Document:

exhibit101-primingfacili

EXECUTION COPY      #4842-1976-9300         PRIMING FACILITY CREDIT AGREEMENT    dated as of  December 28, 2020    among    GTT COMMUNICATIONS, INC.,  as the Parent Guarantor,    GTT COMMUNICATIONS B.V.,  as the Borrower,    THE LENDING INSTITUTIONS NAMED HEREIN,  as Lenders,    and    DELAWARE TRUST COMPANY,  as Administrative Agent  _______________________________________________        

 

  -i-    #4842-1976-9300   TABLE OF CONTENTS  Page  ARTICLE I.    DEFINITION AND TERMS  Section 1.01 Certain Defined Terms ...................................................................................................................... 2  Section 1.02 Computation of Time Periods ......................................................................................................... 51  Section 1.03 Accounting Terms ........................................................................................................................... 51  Section 1.04 Terms Generally .............................................................................................................................. 52  Section 1.05 [Reserved] ....................................................................................................................................... 53  Section 1.06 [Reserved] ....................................................................................................................................... 53  Section 1.07 Swedish Terms. ............................................................................................................................... 53  ARTICLE II.    THE TERMS OF THE CREDIT FACILITY  Section 2.01 Establishment of the Credit Facility ................................................................................................ 53  Section 2.02 [Reserved] ....................................................................................................................................... 53  Section 2.03 Term Loans ..................................................................................................................................... 53  Section 2.04 [Reserved] ....................................................................................................................................... 54  Section 2.05 [Reserved] ....................................................................................................................................... 54  Section 2.06 Notice of Borrowing ....................................................................................................................... 54  Section 2.07 Funding Obligations; Disbursement of Funds ................................................................................ 54  Section 2.08 Evidence of Obligations .................................................................................................................. 55  Section 2.09 Interest; Default Rate ...................................................................................................................... 56  Section 2.10 Conversion and Continuation of Loans ........................................................................................... 58  Section 2.11 Fees ................................................................................................................................................. 59  Section 2.12 [Reserved] ....................................................................................................................................... 59  Section 2.13 Voluntary, Scheduled and Mandatory Prepayments of Loans ........................................................ 59  Section 2.14 Method and Place of Payment ......................................................................................................... 62  Section 2.15 Defaulting Lenders .......................................................................................................................... 63  ARTICLE III.    INCREASED COSTS, ILLEGALITY AND TAXES  Section 3.01 Increased Costs, Illegality, etc. ....................................................................................................... 64  Section 3.02 Breakage Compensation ................................................................................................................. 66  Section 3.03 Net Payments .................................................................................................................................. 66  Section 3.04 [Reserved] ....................................................................................................................................... 71  Section 3.05 Change of Lending Office; Replacement of Lenders ...................................................................... 71  ARTICLE IV.    CONDITIONS PRECEDENT  Section 4.01 Conditions Precedent at Closing Date ............................................................................................. 71  Section 4.02 Conditions Precedent to Drawings of Delayed Draw Term Loans ................................................. 75  Section 4.03 Conditions Satisfied. ....................................................................................................................... 75  

 

Page  -ii-    #4842-1976-9300   ARTICLE V.    REPRESENTATIONS AND WARRANTIES  Section 5.01 Corporate Status .............................................................................................................................. 76  Section 5.02 Corporate Power and Authority ...................................................................................................... 76  Section 5.03 No Violation .................................................................................................................................... 76  Section 5.04 Governmental Approvals ................................................................................................................ 76  Section 5.05 Litigation ......................................................................................................................................... 77  Section 5.06 Use of Proceeds; Margin Regulations; Sanctions ........................................................................... 77  Section 5.07 Approved Budget ............................................................................................................................ 77  Section 5.08 [Reserved] ....................................................................................................................................... 78  Section 5.09 No Material Adverse Change .......................................................................................................... 78  Section 5.10 Tax Returns and Payments .............................................................................................................. 78  Section 5.11 Title to Properties, etc. .................................................................................................................... 78  Section 5.12 Lawful Operations, etc. ................................................................................................................... 78  Section 5.13 Environmental Matters .................................................................................................................... 78  Section 5.14 Compliance with ERISA, etc. ......................................................................................................... 79  Section 5.15 Intellectual Property, etc. ................................................................................................................ 80  Section 5.16 Investment Company Act, etc. ........................................................................................................ 80  Section 5.17 Insurance ......................................................................................................................................... 81  Section 5.18 Centre of Main Interests and Establishments .................................................................................. 81  Section 5.19 Security Interests, etc. ..................................................................................................................... 81  Section 5.20 True and Complete Disclosure ........................................................................................................ 81  Section 5.21 [Reserved] ....................................................................................................................................... 82  Section 5.22 Capitalization .................................................................................................................................. 82  Section 5.23 [Reserved] ....................................................................................................................................... 82  Section 5.24 Anti-Terrorism and Anti-Money Laundering Law Compliance ..................................................... 82  Section 5.25 Communications Matters ................................................................................................................ 83  Section 5.26 Licenses, Approvals and Rights-of-Way ........................................................................................ 85  Section 5.27 No Immunity ................................................................................................................................... 86  ARTICLE VI.    AFFIRMATIVE COVENANTS  Section 6.01 Reporting Requirements ................................................................................................................. 86  Section 6.02 Books, Records and Inspections ..................................................................................................... 89  Section 6.03 Insurance ......................................................................................................................................... 90  Section 6.04 Payment of Taxes and Claims ......................................................................................................... 90  Section 6.05 Corporate Franchises....................................................................................................................... 91  Section 6.06 Good Repair .................................................................................................................................... 91  Section 6.07 Compliance with Statutes; Non-U.S. Plans; Canadian Pension Plans ............................................ 91  Section 6.08 Compliance with Environmental Laws ........................................................................................... 92  Section 6.09 Certain Subsidiaries to Join in Guaranty ......................................................................................... 93  Section 6.10 Additional Security; Further Assurances; Real Property Matters; Etc.. .......................................... 94  Section 6.11 Maintenance of Ratings .................................................................................................................. 98  Section 6.12 Use of Proceeds ............................................................................................................................... 98  Section 6.13 [Reserved] ....................................................................................................................................... 98  Section 6.14 United Kingdom People with Significant Control Regime ............................................................. 98  Section 6.15 Post-Closing Obligations ................................................................................................................ 98  Section 6.16 Additional Covenants ...................................................................................................................... 98  

 

Page  -iii-    #4842-1976-9300   ARTICLE VII.    NEGATIVE COVENANTS  Section 7.01 Changes in Business...................................................................................................................... 100  Section 7.02 Consolidation, Merger, Acquisitions, Asset Sales, etc. ................................................................. 100  Section 7.03 Liens .............................................................................................................................................. 102  Section 7.04 Indebtedness .................................................................................................................................. 103  Section 7.05 Investments and Guaranty Obligations ......................................................................................... 106  Section 7.06 Restricted Payments ...................................................................................................................... 107  Section 7.07 [Reserved] ..................................................................................................................................... 108  Section 7.08 Limitation on Certain Restrictive Agreements .............................................................................. 109  Section 7.09 Transactions with Affiliates .......................................................................................................... 109  Section 7.10 Modification of Organizational Documents; Certain Agreements ................................................ 110  Section 7.11 Anti-Terrorism Laws; Sanctions; Anti-Corruption Laws .............................................................. 110  Section 7.12 Fiscal Year .................................................................................................................................... 110  Section 7.13 Financial Covenants. ..................................................................................................................... 110  Section 7.14 Additional Covenants .................................................................................................................... 111  ARTICLE VIII.    EVENTS OF DEFAULT  Section 8.01 Events of Default .......................................................................................................................... 111  Section 8.02 Remedies ....................................................................................................................................... 114  Section 8.03 Application of Certain Payments and Proceeds ............................................................................ 114  ARTICLE IX.    THE ADMINISTRATIVE AGENT  Section 9.01 Appointment ................................................................................................................................. 116  Section 9.02 Delegation of Duties ..................................................................................................................... 119  Section 9.03 Exculpatory Provisions ................................................................................................................. 120  Section 9.04 Reliance by Administrative Agent ................................................................................................ 121  Section 9.05 Notice of Default ........................................................................................................................... 122  Section 9.06 Non-Reliance ................................................................................................................................ 122   Section 9.07 No Reliance on Administrative Agent’s Customer Identification Program .................................. 123  Section 9.08 USA Patriot Act ............................................................................................................................ 123  Section 9.09 Indemnification ............................................................................................................................. 123  Section 9.10 The Administrative Agent in Individual Capacity ........................................................................ 124  Section 9.11 Successor Administrative Agent ................................................................................................... 124  Section 9.12 No Other Agents ........................................................................................................................... 125  Section 9.13 U.K. Security Documents, Irish Security Documents and Northern Irish Security  Documents ................................................................................................................................. 125  Section 9.14 Agency for Perfection ................................................................................................................... 126  Section 9.15 Proof of Claim ............................................................................................................................... 126  Section 9.16 Posting of Approved Electronic Communications. ....................................................................... 127  Section 9.17 Credit Bidding ............................................................................................................................... 128  Section 9.18 Priming Facility Intercreditor Agreement ..................................................................................... 128  Section 9.19 Certain ERISA Matters ................................................................................................................. 128  Section 9.20 Parallel Obligations ....................................................................................................................... 129  

 

Page  -iv-    #4842-1976-9300   ARTICLE X.    GUARANTY  Section 10.01 Guaranty by the Parent Guarantor ................................................................................................. 130  Section 10.02 Reserved ........................................................................................................................................ 130  Section 10.03 Guaranty Unconditional ................................................................................................................ 130  Section 10.04 Obligations to Remain in Effect; Restoration ............................................................................... 131  Section 10.05 Waiver of Acceptance, etc. ........................................................................................................... 131  Section 10.06 Subrogation ................................................................................................................................... 131  Section 10.07 Effect of Stay ................................................................................................................................ 131  ARTICLE XI.    MISCELLANEOUS.  Section 11.01 Payment of Expenses, etc. ............................................................................................................. 131  Section 11.02 Indemnification. ............................................................................................................................ 133  Section 11.03 Right of Setoff ............................................................................................................................... 134  Section 11.04 Equalization .................................................................................................................................. 134  Section 11.05 Notices .......................................................................................................................................... 135  Section 11.06 Successors and Assigns. ................................................................................................................ 136  Section 11.07 No Waiver; Remedies Cumulative ................................................................................................ 139  Section 11.08 Governing Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial; Service of  Process ....................................................................................................................................... 140  Section 11.09 Counterparts .................................................................................................................................. 141  Section 11.10 Integration ..................................................................................................................................... 141  Section 11.11 Headings Descriptive .................................................................................................................... 141  Section 11.12 Amendment or Waiver; Acceleration by Required Lenders ......................................................... 142  Section 11.13 Survival of Indemnities ................................................................................................................. 146  Section 11.14 Domicile of Loans ......................................................................................................................... 146  Section 11.15 Confidentiality .............................................................................................................................. 146  Section 11.16 [Reserved] ..................................................................................................................................... 147  Section 11.17 General Limitation of Liability ..................................................................................................... 147  Section 11.18 No Duty ......................................................................................................................................... 147  Section 11.19 Lenders and Agent Not Fiduciary to the Borrower, etc. ............................................................... 148  Section 11.20 Survival of Representations and Warranties ................................................................................. 148  Section 11.21 Severability ................................................................................................................................... 148  Section 11.22 Directed Divestment ..................................................................................................................... 148  Section 11.23 Interest Rate Limitation ................................................................................................................ 148  Section 11.24 USA Patriot Act ............................................................................................................................ 148  Section 11.25 Advertising and Publicity .............................................................................................................. 148  Section 11.26 Release of Guarantees and Liens .................................................................................................. 149  Section 11.27 Payments Set Aside ....................................................................................................................... 149  Section 11.28 Swedish Security ........................................................................................................................... 149  Section 11.29 Spanish Security ............................................................................................................................ 150  Section 11.30 Acknowledgement and Consent to Bail-In of EEA Financial Institutions .................................... 150  Section 11.31 Dutch Legal Matters...................................................................................................................... 150    

 

    Priming Facility Credit Agreement  SCHEDULES  Schedule 1  Lenders and Commitments  Schedule 1.01(a) Agreed Security Principles  Schedule 1.01(b) [Intentionally Omitted]  Schedule 1.01(c) Mortgaged Real Property  Schedule 1.01(d) Restricted Subsidiaries and Immaterial Subsidiaries  Schedule 1.01(e) Subsidiary Guarantors  Schedule 1.01(f) Landing Site  Schedule 1.01(g) Holding Company Merger  Schedule 5.10  Tax Returns and Payments  Schedule 5.11  Real Property  Schedule 5.15  Intellectual Property  Schedule 5.22  Capitalization / Equity Interests  Schedule 5.25(a)(i) U.S. Communications Licenses  Schedule 5.25(a)(iii) Material Compliance Exceptions  Schedule 5.25(a)(v) Compliance with CALEA, CPNI, USF Requirements  Schedule 5.25(b)(i) Non-U.S. Communications Licenses  Schedule 5.25(b)(iii) Material Compliance with Non-U.S. Communications Laws  Schedule 5.25(b)(iv) Material Compliance with Non-U.S. Equivalents of CALEA, CPNI, USF, Etc.  Schedule 6.15  Post-Closing Obligations  Schedule 7.03  Permitted Liens / Liens in Existence  Schedule 7.03(h) Key Customers  Schedule 7.04  Permitted Indebtedness  Schedule 7.04(q) Reimbursement Obligations  Schedule 7.05  Permitted Investments  Schedule 7.08  Limitations on Restrictive Agreements  EXHIBITS  Exhibit A  Form of Note   Exhibit B-1  Form of Notice of Borrowing  Exhibit B-2  Form of Notice of Continuation or Conversion  Exhibit C  [Intentionally Omitted]  Exhibit D  [Intentionally Omitted]  Exhibit E  [Intentionally Omitted]  Exhibit F  [Intentionally Omitted]  Exhibit G  Form of Assignment Agreement  Exhibit H  [Intentionally Omitted]  Exhibit I  Form of Intercompany Subordination Agreement  Exhibit J-1 Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not  Partnerships For U.S. Federal Income Tax Purposes)  Exhibit J-2 Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not   Partnerships For U.S. Federal Income Tax Purposes)  Exhibit J-3 Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are  Partnerships  For U.S. Federal Income Tax Purposes)  Exhibit J-4 Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are  Partnerships   For U.S. Federal Income Tax Purposes)    

 

   -2-     This PRIMING FACILITY CREDIT AGREEMENT is entered into as of December 28, 2020  among the following: (i) GTT Communications, Inc., a Delaware corporation (the “Parent Guarantor”); (ii)  GTT Communications B.V., a company organized under the laws of the Netherlands (the “Borrower”); (iii)  the lenders from time to time party hereto (each, a “Lender” and collectively, the “Lenders”); and (iv)  Delaware Trust Company, as the administrative agent (the “Administrative Agent”).  PRELIMINARY STATEMENTS  (1) The Borrower has requested that the Lenders extend credit to the Borrower in order to  provide working capital and funds for other general corporate purposes and other purposes permitted  hereunder, including fees and expenses incurred in connection with the Transactions (as hereinafter  defined), in the form of Term Loans pursuant to Term Commitments in an aggregate principal amount of  $275,000,000, consisting of (a) $100,000,000 aggregate principal amount of Initial Term Loans pursuant  to Initial Term Commitments that will be fully funded on or about the Closing Date and (b) $175,000,000  aggregate principal amount of Delayed Draw Term Loans pursuant to Delayed Draw Term Commitments  that may be drawn in a single borrowing after the Closing Date upon the terms and conditions set forth  herein.  (2) Subject to and upon the terms and conditions set forth herein, the Lenders are willing to  extend credit and make available to the Borrower the credit facilities provided for herein for the foregoing  purposes.  AGREEMENT  In consideration of the premises and the mutual covenants contained herein, the parties hereto agree  as follows:  ARTICLE I.    DEFINITION AND TERMS  Section 1.01 Certain Defined Terms.  As used herein, the following terms shall have the  meanings herein specified unless the context otherwise requires:  “1934 Act” means the Securities Exchange Act of 1934, as amended.  “2024 Notes” means the Parent Guarantor’s 7.875% senior notes due 2024 in an aggregate principal  amount, as of the Closing Date, of $575,000,000.   “2024 Notes Indenture” means the Indenture, dated as of December 22, 2016, among the Parent  Guarantor (as successor to GTT Escrow Corporation), the subsidiary guarantors party thereto from time to  time and Wilmington Trust, National Association, as trustee, governing the 2024 Notes.  “Acquisition” means any transaction or series of related transactions for the purpose of or resulting,  directly or indirectly, in (i) the acquisition of all or substantially all of the assets of any Person, or any  business or division of any Person, (ii) the acquisition or ownership of in excess of 50% of the Equity  Interests of any Person, or (iii) the acquisition of another Person by a merger, consolidation, amalgamation  or any other combination with such Person.    “Ad Hoc 2020 EMEA Term Lender Group” means any Lender that, as of the Closing Date, is a  party to the Existing Credit Agreement as a “2020 EMEA Term Lender” and that is represented by the Ad  

