Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

EIGHTH REFINANCING AMENDMENT dated as of February 18, 2021 (this “Amendment”), to the Credit Agreement (as defined below)
among Denali Intermediate Inc., as Holdings (“Holdings”), Dell Inc., as the Company (the “Company”), Dell International L.L.C. as a Borrower (“Dell International”), EMC Corporation as a Borrower
(“EMC” and, together with Dell International, the “Borrowers”), the Lenders party hereto, Credit Suisse AG, Cayman Islands Branch, as Term Loan B Administrative Agent and Collateral Agent (the “Term Loan B
Administrative Agent”) and JPMorgan Chase Bank, N.A., as Term Loan A/Revolver Administrative Agent (the “Term Loan A/Revolver Administrative Agent” and, together with the Term Loan B Administrative Agent, the
“Administrative Agents”). 
 RECITALS 

A.     Holdings, the Company, the Borrowers, the Lenders party thereto from time to time and the Administrative Agents,
are party to that certain Credit Agreement dated as of September 7, 2016 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement” and the Credit Agreement as amended by
this Amendment, the “Amended Credit Agreement”). 
 B.     The Credit Agreement permits the Borrowers
to obtain Credit Agreement Refinancing Indebtedness from any Lender or Additional Lender in respect of all or any portion of the Term Loans outstanding under the Credit Agreement in the form of Other Term Loans and Other
Term Commitments pursuant to a Refinancing Amendment among the Company, the Borrowers, Holdings, each Administrative Agent and each Lender and/or Additional Lender that agrees to provide all or any portion of the Credit Agreement Refinancing
Indebtedness being incurred pursuant thereto. 
 C.     On the Eighth Amendment Effective Date (as defined below), the
Borrowers intend to (i) incur additional Term B Loans pursuant to Sections 2.21 and 9.02 of the Credit Agreement in an aggregate principal amount of $3,143,125,000.00 (the “Refinancing Term B-2 Loans”) and (ii) use the proceeds of the Refinancing Term B-2 Loans, together with other funds available to the Borrowers, to repay all Term B
Loans outstanding immediately prior to the Eighth Amendment Effective Date (the “Original Term B Loans”) and accrued interest thereon and to pay fees and expenses incurred in connection with the foregoing, in
accordance with Sections 2.11, 2.18(c) and 2.21 of the Credit Agreement (collectively, the “Refinancing Transactions”). 

D.     Subject to the terms and conditions set forth herein, the Person party hereto who has delivered a signature page as
a Refinancing Term B-2 Lender (the “Refinancing Term B-2 Lender”) has agreed to provide a commitment (the “Refinancing Term B
Commitment”) in an amount equal to $3,143,125,000.00. Any Lender holding Original Term B Loans immediately prior to the effectiveness of this Amendment is referred to herein as an “Existing Term B
Lender”. 
 E.    Credit Suisse Loan Funding LLC, JPMorgan Chase Bank, N.A., Bank of America, N.A., Barclays
Bank PLC, Citigroup Global Markets Inc., Goldman Sachs Bank USA, Deutsche Bank Securities Inc., RBC Capital Markets, and Morgan Stanley Senior Funding, Inc. are the joint lead arrangers and joint bookrunners for this Amendment and the Refinancing
Term B-2 Loans (the “Eighth Refinancing Amendment Arrangers”). 

  
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 F.     Subject to the terms and conditions set forth herein, Holdings,
the Company, the Borrowers, the Administrative Agents and the Refinancing Term B-2 Lender desire to amend the Credit Agreement as set forth in Section 1.03 below (such amendments, the “Refinancing
Amendments”) in order to effect the Refinancing Transactions. The Refinancing Amendments are a “Refinancing Amendment” permitted by Sections 9.02 and 2.21 of the Credit Agreement to provide for the Refinancing Term B-2 Loans. 
 AGREEMENTS 

In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
each of the parties hereto hereby agree as follows: 
 ARTICLE I. 

SECTION 1.01.    Defined Terms. Capitalized terms used herein (including in the recitals hereto) and not otherwise
defined herein shall have the meanings assigned to such terms in the Amended Credit Agreement. The rules of construction specified in Section 1.03 of the Credit Agreement also apply to this Amendment. 

SECTION 1.02. Refinancing Term B Commitments. 

(a) Subject to the terms and conditions set forth herein, on the Eighth Amendment Effective Date, the Refinancing Term B-2 Lender agrees to fund a Refinancing Term B-2 Loan in a principal amount equal to $3,143,125,000.00. 

(b)    Subject to the terms and conditions set forth herein, pursuant to Section 2.21 of the Credit Agreement,
effective as of the Eighth Amendment Effective Date, for all purposes of the Loan Documents, (i) the Refinancing Term B Commitments shall constitute “Term Commitments” and “Other Term Commitments”,
(ii) the Refinancing Term B-2 Loans shall constitute “Term Loans”, “Term B Loans” and “Other Term Loans” and (iii) the Refinancing Term B-2 Lender shall become an “Additional Term Lender”, “Additional Lender”, a “Term B Lender”, a “Term Lender” and a “Lender” and shall have all the rights and
obligations of a Lender holding a Term B Loan Commitment (or, following the making of a Refinancing Term B-2 Loan, a Term B Loan). 

