to the Administrative Agent for the account of the Issuing   Lender pursuant to Section 2.9(c) [Disbursements, Reimbursement] shall be deemed to be a   payment in respect of its participation in such Letter of Credit Borrowing (each a “Participation   Advance”) from such Lender in satisfaction of its participation obligation under this   Section 2.9(c).                (d)   Repayment of Participation Advances.                      (i)   Upon (and only upon) receipt by the Administrative Agent for the   account of the Issuing Lender of immediately available funds from the Borrower (i) in   reimbursement of any payment made by the Issuing Lender under the Letter of Credit with   respect to which any Lender has made a Participation Advance to the Administrative Agent, or   (ii) in payment of interest on such a payment made by the Issuing Lender under such a Letter of   Credit, the Administrative Agent on behalf of the Issuing Lender will pay to each Lender, in the   same funds as those received by the Administrative Agent, the amount of such Lender’s Ratable   Share of such funds, except the Administrative Agent shall retain for the account of the Issuing   Lender the amount of the Ratable Share of such funds of any Lender that did not make a   Participation Advance in respect of such payment by the Issuing Lender.                                          39   135035202_4 

 

                       (ii)  If the Administrative Agent is required at any time to return to the   Borrower, or to a trustee, receiver, liquidator, custodian, or any official in any Insolvency   Proceeding, any portion of any payment made by the Borrower to the Administrative Agent for  the account of the Issuing Lender pursuant to this Section in reimbursement of a payment made  under any Letter of Credit or interest or fees thereon, each Lender shall, on demand of the  Administrative Agent, forthwith return to the Administrative Agent for the account of the Issuing  Lender the amount of its Ratable Share of any amounts so returned by the Administrative Agent  plus interest thereon from the date such demand is made to the date such amounts are returned by  such Lender to the Administrative Agent, at a rate per annum equal to the Federal Funds  Effective Rate in effect from time to time.               (e)   Documentation.  The Borrower agrees to be bound by the terms of the   Issuing Lender’s application and agreement for letters of credit and the Issuing Lender’s written   regulations and customary practices relating to letters of credit, though such interpretation may   be different from the Borrower’s own.  In the event of a conflict between such application or   agreement and this Agreement, this Agreement shall govern.  It is understood and agreed that,   except in the case of gross negligence or willful misconduct, the Issuing Lender shall not be   liable for any error, negligence and/or mistakes, whether of omission or commission, in   following the Borrower’s instructions or those contained in the Letters of Credit or any   modifications, amendments or supplements thereto.                (f)   Determinations to Honor Drawing Requests.  In determining whether to   honor any request for drawing under any Letter of Credit by the beneficiary thereof, the Issuing   Lender shall be responsible only to determine that the documents and certificates required to be   delivered under such Letter of Credit have been delivered and that they comply on their face with   the requirements of such Letter of Credit.               (g)   Nature of Participation and Reimbursement Obligations.  Each Lender’s   obligation in accordance with this Agreement to make the Revolving Credit Loans or   Participation Advances, as contemplated by Section 2.9(c) [Disbursements, Reimbursement], as   a result of a drawing under a Letter of Credit, and the Obligations of the Borrower to reimburse   the Issuing Lender upon a draw under a Letter of Credit, shall be absolute, unconditional and  irrevocable, and shall be performed strictly in accordance with the terms of this Section 2.9   under all circumstances, including the following circumstances:                      (i)   any set-off, counterclaim, recoupment, defense or other right  which such Lender may have against the Issuing Lender or any of its Affiliates, the Borrower or  any other Person for any reason whatsoever, or which the Borrower may have against the Issuing  Lender or any of its Affiliates, any Lender or any other Person for any reason whatsoever;                     (ii)  the failure of the Borrower or any other Person to comply, in  connection with a Letter of Credit Borrowing, with the conditions set forth in Sections 2.1  [Revolving Credit Commitments], 2.5 [Revolving Credit Loan Requests; Swing Loan Requests],  2.6 [Making Revolving Credit Loans and Swing Loans; Etc.] or 7.2 [Each Loan or Letter of  Credit] or as otherwise set forth in this Agreement for the making of a Revolving Credit Loan, it  being acknowledged that such conditions are not required for the making of a Letter of Credit                                           40   135035202_4 

 

     Borrowing and the obligation of the Lenders to make Participation Advances under   Section 2.9(c) [Disbursements, Reimbursement];                      (iii) any lack of validity or enforceability of any Letter of Credit;                      (iv)  any claim of breach of warranty that might be made by the   Borrower or any Lender against any beneficiary of a Letter of Credit, or the existence of any   claim, set-off, recoupment, counterclaim, crossclaim, defense or other right which the Borrower   or any Lender may have at any time against a beneficiary, successor beneficiary any transferee or   assignee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such   transferee may be acting), the Issuing Lender or its Affiliates or any Lender or any other Person,   whether in connection with this Agreement, the transactions contemplated herein or any   unrelated transaction (including any underlying transaction between the Borrower or Subsidiaries   of the Borrower and the beneficiary for which any Letter of Credit was procured);                      (v)   the lack of power or authority of any signer of (or any defect in or   forgery of any signature or endorsement on) or the form of or lack of validity, sufficiency,   accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other   document presented under or in connection with any Letter of Credit, or any fraud or alleged   fraud in connection with any Letter of Credit, or the transport of any property or provision of   services relating to a Letter of Credit, in each case even if the Issuing Lender or any of its   Affiliates has been notified thereof;                     (vi)  payment by the Issuing Lender or any of its Affiliates under any  Letter of Credit against presentation of a demand, draft or certificate or other document which  does not comply with the terms of such Letter of Credit;                     (vii) the solvency of, or any acts or omissions by, any beneficiary of any  Letter of Credit, or any other Person having a role in any transaction or obligation relating to a  Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic  of any property or services relating to a Letter of Credit;                     (viii) any failure by the Issuing Lender or any of its Affiliates to issue  any Letter of Credit in the form requested by the Borrower, unless the Issuing Lender has  received written notice from the Borrower of such failure within three Business Days after the  Issuing Lender shall have furnished the Borrower and the Administrative Agent a copy of such  Letter of Credit and such error is material and no drawing has been made thereon prior to receipt  of such notice;                     (ix)  any adverse change in the business, operations, properties, assets,   condition (financial or otherwise) or prospects of the Borrower or Subsidiaries of the Borrower;                      (x)   any breach of this Agreement or any other Loan Document by any   party thereto;                      (xi)  the occurrence or continuance of an Insolvency Proceeding with   respect to the Borrower;                                          41   135035202_4 

 

                       (xii) the fact that an Event of Default or a Potential Default shall have   occurred and be continuing;                      (xiii) the fact that the Expiration Date shall have passed or this   Agreement or the Commitments hereunder shall have been terminated; and                      (xiv) any other circumstance or happening whatsoever, whether or not   similar to any of the foregoing.               (h)   Indemnity.  The Borrower hereby agrees to protect, indemnify, pay and   save harmless the Issuing Lender and any of its Affiliates that has issued a Letter of Credit from   and against any and all claims, demands, liabilities, damages, taxes, penalties, interest,   judgments, losses, costs, charges and expenses (including reasonable fees, expenses and   disbursements of counsel and allocated costs of internal counsel) which the Issuing Lender or   any of its Affiliates may incur or be subject to as a consequence, direct or indirect, of the   issuance of any Letter of Credit, other than as a result of the gross negligence or willful   misconduct of the Issuing Lender as determined by a final non-appealable judgment of a court of  competent jurisdiction.               (i)   Liability for Acts and Omissions.  As between the Borrower and the   Issuing Lender, or the Issuing Lender’s Affiliates, the Borrower assumes all risks of the acts and   omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of   Credit.  In furtherance and not in limitation of the foregoing, the Issuing Lender shall not be   responsible for any of the following, including any losses or damages to the Borrower or other   Person or property relating therefrom:  (i) the form, validity, sufficiency, accuracy, genuineness   or legal effect of any document submitted by any party in connection with the application for an   issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects   invalid, insufficient, inaccurate, fraudulent or forged (even if the Issuing Lender or its Affiliates   shall have been notified thereof); (ii) the validity or sufficiency of any instrument transferring or   assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits   thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective   for any reason; (iii) the failure of the beneficiary of any such Letter of Credit, or any other party   to which such Letter of Credit may be transferred, to comply fully with any conditions required   in order to draw upon such Letter of Credit or any other claim of the Borrower against any   beneficiary of such Letter of Credit, or any such transferee, or any dispute between or among  the   Borrower and any beneficiary of any Letter of Credit or any such transferee; (iv) errors,  omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable,  telegraph, telex or otherwise, whether or not they be in cipher; (v) errors in interpretation of  technical terms; (vi) any loss or delay in the transmission or otherwise of any document required  in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the  misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing  under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of  the Issuing Lender or its Affiliates, as applicable, including any act or omission of any Official  Body, and none of the above shall affect or impair, or prevent the vesting of, any of the Issuing  Lender’s or its Affiliates rights or powers hereunder.  Nothing in the preceding sentence shall  relieve the Issuing Lender from liability for the Issuing Lender’s gross negligence or willful  misconduct in connection with actions or omissions described in such clauses (i) through (viii) of                                          42   135035202_4 

 

     such sentence.  In no event shall the Issuing Lender or its Affiliates be liable to the Borrower for  any indirect, consequential, incidental, punitive, exemplary or special damages or expenses  (including attorneys’ fees), or for any damages resulting from any change in the value of any  property relating to a Letter of Credit.               Without limiting the generality of the foregoing, the Issuing Lender and each of  its Affiliates (i) may rely on any oral or other communication believed in good faith by the  Issuing Lender or such Affiliate to have been authorized or given by or on behalf of the applicant  for a Letter of Credit, (ii) may honor any presentation if the documents presented appear on their  face substantially to comply with the terms and conditions of the relevant Letter of Credit; (iii)  may honor a previously dishonored presentation under a Letter of Credit, whether such dishonor  was pursuant to a court order, to settle or compromise any claim of wrongful dishonor, or  otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had  initially been honored, together with any interest paid by the Issuing Lender or its Affiliate; (iv)  may honor any drawing that is payable upon presentation of a statement advising negotiation or  payment, upon receipt of such statement (even if such statement indicates that a draft or other  document is being delivered separately), and shall not be liable for any failure of any such draft  or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v) may  pay any paying or negotiating bank claiming that it rightfully honored under the laws or practices  of the place where such bank is located; and (vi) may settle or adjust any claim or demand made  on the Issuing Lender or its Affiliate in any way related to any order issued at the applicant’s  request to an air carrier, a letter of guarantee or of indemnity issued to a carrier or any similar  document (each an “Order”) and honor any drawing in connection with any Letter of Credit that  is the subject of such Order, notwithstanding that any drafts or other documents presented in  connection with such Letter of Credit fail to conform in any way with such Letter of Credit.               In furtherance and extension and not in limitation of the specific provisions set  forth above, any action taken or omitted by the Issuing Lender or its Affiliates under or in  connection with the Letters of Credit issued by it or any documents and certificates delivered  thereunder, if taken or omitted in good faith, shall not put the Issuing Lender or its Affiliates  under any resulting liability to the Borrower or any Lender.               (j)   Issuing Lender Reporting Requirements.  Each Issuing Lender shall, on   the first Business Day of each month, provide to Administrative Agent and Borrower a schedule   of the Letters of Credit issued by it, in form and substance satisfactory to Administrative Agent,   showing the date of issuance of each Letter of Credit, the account party, the original face amount   (if any), and the expiration date of any Letter of Credit outstanding at any time during the   preceding month, and any other information relating to such Letter of Credit that the   Administrative Agent may request.          2.10  Defaulting Lenders.                (a)    Defaulting Lender Adjustments.  Notwithstanding anything to the   contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until   such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable   law:                                           43   135035202_4 

 

                       (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.                      (ii)  Defaulting Lender Waterfall. Any payment of principal, interest,   fees or other amounts received by the Administrative Agent for the account of such Defaulting   Lender (whether voluntary or mandatory, at maturity, pursuant to Article 10 [Default] or   otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to   Section 10.2(b) [Set-Off] shall be applied at such time or times as may be determined by the  Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting   Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any  amounts owing by such Defaulting Lender to any Issuing Lender or Swing Loan Lender  hereunder; third, to Cash Collateralize the Issuing Lender’s Fronting Exposure with respect to  such Defaulting Lender in accordance with Section 5.12 [Cash Collateral]; fourth, as the   Borrower may request (so long as no Potential Default or Event of Default exists), to the funding   of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as   required by this Agreement, as determined by the Administrative Agent; fifth, if so determined   by the Administrative Agent and the Borrower, to be held in a deposit account and released pro   rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with   respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Lender’s future  Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit  issued under this Agreement, in accordance with Section 5.12 [Cash Collateral]; sixth, to the  payment of any amounts owing to the Lenders, the Issuing Lender or Swing Loan Lender as a  result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing  Lender or Swing Loan Lender against such Defaulting Lender as a result of such Defaulting  Lender’s breach of its obligations under this Agreement; seventh, so long as no Potential Default  or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of  any judgment of a court of competent jurisdiction obtained by the Borrower against such  Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this  Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of  competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of   any Loans or Letter of Credit Borrowing in respect of which such Defaulting Lender has not   fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit   were issued at a time when the conditions set forth in Section 7.2 [Each Loan or Letter of Credit]  were satisfied or waived, such payment shall be applied solely to pay the Loans of, and Letter of  Credit Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied  to the payment of any Loans of, or Letter of Credit Borrowing owed to, such Defaulting Lender  until such time as all Loans and funded and unfunded participations in Letter of Credit  Obligations and Swing Loans are held by the Lenders pro rata in accordance with the  Commitments under the Facility without giving effect to Section 2.10(a)(iv) [Reallocation of  Participations to Reduce Fronting Exposure]. Any payments, prepayments or other amounts paid  or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting  Lender or to post Cash Collateral pursuant to this Section 2.10(a)(i) [Defaulting Lender  Waterfall] shall be deemed paid to and redirected by such Defaulting Lender, and each Lender  irrevocably consents hereto.                     (iii) Certain Fees.                                           44   135035202_4 

 

                             (A)   No Defaulting Lender shall be entitled to receive any   Commitment Fee for any period during which that Lender is a Defaulting Lender (and the   Borrower shall not be required to pay any such fee that otherwise would have been required to   have been paid to that Defaulting Lender).                              (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 Ratable Share of the stated amount of Letters of Credit for which it has provided   Cash Collateral pursuant to Section 5.12 [Cash Collateral].                              (C)   With respect to any Commitment Fee or Letter of Credit   Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the  Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise  payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in  Letter of Credit Obligations or Swing Loans that has been reallocated to such Non-Defaulting  Lender pursuant to clause (iv) below, (y) pay to each Issuing Lender and Swing Loan Lender, as  applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent   allocable to such Issuing Lender’s or Swing Loan Lender’s Fronting Exposure to such   Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.                      (iv)  Reallocation of Participations to Reduce Fronting Exposure.  All or   any part of such Defaulting Lender’s participation in Letter of Credit Obligations and Swing  Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their  respective Ratable Shares (calculated without regard to such Defaulting Lender’s Commitment)  but only to the extent that such reallocation does not cause the aggregate Revolving Facility  Usage of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Credit  Commitment.  Subject to Section 12.15, 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 Loans.  If the reallocation   described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall,  without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay   Swing Loans in an amount equal to the Swing Loan Lender’s Fronting Exposure and (y) second,   Cash Collateralize the Issuing Lender’s Fronting Exposure in accordance with the procedures set   forth in Section 5.12 [Cash Collateral].                (b)   Defaulting Lender Cure.  If the Borrower, the Administrative Agent,   Swing Loan Lender and Issuing Lender agree in writing that a Lender is no longer a Defaulting   Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective   date specified in such notice and subject to any conditions set forth therein (which may include   arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable,   purchase at par that portion of outstanding Loans of the other Lenders or take such other actions   as the Administrative Agent may determine to be necessary to cause the Loans and funded and   unfunded participations in Letters of Credit and Swing Loans to be held pro rata by the Lenders   in accordance with the Commitments under the Facility (without giving effect to Section 2.10                                          45   135035202_4 

 

   (a)(iv) [Reallocation of Participations to Reduce Fronting Exposure], whereupon such Lender  will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively  with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender  was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly  agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will  constitute a waiver or release of any claim of any party hereunder arising from that Lender’s  having been a Defaulting Lender.               (c)   New Swing Loans/Letters of Credit.  So long as any Lender is a  Defaulting Lender, (i) the Swing Loan Lender shall not be required to fund any Swing Loans  unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Loan  and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of  Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.         2.11  Increase in Revolving Credit Commitments.               (a)   Increasing Lenders and New Lenders.  The Borrower may, at any time,  request that (1) the current Lenders increase their Revolving Credit Commitments (any current  Lender which elects to increase its Revolving Credit Commitment shall be referred to as an  “Increasing Lender”) or (2) one or more new lenders (each a “New Lender”) join this Agreement  and provide a Revolving Credit Commitment hereunder, subject to the following terms and  conditions:                      (i)   No Obligation to Increase.  No current Lender shall be obligated to  increase its Revolving Credit Commitment and any increase in the Revolving Credit  Commitment by any current Lender shall be in the sole discretion of such current Lender;                      (ii)  Defaults.  There shall exist no Events of Default or Potential  Default on the effective date of such increase and after giving effect to such increase;                    (iii) Aggregate Revolving Credit Commitments.  After giving effect to  such increase, the total Revolving Credit Commitments shall not exceed $475,000,000;                      (iv)  Minimum Revolving Credit Commitments.  After giving effect to  such increase, the amount of the Revolving Credit Commitments provided by each of the New  Lenders and each of the Increasing Lenders shall be at least $25,000,000, unless such amount is  greater than the then remaining increase available under Section 2.11(a)(iii);                      (v)   Resolutions; Opinion.  The Borrower shall deliver to the  Administrative Agent on or before the effective date of such increase the following documents in  a form reasonably acceptable to the Administrative Agent: (1) certifications of their corporate  secretaries with attached resolutions certifying that the increase in the Revolving Credit  Commitment has been approved by the Borrower, and (2) an opinion of counsel addressed to the  Administrative Agent and the Lenders addressing the authorization and execution of the Loan  Documents by, and enforceability of the Loan Documents against, the Borrower;                     (vi)  Notes.  The Borrower shall execute and deliver (1) to each  Increasing Lender to whom a Note was previously issued a replacement revolving credit Note                                         46  135035202_4 

 

     reflecting the new amount of such Increasing Lender's Revolving Credit Commitment after  giving effect to the increase (and the prior Note, if any, issued to such Increasing Lender shall be  deemed to be terminated) and (2) to each New Lender requesting a Note a revolving credit Note  reflecting the amount of such New Lender's Revolving Credit Commitment;                      (vii) Approval of New Lenders.  Any New Lender shall be subject to   the approval of the Administrative Agent, the Issuing Lender and the Swing Loan Lender, not to   be unreasonably withheld or delayed;                       (viii) Increasing Lenders.  Each Increasing Lender shall confirm its   agreement to increase its Revolving Credit Commitment pursuant to an acknowledgement in a   form acceptable to the Administrative Agent, signed by it and the Borrower and delivered to the   Administrative Agent at least five (5) days before the effective date of such increase; and                       (ix)  New Lenders--Joinder.  Each New Lender shall execute a lender   joinder in substantially the form of Exhibit G pursuant to which such New Lender shall join and   become a party to this Agreement and the other Loan Documents with a Revolving Credit   Commitment in the amount set forth in such lender joinder.                 (b)   Treatment of Outstanding Loans and Letters of Credit.                        (i)   Borrowing of New Loans.  Each of the Lenders shall participate in   any new Loans made on or after such date in accordance with their respective Ratable Shares   after giving effect to the increase in Revolving Credit Commitments contemplated by this  Section 2.11.                      (ii)  Outstanding Letters of Credit and Loans.  On the effective date of   such increase, each Increasing Lender and each New Lender (x) will be deemed to have   purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of   such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be   adjusted accordingly and (y) will acquire, (and will pay to the Administrative Agent, for the   account of each Lender, in immediately available funds, an amount equal to) its Ratable Share of   all outstanding Participation Advances.          2.12  Extension of Expiration Date.                (a)   Requests for Extension.  The Borrower may extend the Expiration Date   then in effect hereunder (the “Existing Expiration Date”) for up to two (2) additional 364-day   periods, by written notice to the Administrative Agent (who shall promptly notify the Lenders) at   any time after the Closing Date, but prior to the Existing Expiration Date, by requesting that each   Lender extend such Lender’s Expiration Date for an additional 364 days from the Existing  Commitment Termination Date.               (b)   Lender Elections to Extend.  Each Lender, acting in its sole and individual   discretion, shall promptly notify the Administrative Agent in writing (but in any event no later  than the Existing Expiration Date) whether or not such Lender agrees to such extension (and  each Lender that determines not to so extend its Expiration Date, a “Non-Extending Lender”)   and any Lender that does not so advise the Administrative Agent on or before the Existing                                          47   135035202_4 

 

     Expiration Date shall be deemed to be a Non-Extending Lender.  The election of any Lender to  agree to such extension shall not obligate any other Lender to so agree.               (c)   Notification by Administrative Agent.  The Administrative Agent shall   notify the Borrower in writing of each Lender’s determination under this Section 2.12 prior to  the Existing Expiration Date.               (d)   Additional Commitment Lenders.  The Borrower shall have the right on or   before the Existing Expiration Date to replace each Non-Extending Lender with, and add as   “Lenders” under this Agreement in place thereof, one or more Eligible Assignees, which may be   a then existing Lender (each, an “Additional Commitment Lender”) with the approval of the   Administrative Agent, Swing Loan Lender and the Issuing Lender (which approvals shall not be   unreasonably withheld), each of which Additional Commitment Lenders shall have entered into   an agreement in form and substance satisfactory to the Borrower and the Administrative Agent   pursuant to which such Additional Commitment Lender shall, effective as of the Existing   Expiration Date, undertake a Revolving Credit Commitment (and, if any such Additional   Commitment Lender is already a Lender, its Revolving Credit Commitment shall be in addition   to such Lender’s Revolving Credit Commitment hereunder on such date).                (e)   Minimum Extension Requirement.  If (and only if) the total of the   Revolving Credit Commitments of the Lenders that have agreed so to extend their Expiration   Date and the additional Revolving Credit Commitments of the Additional Commitment Lenders   shall be more than 50% of the aggregate amount of the Revolving Credit Commitments in effect   immediately prior to the Existing Expiration Date, then, effective as of the Existing Expiration   Date, the Expiration Date of each Extending Lender and of each Additional Commitment Lender  shall be extended to the date falling 364 days after the Existing Expiration Date (except that, if  such date is not a Business Day, such Expiration Date as so extended shall be the preceding  Business Day) and each Additional Commitment Lender shall thereupon become a “Lender” for  all purposes of this Agreement.               (f)   Conditions to Effectiveness of Extensions.  Notwithstanding the   foregoing, the extension of the Expiration Date pursuant to this Section shall not be effective   with respect to any Lender unless:                     (i)   as of the date of such extension of the Expiration Date and after  giving effect thereto, the representations and warranties of the Borrower shall be true and correct   in all material respects (unless qualified by materiality or reference to the absence of a Material   Adverse Change, in which event shall be true and correct), except to the extent that such   representations and warranties specifically refer to an earlier date, in which case they shall be   true and correct as of such earlier date, and except that for purposes of this Section, the   representations and warranties contained in Section 6.6 [Financial Statements] shall be deemed   to refer to the most recent statements furnished pursuant to Section 8.11 [Reporting   Requirements];                       (ii)  no Event of Default or Potential Default shall have occurred and be   continuing on the date of such extension of the Expiration Date and after giving effect thereto;   and                                          48   135035202_4 

 

                       (iii) on or before the Expiration Date of each Non-Extending Lender,  (x) the Borrower shall have paid in full the principal of and interest on all of the Loans made by  such Non-Extending Lender to the Borrower hereunder and (y) the Borrower shall have paid in  full all other Obligations owing to such Lender hereunder and under the other Loan Documents  (it being understood that after giving effect to this clause (iii) with respect to any Non-Extending  Lender, such Non-Extending Lender’s Commitment shall be deemed terminated on the Existing  Expiration Date and such Non-Extending Lender shall no longer be a “Lender” hereunder).                                      ARTICLE 3                                    RESERVED                                         ARTICLE 4                                 INTEREST RATES          4.1   Interest Rate Options.  The Borrower shall pay interest in respect of the   outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option,  the LIBOR Rate Option or the Daily LIBOR Rate set forth below applicable to the Revolving   Credit Loans or the Swing Loans, respectively, it being understood that, subject to the provisions   of this Agreement, the Borrower may select different Interest Rate Options and different Interest   Periods to apply simultaneously to the Revolving Credit Loans comprising different Borrowing   Tranches and may convert to or renew one or more Interest Rate Options with respect to all or  any portion of the Revolving Credit Loans comprising any Borrowing Tranche; provided that   there shall not be at any one time outstanding more than six (6) Borrowing Tranches of  Revolving Credit Loans; provided further that if an Event of Default or Potential Default exists   and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option   for any Revolving Credit Loans and the Required Lenders may demand that all existing   Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted   immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any   indemnity under Section 5.10 [Indemnity] in connection with such conversion.  If at any time the   designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest   lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest   lawful rate.                (a)   Revolving Credit Interest Rate Options.  The Borrower shall have the right   to select from the following Interest Rate Options applicable to the Revolving Credit Loans:                      (i)   Revolving Credit Base Rate Option:  A fluctuating rate per annum   (computed on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed)   equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically   from time to time effective as of the effective date of each change in the Base Rate; or                      (ii)  Revolving Credit LIBOR Rate Option:  A rate per annum   (computed on the basis of a year of 360 days and actual days elapsed) equal to the LIBOR Rate   as determined for each applicable Interest Period plus the Applicable Margin.                                           49   135035202_4 

 

                 (b)   Swing Loan Interest Rate.  Borrower shall have the right to select the Base   Rate Option applicable to Revolving Credit Loans or the Daily LIBOR Rate plus the Applicable   Margin to apply to the Swing Loans.                (c)   Rate Quotations.  The Borrower may call the Administrative Agent on or   before the date on which a Revolving Credit Loan Request is to be delivered to receive an  indication of the rates then in effect, but it is acknowledged that such projection shall not be   binding on the Administrative Agent or the Lenders nor affect the rate of interest which   thereafter is actually in effect when the election is made.          4.2   Interest Periods.  At any time when the Borrower shall select, convert to or renew   a LIBOR Rate Option, the Borrower shall notify the Administrative Agent thereof at least three   (3) Business Days prior to the effective date of such LIBOR Rate Option by delivering a   Revolving Credit Loan Request.  The notice shall specify an Interest Period during which such  Interest Rate Option shall apply.  Notwithstanding the preceding sentence, the following  provisions shall apply to any selection of, renewal of, or conversion to a LIBOR Rate Option:               (a)   Amount of Borrowing Tranche.  Each Borrowing Tranche of Loans under   the LIBOR Rate Option shall be in integral multiples of, and not less than, the respective   amounts set forth in Section 2.5(a) [Revolving Credit Loan Requests]; and                (b)   Renewals.  In the case of the renewal of a LIBOR Rate Option at the end   of an Interest Period, the first day of the new Interest Period shall be the last day of the preceding   Interest Period, without duplication in payment of interest for such day.          4.3   Interest After Default.  To the extent permitted by Law, upon the occurrence of an   Event of Default as described in Section 10.1(a) [Payments Under Loan Documents] or Section   10.1(k) [Insolvency Proceedings, Solvency; Attachment] and at the discretion of the  Administrative Agent or upon written demand by the Required Lenders to the Administrative  Agent with respect to the occurrence of any other Event of Default and until such time such  Event of Default shall have been cured or waived:               (a)   Letter of Credit Fees.  The Letter of Credit Fees pursuant to Section 2.9(b)   [Letter of Credit Fees] shall be increased by 2.0% per annum;                (b)   Interest Rate.  Each Loan shall bear the rate of interest applicable to   Revolving Credit Loans under the Base Rate Option plus 2.0% per annum;                (c)   Other Obligations.  Each other Obligation hereunder if not paid when due   shall bear interest at a rate per annum equal to the sum of the rate of interest applicable to   Revolving Credit Loans under the Base Rate Option plus an additional 2.0% per annum from the   time such Obligation becomes due and payable until the time such Obligation is paid in full; and                (d)   Acknowledgment.  The Borrower acknowledges that the increase in rates   referred to in this Section 4.3 reflects, among other things, the fact that such Loans or  other   amounts have become a substantially greater risk given their default status and that the Lenders   are entitled to additional compensation for such risk; and all such interest shall be payable by   Borrower upon demand by Administrative Agent.                                          50   135035202_4 