 

   -3-     Hoc 2020 EMEA Term Lender Group Advisors, a list of which is to be delivered to the Administrative  Agent on the Closing Date.  “Ad Hoc 2020 EMEA Term Lender Group Advisors” means Paul, Weiss, Rifkind, Wharton &  Garrison LLP.   “Ad Hoc Lender Group” means any Lender that, as of the Closing Date, is a party to the Existing  Credit Agreement as a “Lender” and that is represented by the Ad Hoc Lender Group Advisors, a list of  which is to be delivered to the Administrative Agent on the Closing Date.  “Ad Hoc Lender Group Advisors” means Milbank LLP and Houlihan Lokey Capital, Inc..   “Ad Hoc Noteholder Group” means any Lender that, as of the Closing Date, is a member of the ad  hoc group of holders of 2024 Notes that is represented by the Ad Hoc Noteholder Group Advisors, a list of  which is to be delivered to the Administrative Agent on the Closing Date.   “Ad Hoc Noteholder Group Advisors” means Latham & Watkins LLP and Centerview Partners  LLC.   “Additional Director” has the meaning provided in Section 6.16(c)(i).  “Additional Observer” has the meaning provided in Section 6.16(c)(i).  “Additional Security Documents” has the meaning provided in Section 6.10(a).  “Adjusted Eurocurrency Rate” means with respect to each Interest Period for a Eurocurrency Loan,  the greatest of (A) (i) with respect to any Eurocurrency Loan, the rate per annum equal to the offered rate  appearing on Bloomberg Screen US0003M Index Page (or on the appropriate page of any successor to or  substitute for such service, or, if such rate is not available, on the appropriate page of any generally  recognized financial information service, as selected by the Administrative Agent from time to time) that  displays an average ICE Benchmark Administration (or any successor thereto) Interest Settlement Rate at  approximately 11:00 A.M. (London time) two (2) Business Days prior to the commencement of such  Interest Period, for deposits with a maturity comparable to such Interest Period, divided (and rounded to  the nearest 1/100th of 1%) by (ii) a percentage equal to 100% minus the then stated maximum rate of all  reserve requirements (including any marginal, emergency, supplemental, special or other reserves and  without benefit of credits for proration, exceptions or offsets that may be available from time to time)  applicable to any member bank of the Federal Reserve System in respect of Eurocurrency liabilities as  defined in Regulation D (or any successor category of liabilities under Regulation D); provided, however,  that if the rate referred to in clause (i) above is not available at any such time for any reason, then the rate  referred to in clause (i) shall instead be the interest rate per annum, as determined by the Required Lenders,  to be the average (rounded to the nearest 1/100th of 1%) of the rates per annum at which deposits in an  amount equal to the amount of such Eurocurrency Loan are offered to major banks in the London interbank  market at approximately 11:00 A.M. (London time), two (2) Business Days prior to the commencement of  such Interest Period, for contracts that would be entered into at the commencement of such Interest Period  for the same duration as such Interest Period and (B) 1.00% per annum.  Notwithstanding the foregoing,  any rate selected pursuant to the foregoing must be administratively feasible for the Administrative Agent.   “Administrative Agent” has the meaning provided in the first paragraph of this Agreement and  includes any successor to the Administrative Agent appointed pursuant to Section 9.11.  

 

   -4-     “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling,  controlled by, or under direct or indirect common control with such Person, or, in the case of any Lender  that is an investment fund, the investment advisor thereof and any investment fund having the same  investment advisor.  A Person shall be deemed to control a second Person if such first Person possesses,  directly or indirectly, the power (i) to vote 10% or more of the securities having ordinary voting power for  the election of directors or managers of such second Person or (ii) to direct or cause the direction of the  management and policies of such second Person, whether through the ownership of voting securities, by  contract or otherwise.  Notwithstanding the foregoing, neither the Administrative Agent nor any Lender  shall in any event be considered an Affiliate of the Parent Guarantor or any of its Subsidiaries.  “Agreed Security Principles” means the principles set forth on Schedule 1.01(a).  “Agreement” means this Priming Facility Credit Agreement, including any exhibits or schedules,  as the same may from time to time be amended, restated, amended and restated, supplemented or otherwise  modified.  “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the  Parent Guarantor or any Subsidiary from time to time concerning or relating to bribery or corruption.  “Anti-Terrorism Law” means the USA Patriot Act, the Bank Secrecy Act, and any other laws and  regulations of any U.S. or non-U.S. jurisdiction pertaining to money laundering or terrorism financing, in  each case as such law or regulation may be amended from time to time.  “Applicable Lending Office” means, with respect to each Lender, the office designated by such  Lender to the Administrative Agent as such Lender’s lending office for all purposes under this Agreement.   A Lender may have a different Applicable Lending Office for Base Rate Loans and Eurocurrency Loans.  “Approved Bank” has the meaning provided in subpart (ii) of the definition of “Cash Equivalents”.  “Approved Budget” shall mean the Initial Budget for all purposes of this Agreement until  superseded by an Updated Budget in accordance with, and to the extent permitted by, Section 6.01(d).  “Approved Fund” means a fund that is engaged in making, purchasing, holding or otherwise  investing in commercial loans and similar extensions of credit and that is administered or managed by a  Lender or an Affiliate of a Lender or its investment advisor.  With respect to any Lender, an Approved  Fund shall also include any swap, special purpose vehicle purchasing or acquiring security interests in  collateralized loan obligations or any other vehicle through which such Lender may leverage its investments  from time to time.  “Asset Sale” means, with respect to any Person, the sale, lease, transfer or other disposition  (including by means of Sale and Lease-Back Transactions, and by means of mergers, consolidations,  amalgamations and liquidations of a corporation, partnership or limited liability company of the interests  therein of such Person) by such Person to any other Person of any of such Person’s assets; provided, that  the term Asset Sale specifically excludes the actual or constructive total loss of any property or the use  thereof resulting from any Event of Loss.  “Assignment Agreement” means an Assignment Agreement substantially in the form of Exhibit G  hereto.  “Authorized Officer” means, with respect to any Person, any of the following officers:  the  President, the Chief Executive Officer, the Chief Financial Officer, the General Counsel, any Vice President  

 

   -5-     or Assistant Vice President, any Vice President of Finance, the Treasurer, the Assistant Treasurer or the  Controller, or any Secretary or Assistant Secretary, or such other officer of such Person as is authorized in  writing to act on behalf of such Person.  Unless otherwise qualified, all references herein to an Authorized  Officer shall refer to an Authorized Officer of the Parent Guarantor.  “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable  EEA Resolution Authority in respect of any liability of an EEA Financial Institution.  “Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55  of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the  implementing law for such EEA Member Country from time to time which is described in the EU Bail-In  Legislation Schedule.  “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now or  hereafter in effect, or any successor thereto, as hereafter amended.  “Base Rate” means, for any day, a fluctuating interest rate per annum as shall be in effect from time  to time, which rate per annum shall at all times be equal to the greatest of: (i) the rate of interest published  by the Wall Street Journal (or comparable publication or service for publishing the “prime rate”), from time  to time, as its “prime rate”; (ii) the Federal Funds Effective Rate in effect from time to time, determined  one (1) Business Day in arrears, plus 1/2 of 1% per annum; and (iii) the Adjusted Eurocurrency Rate for  Loans denominated in Dollars with a one-month Interest Period on such day plus 1.00%; provided, that the  Base Rate shall not be less than 2.00%.  “Base Rate Loan” means any Loan denominated in Dollars bearing interest at a rate based upon the  Base Rate in effect from time to time.  “Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include  Term SOFR) that has been selected by the Administrative Agent (at the direction of the Required Lenders)  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 Adjusted  Eurocurrency Rate for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark  Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less  than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.  “Benchmark Replacement Adjustment” means, with respect to any replacement of the Adjusted  Eurocurrency Rate with an Unadjusted Benchmark Replacement 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 (at the direction of  the Required Lenders) and the Borrower 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 Adjusted Eurocurrency Rate with the applicable Unadjusted Benchmark Replacement  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 the  replacement of the Adjusted Eurocurrency Rate with the applicable Unadjusted Benchmark Replacement  for U.S. dollar denominated syndicated credit facilities at such time.  “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  

 

   -6-     payments of interest and other administrative matters) that the Administrative Agent (at the direction of the  Required Lenders) 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 or the Required Lenders  decides that adoption of any portion of such market practice is not administratively feasible or if the  Administrative Agent or the Required Lenders determines that no market practice for the administration of  the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent (in  consultation with the Required Lenders) decides is reasonably necessary in connection with the  administration of this Agreement); provided that any such changes shall be administratively feasible for the  Administrative Agent.   “Benchmark Replacement Date” means the earlier to occur of the following events with respect to  the Adjusted Eurocurrency 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 Adjusted Eurocurrency Rate permanently or  indefinitely ceases to provide the Adjusted Eurocurrency 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 Transition Event” means the occurrence of one or more of the following events with  respect to the Adjusted Eurocurrency Rate, as determined by the Required Lenders;   (1)  a public statement or publication of information by or on behalf of the  administrator of the Adjusted Eurocurrency Rate announcing that such administrator has ceased or  will cease to provide the Adjusted Eurocurrency 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 Adjusted Eurocurrency Rate;  (2)  a public statement or publication of information by the regulatory supervisor for  the administrator of the Adjusted Eurocurrency Rate, the U.S. Federal Reserve System, an  insolvency official with jurisdiction over the administrator for the Adjusted Eurocurrency Rate, a  resolution authority with jurisdiction over the administrator for the Adjusted Eurocurrency Rate or  a court or an entity with similar insolvency or resolution authority over the administrator for the  Adjusted Eurocurrency Rate, which states that the administrator of the Adjusted Eurocurrency Rate  has ceased or will cease to provide the Adjusted Eurocurrency 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 Adjusted Eurocurrency Rate; or   (3)  a public statement or publication of information by the regulatory supervisor for  the administrator of the Adjusted Eurocurrency Rate announcing that the Adjusted Eurocurrency  Rate is no longer representative.  “Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the  earlier of, as determined by the Required Lenders, (i) the applicable Benchmark Replacement Date and (ii)  if such Benchmark Transition Event is a public statement or publication of information of a prospective  event, the 90th day prior to the expected date of such event as of such public statement or publication of  information (or if the expected date of such prospective event is fewer than 90 days after such statement or  publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the  

 

   -7-     date specified by the Required Lenders by notice to the Borrower, the Administrative Agent and the  Lenders.  “Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related  Benchmark Replacement Date have occurred with respect to the Adjusted Eurocurrency Rate and solely to  the extent that the Adjusted Eurocurrency Rate has not been replaced with a Benchmark Replacement, as  determined by the Required Lenders, the period (x) beginning at the time that such Benchmark Replacement  Date has occurred if, at such time, no Benchmark Replacement has replaced the Adjusted Eurocurrency  Rate for all purposes hereunder in accordance with Section 2.09(i) and (y) ending at the time that a  Benchmark Replacement has replaced the Adjusted Eurocurrency Rate for all purposes hereunder pursuant  to Section 2.09(i).  “Benefit Plan” means 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 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”.  “Borrower” has the meaning provided in the first paragraph of this Agreement.  “Borrowing” means the incurrence of Term Loans consisting of one Type by the Borrower from  all of the Lenders having Term Commitments in respect thereof on a pro rata basis on a given date (or  resulting from Conversions or Continuations on a given date), having in the case of Eurocurrency Loans  the same Interest Period.  “Business Day” means (i) any day other than Saturday, Sunday or any other day on which  commercial banks in New York, New York and Wilmington, Delaware are authorized or required by law  to close, or are in fact closed and (ii) with respect to any matters relating to Eurocurrency Loans, any day  on which dealings in Dollars are carried on in the London interbank market.  “CALEA” means the United States Communications Assistance for Law Enforcement Act,  codified at 47 U.S.C. § 1001, et seq.  “CALEA Requirements” means the CALEA implementation and filing requirements imposed by  the FCC on telecommunications carriers in the FCC Rules, including Title 47, Part 1, Subpart Z of the Code  of Federal Regulations.  “Canadian Contribution Regime” means the Canadian national revenue-based contribution regime  which subsidizes the high cost of residential telephone service in rural and remote parts of Canada and  which is established and maintained by the CRTC.  “Canadian Contribution Regime Requirements” means the Canadian Contribution Regime  contribution and reporting requirements imposed by the CRTC on telecommunications service providers.   “Canadian Defined Benefit Pension Plan” means any Canadian Pension Plan that contains a  “defined benefit provision” as such term is defined in subsection 147.1(1) of the Income Tax Act (Canada).  “Canadian Pension Plan” means any “registered pension plan” as defined under section 248(1) of  the Income Tax Act (Canada) that is maintained, sponsored or contributed to by the Parent Guarantor or  any Subsidiary of the Parent Guarantor with respect to its employees.   

 

   -8-     “Canadian Pension Plan Event” means (a) the voluntary full or partial wind up of a Canadian  Pension Plan; (b) the institution of proceedings by any Governmental Authority to terminate in whole or in  part a Canadian Pension Plan or have an administrator appointed to administer such a Canadian Pension  Plan; (c) any other event or condition which might constitute grounds for the termination of, winding up or  partial termination of, winding up or the appointment of an administrator to administer, any Canadian  Pension Plan; (d) substantial non-compliance with any Canadian Pension Plan’s terms or with the  requirements of any and all applicable laws, statutes, rules, regulations and orders; or (e) the creation of  any Lien (save for contribution amounts not yet due) with respect to any Canadian Pension Plan.  “Capital Distribution” means, with respect to any Person, a payment made, liability incurred or  other consideration given for the purchase, acquisition, repurchase, redemption or retirement of any Equity  Interest of such Person or as a dividend, return of capital or other distribution in respect of any of such  Person’s Equity Interests.  “Capital Lease” as applied to any Person means any lease of any property (whether real, personal  or mixed) by that Person as lessee that, in conformity with GAAP, should be accounted for as a capital  lease on the balance sheet of that Person.  “Capitalized Lease Obligations” means, with respect to any Person, all obligations under Capital  Leases of such Person, without duplication, in each case taken at the amount thereof accounted for as  liabilities identified as “capital lease obligations” (or any similar words) on a consolidated balance sheet of  such Person prepared in accordance with GAAP.  “Cash Dividend” means a Capital Distribution by a Person payable in cash to the holders of Equity  Interests of such Person with respect to any class or series of Equity Interest of such Person.  “Cash Equivalents” means any of the following:  (i) securities issued or directly and fully guaranteed or insured by the United States or  Canadian governments, a Permissible Jurisdiction, Switzerland or Norway or, in each case, or any  agency or instrumentality thereof (provided, that the full faith and credit of such country or such member  state is pledged in support thereof) having maturities of not more than one year from the date of  acquisition;  (ii) U.S. dollar denominated time deposits, certificates of deposit and bankers’ acceptances of  (x) any Lender, (y) any commercial bank of recognized standing organized under the laws of the United  States (or any state thereof or the District of Columbia) and having capital and surplus in excess of  $500,000,000 or (z) any commercial bank (or the parent company of such bank) of recognized standing  and whose short-term commercial paper rating from S&P is at least A-1, A-2 or the equivalent thereof  or from Moody’s is at least P-1, P-2 or the equivalent thereof (any such bank, an “Approved Bank”), in  each case with maturities of not more than 360 days from the date of acquisition;  (iii) commercial paper issued by any Lender or Approved Bank or by the parent company of  any Lender or Approved Bank and commercial paper issued by, or guaranteed by, any industrial or  financial company with a short-term commercial paper rating of at least A-1 or the equivalent thereof by  S&P or at least P-1 or the equivalent thereof by Moody’s, or guaranteed by any industrial company with  a long-term unsecured debt rating of at least A or A2, or the equivalent of each thereof, from S&P or  Moody’s, as the case may be, and in each case maturing within 360 days after the date of acquisition;  (iv) fully collateralized repurchase agreements entered into with any Lender or Approved Bank  having a term of not more than 30 days and covering securities described in clause (i) above;   