(c)    The Original Term B Loans of each Existing Term B Lender shall, immediately upon the effectiveness of this
Amendment, be repaid in full (together with any unpaid fees and interest accrued thereon (including, unless waived by such Existing Term B Lender, funding losses payable to any Existing Term B Lenders pursuant to Section 2.16 of the Credit
Agreement)) with the proceeds of the Refinancing Term B-2 Loans and other funds available to the Borrowers. The Borrowers shall, on the Eighth Amendment Effective Date, pay to the Term Loan B Administrative
Agent, for the accounts of the Existing Term B Lenders, all interest, fees and other amounts accrued to the Eighth Amendment Effective Date with respect to the Original Term B Loans. 

  
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 (d)    The obligation of the Refinancing Term B-2 Lender to make Refinancing Term B-2 Loans on the Eighth Amendment Effective Date is subject to the satisfaction of the following conditions: 

(i)    Immediately before and after giving effect to the Refinancing Transactions, (x) the conditions
set forth in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement shall be satisfied on and as of the Eighth Amendment Effective Date, and the Refinancing Term B-2 Lender shall have
received a certificate of a Responsible Officer dated the Eighth Amendment Effective Date to such effect and (y) the representations and warranties set forth in Section 2.01 hereof shall be true and correct. 

(ii)    The Term Loan B Administrative Agent and the Refinancing Term
B-2 Lender shall have received a favorable legal opinion of (A) Simpson Thacher & Bartlett LLP, New York and Delaware counsel for the Loan Parties and (B) Skadden, Arps, Slate,
Meagher & Flom LLP, special Massachusetts counsel for the Loan Parties, in each case, covering such matters as the Administrative Agents may reasonably request and otherwise reasonably satisfactory to the Administrative Agents. The
Borrowers hereby request each such counsel to deliver such opinion. 
 (iii)    The Term Loan B
Administrative Agent shall have received (A) a certificate of good standing with respect to each of the Borrowers, the Company, Holdings and the Guarantors and (B) a closing certificate executed by a Responsible Officer of each of the
Borrowers, the Company and Holdings dated the Eighth Amendment Effective Date, substantially in the form of the closing certificate delivered in connection with the Sixth Amendment, certifying as to the incumbency and specimen signature of each
officer executing this Amendment or any other document delivered in connection herewith on behalf of each of the Borrowers, the Company and Holdings and attaching (1) a true and complete copy of the certificate of incorporation of each of the
Borrowers, the Company and Holdings, including all amendments thereto, as in effect on the Eighth Amendment Effective Date, certified as of a recent date by the Secretary of State of the state of its organization, that has not been amended since the
date of the last amendment thereto shown on the certificate of good standing furnished pursuant to clause (A) above, (2) a true and complete copy of the by-laws of each of the Borrowers, the Company and
Holdings as in effect on the Eighth Amendment Effective Date and at all times since the date prior to the date of the resolutions described in clause (3) below and (3) a true and complete copy of resolutions duly adopted by the Board of
Directors, of each of the Borrowers, the Company and Holdings authorizing the execution, delivery and performance of this Amendment and certifying that such resolutions have not been modified, rescinded or amended and are in full force and effect;
provided that, in the case of each of clauses (B)(1) and (B)(2) above, in lieu of attaching a copy of any such Organizational Document, such closing certificate may include a representation that such Organizational Document has not been
amended since the Sixth Amendment Effective Date. 
 (iv)    The Term Loan B Administrative Agent shall
have received a certificate of the Company on behalf of each Loan Party (other than the Borrowers and Holdings), dated the Eighth Amendment Effective Date and executed by a Responsible Officer of the Company, certifying that, except as otherwise
indicated therein, there have 

  
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been no material amendments, supplements or modifications since the Sixth Amendment Effective Date to the documents delivered on the Sixth Amendment Effective Date pursuant to clauses
(i) and (ii) of Section 4.01(d) of the Credit Agreement. 
 (v)    The Term Loan B
Administrative Agent shall have received a Borrowing Request in a form reasonably acceptable to the Term Loan B Administrative Agent requesting that the Refinancing Term B-2 Lender make the Refinancing Term B-2 Loans to the Borrowers on the Eighth Amendment Effective Date. 

(vi)    The Term Loan B Administrative Agent shall have received a notice of prepayment with respect to the
Original Term B Loans setting forth the information required by Section 2.11(f) of the Credit Agreement on the Eighth Amendment Effective Date. 