 

          4.4   LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available.                (a)   Unascertainable.  If on any date on which a LIBOR Rate would otherwise   be determined, the Administrative Agent shall have determined that:                      (i)   adequate and reasonable means do not exist for ascertaining such   LIBOR Rate, or                      (ii)  a contingency has occurred which materially and adversely affects   the London interbank eurodollar market relating to the LIBOR Rate,    then the Administrative Agent shall have the rights specified in Section 4.4(c) [Administrative   Agent’s and Lender’s Rights].                (b)   Illegality; Increased Costs; Deposits Not Available.  If at any time any   Lender shall have determined that:                     (i)   the making, maintenance or funding of any Loan to which a  LIBOR Rate Option applies has been made impracticable or unlawful by compliance by such  Lender in good faith with any Law or any interpretation or application thereof by any Official  Body or with any request or directive of any such Official Body (whether or not having the force  of Law), or                     (ii)  such LIBOR Rate Option will not adequately and fairly reflect the   cost to such Lender of the establishment or maintenance of any such Loan, or                      (iii) after making all reasonable efforts, deposits of the relevant amount   in Dollars for the relevant Interest Period for a Loan, or to banks generally, to which a LIBOR   Rate Option applies, respectively, are not available to such Lender with respect to such Loan, or   to banks generally, in the interbank eurodollar market,    then the Administrative Agent shall have the rights specified in Section 4.4(c) [Administrative  Agent’s and Lender’s Rights].               (c)   Administrative Agent’s and Lender’s Rights.  In the case of any event   specified in Section 4.4(a) [Unascertainable] above, the Administrative Agent shall promptly so   notify the Lenders and the Borrower thereof, and in the case of an event specified in   Section 4.4(b) [Illegality; Increased Costs; Deposits Not Available] above, such Lender shall   promptly so notify the Administrative Agent and endorse a certificate to such notice as to the   specific circumstances of such notice, and the Administrative Agent shall promptly send copies  of such notice and certificate to the other Lenders and the Borrower.  Upon such date as shall be  specified in such notice (which shall not be earlier than the date such notice is given), the  obligation of (A) the Lenders, in the case of such notice given by the Administrative Agent, or  (B) such Lender, in the case of such notice given by such Lender, to allow the Borrower to   select, convert to or renew a LIBOR Rate Option shall be suspended until the Administrative   Agent shall have later notified the Borrower, or such Lender shall have later notified the   Administrative Agent, of the Administrative Agent’s or such Lender’s, as the case may be,   determination that the circumstances giving rise to such previous determination no longer exist.                                           51   135035202_4 

 

   If at any time the Administrative Agent makes a determination under Section 4.4(a)  [Unascertainable] and the Borrower has previously notified the Administrative Agent of its  selection of, conversion to or renewal of a LIBOR Rate Option and such Interest Rate Option has  not yet gone into effect, such notification shall be deemed to provide for selection of, conversion  to or renewal of the Base Rate Option otherwise available with respect to such Loans.  If any  Lender notifies the Administrative Agent of a determination under Section 4.4(b) [Illegality;  Increased Costs; Deposits Not Available], the Borrower shall, subject to the Borrower’s  indemnification Obligations under Section 5.10 [Indemnity], as to any Loan of the Lender to  which a LIBOR Rate Option applies, on the date specified in such notice either convert such  Loan to the Base Rate Option otherwise available with respect to such Loan or prepay such Loan  in accordance with Section 5.6 [Voluntary Prepayments].  Absent due notice from the Borrower  of conversion or prepayment, such Loan shall automatically be converted to the Base Rate  Option otherwise available with respect to such Loan upon such specified date.               (d)   Successor LIBOR Rate Index.                     (i)   Benchmark Replacement. Notwithstanding anything to the  contrary herein or in any other Loan Document, if the Administrative Agent determines that a  Benchmark Transition Event or an Early Opt-in Event has occurred, the Administrative Agent  and the Borrower may amend this Agreement to replace the LIBOR Rate  with a Benchmark  Replacement; and any such amendment will become effective at 5:00 p.m. New York City time  on the fifth (5th) Business Day after the Administrative Agent has provided such proposed  amendment to all Lenders and the Borrower, so long as the Administrative Agent has not  received, by such time, written notice of objection to such amendment from Lenders comprising  the Required Lenders. Until the Benchmark Replacement is effective, each advance, conversion  and renewal of a Loan under the LIBOR Rate Option will continue to bear interest with reference  to the LIBOR Rate; provided however, during a Benchmark Unavailability Period (i) any  pending selection of, conversion to or renewal of a Loan bearing interest under the LIBOR Rate  Option that has not yet gone into effect shall be deemed to be a selection of, conversion to or  renewal of the Base Rate Option with respect to such Loan, (ii) all outstanding Loans bearing  interest under the LIBOR Rate Option shall automatically be converted to the Base Rate Option  at the expiration of the existing Interest Period (or sooner, if Administrative Agent cannot  continue to lawfully maintain such affected Loan under the LIBOR Rate Option) and (iii) the  component of the Base Rate based upon the LIBOR Rate will not be used in any determination  of the Base Rate.                       (ii)  Benchmark Replacement Conforming Changes. In connection with        the implementation of a Benchmark Replacement, the Administrative Agent will have the       right to make Benchmark Replacement Conforming Changes from time to time and,       notwithstanding anything to the contrary herein or in any other Loan Document, any       amendments implementing such Benchmark Replacement Conforming Changes will        become effective without any further action or consent of any other party to this        Agreement.                     (iii) Notices; Standards for Decisions and Determinations. The        Administrative Agent will promptly notify the Borrower and the Lenders of (A) any       occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable                                         52  135035202_4 

 

        (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any       Benchmark Replacement Conforming Changes and (D) the commencement of any       Benchmark Unavailability Period. Any determination, decision or election that may be       made by the Administrative Agent or the Lenders pursuant to this Section  4.4(d)       including any determination with respect to a tenor, rate or adjustment or of the       occurrence or non-occurrence of an event, circumstance or date and any decision to take       or refrain from taking any action, will be conclusive and binding absent manifest error       and may be made in its or their sole discretion and without consent from any other party       hereto, except, in each case, as expressly required pursuant to this Section 4.4(d).                    (iv)  Certain Defined Terms. As used in this Section 4.4:                     “Benchmark Replacement”   means the sum of: (a) the alternate       benchmark rate that has been selected by the Administrative Agent and the Borrower       giving due consideration to (i) any selection or recommendation of a replacement rate or       the mechanism for determining such a rate by the Relevant Governmental Body or (ii)       any evolving or then-prevailing market convention for determining a rate of interest as a       replacement to the LIBOR Rate for U.S. dollar-denominated credit facilities and (b) the        Benchmark Replacement Adjustment; provided that, if at any time the Benchmark        Replacement as so determined would be less than the Benchmark Replacement Floor, the        Benchmark Replacement will be deemed to be the Benchmark Replacement Floor for the        purposes of this Agreement.                     “Benchmark Replacement Adjustment”  means, with respect to any        replacement of the LIBOR Rate with an alternate benchmark rate for each applicable        Interest Period, the spread adjustment, or method for calculating or determining such        spread adjustment, (which may be a positive or negative value or zero) that has been        selected by the Administrative Agent and the Borrower (a) giving due consideration to (i)        any selection or recommendation of a spread adjustment, or method for calculating or        determining such spread adjustment, for the replacement of the LIBOR Rate with the        applicable  Benchmark Replacement (excluding such spread adjustment) by the Relevant        Governmental Body or (ii) any evolving or then-prevailing market convention for        determining a spread adjustment, or method for calculating or determining such spread        adjustment, for such replacement of the LIBOR Rate for U.S. dollar-denominated credit        facilities at such time and (b) which may also reflect adjustments to account for (i) the        effects of the transition from the LIBOR Rate to the Benchmark Replacement and (ii)        yield- or risk-based differences between the LIBOR Rate and the Benchmark        Replacement.                     “Benchmark Replacement Conforming Changes” means, with respect        to any Benchmark Replacement, any technical, administrative or operational changes        (including changes to the definition of “Base Rate,” the definition of “Interest Period,”        timing and frequency of determining rates and making payments of interest and other        administrative matters) that the Administrative Agent decides may be appropriate to        reflect the adoption and implementation of such Benchmark Replacement and to permit        the administration thereof by the Administrative Agent in a manner substantially        consistent with market practice (or, if the Administrative Agent decides that adoption of                                         53  135035202_4 

 

        any portion of such market practice is not administratively feasible or if the       Administrative Agent determines that no market practice for the administration of the       Benchmark Replacement exists, in such other manner of administration as the       Administrative Agent decides is reasonably necessary in connection with the       administration of this Agreement).                    “Benchmark Replacement Date”   means the earlier to occur of the       following events with respect to the LIBOR Rate:                                       (1)   in the case of clause (1) or (2) of the definition of “Benchmark       Transition Event,” the later of (a) the date of the public statement or publication of       information referenced therein and (b) the date on which the administrator of the LIBOR       Rate permanently or indefinitely ceases to provide the LIBOR Rate; or                    (2)   in the case of clause (3) of the definition of “Benchmark Transition       Event,” the date of the public statement or publication of information referenced therein.                                       “Benchmark Replacement Floor” means the minimum rate of interest, if       any, specified for the LIBOR Rate or, if no minimum rate of interest is specified, zero.                                “Benchmark Transition Event” means the occurrence of one or more of       the following events with respect to the LIBOR Rate:                                       (1)   a public statement or publication of information by or on behalf of       the administrator of the LIBOR Rate announcing that such administrator has ceased or       will cease to provide the LIBOR Rate, permanently or indefinitely, provided that, at the       time of such statement or publication, there is no successor administrator that will       continue to provide the LIBOR Rate;                                       (2)   a public statement or publication of information by a       Governmental Authority having jurisdiction over the Administrative Agent, the       regulatory supervisor for the administrator of the LIBOR Rate, the U.S. Federal Reserve       System, an insolvency official with jurisdiction over the administrator for the LIBOR       Rate, a resolution authority with jurisdiction over the administrator for the LIBOR Rate       or a court or an entity with similar insolvency or resolution authority over the       administrator for the LIBOR Rate, which states that the administrator of the LIBOR Rate       has ceased or will cease to provide the LIBOR Rate permanently or indefinitely, provided       that, at the time of such statement or publication, there is no successor administrator that       will continue to provide the LIBOR Rate; or                                       (3)   a public statement or publication of information by the regulatory       supervisor for the administrator of the LIBOR Rate or a Governmental Authority having       jurisdiction over the Administrative Agent announcing that the LIBOR Rate is no longer       representative.                    “Benchmark Unavailability Period” means, if a Benchmark Transition       Event and its related Benchmark Replacement Date have occurred with respect to the       LIBOR Rate and solely to the extent that the LIBOR Rate has not been replaced with a                                         54  135035202_4 

 

          Benchmark Replacement, the period (x) beginning at the time that such Benchmark        Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced        the LIBOR Rate for all purposes hereunder in accordance with Section 4.4(d) and (y)        ending at the time that a Benchmark Replacement has replaced the LIBOR Rate for all        purposes hereunder pursuant to Section 4.4(d).                     “Early Opt-in Event” means a determination by the Administrative        Agent that U.S. dollar-denominated credit facilities being executed at such time, or that        include language similar to that contained in this Section 4.4(d), are being executed or        amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace        the LIBOR Rate.                     “Relevant Governmental Body”   means the Federal Reserve Board        and/or the Federal Reserve Bank of New York, or a committee officially endorsed or        convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or        any successor thereto.         4.5   Selection of Interest Rate Options.  If the Borrower fails to select a new Interest   Period to apply to any Borrowing Tranche of Loans under the LIBOR Rate Option at the   expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance  with the provisions of Section 4.2 [Interest Periods], the Borrower shall be deemed to have  converted such Borrowing Tranche to the Base Rate Option, as applicable to Revolving Credit  Loans, commencing upon the last day of the existing Interest Period. If the Borrower provides  any Revolving Credit Loan Request related to a Loan at the LIBOR Rate Option but fails to  identify an Interest Period therefor, such Revolving Credit Loan Request shall be deemed to  request an Interest Period of one month.  Any Revolving Credit Loan Request that fails to select  an Interest Rate Option shall be deemed to be a request for the Base Rate Option.                                      ARTICLE 5                     PAYMENTS; TAXES; YIELD MAINTENANCE          5.1   Payments.  All payments and prepayments to be made in respect of principal,   interest, Commitment Fees, Letter of Credit Fees, Administrative Agent’s Fee or other fees or   amounts due from the Borrower hereunder shall be payable prior to 11:00 a.m. on the date when   due without presentment, demand, protest or notice of any kind, all of which are hereby   expressly waived by the Borrower, and without set-off, counterclaim or other deduction of any   nature, and an action therefor shall immediately accrue.  Such payments shall be made to the   Administrative Agent at the Principal Office for the account of the Swing Loan Lender with   respect to the Swing Loans and for the ratable accounts of the Lenders with respect to the   Revolving Credit Loans in U.S. Dollars and in immediately available funds, and the   Administrative Agent shall promptly distribute such amounts to the Lenders in immediately   available funds; provided that in the event payments are received by 11:00 a.m. by the   Administrative Agent with respect to the Loans and such payments are not distributed to the   Lenders on the same day received by the Administrative Agent, the Administrative Agent shall   pay the Lenders interest at the Federal Funds Effective Rate with respect to the amount of such   payments for each day held by the Administrative Agent and not distributed to the Lenders.  The  Administrative Agent’s and each Lender’s statement of account, ledger or other relevant record                                          55   135035202_4 

 

     shall, in the absence of manifest error, be conclusive as the statement of the amount of principal  of and interest on the Loans and other amounts owing under this Agreement.         5.2   Pro Rata Treatment of Lenders.  Each borrowing of Revolving Credit Loans shall   be allocated to each Lender according to its Ratable Share, and each selection of, conversion to   or renewal of any Interest Rate Option and each payment or prepayment by the Borrower with   respect to principal, interest, Commitment Fees and Letter of Credit Fees (but excluding the   Administrative Agent’s Fee and the Issuing Lender’s fronting fee) shall (except as otherwise   may be provided with respect to a Defaulting Lender and except as provided in Sections 4.4(c)   [Administrative Agent’s and Lender’s Rights] in the case of an event specified in Section 4.4  [LIBOR Rate Unascertainable; Etc.], 5.6(b) [Replacement of a Lender] or 5.8 [Increased Costs])  be payable ratably among the Lenders entitled to such payment in accordance with the amount of  principal, interest, Commitment Fees and Letter of Credit Fees, as set forth in this Agreement.   Notwithstanding any of the foregoing, each borrowing or payment or prepayment by the  Borrower of principal, interest, fees or other amounts from the Borrower with respect to Swing  Loans shall be made by or to the Swing Loan Lender according to Section 2.6(e) [Borrowings to  Repay Swing Loans].         5.3   Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of   setoff, counterclaim or banker’s lien or other any right, by receipt of voluntary payment, by  realization upon security, or by any other non-pro rata source, obtain payment in respect of any   principal of or interest on any of its Loans or other obligations hereunder resulting in such   Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued   interest thereon or other such obligations greater than the pro-rata share of the amount such  Lender is entitled thereto, then the Lender receiving such greater proportion shall (a) notify the   Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the   Loans and such other obligations of the other Lenders, or make such other adjustments as shall   be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in   accordance with the aggregate amount of principal of and accrued interest on their respective   Loans and other amounts owing them, provided that:                      (i)   if any such participations are purchased and all or any portion of   the payment giving rise thereto is recovered, such participations shall be rescinded and the   purchase price restored to the extent of such recovery, together with interest or other amounts, if   any, required by Law (including court order) to be paid by the Lender or the holder making such   purchase; and                      (ii)  the provisions of this Section 5.3 shall not be construed to apply to   (x) any payment made by the Borrower pursuant to and in accordance with the express terms of   the Loan Documents or (y) any payment obtained by a Lender as consideration for the   assignment of or sale of a participation in any of its Loans or Participation Advances to any   assignee or participant.    The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under   applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements   may exercise against the Borrower rights of setoff and counterclaim with respect to such                                           56   135035202_4 

 

     participation as fully as if such Lender were a direct creditor of the Borrower in the amount of   such participation.          5.4   Administrative Agent’s Clawback.                (a)   Reserved.                  (b)   Payments by Borrower; Presumptions by Administrative Agent.  Unless   the Administrative Agent shall have received notice from the Borrower prior to the date on   which any payment is due to the Administrative Agent for the account of the Lenders or the   Issuing Lender hereunder that the Borrower will not make such payment, the Administrative   Agent may assume that the Borrower has made such payment on such date in accordance   herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing   Lender, as the case may be, the amount due.  In such event, if the Borrower has not in fact made   such payment, then each of the Lenders or the Issuing Lender, as the case may be, severally   agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to   such Lender or Issuing Lender, with interest thereon, for each day from and including the date   such amount is distributed to it to but excluding the date of payment to the Administrative Agent,   at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative   Agent in accordance with banking industry rules on interbank compensation.          5.5   Interest Payment Dates.  Interest on Loans to which the Base Rate Option applies   shall be due and payable in arrears on each Payment Date and the Expiration Date or the   applicable Specified Maturity Date.  Interest on Loans to which the LIBOR Rate Option applies   shall be due and payable on the last day of each Interest Period for those Loans and, if such   Interest Period is longer than three (3) Months, also on the 90th day of such Interest Period and   the Expiration Date or the applicable Specified Maturity Date.  Interest on the principal amount   of each Loan or other monetary Obligation shall be due and payable on demand after such   principal amount or other monetary Obligation becomes due and payable (whether on the stated   Expiration Date, the applicable Specified Maturity Date or upon acceleration or otherwise).           5.6   Voluntary Prepayments.                (a)   Right to Prepay.  The Borrower shall have the right at its option from time   to time to prepay the Loans in whole or part without premium or penalty (except as provided in   Section 5.7(a) [Replacement of a Lender], in Section 5.8 [Increased Costs] and Section 5.10  [Indemnity]).  Whenever the Borrower desires to prepay any part of the Loans, it shall provide a  prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior  to the date of prepayment of the Revolving Credit Loans or no later than 1:00 p.m. on the date of  prepayment of Swing Loans, setting forth the following information:                     (i)   the date, which shall be a Business Day, on which the proposed  prepayment is to be made;                     (ii)  a statement indicating the application of the prepayment between  the Revolving Credit Loans and Swing Loans;                                           57   135035202_4 

 

                       (iii) a statement indicating the application of the prepayment between   Loans to which the Base Rate Option applies and Loans to which the LIBOR Rate Option   applies; and                      (iv)  the total principal amount of such prepayment, which shall not be   less than the lesser of (i) the Revolving Facility Usage or (ii) $100,000 for any Swing Loan or   $5,000,000 for any Revolving Credit Loan.                All prepayment notices shall be irrevocable.  The principal amount of the Loans   for which a prepayment notice is given, together with interest on such principal amount, shall be   due and payable on the date specified in such prepayment notice as the date on which the   proposed prepayment is to be made.  Except as provided in Section 4.4(c) [Administrative  Agent’s and Lender’s Rights], if the Borrower prepays a Loan but fails to specify the applicable  Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied first to  Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option  applies.  Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify  the Lenders under Section 5.10 [Indemnity].         5.7   Replacement of a Lender; Designation of a Different Lending Office.                 (a)   Replacement of a Lender.  If any Lender requests compensation under   Section 5.8 [Increased Costs], or if the Borrower is required to pay any Indemnified Taxes or   additional amounts to any Lender or any Official Body for the account of any Lender pursuant to   Section 5.9 [Taxes] and, in each case, such Lender has declined or is unable to designate a   different lending office in accordance with Section 5.7(b), or if any Lender is a Defaulting   Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon   notice to such Lender and the Administrative Agent, require such Lender to assign and delegate,   without recourse (in accordance with and subject to the restrictions contained in, and consents   required by, Section 12.9 [Successors and Assigns]), all of its interests, rights (other than its   existing rights to payments pursuant to Section 5.8 [Increased Cost] or Section 5.9 [Taxes]) and   obligations under this Agreement and the related Loan Documents to an Eligible Assignee that   shall assume such obligations (which assignee may be another Lender, if a Lender accepts such   assignment); provided that:                      (i)   the Borrower shall have paid to the Administrative Agent the   assignment fee (if any) specified in Section 12.9 [Successors and Assigns];                      (ii)  such Lender shall have received payment of an amount equal to the   outstanding principal of its Loans and participations in Letter of Credit Borrowings, accrued   interest thereon, accrued fees and all other amounts payable to it hereunder and under the other   Loan Documents (including any amounts under Section 5.10 [Indemnity]) from the assignee (to   the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the   case of all other amounts);                     (iii) in the case of any such assignment resulting from a claim for  compensation under Section 5.8 [Increased Costs] or payments required to be made pursuant to                                           58   135035202_4 

 

     Section 5.9 [Taxes], such assignment will result in a reduction in such compensation or payments   thereafter;                      (iv)  such assignment does not conflict with applicable Law; and                      (v)   in the case of any assignment resulting from a Lender becoming a   Non-Consenting Lender, the applicable assignee shall have consented to the applicable   amendment, waiver or consent.                A Lender shall not be required to make any such assignment or delegation if,   prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the   Borrower to require such assignment and delegation cease to apply.                (b)   Designation of a Different Lending Office.  If any Lender requests   compensation under Section 5.8 [Increased Costs], or the Borrower is or will be required to pay   any Indemnified Taxes or additional amounts to any Lender or any Official Body for the account   of any Lender pursuant to Section 5.9 [Taxes], then such Lender shall (at the request of the   Borrower) use reasonable efforts to designate a different Lending Office for funding or booking   its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,   branches or affiliates, if, in the reasonable judgment of such Lender, such designation or   assignment (i) would eliminate or reduce amounts payable pursuant to Section 5.8 [Increased   Costs] or Section 5.9 [Taxes], as the case may be, in the future, and (ii) would not subject such   Lender to any material unreimbursed cost or expense and would not otherwise be materially   disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and   expenses incurred by any Lender in connection with any such designation or assignment.          5.8   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 reflected in the LIBOR Rate) or the Issuing Lender;                      (ii)  subject any Recipient to any Taxes (other than (A) Indemnified   Taxes, (B) Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes and  (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or  other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or                     (iii) impose on any Lender, the Issuing Lender or the London interbank  market any other condition, cost or expense (other than Taxes) affecting this Agreement or  Loans made by such Lender or any Letter of Credit or participation therein;    and the result of any of the foregoing shall be to increase the cost to such Lender or such other   Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its   obligation to make any such Loan, or to increase the cost to such Lender, the Issuing Lender or   such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of                                          59   135035202_4 

 

     maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the   amount of any sum received or receivable by such Lender, the Issuing Lender or other Recipient   hereunder (whether of principal, interest or any other amount) then, upon request of such Lender,   the Issuing Lender or other Recipient, the Borrower will pay to such Lender, the Issuing Lender   or other Recipient, as the case may be, such additional amount or amounts as will compensate   such Lender or the Issuing Lender or other Recipient, as the case may be, for such additional   costs incurred or reduction suffered.                (b)   Capital Requirements.  If any Lender or the Issuing Lender determines   that any Change in Law affecting such Lender or the Issuing Lender or any Lending Office of   such Lender or such Lender’s or the Issuing Lender’s holding company, if any, regarding capital   or liquidity requirements has or would have the effect of reducing the rate of return on such   Lender’s or the Issuing Lender’s capital or on the capital of such Lender’s or the Issuing   Lender’s 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 Loans held by,   such Lender, or the Letters of Credit issued by the Issuing Lender, to a level below that which   such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company   could have achieved but for such Change in Law (taking into consideration such Lender’s or the   Issuing Lender’s policies and the policies of such Lender’s or the Issuing Lender’s holding   company with respect to capital adequacy and liquidity), then from time to time the Borrower   will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or   amounts as will compensate such Lender or the Issuing Lender or such Lender’s or the Issuing   Lender’s holding company for any such reduction suffered.                (c)   Certificates for Reimbursement; Repayment of Outstanding Loans;   Borrowing of New Loans.  A certificate of a Lender or the Issuing Lender setting forth the   amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding   company, as the case may be, as specified in paragraph (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 Issuing Lender, as the case may be, the amount shown as due on any such certificate within   ten (10) days after receipt thereof.                (d)   Delay in Requests.  Failure or delay on the part of any Lender or the   Issuing Lender to demand compensation pursuant to this Section shall not constitute a waiver of  such Lender’s or the Issuing Lender’s right to demand such compensation, provided that the   Borrower shall not be required to compensate a Lender or the Issuing Lender pursuant to this   Section for any increased costs incurred or reductions suffered more than nine (9) months prior   to the date that such Lender or the Issuing Lender, as the case may be, notifies the Borrower of   the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the   Issuing Lender’s intention to claim compensation therefor (except that, if the Change in Law  giving rise to such increased costs or reductions is retroactive, then the nine (9) month period  referred to above shall be extended to include the period of retroactive effect thereof).               (e)   Survival.  Each party’s obligations under this Section 5.8 [Increased   Costs] shall survive the resignation of the Administrative Agent or any assignment of rights by,   or the replacement of, a Lender, the termination of the Commitments and the repayment,   satisfaction or discharge of all Obligations.                                          60   135035202_4 

 

          5.9   Taxes.                (a)   Issuing Lender.  For purposes of this Section 5.9, the term “Lender”   includes the Issuing Lender and the term “applicable Law” includes FATCA.                (b)   Payments Free of Taxes.  Any and all payments by or on account of any   obligation of the Borrower under any Loan Document shall be without deduction or withholding   for any Taxes, except as required by applicable Law.  If any applicable Law (as determined in   the good faith discretion of an applicable Withholding Agent) requires the deduction or   withholding of any Tax from any such payment by a Withholding Agent, then the applicable  Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay  the full amount deducted or withheld to the relevant Official Body in accordance with applicable  Law and, if such Tax is an Indemnified Tax, then the sum payable by the 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 5.9  [Taxes]) 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 Borrower.  The Borrower shall timely pay   to the relevant Official Body in accordance with applicable Law, or at the option of the   Administrative Agent timely reimburse it for the payment of, any Other Taxes.                (d)   Indemnification by the Borrower.  The Borrower shall indemnify each   Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified   Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable   under this Section 5.9 [Taxes]) payable or paid by such Recipient or required to be withheld or   deducted from a payment to such Recipient and any reasonable expenses arising therefrom or   with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or   asserted by the relevant Official Body.  A certificate as to the amount of such payment or   liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by   the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent   manifest error.                (e)   Indemnification by the Lenders.  Each Lender shall severally indemnify   the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified   Taxes attributable to such Lender (but only to the extent that the Borrower has not already   indemnified the Administrative Agent for such Indemnified Taxes and without limiting the   obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to   comply with the provisions of Section 12.9(d) [Participations] relating to the maintenance of a   Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that   are payable or paid by the Administrative Agent in connection with any Loan Document, and   any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes  were correctly or legally imposed or asserted by the relevant Official Body.  A certificate as to  the amount of such payment or liability delivered to any Lender by the Administrative Agent  shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative  Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan  Document or otherwise payable by the Administrative Agent to the Lender from any other                                          61   135035202_4 