 

   -9-     (v) investments in money market funds substantially all the assets of which are comprised of  securities of the types described in clauses (i) through (iv) above;  (vi) investments in money market funds access to which is provided as part of “sweep”  accounts maintained with a Lender or an Approved Bank;  (vii) investments in industrial development revenue bonds that (A) “re-set” interest rates not  less frequently than quarterly, (B) are entitled to the benefit of a remarketing arrangement with an  established broker dealer, and (C) are supported by a direct pay letter of credit covering principal and  accrued interest that is issued by an Approved Bank;   (viii) investments in pooled funds or investment accounts consisting of investments of the nature  described in the foregoing clause (vii);   (ix) securities issued and fully guaranteed by any state, commonwealth or territory of the  United States of America, any province of Canada, any Permissible Jurisdiction, Switzerland or Norway,  or by any political subdivision (including any municipality) or taxing authority thereof, rated at least  “A1” (or “Prime-1” or MIG-1 or other then equivalent grade) by Moody’s or at least “A” (or A-l, SP1  or other then equivalent grade) by S&P (or, if at any time neither Moody’s nor S&P shall be rating such  obligations, an equivalent rating from another nationally recognized statistical rating agency) and having  maturities of not more than two years from the date of acquisition; and  (x) with respect to any Non-U.S. Subsidiary of the Parent Guarantor that are not organized in  the United States, Canada, a Permissible Jurisdiction, Switzerland or Norway, the approximate  equivalent of any of clauses (i) through (ix) above in the country in which such Non-U.S. Subsidiary is  organized or maintains deposit accounts.  “Cash Proceeds” means, with respect to (i) any Asset Sale, the aggregate cash payments (including  any cash received by way of deferred payment pursuant to a note receivable issued in connection with such  Asset Sale, other than the portion of such deferred payment constituting interest, but only as and when so  received) received by the Parent Guarantor or any Subsidiary from such Asset Sale, (ii) any Event of Loss,  the aggregate cash payments, including all insurance proceeds and proceeds of any award for condemnation  or taking, received in connection with such Event of Loss and (iii) the issuance or incurrence of any  Indebtedness, the aggregate cash proceeds received by the Parent Guarantor or any Subsidiary in connection  with the issuance or incurrence of such Indebtedness.  “CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act  of 1980, as the same may be amended from time to time, 42 U.S.C. § 9601 et seq.  “Change in Law” means the occurrence, after the date of this Agreement, of any of the following:  (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule,  regulation or treaty or in the administration, interpretation, implementation or application thereof by any  Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether  or not having the force of law) by any Governmental Authority; provided, that notwithstanding anything  herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all  requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests,  rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee  on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory  authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”,  regardless of the date enacted, adopted or issued, and the entry into force of the Dutch Withholding Tax  Act 2021 (Wet bronbelasting 2021) on January 1, 2021 shall be deemed not to be a “Change in Law”.  

 

   -10-     “Change of Control” means:  (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the  1934 Act, but excluding any employee benefit plan of such person or its subsidiaries, and any  person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any  such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the  Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial  ownership” of all securities that such person or group has the right to acquire, whether such right  is exercisable immediately or only after the passage of time (such right, an “option right”)), directly  or indirectly, of forty percent (40%) or more of the Equity Interests of the Parent Guarantor entitled  to vote for members of the board of directors or equivalent governing body of the Parent Guarantor  on a fully-diluted basis (and taking into account all such Equity Interests that such “person” or  “group” has the right to acquire pursuant to any option right); or    (ii) the occurrence of a change in control, or other similar provisions, under or with  respect to any Material Indebtedness incurred pursuant to Sections 7.04(i) and (l).  Notwithstanding the foregoing, any Holding Company Merger permitted under Section 7.02(a)(ii) shall not  constitute a Change of Control.  For purposes of this definition, (1) no Change of Control shall be deemed  to have occurred solely as a result of a transfer of assets among the Parent Guarantor and the Restricted  Subsidiaries and (2) a Person shall not be deemed to have beneficial ownership of securities subject to a  stock purchase agreement, merger agreement or similar agreement until the consummation of the  transactions contemplated by such agreement.  “Charged Company” has the meaning provided in Section 6.10(e).    “Charges” has the meaning provided in Section 11.23.  “CIP Regulations” has the meaning provided in Section 9.07.  “Claims” has the meaning set forth in the definition of “Environmental Claims.”  “Closing Date” means December 28, 2020.  “Code” means the Internal Revenue Code of 1986, as amended from time to time.  Section  references to the Code are to the Code as in effect at the Closing Date and any subsequent provisions of the  Code, amendatory thereof, supplemental thereto or substituted therefor.  “Collateral” means the U.S. Collateral and the EMEA Facility Collateral; provided, that  notwithstanding the foregoing, the Collateral shall not include any property or other assets that does not  secure the EMEA Facility Obligations (as defined in the Existing Credit Agreement on the date hereof) on  the date hereof (it being understood that this proviso shall not result in the exclusion of any after-acquired  or similar types of Collateral arising after the date hereof).   “Commodities Hedge Agreement” means a commodities contract purchased by the Parent  Guarantor or any of its Subsidiaries in the ordinary course of business, and not for speculative purposes,  with respect to raw materials necessary to the manufacturing or production of goods in connection with the  business of the Parent Guarantor and its Subsidiaries.  “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as  amended from time to time, and any successor statute.  

 

   -11-     “Communications” has the meaning provided in Section 9.16(a).  “Competitor” means any competitor of the Parent Guarantor or its Subsidiaries that directly or  indirectly is engaged in the same or similar line of business as the Parent Guarantor or its Subsidiaries.  “Compliance Certificate” has the meaning provided in Section 6.01(c).  “Confidential Information” has the meaning provided in Section 11.15(b).  “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by  net income (however denominated) or that are franchise Taxes, Canadian capital Taxes or branch profits  Taxes.  “Consolidated EBITDA” means, at any date of determination, an amount equal to Consolidated  Net Income of the Parent Guarantor and its Restricted Subsidiaries on a consolidated basis for the most  recently completed Testing Period plus, without duplication, (a) the following to the extent deducted in  calculating Consolidated Net Income:  (i) Consolidated Interest Charges;  (ii) Consolidated Income Tax Expense;  (iii) depreciation and amortization expense (including amortization of intangibles,  goodwill, debt issue costs and amortization under FAS Rule 123);   (iv) other expenses reducing such Consolidated Net Income (other than the  amortization of deferred costs) which do not represent a cash item in such period or any future  period (in each case of or by the Parent Guarantor and its Restricted Subsidiaries for such Testing  Period) (including non-cash costs and/or expenses incurred pursuant to any management equity  plan, stock option plan or any other stock subscription or shareholder agreement and non-cash  charges, losses and expenses relating to the impairment of goodwill);   (v) extraordinary, unusual or nonrecurring non-cash charges or non-cash expenses  incurred during such Testing Period;   (vi) any provision for the reduction in the carrying value of assets recorded in  accordance with GAAP and any non-cash gains (or losses) resulting from mark to market activity  as a result of the implementation of Statement of Financial Accounting Standards 133, “Accounting  for Derivative Instruments and Hedging Activities” (including specifically any non-cash charge in  warrant fair market value or other non-cash compensation);   (vii) any effect of any purchase accounting adjustments in connection with any  permitted Investment or permitted Asset Sale;  (viii) any non-recurring fees and expenses (or any amortization thereof) (including fees  of counsel) related to Investments, debt issuances (including amendments and waivers in  connection with any such debt issuances), equity issuances or Asset Sales;   (ix) any financial advisory fees, financing arrangement fees, accountant fees, legal  fees, rating agency fees, transfer or mortgage recording taxes and other out-of-pocket expenses of  Parent Guarantor or any of its Restricted Subsidiaries (including expenses of third parties paid or  

 

   -12-     reimbursed by Parent Guarantor or any of its Restricted Subsidiaries) incurred directly in  connection with the Loan Documents and the Credit Facility, any permitted debt issuance, the  establishment of rate management transactions permitted under the Loan Documents, and any  amendments to any of the foregoing, including any refinancing transaction or any amendment or  other modification of any debt instruments, including amendment fees and consent fees;   (x) cash synergies, cost savings, operating expense reductions, other operating  improvements, initiatives and other pro forma adjustments to actual historical Consolidated  EBITDA in connection with the Transactions or any Specified Transaction, to the extent they are  (a) consistent with Regulation S-X of the United States Securities and Exchange Commission, or  (b) projected by a financial officer in good faith to be reasonably anticipated to be realizable within  eighteen (18) months of the Transactions or such Specified Transaction; provided, that such  synergies, cost savings, reductions, improvements, initiatives and other pro forma adjustments (A)  shall be directly attributable to the Transactions or such Specified Transaction, (B) shall be  factually supportable and (C) shall be reasonably identifiable; and provided, further, that all such  amounts under this clause (x)(b), together with any add-backs pursuant to clause (xi), shall not  exceed 25% of Pro Forma EBITDA for such period prior to the adjustments for clauses (x)(b) and  (xi) in the aggregate;  (xi) restructuring and similar cash charges and costs, severance, relocation costs,  integration and facilities opening costs and other business optimization expenses, signing costs,  retention or completion bonuses, recruiting costs, transition costs, costs related to  closure/consolidation of facilities and curtailments or modifications to pension and post-retirement  employee benefit plans (including any settlement of pension liabilities), including any one time  expense relating to enhanced accounting function or other transaction costs, provided, that such  amounts added back under this clause (xi), together with any add-backs pursuant to clause (x)(b),  shall not exceed 25% of Pro Forma EBITDA for such period prior to the adjustments for clauses  (x)(b) and (xi) in the aggregate;  (xii) charges, losses or expenses to the extent indemnified, insured, reimbursed or  reimbursable or otherwise covered by a third party (to the extent expected to be received by the  Parent Guarantor or any Restricted Subsidiary within 365 days);   (xiii) currency translation losses (or any currency hedging losses) for such period; and  (xiv)  any loss on early extinguishment of Indebtedness or Swap Obligations;   minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) all non- cash items increasing Consolidated Net Income other than amounts constituting amortization of deferred  revenue (in each case of or by the Parent Guarantor and its Restricted Subsidiaries for such Testing Period),  (ii) any deferred income tax benefits and (iii) any interest income.  “Consolidated Income Tax Expense” means, for any period, all provisions for federal, state, local  and foreign income taxes of the Parent Guarantor or any of its Restricted Subsidiaries (including any  additions to such taxes, and any penalties and interest with respect thereto, and including any franchise  taxes to the extent based upon income).  “Consolidated Interest Charges” means, for any Testing Period, the sum of (a) all cash interest  payments, in each case to the extent paid, or required to be paid, in cash and treated as interest in accordance  with GAAP and (b) the portion of rent expense under Capital Leases that is treated as interest in accordance  with GAAP, in each case, of or by the Parent Guarantor and its Restricted Subsidiaries on a consolidated  

 

   -13-     basis for the most recently completed Testing Period; provided, that Consolidated Interest Charges shall  not include any upfront fees in connection with any issuance of Indebtedness, any agent fees and any  expenses in connection with any issuance or amendment of Indebtedness (whether or not consummated).  “Consolidated Net Income” means, at any date of determination, the net income (or loss) of the  Parent Guarantor and its Restricted Subsidiaries on a consolidated basis for the most recently completed  Testing Period; provided, that Consolidated Net Income shall exclude (a) extraordinary gains and losses for  such Testing Period, (b) any net gain or loss arising from the sale of capital assets or discontinuation of  operations, (c) any net gain or loss arising from any write-up or write-down of assets for such Testing  Period, (d) non-cash gains or losses resulting from fluctuations in currency exchange rates and (e) the net  income of any Restricted Subsidiary to the extent that the declaration or payment of dividends or similar  distributions by such Restricted Subsidiary of that income is not at the time permitted by operation of the  terms of its Organizational Documents or any agreement, instrument, judgment, decree, statute, rule or  governmental regulation applicable to such Restricted Subsidiary.  “Consolidated Total Debt” means the sum (without duplication) of all Indebtedness of the type  described in clauses (i), (iv) (but only to the extent that any such letter of credit has been drawn and not  been reimbursed within two (2) Business Days or cash collateralized), (vii), (ix) (to the extent funded) and  (xii) of the definition thereof of the Parent Guarantor and its Restricted Subsidiaries, all as determined on a  consolidated basis in accordance with GAAP; provided, that purchase-price adjustments and earn-outs in  connection with any permitted Investment shall not constitute Indebtedness for purposes of this definition.  “Consolidated Total Net Leverage Ratio” means, as of any date, the ratio of (i) Consolidated Total  Debt on such date, minus the aggregate amount of Qualified Cash as of such date to (ii) Pro Forma EBITDA  for the most recently ended Testing Period.  “Continue,” “Continuation” and “Continued” each refers to a continuation of a Eurocurrency Loan  for an additional Interest Period as provided in Section 2.10.  “Convert,” “Conversion” and “Converted” each refers to a conversion of Loans of one Type into  Loans of another Type.  “CPNI Requirements” means the implementation, reporting and certification requirements  regarding Customer Proprietary Network Information that are imposed by the FCC on telecommunications  carriers and VoIP providers in the FCC Rules, including Title 47, Part 64, Subpart U of the Code of Federal  Regulations.  The term “Customer Proprietary Network Information” has the meaning given to such term  in Section 222(h)(1) of the U.S. Communications Act.  “Credit Facility” mean the credit facility established under this Agreement pursuant to which each  Lender with a Term Commitment shall make a Term Loan to the Borrower pursuant to such Term  Commitment of such Lender.  “Credit Facility Exposure” means, for any Lender at any time, the outstanding aggregate principal  amount of the Term Loan made by such Lender, if any.  “Credit Party” means each U.S. Credit Party and each Non-U.S. EMEA Credit Party.  “CRTC” means the Canadian Radio-television and Telecommunications Commission.  “Debtor Relief Laws” means the Bankruptcy Code and any other federal, state, provincial, or  foreign bankruptcy or insolvency law, each as now and hereinafter in effect, any successors to such statutes,  

 

   -14-     and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,  rearrangement, receivership, insolvency, reorganization (by way of voluntary arrangement, scheme of  arrangement or otherwise), judicial management, administration, examinership or similar debtor relief laws  of the United States or other applicable jurisdictions from time to time in effect and any law permitting a  debtor to obtain a stay or a compromise or arrangement of the claims of its creditors (including any  applicable corporate law relating to arrangements, compromises, reorganizations or restructuring which  permits a debtor to seek a compromise or arrangement of a corporation’s debts or a stay of proceedings to  enforce any claims of such corporation’s creditors against it).  “Default” means any event, act or condition that with notice or lapse of time, or both, would  constitute an Event of Default.  “Default Rate” means, for any day, (i) with respect to any Loan, a rate per annum equal to 2% per  annum above the interest rate that is or would be applicable from time to time to such Loan pursuant to  Section 2.09(a) or Section 2.09(b), as applicable and (ii) with respect to any other amount, a rate per annum  equal to 2% per annum above the rate that would be applicable to Term Loans that are Base Rate Loans  pursuant to Section 2.09(a).  “Defaulting Lender” means, subject to Section 2.15(b), any Lender that (a) has failed to (i) fund all  or any portion of its Loans within two (2) 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 or any other Lender any other amount  required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified the  Borrower, the Administrative Agent in writing that it does not intend to comply with its funding obligations  hereunder, or has made a public statement to that effect (unless such writing or public statement relates to  such 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 (3) 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, other than via an Undisclosed  Administration, (i) become the subject of a proceeding under the Bankruptcy Code or any 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, (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, in each case, which is still in  effect or (iii) become the subject of a Bail-In Action (in each of clauses (i), (ii) and (iii), such Lender or  Borrower has provided the Administrative Agent with written notice of same); provided, that a Lender shall  not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that  Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such  ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts  within the United States or from the enforcement of judgments or writs of attachment on its assets or permit  such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or  agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a  Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding  

 