(vii)    The Term Loan B Administrative Agent and the Eighth Refinancing Amendment Arrangers shall have
received all documentation at least three Business Days prior to the Eighth Amendment Effective Date and other information about the Loan Parties that shall have been reasonably requested in writing at least 10 Business Days prior to the Eighth
Amendment Effective Date and that the Administrative Agents or the Eighth Refinancing Amendment Arrangers have reasonably determined is required by regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including without limitation Title III of the USA Patriot Act. 
 (viii)    If
either Borrower qualifies as a “legal entity” customer under 31 C.F.R. § 1010.230 and either Administrative Agent has provided such Borrower the name of each requesting Lender and its electronic delivery requirements at least 10
Business Days prior the Eighth Amendment Effective Date, each such Lender requesting a certification regarding beneficial ownership as required by 31 C.F.R. § 1010.230 (such certification, the “Beneficial Ownership
Certification”) shall have received, at least three (3) Business Days prior to the Eighth Amendment Effective Date, the Beneficial Ownership Certification in relation to such Borrower. 

(ix)    The Term Loan B Administrative Agent shall have received a certificate from a Financial Officer of
the Company certifying that the Company and its Subsidiaries, on a consolidated basis after giving effect to the transactions contemplated hereby, are Solvent. 

(x)    The conditions to effectiveness of this Amendment set forth in Section 1.05 hereof (other than
paragraph (b) thereof) shall have been satisfied. 
 (xi)    Each Loan Party shall have entered into
a reaffirmation agreement, in form and substance reasonably satisfactory to the Administrative Agents. 

  
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 SECTION 1.03.    Refinancing Amendments. Effective as of the
Eighth Amendment Effective Date, the Credit Agreement is hereby amended as follows: 
 (i)    The
following definitions are hereby added in the appropriate alphabetical order to Section 1.01 of the Credit Agreement (or, to the extent applicable, are hereby amended and restated in their entirety): 

“Eighth Refinancing Amendment” means the Eighth Refinancing Amendment to this Agreement dated as of February 18, 2021,
among Holdings, the Company, the Borrowers, the Term B Lenders party thereto and the Administrative Agents. 
 “Eighth
Refinancing Amendment Arrangers” means Credit Suisse Loan Funding LLC, JPMorgan Chase Bank, N.A., Bank of America, N.A., Barclays Bank PLC, Citigroup Global Markets Inc., Goldman Sachs Bank USA, Deutsche Bank Securities Inc., RBC Capital
Markets, and Morgan Stanley Senior Funding, Inc.. 
 “Eighth Amendment Effective Date” has the meaning assigned thereto in
the Eighth Refinancing Amendment. 
 “Eighth Refinancing Amendment Reaffirmation Agreement” means the Reaffirmation
Agreement dated as of February 18, 2021, among Holdings, the subsidiaries of Holdings party thereto and the Term Loan B Administrative Agent. 

“Original Term B Loans” has the meaning assigned thereto in the Eighth Refinancing Amendment. 

“Refinancing Term B-2 Loans” has the meaning assigned thereto in the Eighth
Refinancing Amendment. 
 (ii)    The definition of “Alternate Base Rate” set forth in
Section 1.01 of the Credit Agreement is hereby amended by amending and restating the second sentence thereof as follows: 

“Notwithstanding the foregoing, and solely with respect to the Term B Facility, the Alternate Base Rate will be deemed to be 1.25% per
annum if the Alternate Base Rate calculated pursuant to the foregoing provisions would otherwise be less than 1.25% per annum.” 

(iii)    The definition of “Applicable Rate” set forth in Section 1.01 of the Credit
Agreement is hereby amended by amending and restating clause (a) in its entirety as follows: 
 “(a) with respect to any Term B
Loan, (i) 0.75% per annum in the case of an ABR Loan, or (ii) 1.75% per annum in the case of a Eurocurrency Loan,” 

  
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 (iv)    The definition of “LIBO Rate” set
forth in Section 1.01 of the Credit Agreement is hereby amended by amending and restating the first sentence of the final paragraph thereof as follows: 

“Notwithstanding the foregoing, and solely with respect to the Term B Facility, the LIBO Rate in respect of any applicable Interest
Period will be deemed to be 0.25% per annum if the LIBO Rate for such Interest Period calculated pursuant to the foregoing provisions would otherwise be less than 0.25% per annum.” 

(v)    The definition of “Security Documents” set forth in Section 1.01 of the Credit
Agreement is hereby amended by adding the text “, the Eighth Refinancing Amendment Reaffirmation Agreement” just before the text “and each other security agreement” appearing in such definition. 