 

     source against any amount due to the Administrative Agent under this Section 5.9(e)   [Indemnification by the Lenders].                (f)   Evidence of Payments.  As soon as practicable after any payment of Taxes   by the Borrower to an Official Body pursuant to this Section 5.9 [Taxes], the Borrower shall   deliver to the Administrative Agent the original or a certified copy of a receipt issued by such   Official Body evidencing such payment, a copy of the return reporting such payment or other   evidence of such payment reasonably satisfactory to the Administrative Agent.                (g)   Status of Lenders.                      (i)   Any Lender that is entitled to an exemption from or reduction of   withholding Tax with respect to payments made under any Loan Document shall deliver to the   Borrower and the Administrative Agent, at the time or times reasonably requested by the  Borrower or the Administrative Agent, such properly completed and executed documentation   reasonably requested by the Borrower or the Administrative Agent as will permit such payments   to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if   reasonably requested by the Borrower or the Administrative Agent, shall deliver such other   documentation prescribed by applicable Law or reasonably requested by the Borrower or the   Administrative Agent as will enable the Borrower or the Administrative Agent to determine   whether or not such Lender is subject to backup withholding or information reporting   requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the   completion, execution and submission of such documentation (other than such documentation set   forth in Section 5.9(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s   reasonable judgment such completion, execution or submission would subject such Lender to  any material unreimbursed cost or expense or would materially prejudice the legal or commercial  position of such Lender.                     (ii)  Without limiting the generality of the foregoing, in the event that  the Borrower is a U.S. Person,                           (A)   any Lender that is a U.S. Person shall deliver to the  Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a  Lender under this Agreement (and from time to time thereafter upon the reasonable request of  the Borrower or the Administrative Agent), executed 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 the Borrower and the Administrative Agent (in such number of copies as shall   be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a   Lender under this Agreement (and from time to time thereafter upon the reasonable request of   the Borrower or the Administrative Agent), whichever of the following is applicable:                                  (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 (or W-8BEN if applicable)                                           62   135035202_4 

 

                       establishing an exemption from, or reduction of, U.S. federal withholding                     Tax pursuant to the “interest” article of such tax treaty and (y) with respect                     to any other applicable payments under any Loan Document, IRS Form                     W-8BEN-E (or W-8BEN if 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 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                     Code, (x) a certificate substantially in the form of Exhibit H-1 to the effect                     that such Foreign Lender is not (A) a “bank” within the meaning of                    Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the                    Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C)                    a “controlled foreign corporation” described in Section 881(c)(3)(C) of the                    Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals                    of IRS Form W-8BEN-E (or W-8BEN if applicable); or                                 (IV)  to the extent 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-E (or W-8BEN if applicable), a U.S.                    Tax Compliance Certificate substantially in the form of Exhibit H-2  or                     Exhibit H-3, IRS Form W-9, and/or other certification documents from                     each beneficial owner, as applicable; provided that if the Foreign Lender is                     a partnership and one or more direct or indirect partners of such Foreign                     Lender are claiming the portfolio interest exemption, such Foreign Lender                     may provide a U.S. Tax Compliance Certificate substantially in the form                     of Exhibit H-4 on behalf of each such direct and indirect partner;                            (C)   any Foreign Lender shall, to the extent it is legally entitled   to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall   be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a   Lender under this Agreement (and from time to time thereafter upon the reasonable request of   the Borrower or the Administrative Agent), executed 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 Borrower or the Administrative Agent to determine the withholding   or deduction required to be made; and                           (D)   if a payment made to a Lender under any Loan Document  would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail  to comply with the applicable reporting requirements of FATCA (including those contained in  Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the  Borrower and the Administrative Agent at the time or times prescribed by law and at such time  or times reasonably requested by the Borrower or the Administrative Agent such documentation  prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)                                          63   135035202_4 

 

   and such additional documentation reasonably requested by the Borrower or the Administrative  Agent as may be necessary for the Borrower and the Administrative Agent to comply with their  obligations under FATCA and to determine that such Lender has complied with such Lender’s  obligations under FATCA or to determine the amount to deduct and withhold from such  payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made  to FATCA after the date of this Agreement.         Each Lender agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it shall update such form or certification or  promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do  so.               (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 5.9 [Taxes] (including by the payment of additional  amounts pursuant to this Section 5.9 [Taxes]), it shall pay to the indemnifying party an amount  equal to such refund (but only to the extent of indemnity payments made under this Section 5.9  [Taxes] with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses  (including Taxes) of such indemnified party and without interest (other than any interest paid by  the relevant Official Body with respect to such refund).  Such indemnifying party, upon the  request of such indemnified party incurred in connection with obtaining such refund, shall repay  to such indemnified party the amount paid over pursuant to this Section 5.9(h) [Treatment of  Certain Refunds] (plus any penalties, interest or other charges imposed by the relevant Official  Body) in the event that such indemnified party is required to repay such refund to such Official  Body.  Notwithstanding anything to the contrary in this Section 5.9(h) [Treatment of Certain  Refunds]), in no event will the indemnified party be required to pay any amount to an  indemnifying party pursuant to this Section 5.9(h) [Treatment of Certain Refunds] the payment  of which would place the indemnified party in a less favorable net after-Tax position than the  indemnified party would have been in if the Tax subject to indemnification and giving rise to  such refund had not been deducted, withheld or otherwise imposed and the indemnification  payments or additional amounts with respect to such Tax had never been paid.  This paragraph  shall not be construed to require any indemnified party to make available its Tax returns (or any  other information relating to its Taxes that it deems confidential) to the indemnifying party or  any other Person.               (i)   Survival.  Each party’s obligations under this Section 5.9 [Taxes] shall  survive the resignation of the Administrative Agent or any assignment of rights by, or the  replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or  discharge of all Obligations.         5.10  Indemnity.  In addition to the compensation or payments required by Section 5.8  [Increased Costs] or Section 5.9 [Taxes], the Borrower shall indemnify each Lender against all  liabilities, losses or expenses (including loss of anticipated profits, any foreign exchange losses  and any loss or expense arising from the liquidation or reemployment of funds obtained by it to  maintain such Loan, from fees payable to terminate the deposits from which such funds were  obtained or from the performance of any foreign exchange contract) which such Lender sustains  or incurs as a consequence of any:                                         64  135035202_4 

 

                       (i)   payment, prepayment, conversion or renewal of any Loan to which   a LIBOR Rate Option applies on a day other than the last day of the corresponding Interest   Period (whether or not such payment or prepayment is mandatory, voluntary or automatic and   whether or not such payment or prepayment is then due); or                      (ii)  attempt by the Borrower to revoke (expressly, by later inconsistent   notices or otherwise) in whole or part any Revolving Credit Loan Requests under Section 2.5  [Revolving Credit Loan Requests; Swing Loan Requests] or Section 4.2 [Interest Periods] or  notice relating to prepayments under Section 5.6 [Voluntary Prepayments] or failure by the  Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow,  continue or convert any Loan other than a Loan under the Base Rate Option on the date or in the  amount notified by the Borrower, or                     (iii) any assignment of a Loan under the LIBOR Rate Option on a day  other than the last day of the Interest Period therefor as a result of a request by the Borrower  pursuant to Section 5.7(a) [Replacement of a Lender].               If any Lender sustains or incurs any such loss or expense, it shall from time to  time notify the Borrower of the amount determined in good faith by such Lender (which  determination may include such assumptions, allocations of costs and expenses and averaging or  attribution methods as such Lender shall deem reasonable) to be necessary to indemnify such  Lender for such loss or expense.  Such notice shall set forth in reasonable detail the basis for  such determination.  Such amount shall be due and payable by the Borrower to such Lender ten  (10) Business Days after such notice is given.   Each party’s obligations under this Section 5.10 [Indemnity] shall survive the resignation of the  Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the  termination of the Commitments and the repayment, satisfaction or discharge of all Obligations.         5.11  Settlement Date Procedures.  In order to minimize the transfer of funds between   the Lenders and the Administrative Agent, the Borrower may borrow, repay and reborrow Swing  Loans and the Swing Loan Lender may make Swing Loans as provided in Section 2.1(b) [Swing  Loan Commitment] hereof during the period between Settlement Dates.  The Administrative  Agent shall notify each Lender of its Ratable Share of the total of the Revolving Credit Loans  and the Swing Loans (each a “Required Share”).  On such Settlement Date, each Lender shall  pay to the Administrative Agent the amount equal to the difference between its Required Share  and its Revolving Credit Loans, and the Administrative Agent shall pay to each Lender its  Ratable Share of all payments made by the Borrower to the Administrative Agent with respect to  the Revolving Credit Loans.  The Administrative Agent shall also effect settlement in accordance  with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans and  may at its option effect settlement on any other Business Day.  These settlement procedures are  established solely as a matter of administrative convenience, and nothing contained in this  Section 5.11 shall relieve the Lenders of their obligations to fund Revolving Credit Loans on  dates other than a Settlement Date pursuant to Section 2.1(b) [Swing Loan Commitment].  The  Administrative Agent may at any time at its option for any reason whatsoever require each  Lender to pay immediately to the Administrative Agent such Lender’s Ratable Share of the  outstanding Revolving Credit Loans and each Lender may at any time require the Administrative                                          65   135035202_4 

 

     Agent to pay immediately to such Lender its Ratable Share of all payments made by the   Borrower to the Administrative Agent with respect to the Revolving Credit Loans.          5.12  Cash Collateral.  At any time that there shall exist a Defaulting Lender, within one   Business Day following the written request of the Administrative Agent or the Issuing Lender   (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize the Issuing   Lender’s Fronting Exposure with respect to such Defaulting Lender (determined after giving   effect to Section 2.10(a)(iv) [Reallocation of Participations to Reduce Fronting Exposure] and  any Cash Collateral provided by such Defaulting Lender) in an amount not less than the  Minimum Collateral Amount.                (a)   Grant of Security Interest.  The Borrower, and to the extent provided by   any Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for  the benefit of the Issuing Lender, and agrees to maintain, a first priority security interest in all  such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in  respect of Letter of Credit Obligations, to be applied pursuant to clause (b) below.  If at any time  the Administrative Agent determines that Cash Collateral is subject to any right or claim of any  Person other than the Administrative Agent and the Issuing Lender as herein provided, or that the  total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower  will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative  Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after  giving effect to any Cash Collateral provided by the Defaulting Lender).                (b)   Application.  Notwithstanding anything to the contrary contained in this   Agreement, Cash Collateral provided under this Section 5.12 [Cash Collateral] or Section 2.10   [Defaulting Lender] in respect of Letters of Credit shall be applied to the satisfaction of the   Defaulting Lender’s obligation to fund participations in respect of Letter of Credit Obligations  (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such  obligation) for which the Cash Collateral was so provided, prior to any other application of such  property as may otherwise be provided for herein.                (c)   Termination of Requirement.  Cash Collateral (or the appropriate portion   thereof) provided to reduce the Issuing Lender’s Fronting Exposure shall no longer be required   to be held as Cash Collateral pursuant to this Section 5.12 [Cash Collateral] following (i) the   elimination of the applicable Fronting Exposure (including by the termination of Defaulting   Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent   and the Issuing Lender that there exists excess Cash Collateral; provided that, subject to Section   2.10 [Defaulting Lenders] the Person providing Cash Collateral and the Issuing Lender may  agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other  obligations and provided further that to the extent that such Cash Collateral was provided by the   Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to   Section 5.12(a) [Grant of Security Interest] above.                                                       66   135035202_4 

 

                                       ARTICLE 6                       REPRESENTATIONS AND WARRANTIES          Representations and Warranties.  The Borrower represents and warrants to the   Administrative Agent and each of the Lenders as follows:          6.1   Organization and Qualification; Power and Authority; Compliance With Laws;   Title to Properties; Event of Default.  The Borrower and each of its Subsidiary (i) is a   corporation, partnership or limited liability company duly organized or formed, validly existing   and in good standing under the laws of its jurisdiction of organization, (ii) has all necessary   lawful power and authority, and all necessary licenses, approvals and authorizations to own or   lease its properties and to engage in the business it presently conducts or currently proposes to   conduct, except, in the cases of owning or leasing its properties and engaging in the business it   presently conducts or currently proposes to conduct, where the absence of such licenses,   approvals or authorizations, either individually or in the aggregate, would not reasonably be   expected to result in a Material Adverse Change, (iii) is duly licensed or qualified and in good   standing in each jurisdiction where the property owned or leased by it or the nature of the   business transacted by it or both makes such licensing or qualification necessary and the absence   of such licensing or qualification would reasonably be expected to result in a Material Adverse   Change, (iv) has full power and authority to enter into, execute, deliver and carry out this   Agreement and the other Loan Documents to which it is a party, to incur the Indebtedness   contemplated by the Loan Documents and to perform its Obligations, and all such actions have   been duly authorized by all necessary action and proceedings on its part, (v) is in compliance in   all material respects with all applicable Laws (other than Environmental Laws which are   specifically addressed in Section 6.14 [Environmental Matters]) in all jurisdictions in which the   Borrower or Subsidiary of the Borrower is presently or will be doing business except where (a)   the failure to do so, either individually or in the aggregate, would not reasonably be expected to   constitute a Material Adverse Change or (b) any non-compliance is being contested in good faith  by appropriate proceedings diligently conducted, and (vi) has good and marketable title to or  valid leasehold interest in all properties, assets and other rights which it purports to own or lease  or which are reflected as owned or leased on its books and records, free and clear of all Liens and  encumbrances except Permitted Liens, except where the failure to do so, either individually or in  the aggregate, would not reasonably be expected to constitute a Material Adverse Change.  No  Event of Default or Potential Default has occurred and is continuing or would result from the  performance by the Borrower of its Obligations.         6.2   Borrower; Subsidiaries and Owners; Investment Companies. As of the Closing   Date,  Schedule 6.2 states (i) the name of each of the Borrower’s Subsidiaries, its jurisdiction of   organization and the amount, percentage and type of Equity Interests in such Subsidiary (the  “Subsidiary Equity Interests”), (ii) the name of each holder of Subsidiary Equity Interest in  each Subsidiary and the amount thereof and (iii) any options, warrants or other rights outstanding  to purchase any such Equity Interests referred to in clause (i) or (ii).  The Borrower and each  Subsidiary of the Borrower has good and marketable title to all of the Subsidiary Equity Interests  it then purports to own, free and clear in each case of any Lien and all such Subsidiary Equity  Interests have been duly authorized and validly issued, and are fully paid and nonassessable.   Neither the Borrower nor any Subsidiaries of the Borrower is an “investment company”  registered or required to be registered under the Investment Company Act of 1940 or under the                                          67   135035202_4 

 

     “control” of an “investment company” as such terms are defined in the Investment Company Act   of 1940 and shall not become such an “investment company” or under such “control.”          6.3   Validity and Binding Effect.  Each of this Agreement  and each other Loan   Document has been (or when delivered will have been), (i) duly authorized, validly executed and  delivered by the Borrower, and (ii) constitutes, or will constitute, legal, valid and binding  obligations of the Borrower, enforceable against the Borrower in accordance with its terms.         6.4   No Conflict; Material Agreements; Consents.  Neither the execution and delivery   of this Agreement or the other Loan Documents by the Borrower nor the consummation of the   transactions herein or therein contemplated or compliance with the terms and provisions hereof   or thereof by the Borrower will conflict with, constitute a default under or result in any breach of   (i) the terms and conditions of the certificate of incorporation, bylaws, certificate of limited   partnership, partnership agreement, certificate of formation, limited liability company agreement   or other organizational documents of the Borrower or (ii) any Law or any material agreement or   instrument or order, writ, judgment, injunction or decree to which the Borrower or any of its   Subsidiaries is a party or by which it or any of its Subsidiaries is bound or to which it is subject   or by which it is affected, or result in the creation or enforcement of any Lien whatsoever upon   any property (now or hereafter acquired) of the Borrower or any of its Subsidiaries (other than   Liens granted under the Loan Documents).  There is no default under such material agreement   (referred to above) and neither the Borrower nor any of its Subsidiaries is bound by any   contractual obligation, or subject to any restriction in any organization document, or any   requirement of Law which would reasonably be likely to result in a Material Adverse Change.    No consent, approval, exemption, order or authorization of, or a registration or filing with, or   notice to, any Official Body or any other Person is required by any Law or any agreement in   connection with the execution, delivery and performance by, or enforcement against, the   Borrower of this Agreement and the other Loan Documents except such as has been obtained or   issued and which remains in full force and effect; provided that any increase of the   Commitments in accordance with Section 2.11 [Increase in Revolving Credit Commitments] or   the extension of the Expiration Date in accordance with Section 2.12 [Extension of Expiration   Date] may require appropriate governmental or third party authorization thereof prior to the   effectiveness of such increase or such extension, as the case may be.          6.5   Litigation.  There are no actions, suits, claims, proceedings or investigations   pending or, to the knowledge of the Borrower, threatened against the Borrower or any Subsidiary   of the Borrower or any of their properties at law or in equity before any Official Body which (i)   individually or in the aggregate would reasonably be expected to result in any Material Adverse   Change or (ii) state to affect, impact or restate this Agreement or any of the other Loan   Documents or the transactions contemplated hereby or thereby.  Neither the Borrower nor any   Subsidiaries of the Borrower is in violation of any order, writ, injunction or any decree of any  Official Body which would reasonably be expected to result in any Material Adverse Change.         6.6   Financial Statements.                (a)   Historical Statements.  The Borrower has delivered to the Administrative   Agent copies of its audited consolidated year-end balance sheet, statement of income or   operations, shareholders’ equity and cash flows, for and as of the end of the fiscal year ended                                          68   135035202_4 

 

     December 31, 2019.  In addition, the Borrower has delivered to the Administrative Agent copies   of its unaudited consolidated interim balance sheet, statement of income or operations,   shareholders’ equity and cash flows, for the fiscal year to date and as of the end of the fiscal   quarter ended June 30, 2020 (all such annual and interim statements being collectively referred   to as the “Statements”).  The Statements (i) are correct and complete in all material respects, (ii)   fairly present in all material respects the consolidated financial condition of the Borrower and its   Subsidiaries as of the respective dates thereof and the results of operations for the fiscal periods   then ended in accordance with GAAP consistently applied throughout the period covered   thereby, subject (in the case of the interim statements) to normal year end audit adjustments  utilized on a consistent basis and the absence of footnotes and (iii) have been prepared in  accordance with GAAP consistently applied throughout the period covered thereby, subject (in  the case of the interim statements) to normal year-end audit adjustments utilized on a consistent  basis and the absence of footnotes.               (b)   Accuracy of Financial Statements.  Neither the Borrower nor any   Subsidiary of the Borrower has any indebtedness, liabilities, contingent or otherwise, or forward   or long-term commitments that are required to be disclosed in accordance with GAAP that are   not disclosed in the Statements or in the notes thereto or on Schedule 6.6(b), attached hereto and   incorporated herein by reference, and except as disclosed therein there are no unrealized losses   from any commitments of the Borrower or any Subsidiary of the Borrower which would   reasonably be expected to cause a Material Adverse Change.  Since December 31, 2019, no  Material Adverse Change has occurred.            6.7 Margin Stock.  Neither the Borrower nor any Subsidiaries of the Borrower   engages or intends to engage principally, or as one of its important activities, in the business of   extending credit for the purpose, immediately, incidentally or ultimately, of purchasing or   carrying margin stock (within the meaning of Regulation U, T or X as promulgated by the Board   of Governors of the Federal Reserve System).  No part of the proceeds of any Loan has been or   will be used, immediately, incidentally or ultimately, to purchase or carry any margin stock or to   extend credit to others for the purpose of purchasing or carrying any margin stock or which is   inconsistent with the provisions of the regulations of the Board of Governors of the Federal   Reserve System.  Neither the Borrower nor any Subsidiaries of the Borrower holds or intends to   hold margin stock in such amounts that more than 25% of the reasonable value of the assets of   the Borrower or Subsidiary of the Borrower are or will be represented by margin stock.          6.8   Full Disclosure.  Neither this Agreement nor any other Loan Document, nor any   certificate, report, statement, agreement or other documents or other information (written or oral)   furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in   connection herewith or therewith or the transactions contemplated hereby or thereby, contains   any untrue statement of a material fact or omits to state a material fact necessary in order to make   the statements contained herein and therein, in light of the circumstances under which they were   made, not misleading; provided that in connection with any financial projections, the Borrower   represents and warrants that such projections were prepared in good faith based upon   assumptions believed by it to be reasonable at the time when made.  There is no fact known to   the Borrower which materially adversely affects the business, property, assets, financial   condition, results of operations or prospects of the Borrower and its Subsidiaries, taken as a   whole, which has not been set forth in this Agreement or in the certificates, statements,                                          69   135035202_4 

 

     agreements or other documents furnished in writing to the Administrative Agent and the Lenders   prior to or at the date hereof in connection with the transactions contemplated hereby.          6.9   Taxes.  All federal, state, local and other tax returns required to have been filed   with respect to the Borrower and each Subsidiary of the Borrower have been filed, and payment   or adequate provision has been made for the payment of all taxes, fees, assessments and other   governmental charges which have or may become due pursuant to said returns or otherwise  levied or imposed upon them, their properties, income or assets which are due and payable,  except to the extent that such taxes, fees, assessments and other charges are being contested in   good faith by appropriate proceedings diligently conducted and for which such reserves or other   appropriate provisions, if any, as shall be required by GAAP shall have been made.          6.10  Patents, Trademarks, Copyrights, Licenses, Etc.  The Borrower and each   Subsidiary of the Borrower owns or possesses all the patents, trademarks, service marks, trade   names, copyrights, licenses, registrations, franchises, permits and rights necessary to own and   operate its properties and to carry on its business as presently conducted and planned to be   conducted by the Borrower or such Subsidiary, without known possible, alleged or actual   conflict with the rights of others, except where the failure to do so, either individually or in the   aggregate, would not reasonably be expected to constitute a Material Adverse Change.          6.11  Certificate of Beneficial Ownership.  The Certificate of Beneficial Ownership (if   any) executed and delivered to Administrative Agent and Lenders for Borrower on or prior to the  date of this Agreement, as updated from time to time in accordance with this Agreement, is  accurate, complete and correct as of the date hereof and as of the date any such update is  delivered. The Borrower acknowledges and agrees that the Certificate of Beneficial Ownership is  one of the Loan Documents.           6.12  Insurance.  The properties of the Borrower and each of its Subsidiaries are insured   pursuant to policies and other bonds which are valid and in full force and effect and which   provide adequate coverage from reputable and financially sound insurers which are not Affiliates   of the Borrower (except to the extent customarily self-insured or such Affiliates are otherwise  acceptable to the Administrative Agent) in amounts sufficient to insure the assets and risks of the   Borrower and each Subsidiary in accordance with prudent business practice in the industry of the   Borrower and its Subsidiaries in the locations where the Borrower or the applicable Subsidiary   conducts business.          6.13  ERISA Compliance.                (a)   Each Plan is in compliance in all material respects with the applicable  provisions of ERISA, the Code and other federal or state Laws.  Each Plan that is intended to  qualify under Section 401(a) of the Code has received from the IRS a favorable determination or  opinion letter, which has not by its terms expired or, in the case of a determination letter, is from   the most recent available cycle for which such letters were issuable for such Plan, that such Plan   is so qualified, or such Plan is entitled to rely on an IRS advisory or opinion letter with respect to   an IRS-approved master and prototype or volume submitter plan,  or a timely application for   such a determination or opinion letter is currently being processed by the IRS with respect   thereto; and, to the best knowledge of Borrower, nothing has occurred which would prevent, or                                          70   135035202_4 

 

     cause the loss of, such qualification.  Borrower and each member of the ERISA Group have   made all required contributions to each Pension Plan subject to Sections 412 or 430 of the Code,  and no application for a funding waiver or an extension of any amortization period pursuant to  Sections 412 or 430 of the Code has been made with respect to any Pension Plan.               (b)   There are no pending or, to the best knowledge of Borrower, threatened  claims, actions or lawsuits, or action by any Official Body, with respect to any Plan that could  reasonably be expected to have a Material Adverse Change.  There has been no prohibited  transaction or violation of the fiduciary responsibility rules with respect to any Plan that has  resulted or could reasonably be expected to result in a Material Adverse Change.               (c)   (i) No ERISA Event has occurred or is reasonably expected to occur; (ii)  the Borrower and each ERISA Affiliate has met all applicable requirements under the rules of  the Code and ERISA regarding minimum required contributions (including any installment  payment thereof) as set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections  302, 303, 304 and 305 of ERISA with respect to each Pension Plan, and no waiver has been  applied for or obtained; (iii) neither Borrower nor any member of the ERISA Group has incurred,  or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension  Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither  Borrower nor any member of the ERISA Group has incurred, or reasonably expects to incur, any  liability (and no event has occurred which, with the giving of notice under Section 4219 of  ERISA, would result in such liability) under Section 4201 of ERISA, with respect to a  Multiemployer Plan; (v) neither Borrower nor any member of the ERISA Group has received  notice pursuant to Section 4242(a)(1)(B) of ERISA that a Multiemployer Plan is in  reorganization and that additional contributions are due to the Multiemployer Plan pursuant to  Section 4243 of ERISA; (vi) neither Borrower nor any member of the ERISA Group has  engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA; and (vii) no  Pension Plan or Multiemployer Plan has been terminated by the plan administrator thereof nor by  the PBGC, and no event or circumstance has occurred or exists that could reasonably be  expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any  Pension Plan or Multiemployer Plan.               (d)   As of the Closing Date the Borrower is not nor will be using “plan assets”  (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or  more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments.           6.14  Environmental Matters.                 (a)   Neither the Borrower nor any Subsidiary has actual knowledge of any   claim or has received any notice of any claim and no proceeding has been instituted asserting any   claim against the Borrower or any of its Subsidiaries or any of their respective real properties or   other assets now or formerly owned, leased or operated by any of them, alleging any damage to   the environment or violation of any Environmental Laws, except, in each case, such as would not   reasonably be expected to result in a Material Adverse Change.               (b)   Neither the Borrower nor any Subsidiary has actual knowledge of any  facts which would reasonably be expected to give rise to any claim, public or private, of                                          71   135035202_4 