   -15-     absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section  2.15(b)) upon delivery of written notice of such determination to the Parent Guarantor and each Lender.  “Deferred Acquisition Obligations” has the meaning provided in Section 7.04(j).   “Delayed Draw Commitment Termination Date” means the earliest to occur of (a) November 30,  2021, (b) the Maturity Date, (c) the date the Delayed Draw Term Commitments are permanently reduced  to zero pursuant to Section 2.03 and (d) the date of termination of the Commitments pursuant to Section  8.02.  “Delayed Draw Loan Exposure” means, with respect to any Lender, as of any date of determination,  such Lender’s unused outstanding Delayed Draw Term Commitment and the outstanding principal amount  of the Delayed Draw Term Loans made by such Lender.  “Delayed Draw Term Commitment” means, with respect to each Lender, the amount, if any, set  forth opposite such Lender’s name in Schedule 1 hereto as its “Delayed Draw Term Commitment” on the  Closing Date or in the case of any Lender that becomes a party hereto pursuant to an Assignment  Agreement, the amount set forth in such Assignment Agreement, as such commitment may be reduced or  increased from time to time as a result of assignments to or from such Lender pursuant to Section 11.06.   As of the Closing Date, the aggregate amount of Delayed Draw Term Commitments is $175,000,000.  “Delayed Draw Term Lender” means a Lender with a Delayed Draw Term Commitment or an  outstanding Delayed Draw Term Loan.   “Delayed Draw Term Loan” has the meaning set forth in Section 2.03(b).  “Deposit Account” has the meaning assigned to such term in Article 9 of the UCC.   “Directed Divestment” means (i) putting, on one or more occasions, any or all of Interoute German  Assets (including any equity of the Interoute German Entities) into trust or otherwise subject to the control  and/or management by any Person independent of the Parent Guarantor and its Subsidiaries (any, a  “Directed Divestment In Trust”) and (ii) any other transfers, conveyances, sales or other dispositions of any  or all of the Interoute German Assets, in any case, at the direction  (including any order, rule or similar  action and, in connection with any Directed Investment In Trust, any request) of the German Federal  Ministry for Economic Affairs and Energy (Bundesministeriums für Wirtschaft und Energie) (“BMWi”) or  other agency of the German Federal government under or in connection with the German Foreign Trade  and Payments Ordinance (Außenwirtschaftsverordnung - AWV) (“AWV”) or other German Federal statute.  “Disqualified Equity Interests” means any Equity Interest that (a) by its terms (or by the terms of  any security into which it is convertible or for which it is exchangeable), or upon the happening of any  event (other than, subject to clause (d) below, a sale of such Person or Subsidiary, or a “change of control”),  matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is  mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option  of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the Maturity Date, (b)  is convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or  other Indebtedness or (ii) any Equity Interest referred to in clause (a) above, in each case at any time on or  prior to the date that is 91 days after the Maturity Date, (c) requires Cash Dividend payments prior to the  date that is 91 days after the Maturity Date, or (d) provides the holders of such Equity Interests with any  rights to receive any cash upon the occurrence of a change of control prior to the date on which the  Obligations have been irrevocably paid in full, unless the rights to receive such cash are contingent on either  

 

   -16-     (x) the Obligations being irrevocably paid in full or (y) the Required Lenders having consented to the  change of control giving rise to the right to receive such payment.  “Disqualified Lender” means (i) any Person designated as a “Disqualified Lender” by the Borrower  by written notice delivered to the Administrative Agent, the Ad Hoc Lender Group Advisors, the Ad Hoc  Noteholder Group Advisors and the Ad Hoc 2020 EMEA Term Lender Group Advisors prior to Closing  Date, (ii) any Competitor (other than any Person that is a bona fide debt fund or investment fund that is  engaged in making, purchasing, holding or otherwise investing in commercial loans or similar extensions  of credit in the ordinary course of business) that has been identified by name in writing to the Administrative  Agent from time to time and (iii) any of such Persons’ Affiliates to the extent such Affiliates (x) are clearly  identifiable as Affiliates based solely on the similarity of such Affiliates’ names or (y) are identified by  name in writing by the Borrower to the Administrative Agent from time to time (other than, in the case of  any Affiliate of a Person described in clause (ii), a bona fide debt fund or investment fund that is engaged  in making, purchasing, holding or otherwise investing in commercial loans or similar extensions of credit  in the ordinary course of business); provided, that the Borrower may supplement such lists with respect to  clauses (ii) and (iii) from time to time after the Closing Date (with the consent of the Required Lenders  (such consent not to be unreasonably withheld)).  Notwithstanding anything contained herein, (x) the  Administrative Agent shall be permitted to provide the list of Disqualified Lenders and any supplements  thereto to any Lender upon such Lender’s request in connection with the proposed assignment of any Loans  or Commitments and/or sale of participations and (y) in no event shall any such supplement or update apply  retroactively to disqualify any Persons that have previously acquired an assignment (or entered into a  binding confirmation for the acquisition of an assignment) or participation interest in the Loans or  Commitments that was otherwise permitted prior to such permitted supplement or update.  “Dollar Amount” means at any time, (a) with respect to any amount denominated in Dollars, such  amount, and (b) with respect to any amount expressed in a foreign currency, such amount converted to  Dollars pursuant to Section 1.04(b).  “Dollars,” “U.S. Dollars” and the sign “$” each means lawful money of the United States.  “Dutch Civil Code” means the Dutch Civil Code (Burgerlijk Wetboek).  “Early Opt-in Election” means the occurrence of:   (1)  a notification by the Required Lenders to the Administrative Agent (with a copy  to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated  syndicated credit facilities being executed at such time, or that include language similar to that  contained in Section 2.09(i) are being executed or amended, as applicable, to incorporate or adopt  a new benchmark interest rate to replace the Adjusted Eurocurrency Rate, and   (2)  the election by the Required Lenders to declare that an Early Opt-in Election has  occurred and the provision by the Required Lenders of written notice of such election to the  Administrative Agent and the Borrower.  “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.    

 

   -17-     “EEA Member Country” means any of the member states of the European Union, Iceland,  Liechtenstein and Norway.  “EEA Resolution Authority” means any public administrative authority or any person entrusted  with public administrative authority of any EEA Member Country (including any delegee) having  responsibility for the resolution of any EEA Financial Institution.  “Eligible Assignee” means (i) a Lender, (ii) an Affiliate of a Lender, (iii) an Approved Fund, and  (iv) any other Person (other than a natural Person) approved by (A) the Administrative Agent and (B) unless  an Event of Default has occurred and is continuing, the Borrower (each such approval not to be  unreasonably withheld or delayed (and, other than with respect to any prospective assignment or transfer  to a Disqualified Lender, the Borrower shall be deemed to have consented if it fails to object to any  assignment within five (5) Business Days after it received written notice thereof)); provided, however, no  such approval of the Administrative Agent or the Borrower shall be required in connection with assignments  to any Lender under the Credit Facility or any Affiliate thereof and no such approval of the Borrower shall  be required in connection with assignments (x) to any Lender under the Existing Credit Agreement or any  Affiliate thereof or (y) to the extent in connection with any initial syndication of the Commitments, to any  holder of 2024 Notes or any Affiliate thereof; and, provided, further, that notwithstanding the foregoing,  “Eligible Assignee” shall not include (x) the Parent Guarantor or any of the Parent Guarantor’s Affiliates  or Subsidiaries, (y) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a  Lender hereunder, would constitute any of the foregoing Persons described in this clause (y) or (z) any  Disqualified Lender, unless the Borrower has otherwise consented, provided, that (A) such consent of the  Borrower shall not be required for assignments to a Disqualified Lender if a Specified Event of Default has  occurred and is continuing and (B) no assignment shall be made to a Disqualified Lender that is a  Competitor without the consent of the Borrower under any circumstances.  “Eligible Participant” means any financial institution; provided, however, that notwithstanding the  foregoing, “Eligible Participant” shall not include (x) the Parent Guarantor or any of the Parent Guarantor’s  Affiliates or Subsidiaries, (y) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon  becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (y),  or (z) any Disqualified Lender, unless the Borrower has otherwise consented; provided, further, that (A)  such consent of the Borrower shall not be required for sale of a participation to a Disqualified Lender if a  Specified Event of Default has occurred and is continuing and (B) no sale of a participation shall be made  to a Disqualified Lender that is a Competitor without the consent of the Borrower under any circumstances.  “EMEA Facility Collateral” means the “Collateral” (or equivalent term) as defined in any  applicable EMEA Facility Security Document, together with any other assets (whether Real Property or  personal property) pledged pursuant to any EMEA Facility Security Document.  “EMEA Facility Security Documents” means any Non-U.S. Security Agreement, each Additional  Security Document, each Mortgage, any UCC financing statement, and any similar filings and any  document pursuant to which any Lien is granted or perfected by any Credit Party to the Administrative  Agent as security for any of the Non-U.S. EMEA Credit Party Obligations.  “EMEA Ratio Debt Cap” means a cap of $25,000,000.  “Environmental Claims” means any and all regulatory or judicial actions, suits, demands, demand  letters, claims, liens, notices of non-compliance or violation, investigations or proceedings relating in any  way to any Environmental Law or any permit issued under any such law (hereafter “Claims”), including (i)  any and all Claims by any Governmental Authority for enforcement, cleanup, removal, response, remedial  or other actions or damages pursuant to any applicable Environmental Law, and (ii) any and all Claims by  

 

   -18-     any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive  relief resulting from the storage, treatment or Release (as defined in CERCLA) of any Hazardous Materials  or arising from alleged injury or threat of injury to the environment.  “Environmental Law” means any applicable Federal, state, provincial, foreign or local statute, law,  rule, regulation, ordinance, code, binding and enforceable guideline, binding and enforceable written policy  and rule of common law now or hereafter in effect and in each case as amended, and any binding and  enforceable judicial interpretation thereof, including any judicial or administrative order, consent decree or  judgment issued to or rendered against the Parent Guarantor or any of its Subsidiaries relating to the  protection of the environment or employee health and safety, or to Hazardous Materials, including  CERCLA; RCRA; the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; the Clean Air Act,  42 U.S.C. § 7401 et seq.; the Safe Drinking Water Act, 42 U.S.C. § 300f et seq.; the Oil Pollution Act of  1990, 33 U.S.C. § 2701 et seq.; the Emergency Planning and the Community Right-to-Know Act of 1986,  42 U.S.C. § 11001 et seq., the Hazardous Material Transportation Act, 49 U.S.C. § 5101 et seq. and the  Occupational Safety and Health Act, 29 U.S.C. § 651 et seq. (to the extent it regulates occupational  exposure to Hazardous Materials); and any state, provincial and local or foreign counterparts or equivalents,  in each case as amended from time to time.  “Equity Interest” means with respect to any Person, any and all shares, interests, participations or  other equivalents, including membership interests (however designated, whether voting or non-voting) of  equity of such Person, including, if such Person is a partnership, partnership interests (whether general or  limited) or any other interest or participation that confers on a Person the right to receive a share of the  profits and losses of, or distributions of assets of, such partnership, but in no event will Equity Interest  include any debt securities convertible or exchangeable into equity unless and until actually converted or  exchanged or any Permitted Convertible Indebtedness Call Transactions.  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to  time, and the regulations promulgated and rulings issued thereunder.  Section references to ERISA are to  ERISA, as in effect at the Closing Date and any subsequent provisions of ERISA, amendatory thereof,  supplemental thereto or substituted therefor.  “ERISA Affiliate” means, in respect of a U.S. Plan, each Person (as defined in Section 3(9) of  ERISA), which together with the Parent Guarantor or a Subsidiary of the Parent Guarantor, would be  deemed to be a “single employer” within the meaning of Section 414(b), (c), (m) or (o) of the Code or  Section 4001(a)(14) or 4001(b)(i) of ERISA.  “ERISA Event” means, in respect of a U.S. Plan: (i) that a Reportable Event has occurred with  respect to any U.S. Plan; (ii) the institution of any steps by the Parent Guarantor or any Subsidiary, any  ERISA Affiliate, the PBGC or a plan administrator to terminate any U.S. Plan or the occurrence of any  event or condition described in Section 4042 of ERISA that constitutes grounds for the termination of, or  the appointment of a trustee to administer, a U.S. Plan; (iii) the institution of any steps by the Parent  Guarantor or any Subsidiary or any ERISA Affiliate to withdraw from any Multi-Employer Plan or Multiple  Employer Plan, if such withdrawal would be reasonably likely to result in withdrawal liability (as described  in Part 1 of Subtitle E of Title IV of ERISA or in Section 4063 of ERISA) in excess of $1,000,000; (iv) a  non-exempt “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the  Code in connection with any U.S. Plan; (v) that a U.S. Plan has Unfunded Benefit Liabilities exceeding  $1,000,000; (vi) the cessation of operations at a facility of the Parent Guarantor or any Subsidiary or any  ERISA Affiliate in the circumstances described in Section 4062(e) of ERISA; (vii) the conditions for  imposition of a Lien under Section 303(k) of ERISA shall have been met with respect to a U.S. Plan; (viii)  the adoption of an amendment to a U.S. Plan requiring the provision of security to such U.S. Plan pursuant  to Section 206(g) of ERISA; (ix) a notice received by Parent Guarantor or any Subsidiary or any ERISA  

 

   -19-     Affiliate indicating that a Multiemployer Plan is subject to termination under Section 4041A of ERISA or  insolvency under Section 4245 of ERISA; (x) any material increase in the contingent liability of the Parent  Guarantor or any Subsidiary with respect to any post-retirement welfare liability; or (xi) the taking of any  action by, or the threatening of the taking of any action by, the Internal Revenue Service, the Department  of Labor or the PBGC with respect to any of the foregoing.  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the  Loan Market Association (or any successor person), as in effect from time to time.  “Euro”, “Eurocurrency” and the sign “€” each means the single currency of any member state of  the European Union that adopts or has adopted, and in each case continues to adopt, the euro as its lawful  currency in accordance with legislation of the European Union relating to Economic and Monetary Union.  “Eurocurrency Loan” means at any date each Loan bearing interest at a rate based upon the  Adjusted Eurocurrency Rate.  “European Insolvency Regulation” has the meaning provided in Section 5.18.  “Event of Default” has the meaning provided in Section 8.01.  “Event of Loss” means, with respect to any property, (i) the actual or constructive total loss of such  property or the use thereof resulting from destruction, damage beyond repair, or the rendition of such  property permanently unfit for normal use from any casualty or similar occurrence whatsoever, (ii) the  destruction or damage of a portion of such property from any casualty or similar occurrence whatsoever,  (iii) the condemnation, confiscation or seizure of, or requisition of title to or use of, any property, or (iv) in  the case of any property located upon a leasehold, the termination or expiration of such leasehold.  “Excluded Subsidiary” means (i) any Unrestricted Subsidiary solely to the extent in existence as of  the Closing Date, (ii) any Immaterial Subsidiary other than, at the option of the Borrower, any Immaterial  Subsidiary designated by the Borrower as a Subsidiary Guarantor, (iii) any bona fide joint venture entered  into for legitimate business purposes, (iv) any Subsidiary that is prohibited or restricted by applicable law,  rule or regulation or by any contractual obligation existing on the Closing Date and disclosed to the  Administrative Agent in writing (or, if later, existing on the date such Subsidiary becomes a Restricted  Subsidiary, so long as such contractual restriction was not created in contemplation of the provision of a  guaranty) from guaranteeing the Obligations or which would require consent, approval, license or  authorization from any Governmental Authority to provide a guarantee unless such consent, approval,  license or authorization has been received, after giving effect to the anti-assignment provision of the UCC  and other applicable law, (v) captive insurance companies, (vi) not-for-profit Subsidiaries and (vii) any  Non-U.S. Subsidiary that is not required to become a Subsidiary Guarantor pursuant to the Agreed Security  Principles.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or  required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by  net income (however denominated), franchise Taxes, Canadian capital Taxes and branch profits Taxes, in  each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal  office or, in the case of any Lender, its Applicable Lending Office located in, the jurisdiction imposing such  Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender,  U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with  respect to an applicable interest in a Commitment (or in the case of a Loan not funded pursuant to a prior  Commitment, an applicable interest in such Loan) pursuant to a law in effect on the date on which (i) such  Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by  

 