(vi)    The definition of “Term B Commitment” set forth in Section 1.01 of the Credit
Agreement is hereby amended and restated in its entirety as follows: 
 ““Term B Commitment” means, with respect to
each Term B Lender, its obligation to make a Refinancing Term B-2 Loan to the Borrowers pursuant to the Eighth Refinancing Amendment. On the Eighth Amendment Effective Date the initial aggregate principal
amount of the Term B Commitments is $3,143,125,000.00.” 
 (vii)    The definition of “Term B
Loan” set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

““Term B Loan” means a Term B Loan made pursuant to clause (c) of Section 2.01, a New Term B Loan made
pursuant to the First Refinancing Amendment, a Refinancing Term B-1 Loan made pursuant to the Sixth Refinancing Amendment and a Refinancing Term B-2 Loan made pursuant
to the Eighth Refinancing Amendment.” 
 (viii)    Clause (a) of Section 2.10 of the
Credit Agreement is hereby amended and restated in its entirety as follows: 
 “Subject to adjustment pursuant to paragraph (c) of
this Section, the Borrowers shall repay (i) Term A-2 Loan Borrowings on the dates and in the amounts set forth on Annex I, (ii) Term Loan B Borrowings on the last day of each of January, April, July
and October (commencing on April 30, 2021) in the principal amount of Term B Loans equal to (A) the aggregate outstanding principal amount of the Term B Loans on the Eighth Amendment Effective Date (after giving effect to the Eighth
Refinancing Amendment) multiplied by (B) 0.25%, (iii) Term A-4 Borrowings on the dates and in the amounts set forth on Annex II, and (iv) Term A-6 Borrowings
on the dates and in the amounts set forth on Annex III, in each case together with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment; provided that if any such date is not a Business Day,
such payment shall be due on the preceding Business Day.” 

  
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 (ix)    Clause (a)(i) of Section 2.11 of the Credit
Agreement is hereby amended and restated in its entirety as follows: 
 “(a)(i)    The Borrowers shall have the
right at any time and from time to time to prepay any Borrowing in whole or in part, without premium or penalty (subject to the immediately succeeding proviso); provided that in the event that, on or prior to the six month anniversary of the
Eighth Amendment Effective Date, the Borrowers (i) make any prepayment of Term B Loans in connection with any Repricing Transaction the primary purpose of which is to decrease the Effective Yield on such Term B Loans or (ii) effect
any amendment of this Agreement resulting in a Repricing Transaction the primary purpose of which is to decrease the Effective Yield on the Term B Loans, the Borrowers shall pay to the Term Loan B Administrative Agent, for the ratable
account of each of the applicable Lenders, (x) in the case of clause (i), a prepayment premium of 1% of the principal amount of the Term B Loans being prepaid in connection with such Repricing Transaction and (y) in the case of clause
(ii), an amount equal to 1% of the aggregate amount of the applicable Term B Loans outstanding immediately prior to such amendment that are subject to an effective pricing reduction pursuant to such Repricing Transaction.” 

(x)    Section 2.14 of the Credit Agreement is hereby amended by amending and restating the final sentence
thereof as follows: 
 “Notwithstanding anything else herein, any definition of LIBOR Successor Rate shall provide that in no event
shall such LIBOR Successor Rate be less than 0.25% for purposes of this Agreement.” 

(xi)    Section 2.20(b) of the Credit Agreement is hereby amended to replace clause (x) of the fourth
proviso thereof with “[reserved]”. 
 (xii)    Section 5.10 of the Credit Agreement is hereby
amended by adding the following sentence at the end thereof: 
 “The Borrowers will use the proceeds of the Term B Loans, together with
other funds available to the Borrowers, on the Eighth Amendment Effective Date to repay in full all of the Original Term B Loans (as defined in the Eighth Refinancing Amendment) together with all accrued and unpaid interest, fees and other amounts
due in respect thereof.” 
 (xiii)    Section 9.04(b)(ii)(C) of the Credit Agreement is hereby
amended by amending and restating the second proviso thereof as follows: 
 “provided further that, other than to the
extent set forth in the Fourth Amendment, the Fifth Amendment and the Eighth Refinancing Amendment, such recordation fee shall not be payable in the case of assignments by any Affiliate of the Joint Bookrunners” 

  
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 SECTION 1.04.    Assignments. Notwithstanding anything to the
contrary in the Credit Agreement, each of the parties hereto agrees that assignments of any of the Refinancing Term B-2 Loans (including assignments by the Eighth Refinancing Amendment Arrangers or any of
their respective Affiliates) shall be subject to a processing and recordation fee of $3,500 unless waived by the Term Loan B Administrative Agent in its sole discretion. 

SECTION 1.05.    Amendment Effectiveness. This Amendment shall become effective as of the first date (the
“Eighth Amendment Effective Date”) on which the following conditions have been satisfied: 
 (a)    The
Administrative Agents and the Eighth Refinancing Amendment Arrangers (or their counsel) shall have received from (i) the Borrowers, (ii) Holdings, (iii) the Company, (iv) the Refinancing Term
B-2 Lender and (v) the Administrative Agents either (x) counterparts of this Amendment signed on behalf of such parties or (y) written evidence satisfactory to the Administrative Agents (which
may include facsimile or other electronic transmissions of signed signature pages) that such parties have signed counterparts of this Amendment. 