 

     violation of Environmental Laws or damage to the environment emanating from, occurring on or   in any way related to real properties now or formerly owned, leased or operated by any of them   or to other assets or their use, except, in each case, such as would not, individually or in the   aggregate, reasonably be expected to result in a Material Adverse Change.                (c)   Neither the Borrower nor any Subsidiary has stored any Hazardous  Materials on real properties now or formerly owned, leased or operated by any of them in a  manner which is contrary to any Environmental Law that would, individually or in the aggregate,  reasonably be expected to result in a Material Adverse Change.                (d)   Neither the Borrower nor any Subsidiary has disposed of any Hazardous  Materials in a manner which is contrary to any Environmental Law that would, individually or in  the aggregate, reasonably be expected to result in a Material Adverse Change.               (e)   All buildings on all real properties now owned, leased or operated by the  Borrower or any Subsidiary are in compliance with applicable Environmental Laws, except  where failure to comply could not, individually or in the aggregate, reasonably be expected to  result in a Material Adverse Change.         6.15  Solvency.  On the Closing Date and after giving effect to the initial Loans   hereunder, the Borrower is Solvent.          6.16  Anti-Terrorism Laws.  No Covered Entity is a Sanctioned Person, and (ii) no   Covered Entity, either in its own right or through any third party, (a) has any of its assets in a  Designated Jurisdiction or in the possession, custody or control of a Sanctioned Person in  violation of any Anti-Terrorism Law, (b) does business in or with, or derives any of its income   from investments in or transactions with, any Designated Jurisdiction or Sanctioned Person in   violation of any Anti-Terrorism Law; or (c) engages in any dealings or transactions prohibited by   any Anti-Terrorism Law.          6.17  Anti-Corruption Laws.  The Borrower and its Subsidiaries have conducted their   business in compliance with all Anti-Corruption Laws in all material respects and have instituted  and maintained policies and procedures designed to promote and achieve compliance with such  laws.                                      ARTICLE 7          CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT          The obligation of each Lender to make Loans and of the Issuing Lender to issue Letters   of Credit hereunder is subject to the performance by the Borrower of its Obligations to be   performed hereunder at or prior to the making of any such Loans or issuance of such Letters of   Credit and to the satisfaction of the following further conditions:          7.1   Initial Loans and Letters of Credit.                (a)   Deliveries.  On the Closing Date, the Administrative Agent shall have   received each of the following in form and substance satisfactory to the Administrative Agent                                          72   135035202_4 

 

     and each of which (unless otherwise specified) shall be original copies or telecopies promptly   followed by original copies:                      (i)   A certificate of the Borrower signed by an Authorized Officer,   dated the Closing Date stating that (v) the Borrower is in compliance with each of the covenants   and conditions hereunder, (w) no Material Adverse Change has occurred since the date of the last   audited financial statements of the Borrower delivered to the Administrative Agent, (x) the   conditions stated in both Section 7.1 and 7.2 have been satisfied, (y) there has been no material   adverse change from any certificate, report, statement, agreement or other document or other   written information previously supplied to the Administrative Agent and the Arrangers furnished   by or on behalf of the Borrower in connection with the transactions contemplated by this   Agreement or the other Loan Documents and (z) all material consents, licenses and approvals   required for the delivery and performance by the Borrower of any Loan Document and the   enforceability of any Loan Document against the Borrower is in full force and effect and none   other is so required or necessary; provided that any increase of the Commitments in accordance   with Section 2.11 [Increase in Revolving Credit Commitments] or the extension of the   Expiration Date in accordance with Section 2.12 [Extension of Expiration Date] may require   appropriate governmental or third party authorization thereof prior to the effectiveness of such   increase or such extension, as the case may be;                       (ii)  A certificate dated the Closing Date and signed by the Secretary or   an Assistant Secretary of the Borrower, certifying as appropriate as to: (a) all action taken by the   Borrower to validly authorize, duly execute and deliver this Agreement and the other Loan   Documents and attaching copies of such resolution or other corporate or organizational action;   (b) the names, authority and capacity of the Authorized Officers authorized to sign the Loan   Documents and their true signatures; and (c) copies of its organizational documents as in effect  on the Closing Date certified as of a sufficiently recent date prior to the Closing Date by the  appropriate state official where such documents are filed in a state office together with  certificates from the appropriate state officials as to due organization and the continued valid  existence, good standing and qualification to engage in its business of the Borrower in the state  of its organization and in each state where conduct of business or ownership or lease of  properties or assets requires such qualification, except to the extent that the failure to be so  qualified could not reasonably be expected to result in a Material Adverse Change;                      (iii) This Agreement and each of the other Loan Documents signed by   an Authorized Officer in a sufficient number of counterparts for delivery to each Lender and the   Administrative Agent;                     (iv)  A written opinion of counsel for the Borrower, dated the Closing  Date addressed to the Administrative Agent and each Lender and in form and substance  satisfactory to the Administrative Agent;                     (v)   Evidence that adequate insurance required to be maintained under  this Agreement is in full force and effect, with additional insured endorsement attached thereto in  form and substance satisfactory to the Administrative Agent and its counsel naming the  Administrative Agent and the Secured Parties as additional insureds;                                           73   135035202_4 

 

                       (vi)  A duly completed Compliance Certificate as of the last day of the   fiscal quarter of Borrower most recently ended prior to the Closing Date calculating the Funded  Indebtedness to Total Adjusted Capitalization Ratio and the Total Indebtedness to Total   Capitalization Ratio on a pro form basis after giving effect to the transactions contemplated   hereby and the initial Loans borrowed on the Closing Date, signed by an Authorized Officer of   Borrower;                      (vii) A Lien search in acceptable scope and with acceptable results;                      (viii) Such other documents in connection with such transactions as the   Administrative Agent or its counsel may reasonably request;                      (ix)  Evidence that the Specified Existing Indebtedness shall have been   paid in full and the commitments thereunder terminated and that all necessary termination   statements, release statements and other releases in connection with all Liens securing the   Specified Existing Indebtedness (if any) have been filed or satisfactory arrangements have been   made for such filing (including payoff letters, if applicable, in form and substance reasonably   satisfactory to the Administrative Agent); and                      (x)   Certificate of Beneficial Ownership; USA PATRIOT   Act   Diligence.  The Administrative Agent and each Lender shall have received, in form and   substance acceptable to the Administrative Agent and each Lender an executed Certificate of   Beneficial Ownership (to the extent requested by the Administrative Agent or the Lenders) and   such other documentation and other information requested in connection with applicable “know   your customer” and anti-money laundering rules and regulations, including the USA PATRIOT   Act.                (b)   Payment of Fees.  The Borrower shall have paid all fees and expenses   payable on or before the Closing Date as required by this Agreement, the Administrative Agent’s   Letter or any other Loan Document.                (c)   Material Adverse Change.   There has been no event or circumstance since   the date of the Audited Financial Statements that has had or could be reasonably expected to   have, either individually or in the aggregate, a Material Adverse Change.          Without limiting the generality of the provisions of the last paragraph of Section 11.3   [Exculpatory Provisions], for purposes of determining compliance with the conditions specified   in this Section 7.1, each Lender that has signed this Agreement shall be deemed to have   consented to, approved or accepted or to be satisfied with, each document or other matter   required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender   unless the Administrative Agent shall have received notice from such Lender prior to the   proposed Closing Date specifying its objection thereto.          7.2   Each Loan or Letter of Credit.  At the time of making any Loans or issuing,   extending or increasing any Letters of Credit and after giving effect thereof: (i) the   representations and warranties of the Borrower shall then be true and correct in all material   respects (unless qualified by materiality or reference to the absence of a Material Adverse   Change, in which event they shall be true and correct), except to the extent that such                                          74   135035202_4 

 

     representations and warranties specifically refer to an earlier date, in which case they shall be   true and correct as of such earlier date, and except that for purposes of this Section 7.2, the   representations and warranties contained in Section 6.6 [Financial Statements] shall be deemed   to refer to the most recent statements furnished pursuant to Section 8.11 [Reporting   Requirements], (ii) no Event of Default or Potential Default shall have occurred and be   continuing or would result from such Loan or Letter of Credit or the application of the proceeds   thereof, (iii) the making of the Loans or issuance, extension or increase of such Letter of Credit   shall not contravene any Law applicable to the Borrower or Subsidiary of the Borrower or any of   the Lenders, and (iv) the Borrower shall have delivered to the Administrative Agent a duly   executed and completed Revolving Credit Loan Request, Swing Loan Request or to the Issuing   Lender an application for a Letter of Credit, as the case may be.  Each Revolving Credit Loan   Request, Swing Loan Request and Letter of Credit application shall be deemed to be a   representation that the conditions set forth in Sections 7.1 and 7.2 have been satisfied on or prior   to the date thereof.                                       ARTICLE 8                            AFFIRMATIVE COVENANTS          The Borrower hereby covenants and agrees that until the Facility Termination Date, it   will, and will cause each of its Subsidiaries to, comply at all times with the following covenants:          8.1   Preservation of Existence, Etc.  The Borrower shall, and shall cause each of its   Subsidiaries to, (i) maintain its legal existence as a corporation, limited partnership or limited   liability company, as applicable, and its license or qualification and good standing in each   jurisdiction in which its ownership or lease of property or the nature of its business makes such   license or qualification necessary, except as otherwise expressly permitted in Section 9.5  [Liquidations, Mergers, Etc.] (ii) maintain all licenses, consents, permits, franchises, rights and  qualifications necessary for the standard operation of its business, except where the maintenance  thereof could not reasonably be expected to result in a Material Adverse Change, and (iii)  maintain and preserve all intellectual properties, including without limitation trademarks, trade  names, patents, copyrights and other marks, registered and necessary for the standard operation  of its business except where the maintenance thereof could not reasonably be expected to result  in a Material Adverse Change.         8.2   Payment of Liabilities, Including Taxes, Etc.  The Borrower shall, and shall cause   each of its Subsidiaries to, duly pay and discharge (i) all liabilities to which it is subject or which  are asserted against it, promptly as and when the same shall become due and payable, including  all taxes, assessments and governmental charges upon it or any of its properties, assets, income  or profits, prior to the date on which penalties attach thereto, except to the extent that such  liabilities, including taxes, assessments or charges, are being contested in good faith and by   appropriate and lawful proceedings diligently conducted and for which such reserve or other   appropriate provisions, if any, as shall be required by GAAP shall have been made and (ii) all   lawful and valid claims which, if unpaid, would result in the attachment of a Lien on its property   as a matter of law or contract, other than Liens permitted under clause (xiii) of the definition of   “Permitted Lien”.                                           75   135035202_4 

 

          8.3   Maintenance of Insurance.  The Borrower shall, and shall cause each of its   Subsidiaries to, insure its properties and assets against loss or damage by fire and such other   insurable hazards and against other risks as such assets are commonly insured in such amounts as   similar properties and assets are insured by prudent companies in similar circumstances carrying   on similar businesses, and with reputable and financially sound insurers which are not Affiliates   of the Borrower, (except to the extent customarily self-insured or such Affiliates are otherwise  acceptable to the Administrative Agent).           8.4   Maintenance of Properties and Leases.  The Borrower shall, and shall cause each   of its Subsidiaries to, maintain in good repair, working order and condition (ordinary wear and   tear excepted) in accordance with the general practice of other businesses of similar character   and size, all of those properties useful or necessary to its business, and from time to time, the   Borrower will make or cause to be made all necessary and appropriate repairs, renewals or   replacements thereof, except where the failure to do so would not reasonably be expected to   result in a Material Adverse Change.          8.5   Inspection Rights.  The Borrower shall, and shall cause each of its Subsidiaries to,   permit any of the officers or authorized employees or representatives of the Administrative  Agent or any of the Lenders to visit and inspect any of its properties and to examine and make  excerpts from its books and records and discuss its business affairs, finances and accounts with  its officers, directors and independent accountants, all in such detail and at such times and as  often as any of the Lenders may reasonably request, provided that each Lender shall provide the   Borrower and the Administrative Agent with reasonable notice prior to any visit or inspection.    In the event any Lender desires to conduct an audit of the Borrower, such Lender shall make a   reasonable effort to conduct such audit contemporaneously with any audit to be performed by the   Administrative Agent and further provided that any such visit and inspection shall be limited to  once per year except when an Event of Default has occurred and is continuing.         8.6   Keeping of Records and Books of Account.  The Borrower shall, and shall cause   each Subsidiary of the Borrower to, maintain and keep books of record and account which enable  the Borrower and its Subsidiaries to issue financial statements in accordance with GAAP  consistently applied and as otherwise required by applicable Laws of any Official Body having  jurisdiction over the Borrower or any Subsidiary of the Borrower, and in which full, true and  correct entries shall be made in all material respects of all financial transactions.          8.7   Compliance with Laws; Use of Proceeds.  The Borrower shall, and shall cause   each of its Subsidiaries to, comply in all material respects with all applicable Laws, including all   Environmental Laws, in all respects; except (i) where such compliance with any law is being   contested in good faith by appropriately proceedings diligently conducted, and (ii) that it shall   not be deemed to be a violation of this Section 8.7 if any failure to comply with any Law would  not result in fines, penalties, remediation costs, other similar liabilities or injunctive relief which  in the aggregate would constitute a Material Adverse Change.  The Borrower will use the Letters  of Credit and the proceeds of the Loans only to fund ongoing working capital, capital  expenditures, the refinancing of the Specified Existing Indebtedness and other general corporate  purposes and as permitted by applicable Law.                                           76   135035202_4 

 

        8.8   Further Assurances.  The Borrower shall do such acts and things as the  Administrative Agent in its sole discretion may deem necessary or advisable from time to time in  order to preserve, perfect and protect the Administrative Agent’s and other Secured Parties’  rights granted hereunder and under the other Loan Documents and to exercise and enforce its  rights and remedies hereunder and thereunder.         8.9   Sanctions and other Anti-Terrorism Laws; International Trade Law Compliance;  Anti-Corruption Laws.  (a) No Covered Entity will become a Sanctioned Person, (b) no Covered  Entity, either in its own right or through any third party, will (A) have any of its assets in a  Designated Jurisdiction or in the possession, custody or control of a Sanctioned Person in  violation of any Anti-Terrorism Law; (B) do business in or with, or derive any of its income  from investments in or transactions with, any Designated Jurisdiction or Sanctioned Person in  violation of any Anti-Terrorism Law; (C) engage in any dealings or transactions prohibited by  any Anti-Terrorism Law or (D) use the Loans to fund any operations in, finance any investments  or activities in, or, make any payments to, a Designated Jurisdiction or Sanctioned Person in  violation of any Anti-Terrorism Law, (c) the funds used to repay the Obligations will not be  derived from any unlawful activity, (d) each Covered Entity shall comply with  all Anti- Terrorism Laws, and (e) the Borrower shall promptly notify the Administrative Agent in writing  upon the occurrence of a Reportable Compliance Event.  The Borrower and its Subsidiaries will  conduct their business in compliance with the United States Foreign Corrupt Practices Act of  1977, the UK Bribery Act 2010, and all Anti-Corruption Laws, and maintain policies and  procedures designed to promote and achieve compliance with all Anti-Corruption Laws.         8.10  Reserved.         8.11  Reporting Requirements.  The Borrower will furnish or cause to be furnished to  the Administrative Agent and each of the Lenders:               (a)   Quarterly Financial Statements.  As soon as available but in any event no  later than the filing date required by the SEC (without giving effect to any permitted extension  thereof), financial statements of the Borrower, consisting of (i) a consolidated balance sheet as of  the end of such fiscal quarter, (ii) related consolidated statements of income, stockholders’ equity  for the fiscal quarter then ended and the fiscal year through that date and (iii) related  consolidated statements of cash flows for the fiscal year through that date, in each case, all in  reasonable detail and certified (subject to normal year-end audit adjustments) by the Chief  Executive Officer, President or Chief Financial Officer of the Borrower as having been prepared  in accordance with GAAP (subject only to normal year-end audit adjustments and the absence of  notes), consistently applied, and setting forth in comparative form the respective financial  statements for the corresponding date and period in the previous fiscal year (all of which may be  provided by means of delivery of the applicable SEC Form 10-Q, which will be deemed  delivered upon filing thereof).               (b)   Annual Financial Statements.  As soon as available but in any event no   later than the filing date required by the SEC (without giving effect to any permitted extension  thereof), financial statements of the Borrower consisting of a consolidated balance sheet as of the  end of such fiscal year, and related consolidated statements of income, stockholders’ equity and  cash flows for the fiscal year then ended, all in reasonable detail and prepared in accordance with                                         77  135035202_4 

 

   GAAP consistently applied and setting forth in comparative form the financial statements as of  the end of and for the preceding fiscal year, and audited and reported on by independent certified  public accountants of nationally recognized standing reasonably satisfactory to the  Administrative Agent (all of which may be provided by means of delivery of the applicable SEC  Form 10-K, which will be deemed delivered upon filing thereof).  The opinion or report of  accountants shall be prepared in accordance with reasonably acceptable auditing standards and  shall be free of any qualification (other than any consistency qualification that may result from a  change in the method used to prepare the financial statements as to which such accountants  concur), including without limitation as to the scope of such audit or status as a “going concern”  of the Borrower or any Subsidiary.         8.12  Certificates; Notices; Additional Information.               (a)   Certificate of the Borrower.  Concurrently with the financial statements of  the Borrower furnished to the Administrative Agent and to the Lenders pursuant to  Sections 8.11(a) [Quarterly Financial Statements] and 8.11(b) [Annual Financial Statements], a  certificate (each a “Compliance Certificate”) of the Borrower signed by the Chief Executive  Officer, President or Chief Financial Officer of the Borrower, in the form of Exhibit I.               (b)   Default.  Promptly after any officer of the Borrower has learned of the  occurrence of an Event of Default or Potential Default, a certificate signed by an Authorized  Officer setting forth the details of such Event of Default or Potential Default and the action  which the Borrower proposes to take with respect thereto.               (c)   Litigation.  Promptly after the commencement thereof, notice of all  actions, suits, proceedings or investigations before or by any Official Body or any other Person  against the Borrower or Subsidiary of the Borrower which involve a claim or series of claims in  excess of $15,000,000 or which if adversely determined would constitute a Material Adverse  Change.               (d)   ERISA Event.  Immediately upon the occurrence of any ERISA Event,  notice in writing setting forth the details thereof and the action which the Borrower proposes to  take with respect thereto.               (e)   SEC Filings and other Material Reports. Promptly upon their becoming  available to the Borrower, public SEC filings and other material reports, including 8-K,  registration statements, proxies, prospectuses, financial statements and other shareholder  communications, filed by the Borrower with the SEC excluding any Form 3, Form 4 or Form 5  (all of which may be provided by means of delivery of the applicable SEC Form or filing, and  which will be deemed delivered upon (i) the posting of such information on the Borrower’s  website with written notice of such posting to the Administrative Agent or (ii) the making of  such information available on any Platform).               (f)   Other Information.  Such other reports and information as the  Administrative Agent or the Required Lenders may from time to time reasonably request.              (g)   Certificate of Beneficial Ownership and Other Additional Information.   Promptly provide  to the Administrative Agent and the Lenders: (i) upon the request of the                                         78  135035202_4 

 

     Administrative Agent or any Lender, confirmation of the accuracy of the information set forth in   the most recent Certificate of Beneficial Ownership provided to the Administrative Agent and   Lenders; (ii) a new Certificate of Beneficial Ownership, in form and substance acceptable to the   Administrative Agent and the Lenders, when the individual(s) to be identified as a Beneficial   Owner have changed; and (iii) such other information and documentation as may reasonably be   requested by the Administrative Agent or any Lender from time to time for purposes of   compliance by the Administrative Agent or such Lender with applicable laws (including without   limitation the USA PATRIOT Act and other “know your customer” and anti-money laundering   rules and regulations), and any policy or procedure implemented by the Administrative Agent or  such Lender to comply therewith.                                      ARTICLE 9                              NEGATIVE COVENANTS          The Borrower hereby covenants and agrees that until the Facility Termination Date, it   will not, and will not permit any of its Subsidiaries to:            9.1   Indebtedness.  At any time create, incur, assume or suffer to exist any   Indebtedness, except:                (a)   Indebtedness under the Loan Documents;                (b)   Existing Indebtedness as set forth on Schedule 9.1 (including any   amendments, extensions, refinancings or renewals thereof; provided that before and immediately   after any such amendment, extension, refinancing or renewal of such Indebtedness (i) the  Borrower is in pro forma compliance with Section 9.8 [Maximum Funded Indebtedness to Total  Adjusted Capitalization Ratio], (ii) no Event of Default or Potential Default shall have occurred  and be continuing or would result therefrom and (iii) the aggregate principal committed amount  of unsecured Current Indebtedness shall not at any time exceed $100,000,000.00);               (c)   (i) Secured Indebtedness incurred with respect to purchase money security  interests, capitalized leases, Commodity Hedges (secured only by the Liens described in clause  (ix) of the definition of “Permitted Liens”) and first mortgage bonds (other than such bonds  relating to the FPU Indebtedness as set forth in Schedule 9.1), such Indebtedness secured by the   Liens described in clause (vi) of the definition of “Permitted Liens” and any other secured   Indebtedness of the Borrower and its Subsidiaries described in clause (x) of the definition of   “Permitted Liens” and (ii) unsecured Current Indebtedness and Funded Indebtedness of the   Borrower’s Subsidiaries; provided that the sum of the aggregate amount of clause (i) plus the   aggregate amount of clause (ii) shall not exceed at any time 20% of Total Adjusted  Capitalization;                (d)   Indebtedness of a Subsidiary to another Subsidiary or to the Borrower;                 (e)   Any (i) Lender Provided Interest Rate Hedge or Lender Provided   Commodity Hedge, (ii) other Commodity Hedges or (iii) Indebtedness under any Other Lender   Provided Financial Services Product; and                                           79   135035202_4 

 

                 (f)   Other unsecured Indebtedness (other than any such Indebtedness incurred   with respect to any currency swap agreement or other similar agreement); provided that before   and immediately after the incurrence of such Indebtedness (i) the Borrower is in pro forma   compliance with Section 9.8 [Maximum Funded Indebtedness to Total Adjusted Capitalization   Ratio] and (ii) no Event of Default or Potential Default shall have occurred and be continuing or  would result therefrom.         9.2   Liens; Lien Covenants.  At any time create, incur, assume or suffer to exist any   Lien on any of its property or assets, tangible or intangible, now owned or hereafter acquired, or   agree or become liable to do so, except Permitted Liens.          9.3   Loans and Investments.  At any time make or suffer to remain outstanding any   loan or advance to, or purchase, acquire or own any stock, bonds, notes or securities of, or any   partnership interest (whether general or limited) or limited liability company interest in, or any   other investment or interest in, or make any capital contribution to, any other Person, or agree,  become or remain liable to do any of the foregoing (each, an “Investment”), except:               (a)   trade credit extended on usual and customary terms in the ordinary course  of business;               (b)   advances to employees to meet expenses incurred by such employees in   the ordinary course of business;                (c)   Permitted Investments;                 (d)   Investments in Subsidiaries;                 (e)   to the extent not constituting Permitted Acquisitions, Investments in   Persons principally engaged in a field of enterprise engaged in by the Borrower and its   Subsidiaries on the date hereof and any other field of enterprise substantially related, ancillary or   complementary thereto, not exceeding $150,000,000 in the aggregate outstanding at any time;   and                (f)   Permitted Acquisitions.          9.4   Line of Business.  The Borrower will not, and will not permit any Subsidiary to,   engage in any business if, as a result, the general nature of the business in which the Borrower   and its Subsidiaries, taken as a whole, would then be engaged, would be substantially changed   from the general nature of the business in which the Borrower and its Subsidiaries, taken as a   whole, are engaged on the date of this Agreement.          9.5   Liquidations, Mergers, Consolidations, Acquisitions.  Dissolve, liquidate or wind-  up its affairs, or become a party to any merger or consolidation, or acquire by purchase, lease or  otherwise all or substantially all of the assets or Equity Interests of any other Person (except in  the case of Acquisitions, Permitted Acquisitions or in the case of dissolutions, dispositions or   mergers, as otherwise permitted by Section 9.6(b), (c), (e)  and (f)) or consummate an LLC   Division.                                          80   135035202_4 

 

          9.6   Dispositions of Assets or Subsidiaries.  Sell, convey, assign, lease, abandon or   otherwise transfer or dispose of, voluntarily or involuntarily, any of its properties or assets,  tangible or intangible (including by LLC Division, sale, assignment, discount or other disposition  of accounts, contract rights, chattel paper, equipment or general intangibles with or without  recourse or of Equity Interests of a Subsidiary), except:               (a)   transactions involving the sale of inventory in the ordinary course of  business;               (b)   any sale, transfer or lease of assets in the ordinary course of business  which are no longer necessary or required in the conduct of the Borrower’s or its Subsidiary’s  business;               (c)   any sale, transfer or lease of assets by any Subsidiary of the Borrower to   the Borrower or to another Subsidiary of the Borrower;                (d)   any sale, transfer or lease of assets in the ordinary course of business   which are replaced by substitute assets acquired or leased; or                (e)   any sale, transfer or lease of assets where the amount of such assets   (valued at net book value), together with all other assets of the Borrower and Subsidiaries   previously disposed of as permitted by this clause (e) during the fiscal year in which the   disposition occurs does not exceed 10% of Consolidated Total Assets as of the end of the fiscal   year then most recently ended; provided that assets, as so valued, may be sold in excess of 10%   of Consolidated Total Assets in any fiscal year if either (i) within one year of such sale, the   proceeds from the sale of such assets are used, or committed by the Borrower’s Board of   Directors to be used, to acquire other assets of at least equivalent value and earning power or (ii)   with the written consent of the Required Lenders, the proceeds from sale of such assets are used   immediately upon receipt to prepay senior Funded Indebtedness of the Borrower; and                (f)   any sale, transfer or lease of assets, other than those specifically excepted   pursuant to clauses (a) through (e) above, which is approved by the Required Lenders.          9.7   Affiliate Transactions.    Enter into or carry out any transaction with any Affiliate   of the Borrower other than a Subsidiary of the Borrower (including purchasing property or   services from or selling property or services to any Affiliate of the Borrower other than a   Subsidiary of the Borrower) unless such transaction is not otherwise prohibited by this   Agreement, is entered into in the ordinary course of business upon fair and reasonable arm’s- length terms and conditions which are fully disclosed to the Administrative Agent and is in  accordance with all applicable Law; provided that the foregoing restriction shall not apply to the  payment or grant of reasonable compensation, benefits and indemnities to any director or officer  of the Borrower or any Subsidiary and shall not restrict transactions with any Affiliate of the  Borrower that have been approved by or are entered into pursuant to any orders or decisions of  any Official Body having jurisdiction over the Borrower or any of its Subsidiaries.          9.8   Maximum Funded Indebtedness to Total Adjusted Capitalization Ratio.  Will not,   as of the last day of each fiscal quarter of the Borrower, permit the Funded Indebtedness to Total   Adjusted Capitalization Ratio to exceed 0.65:1.00.                                          81   135035202_4 

 