   -20-     the Borrower under Section 3.05) or (ii) such Lender changes its Applicable Lending Office, except in each  case to the extent that, pursuant to Section 3.03, amounts with respect to such Taxes were payable either to  such Lender’s assignor immediately before such Lender acquired the applicable interest in such Loan or  Commitment or to such Lender immediately before it changed its Applicable Lending Office, (c) Taxes  attributable to such Recipient’s failure to comply with Section 3.03(g), (d) any withholding Taxes imposed  under FATCA, (e) any Canadian withholding Tax resulting from (i) such Recipient not dealing at arm’s  length (within the meaning of the Income Tax Act (Canada)) with any Credit Party at the time of making  such payment, or (ii) such Recipient being, or not dealing at arm’s length with, a “specified shareholder”  (within the meaning of subsection 18(5) of the Income Tax Act (Canada)) of a Credit Party at the time of  such payment (in each case, other than where the non-arm’s length relationship arises, or where the  Recipient is a “specified shareholder” or does not deal at arm’s length with a “specified shareholder”), (f)  Taxes assessed on a Recipient under the laws of the Netherlands, if and to the extent such Taxes become  payable as a result of such Recipient having a substantial interest (aanmerkelijk belang) as defined in the  Dutch Income Tax Act 2001 (Wet inkomstenbelasting 2001) in a Credit Party and (g) Taxes imposed by  the Netherlands pursuant to the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021), in each case  on account of the Recipient having executed, delivered, become a party to, received payments under or  received or perfected a security interest under or received or enforced any rights under or in respect of this  Agreement or any Loan Document, but, for the avoidance of doubt, shall not include any Swiss Withholding  Tax.  “Existing Agent” means KeyBank National Association, as the administrative agent under the  Existing Credit Agreement and its successors and assigns.   “Existing Credit Agreement” means the Credit Agreement, dated as of May 31, 2018 (as amended,  restated, amended and restated, supplemented or otherwise modified from time to time), by and among the  Parent Guarantor and the Borrower, as borrowers, the lenders party thereto from time to time and the  Existing Agent.  “Existing Credit Agreement Amendment” means the Amendment No. 4 to Credit Agreement and  Consent, dated as of the Closing Date, by and among the Parent Guarantor, the Borrower, the Subsidiaries  of the Parent Guarantor party thereto, the lenders party thereto and the Existing Agent.  “Existing Infrastructure Sale Agreement” means that certain Sale and Purchase Agreement, dated  October 16, 2020 (as amended, amended and restated, waived, supplemented or otherwise modified from  time to time but without giving effect to any amendment, waiver, supplement or other modification that is  materially adverse to the Lenders to which the Required Lenders hereunder have not agreed to in writing  (which may be by e-mail from the Ad Hoc Lender Group Advisors)), between the Parent Guarantor, Global  Telecom and Technology Holdings Ireland Limited, Hibernia NGS Limited, GTT Holdings Limited and  Cube Telecom Bidco Limited.  “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any  amended or successor version that is substantively comparable and not materially more onerous to comply  with), any current or future regulations or official interpretations thereof and any agreements entered into  pursuant to Section 1471(b)(1) of the Code, and any applicable intergovernmental agreements with respect  thereto (including any applicable law implementing such agreements) and any current or future regulations  or official interpretations thereof.  “Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank  of New York at http://www.newyorkfed.org, or any successor source.  “FCC” means the United States Federal Communications Commission and any successor thereto.  

 

   -21-     “FCC Rules” means Title 47 of the Code of Federal Regulations, as may be amended or  supplemented from time to time, and FCC decisions, policies, reports and orders issued pursuant to the  adoption of such regulations.  “Federal Funds Effective Rate” means, for any period, a fluctuating interest rate equal for each day  during such period to the weighted average of the rates on overnight Federal Funds transactions with  members of the Federal Reserve System, as published for such day (or, if such day is not a Business Day,  for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so  published for any day that is a Business Day, the average of the quotations for such day on such transactions  received by the Administrative Agent from three Federal Funds brokers of recognized standing selected by  the Required Lenders.  “Fee Letter” means the Fee Letter, dated as of December 28, 2020 (as amended, supplemented or  modified), among the Borrower and the Administrative Agent.  “Financial Officer” means the chief executive officer, the president or the chief financial officer of  the Parent Guarantor.  “Fitch” means Fitch Ratings Inc. and its successors.  “Flood Hazard Property” means any Real Property located in an area designated by the Federal  Emergency Management Agency as having special flood or mud slide hazards.  “Foreign Lender” means a Lender that is resident or organized under the laws of a jurisdiction other  than the United States, any State thereof, or the District of Columbia.  “Funding Conditions Provision” means the provisions set forth in Section 6.10(e).  “GAAP” means generally accepted accounting principles in the United States of America as in  effect from time to time.  “German Tax Obligations” means all amounts payable pursuant to one or more assessments by the  German tax authorities including by the German Federal Central Tax Office (Bundeszentralamt für Steuern)  in respect of the taxation year ended December 31, 2018.    “Governmental Authority” means the government of the United States of America or any other  nation, or of any political subdivision thereof, whether state, provincial 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).  “Granting Lender” has the meaning provided in Section 11.06(f).  “Guarantor” means each U.S. Credit Party and each Non-U.S. Subsidiary Guarantor.  “Guaranty Agreements” means, collectively, the U.S. Subsidiary Guaranties and any Non-U.S.  Subsidiary Guaranties.   “Guaranty Obligations” means as to any Person (without duplication) any obligation of such Person  guaranteeing any Indebtedness (“primary Indebtedness”) of any other Person (the “primary obligor”) in any  manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent:  

 

   -22-     (i) to purchase any such primary Indebtedness or any property constituting direct or indirect security  therefore; (ii) to advance or supply funds for the purchase or payment of any such primary Indebtedness or  to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth  or solvency of the primary obligor; (iii) to purchase property, securities or services primarily for the purpose  of assuring the owner of any such primary Indebtedness of the ability of the primary obligor to make  payment of such primary Indebtedness; or (iv) otherwise to assure or hold harmless the owner of such  primary Indebtedness against loss in respect thereof, provided, however, that the definition of “Guaranty  Obligation” shall not include endorsements of instruments for deposit or collection in the ordinary course  of business.  The amount of any Guaranty Obligation shall be deemed to be an amount equal to the stated  or determinable amount of the primary Indebtedness in respect of which such Guaranty Obligation is made  or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming  such Person is required to perform thereunder).  “Hazardous Materials” means (i) any petrochemical or petroleum products, radioactive materials,  asbestos in any form that is or would become friable, urea formaldehyde foam insulation, transformers or  other equipment that contain dielectric fluid containing levels of polychlorinated biphenyls, and radon gas;  and (ii) any chemicals, materials or substances defined as or included in the definition of “hazardous  substances,” “hazardous wastes,” “hazardous materials,” “restricted hazardous materials,” “extremely  hazardous wastes,” “restrictive hazardous wastes,” “toxic substances,” “toxic pollutants,” “contaminants”  or “pollutants,” or words of similar meaning and regulatory effect, under any applicable Environmental  Law.  “Hedge Agreement” means (i) any interest rate swap agreement, any interest rate cap agreement,  any interest rate collar agreement or other similar interest rate management agreement or arrangement,  (ii) any currency swap or option agreement, foreign exchange contract, forward currency purchase  agreement or similar currency management agreement or arrangement or (iii) any Commodities Hedge  Agreement.  For the avoidance of doubt, any Permitted Equity Derivatives will not constitute obligations  in respect of any Hedging Agreement.  “Hedging Obligations” means all obligations of any Credit Party under and in respect of any Hedge  Agreements.  “Hibernia Atlantic Cable System” means Hibernia Atlantic Cable System Limited, a private  company limited by shares incorporated under the laws of Ireland.  “Hibernia Express Entities” means, collectively, Hibernia Express (Ireland) Limited, a private  company limited by shares incorporated under the laws of Ireland, Hibernia Express (UK) Limited, a private  limited liability company incorporated in England and Wales, and Hibernia Express (Canada) Limited, a  limited company incorporated under the laws of the Province of Nova Scotia.  “Holding Company Merger” means the merger of the Parent Guarantor into a wholly-owned,  indirect subsidiary of the Parent Guarantor in accordance with Delaware General Corporation Law Section  251(g), with the Parent Guarantor as the surviving corporation of such merger, pursuant to which the Parent  Guarantor becomes a wholly owned subsidiary of a corporation organized under the United States (“New  Parent”) described in Schedule 1.01(g).  “Immaterial Subsidiary” means, on any date, any Restricted Subsidiary of the Parent Guarantor (a)  that has been designated as an “Immaterial Subsidiary” pursuant to a written notice delivered by the Parent  Guarantor to the Administrative Agent (or identified in this definition) from time to time and (b) that did  not, as of the last day of the most recently ended Testing Period, have (i) individually, either (A) assets with  a value in excess of 5.0% of total assets of, or (B) revenues in an amount in excess of 5.0% of the total  

 

   -23-     revenues of, the Parent Guarantor and its Restricted Subsidiaries (or in the case of any non-U.S. Subsidiary  of the Parent Guarantor, in excess of 5.0% of the total revenues or assets, as applicable, of all non-U.S.  Subsidiaries of the Parent Guarantor, collectively) on a consolidated basis for the most recently ended  Testing Period or (ii) collectively, with all other Restricted Subsidiaries designated as Immaterial  Subsidiaries pursuant to this definition that would otherwise be required to be Subsidiary Guarantors, either  (A) assets with a value in excess of 10.0% of total assets of, or (B) revenues in an amount in excess of  10.0% of the total revenues of, the Parent Guarantor and its Restricted Subsidiaries (or in the case of any  non-U.S. Subsidiary of the Parent Guarantor, in excess of 10.0% of the total revenues or assets, as  applicable, of all non-U.S. Subsidiaries of the Parent Guarantor, collectively) on a consolidated basis for  the most recently ended Testing Period.  As of the Closing Date, the Immaterial Subsidiaries are listed on  Schedule 1.01(d).  For the avoidance of doubt, any Person that becomes a Subsidiary Guarantor hereunder  shall cease to be an Immaterial Subsidiary for purposes of this definition.  “Indebtedness” of any Person means without duplication:  (i) all indebtedness of such Person for borrowed money;   (ii) all indebtedness evidenced by bonds, notes, debentures, loan agreements and  similar debt securities of such Person;   (iii) the deferred purchase price of capital assets or services that in accordance with  GAAP would be shown on the liability side of the balance sheet of such Person;   (iv) the face amount of all letters of credit issued for the account of such Person and,  without duplication, all drafts drawn thereunder;   (v) all obligations, contingent or otherwise, of such Person in respect of bankers’  acceptances;   (vi) all indebtedness of a second Person secured by any Lien on any property owned  by such first Person, whether or not such indebtedness has been assumed;  (vii) all Capitalized Lease Obligations and Purchase Money Indebtedness of such  Person;   (viii) the present value, determined on the basis of the implicit interest rate, of all basic  rental obligations under all Synthetic Leases of such Person;   (ix) [reserved];   (x) [reserved];   (xi) all net obligations of such Person under Hedge Agreements;   (xii) all Disqualified Equity Interests of such Person;  (xiii) the full outstanding balance of trade receivables, notes or other instruments sold  with full recourse (and the portion thereof subject to potential recourse, if sold with limited  recourse), other than in any such case any thereof sold solely for purposes of collection of  delinquent accounts;   

 

   -24-     (xiv) purchase price adjustments or earn-outs related to any permitted Investment, to the  extent such adjustment or earn-out would be shown on the liability side of the balance sheet Person  in accordance with GAAP; and  (xv) all Guaranty Obligations of such Person;  provided, however, that (a) neither trade payables (other than trade payables outstanding for more than 90  days after the date such trade payables were created), deferred revenue, taxes nor other similar accrued  expenses, in each case arising in the ordinary course of business, shall constitute Indebtedness; and (b) the  Indebtedness of any Person shall in any event include (without duplication) the Indebtedness of any other  entity (including any general partnership in which such Person is a general partner) to the extent such Person  is liable thereon as a result of such Person’s ownership interest in or other relationship with such entity,  except to the extent the terms of such Indebtedness provide expressly that such Person is not liable thereon.  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to  any payment made by or on account of any obligation of any Credit Party under any Loan Document and  (b) to the extent not otherwise described in (a), Other Taxes.  “Indemnitees” has the meaning provided in Section 11.02.  “Infrastructure Business” means the business of the Parent Guarantor and/or its Restricted  Subsidiaries of providing Pan-European, North American, sub-sea and trans-Atlantic fiber network and  data center infrastructure services to customers.   “Infrastructure Reorganization” means (i) at any time during the effectiveness of the Existing  Infrastructure Sale Agreement, the consummation of the Reorganisation (as defined in the Existing  Infrastructure Sale Agreement) and/or any other internal reorganization that is undertaken in connection  with or related to the Reorganisation (as defined in the Existing Infrastructure Sale Agreement) for the  primary purpose of efficiently separating the Infrastructure Business in preparation for the sale of the  Infrastructure Business to a third party, in each case, in whole or in part, and in compliance with the  Infrastructure Reorganization Principles and (ii) at any time during the effectiveness of a Replacement  Infrastructure Sale Agreement, the consummation of any internal corporate reorganization by the Parent  Guarantor and/or its Subsidiaries, in whole or in part, that is undertaken for the primary purpose of  efficiently separating the Infrastructure Business in preparation for the sale of the Infrastructure Business  to a third party, as determined in good faith by the Parent Guarantor and that is in compliance with the  Infrastructure Reorganization Principles.   “Infrastructure Reorganization Principles” means, if any asset constituting Collateral is transferred  to a Subsidiary that is organized or incorporated under the laws of Canada, the Cayman Islands, Germany,  Ireland, the Netherlands, Sweden, Switzerland, the United Kingdom or the United States pursuant to an  Infrastructure Reorganization then, (i) such Subsidiary shall (x) be a Guarantor at the time of such transfer  or (y) become a Guarantor in the manner set forth in Section 6.09(b) and (ii) such asset shall become  Collateral as soon as practicable thereafter; provided that no Infrastructure Reorganization shall result in  all or substantially all of the Collateral being released from the security interest of the Administrative Agent  or a material impairment of the security interest of the Administrative Agent in the Collateral, taken as a  whole.  “Infrastructure Sale Agreement” means (a) at any time that the Existing Infrastructure Sale  Agreement is in effect, the Existing Infrastructure Sale Agreement and (b) at any time after the Existing  Infrastructure Sale Agreement is terminated, any Replacement Infrastructure Sale Agreement that is in  effect at such time.  