(b)    The conditions to the making of the Refinancing Term B-2 Loans set forth in
Section 1.02(d) hereof (other than clause (x) thereof) shall have been satisfied. 
 (c)    The Borrowers
shall have obtained Refinancing Term B Commitments in an aggregate amount equal to $3,143,125,000.00. The Borrowers shall have paid in full, or substantially concurrently with the satisfaction of the other conditions precedent set forth in this
Section 1.05 shall pay in full (i) all of the Original Term B Loans, (ii) all accrued and unpaid fees and interest with respect to the Original Term B Loans and (iii) to the extent invoiced, any amounts payable to the
Persons that are Existing Term B Lenders immediately prior to the Eighth Amendment Effective Date pursuant to Section 2.16 of the Credit Agreement, in each case, with such payments to be made with the cash proceeds of the Refinancing Term B-2 Loans to be made on the Eighth Amendment Effective Date and other funds available to the Borrowers. 

(d)    The Administrative Agents and the Eighth Refinancing Amendment Arrangers shall have received, in immediately
available funds, payment or reimbursement of all costs, fees, out-of-pocket expenses, compensation and other amounts then due and payable in connection with this
Amendment, including, to the extent invoiced at least one Business Day prior to the Eighth Amendment Effective Date, the reasonable fees, charges and disbursements of counsel for the Administrative Agents and the Eighth Refinancing Amendment
Arrangers. 
 (e)    The Borrowers shall have paid to the Eighth Refinancing Amendment Arrangers the fees in the amounts
previously agreed in writing to be received on the Eighth Amendment Effective Date. 
 The Term Loan B Administrative Agent shall notify the Borrowers, the
Refinancing Term B-2 Lender and the other Lenders of the Eighth Amendment Effective Date and such notice shall be conclusive and binding. Notwithstanding the foregoing, the amendments effected hereby shall not

  
 8 

 
become effective and the consents provided by the Lenders party hereto and the obligations of the Refinancing Term B-2 Lender hereunder to make Refinancing
Term B-2 Loans will automatically terminate, if each of the conditions set forth or referred to in Sections 1.02(d) and 1.06 hereof has not been satisfied at or prior to 5:00 p.m., New York City
time, on February 18, 2021. 
 ARTICLE II. 

Miscellaneous 
 SECTION
2.01.    Representations and Warranties. (a) To induce the other parties hereto to enter into this Amendment, the Borrowers represent and warrant to each of the Lenders, including the Refinancing Term B-2 Lender, and the Administrative Agents that, as of the Eighth Amendment Effective Date and after giving effect to the transactions and amendments to occur on the Eighth Amendment Effective Date, this Amendment
has been duly authorized, executed and delivered by each of Holdings, the Company and the Borrowers and constitutes, and the Amended Credit Agreement will constitute, its legal, valid and binding obligation, enforceable against each of the Loan
Parties in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in
a proceeding in equity or at law. 
 (b)    The representations and warranties of each Loan Party set forth in the Loan
Documents are, after giving effect to this Amendment on such date, true and correct in all material respects on and as of the Eighth Amendment Effective Date with the same effect as though made on and as of such date, except to the extent such
representations and warranties expressly relate to an earlier date (in which case such representations and warranties were true and correct in all material respects as of such earlier date and, to the extent any such representations and warranties
are qualified as to materiality, Material Adverse Effect or similar language, such representations and warranties shall be true and correct in all respects). 

(c)    After giving effect to this Amendment and the transactions contemplated hereby, no Default or Event of Default has
occurred and is continuing on the Eighth Amendment Effective Date. 
 (d)    On the Eighth Amendment Effective Date,
immediately after the consummation of the transactions contemplated under this Amendment to occur on the Eighth Amendment Effective Date, the Company and its Subsidiaries are, on a consolidated basis after giving effect to such transactions,
Solvent. 
 SECTION 2.02.    Effect of Amendment. (a) Except as expressly set forth herein, this Amendment
shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of, the Lenders or the Administrative Agents under the Credit Agreement or any other Loan Document, and shall not alter, modify,
amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and
effect. The parties hereto acknowledge and agree that the amendment of the Credit Agreement pursuant to this Amendment and all other Loan Documents amended and/or executed and delivered in connection herewith shall not constitute a novation of

  
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the Credit Agreement and the other Loan Documents as in effect prior to the Eighth Amendment Effective Date. Nothing herein shall be deemed to establish a precedent for purposes of interpreting
the provisions of the Credit Agreement or entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any
other Loan Document in similar or different circumstances. This Amendment shall apply to and be effective only with respect to the provisions of the Credit Agreement and the other Loan Documents specifically referred to herein. 