          9.9   Limitation on Negative Pledges and Restrictive Agreements.  Enter into, or permit   to exist, any contractual obligation (except for this Agreement and the other Loan Documents)   that (a) encumbers or restricts the ability of any such Person to (i) perform its obligations   hereunder or under any other Loan Document; (ii) make dividends or distribution to the   Borrower, (iii) pay any Indebtedness or other obligation owed to the Borrower, (iv) make loans   or advances to the Borrower, (v) create any Lien upon any of their properties or assets, whether   now owned or hereafter acquired (except, in the case of this clause (a)(v) only, (1) for any   document or instrument governing any purchase money Liens or capital lease obligations   otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective  against the assets financed thereby), (2) customary provisions restricting assignment of any  licensing agreement (in which the Borrower or its Subsidiaries are the licensee) with respect to a  contract entered into with the Borrower or its Subsidiaries in the ordinary course of business, (3)  customary provisions restricting subletting, sublicensing or assignment of any intellectual  property license or any lease governing any leasehold interests of the Borrower and its  Subsidiaries and (4) for any document or instrument governing any Indebtedness permitted by  Section 9.1(b) or any Indebtedness permitted by Section 9.1(f) to the extent such Indebtedness   constitutes senior notes issued by Borrower ranking pari passu with the Obligations and the   Indebtedness described on Schedule 9.1) or (vi) Guaranty the Obligations or (b) requires the  grant of any Lien (other than a Permitted Lien or as may be required pursuant to any document  or instrument governing the Indebtedness described on Schedule 9.1 or any other document or   instrument pursuant to which Borrower may issue senior notes ranking pari passu thereto solely   to the extent such Indebtedness evidenced by such senior notes is permitted under Section   9.1[Indebtedness] ) on property for any obligation if a Lien on such property is given as security   for the Obligations.                                     ARTICLE 10                                     DEFAULT          10.1  Events of Default.  An Event of Default shall mean the occurrence or existence of   any one or more of the following events or conditions (whatever the reason therefor and whether   voluntary, involuntary or effected by operation of Law):                (a)   Payments Under Loan Documents.  The Borrower shall fail to pay (i)   when and as required to be paid herein, any principal of any Loan, Reimbursement Obligation or   Letter of Credit Obligation or (ii) within three (3) Business Days when and as required to be paid   herein, any interest on any Loan, Reimbursement Obligation or Letter of Credit Obligation or   any fee or other amount owing hereunder or under the other Loan Documents; or                (b)   Breach of Warranty.  Any representation or warranty made at any time by   the Borrower in any Loan Document, or in any certificate, other instrument or statement   furnished pursuant to the provisions hereof or thereof, shall prove to have been false or   misleading in any material respect (or in the case of any representation or warranty qualified by   materiality or reference to the absence of a Material Adverse Change, in which event shall prove   to have been false or misleading in any respect) as of the time it was made, deemed made or   furnished; or                                           82   135035202_4 

 

                 (c)   Breach of Certain Covenants.  The Borrower shall default in the   observance or performance of any covenant contained in Section 8.5 [Inspection Rights], Section   8.9 [Anti-Terrorism Laws; International Trade Law Compliance] or Article 9 [Negative   Covenants]; or                (d)   Breach of Other Covenants.  The Borrower shall default in the observance   or performance of any other covenant, condition or provision hereof or of any other Loan   Document and such default shall continue unremedied for a period of thirty (30) days; or                (e)   Defaults in Other Agreements or Indebtedness.  A breach, default or event   of default shall occur at any time under the terms of any other agreement involving borrowed   money or the extension of credit or any other Indebtedness under which the Borrower or   Subsidiary of the Borrower may be obligated as a borrower or guarantor in excess of  $20,000,000 in the aggregate, and such breach, default or event of default either (i) consists of  the failure to pay (beyond any period of grace permitted with respect thereto, whether waived or  not) any such Indebtedness when due (whether at stated maturity, by acceleration or otherwise)  or (ii) causes, or permits the holder or holders of such Indebtedness or the beneficiary or  beneficiaries of such guarantee (or a trustee or agent on behalf of such holder or holders or  beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to  be demanded or to become due or to be repurchased, prepaid, defeased or redeemed  (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such  Indebtedness to be made, prior to its stated maturity, or such guarantee to become payable or  cash collateral in respect thereof to be demanded; or               (f)   Final Judgments or Orders.  Any final judgments or orders for the   payment of money in excess of $20,000,000 in the aggregate shall be entered against the  Borrower by a court having jurisdiction in the premises, and with respect to which either (i)  enforcement proceedings are commenced by any creditor upon such judgment or order, or  (ii) there is a period of 30 consecutive days during which a stay of enforcement of such judgment  or order, by reason of a pending appeal or otherwise, is not in effect; or               (g)   Loan Document Unenforceable.  Any of the Loan Documents shall cease   to be legal, valid and binding agreements enforceable against the party executing the same or   such party’s successors and assigns (as permitted under the Loan Documents) in accordance with   the respective terms thereof or shall in any way be terminated (except in accordance with its   terms) or become or be declared ineffective or inoperative or shall in any way be challenged or   contested or cease to give or provide the respective rights, titles, interests, remedies, powers or   privileges intended to be created thereby; or               (h)   Uninsured Losses; Proceedings Against Assets.  There shall occur any   material uninsured damage to or loss, theft or destruction of any of property of the Borrower in   excess of $20,000,000  or assets of the Borrower in excess of $20,000,000  are attached, seized,   levied upon or subjected to a writ or distress warrant; or such come within the possession of any   receiver, trustee, custodian or assignee for the benefit of creditors and the same is not cured   within thirty (30) days thereafter; or                                           83   135035202_4 

 

                 (i)   Events Relating to Pension Plans and Multiemployer Plans.  An ERISA   Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could   reasonably be expected to result in liability of Borrower or any member of the ERISA Group   under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate   amount in excess of $20,000,000, or Borrower or any member of the ERISA Group fails to pay  when due, after the expiration of any applicable grace period, any installment payment with  respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan,  where the aggregate amount of unamortized withdrawal liability is in excess of $20,000,000; or               (j)   Change of Control.  A Change of Control shall occur; or                (k)   Insolvency Proceedings; Solvency; Attachment.  Either (i) an Insolvency   Proceeding shall have been instituted against the Borrower or Subsidiary of the Borrower and   such Insolvency Proceeding shall remain undismissed or unstayed and in effect for a period of   thirty (30) consecutive days or such court shall enter a decree or order granting any of the relief   sought in such Insolvency Proceeding, (ii) the Borrower or Subsidiary of the Borrower institutes,   or takes any action in furtherance of, an Insolvency Proceeding, (iii) the Borrower or any   Subsidiary of the Borrower ceases to be Solvent or admits in writing its inability to pay its debts   as they mature or (iv) any writ or warrant of attachment or execution or similar process is issued   or levied against all or any material part of the property of the Borrower or any Subsidiary of the   Borrower and is not released, vacated or fully bonded within thirty (30) days after its issue or   levy.          10.2  Consequences of Event of Default.                (a)   Events of Default Other Than Bankruptcy, Insolvency or Reorganization   Proceedings.  If any Event of Default specified under Section 10.1 shall occur and be continuing,   the Lenders and the Administrative Agent shall be under no further obligation to make Loans   and the Issuing Lender shall be under no obligation to issue Letters of Credit and the   Administrative Agent may, and upon the request of the Required Lenders shall, take any or all of   the following actions:                      (i)   declare the commitment of each Lender to make Loans and any         obligation of the Issuing Lender to issue, amend or extend Letters of Credit to be         terminated, whereupon such commitments and obligation shall be terminated;                      (ii)  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;                      (iii) require the Borrower to, and the Borrower shall thereupon, deposit         in a non-interest-bearing account with the Administrative Agent, as Cash Collateral for         its Obligations under the Loan Documents, an amount equal to the Minimum Collateral         Amount for all outstanding Letters of Credit, and the Borrower hereby pledges to the         Administrative Agent and the Lenders, and grants to the Administrative Agent and the                                          84   135035202_4 

 

          Lenders a security interest in, all such Cash Collateral as security for such Obligations;        and                     (iv)  exercise on behalf of itself, the Lenders and the Issuing Lender all        rights and remedies available to it, the Lenders and the Issuing Lender under the Loan        Documents;   provided 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 Issuing Lender to issue, amend or extend any Letter of   Credit 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 provide Cash Collateral as set forth in clause (iii) above shall   automatically become effective, in each case without further act of the Administrative Agent or   any Lender.                (b)   Set-off.  If an Event of Default shall have occurred and be continuing,   each Lender, the Issuing Lender, and each of their respective Affiliates and any participant of   such Lender or Affiliate which has agreed in writing to be bound by the provisions of Section 5.3   [Sharing of Payments by Lenders], after obtaining the prior written consent of the Administrative   Agent, is hereby authorized at any time and from time to time, to the fullest extent permitted by   applicable Law, to set off and apply any and all deposits (general or special, time or demand,   provisional or final, in whatever currency) at any time held and other obligations (in whatever   currency) at any time owing by such Lender, the Issuing Lender or any such Affiliate or   participant to or for the credit or the account of the Borrower against any and all of the   Obligations now or hereafter existing under this Agreement or any other Loan Document to such   Lender, the Issuing Lender, Affiliate or participant, irrespective of whether or not such Lender,   Issuing Lender, Affiliate or participant shall have made any demand under this Agreement or any   other Loan Document and although such Obligations of the Borrower may be contingent or   unmatured or are owed to a branch or office of such Lender or the Issuing Lender different from   the branch or office holding such deposit or obligated on such Indebtedness, provided that in the   event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off  shall be paid over immediately to the Administrative Agent for further application in accordance  with the provisions of Section 2.10 [Defaulting Lenders] and, pending such payment, shall be  segregated by such Defaulting Lender from its other funds and deemed held in trust for the  benefit of the Administrative Agent, the Issuing Banks, and the Lenders, and (y) the Defaulting  Lender shall provide promptly to the Administrative Agent a statement describing in reasonable  detail the Obligations owing to such Defaulting Lender as to which it exercised such right of  setoff.  The rights of each Lender, the Issuing Lender and their respective Affiliates and  participants under this Section are in addition to other rights and remedies (including other rights  of setoff) that such Lender, the Issuing Lender or their respective Affiliates and participants may  have.  Each Lender and the Issuing Lender agrees to notify the Borrower and the Administrative  Agent promptly after any such setoff and application; provided that the failure to give such  notice shall not affect the validity of such setoff and application; and               (c)   Enforcement of Rights and Remedies.  Notwithstanding anything to the   contrary contained herein or in any other Loan Document, the authority to enforce rights and                                          85   135035202_4 

 

     remedies hereunder and under the other Loan Documents against the Borrower shall be vested   exclusively in, and all actions and proceedings at law in connection with such enforcement shall   be instituted and maintained exclusively by, the Administrative Agent in accordance with this   Section 10.2 for the benefit of all the Lenders and the Issuing Lender and the other Secured   Parties; provided that the foregoing shall not prohibit (a) the Administrative Agent from   exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity   as Administrative Agent) hereunder and under the other Loan Documents, (b) the Issuing Lender   or the Swing Loan Lender from exercising the rights and remedies that inure to its benefit (solely   in its capacity as the Issuing Lender or Swing Loan Lender, as the case may be) hereunder and   under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with   Section 10.2(b) (subject to the terms of Section 5.3 [Sharing of Payments by Lenders]), or (d)   any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during   the pendency of a proceeding relative to the Borrower under any Insolvency Proceeding; and   provided, further, that if at any time there is no Person acting as Administrative Agent hereunder   and under the other Loan Documents, then (i) the Required Lenders shall have the rights   otherwise ascribed to the Administrative Agent pursuant to this Section 10.2(c), and (ii)  in  addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to  Section 5.3 [Sharing of Payments by Lenders]), any Lender may, with the consent of the  Required Lenders, enforce any rights and remedies available to it and as authorized by the  Required Lenders.         10.3  Application of Proceeds.  From and after the date on which the Administrative   Agent has taken any action pursuant to Section 10.2 (or after the Loans have automatically   become immediately due and payable and the Letter of Credit Obligations have automatically   been required to be Cash Collateralized as set forth in the proviso to Section 10.2(a)) and until   the Facility Termination Date, any and all proceeds received on account of the Obligations shall   (subject to Sections 2.10 and 10.2(a)(iii)) be applied as follows:                (a)   First, to payment of that portion of the Obligations constituting fees (other   than Letter of Credit Fees), indemnities, expenses and other amounts, including attorney fees,   payable to the Administrative Agent in its capacity as such, the Issuing Lender in its capacity as  such and the Swing Loan Lender in its capacity as such, ratably among the Administrative  Agent, the Issuing Lender and Swing Loan Lender in proportion to the respective amounts  described in this clause First payable to them;                (b)   Second, to payment of that portion of the Obligations constituting fees,   indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable   to the Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in   proportion to the respective amounts described in this clause Second payable to them;                (c)   Third, to payment of that portion of the Obligations constituting accrued   and unpaid Letter of Credit Fees and interest on the Loans and Reimbursement Obligations,   ratably among the Lenders and the Issuing Lender in proportion to the respective amounts   described in this clause Third payable to them;                (d)   Fourth, to payment of that portion of the Obligations constituting unpaid   principal of the Loans, Reimbursement Obligations and payment obligations then owing under                                          86   135035202_4 

 

     Lender Provided Interest Rate Hedges, Lender Provided Commodity Hedges and Other Lender  Provided Financial Service Products, ratably among the Lenders, the Issuing Lender, the  applicable Cash Management Banks, the applicable Commodity Hedge Banks and the applicable  Interest Rate Hedge Banks, in proportion to the respective amounts described in this clause  Fourth held by them;                (e)   Fifth, to the Administrative Agent for the account of the Issuing Lender, to   Cash Collateralize any undrawn amounts under outstanding Letters of Credit (to the extent not   otherwise cash collateralized pursuant to this Agreement); and               (f)   Last, the balance, if any, after all of the Obligations have been   indefeasibly paid in full, to the Borrower or as otherwise required by Law.    Amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant   to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they   occur.  If any amount remains on deposit as cash collateral after all Letters of Credit have either   been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if   any, in the order set forth above.    In addition, notwithstanding the foregoing, Obligations arising under Lender Provided Interest   Rate Hedges, Lender Provided Commodity Hedges and Other Lender Provided Financial Service  Products shall be excluded from the application described above if the Administrative Agent has  not received written notice thereof, together with such supporting documentation as the  Administrative Agent may reasonably request, from the applicable Cash Management Bank,  Commodity Hedge Bank   or Interest Rate Hedge Bank, as the case may be.  Each Cash  Management Bank, Commodity Hedge Bank  or Interest Rate Hedge Bank not a party to the   Credit Agreement that has given the notice contemplated by the preceding sentence shall, by   such notice, be deemed to have acknowledged and accepted the appointment of the   Administrative Agent pursuant to the terms of Article 11 hereof for itself and its Affiliates as if a   “Lender” party hereto.                                     ARTICLE 11                           THE ADMINISTRATIVE AGENT          11.1  Appointment and Authority.  Each of the Lenders and the Issuing Lender hereby   irrevocably appoints PNC Bank, National Association to act on its behalf as the Administrative  Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent  to take such actions on its behalf and to exercise such powers as are delegated to the  Administrative Agent by the terms hereof or thereof, together with such actions and powers as  are reasonably incidental thereto.  The provisions of this Article are solely for the benefit of the  Administrative Agent, the Lenders and the Issuing Lender, and the Borrower shall not have  rights as a third-party beneficiary of any of such provisions.  It is understood and agreed that the  use of the term “agent” herein or in any other Loan Documents (or any other similar term) with  reference to the Administrative Agent is not intended to connote any fiduciary or other implied  (or express) obligations arising under agency doctrine of any applicable law. Instead such term is  used as a matter of market custom, and is intended to create or reflect only an administrative  relationship between contracting parties.                                          87   135035202_4 

 

          11.2  Rights as a Lender.  The Person serving as the Administrative Agent hereunder   shall have the same rights and powers in its capacity as a Lender as any other Lender and may   exercise the same as though it were not the Administrative Agent, and the term “Lender” or   “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,   include the Person serving as the Administrative Agent hereunder in its individual capacity.    Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as  the financial advisor or in any other advisory capacity for, and generally engage in any kind of  business with, the Borrower or any Subsidiary or other Affiliate thereof as if such Person were  not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.           11.3  Exculpatory Provisions.  (a) The Administrative Agent shall not have any duties   or obligations except those expressly set forth herein and in the other Loan Documents, and its   duties hereunder shall be administrative in nature.  Without limiting the generality of the  foregoing, the Administrative Agent:                     (i)   shall not be subject to any fiduciary or other implied duties,              regardless of whether a Potential Default or Event of Default has occurred and is              continuing;                                        (ii)  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 Administrative              Agent is required to exercise as directed in writing by the Required Lenders (or              such other number or percentage of the Lenders as shall be expressly provided for              herein or in the other Loan Documents); provided that the Administrative Agent               shall not be required to take any action that, in its opinion or the opinion of its               counsel, may expose the Administrative Agent to liability or that is contrary to               any Loan Document or applicable Law, including for the avoidance of doubt any               action that may be in violation of the automatic stay under any Debtor Relief Law               or that may effect a forfeiture, modification or termination of property of a              Defaulting Lender in violation of any Debtor Relief Law; and                                        (iii) shall not, except as expressly set forth herein and in the other Loan              Documents, have any duty to disclose, and shall not be liable for the failure to              disclose, any information relating to the Borrower or any of its Affiliates that is              communicated to or obtained by the Person serving as the Administrative Agent              or any of its Affiliates in any capacity.                (b)   The Administrative Agent shall not be liable for any action taken or not  taken by it (i) with the consent or at the request of the Required Lenders (or such other number   or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe   in good faith shall be necessary, under the circumstances as provided in Sections 12.1   [Modifications; Amendments and Waivers] and 10.2[Consequences of Event of Default]), or   (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of  competent jurisdiction by final and nonappealable judgment.  The Administrative Agent shall be  deemed not to have knowledge of any Potential Default or Event of Default unless and until                                          88   135035202_4 

 

     notice describing such Potential Default or Event of Default is given to the Administrative Agent   in writing by the Borrower, a Lender or an Issuing Lender.                  (c)   The Administrative Agent shall not be responsible for or have any duty to   ascertain or inquire into (i) any statement, warranty or representation made in or in connection  with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or  other document delivered hereunder or thereunder or in connection herewith or therewith,  (iii) the performance or observance of any of the covenants, agreements or other terms or   conditions set forth herein or therein or the occurrence of any Potential Default or Event of   Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any  other Loan Document or any other agreement, instrument or document, or (v) the satisfaction of  any condition set forth in Article 7 [Conditions of Lending and Issuance of Letters of Credit] or  elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the  Administrative Agent.                (d)   Reserved.          11.4  Reliance by Administrative Agent.  The Administrative Agent shall be entitled to   rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,   consent, statement, instrument, document or other writing (including any electronic message,   Internet or intranet website posting or other distribution) believed by it to be genuine and to have   been signed, sent or otherwise authenticated by the proper Person.  The Administrative Agent   also may rely upon any statement made to it orally or by telephone and believed by it to have   been made by the proper Person, and shall not incur any liability for relying thereon.  In   determining compliance with any condition hereunder to the making of a Loan, or the issuance,  extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the  satisfaction of a Lender or the Issuing Lender, the Administrative Agent may presume that such  condition is satisfactory to such Lender or Issuing Lender unless the Administrative Agent shall   have received notice to the contrary from such Lender or the Issuing Lender prior to the making   of such Loan or the issuance of such Letter of Credit.  The Administrative Agent may consult   with legal counsel (who may be counsel for the Borrower), independent accountants and other   experts selected by it, and shall not be liable for any action taken or not taken by it in accordance   with the advice of any such counsel, accountants or experts.          11.5  Delegation of Duties.  The Administrative Agent may perform any and all of its   duties and exercise its rights and powers hereunder or under any other Loan Document by or   through any one or more sub-agents appointed by the Administrative Agent.  The Administrative  Agent and any such sub-agent may perform any and all of its duties and exercise its rights and  powers by or through their respective Related Parties.  The exculpatory provisions of this Article  shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any  such sub-agent, and shall apply to their respective activities in connection with the syndication of  the Facility as well as activities as Administrative Agent.  The Administrative Agent shall not be  responsible for the negligence or misconduct of any sub-agents except to the extent that a court  of competent jurisdiction determines in a final and nonappealable judgment that the  Administrative Agent acted with gross negligence or willful misconduct in the selection of such  sub-agents.                                          89   135035202_4 

 

          11.6  Resignation of Administrative Agent.  (a) The Administrative Agent may at any   time give notice of its resignation to the Lenders, the Issuing Lender and the Borrower.  Upon   receipt of any such notice of resignation, the Required Lenders shall have the right, in   consultation with the Borrower (so long as no Potential Default or Event of Default has occurred   and is continuing), to 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 after the retiring   Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the   Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent   may (but shall not be obligated to), on behalf of the Lenders and the Issuing Lender, appoint a   successor Administrative Agent meeting the qualifications set forth above; provided that in no   event shall any such successor Administrative Agent be a Defaulting Lender.  Whether or not a   successor has been appointed, such resignation shall become effective in accordance with such   notice on the Resignation Effective Date.                (b)   If the Person serving as Administrative Agent is a Defaulting Lender   pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent   permitted by applicable law, by notice in writing to the Borrower and such Person remove such   Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. If   no such successor shall have been so appointed by the Required Lenders and shall have accepted   such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders)   (the “Removal Effective Date”), then such removal shall nonetheless become effective in  accordance with such notice on the Removal Effective Date.                (c)  With effect from the Resignation Effective Date or the Removal Effective  Date (as applicable) (i) the retiring or removed Administrative Agent shall be discharged from its  duties and obligations hereunder and under the other Loan Documents (except that in the case of  any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing  Lender under any of the Loan Documents, the retiring or removed Administrative Agent shall  continue to hold such collateral security until such time as a successor Administrative Agent is  appointed) and (ii) except for any indemnity payments owed to the retiring or removed  Administrative Agent, all payments, communications and determinations provided to be made  by, to or through the Administrative Agent shall instead be made by or to each Lender and  Issuing Lender directly, until such time, if any, as the Required Lenders appoint a successor   Administrative Agent as provided for above.  Upon the acceptance of a successor’s appointment   as Administrative Agent hereunder, such successor shall succeed to and become vested with all   of the rights, powers, privileges and duties of the retiring or removed Administrative Agent   (other than any rights to indemnity payments owed to the retiring or removed Administrative   Agent), and the retiring or removed Administrative Agent shall be discharged from all of its   duties and obligations hereunder or under the other Loan Documents.  The fees payable by the   Borrower to a successor Administrative Agent shall be the same as those payable to its   predecessor unless otherwise agreed between the Borrower and such successor.  After the   retiring or removed Administrative Agent’s resignation or removal hereunder and under the other   Loan Documents, the provisions of this Article and Section 12.3  [Expense; Indemnity; Damage   Waiver] 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.                                          90   135035202_4 

 

              11.7  Non-Reliance on Administrative Agent and Other Lenders.  Each Lender and the   Issuing Lender acknowledges that it has, independently and without reliance upon the   Administrative Agent or any other Lender or any of their Related Parties and based on such   documents and information as it has deemed appropriate, made its own credit analysis and   decision to enter into this Agreement.  Each Lender and Issuing Lender also acknowledges that it   will, independently and without reliance upon the Administrative Agent or any other Lender or   any of their Related Parties and based on such documents and information as it shall from time to   time deem appropriate, continue to make its own decisions in taking or not taking action under or  based upon this Agreement, any other Loan Document or any related agreement or any  document furnished hereunder or thereunder.         11.8  No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of   the Bookrunners, Arrangers or Syndication Agent 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 Administrative Agent, a Lender or an Issuing Lender   hereunder.          11.9  Administrative Agent’s Fee.  The Borrower shall pay to the Administrative Agent   a nonrefundable fee (the “Administrative Agent’s Fee”) under the terms of a letter (the   “Administrative Agent’s Letter”) between the Borrower and Administrative Agent, as   amended from time to time.          11.10 Administrative Agent May File Proofs of Claim.  In case of the pendency of any   proceeding under any Debtor Relief Law, the Administrative Agent (irrespective of whether the   principal of any Loan or Letter of Credit Obligation shall then be due and payable as herein  expressed or by declaration or otherwise and irrespective of whether the Administrative Agent  shall have made any demand on the Borrower) shall be entitled and empowered (but not  obligated) 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, Letter of Credit Obligations and all other Obligations  that are owing and unpaid and to file such other documents as may be necessary or advisable in  order to have the claims of the Lenders, the Issuing Lender and the Administrative Agent  (including any claim for the reasonable compensation, expenses, disbursements and advances of  the Lenders, the Issuing Lender and the Administrative Agent and their respective agents and  counsel and all other amounts due the Lenders, the Issuing Lender and the Administrative Agent  under Sections 2.9(b) [Letter of Credit Fees] and 12.3 [Expenses; Indemnity; Damage Waiver])   allowed in such judicial proceeding; and                  (b)   to collect and receive any monies or other property payable or deliverable   on any such claims and to distribute the same;      and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in   any such judicial proceeding is hereby authorized by each Lender and the Issuing Lender to   make such payments to the Administrative Agent and, in the event that the Administrative Agent   shall consent to the making of such payments directly to the Lenders and the Issuing Lender, to                                          91   135035202_4 

 

     pay to the Administrative Agent any amount due for the reasonable compensation, expenses,   disbursements and advances of the Administrative Agent and its agents and counsel, and any   other amounts due the Administrative Agent under Section 12.3 [Expenses; Indemnity; Damage   Waiver].            11.11 Reserved.            11.12 No Reliance on Administrative Agent’s Customer Identification Program.  Each   Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants  or assignees, may rely on the Administrative Agent to carry out such Lender’s, Affiliate’s,  participant’s or assignee’s customer identification program, or other obligations required or  imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the   regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP   Regulations”), or any other Anti-Terrorism Law or any Anti-Corruption Law, including any  programs involving any of the following items relating to or in connection with the Borrower, its  Affiliates or its agents, the Loan Documents or the transactions hereunder or contemplated  hereby: (i) any identity verification procedures, (ii) any recordkeeping, (iii) comparisons with  government lists, (iv) customer notices or (v) other procedures required under the CIP  Regulations or such other Laws.         11.13 Lender Provided Interest Rate Hedges, Lender Provided Commodity Hedges and   Other Lender Provided Financial Service Products.  Except as otherwise expressly set forth   herein, no Cash Management Bank, Commodity Hedge Bank or Interest Rate Hedge Bank that   obtains the benefits of Section 10.3 [Application of Proceeds] by virtue of the provisions hereof  or of any Loan Document shall have any right to notice of any action or to consent to, direct or  object to any action hereunder or under any other Loan Document other than in its capacity as a  Lender and, in such case, only to the extent expressly provided in the Loan Documents.   Notwithstanding any other provision of this Article 11 to the contrary, the Administrative Agent  shall not be required to verify the payment of, or that other satisfactory arrangements have been  made with respect to, Obligations arising under Lender Provided Interest Rate Hedges, Lender  Provided Commodity Hedges and/or Other Lender Provided Financial Service Products unless  the Administrative Agent has received written notice of such Obligations, together with such  supporting documentation as the Administrative Agent may request, from the applicable Cash  Management Bank, Commodity Hedge Bank or Interest Rate Hedge Bank, as the case may be.         11.14 Certain ERISA Matters.                (a)   Each Lender (x) represents and warrants, as of the date such Person   became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender  party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the  Administrative Agent, each Arranger and their respective Affiliates, and not, for the avoidance of  doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the   following is and will be true:                      (i)   such Lender is not using “plan assets” (within the meaning of   Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s                                           92   135035202_4 