 

   -25-     “Initial Budget” has the meaning provided in Section 4.01(xi).   “Initial Term Commitment” means, with respect to each Lender, the amount, if any, set forth  opposite such Lender’s name in Schedule 1 hereto as its “Initial Term Commitment” on the Closing Date  or in the case of any Lender that becomes a party hereto pursuant to an Assignment Agreement, the amount  set forth in such Assignment Agreement, as such commitment may be reduced from time to time as a result  of assignments to or from such Lender pursuant to Section 11.06. As of the Closing Date, the aggregate  amount of Initial Term Commitments is $100,000,000.  “Initial Term Lender” means a Lender with an Initial Term Commitment and/or an outstanding  Initial Term Loan, as the context may require.  “Initial Term Loan” has the meaning provided in Section 2.03(a).  “Insolvency Event” means, with respect to any Person:  (i) the commencement of a voluntary case by such Person under the Bankruptcy Code  or the seeking of relief by such Person under any Debtor Relief Law or analogous law in any  jurisdiction outside of the United States;   (ii) the commencement of an involuntary case against such Person under the  Bankruptcy Code, any Debtor Relief Law or any analogous law in any jurisdiction outside of the  United States and the petition is not controverted or dismissed within 60 days after commencement  of the case and where an “involuntary case” will be construed to include any filing, application,  process or proceeding under any Debtor Relief Law initiated or commenced by a Person other than  such Person;   (iii) a custodian (as defined in the Bankruptcy Code) is appointed for, or takes charge  of, all or substantially all of the property of such Person;   (iv) such Person commences (including by way of applying for or consenting to the  appointment of, or the taking of possession by, a rehabilitator, receiver, administrative receiver,  receiver-manager, administrator, judicial manager, mandataire ad hoc, conciliateur, compulsory  manager, custodian, trustee, monitor, conservator or liquidator (collectively, a “conservator”) of  such Person or all or any substantial portion of its property) any other proceeding under any Debtor  Relief Law or similar law of any jurisdiction whether now or hereafter in effect relating to such  Person (other than pursuant to a transaction permitted by Section 7.02(i));   (v) any such proceeding of the type set forth in clause (iv) above is commenced against  such Person to the extent such proceeding is consented to by such Person or remains undismissed  for a period of 60 days;   (vi) such Person is adjudicated insolvent or bankrupt, or is deemed to, or is declared  to, be unable to pay its debts under applicable law;   (vii) any order of relief or other order approving any such case or proceeding is entered;   (viii) such Person makes any compromise or arrangement with or general assignment  for the benefit of creditors, or generally does not pay its debts as such debts become due;  

 

   -26-     (ix) a moratorium is declared in respect of any indebtedness of any such Person.  If a  moratorium occurs, the ending of the moratorium will not remedy an Event of Default caused by  that moratorium;     (x) in the case of any Person organized under the laws of in Germany is overindebted  within the meaning of section 19 of the German Insolvency Code (Insolvenzordnung);  (xi) in the case of any Person organized under the laws of Singapore, and in addition  to any of the events in clauses (i) through (ix) above, any corporate action, legal proceedings or  other procedure or step is taken in relation to the suspension of payments a moratorium of any  indebtedness or winding-up of such Person; or  (xii) in the case of any Person organized under the laws of the Netherlands, and in  addition to any of the events in clauses (i) through (ix) above, the occurrence or commencement of  any bankruptcy (faillissement), administration (onderbewindstelling), moratorium (surseance van  betaling) and any other event whereby such Person is limited in the right to dispose of its assets  and which includes a Dutch entity having filed a notice under Section 36 of the Dutch Tax  Collection Act (Invorderingswet 1990) or Section 60 of the Dutch Social Insurance Financing Act  (Wet Financiering Sociale Verzekeringen) in conjunction with Section 36 of the Dutch Tax  Collection Act.  For purpose of this definition, (a) a winding-up, administration or dissolution with respect to a Person  organized under the laws of the Netherlands, include such person being declared bankrupt (failliet  verklaard) or dissolved (ontbonden), (b) a liquidator includes a curator, (c) an administrator includes a  bewindvoerder, and (d) a receiver or an administrative receiver does not include a curator.  “Intellectual Property” has the meaning provided in the U.S. Security Agreement (or, as it relates  to any non-U.S. property, the applicable Security Document).  “Intercompany Subordination Agreement” means the Intercompany Subordination Agreement  substantially in the form of Exhibit I hereto.    “Interest Period” means, with respect to each Eurocurrency Loan, a period of one month; provided,  however, that (i) the initial Interest Period for any Borrowing of such Eurocurrency Loan shall commence  on the date of such Borrowing (the date of a Borrowing resulting from a Conversion or Continuation shall  be the date of such Conversion or Continuation) and each Interest Period occurring thereafter in respect of  such Borrowing shall commence on the day on which the next preceding Interest Period expires; (ii) if any  Interest Period begins on a day for which there is no numerically corresponding day in the calendar month  at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar  month; (iii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest  Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period  would otherwise expire on a day that is not a Business Day but is a day of the month after which no further  Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;  (iv) the final Interest Period for any Eurocurrency Loan shall end on the Maturity Date for such Credit  Facility; (v) notwithstanding anything to the contrary in this Agreement, the Interest Period for the Initial  Term Loan shall end on the day immediately prior to a borrowing of the Delayed Draw Term Loan with  the next succeeding Interest Period commencing on the date of such Borrowing of a Delayed Draw Term  Loan and (vi) if, with respect to any Eurocurrency Loans, upon the expiration of any Interest Period, the  Borrower has failed to (or may not) elect a new Interest Period to be applicable to the Borrowing as provided  above, the Borrower shall be deemed to have elected to Continue such Borrowing as a Eurocurrency Loan  effective as of the expiration date of such current Interest Period in effect.  

 

   -27-     “Interoute” means Interoute Communications Holdings S.A., a public limited liability company  (société anonyme) organized under the laws of Luxembourg.  “Interoute German Assets” means the Equity Interests issued by and the assets of the Interoute  German Entities, together with the liabilities of, including all Indebtedness of, the Interoute German  Entities.  “Interoute German Entities” means GTT GmbH, GTT Communications Services GmbH and GTT  Networks GmbH.  “Investment” means: (i) any direct or indirect purchase or other acquisition by a Person of any  Equity Interest of any other Person; (ii) any loan, advance (other than deposits with financial institutions  available for withdrawal on demand), capital contribution or extension of credit to, guarantee or assumption  of debt or purchase or other acquisition of any other Indebtedness of, any Person by any other Person; or  (iii) the purchase, acquisition or investment of or in any stocks, bonds, mutual funds, notes, debentures or  other securities, or any deposit account, certificate of deposit or other investment of any kind.  For the  avoidance of doubt, Permitted Equity Derivatives and acquisitions of or licenses for intellectual property  or tangible assets used or useful in a Permitted Business do not constitute Investments.  “Investment Grade Securities” means: (a) debt securities or debt instruments with a rating of “A-”  or higher from S&P or “A3” or higher by Moody’s or the equivalent of such rating by such rating  organization or, if no rating of Moody’s or S&P then exists, the equivalent of such rating by any other  Nationally Recognized Statistical Rating Organization, but excluding any debt securities or instruments  constituting loans or advances among the Parent Guarantor and its Subsidiaries; and (b) investments in any  fund that invests exclusively in investments of the type described in clause (a) above which fund may also  hold cash and Cash Equivalents pending investment or distribution.  “Irish Security Agreements” means the Non-U.S. Security Agreements governed by the laws of  Ireland.  “Irish Security Documents” means the Irish Security Agreements, each Additional Security  Document governed by the laws of Ireland and any document governed by Irish law pursuant to which any  Lien is granted or perfected by any Credit Party to the Administrative Agent as security for any of the  Obligations.  “Irish Security Property” means:  (i) the Liens expressed to be granted under the Irish Security Documents in favor of  the Administrative Agent for the Secured Creditors and all proceeds of those Liens;   (ii) all obligations expressed to be undertaken by a Credit Party to pay amounts in  respect of the Obligations to the Administrative Agent for the Secured Creditors and secured by  the Irish Security Documents together with all representations and warranties expressed to be given  by a Credit Party in favor of the Administrative Agent for the Secured Creditors; and  (iii) any other amounts or property, whether rights, entitlements, choses in action or  otherwise, actual or contingent, which the Administrative Agent, by the terms of the Irish Security  Documents, holds on trust for the Secured Creditors.  “IRU” has the meaning provided in the definition of “Ordinary Course Dispositions”.  

 

   -28-     “ISEDC” means Innovation, Science and Economic Development Canada (formerly Industry  Canada).  “Junior Lien Debt Documents” means, collectively, any loan agreements, indentures, note purchase  agreements, promissory notes, guarantees and other instruments and agreements evidencing the terms of  any Junior Lien Indebtedness.  “Junior Lien Indebtedness” means any Indebtedness that is secured by Liens that are junior to the  Liens securing any Obligations.   “Key Customer” means key customers listed on Schedule 7.03(h).  “Key Customer Lien” means a Lien granted to a Key Customer who is under arrangements similar  to those of the Microsoft Permitted Liens and consistent with past practice and in the ordinary course of  business to secure obligations owed to such Key Customer and existing on property of any Credit Party as  of the Closing Date.  “KPI Report” means the KPI Report delivered by the Borrower to the Ad Hoc Lender Group  Advisors and Ad Hoc Noteholder Group Advisors prior to the Closing Date.  “Landing Site” means each manhole associated with the trans-Atlantic fiber optic cable systems of  the Parent Guarantor and its Subsidiaries, each location under or over which such trans-Atlantic fiber optic  cable systems transverse between any such manhole and the corresponding cable landing station, and each  cable landing station associated with such trans-Atlantic fiber optic cable systems, whether located on  property that is owned, leased or licensed by the Parent Guarantor or any of its Subsidiaries.  As of the  Closing Date, each Landing Site is listed on Schedule 1.01(f).  “Leaseholds” of any Person means all the right, title and interest of such Person as lessee or licensee  in, to and under leases or licenses of land, improvements and/or fixtures.  “Legal Reservations” means, with respect to the Non-U.S. EMEA Credit Parties or (solely with  respect to assets pledged under laws other than the United States, any State thereof, or the District of  Columbia) any U.S. Credit Party:   (i) the principle that equitable remedies are remedies which may be granted or refused  at the discretion of the court, the principle of reasonableness and fairness, the limitation of  enforcement by laws relating to bankruptcy, insolvency, liquidation, reorganisation, court schemes,  moratoria, administration and other laws generally affecting the rights of creditors and secured  creditors;  (ii) the time barring of claims under the Limitation Acts or any applicable limitation  statutes, the possibility that an undertaking to assume liability for or indemnify a person against  nonpayment of stamp duty may be void and defenses of set-off or counterclaim;  (iii) the principle that in certain circumstances security granted by way of fixed charge  may be recharacterised by a court as a floating charge or that security purported to be constituted  as an assignment may be recharacterised as a charge;  (iv) the principle that additional interest or payment of compensation imposed pursuant  to any relevant agreement may be held to be unenforceable on the grounds that it is a penalty and  thus void;  

 

   -29-     (v) the principle that a court may not give effect to an indemnity for legal costs  incurred by an unsuccessful litigant or the court itself has made an order for costs;  (vi) the principle that the creation or purported creation of security over any contract  or agreement which is subject to a prohibition on transfer, assignment or charging may be void,  ineffective or invalid and may give rise to a breach of the contract or agreement over which security  has purportedly been created;  (vii) any other matters which are set out as qualifications or reservations (however  described) as to matters of non-U.S. law in the legal opinions provided in respect of this Agreement;   (viii) the principle that the legality, validity, binding nature or enforceability of any  Security Document which is not governed by the laws of the jurisdiction where the asset or assets  purported to be secured under that Security Document are situated may be flawed with respect to  such assets; and  (ix) similar principles, rights and defenses under the laws of any jurisdiction of  organization of any Credit Party or any jurisdiction whose laws govern the provisions of security  interests in assets of such Credit Party.  “Lender” and “Lenders” have the meaning provided in the first paragraph of this Agreement and  includes any other Person that becomes a party hereto pursuant to an Assignment Agreement, other than  any such Person that ceases to be a party hereto pursuant to an Assignment Agreement.      “Lender Register” has the meaning provided in Section 2.08(b).  “Licenses” means the U.S. Communications Licenses, the Non-U.S. Communications Licenses and  all licenses, permits, authorizations, determinations, and registrations issued by any Governmental  Authority to the Parent Guarantor or any of its Subsidiaries in connection with such Person’s activities or  the conduct of its business.  “Lien” means any mortgage, pledge, security interest, hypothecation, encumbrance, standard  security, assignation in security, trust or deemed trust, lien (statutory or otherwise) or charge of any kind  (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement  or any lease in the nature thereof).  “Limitation Acts” means the Limitation Act 1980, the Foreign Limitation Periods Act 1984, the  Irish Statutes of Limitation 1957 to 2000 and the Prescription and Limitation Scotland Act 1973.  “Loan” means any Term Loan.  “Loan Documents” means this Agreement, the Notes, the Guaranty Agreements, the Security  Documents, the Fee Letter, the Intercompany Subordination Agreement, any Additional Credit Extension  Amendment and any intercreditor agreement (including the Priming Facility Intercreditor Agreement)  entered into by the Administrative Agent pursuant to the terms hereof.    “Make-Whole Premium” means, as of the date of any Triggering Event, an amount equal to the  sum of:   (a)  all remaining required interest payments due on the outstanding Term Loans subject to  such Triggering Event through December 31, 2021, calculated on the basis of the interest rate with  

 

   -30-     respect to the Term Loans that is then in effect on the basis of actual days elapsed over a year of  365 days; provided that no amounts under this clause (a) shall be payable as a result of, and any  amounts paid (or deemed paid) or otherwise payable pursuant to this clause (a) shall be  automatically and retroactively waived (without the need to take any other action) following the  occurrence of, any of the following (this proviso is herein after referred to as the “Make-Whole  Premium Exceptions”):   (i)  any prepayment or repayment of Term Loans pursuant to Section 2.13(c)(v), solely  to the extent that the Required Lenders have approved the applicable Asset Sale in writing, in  advance (which approval shall not be unreasonably withheld or delayed) (it being understood and  agreed that the sale of the Infrastructure Business in accordance with the Existing Infrastructure  Sale Agreement (without giving effect to any amendments, waivers, supplements or other  modifications that are materially adverse to the Lenders hereunder)) shall be deemed to be approved  by the Required Lenders;   (ii)  any prepayment or repayment of Term Loans with the cash proceeds from any  disposition of assets consummated during the pendency of any Insolvency Event, including  pursuant to Section 363 of the Bankruptcy Code or otherwise, in each case, solely to the extent that  the Required Lenders have approved the applicable disposition in writing, in advance (which  approval shall not be unreasonably withheld or delayed); and   (iii)  any prepayment or repayment, or any deemed prepayment or repayment, of Term  Loans with the proceeds of, or in connection with the “roll up” or deemed “roll up” of Term Loans  into, any post-petition financing under Section 364 of the Bankruptcy Code or any comparable  provision of other Federal, state or foreign bankruptcy, insolvency, receivership or similar law; and   (b) a premium equal to 3.0% of the aggregate principal amount of the Term Loans subject to  such Triggering Event.    “Margin Stock” has the meaning provided in Regulation U.  “Material Adverse Effect” means any or all of the following: (i) any material adverse effect on the  business, operations, property, assets, liabilities or financial condition of the Parent Guarantor and its  Restricted Subsidiaries, taken as a whole; (ii) any material adverse effect on the ability of the Parent  Guarantor, the Borrower and the other Credit Parties, taken as a whole, to perform their obligations under  any of the Loan Documents to which they are party; (iii) subject to any Legal Reservations or Non-U.S.  Perfection Requirements that are not overdue, any material adverse effect on the validity, effectiveness or  enforceability, as against the Credit Parties, taken as a whole, of any of the Loan Documents to which they  are a party; (iv) subject to any Legal Reservations or Non-U.S. Perfection Requirements that are not  overdue, any material adverse effect on the rights and remedies of the Administrative Agent or any Lender  under any Loan Document; or (v) subject to any Legal Reservations or Non-U.S. Perfection Requirements  that are not overdue, any material adverse effect on the validity, perfection or priority of any material Lien  in favor of the Administrative Agent on any of the Collateral.  “Material Contract” means each contract or agreement to which the Parent Guarantor or any of its  Restricted Subsidiaries is a party, which if violated or terminated (other than contracts that by their terms  may be terminated by the Parent Guarantor or such Restricted Subsidiary in the ordinary course of its  business or which are replaced within 30 days of termination) would reasonably be expected to have a  Material Adverse Effect.  