(b)    On and after the Eighth Amendment Effective Date, each reference in the Amended Credit Agreement to “this
Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and each reference to the Credit Agreement, “thereunder”, “thereof”, “therein” or words of like import in any other
Loan Document, shall be deemed a reference to the Amended Credit Agreement. This Amendment shall constitute a Refinancing Amendment entered into pursuant to Section 2.21 of the Credit Agreement and a “Loan Document” for all purposes
of the Credit Agreement and the other Loan Documents. 
 SECTION 2.03.    Governing Law. This Amendment
shall be governed by and construed in accordance with the laws of the State of New York. The provisions of Sections 9.09 and 9.10 of the Amended Credit Agreement shall apply to this Amendment to the same extent as if
fully set forth herein. 
 SECTION 2.04.    Indemnity; Costs and Expenses. The provisions of
Section 9.03 of the Credit Agreement apply mutatis mutandis to each of the Eighth Refinancing Amendment Arrangers, their respective affiliates and controlling persons and the respective officers, directors, members,
partners, employees, advisors, agents and representatives of each of the foregoing and their successors and permitted assigns (together with the Eighth Refinancing Amendment Arrangers, the “Arranger Group”) in respect of
their activities and roles in connection with the transactions contemplated by this Amendment to the same extent as if the Arranger Group in their respective capacities under this Amendment were named therein. The Borrowers agree to reimburse the
Administrative Agents and the Eighth Refinancing Amendment Arrangers for their reasonable out of pocket expenses in connection with this Amendment and the transactions contemplated hereby, including the reasonable fees, charges and disbursements of
Cahill Gordon & Reindel LLP, counsel for the Administrative Agents and the Eighth Refinancing Amendment Arrangers. 

SECTION 2.05.    Affiliate Activities. The Eighth Refinancing Amendment Arrangers and their respective affiliates
may be providing debt financing, equity capital or other services (including, without limitation, financial advisory services) to the Company in respect of which Lenders may have conflicting interests regarding the transactions contemplated herein
and otherwise. The Eighth Refinancing Amendment Arrangers and their respective affiliates are under no obligation or duty as a result of such roles to take any action or refrain from taking any action with respect to the transactions contemplated by
this Amendment and each party hereto hereby waives, to the fullest extent permitted by law, any claims it may have against any Eighth Refinancing Amendment Arranger or its affiliates related thereto for breach of fiduciary duty or alleged breach of
fiduciary duty in connection with the transactions contemplated by this Amendment. 

  
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 SECTION 2.06.    Counterparts. This Amendment may be executed in
any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts shall be an original, but all of which shall together constitute one and the same instrument. This Amendment may be delivered by
facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other electronic transmission of the relevant signature pages hereof,
and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing also applies to any
amendment, extension or renewal of this Amendment. Each of the parties hereto represents and warrants to the other parties that it has the corporate capacity and authority to execute this Amendment through electronic mean and that there are no
restrictions for doing so in that party’s constitutive documents. 
 SECTION 2.07.    Headings. The headings
of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their officers as of the date first above written. 
  

			
	DENALI INTERMEDIATE INC.
		
	BY	 	 /s/ Robert L. Potts

	NAME:	 	Robert L. Potts
	TITLE:	 	Senior Vice President and Assistant Secretary
	
	DELL INC.
		
	BY	 	 /s/ Robert L. Potts

	NAME:	 	Robert L. Potts
	TITLE:	 	Senior Vice President and Assistant Secretary
	
	DELL INTERNATIONAL L.L.C.
		
	BY	 	 /s/ Robert L. Potts

	NAME:	 	Robert L. Potts
	TITLE:	 	Senior Vice President and Assistant Secretary
	
	EMC CORPORATION
		
	BY	 	 /s/ Robert L. Potts

	NAME:	 	Robert L. Potts
	TITLE:	 	Senior Vice President and Assistant Secretary

 [Signature Page to Amendment No. 8] 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as a Lender, the Refinancing Term B-2 Lender, Term Loan B Administrative Agent and Collateral Agent
		
	BY	 	 /s/ Judith E. Smith

	Name:	 	Judith E. Smith
	Title:	 	Authorized Signatory
		
	BY	 	 /s/ Brady Bingham

	Name:	 	Brady Bingham
	Title:	 	Authorized Signatory

 [Signature Page to Amendment No. 8] 