 

     entrance into, participation in, administration of and performance of the Loans, the Letters of  Credit or the Commitments or this Agreement;                     (ii)  the transaction exemption set forth in one or more PTEs, such as  PTE 84-14 (a class exemption for certain transactions determined by independent qualified  professional asset managers), PTE 95-60 (a class exemption for certain transactions involving   insurance company general accounts), PTE 90-1 (a class exemption for certain transactions   involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for   certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption   for certain transactions determined by in-house asset managers), is applicable with respect to   such Lender’s entrance into, participation in, administration of and performance of the Loans, the   Letters of Credit, the Commitments and this Agreement;                      (iii) (A) such Lender is an investment fund managed by a “Qualified   Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified   Professional Asset Manager made the investment decision on behalf of such Lender to enter into,   participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this   Agreement, (C) the entrance into, participation in, administration of and performance of the   Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of   sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such   Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to   such Lender’s entrance into, participation in, administration of and performance of the Loans, the   Letters of Credit, the Commitments and this Agreement; or                       (iv)  such other representation, warranty and covenant as may be agreed   in writing between the Administrative Agent, in its sole discretion, and such Lender.                (b)   In addition, unless either (1) sub-clause (i) in the immediately preceding   clause (a) is true with respect to a Lender or (2) a Lender has provided another representation,   warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause   (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender   party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to   the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative   Agent, each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or   for the benefit of the Borrower or any other Credit Party, that none of the Administrative Agent,   any Arranger and their respective Affiliates is a fiduciary with respect to the assets of such   Lender involved in such Lender’s entrance into, participation in, administration of and   performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including   in connection with the reservation or exercise of any rights by the Administrative Agent under   this Agreement, any Loan Document or any documents related hereto or thereto).                                                    ARTICLE 12                                 MISCELLANEOUS          12.1  Modifications, Amendments or Waivers.  With the written consent of the   Required Lenders, the Administrative Agent, acting on behalf of all the Lenders, and the                                          93   135035202_4 

 

     Borrower, may from time to time enter into written agreements amending or changing any   provision of this Agreement or any other Loan Document or the rights of the Lenders or the   Borrower hereunder or thereunder, or may grant written waivers or consents hereunder or   thereunder.  Any such agreement, waiver or consent made with such written consent shall be   effective to bind all the Lenders and the Borrower; provided, that no such agreement, waiver or   consent may be made which will:               (a)   Increase of Commitment.  Increase the amount of the Revolving Credit   Commitment of any Lender hereunder without the consent of such Lender;                (b)   Extension of Payment; Reduction of Principal, Interest or Fees;   Modification of Terms of Payment.  Whether or not any Loans are outstanding, subject to   Section 2.12, extend the Expiration Date or the time for payment of principal or interest of any   Loan, the Commitment Fee or any other fee payable to any Lender, or reduce the principal   amount of or the rate of interest borne by any Loan (other than as a result of waiving the   applicability of any post-default increase in interest rates) or reduce the Commitment Fee or any   other fee payable to any Lender, without the consent of each Lender directly affected thereby; or                (c)   Miscellaneous.  Amend Section 5.2 [Pro Rata Treatment of Lenders],   Section 11.4 [Exculpatory Provisions] or Section 5.3 [Sharing of Payments by Lenders] or this  Section 12.1, alter any provision regarding the pro rata treatment of the Lenders or requiring all   Lenders to authorize the taking of any action or reduce any percentage specified in the definition   of Required Lenders, in each case without the consent of all of the Lenders;   provided that (i) no agreement, waiver or consent which would modify the interests, rights or   obligations of the Administrative Agent, the Issuing Lender, or the Swing Loan Lender may be   made without the written consent of the Administrative Agent, the Issuing Lender or the Swing   Loan Lender, as applicable and (ii) the Administrative Agent’s Letter may be amended, or rights  or privileges thereunder waived, in a writing executed only by the parties thereto, and provided,   further that, if in connection with any proposed waiver, amendment or modification referred to in   Sections 12.1(a) through (c) above, there is a Non-Consenting Lender, then the Borrower shall   have the right to replace any such Non-Consenting Lender with one or more replacement   Lenders pursuant to Section 5.7(a) [Replacement of a Lender].  Notwithstanding anything to the   contrary herein, no Defaulting Lender shall have any right to approve or disapprove any   amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its   terms requires the consent of all Lenders or each affected Lender may be effected with the   consent of the applicable Lenders other than Defaulting Lenders), except that (x) the   Commitment of any Defaulting Lender may not be increased or extended without the consent of   such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders   or each affected Lender that by its terms affects any Defaulting Lender disproportionately   adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.    Notwithstanding any provision herein to the contrary, this Agreement may be amended to extend   the Expiration Date with respect to the Revolving Credit Commitments of Lenders under the  Revolving Credit Facility that agree to such extension with respect to their Revolving Credit  Commitments pursuant to the terms and conditions of Section 2.12 with the written consent of  each such approving Lender, the Administrative Agent and the Borrower (and no other Lender).                                           94   135035202_4 

 

     In addition, notwithstanding the foregoing, (a) with the consent of the Borrower, the  Administrative Agent may amend, modify or supplement any Loan Document without the  consent of any Lender or the Required Lenders in order to correct or cure any ambiguity,   inconsistency or defect or correct any typographical or ministerial error in any Loan Document   (provided that any such amendment, modification or supplement shall not be materially adverse   to the interests of the Lenders taken as a whole), and (b) without the consent of any Lender or the   Borrower, within a reasonable time after (i) the effective date of any increase or addition to,   extension of or decrease from, the Revolving Commitment Amount, or (ii) any assignment by   any Lender of some or all of its Revolving Commitment Amount, the Administrative Agent   shall, and is hereby authorized and directed to, revise Schedule 1.1(B) to reflect such change and   shall distribute such revised Commitment Schedule to each of the Lenders and the Borrower,   whereupon such revised Schedule 1.1(B) shall replace the old Schedule 1.1(B) and become part   of this Agreement.             12.2  No Implied Waivers; Cumulative Remedies.  No course of dealing and no delay   or failure of the Administrative Agent or any Lender in exercising any right, power, remedy or   privilege under this Agreement or any other Loan Document shall affect any other or future   exercise thereof or operate as a waiver thereof, nor shall any single or partial exercise thereof   preclude any further exercise thereof or of any other right, power, remedy or privilege.  The   enumeration of the rights and remedies of the Administrative Agent and the Lenders set forth in   this Agreement is not intended to be exhaustive and the exercise by the Administrative Agent   and the Lenders of any right or remedy shall not preclude the exercise of any other rights or   remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy   given hereunder or under the other Loan Documents or that may now or hereafter exist at law or   in equity or by suit or otherwise.  No reasonable delay or failure to take action on the part of the   Administrative Agent or any Lender in exercising any right, power or privilege shall operate as a   waiver thereof, nor shall any single or partial exercise of any such right, power or privilege   preclude any other or further exercise thereof or the exercise of any other right, power or   privilege or shall be construed to be a waiver of any Event of Default.          12.3  Expenses; Indemnity; Damage Waiver.                (a)   Costs and Expenses.  The Borrower shall pay (i) all out-of-pocket   expenses incurred by the Administrative Agent, the Lead Arranger and their respective Affiliates  (including the reasonable fees, charges and disbursements of counsel for the Administrative  Agent), and shall pay all fees and time charges and disbursements for attorneys who may be  employees of the Administrative Agent, in connection with the syndication of the credit facilities  provided for herein, the preparation, negotiation, execution, delivery and administration of this  Agreement and the other Loan Documents or any amendments, modifications or waivers of the  provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby  shall be consummated), (ii) all out-of-pocket expenses incurred by the Issuing Lender in  connection with the issuance, amendment, renewal or extension of any Letter of Credit or any  demand for payment thereunder, (iii) all out-of-pocket expenses incurred by the Administrative  Agent, any Lender or the Issuing Lender (including the fees, charges and disbursements of any  counsel for the Administrative Agent, any Lender or the Issuing Lender), and shall pay all fees  and time charges for attorneys who may be employees of the Administrative Agent, any Lender                                          95   135035202_4 

 

     or the Issuing Lender, in connection with the enforcement or protection of its rights (A) in  connection with this Agreement and the other Loan Documents, including its rights under this  Section, and (B) in connection with the Loans made or Letters of Credit issued hereunder,  including all such out-of-pocket expenses incurred during any workout, restructuring or  negotiations in respect of such Loans or Letters of Credit, and (iv) all reasonable out-of-pocket  expenses of the Administrative Agent’s regular employees and agents engaged periodically to  perform audits of the Borrower’s books, records and business properties.               (b)   Indemnification by the Borrower.  The Borrower shall indemnify the   Administrative Agent (and any sub-agent thereof), the Arrangers, each Lender and the Issuing  Lender, and each Related Party of any of the foregoing Persons (each such Person being called  an “Indemnitee”) against, and hold each Indemnitee harmless from (and shall reimburse each   Indemnitee as the same are incurred), any and all losses, claims, damages, liabilities, penalties   and related expenses (including the fees, charges and disbursements of any counsel for any   Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time   charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by   any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower but   excluding other Indemnitees 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 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, (ii) any Loan or Letter of Credit or the use or proposed use of   the proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for  payment under a Letter of Credit if the documents presented in connection with such demand do  not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or  release of Hazardous Materials on or from any property owned or operated by the Borrower or  any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any  of its Subsidiaries, or (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, 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 non-appealable judgment to have resulted from the gross  negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the  Borrower against an Indemnitee for breach in bad faith of such Indemnitee's obligations  hereunder or under any other Loan Document, if the Borrower has obtained a final and non- appealable judgment in its favor on such claim as determined by a court of competent  jurisdiction.  This Section 12.3(b) shall not apply with respect to Taxes other than any Taxes that  represent losses, claims, damages, etc. arising from any non-Tax claim.               (c)   Reimbursement by Lenders.  To the extent that the Borrower for any   reason fails to indefeasibly pay any amount required under paragraph (a) or (b) of this Section to   be paid by it to the Administrative Agent (or any sub-agent thereof), the Issuing Lender, the   Swing Loan Lender or any Related Party of any of the foregoing, without relieving the Borrower   from its obligation to do so, each Lender severally agrees to pay to the Administrative Agent (or   any such sub-agent), such Issuing Lender, such Swing Loan Lender or such Related Party, as the   case may be, such Lender’s pro rata share (determined as of the time that the applicable                                          96   135035202_4 

 

   unreimbursed expense or indemnity payment is sought based on each Lender’s Ratable Share at  such time) of such unpaid amount (including any such unpaid amount in respect of a claim  asserted by such Lender); provided that the unreimbursed expense or indemnified loss, claim,  damage, liability or related expense, as the case may be, was incurred by or asserted against the  Administrative Agent (or any such sub-agent),the Issuing Lender or the Swing Loan Lender in  its capacity as such, or against any Related Party of any of the foregoing acting for the  Administrative Agent (or any such sub-agent), the Issuing Lender or the Swing Loan Lender in  connection with such capacity.  The obligations of the Lenders under this paragraph (b) are  subject to the provisions of Section 2.2 [Nature of Lenders’ Obligations with Respect to  Revolving Credit Loans].                 (d)   Waiver of Consequential Damages, Etc.  To the fullest extent permitted by  applicable Law, the Borrower shall not assert, and hereby waives, any claim against any  Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as  opposed to direct or actual damages) arising out of, in connection with, or as a result of, this  Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the  transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the  proceeds thereof.  No Indemnitee referred to in Section 12.3(a) [Costs and Expenses] shall be  liable for any damages arising from the use by unintended recipients of any information or other  materials distributed by it through telecommunications, electronic or other information  transmission systems in connection with this Agreement or the other Loan Documents or the  transactions contemplated hereby or thereby, except to the extent such liability or damages are  determined by a court of competent jurisdiction by final and non-appealable judgment to have  resulted from the gross negligence or willful misconduct of such Indemnitee.               (e)   Payments.  All amounts due under this Section shall be payable not later  than ten (10) days after demand therefor.               (f)   Survival.  Each party’s obligations under this Section shall survive the  termination of the Loan Documents and the termination of the Commitments and the repayment,  satisfaction or discharge of all Obligations.         12.4  Reserved.         12.5  Holidays.  Whenever payment of a Loan to be made or taken hereunder shall be  due on a day which is not a Business Day such payment shall be due on the next Business Day  (except as provided in Section 4.2 [Interest Periods]) and such extension of time shall be  included in computing interest and fees, except that the Loans shall be due on the Business Day  preceding the Expiration Date if the Expiration Date is not a Business Day.  Whenever any  payment or action to be made or taken hereunder (other than payment of the Loans) shall be  stated to be due on a day which is not a Business Day, such payment or action shall be made or  taken on the next following Business Day, and such extension of time shall not be included in  computing interest or fees, if any, in connection with such payment or action.                                          97  135035202_4 

 

          12.6  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 Section   12.6(b) [Electronic Communications]), all notices and other communications provided for herein   shall be in writing and shall be delivered by hand or overnight courier service, mailed by  certified or registered mail or sent by telecopier (i) if to a Lender, to it at its address set forth in  its administrative questionnaire, or (ii) if to any other Person, to it at its address set forth on  Schedule 1.1(B).            Notices sent by hand or overnight courier service, or mailed by certified or registered   mail, shall be deemed to have been given when received; notices sent by telecopier shall be   deemed to have been given when sent (except that, if not given during normal business hours for   the recipient, shall be deemed to have been given at the opening of business on the next Business   Day for the recipient).  Notices delivered through electronic communications to the extent  provided in 12.6(b) [Electronic Communications], shall be effective as provided in such Section.                (b)   Electronic Communications.  Notices and other communications to the   Lenders and the Issuing Lender hereunder may be delivered or furnished by electronic   communication (including e-mail and Internet or intranet websites) pursuant to procedures  approved by the Administrative Agent; provided that the foregoing shall not apply to notices to   any Lender or the Issuing Lender pursuant to Article 2 [Revolving Credit and Swingline Loan  Facilities] if such Lender or the Issuing Lender, as applicable, has notified the Administrative  Agent that it is incapable of receiving notices under such Article by electronic communication.   The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and  other communications to it hereunder by electronic communications pursuant to procedures  approved by it; provided that approval of such procedures may be limited to particular notices or   communications.  Unless the Administrative Agent otherwise prescribes, (i) notices and other   communications sent to an e-mail address shall be deemed received upon the sender's receipt of  an acknowledgement from the intended recipient (such as by the "return receipt requested"  function, as available, return e-mail or other written acknowledgement), and (ii) notices or  communications posted to an Internet or intranet website shall be deemed received upon the  deemed receipt by the intended recipient at its e-mail address as described in the foregoing  clause (i) of notification that such notice or communication is available and identifying the  website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email   or other communication is not sent during the normal business hours of the recipient, such notice   or communication shall be deemed to have been sent at the opening of business on the next   Business Day for the recipient.                  (c)   Change of Address, etc.  Any party hereto may change its address, e-mail   address or telecopier number for notices and other communications hereunder by notice to the   other parties hereto.                              (d)   Platform.                      (i)   The Borrower agrees that the Administrative Agent may, but shall               not be obligated to, make the Communications (as defined below) available to the                                          98   135035202_4 

 

               Issuing Lender and the other Lenders by posting the Communications on the              Platform.                              (ii)  The Platform is provided “as is” and “as available.”  The Agent              Parties (as defined below) do not warrant the adequacy of the Platform and              expressly disclaim liability for errors or omissions in the Communications.  No              warranty of any kind, express, implied or statutory, including, without limitation,              any warranty of merchantability, fitness for a particular purpose, non-             infringement of third-party rights or freedom from viruses or other code defects,             is made by any Agent Party in connection with the Communications or the             Platform.  In no event shall the Administrative Agent or any of its Related Parties             (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender              or any other Person or entity for damages of any kind, including, without              limitation, direct or indirect, special, incidental or consequential damages, losses              or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s             or the Administrative Agent’s transmission of communications through the             Platform.  “Communications” means, collectively, any notice, demand,              communication, information, document or other material provided by or on behalf              of the Borrower pursuant to any Loan Document or the transactions contemplated             therein which is distributed to the Administrative Agent, any Lender or any             Issuing Lender by means of electronic communications pursuant to this Section,             including through the Platform.                    12.7  Severability.  The provisions of this Agreement are intended to be severable.  If  any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any  jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such  invalidity or unenforceability without in any manner affecting the validity or enforceability  thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.  Without  limiting the foregoing provisions of this Section, if and to the extent that the enforceability of  any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief  Laws, as determined in good faith by the Administrative Agent, the Issuing Lender or the Swing  Loan Lender, as applicable, then such provisions shall be deemed to be in effect only to the  extent not so limited.        12.8  Duration; Survival.  All representations and warranties of the Borrower contained  herein or made in connection herewith shall survive the execution and delivery of this  Agreement and the completion of the transactions hereunder, and shall continue in full force and  effect until the Facility Termination Date.  All covenants and agreements of the Borrower  contained herein relating to the payment of principal, interest, premiums, additional  compensation or expenses and indemnification, including those set forth in the Notes,  Section 5.1 [Payments] and Section 12.3 [Expenses; Indemnity; Damage Waiver], shall survive  the Facility Termination Date.  All other covenants and agreements of the Borrower shall  continue in full force and effect from and after the Closing Date and until the Facility  Termination Date.                                          99  135035202_4 

 

          12.9  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 the Borrower may not assign or otherwise  transfer any of its rights or obligations hereunder (including, in each case, by way of an LLC  Division) without the prior written consent of the Administrative Agent and each Lender and no  Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an  assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of  participation in accordance with the provisions of paragraph (d) of this Section, or (iii) by way of  pledge or assignment of a security interest subject to the restrictions of paragraph (e) of this  Section (and any other attempted assignment or transfer by any party hereto shall be null and  void except as expressly set forth herein).  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 paragraph (d) of   this Section, Indemnitees and, to the extent expressly contemplated hereby, the Related Parties of   each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim   under or by reason of this Agreement.                (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 at the time owing to it); provided that any such   assignment shall be subject to the following conditions:                      (i)   Minimum Amounts.                            (A)   in the case of an assignment of the entire remaining amount   of the assigning Lender’s Commitment and the Loans at the time owing to it 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 clause (i)(A) of this Section,   the aggregate amount of the Commitment (which for this purpose includes Loans outstanding   thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding   balance of the Loans of the assigning Lender subject to each such assignment (determined as of   the date the Assignment and Assumption Agreement with respect to such assignment is delivered   to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption   Agreement, as of such  “Trade Date”) shall not be less than $5,000,000, in the case of any   assignment in respect of the Revolving Credit Commitment of the assigning Lender, unless each   of the Administrative Agent and, so long as no Event of Default has occurred and is continuing,   the Borrower otherwise consents (each such consent not to be unreasonably withheld or   delayed).                                          100   135035202_4 

 

                       (ii)  Proportionate Amounts.  Each partial assignment shall be made as   an assignment of a proportionate part of all the assigning Lender’s rights and obligations under   this Agreement with respect to the Loan or the Commitment assigned.                     (iii) Required Consents.  No consent shall be required for any   assignment except to the extent required by paragraph (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 (x) an Event of Default has occurred   and is continuing at the time of such assignment or (y) such assignment is to a Lender, an   Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have  consented to any such assignment unless it shall object thereto by written notice to the  Administrative Agent within five (5) Business Days after having received notice thereof;                             (B)   the consent of the Administrative Agent (such consent not  to be unreasonably withheld or delayed) shall be required for assignments 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 Issuing Lender and Swing Loan Lender  (such consent not to be unreasonably withheld or delayed) shall be required for any assignment  of the Facility.                     (iv)  Assignment and Assumption Agreement.  The parties to each   assignment shall execute and deliver to the Administrative Agent an Assignment and   Assumption Agreement, together with a processing and recordation fee of $3,500; provided that   the Administrative Agent may, in its sole discretion, elect to waive such processing and   recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to  the Administrative Agent an Administrative Questionnaire.                     (v)   No Assignment to Certain Persons.  No such assignment shall be   made to (A) the Borrower or any of the Borrower’s Affiliates or Subsidiaries, (B) any Defaulting  Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would  constitute a Defaulting Lender or a Subsidiary thereof or (C) any Disqualified Institution (to the   extent that such institution has been disclosed on a list that has been made available to all   Lenders).                      (vi)  No Assignment to Natural Persons.  No such assignment shall be   made to a natural Person (or a holding company, investment vehicle or trust for, or owned and  operated for the primary benefit of, a natural Person).                     (vii) Certain Additional Payments.  In connection with any assignment   of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be   effective unless and until, in addition to the other conditions thereto set forth herein, the parties   to the assignment shall make such additional payments to the Administrative Agent in an  aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright  payment, purchases by the assignee of participations or subparticipations, or other compensating  actions, including funding, with the consent of the Borrower and the Administrative Agent, the  applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender,                                         101   135035202_4 

 

     to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and   satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative   Agent, the Issuing Lender, the Swing Loan Lender and each other Lender hereunder (and interest   accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and  participations in Letters of Credit and Swing Loans in accordance with its Ratable Share.    Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any   Defaulting Lender hereunder shall become effective under applicable law without compliance   with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a   Defaulting Lender for all purposes of this Agreement until such compliance occurs.                      (viii) Effectiveness; Release. Subject to acceptance and recording   thereof by the Administrative Agent pursuant to paragraph (c) of this Section 12.9, from and   after the effective date specified in each Assignment and Assumption Agreement, the assignee   thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such   Assignment and Assumption Agreement, have the rights and obligations of a Lender under this   Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by   such Assignment and Assumption Agreement, be released from its obligations under this   Agreement (and, in the case of an Assignment and Assumption Agreement covering all of the   assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a   party hereto) but shall continue to be entitled to the benefits of Sections 4.4 [LIBOR Rate   Unascertainable; Etc.], 5.8 [Increased Costs], 5.9 [Taxes], 5.10 [Indemnity] and 12.3 [Expenses,   Indemnity; Damage Waiver] with respect to facts and circumstances occurring prior to the   effective date of such assignment; provided, that except to the extent otherwise expressly agreed   by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release  of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.   Any assignment or transfer by a Lender of rights or obligations under this Agreement that does  not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such  Lender of a participation in such rights and obligations in accordance with paragraph (d) of this  Section.               (c)   Register.  The Administrative Agent, acting solely for this purpose as an   agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and   Assumption Agreement delivered to it 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 owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).    The entries in the Register shall be conclusive absent manifest error, and the Borrower, the   Administrative Agent and the Lenders shall treat each Person whose name is recorded in the   Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.    The Register shall be available for inspection by the Borrower and any Lender, at any reasonable   time and from time to time upon reasonable prior notice.               (d)   Participations.  Any Lender may at any time, without the consent of, or   notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than   a natural Person, or a holding company, investment vehicle or trust for, or owned and operated   for the primary benefit of, a natural Person, the Borrower or any of the Borrower’s Affiliates or  Subsidiaries or any Disqualified Institution (to the extent that such institution has been disclosed   on a list that has been made available to all Lenders)) (each, a “Participant”) in all or a portion                                         102   135035202_4 

 

     of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its   Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this   Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other  parties hereto for the performance of such obligations, and (iii) the Borrower, the Administrative  Agent, the Issuing Lender and Lenders shall continue to deal solely and directly with such  Lender in connection with such Lender’s rights and obligations under this Agreement.  For the  avoidance of doubt, each Lender shall be responsible for the indemnity under Section 12.3  [Expenses; Indemnity; Damage Waiver] with respect to any payments made by such Lender to  its Participant(s).               Any agreement or instrument pursuant to which a Lender sells such a  participation shall provide that such Lender shall retain the sole right to enforce this Agreement  and to approve any amendment, modification or waiver of any provision of this Agreement;  provided that such agreement or instrument may provide that such Lender will not, without the   consent of the Participant, agree (other than as is already provided for herein) to any amendment,   modification or waiver with respect to Sections 12.1(a) [Increase of Commitment] or 12.1(b)   [Extension of Payment, Etc.] that affects such Participant.  The Borrower agrees that each   Participant shall be entitled to the benefits of Sections 4.4 [Libor Rate Unascertainable, Etc.], 5.8   [Increased Costs], 5.9 [Taxes] and 5.10 [Indemnity] (subject to the requirements and limitations   therein, including the requirements under Section 5.9(g) [Status of Lenders] (it being understood   that the documentation required under Section 5.9(g) [Status of Lenders] shall be delivered to the   participating Lender)) to the same extent as if it were a Lender and had acquired its interest by   assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to   be subject to the provisions of Section 5.7(a) [Replacement of a Lender] and Section 5.7(b)   [Designation of a Different Lending Office] 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 5.8   [Increased Costs] or 5.9 [Taxes], with respect to any participation, than its participating Lender   would have been entitled to receive, except to the extent such entitlement to receive a greater   payment results from a Change in Law that occurs after the Participant acquired the applicable   participation.  Each Lender that sells a participation agrees, at the Borrower’s request and   expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of   Section 5.7(a) [Replacement of a Lender] and Section 5.7(b) [Designation of Different Lending   Office] with respect to any Participant.  To the extent permitted by law, each Participant also   shall be entitled to the benefits of Section 10.2(b) [Set-off] as though it were a Lender; provided   that such Participant agrees to be subject to Section 5.3 [Sharing of Payments by Lenders] as  though it were a Lender.  Each Lender that sells a participation shall, acting solely for this  purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name  and address of each Participant and the principal amounts (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                                         103   135035202_4 

 

     participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For   the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall   have no responsibility for maintaining a Participant Register.                (e)   Certain Pledges; Successors and Assigns Generally.  Any Lender may at   any time pledge or assign a security interest in all or any portion of its rights under this   Agreement to secure obligations of such Lender, including any pledge or assignment to secure   obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release   such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for   such Lender as a party hereto.               (f)   Reserved.                (g)   Reserved.                (h)   Reserved.                (i)   Cashless Settlement.  Notwithstanding anything to the contrary contained   in this Agreement, any Lender may exchange, continue or rollover all or a portion of its Loans in   connection with any refinancing, extension, loan modification or similar transaction permitted by   the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the  Borrower, the Administrative Agent and such Lender.               (j)   Arrangers/Bookrunners.  Notwithstanding anything to the contrary   contained in this Agreement, the name of any arranger and/or bookrunner listed on the cover   page of this Agreement may be changed by the Administrative Agent to the name of any Lender   or Lender’s broker-dealer Affiliate, upon written request to the Administrative Agent by any  such arranger and/or bookrunner and the applicable Lender or Lender’s broker-deal Affiliate.         12.10 Confidentiality.                (a)   General.  Each of the Administrative Agent, the Lenders and the Issuing   Lender agree 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 and obligations under this Agreement, or (ii) any actual or   prospective party (or its Related Parties) to any swap, derivative or other transaction under which   payments are to be made by reference to the Borrower and its obligations, this Agreement or   payments hereunder; (g) on a confidential basis to (i)  any rating agency in connection with                                         104   135035202_4 