 

   -31-     “Material Indebtedness” means, as to the Parent Guarantor or any of its Restricted Subsidiaries,  any particular Indebtedness (other than any intercompany Indebtedness between or among Parent Guarantor  and/or any of its Restricted Subsidiaries) of the type described in clauses (i), (ii) or (ix) of the definition  thereof of the Parent Guarantor or such Restricted Subsidiary (including any Guaranty Obligations in  respect of Indebtedness of the type described in clauses (i), (ii) or (ix) of the definition thereof) in excess  of the aggregate principal amount of $50,000,000.  “Maturity Date” means the earlier to occur of (i) the date on which the disposition of the  Infrastructure Business has been consummated in accordance with the terms of an Infrastructure Sale  Agreement and (ii) the first anniversary of the Closing Date; provided, however, that if the Existing  Infrastructure Sale Agreement is terminated, the “Maturity Date” shall be the date that is 60 days after the  date of such termination, unless a Replacement Infrastructure Sale Agreement is effective within 45 days  after the date of such termination.   “Maximum Rate” has the meaning provided in Section 11.23.  “Microsoft” means Microsoft Ireland Operations Limited.  “Microsoft Hibernia Atlantic Liens” means the Liens granted by Hibernia Atlantic Cable System  pursuant to the Assignment of System Agreements by Way of Security, dated as of May 31, 2016, in favor  of Microsoft, which Liens secure certain obligations of Hibernia Atlantic Cable System pursuant to (a) the  IRU Agreement, dated as of June 17, 2014, between Hibernia Atlantic Cable System and Microsoft, as  amended by Amendment No. 1, dated as of May 31, 2016, and (b) the Operations, Maintenance &  Colocation Services Agreement, dated as of June 17, 2014, among Hibernia Atlantic Cable System,  Interoute and Microsoft.  “Microsoft Hibernia Express Liens” means the Liens existing as of the Closing Date and granted  by the Hibernia Express Entities pursuant to the Assignment of System Agreements by Way of Security,  dated as of May 31, 2016, in favor of Microsoft, which Liens secure certain obligations of the Hibernia  Express Entities pursuant to (a) the IRU Agreement, dated as of June 17, 2014, among the Hibernia Express  Entities and Microsoft, as amended by Amendment No. 1, dated as of July 3, 2014, Amendment No. 2,  dated as of September 21, 2015, Amendment No. 3, dated as of February 25, 2016, and Amendment No. 4,  dated as of May 31, 2016, and (b) the Operations, Maintenance & Colocation Services Agreement, dated  as of June 17, 2014, among the Hibernia Express Entities, Interoute and Microsoft.  “Microsoft Permitted Liens” means the Microsoft Hibernia Atlantic Liens and the Microsoft  Hibernia Express Liens.  “Milestone” has the meaning provided in Section 6.16(c).  “Minimum Borrowing Amount” means (i) with respect to any Base Rate Loan, $500,000, with  minimum increments thereafter of $100,000 and (ii) with respect to any Eurocurrency Loan, $500,000, with  minimum increments thereafter of $100,000.  “Moody’s” means Moody’s Investors Service, Inc. and its successors.  “Mortgage” means a Mortgage, Deed of Trust, standard security or other instrument, in form and  substance reasonably satisfactory to the Administrative Agent, executed by a Credit Party with respect to a  Mortgaged Real Property (it being agreed that, in the case of any Mortgaged Real Property listed on  Schedule 1.01(c), the form and substance of the equivalent document delivered in connection with the  

 

   -32-     Existing Credit Agreement is satisfactory to the Administrative Agent), as the same may from time to time  be amended, restated or otherwise modified.  “Mortgaged Real Property” means each of the parcels of real property set forth on Schedule 1.01(c)  hereto, or interests therein, owned by a Credit Party, together with each other parcel of Real Property that  shall become subject to a Mortgage after the Closing Date in accordance with Section 6.10(a), in each case  together with all of such Credit Party’s right, title and interest in the improvements and buildings thereon  and all appurtenances, easements or other rights belonging thereto.  “Multi-Employer Plan” means a multi-employer plan, as defined in Section 4001(a)(3) of ERISA  to which the Parent Guarantor or any Subsidiary of the Parent Guarantor or any ERISA Affiliate is making  or accruing an obligation to make contributions or has within any of the preceding five plan years made or  accrued an obligation to make contributions, but does not include a Canadian Pension Plan.  “Multiple Employer Plan” means an employee benefit plan subject to Title IV of ERISA, other  than a Multi-Employer Plan or a Canadian Pension Plan, to which the Parent Guarantor or any Subsidiary  of the Parent Guarantor or any ERISA Affiliate, and one or more employers other than the Parent Guarantor  or a Subsidiary of the Parent Guarantor or an ERISA Affiliate, is making or accruing an obligation to make  contributions or, in the event that any such plan has been terminated, to which the Parent Guarantor or a  Subsidiary of the Parent Guarantor or an ERISA Affiliate made or accrued an obligation to make  contributions during any of the five plan years preceding the date of termination of such plan.  “National Flood Insurance Program” means the National Flood Insurance Program created by the  U.S. Congress pursuant to the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of  1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform Act of 2004, in  each case as amended from time to time, and any successor statutes.  “Nationally Recognized Statistical Rating Organization” means a nationally recognized statistical  rating organization within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the 1934 Act.  “Net Cash Proceeds” means, with respect to (i) any Asset Sale, the Cash Proceeds resulting  therefrom net of (A) reasonable and customary expenses of sale incurred in connection with such Asset  Sale, and other reasonable and customary fees and expenses incurred, and all state, provincial, local and  foreign taxes paid or reasonably estimated to be payable by such person as a consequence of such Asset  Sale, and the payment of principal, premium, interest, fees and other amounts in respect of Indebtedness  (other than the Obligations) secured by a lien on the asset that is the subject of such Asset Sale that is senior  to the lien thereon (if any) securing the Obligations, and required to be, and that is, repaid under the terms  thereof as a result of such Asset Sale, and (B) incremental federal, state, provincial, local and foreign income  taxes paid or payable as a result thereof; (ii) any Event of Loss, the Cash Proceeds resulting therefrom net  of (A) reasonable and customary expenses incurred in connection with such Event of Loss, and local taxes  paid or reasonably estimated to be payable by such person as a consequence of such Event of Loss and the  payment of principal, premium and interest of Indebtedness (other than the Obligations) secured by a lien  on the asset that is the subject of the Event of Loss that is senior to the lien thereon (if any) securing the  Obligations, and required to be, and that is, repaid under the terms thereof as a result of such Event of Loss,  and (B) incremental federal, state, provincial, local and foreign income taxes paid or payable as a result  thereof; and (iii) the incurrence or issuance of any Indebtedness, the Cash Proceeds resulting therefrom net  of reasonable and customary fees and expenses incurred in connection therewith and net of the repayment  or payment of any Indebtedness or obligation intended to be repaid or paid with the proceeds of such  Indebtedness; in the case of each of clauses (i), (ii) and (iii), to the extent, but only to the extent, that the  amounts so deducted are (x) actually paid to a Person that, except in the case of reasonable out-of-pocket  

 

   -33-     expenses, is not an Affiliate of such Person or any of its Subsidiaries and (y) properly attributable to such  transaction or to the asset that is the subject thereof.  “New Independent Director” has the meaning provided in Section 6.16(c)(iii).  “New Parent” has the meaning provided in the definition of “Holding Company Merger”.  “Non-Consenting Lender” has the meaning provided in Section 11.12(h).  “Non-Credit Party” means each Restricted Subsidiary that is not a Subsidiary Guarantor.  “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such  time.  “Non-U.S. Communications Laws” means the laws of a Relevant Jurisdiction (other than the  United States) as may be applicable to the conduct of the Parent Guarantor or any of its Subsidiaries or  applicable to any of their respective networks, fiber assets, facilities, equipment or other property, and the  telecommunications-related laws of any Relevant Jurisdiction (other than the United States) including but  not limited to the Telecommunications Act (S.C.), 1993, C. 38 and its regulations, and the regulations,  decisions, policies, reports and orders of any Governmental Authority in a Relevant Jurisdiction (other than  the United States), including the CRTC and ISEDC, with jurisdiction over telecommunications-related  matters as may be applicable to the conduct of the Parent Guarantor or its Subsidiaries or applicable to any  of their respective networks, fiber assets, facilities, equipment or other property.  “Non-U.S. Communications License” means any license, permit, consent, certificate of  compliance, franchise, approval, registration, waiver or authorization related to the conduct of the Parent  Guarantor or any of its Subsidiaries or applicable to any of their respective networks, fiber assets, facilities,  equipment or other property, granted or issued by any non-U.S. Governmental Authority, including the  CRTC and ISEDC, with jurisdiction over telecommunications-related matters to and held by the Parent  Guarantor or any of its Subsidiaries, including those pursuant to which the Parent Guarantor or any of its  Subsidiaries is authorized to engage in any activity subject to the jurisdiction of such Governmental  Authority.  “Non-U.S. EMEA Credit Parties” means the Credit Parties other than the U.S. Credit Parties.  “Non-U.S. EMEA Credit Party Obligations” means all amounts, indemnities and reimbursement  obligations, direct or indirect, contingent or absolute, of every type or description, and at any time existing,  owing by the Borrower or any other Non-U.S. EMEA Credit Party to the Administrative Agent, any Lender  or any Affiliate of any Lender pursuant to the terms of this Agreement, any other Loan Document to which  any Non-U.S. EMEA Credit Party is a party (collectively with this Agreement, the “Non-U.S. EMEA Credit  Party Loan Documents” and each a “Non-U.S. EMEA Credit Party Loan Document”) (including, but not  limited to, interest and fees that accrue after the commencement by or against any Non-U.S. EMEA Credit  Party of any insolvency proceeding or other proceeding under any Debtor Relief Laws, regardless of  whether allowed or allowable in such proceeding or subject to an automatic stay under Section 362(a) of  the Bankruptcy Code or analogous provision under any other Debtor Relief Laws); provided, however, that  Non-U.S. EMEA Credit Party Obligations shall not include any obligations of any U.S. Credit Party.   Without limiting the generality of the foregoing description of Non-U.S. EMEA Credit Party Obligations,  the Non-U.S. EMEA Credit Party Obligations include (a) the obligation to pay principal, interest, charges,  expenses, fees, reasonable attorneys’ fees and disbursements, indemnities and other amounts payable by  any Non-U.S. EMEA Credit Party under any Non-U.S. EMEA Credit Party Loan Document and (b) the  obligation of any Non-U.S. EMEA Credit Party to reimburse any amount in respect of any of the foregoing  

 

   -34-     that the Administrative Agent, any Lender or any Affiliate of any of them, in connection with the terms of  any Non-U.S. EMEA Credit Party Loan Document, may elect to pay or advance on behalf of the Non-U.S.  EMEA Credit Parties.  “Non-U.S. Perfection Requirements” means, with respect to any Non-U.S. Security Agreement,  the making of or procuring of any and all registrations, filings, notices and other actions and steps required  to be made in any non-U.S. jurisdiction pursuant to the terms of such Non-U.S. Security Agreement  (including with a court or another official authority in that jurisdiction) in order to perfect security interests  created by the Non-U.S. Security Agreement or in order to achieve the relevant priority for such security  interests created thereunder.  “Non-U.S. Plan” shall mean any employee benefit plan, program, policy, arrangement or agreement  maintained or contributed to by the Parent Guarantor or any of its Subsidiaries with respect to employees  employed outside of the United States or outside of Canada and for greater clarity, does not include a  Canadian Pension Plan.  “Non-U.S. Plan Event” shall mean, with respect to any Non-U.S. Plan, (i) substantial non- compliance with its terms or with the requirements of any applicable laws, statutes, rules, regulations and  orders, (ii) failure to be maintained, where required, in good standing with applicable regulatory authorities,  (iii) any obligation of the Parent Guarantor or its Subsidiaries in connection with the termination or partial  termination of, or withdrawal from, any such Non-U.S. Plan, (iv) any Lien on the property of the Parent  Guarantor or its Subsidiaries in favor of a Governmental Authority as a result of any action or inaction  regarding such a Non-U.S. Plan, (v) for each such Non-U.S. Plan which is a funded or insured plan, failure  to be funded or insured on an ongoing basis to the extent required by applicable non-U.S. law (using  actuarial methods and assumptions which are consistent with the valuations last filed with the applicable  Governmental Authorities), or (vi) failure to make all contributions in a timely manner to the extent required  by applicable law.  “Non-U.S. Security Agreement” means any Security Document governed by the laws of a  jurisdiction other than the United States or any state thereof.    “Non-U.S. Subsidiary” means any Subsidiary that is not a U.S. Subsidiary.  “Non-U.S. Subsidiary Guarantor” means any Non-U.S. Subsidiary of the Parent Guarantor (other  than the Borrower) that is or hereafter becomes a party to a Non-U.S. Subsidiary Guaranty.  “Non-U.S. Subsidiary Guaranty” means each of (a) the Subsidiary Guaranty (Non-U.S.  Subsidiaries), dated as of the Closing Date (as amended, restated, modified or supplemented from time to  time), executed by the Non-U.S. Subsidiaries party thereto in favor of the Administrative Agent, and (b)  any guaranty executed by a Non-U.S. Subsidiary in favor of the Administrative Agent from time to time  after the Closing Date which guaranty shall be in form and substance reasonably acceptable to the  Administrative Agent.  “Northern Irish Security Documents” means, collectively, the mortgage and charge governed by  the laws of Northern Ireland in respect of the Northern Irish Security Property and any document governed  by Northern Irish law pursuant to which any Lien is granted or perfected by any Credit Party to the  Administrative Agent as security for any of the Obligations.  “Northern Irish Security Property” means the Liens expressed to be granted under the Northern  Irish Security Documents in favor of the Administrative Agent and all proceeds of those Liens.  

 

   -35-     “Note” means a promissory note substantially in the form of Exhibit A hereto.  “Notes Cross-holders” shall mean each Lender that, as of any date of determination, is the holder  of 2024 Notes in an aggregate principal amount which, when taken together with the aggregate principal  amount of 2024 Notes held by its Related Cross-holder Lenders, is greater than or equal to the aggregate  principal amount of Loans collectively held by such Lender and its Related Cross-holder Lenders.  For the  avoidance of doubt, a Lender shall not be deemed to be a Notes Cross-holder solely by virtue of being  affiliated with or having the same investment advisor as another Lender which falls within the definition of  Notes Cross-holders unless such Lender constitutes a Related Cross-holder Lender.  “Notice of Borrowing” has the meaning provided in Section 2.06(b).  “Notice of Continuation or Conversion” has the meaning provided in Section 2.10(b).  “Notice Office” means 251 Little Falls Drive, Wilmington, DE 19808; Attn: Loan Administration  – GTT Communications; Email: loanagent@delawaretrustloanagency.com.  “Obligations” means all amounts, indemnities and reimbursement obligations, direct or indirect,  contingent or absolute, of every type or description, and at any time existing, owing by the Borrower or any  other Credit Party to the Administrative Agent, any Lender or any Affiliate of any Lender pursuant to the  terms of this Agreement or any other Loan Document (including, but not limited to, interest, premium or  prepayment premium (including any Make-Whole Premium) that accrue after the commencement of any  insolvency proceeding or other proceeding under any Debtor Relief Laws, regardless of whether allowed  or allowable in such proceeding or subject to an automatic stay under Section 362(a) of the Bankruptcy  Code or analogous provision under any other Debtor Relief Laws).  Without limiting the generality of the  foregoing description, the Obligations include (a) the obligation to pay principal, interest, premium  (including any Make-Whole Premium), charges, expenses, fees, reasonable attorneys’ fees and  disbursements, indemnities and other amounts payable by any Credit Party under any Loan Document and  (b) the obligation of any Credit Party to reimburse any amount in respect of any of the foregoing that the  Administrative Agent, any Lender or any Affiliate of any of them, in connection with the terms of any Loan  Document, may elect to pay or advance on behalf of the Credit Parties.  “Operating Lease” as applied to any Person means any lease of any property (whether real, personal  or mixed) by that Person as lessee that, in conformity with GAAP, is not accounted for as a Capital Lease  on the balance sheet of that Person.  “Ordinary Course Dispositions” means, the following:  (a) dispositions or the abandonment of obsolete, excess, worn out or surplus furniture,  fixtures, equipment or other property, real or personal, tangible or intangible, and property no  longer material, used or useful to the business of the Parent Guarantor or any of its Restricted  Subsidiaries, whether now owned or hereafter acquired;   (b) dispositions of inventory in the ordinary course of business (including, for the  avoidance of doubt, any sale, license, lease or other conveyance of capacity on communication  networks (including of any fiber or fiber pair) or collocation capacity, in each case, to customers in  the ordinary course of business);  (c) dispositions of equipment or Real Property to the extent that (i) such property is  exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds  

 

   -36-     of such disposition are reasonably promptly applied to the purchase price of such replacement  property;   (d) licenses of Intellectual Property in the ordinary course of business;  (e) dispositions of Cash Equivalents in the ordinary course of business;   (f) termination of leased office locations in the ordinary course of business;  (g) dispositions of accounts receivable in connection with the collection or  compromise thereof;   (h) any forgiveness, write-off or write-down of any intercompany obligations owed  by a Credit Party;  (i) any dispositions resulting from a loss of, damage to or destruction of, or any  condemnation or other taking for public use of, any property of the Parent Guarantor or any  Restricted Subsidiary;  (j) Liens permitted under Section 7.03, Investments permitted under Section 7.05 and  Restricted Payments permitted under Section 7.06; and   (k) exchanges or dispositions of, or any indefeasible right of use (“IRU”) agreement  covering, fiber the absence of which would not interfere in any material respect with the ordinary  conduct of business of the Parent Guarantor or any of its Restricted Subsidiaries (for the avoidance  of doubt, any transaction under this clause (k) shall be in the ordinary course of business and not  in connection with any sale or other disposition of a business line or unit).  “Organizational Documents” means, with respect to any Person (other than an individual), such  Person’s Articles (Certificate or Memorandum) of Incorporation, or equivalent formation documents, and  Regulations (Bylaws or Articles), or equivalent governing documents, and, in the case of any partnership,  includes any partnership agreement and any amendments to any of the foregoing.  “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a  present or former connection between such Recipient and the jurisdiction imposing such Tax (other than  connections arising from such Recipient having executed, delivered, become a party to, performed its  obligations under, received payments under, received or perfected a security interest under, engaged in any  other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan  or Loan Document).   “Other Taxes” means all present or future stamp, court or documentary, intangible, recording,  filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance,  enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with  respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with  respect to an assignment (other than an assignment made pursuant to Section 3.05).    “Parent Board” has the meaning provided in Section 4.01(xix).  “Parent Guarantor” has the meaning provided in the preamble to this Agreement.  “Parent Guarantor Guaranteed Obligations” has the meaning provided in Section 10.01.  