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as the
Term Loan A/Revolver

	Administrative Agent
		
	BY	 	 /s/ Bruce S. Borden

	Name:	 	Bruce S. Borden
	Title:	 	Executive Director

 [Signature Page to Amendment No. 8]Document

EXHIBIT 4.8

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

The common stock of Anthem, Inc. (“Anthem,” “we,” “our,” or “us”) is the only class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
The following is a summary of the general terms and provisions of our common stock. This summary does not purport to be complete and is subject to and qualified by reference to our amended and restated articles of incorporation, as amended (our “articles of incorporation”) and our bylaws, as amended (our “bylaws”), both of which are filed as exhibits to our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”). For additional information, please read our articles of incorporation, our bylaws and the applicable provisions of the Indiana Business Corporation Law, as amended (the “IBCL”).
General 
We are authorized to issue up to 900,000,000 shares of common stock, par value $0.01 per share, as well as up to 100,000,000 shares of preferred stock, without par value.  We have no shares of preferred stock issued or outstanding.  
Each holder of our common stock is entitled to one vote per share of record on all matters to be voted upon by the shareholders. Holders do not have cumulative voting rights in the election of directors or any other matter.  Subject to the preferential rights of the holders of any preferred stock that may at the time be outstanding, each share of common stock will entitle the holder of that share to an equal and ratable right to receive dividends or other distributions (other than purchases, redemptions or other acquisitions of shares by us) if declared from time to time by our board of directors and if there are sufficient funds to legally pay a dividend. 
In the event of our liquidation, dissolution or winding up, whether voluntary or involuntary, the holders of common stock will be entitled to share ratably in all assets remaining after payments to creditors and after satisfaction of the liquidation preference, if any, of the holders of any preferred stock that may at the time be outstanding. Holders of common stock have no preemptive or redemption rights and will not be subject to further calls or assessments by us. 
Our common stock trades on the New York Stock Exchange under the symbol “ANTM.” Computershare Trust Company, N.A. is the registrar, transfer agent, conversion agent and dividend disbursing agent for the common stock.  
Authorized But Unissued Shares 
Indiana law does not require shareholder approval for any issuance of authorized shares. Authorized but unissued shares may be used for a variety of corporate purposes, including future public or private offerings to raise additional capital or to facilitate corporate acquisitions. One of the effects of the existence of authorized but unissued shares may be to enable our board of directors to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of current management and possibly deprive the shareholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices. In addition, depending on the rights prescribed for any series of preferred stock that may be issued, the issuance of preferred stock could have an adverse effect on the voting power of the holders of common stock or could impose restrictions upon the payment of dividends and other distributions to the holders of common stock. 
Limitations on Ownership of Our Common Stock in Articles of Incorporation 
As required under our licenses with the Blue Cross and Blue Shield Association (“BCBSA”), our articles of incorporation contain certain limitations on the ownership of our common stock. Our articles of incorporation provide that no person may beneficially own shares of voting capital stock in excess of specified ownership limits, 
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except with the prior approval of a majority of the “continuing directors.” The ownership limits, which may not be exceeded without the prior approval of the BCBSA, are the following: 
•    for any institutional investor (as defined in our articles of incorporation), one share less than 10% of our outstanding voting securities; 
•    for any non-institutional investor (as defined in our articles of incorporation), one share less than 5% of our outstanding voting securities; and 
•    for any person, one share less than the number of shares of our common stock or other equity securities (or a combination thereof) representing a 20% ownership interest in us. 
Any transfer of stock that would result in any person beneficially owning shares of capital stock in excess of any ownership limit will result in the intended transferee acquiring no rights in the shares exceeding such ownership limit (with certain exceptions) and the person’s excess shares will be deemed transferred to an escrow agent to be held until the shares are transferred to a person whose ownership of the shares will not violate the ownership limit. 
Certain Other Provisions of Our Articles of Incorporation and Bylaws 
Certain other provisions of our articles of incorporation and bylaws may delay or make more difficult unsolicited acquisitions or changes of control of us. These provisions could have the effect of discouraging third parties from making proposals involving an unsolicited acquisition or change in control of us, although these proposals, if made, might be considered desirable by a majority of our shareholders. These provisions may also have the effect of making it more difficult for third parties to cause the replacement of the current management without the concurrence of the board of directors. These provisions include: 
•    the division of the board of directors into three classes serving staggered terms of office of three years; 
•    provisions limiting the maximum number of directors to 19 and requiring that any increase in the number of directors then in effect must be approved by a majority of continuing directors;
•    provisions requiring that, except in certain limited circumstances, the filling of any vacancy on the board of directors must be approved by a majority of continuing directors; 
•permitting a special meeting of shareholders to be called only by the board of directors, the Chair of the Board, the Lead Director, the Chief Executive Officer, the President, or upon the written demand of any one or more shareholders owning at least 20% of our outstanding common stock; and
•requirements for advance notice for raising business or making nominations at shareholders’ meetings. 
Our bylaws provide that if the requirement for a classified board structure set forth in our licenses with the BCBSA is eliminated or otherwise no longer applicable to the Company, the board of directors will take all necessary actions to implement the elimination of the classified board structure and the annual election of all directors, which shall be phased in over a three-year period commencing with the first annual meeting of shareholders occurring at least 90 days after the board of directors determines that such requirement is eliminated or is otherwise no longer applicable to the Company.