 

     rating the Borrower or its Subsidiaries or the Facility or (ii) the CUSIP Service Bureau or any   similar agency in connection with the issuance and monitoring of CUSIP numbers with respect   to the Facility; (h) with the 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 Administrative Agent, any Lender, any Issuing Lender or any of their respective   Affiliates on a nonconfidential basis from a source other than the Borrower. In addition, the   Administrative Agent and the Lenders may disclose the existence of this Agreement and   information about this Agreement to market data collectors, similar service providers to the   lending industry and service providers to the Agents and the Lenders in connection with the   administration of this Agreement, the other Loan Documents, and the Commitments.    For purposes of this Section, “Information” means all information received from the Borrower  or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their  respective businesses, other than any such information that is available to the Administrative  Agent, any Lender or any Issuing Lender on a nonconfidential basis prior to disclosure by the  Borrower or any of its Subsidiaries; provided that, in the case of information received from the  Borrower or any of its Subsidiaries after the date hereof, such information is clearly identified at   the time of delivery as confidential.  Any Person required to maintain the confidentiality of   Information as provided in this Section shall be considered to have complied with its obligation   to do so if such Person has exercised the same degree of care to maintain the confidentiality of  such Information as such Person would accord to its own confidential information.               (b)   Sharing Information With Affiliates of the Lenders.  The Borrower   acknowledges that from time to time financial advisory, investment banking and other services   may be offered or provided to the Borrower or one or more of its Affiliates (in connection with   this Agreement or otherwise) by any Lender or by one or more Subsidiaries or Affiliates of such   Lender and the Borrower hereby authorizes each Lender to share any information delivered to   such Lender by the Borrower and its Subsidiaries pursuant to this Agreement to any such   Subsidiary or Affiliate subject to the provisions of Section 12.10(a) [General].           12.11 Counterparts; Integration; Effectiveness.                (a)   Counterparts; Integration; Effectiveness.  This Agreement may be   executed in counterparts (and by different parties hereto in different counterparts), each of which   shall constitute an original, but all of which when taken together shall constitute a single   contract.  This Agreement and the other Loan Documents, and any separate letter agreements   with respect to fees payable to the Administrative Agent, constitute the entire contract among the   parties relating to the subject matter hereof and thereof and supersede any and all previous  agreements and understandings, oral or written, relating to the subject matter hereof and thereof   including any prior confidentiality agreements and commitments.  Except as provided in Article   7 [Conditions Of Lending And Issuance Of Letters Of Credit], this Agreement shall become   effective when it shall have been executed by the Administrative Agent and when the   Administrative Agent shall have received counterparts hereof that, when taken together, bear the  signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature  page of this Agreement by telecopy or e-mail shall be effective as delivery of a manually  executed counterpart of this Agreement.                                         105   135035202_4 

 

                 (b)   Electronic Execution of Assignments.  The words “execution,” “signed,”   “signature,” and words of like import in any Assignment and Assumption Agreement shall be   deemed to include electronic signatures or the keeping of records in electronic form, each of   which shall be of the same legal effect, validity or enforceability as a manually executed  signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and  as provided for in any applicable Law, including the Federal Electronic Signatures in Global and  National Commerce Act, the New York State Electronic Signatures and Records Act, or any  other similar state laws based on the Uniform Electronic Transactions Act.         12.12 Choice of Law Submission to Jurisdiction; Waiver of Venue; Service of Process;   Waiver of Jury Trail.                (a)   Governing Law.  This Agreement and the other Loan Documents and any   claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based   upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any   other Loan Document, as expressly set forth therein) and the transactions contemplated hereby   and thereby shall be governed by, and construed in accordance with, the law of the State of New   York.  Each standby Letter of Credit issued under this Agreement shall be subject, as applicable,   to the rules of the Uniform Customs and Practice for Documentary Credits, as most recently   published by the International Chamber of Commerce (the “ICC”) at the time of issuance   (“UCP”) or the rules of the International Standby Practices (ICC Publication Number 590)   (“ISP98”), as determined by the Issuing Lender, and each trade Letter of Credit shall be subject   to UCP, and in each case to the extent not inconsistent therewith, the Laws of the State of New   York without regard to its conflict of laws principles.                  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 Administrative Agent, any Lender, the Issuing   Lender, or any Related Party of the foregoing in any way relating to this Agreement or any other   Loan Document or the transactions relating hereto or thereto, in any forum other than the courts   of the State of New York sitting in New York County, and of the United States District Court of   the Southern District of New York, and any appellate court from any thereof, and each of the   parties hereto irrevocably and unconditionally submits to the jurisdiction of such  courts and   agrees that all claims in respect of any such action, litigation or proceeding may be heard and   determined in such New York State court or, to the fullest extent permitted by applicable law, in   such federal court.  Each of the parties hereto agrees that a final judgment in any such action,   litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on   the judgment or in any other manner provided by law.  Nothing in this Agreement or in any other   Loan Document shall affect any right that the Administrative Agent, any Lender or any Issuing   Lender may otherwise have to bring any action or proceeding relating to this Agreement or any   other Loan Document against the Borrower or its properties in the courts of any jurisdiction.                  (b)   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                                         106   135035202_4 

 

     defense of an inconvenient forum to the maintenance of such action or proceeding in any such   court.                (c)   Service of Process.  Each party hereto irrevocably consents to service of   process in the manner provided for notices in Section 12.6 [ Notices; Effectiveness; Electronic   Communication].  Nothing in this Agreement will affect the right of any party hereto to serve   process in any other manner permitted by applicable law.                (d)   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.         12.13 USA Patriot Act Notice.  Each Lender that is subject to the USA Patriot Act and   the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the   Borrower that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify   and record information that identifies the Borrower and its Subsidiaries, which information  includes the name and address the Borrower and its Subsidiaries and other information that will  allow such Lender or Administrative Agent, as applicable, to identify the Borrower and its   Subsidiaries in accordance with the USA Patriot Act.  The Borrower shall, promptly following a   request by the Administrative Agent or any Lender, provide all documentation and other   information that the Administrative Agent or such Lender requests in order to comply with its   ongoing obligations under applicable “know your customer” and anti-money laundering rules   and regulations, including the Act.          12.14 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: (a) (i) the arranging and other services regarding this Agreement provided by the  Administrative Agent, the Arrangers, and the Lenders are arm’s-length commercial transactions  between the Borrower, on the one hand, and the Administrative Agent, the Arrangers and the  Lenders, on the other hand, (ii) the Borrower has consulted its own legal, accounting, regulatory  and tax advisors to the extent it has deemed appropriate, and (iii) the Borrower is capable of  evaluating, and understands and accepts, the terms, risks and conditions of the transactions  contemplated hereby and by the other Loan Documents; (b) (i) each of the Administrative Agent,   each 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                                         107   135035202_4 

 

     an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and  (ii) neither the Administrative Agent, the Arrangers nor any Lender has any obligation to the  Borrower or any of its Affiliates with respect to the transactions contemplated hereby except  those obligations expressly set forth herein and in the other Loan Documents; and (c) the  Administrative Agent, the Arrangers 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 and its Affiliates, and neither the Administrative Agent, the Arranger nor any Lender  has any obligation to disclose any of such interests to the Borrower or its Affiliates.  To the  fullest extent permitted by Law, the Borrower hereby waives and releases any claims that it may  have against the Administrative Agent, the Arranger 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.          12.15 Contractual Recognition of Bail-In. 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 Affected   Financial Institution arising under any Loan Document, to the extent such liability is unsecured,   may be subject to the write-down and conversion powers of the applicable Resolution Authority   and agrees and consents to, and acknowledges and agrees to be bound by:                (a)   the application of any Write-Down and Conversion Powers by the  applicable Resolution Authority to any such liabilities arising hereunder which may be payable  to it by any Lender that is an Affected Financial Institution; and               (b)   the effects of any Bail-in Action on any such liability, including, if  applicable:                     (i)   a reduction in full or in part or cancellation of any such liability;                     (ii)  a conversion of all, or a portion of, such liability into shares or  other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a  bridge institution that may be issued to it or otherwise conferred on it, and that such shares or  other instruments of ownership will be accepted by it in lieu of any rights with respect to any  such liability under this Agreement or any other Loan Document; or                     (iii) the variation of the terms of such liability in connection with the        exercise of the write-down and conversion powers of the applicable Resolution        Authority.         12.16 Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan   Documents provide support, through a guarantee or otherwise, for any Commodity Hedge or any   Interest Rate Hedge or any other agreement or instrument that is a QFC (such support, “QFC  Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree   as follows with respect to the resolution power of the Federal Deposit Insurance Corporation  under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and  Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S.  Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with                                         108   135035202_4 

 

     the provisions below applicable notwithstanding that the Loan Documents and any Supported  QFC may in fact be stated to be governed by the laws of the State of New York and/or of the  United States or any other state of the United States):                (a)   In the event a QFC Covered Entity that is party to a Supported QFC (each,  a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime,  the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest  and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in  property securing such Supported QFC or such QFC Credit Support) from such Covered Party  will be effective to the same extent as the transfer would be effective under the U.S. Special  Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest,  obligation and rights in property) were governed by the laws of the United States or a state of the  United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes  subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan  Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that  may be exercised against such Covered Party are permitted to be exercised to no greater extent  than such Default Rights could be exercised under the U.S. Special Resolution Regime if the  Supported QFC and the Loan Documents were governed by the laws of the United States or a  state of the United States. Without limitation of the foregoing, it is understood and agreed that  rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the  rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.                 (b)   As used in this Section 12.16, the following terms have the following   meanings:                “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined         under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.                 “Default Right” has the meaning assigned to that term in, and shall be         interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.                “QFC” has the meaning assigned to the term “qualified financial contract” in, and         shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).                “QFC Covered Entity” means any of the following:  (i) a “covered entity” as         that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a         “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §         47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance         with, 12 C.F.R. § 382.2(b).                    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]                                                  109   135035202_4 

 

           IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized,  have executed this Agreement as of the day and year first above written.   ATTEST:                             BORROWER                                       CHESAPEAKE UTILITIES CORPORATION                                        By:  ________________________________                                      Name: Beth W. Cooper                                      Title: Executive Vice President and  Chief                                      Financial Officer                                                                                                                                                                                   CHESAPEAKE UTILITIES CORPORATION                                                                  CREDIT AGREEMENT                                                                    SIGNATURE PAGE   

 

                              PNC BANK, NATIONAL ASSOCIATION,  individually and as Administrative Agent       By:  ________________________________  Name: Ryan Pape  Title: Managing Director                         CHESAPEAKE UTILITIES CORPORATION                               CREDIT AGREEMENT                                 SIGNATURE PAGE 

 

                [LENDER]                    By:  ________________________________   Name:    Title:                                                                           CHESAPEAKE UTILITIES CORPORATION                               CREDIT AGREEMENT                                 SIGNATURE PAGE               

 

                                    SCHEDULE 1.1(B)               COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES                                      Page 1 of 2   Part 1 - Commitments of Lenders and Addresses for Notices to Lenders                                 Amount of                                       Commitment for                                      Revolving                      Lender            Credit Loans  Ratable Share    Name: PNC Bank, National                   Association                                Address: 500 First Avenue                  Pittsburgh, PA 15219                       Attention of: Agency Services Loan         Administration             $[_____]     [_____]%   Telecopy 412-762-8672                                              Name: [1]                                 Address:                                   Attention:                                 Telephone:                                 Telecopy:                                                              $[_____]     [_____]%          Total                $375,000,000 100.000000000%                                                            1 NTD: Schedule to be updated for additional Lenders     135035202_4 

 

                                   SCHEDULE 1.1(B)            COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES                                      Page 2 of 2   Part 2 - Addresses for Notices to Borrower:   ADMINISTRATIVE AGENT   Name: PNC Bank, National Association  Address: 500 First Avenue   Pittsburgh, PA 15219   Attention of: Agency Services Loan Administration  Telecopy 412-762-8672   With a Copy To:    Agency Services, PNC Bank, National Association   Mail Stop: P7-PFSC-04-I  Address: 500 First Avenue  Pittsburgh, PA 15219  Attention:  Agency Services  Telephone:  412 762 6442  Telecopy:   412 762 8672   BORROWER:   Name: Chesapeake Utilities Corporation  Address: 909 Silver Lake Boulevard  Dover, Delaware 19904  Attention: Beth W. Cooper, Executive Vice President & Chief Financial Officer  Chesapeake Utilities Corporation  Telephone:  302-734-6022   Telecopy:   302-734-6750         135035202_4 

 

                                       SCHEDULE 1.1(C)[2]                                EXISTING LETTERS OF CREDIT   [To be updated][3]                                                                                                          2 NTD: Update in process.  3 The letters of credit set forth on this Schedule 1.1(C) will be deemed Existing Letters of Credit on October 1, 2020.    135035202_4                                                   

 

                                 SCHEDULE 1.1(D)                                PERMITTED LIENS                                     Page 1 of 1        1. The FPU Indebtedness is secured by the Indenture of Mortgage and Deed of Trust, dated        as of September 1, 1942, as amended, supplemented and modified, by the Borrower, in        favor of U.S. Bank National Association (successor to the original trustees), as trustee.                   135035202_4                                          

 

                                 SCHEDULE 1.1(E)                       SPECIFIED EXISTING INDEBTEDNESS      1. Credit Agreement dated as of October 8, 2015, among Chesapeake Utilities Corporation,        as borrower, PNC Bank, National Association, as administrative agent, and the lenders        party thereto      2. Loan Agreement dated as of April 24, 2020, between Chesapeake Utilities Corporation,        as borrower, and PNC Bank, National Association, as lender       3. Amended and Restated Loan Agreement, dated October 31, 2019, between Chesapeake        Utilities Corporation and PNC Bank, National Association and associated Revolving        Line of Credit Note, expiring October 31, 2020. 4       4. First Amended and Restated Loan Agreement, dated October 31, 2017, between       Chesapeake Utilities Corporation and Bank of America, N.A., as amended and/or       restated.       5. Revolving Credit Agreement dated December 29, 2014, between Chesapeake Utilities       Corporation and Citizens Bank, National Association, as amended and/or restated.       6. Revolving Credit Agreement dated November 28, 2017, between Chesapeake Utilities       Corporation and Branch Banking and Trust Company, as amended and/or restated.     7. Loan Agreement, dated April 27, 2020, with Bank of America, N.A. for a revolving       credit facility in the maximum principal amount of $35,000,000.     8. Loan Agreement, dated May 6, 2020, with Royal Bank of Canada for a revolving credit       facility in the maximum principal amount of $20,000,000.     9. Credit Agreement, dated May 29, 2020 with Citizens Bank, National Association for a       revolving credit facility in the maximum principal amount of $25,000,000.                                                                                                                                       4 Outstanding amounts to be paid down and commitments reduced to the outstanding amount of the Existing Letters  of Credit, and will be fully paid off and terminated on or before October 2, 2020.    135035202_4 

 

                                         SCHEDULE 6.2                                     SUBSIDIARIES                                              Page 1 of 2                                      Jurisdiction of                          Ownership                Name                                        Owner                                     Organization                             Percentage   Eastern Shore Natural Gas Company  Delaware     Chesapeake Utilities Corporation  100%   Sharp Energy, Inc.                 Delaware     Chesapeake Utilities Corporation  100%   Sharpgas, Inc.                     Delaware     Sharp Energy, Inc.            100%   Xeron, Inc.                        Mississippi  Chesapeake Utilities Corporation  100%   Peninsula Energy Services Company, Inc. Delaware Chesapeake Utilities Corporation  100%   Peninsula Pipeline Company, Inc.   Delaware     Chesapeake Utilities Corporation  100%   Florida Public Utilities Company   Florida      Chesapeake Utilities Corporation  100%   Flo-Gas Corporation                Florida      Florida Public Utilities Company  100%   Chesapeake Service Company         Delaware     Chesapeake Utilities Corporation  100%   Skipjack, Inc.                     Delaware     Chesapeake Service Company    100%   Chesapeake Investment Company      Delaware     Chesapeake Service Company    100%   Eastern Shore Real Estate, Inc.    Delaware     Chesapeake Service Company    100%   Chesapeake OnSight Services, LLC   Delaware     Chesapeake Utilities Corporation  100%   Sandpiper Energy, Inc.             Delaware     Chesapeake Utilities Corporation  100%   Eight Flags Energy, LLC            Delaware     Chesapeake OnSight Services,  100%                                                  LLC   Austin Cox Home Services, Inc. (Inactive) Delaware Chesapeake Utilities Corporation  100%   Grove Energy, Inc. (Inactive)      Delaware     Chesapeake Utilities Corporation  100%   Aspire Energy, LLC                 Florida      Chesapeake Utilities Corporation  100%   Aspire Energy Express, LLC         Delaware     Chesapeake Utilities Corporation  100%   Marlin Gas Services, LLC           Delaware     Chesapeake Utilities Corporation  100%   Aspire Energy of Ohio, LLC         Delaware     Chesapeake Utilities Corporation  100%       135035202_4 

 

      CPK Elkton, LLC                    Delaware     Chesapeake Utilities Corporation  100%   Elkton Gas Company                 Maryland     CPK Elkton, LLC               100%   OnSight Renewables, LLC            Delaware     Chesapeake Utilities Corporation  100%   Amelia Island Energy, LLC          Delaware     Chesapeake OnSight Services,  100%                                                  LLC   Sharp Water, Inc. (Inactive)       Delaware     Chesapeake Utilities Corporation  100%       135035202_4                                             

 

                                 SCHEDULE 6.6(B)                          INDEBTEDNESS AND LIABILITIES                                     Page 1 of 1     1. Eastern Shore Natural Gas Company (“ESNG”), a subsidiary of Chesapeake Utilities       Corporation, has received an arbitration claim from Appalachian Pipeline Contractors, LLP       (“APC”) initially seeking $15.3 million for additional construction-related costs incurred by APC       related to ESNG’s 2017 Expansion Project. It is ESNG’s position that it has already compensated       APC for any and all delays for which ESNG is responsible through change orders, and that APC       is contractually barred from seeking any additional damages.  Subsequently, APC reduced the       amount of its claim to $12,470,480.19.                                             135035202_4 

 

                                     SCHEDULE 9.1                            PERMITTED INDEBTEDNESS                                      Page 1 of 2              1.     Note Purchase Agreement, dated September 5, 2013, regarding $20,000,000 3.73% Series A,         Senior Unsecured Notes, due December 16, 2028 and $50,000,000 3.88% Series B, Senior         Unsecured Notes, due May 15, 2029.   2.     Note Agreement, dated June 29, 2010, as amended by First Amendment June 20, 2011, regarding         $29,000,000 5.68% Series A, Senior Unsecured Notes, due June 30, 2026 and $7,000,000 6.43%         Series B, Senior Unsecured Notes, due May 2, 2028.    3.    Note Agreement, dated October 31, 2008, as amended, regarding $30,000,000 5.93% Senior         Unsecured Notes, due October 31, 2023.    4.    Note Agreement, dated October 18, 2005, as amended, regarding $20,000,000 5.50% Senior         Unsecured Notes, due October 12, 2020.      5.    Indenture of Mortgage and Deed of Trust, dated September 1, 1942, between Florida Public         Utilities Company and the trustee, for the First Mortgage Bonds, all supplemental indentures         thereto and the First Colony Bond Purchase Agreement.      6.    Private Shelf Agreement, dated October 8, 2015, as amended, restated, extended, supplemented         or otherwise modified from time to time), among Chesapeake Utilities Corporation and PGIM,         Inc. (formerly known as Prudential Investment Management, Inc.) and the other purchasers that         may become a party thereto from time to time.             a. $70,000,000 3.25% Series A, Senior Unsecured Notes due 2032            b. $100,000,000 3.98% Series B, Senior Unsecured Notes due 2039            c. $50,000,000 3.00% Series C, Senior Unsecured Notes due 2035       7.    Master Note Agreement, dated March 2, 2017 (as amended, restated, extended, supplemented or         otherwise modified from time to time), by and between Chesapeake Utilities Corporation and         NYL Investors LLC.             a. $50,000,000 3.48% Series A, Senior Unseucred Notes due 2038            b. $50,000,000 3.58% Series A, Senior Unsecured Notes due 2038            c. $40,000,000 2.96% Series A, Senior Unsecured Notes due 2035      8.    Note Purchase Agreement, dated November 19, 2019, by and among Chesapeake Utilities         Corporation, The Guardian Life Insurance Company of America and the other purchasers party         thereto regarding $70,000,000 2.98% Senior Unsecured Notes, due December 20, 2035.       9. Private Shelf Agreement, dated March 2, 2017 (as amended, restated, extended, supplemented or         otherwise modified from time to time), by and among Chesapeake Utilities Corporation,     135035202_4 

 

                Metropolitan Life Insurance Company and MetLife Investment Advisors, LLC (now known as  MetLife Investment Management, LLC).                                    2 

 

                                                                                                                       REFERENCE NUMBER                                                                                                                        5B0AFEB3-5A9F-4A79-9BBB-C8FD55A6172C SIGNATURE CERTIFICATE    TRANSACTION DETAILS                                               DOCUMENT DETAILS   Reference Number                                                  Document Name  5B0AFEB3-5A9F-4A79-9BBB-C8FD55A6172C                              Active 135035202 4 Pnc Chesapeake - Credit Agreement - 364-Day Facility 2020  Transaction Type                                                  Filename  Signature Request                                                 active_135035202_4_pnc_chesapeake_-_credit_agreement_-_364-day_facility_2020_.pdf  Sent At                                                           Pages  09/29/2020 07:22 EDT                                              129 pages  Executed At                                                       Content Type  09/29/2020 07:41 EDT                                              application/pdf  Identity Method                                                   File Size  email                                                             652 KB  Distribution Method                                               Original Checksum  email                                                                                           34536e7c1e13f8e151c701162aaf1d3252ee7aa59e9ee04d9e8acb1291a778dc  Signed Checksum        4016eab9ceef3e42a6be994f237f388a1d2c80651e1c4875c3442416c10b32af   Signer Sequencing  Disabled  Document Passcode  Disabled  SIGNERS   SIGNER                                                E-SIGNATURE                                                             EVENTS   Name                                                  Status                                                                  Viewed At  Beth Cooper                                           signed                                                                  09/29/2020 07:40 EDT  Email                                                 Multi-factor Digital Fingerprint Checksum                               Identity Authenticated At  bcooper@chpk.com                                               a1282cec9ac7a4c08f1b4414636f97bb00365941082a4a263c69e55d51735964 09/29/2020 07:41 EDT  Components                                                                                                                    Signed At                                                        IP Address  1                                                                                                                             09/29/2020 07:41 EDT                                                        168.149.143.99                                                        Device                                                        Chrome via Windows                                                        Drawn Signature                                                            Signature Reference ID                                                          2706D372                                                          Signature Biometric Count                                                          414  AUDITS   TIMESTAMP                                    AUDIT   09/29/2020 07:41 EDT                         Beth Cooper (bcooper@chpk.com) signed the document on Chrome via Windows from 168.149.143.99.   09/29/2020 07:41 EDT                         Beth Cooper (bcooper@chpk.com) authenticated via email on Chrome via Windows from 168.149.143.99.   09/29/2020 07:40 EDT                         Beth Cooper (bcooper@chpk.com) viewed the document on Chrome via Windows from 54.160.120.87.   09/29/2020 07:40 EDT                         Beth Cooper (bcooper@chpk.com) viewed the document on Chrome via Windows from 168.149.143.99.   09/29/2020 07:40 EDT                         Beth Cooper (bcooper@chpk.com) viewed the document on Chrome via Windows from 54.221.150.104.   09/29/2020 07:22 EDT                         Beth Cooper (bcooper@chpk.com) was emailed a link to sign.   09/29/2020 07:22 EDT                         Debby Frye (dfrye@chpk.com) created document 'active_135035202_4_pnc_chesapeake_-_credit_agreement_-_364-                                               day_facility_2020_.pdf' on Internet Explorer via Windows from 98.158.243.81.Exhibit 10.6EXECUTION
  VERSION

		AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

		THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of October 30, 2020, is made and entered into by and among SOC Telemed, Inc. (f/k/a Healthcare Merger Corp.), a Delaware corporation (the “Company”), HCMC Sponsor LLC, a Delaware limited liability company (the “Sponsor”), the undersigned parties listed as Existing Holders on the signature pages hereto (each such party, together with the Sponsor and any person or entity deemed an “Existing Holder” who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, an “Existing Holder” and collectively the “Existing Holders”) and the undersigned parties listed as New Holders on the signature pages hereto (each such party, together with any person or entity deemed a “New Holder” who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, a “New Holder” and collectively the “New Holders”). Capitalized terms used but not otherwise defined in this Agreement shall have the meaning ascribed to such terms in the Merger Agreement (as defined below).

		RECITALS

		WHEREAS, on December 12, 2019, the Company and the Sponsor entered into that certain Registration Rights Agreement (the “Existing Registration Rights Agreement”), pursuant to which the Sponsor granted the Existing Holders certain registration rights with respect to certain securities of the Company;

		WHEREAS, the Company has entered into that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of July 29, 2020, by and among the Company, Sabre Merger Sub I, Inc., a Delaware corporation, Sabre Merger Sub II, LLC, a Delaware limited liability company, and Specialists On Call, Inc., a Delaware corporation;

		WHEREAS, upon the closing of the transactions contemplated by the Merger Agreement and subject to the terms and conditions set forth therein, the Existing Holders and New Holders will hold shares of Class A common stock, par value $0.0001 per share, of the Company (“Class A Common Stock”), in each case, in such amounts and subject to such terms and conditions as set forth in the Merger Agreement;

		WHEREAS, pursuant to Section 5.5 of the Existing Registration Rights Agreement, the provisions, covenants and conditions set forth therein may be amended or modified upon the written consent of the Company and the holders of a majority-in-interest of the “Registrable Securities” (as such term was defined in the Existing Registration Rights Agreement) at the time in question; and

		WHEREAS, the Company and Sponsor desire to amend and restate the Existing Registration Rights Agreement in order to provide the Existing Holders and the New Holders certain registration rights with respect to certain securities of the Company, as set forth in this Agreement.

		NOW, THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

		Article I
DEFINITIONS

		1.1 Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:

		“Adverse Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any

     

     

    

		

		preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not making such information public.

		“Affiliate” shall mean, with respect to any person or entity, any other person or entity who, directly or indirectly, controls, is controlled by, or is under direct or indirect common control with, such person or entity, and “control,” when used with respect to any specified person or entity, shall mean the power to direct or cause the direction of the management and policies of such person or entity, directly or indirectly, whether through ownership of voting securities or partnership or other ownership interests, by contract or otherwise.

		“Agreement” shall have the meaning given in the Preamble.

		“Block Trade” means an offering and/or sale of Registrable Securities by any Holder on a block trade or underwritten basis (whether firm commitment or otherwise) not involving a “road show” and without other substantial marketing efforts prior to pricing, including, without limitation, a same day trade, overnight trade or similar transaction.

		“Board” shall mean the Board of Directors of the Company.

		“Class A Common Stock” shall have the meaning given in the Recitals hereto.

		“Class B Common Stock” shall mean Class B common stock, par value $0.0001 per share, of the Company.

		“Commission” shall mean the Securities and Exchange Commission.

		“Company” shall have the meaning given in the Preamble.

		“Company Shelf Takedown Notice” shall have the meaning given in subsection 2.1.3.

		“Demand Registration” shall have the meaning given in subsection 2.2.1.

		“Demanding Holder” shall have the meaning given in subsection 2.2.1.

		“Effectiveness Deadline” shall have the meaning given in subsection 2.1.1.

		“Exchange Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

		“Existing Holders” shall have the meaning in the Preamble.

		“Existing Registration Rights Agreement” shall have the meaning given in the Recitals hereto.

		“Form S-1 Shelf” shall have the meaning given in subsection 2.1.1.

		“Form S-3 Shelf” shall have the meaning given in subsection 2.1.1.

		“Founder Lock-Up Period” shall mean, with respect to the Founder Shares held by the Existing Holders or its Permitted Transferees, the period ending on the earlier of (A) one (1) year after the date hereof or (B) the first date the closing price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any thirty (30)-trading day period commencing at least one hundred and fifty (150) days after the date hereof or (C) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Class A Common Stock for cash, securities or other property.

		“Founder Shares” shall mean all shares of Class B Common Stock that are issued and outstanding as of the date hereof and all shares of Class A Common Stock issued upon conversion thereof.

		“Holders” shall mean the Existing Holders and the New Holders and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2.

		“Insider Letter” shall mean that certain letter agreement, dated as of December 12, 2019, by and among the Company, the Sponsor and each of the Company’s officers, directors and director nominees.

		

 

    2

     

    

“Lock-Up Period” shall mean the Founder Lock-Up Period and the Private Placement Lock-Up Period, as applicable.

		“Maximum Number of Securities” shall have the meaning given in subsection 2.2.4.

		“Misstatement” shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the light of the circumstances under which they were made) not misleading.

		“New Holders” shall have the meaning given in the Preamble.

		“Permitted Transferees” shall mean (a) with respect to an Existing Holder and its respective Permitted Transferees, any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior to the expiration of the Founder Lock-Up Period or the Private Placement Lock-Up Period, as the case may be, under the Insider Letter, this Agreement and any other applicable agreement between such Holder and the Company, and to any transferee thereafter, and (b) with respect to a New Holder and its respective Permitted Transferees, to any of such New Holder’s Affiliates or to any fund or investment account managed by such New Holder or the same management company that manages such New Holder, provided that such transferee to which a transfer is being made pursuant to clause (a) or (b) above, if not a Holder, enters into a written agreement with the Company agreeing to be bound by the restrictions herein.

		“Piggyback Registration” shall have the meaning given in subsection 2.3.1.

		“Private Placement Lock-Up Period” shall mean, with respect to Private Placement Units that are held by the initial purchasers of such Private Placement Units or their Permitted Transferees, and any of the securities underlying the Private Placement Units, including the Private Placement Shares, the Private Placement Warrants and the Class A Common Stock issued or issuable upon the exercise of the Private Placement Warrants and that are held by the initial purchasers of the Private Placement Units or their Permitted Transferees, the period ending thirty (30) days after the date hereof.

		“Private Placement Shares” shall mean the shares of Class A Common Stock comprising the Private Placement Units.

		“Private Placement Units” shall mean the units purchased by the Sponsor pursuant to that certain Placement Unit Purchase Agreement, by and between the Company and the Sponsor, dated as of December 12, 2019, each unit consisting of one share of Class A Common Stock and one-half of one warrant to purchase one share of Class A Common Stock.

		“Private Placement Warrants” shall mean the warrants comprising the Private Placement Units.

		“Pro Rata” shall have the meaning given in subsection 2.2.4.

		“Prospectus” shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

		“Registrable Security” shall mean (a) the shares of Class A Common Stock issued or issuable upon the conversion of any Founder Shares, (b) the Private Placement Units (including the Private Placement Shares, the Private Placement Warrants and the Class A Common Stock issued or issuable upon the exercise of the Private Placement Warrants), (c) any issued and outstanding share of Class A Common Stock or any other equity security (including the shares of Class A Common Stock issued or issuable upon the exercise of any other equity security) of the Company held by an Existing Holder as of the date of this Agreement, (d) any equity securities (including the shares of Class A Common Stock issued or issuable upon the exercise of any such equity security) of the Company issuable upon conversion of any Working Capital Units, (e) any outstanding shares of Class A Common Stock or any other equity security of the Company held by a New Holder (i) as of the date of this Agreement (including the shares of Class A Common Stock issued or issuable upon the exercise of any such other equity security) or (ii) that are otherwise issued in connection with the transactions contemplated by the Merger Agreement and (f) any other equity security of the Company issued or issuable with respect to any such share of Class A Common Stock described in the foregoing clauses (a) through (e) by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Security, such securities shall 

		

 

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cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding; or (D) such securities may be sold without registration pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission) (“Rule 144”) (but with no volume or other restrictions or limitations); provided, further, that any security that ceases to be a Registrable Security pursuant to clause (D) above shall again be treated as a Registrable Security if at any point such security may no longer be sold without registration pursuant to Rule 144 without any volume or other restrictions or limitations.

		“Registration” shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

		“Registration Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

		(A) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any securities exchange on which the Class A Common Stock is then listed;

		(B) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

		(C) printing, messenger, telephone and delivery expenses;

		(D) reasonable fees and disbursements of counsel for the Company;

		(E) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration; and

		(F) reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered for offer and sale in the applicable Registration not to exceed $25,000 per Demand Registration.

		“Registration Statement” shall mean any registration statement that covers the Registrable Securities required to be filed pursuant to Article II of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

		“Requesting Holder” shall have the meaning given in subsection 2.2.1.

		“Restricted Shares” shall have the meaning given in subsection 3.6.1.

		“Rule 144” shall have the meaning given in the definition of “Registrable Securities.”

		“Rule 415” shall have the meaning given in subsection 2.1.1.

		“Securities Act” shall mean the Securities Act of 1933, as amended from time to time.

		“Shelf Takedown Notice” shall have the meaning given in subsection 2.1.3.

		“Shelf Underwritten Offering” shall have the meaning given in subsection 2.1.3.

		“Sponsor” shall have the meaning given in the Preamble.

		“Underwriter” shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer’s market-making activities.

		“Underwritten Registration” or “Underwritten Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

		

 

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“Working Capital Units” shall mean the units, if any, that are converted from loans made to the Company of up to $1,500,000 by the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors from time to time, each unit consisting of one share of Class A Common Stock and one-half of one warrant to purchase one share of Class A Common Stock.

		Article II
REGISTRATIONS

		2.1 Shelf Registration.

		2.1.1 Initial Registration. The Company shall, as soon as practicable, but in any event within thirty (30) days after the consummation of the transactions contemplated by the Merger Agreement, file a Registration Statement under the Securities Act to permit the public resale of all the Registrable Securities held by the Holders from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then in effect) (“Rule 415”) on the terms and conditions specified in this subsection 2.1.1 and shall use its reasonable best efforts to cause such Registration Statement to be declared effective as soon as practicable after the filing thereof, but in no event later than the earlier of (i) sixty (60) days following the filing deadline (or ninety (90) days after the filing deadline if the Registration Statement is reviewed by, and receives comments from, the Commission) and (ii) ten (10) business days after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be subject to further review (such earlier date, the “Effectiveness Deadline”). The Registration Statement filed with the Commission pursuant to this subsection 2.1.1 shall be a shelf registration statement on Form S-3 (a “Form S-3 Shelf”) or, if Form S-3 is not then available to the Company, on Form S-1 (a “Form S-1 Shelf”) or such other form of registration statement as is then available to effect a registration for resale of such Registrable Securities, covering such Registrable Securities, and shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 at any time beginning on the effective date for such Registration Statement. A Registration Statement filed pursuant to this subsection 2.1.1 shall provide for the resale pursuant to any method or combination of methods legally available to, and requested by, the Holders. The Company shall use its reasonable best efforts to cause a Registration Statement filed pursuant to this subsection 2.1.1 to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or, if not available, that another Registration Statement is available, for the resale of all the Registrable Securities held by the Holders until all such Registrable Securities have ceased to be Registrable Securities. As soon as practicable following the effective date of a Registration Statement filed pursuant to this subsection 2.1.1, but in any event within five (5) business days of such date, the Company shall notify the Holders of the effectiveness of such Registration Statement. When effective, a Registration Statement filed pursuant to this subsection 2.1.1 (including the documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any Prospectus contained in such Registration Statement, in the light of the circumstances under which such statement is made).

		2.1.2 Form S-3 Shelf. If the Company files a Form S-1 Shelf and thereafter the Company becomes eligible to use Form S-3 for secondary sales, the Company shall use its reasonable best efforts to file a Form S-3 Shelf as promptly as practicable to replace the shelf registration statement that is a Form S-1 Shelf and have the Form S-3 Shelf declared effective as promptly as practicable and to cause such Form S-3 Shelf to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or, if not available, that another Registration Statement is available, for the resale of all the Registrable Securities held by the Holders until all such Registrable Securities have ceased to be Registrable Securities.

		2.1.3 Shelf Takedown. At any time and from time to time following the effectiveness of the shelf registration statement required by subsection 2.1.1 or 2.1.2, any Holder may request to sell all or a portion of their Registrable Securities in an underwritten offering that is registered pursuant to such shelf registration statement, including a Block Trade if the Company files a Form S-3 Shelf and is eligible to use Form S-3 for secondary sales (a “Shelf Underwritten Offering”), provided, that such Holder(s) (a) reasonably expect aggregate gross proceeds in excess of $15,000,000 from such Shelf Underwritten Offering or (b) reasonably expects to sell all of the Registrable Securities held by such Holder in such Shelf Underwritten Offering. All requests for a Shelf Underwritten Offering shall be made by giving written notice to the Company (the “Shelf Takedown Notice”). Each Shelf Takedown Notice shall specify the approximate number of Registrable Securities proposed to be sold in the Shelf Underwritten Offering 

		

 

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and the expected price range (net of underwriting discounts and commissions) of such Shelf Underwritten Offering. Except with respect to a Block Trade requested pursuant to Section 2.5 or any Registrable Securities distributed by the Sponsor to its members following the expiration of the Founder Lock-Up Period or the Private Placement Lock-Up Period, as applicable, within five (5) business days after receipt of any Shelf Takedown Notice, the Company shall give written notice of such requested Shelf Underwritten Offering to all other Holders of Registrable Securities (the “Company Shelf Takedown Notice”) and, subject to the provisions of Section 2.2.4, shall include in such Shelf Underwritten Offering all Registrable Securities with respect to which the Company has received written requests for inclusion therein, within five (5) days after sending the Company Shelf Takedown Notice. The Company shall enter into an underwriting agreement in a form as is customary in Underwritten Offerings of securities by the Company with the managing Underwriter or Underwriters selected by the Holders after consultation with the Company and shall take all such other reasonable actions as are requested by the managing Underwriter or Underwriters in order to expedite or facilitate the disposition of such Registrable Securities. In connection with any Shelf Underwritten Offering contemplated by this subsection 2.1.3, subject to Section 3.3 and Article IV, the underwriting agreement into which each Holder and the Company shall enter shall contain such representations, covenants, indemnities and other rights and obligations of the Company and the selling stockholders as are customary in underwritten offerings of securities by the Company.

		2.1.4 Holder Information Required for Participation in Shelf Registration. At least ten (10) business days prior to the first anticipated filing date of a Registration Statement pursuant to this Article II, the Company shall use reasonable efforts to notify each Holder in writing (which may be by email) of the information reasonably necessary about the Holder to include such Holder’s Registrable Securities in such Registration Statement. Notwithstanding anything else in this Agreement, the Company shall not be obligated to include such Holder’s Registrable Securities to the extent the Company has not received such information, and received any other reasonably requested agreements or certificates, on or prior to the fifth (5th) business day prior to the first anticipated filing date of a Registration Statement pursuant to this Article II.

		2.2 Demand Registration.

		2.2.1 Request for Registration. Subject to the provisions of subsection 2.2.4 hereof and provided that the Company does not have an effective Registration Statement pursuant to subsection 2.1.1 outstanding covering Registrable Securities, following the expiration of the applicable Lock-Up Period, (a) the Existing Holders of at least a majority in interest of the then-outstanding number of Registrable Securities held by the Existing Holders or (b) the New Holders of at least a majority-in-interest of the then-outstanding number of Registrable Securities held by the New Holders (the “Demanding Holders”), in each case, may make a written demand for Registration of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand a “Demand Registration”). The Company shall, within ten (10) days of the Company’s receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Requesting Holder”) shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon thereafter as practicable, but not more than sixty (60) days immediately after the Company’s receipt of the Demand Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration. Under no circumstances shall the Company be obligated to effect more than (x) an aggregate of three (3) Registrations pursuant to a Demand Registration by the Existing Holders under this subsection 2.2.1 with respect to any or all Registrable Securities held by such Existing Holders and (y) an aggregate of three (3) Registrations pursuant to a Demand Registration by the New Holders under this subsection 2.2.1 with respect to any or all Registrable Securities held by such New Holders. Notwithstanding the foregoing, (i) the Company shall not be required to give effect to a Demand Registration from a Demanding Holder if the Company has registered Registrable Securities pursuant to a Demand Registration from such Demanding Holder in the preceding one hundred and eighty (180) days, or (ii) the Company’s obligations with respect to any Demand Registration shall be deemed satisfied so long as the Registration Statement filed pursuant to subsection 2.1.1 includes all of such Demanding Holder’s Registrable Securities and is effective.

		

 

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2.2.2 Effective Registration. Notwithstanding the provisions of subsection 2.2.1 above or any other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further, that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental agency, the Registration Statement with respect to such Registration shall be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly notify the Company in writing, but in no event later than five (5) days, of such election; and provided, further, that the Company shall not be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.

		2.2.3 Underwritten Offering. Subject to the provisions of subsection 2.2.4, if a majority-in-interest of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.2.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the majority-in-interest of the Demanding Holders initiating the Demand Registration, which Underwriter(s) shall be reasonably satisfactory to the Company.

		2.2.4 Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Class A Common Stock or other equity securities that the Company desires to sell and the Class A Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (in each case pro rata based on the respective number of Registrable Securities that such Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that such Demanding Holders and Requesting Holders have requested be included in such Underwritten Registration (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Holders (Pro Rata, based on the respective number of Registrable Securities that each Holder has so requested) exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Class A Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the Class A Common Stock or other equity securities of other persons or entities that the Company is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities.

		2.2.5 Demand Registration Withdrawal. Any of the Demanding Holders initiating a Demand Registration or any of the Requesting Holders (if any), pursuant to a Registration under subsection 2.2.1, shall have the right to withdraw from a Registration pursuant to such Demand Registration or a Shelf Underwritten Offering pursuant to subsection 2.1.3 for any or no reason whatsoever upon written notification to the Company and the Underwriter 

		

 

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or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration (or in the case of an Underwritten Registration pursuant to Rule 415, at least five (5) business days prior to the time of pricing of the applicable offering). Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration or a Shelf Underwritten Offering prior to its withdrawal under this subsection 2.2.5.

		2.3 Piggyback Registration.

		2.3.1 Piggyback Rights. If the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, for its own account or for the account of stockholders of the Company (or by the Company and by the stockholders of the Company including, without limitation, pursuant to subsection 2.1.1 or 2.1.2 hereof), other than a Registration Statement (or any registered offering with respect thereto) (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company, (iv) for a dividend reinvestment plan or (v) a Block Trade, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such Registration a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.3.1 to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.3.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.

		2.3.2 Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that the dollar amount or number of the Class A Common Stock that the Company desires to sell, taken together with (i) the Class A Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder (ii) the Registrable Securities as to which registration has been requested pursuant to Section 2.3 hereof, and (iii) the Class A Common Stock, if any, as to which Registration has been requested pursuant to separate written contractual piggyback registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then:

		(a) If the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, the Class A Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.3.1 hereof, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Class A Common Stock, if any, as to which Registration has been requested pursuant to written contractual piggyback registration rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities;

		(b) If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any such Registration (A) first, the Class A Common 

		

 

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Stock or other equity securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.3.1, Pro Rata based on the respective number of Registrable Securities that each Holder has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Holders have requested to be included in such Underwritten Registration, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Class A Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Class A Common Stock or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.

		2.3.3 Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration (or in the case of an Underwritten Registration pursuant to Rule 415, at least five (5) business days prior to the time of pricing of the applicable offering). The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection 2.3.3.

		2.3.4 Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.3 hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.2 hereof or a Shelf Underwritten Offering effected under subsection 2.1.3.

		2.4 Restrictions on Registration Rights. If (A) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant to subsection 2.2.1 and it continues to actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and the Company and the Holders are unable to obtain the commitment of an Underwriter or Underwriters to firmly underwrite the offer; or (C) in the good faith judgment of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the filing of such Registration Statement at such time, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more than sixty (60) days; provided, however, that the Company shall not defer its obligation in this manner more than once in any twelve (12)-month period.

		2.5 Block Trades.

		2.5.1 Notwithstanding any other provision of this Article II, but subject to Sections 2.4 and 3.4, at any time and from time to time when an effective Form S-3 Shelf is on file with the Commission, if one or more Demanding Holders desire to effect a Block Trade with a total offering price reasonably expected to exceed, in the aggregate, either (x) $15,000,000 or (y) all remaining Registrable Securities held by such Demanding Holder(s), but in no event less than $10,000,000, then such Demanding Holder(s) shall provide written notice to the Company at least five (5) business days prior to the date such Block Trade will commence. As expeditiously as possible, the Company shall use its commercially reasonable efforts to facilitate such Block Trade. The Demanding Holders shall use reasonable 

		

 

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best efforts to work with the Company and the Underwriter(s) (including by disclosing the maximum number of Registrable Securities proposed to be the subject of such Block Trade) prior to making such request in order to facilitate preparation of the Registration Statement, Prospectus and other offering documentation related to the Block Trade and any related due diligence and comfort procedures.

		2.5.2 Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block Trade, a majority-in-interest of the Demanding Holders initiating such Block Trade shall have the right to withdraw from such Block Trade upon written notification to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Block Trade. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Block Trade prior to its withdrawal under this subsection 2.5.2.

		2.5.3 Notwithstanding anything to the contrary in this Agreement, Section 2.3 shall not apply to a Block Trade initiated by a Demanding Holder pursuant to this Agreement.

		2.5.4 The Demanding Holder(s) in a Block Trade shall have the right to select the Underwriter(s) for such Block Trade (which shall consist of one or more reputable nationally recognized investment banks).

		2.5.5 A Holder in the aggregate may demand no more than four (4) Block Trades pursuant to this Section 2.5 in any twelve (12) month period.

		Article III
COMPANY PROCEDURES

		3.1 General Procedures. If the Company is required to effect the Registration of Registrable Securities, the Company shall use its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:

		3.1.1 prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration Statement have been sold;

		3.1.2 prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be reasonably requested by a majority-in-interest of the Holders of Registrable Securities registered on such Registration Statement or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

		3.1.3 prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriter(s), if any, and each Holder of Registrable Securities included in such Registration, and each such Holder’s legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriter(s) and each Holder of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders;

		3.1.4 prior to any public offering of Registrable Securities, use its reasonable best efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as any Holder of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such 

		

 

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Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

		3.1.5 cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed;

		3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration Statement;

		3.1.7 advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued;

		3.1.8 at least three (3) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish a copy thereof to each seller of such Registrable Securities and its counsel, including, without limitation, providing copies promptly upon receipt of any comment letters received with respect to any such Registration Statement or Prospectus;

		3.1.9 notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

		3.1.10 permit a representative of the Holders (such representative to be selected by a majority-in-interest of the participating Holders), the Underwriter(s), if any, and any attorney or accountant retained by such Holders or Underwriter(s) to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representative or Underwriter enters into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information; and provided further, the Company may not include the name of any Holder or Underwriter or any information regarding any Holder or Underwriter in any Registration Statement or Prospectus, any amendment or supplement to such Registration Statement or Prospectus, any document that is to be incorporated by reference into such Registration Statement or Prospectus, or any response to any comment letter, without the prior written consent of such Holder or Underwriter and providing each such Holder or Underwriter a reasonable amount of time to review and comment on such applicable document, which comments the Company shall include unless contrary to applicable law;

		3.1.11 obtain a “comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten Registration in customary form and covering such matters of the type customarily covered by “comfort” letters as the managing Underwriter(s) may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;

		3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain and deliver to the Holders a copy of an opinion, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the placement agent or sales agent, if any, and the Underwriter(s), if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as the Underwriter(s) may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;

		3.1.13 in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing Underwriter of such offering;

		

 

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3.1.14 make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first (1st) day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission);

		3.1.15 if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use its reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter(s) in any Underwritten Offering; and

		3.1.16 otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such Registration.

		3.2 Registration Expenses. Except as otherwise provided herein, the Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

		3.3 Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements (subject to subsection 3.6.3 hereof), underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements.

		3.4 Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than sixty (60) consecutive days or one hundred-twenty (120) total days in any twelve (12)-month period, determined in good faith by the Company to be necessary for such purpose; provided, however, that the Company shall not defer its obligations in this manner more than three times in any twelve (12)-month period. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.4.

		3.5 Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell shares of the Class A Common Stock held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144, including providing any legal opinions.

		3.6 Transfer Restrictions.

		3.6.1 Except with respect to a Transfer to a Permitted Transferee, during the applicable Lock-Up Periods, no Existing Holder shall, directly or indirectly, offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of or distribute (“Transfer”) any (i) shares of Class A Common Stock or any other shares of the Company’s capital stock, (ii) options or warrants to purchase any shares of Class A Common Stock or 

		

 

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any other shares of the Company’s capital stock or (iii) securities convertible into, exercisable for, exchangeable for or that represent the right to receive shares of Class A Common Stock or any other shares of the Company’s capital stock, in each case, whether now owned or hereinafter acquired, that are owned directly by such Existing Holder (including securities held as a custodian) or with respect to which such Existing Holder has beneficial ownership within the rules and regulations of the SEC (collectively, the “Restricted Shares”), or publicly disclose the intention to make any offer, sale, pledge, grant, disposition or transfer of the Restricted Shares. The foregoing restriction is expressly agreed to preclude each Existing Holder from engaging in any hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of the Restricted Shares even if such Restricted Shares would be disposed of by someone other than such Existing Holder. Such prohibited hedging or other transactions include any short sale or any purchase, sale or grant of any right (including any put or call option) with respect to any of the Restricted Shares of the applicable Existing Holder or with respect to any security that includes, relates to, or derives any significant part of its value from such Restricted Shares.

		3.6.2 Each Existing Holder hereby represents and warrants that it now has and, except as contemplated by this subsection 3.6.2 for the duration of the applicable Lock-Up Period, will have good and marketable title to its Restricted Shares, free and clear of all liens, encumbrances, and claims that could impact the ability of such Existing Holder to comply with the foregoing restrictions. Each Existing Holder agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent against the transfer of any Restricted Shares during the applicable Lock-Up Period, except in compliance with the foregoing restrictions.

		3.6.3 In connection with any Underwritten Offering (other than a Block Trade), the Company and each Holder proposing to distribute their Registrable Securities through such Underwritten Offering will agree (with respect to the Registrable Securities held by such Holder) to be bound by the underwriting agreement’s lock-up restrictions (which must apply in like manner to all such Holders) that are agreed to by (a) the Company, if a majority of the shares being sold in such Underwritten Offering are being sold for its account, and (b) Holders holding a majority of the shares being sold by all Holders, if a majority of the shares being sold in such Underwritten Offering are being sold by the Holders, provided that, in no event shall any lock-up restriction in accordance with this subsection 3.6.3 exceed a period of forty-five (45) days from the date of the final Prospectus for any such Underwritten Offering, except with respect to the first Underwritten Offering following the closing of the transactions contemplated by the Merger Agreement, if the managing Underwriter or Underwriters, in good faith, advise the Company in writing that a lock-up restriction of a period of forty-five (45) or fewer days would have a material adverse impact on such Underwritten Offering, then such lock-up restrictions shall be for the number of days such managing Underwriter or Underwriters so advise, not to exceed a period of ninety (90) days from the date of the final Prospectus for any such Underwritten Offering.

		Article IV
INDEMNIFICATION AND CONTRIBUTION

		4.1 Indemnification.

		4.1.1 The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

		4.1.2 In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact contained 

		

 

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in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities in such offering giving rise to such liability. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

		4.1.3 Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (plus local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

		4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s indemnification is unavailable for any reason.

		4.1.5 If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action and the benefits received by the such indemnifying party or indemnified party; provided, however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder from the sale of Registrable Securities in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by Pro Rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this subsection 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.

		

 

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Article V
MISCELLANEOUS

		5.1 Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third (3rd) business day following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail (provided no “bounce back” or notice of non-delivery is received) or facsimile, at such time as it is delivered to the addressee (except in the case of electronic mail, with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to: 623 Fifth Avenue, 14th Floor, New York, NY 10022, and, if to any Holder, at such Holder’s address or contact information as set forth in the Company’s books and records. Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as provided in this Section 5.1.

		5.2 Assignment; No Third Party Beneficiaries.

		5.2.1 Subject to Section 5.2.3, this Agreement and the rights, duties and obligations of the Company and the Holders of Registrable Shares, as the case may be, hereunder may not be assigned or delegated by the Company or the Holders of Registrable Securities, as the case may be, in whole or in part.

		5.2.2 Prior to the expiration of the Founder Lock-Up Period or the Private Placement Lock-Up Period, as the case may be, no Existing Holder who is subject to any such Lock-Up Period may assign or delegate such Existing Holder’s rights, duties or obligations under this Agreement, in whole or in part, in violation of the applicable Lock-Up Period, except in connection with a transfer of Registrable Securities by such Existing Holder to a Permitted Transferee but only if such Permitted Transferee agrees to become bound by the transfer restrictions set forth in this Agreement.

		5.2.3 This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and the permitted assigns of the Holders, which shall include Permitted Transferees.

		5.2.4 This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this Agreement and Section 5.2 hereof.

		5.2.5 No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as provided in this Section 5.2 shall be null and void.

		5.3 Counterparts. This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

		5.4 Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK.

		5.5 Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority-in-interest of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions 

		

 

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may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects either the Existing Holders as a group or the New Holders as a group, respectively, in a manner that is materially adversely different from the Existing Holders or New Holders, as applicable, shall require the consent of at least a majority-in-interest of the Registrable Securities held by such Existing Holders or New Holders, as applicable, at the time in question; provided, further, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected; provided, further, that notwithstanding the foregoing, no amendment hereto or waiver hereof that has the effect of extending the Lock-Up Period applicable to any particular Holder shall be enforceable against, or effective with respect to, such Holder without such Holder’s written consent. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

		5.6 Other Registration Rights. The Company represents and warrants that, other than pursuant to (a) that certain Warrant Agreement, dated as of December 12, 2019, by and between Continental Stock Transfer & Trust Company and the Company and (b) those certain Subscription Agreements, dated as of July 29, 2020, by and between the Company and certain persons that have become stockholders of the Company as of the date hereof in connection with the issuance of shares of Class A Common Stock on the terms set forth therein, no person, other than a Holder of Registrable Securities, has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration filed by the Company for the sale of securities for its own account or for the account of any other person. Further, the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail. The Company agrees that it will not, after the date of this Agreement, enter into any agreement which materially and adversely interferes with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof, including allowing any other holder of Class A Common Stock to have registration rights in the nature or substantially in the nature of those set forth in this Agreement that would have priority over or pari passu with the Registrable Securities with respect to the inclusion of such securities in any Registration Statement.

		5.7 Term. This Agreement shall terminate upon the earlier of (a) the tenth anniversary of the date of this Agreement, (b) the date as of which all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) or (c) with respect to a particular Holder, the date as of which all Registrable Securities held by such Holder have been sold (x) pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) or (y) under Rule 144 or another exemption from registration under the Securities Act; provided that, for purposes of this Section 5.7, securities constituting Registrable Securities shall be determined without regard and without giving effect to clause (D) contained in the definition of Registrable Securities. The provisions of Section 3.5 and Article IV shall survive any termination.

		[Signature Page Follows]

		

 

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

			

						 	
						COMPANY:

					
	 	 	
						SOC TELEMED, INC.,

					
	 	 	
						a Delaware corporation

					
	 	 	By:

						 	/s/
     John Kalix
	 	 	 	 	Name:
      John Kalix

					
	 	 	 	 	
						Title: Chief Executive Officer

					
	 	 	
						EXISTING HOLDER:

					
	 	 	
						HCMC SPONSOR LLC,

					
	 	 	
						a Delaware limited liability company

					
	 	 	By:

						 	/s/
     Charles Ditkoff
	 	 	 	 	
						Name: Charles Ditkoff

					
	 	 	 	 	
						Title: Managing Member

					
	 	 	
						NEW HOLDER:

					
	 	 	
						SOC HOLDINGS LLC,

					
	 	 	
						a Delaware limited liability company

					
	 	 	By:

						 	/s/
     Amr Kronfol
	 	 	 	 	
						Name: Amr Kronfol

					
	 	 	 	 	
						Title: President

					

		[Signature Page to Amended and Restated Registration Rights Agreement]

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