Our bylaws establish an advance notice procedure with regard to business to be brought before an annual or special meeting of shareholders and advance notice and proxy access procedures with regard to the nomination of candidates for election as directors, other than by or at the direction of the board of directors. Although our bylaws do not give the board of directors any power to approve or disapprove shareholder nominations for the election of directors or proposals for action, they may have the effect of precluding a contest for the election of directors or the consideration of shareholder proposals if the established procedures are not followed, and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its proposal without regard to whether consideration of those nominees or proposals might be harmful or beneficial to us and our shareholders. 
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In addition, our bylaws provide that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (a) any derivative action or proceeding brought on our behalf, (b) any action asserting a claim for breach of a fiduciary duty owed by any of our directors, officers, employees or agents to us or certain specified constituents of ours, (c) any action asserting a claim arising pursuant to any provision of the IBCL or our articles of incorporation or bylaws, or (d) any action asserting a claim governed by the internal affairs doctrine, will be, to the fullest extent permitted by law, the Marion Superior Court in Marion County, Indiana or, if the Marion Superior Court lacks jurisdiction, the United States District Court for the Southern District of Indiana.
Amendment and Repeal of Bylaws 
Our articles of incorporation and bylaws provide that the bylaws may be altered, amended or repealed by either (1) the affirmative vote of a majority of the entire number of directors, or (2) except for certain provisions of the bylaws, the affirmative vote, at a shareholder meeting, of at least a majority of the votes entitled to be cast by the holders of the outstanding shares of all classes of our stock entitled to vote generally in the election of directors, considered for this purpose as a single voting group. 
Certain Provisions of the Indiana Business Corporation Law 
As an Indiana corporation, we are governed by the IBCL. The following are some of the more significant provisions of the IBCL that may delay, prevent or make more difficult certain unsolicited acquisitions or changes of control of us. These provisions also may have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish transactions which shareholders may otherwise deem to be in their best interest. 
Control Share Acquisitions. Under Chapter 42 of the IBCL, an acquiring person or group who acquires, directly or indirectly, ownership of, or the power to direct the exercise of voting power with respect to, issued and outstanding “control shares” in an “issuing public corporation” may not exercise voting rights on any control shares unless these voting rights are conferred by a majority vote of the disinterested shareholders of the issuing public corporation at a special meeting of those shareholders held upon the request and at the expense of the acquiring person. If the acquiring person has acquired control shares with a majority or more of the voting power, and the control shares are accorded full voting rights by the disinterested shareholders, all shareholders of the issuing public corporation have dissenters’ rights to receive the fair value of their shares pursuant to Chapter 44 of the IBCL. We are an “issuing public corporation” as defined under Chapter 42. 
Under Chapter 42, “control shares” means shares acquired by a person that, when added to all other shares of the issuing public corporation owned by that person or in respect to which that person may exercise or direct the exercise of voting power, would otherwise entitle that person to exercise voting power of the issuing public corporation in the election of directors within any of the following ranges: (i) one-fifth or more but less than one-third; (ii) one-third or more but less than a majority; or (iii) a majority or more. 
Chapter 42 does not apply if, before a control share acquisition is made, the corporation’s articles of incorporation or bylaws, including a bylaw adopted by the corporation’s board of directors, provide that they do not apply. Our bylaws provide that we are not subject to Chapter 42; however, our board of directors could amend our bylaws to rescind our election to opt out of Chapter 42.
Certain Business Combinations. Chapter 43 of the IBCL restricts the ability of an Indiana corporation that has 100 or more shareholders to engage in any business combinations with an “interested shareholder” for five years after the date the shareholder became an “interested shareholder” (such date, the “share acquisition date”), unless the business combination or the purchase of shares by the interested shareholder on the interested shareholder’s share acquisition date is approved by the board of directors of the corporation before the share acquisition date. If such prior approval is not obtained, the interested shareholder may effect a business combination after the five-year period only if that shareholder receives approval from a majority of the disinterested shareholders or the offer meets specified fair price criteria. 
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For purposes of Chapter 43, “interested shareholder” means any person, other than the corporation or its subsidiaries, who is (1) the beneficial owner, directly or indirectly, of 10% or more of the voting power of the outstanding voting shares of the corporation or (2) an affiliate or associate of the corporation, which at any time within the five-year period immediately before the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding shares of the corporation. 
Chapter 43 does not apply to corporations that elect not to be subject to Chapter 43 in an amendment to their articles of incorporation approved by a majority of the disinterested shareholders. That amendment, however, cannot become effective until 18 months after its passage and would apply only to share acquisitions occurring after its effective date. Our articles of incorporation do not exclude us from Chapter 43. 
Mandatory Classified Board of Directors. Under Chapter 33 of the IBCL, a corporation with a class of voting shares registered with the SEC under Section 12 of the Exchange Act must have a classified board of directors unless the corporation adopts a bylaw expressly electing not to be governed by this provision. Although our articles of incorporation and bylaws provide for a classified board of directors so long as we are required to do so under our licenses with the BCBSA, we adopted an amendment to our bylaws electing not to be subject to this mandatory requirement effective July 29, 2009. 
Unanimous Written Consent of Shareholders. Under Chapter 29 of the IBCL, as well as our articles of incorporation and our bylaws, any action required or permitted to be taken by the holders of common stock may be effected only at an annual meeting or special meeting of such holders, and shareholders may act in lieu of such meetings only by unanimous written consent.

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