 

   -37-     “Participant Register” has the meaning provided in Section 11.06(b).  “Payment Office” means 251 Little Falls Drive, Wilmington, DE 19808; Attn: Loan Administration  – GTT Communications.  “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of  ERISA, or any successor thereto.  “Perfection Certificate” means a certificate in form reasonably satisfactory to the Administrative  Agent that provides information with respect to the personal or mixed property of each Credit Party.  “Permissible Jurisdiction” means any member state of the European Union or, to the extent it has  ceased to be a member state of the European Union, the United Kingdom.  “Permitted Bond Hedge Transaction” means (a) any call option or capped call option (or  substantively equivalent derivative transaction) on the common stock of the Parent Guarantor purchased by  Parent Guarantor or any of its Subsidiaries in connection with an incurrence of Permitted Convertible  Indebtedness, and (b) any call option or capped call option (or substantively equivalent derivative  transaction) replacing or refinancing the foregoing; provided, that (x) the sum of (i) the purchase price for  any Permitted Bond Hedge Transaction occurring on or after the Closing Date, plus (ii) the purchase price  for any Permitted Bond Hedge Transaction it is refinancing or replacing, if any, minus (iii) the cash  proceeds received upon the termination or the retirement of the Permitted Bond Hedge Transaction it is  replacing or refinancing, if any, less (y) the sum of (i) the cash proceeds from the sale of the related  Permitted Warrant Transaction plus (ii) the cash proceeds from the sale of any Permitted Warrant  Transaction refinancing or replacing such related Permitted Warrant Transaction, if any, minus (iii) the  amount paid upon termination or retirement of such related Permitted Warrant Transaction, if any, does not  exceed the Net Cash Proceeds from the incurrence of the related Permitted Convertible Indebtedness.  “Permitted Business” means the businesses, and any services, activities or businesses incidental, or  reasonably related or complementary or similar to, any line of business, engaged in by the Parent Guarantor  and its Subsidiaries in each case as of the Closing Date or any business activity that is a reasonable  extension, development or expansion thereof or ancillary thereto.  “Permitted Convertible Indebtedness” means unsecured debt securities of the Parent Guarantor or  any of the Restricted Subsidiaries permitted to be incurred pursuant to Section 7.04 (which may be  guaranteed by the U.S. Subsidiary Guarantors to the extent permitted by Section 7.04) that is (1) convertible  into, or exchangeable for, Equity Interests (other than Disqualified Equity Interests) of the Parent Guarantor  (and cash in lieu of fractional shares) and/or cash (in an amount determined by reference to the price of  such common stock) and/or (2) sold as units with call options, warrants, rights or obligations to purchase  (or substantially equivalent derivative transactions) that are exercisable for Equity Interests (other than  Disqualified Equity Interests) of the Parent Guarantor and/or cash (in an amount determined by reference  to the price of such common stock).  “Permitted Convertible Indebtedness Call Transaction” means any Permitted Bond Hedge  Transaction and any Permitted Warrant Transaction.  “Permitted Creditor Investment” means any securities (whether debt or equity) received by the  Parent Guarantor or any of its Subsidiaries in connection with the bankruptcy or reorganization of any  customer or supplier of the Parent Guarantor or any such Subsidiary and in settlement of delinquent  obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business.  

 

   -38-     “Permitted Equity Derivatives” means (a) any forward purchase, accelerated share purchase or  other equity derivative transactions relating to the Equity Interests of the Parent Guarantor entered into by  the Parent Guarantor or any Restricted Subsidiary; provided, that any Restricted Payment made in  connection with such transaction is permitted pursuant to Section 7.06 and (b) any Permitted Convertible  Indebtedness Call Transactions.  “Permitted Lien” means any Lien permitted by Section 7.03.  “Permitted Refinancing” means any refinancing, restructuring, refunding, renewal, extension or  replacement of Indebtedness permitted hereunder; provided, that (i) the principal amount (or accreted value,  if applicable) of such Indebtedness is not increased at the time of such refinancing, restructuring, refunding,  renewal, extension or replacement (except by an amount equal to accrued interest and any premiums, fees  and expenses incurred, in connection with such refinancing, restructuring, refunding, renewal, extension or  replacement), (ii) such refinancing, restructuring, refunding, renewal, extension or replacement shall not  result in an earlier maturity date or decreased weighted average life of such Indebtedness being refinanced,  refunded, renewed, restructured, extended or replaced, (iii) the terms relating to collateral (if any) and  subordination (if any), and other material terms, taken as a whole, of any such refinancing, restructuring,  refunding, renewal, extension or replacement indebtedness, and of any agreement entered into and of any  instrument issued in connection therewith, are not materially less favorable (taken as a whole) to the Credit  Parties than the terms of the agreements or instruments governing the Indebtedness being refinanced,  refunded, renewed, restructured, extended or replaced (taken as a whole) and (iv) the terms of such  refinancing, restructuring, refunding, renewal, extension or replacement shall not bind any obligor that is  not an obligor under the Indebtedness being refinanced, restructured, refunded, renewed, extended or  replaced.  “Permitted Warrant Transaction” means any call options, warrants or rights to purchase (or  substantively equivalent derivative transactions) on common stock of the Parent Guarantor purchased or  sold by the Parent Guarantor or any of its Subsidiaries substantially concurrently with a Permitted Bond  Hedge Transaction.  “Person” means any individual, partnership, joint venture, firm, corporation, limited liability  company, exempted company, association, central bank, trust or other enterprise or any governmental or  political subdivision or any agency, department or instrumentality thereof.  “Platform” has the meaning provided in Section 9.16(b).  “primary Indebtedness” has the meaning provided in the definition of “Guaranty Obligations”.  “primary obligor” has the meaning provided in the definition of “Guaranty Obligations”.  “Priming Facility Intercreditor Agreement” means that certain Super-Priority Intercreditor  Agreement, dated as of the Closing Date (as amended, amended and restated, waived, supplemented or  otherwise modified from time to time), by and among the Administrative Agent, as Super-Priority  Collateral Agent, and the Existing Agent, as Revolving and Term Loan Collateral Agent.  “Private-Side Lender” means a Lender that has agreed to receive “material non-public information”  (within the meaning of applicable securities law).   “Pro Forma Basis” means, without duplication of any add backs otherwise added back in the  definition of “Consolidated EBITDA”, with respect to the calculation of the Consolidated Total Net  Leverage Ratio, Pro Forma EBITDA and any other applicable provision of this Agreement or any other  

 

   -39-     Loan Document, as of any time, that pro forma effect shall be given to the Transactions and any Specified  Transaction that have occurred during the Parent Guarantor’s most-recently ended Testing Period, or  subsequent to the end of such Testing Period but prior to such time for which a determination under this  definition is made, as if each such event occurred on the first day of such Testing Period (giving effect to  pro forma adjustments which are (i) determined on a basis consistent with Article 11 of Regulation S-X  promulgated under the Exchange Act and as interpreted by the staff of the Securities and Exchange  Commission (or any successor agency), (ii) recommended by any due diligence quality of earnings report  conducted by (x) a firm of independent public accountants of recognized national standing or (y) any other  accounting firm reasonably satisfactory to the Required Lenders (such acceptance not to be unreasonably  withheld), selected by the Parent Guarantor and retained by the Parent Guarantor; or (iii) otherwise  determined in such other manner reasonably acceptable to the Required Lenders).   “Pro Forma EBITDA” means, as of any date of determination, Consolidated EBITDA for the  Testing Period determined on a Pro Forma Basis.  “PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as  any such exemption may be amended from time to time.  “Purchase Money Indebtedness” means, for any Person, Indebtedness incurred for the purpose of  financing all or any part of the purchase price of any fixed or capital assets (including Equity Interests of  any Person owning fixed or capital assets) or the cost of installation, construction or improvement of any  fixed or capital assets; provided, that (i) such Indebtedness is incurred within 180 days after such  acquisition, installation, construction or improvement of such fixed or capital assets (including Equity  Interests of any person owning the applicable fixed or capital assets) by such person and (ii) the amount of  such Indebtedness does not exceed the lesser of 100% of the fair market value of such fixed or capital asset  or the cost of the acquisition, installation, construction or improvement thereof, as the case may be.  “Qualified Cash” means the aggregate amount of cash and Cash Equivalents, excluding cash and  Cash Equivalents that are listed as “restricted” on the consolidated balance sheet of the Parent Guarantor  and its Restricted Subsidiaries as of such date of determination (other than the aggregate amount of cash  and Cash Equivalents restricted in favor of the Credit Facility (which may also secure other indebtedness  secured by a pari passu or junior lien on Collateral securing the Credit Facility)) in each case as determined  in accordance with GAAP, in an amount not to exceed the greater of (i) $250,000,000 and (ii) an amount  equal to 50% of the Pro Forma EBITDA for the most recently ended Testing Period.  “RCRA” means the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.  “Real Property” of any Person shall mean all of the right, title and interest of such Person in and to  land, improvements and fixtures, including Leaseholds.    “Receiver” means a receiver or receiver and manager or administrative receiver of the whole or  any part of the collateral subject to Liens under the U.K. Security Documents, the Irish Security Documents  or the Northern Irish Security Documents.  “Recipient” means (a) the Administrative Agent and (b) any Lender, as applicable.  “Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as  from time to time in effect and any successor to all or a portion thereof establishing reserve requirements.  “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as  from time to time in effect and any successor to all or a portion thereof establishing margin requirements.  

 

   -40-     “Regulatory Assessment” means any payment, fee, charge, assessment or other amount required to  be paid to or enforced by a U.S. federal, state or local Governmental Authority or any non-U.S.  Governmental Authority to finance regulatory funding mechanisms, including United States state or federal  Universal Service Fund, Canadian Contribution Regime, FCC, CRTC, or ISEDC regulatory fees, including  but not limited to international bearer circuit and interstate telephone service provider fees,  telecommunications relay systems, administration of the North American Numbering Plan, emergency  calling services and other similar regulatory funding mechanisms.  “Related Cross-holder Lender” means any Lender that, as of any date of determination, is the holder  of any 2024 Notes and is any Affiliate of such Lender, unless, with respect to such Affiliate, such Lender  is managed independently or has a different general partner (or equivalent) or a different person or  committee who has the ultimate decision making power on investments or otherwise maintains an ethical  or conflicts screen, wall or other similar mechanism between its holdings of the 2024 Notes and the Loans  hereunder.  “Related Parties” means, with respect to any Person, such Person’s Affiliates and the directors,  officers, employees, representatives, agents and advisors of such Person and of such Person’s Affiliates.  “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.  “Relevant Jurisdiction” means (i) the jurisdiction of incorporation, organization or formation, as  applicable, of the Parent Guarantor or any of its Subsidiaries, (ii) any jurisdiction where any asset of the  Parent Guarantor or any of its Subsidiaries is situated, which as of the date of determination is subject to,  or from time to time is intended to be subject to, a security interest in favor of Administrative Agent, (iii)  any jurisdiction where the Parent Guarantor or any of its Subsidiaries conducts its business and (iv) the  jurisdiction the laws of which govern the perfection of any Liens granted by the Credit Parties pursuant to  the Security Documents.  “Relevant Party” has the meaning assigned to such term in Section 3.03(i).  “Replacement Infrastructure Sale Agreement” means, at any time after the Existing Infrastructure  Sale Agreement is terminated, any agreement or agreements containing terms reasonably satisfactory to the  Required Lenders and entered into by the Parent Guarantor and/or any of its Restricted Subsidiaries  pursuant to which all or any portion of the Infrastructure Business would be sold to a Person that is not an  Affiliate of the Parent Guarantor.   “Report Date” has the meaning given thereto in Section 6.01(d)(ii).  “Reportable Event” means an event described in Section 4043 of ERISA or the regulations  thereunder with respect to a U.S. Plan, other than those events as to which the notice requirement is waived  under subsection .22, .23, .25, .27, .28, .29, .30, .31, .32, .34, .35, .62, .63, .64 or .65 of PBGC Regulation  Section 4043.  “Required Lenders” means, at any time of determination, Lenders holding Term Loans and Term  Commitments representing more than 50% of the sum of Term Loans outstanding at such time and Term  Commitments in effect at such time; provided, however, that Term Loans and Term Commitments held by  any Defaulting Lender shall be excluded from such calculation; it being understood and agreed that in  determining whether the Administrative Agent shall be protected in relying upon any request, demand,  authorization, direction, notice, consent, waiver or other communication, only Term Loans and Term  

 

   -41-     Commitments with respect to which the Administrative Agent has received written notice that such Term  Loans or Term Commitments are held by a Defaulting Lender shall be so excluded.  “Required Prepayment Date” has the meaning given thereto in Section 2.13(i).  “Responsible Officer” means, as to any Person, the chief executive officer, president, any vice  president, the secretary, treasurer, director or controller of such Person or, with respect to financial matters,  the chief financial officer of such Person. Unless otherwise specified, “Responsible Officer” refers to a  Responsible Officer of the Parent Guarantor or the Borrower, as applicable.  “Restricted Participant” means (i) any Person who has a Standard Industrial Classification of 4813  and listed on the attachment to the most recently delivered Compliance Certificate, which list may be  updated more frequently by the Borrower in a writing to the Administrative Agent and the Lenders from  time to time or (ii) any Person that owns more than 5% of the outstanding common stock of the Parent  Guarantor and has been specified in a written notice to the Administrative Agent and the Lenders by the  Borrower from time to time.  “Restricted Payment” means (i) any Capital Distribution or (ii) any amount paid by the Parent  Guarantor or any of its Restricted Subsidiaries in repayment, redemption, retirement, repurchase, voluntary  prepayment, direct or indirect, of (x) any Subordinated Indebtedness or (y) any Junior Lien Indebtedness  (other than Indebtedness incurred pursuant to Section 7.04(l)).  “Restricted Subsidiary” means any Subsidiary of the Parent Guarantor (including the Borrower)  that is not an Unrestricted Subsidiary.  The Restricted Subsidiaries of the Parent Guarantor as of the Closing  Date are listed on Schedule 1.01(d).    “Restricted Upstream Subsidiary” means any Subsidiary of the Parent Guarantor organized in a  jurisdiction other than in the United Kingdom and as set forth on Schedule 1.01(d).  “Retained Declined Proceeds” has the meaning given thereto in Section 2.13(i).  “Right-of-Way” means a right granted by any Person or Governmental Authority to the Parent  Guarantor or any of its Subsidiaries to install and maintain fiber, conduit, manholes (beach or otherwise),  and associated facilities and equipment in real property in connection with the activities or conduct of the  business of the Parent Guarantor or any of its Subsidiaries (including any right granted by any Person or  Governmental Authority to the Parent Guarantor or any of its Subsidiaries to place its submarine cable(s),  including in any sanctuary or other protected area or over or in the vicinity of any subsea pipes or other  structures).  “S&P” means Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc., and its  successors.  “Sale and Lease-Back Transaction” means any arrangement with any Person providing for the  leasing by the Parent Guarantor or any Restricted Subsidiary of the Parent Guarantor of any property (except  for temporary leases for a term, including any renewal thereof, of not more than one year and except for  leases between the Parent Guarantor and a Restricted Subsidiary or between Restricted Subsidiaries), which  property has been or is to be sold or transferred by the Parent Guarantor or such Restricted Subsidiary to  such Person.  “Sanctioned Country” means a country or territory that is the subject of comprehensive Sanctions  (currently, Crimea, Cuba, Iran, North Korea, and Syria).  

 

   -42-     “Sanctioned Person” means any Person that is the subject or target of Sanctions, including any  Person that is (i) identified on any Sanctions-related list of designated persons, including the Specially  Designated Nationals and Blocked Persons List maintained by the U.S. Department of the Treasury’s Office  of Foreign Assets Control, (ii) domiciled, organized or resident in any Sanctioned Country or (iii) owned  or controlled by one or more Persons described in the foregoing clause (i) or (ii).  “Sanctions” means trade, economic or financial sanctions imposed, administered or enforced by  the United States (including the U.S. Department of the Treasury’s Office of Foreign Assets Control and  the U.S. Department of State), the United Nations Security Council, the European Union or any member  state thereof, the United Kingdom (including Her Majesty’s Treasury), Canada (including Global Affairs  Canada and Public Safety Canada), or Switzerland (including the Swiss State Secretariat for Economic  Affairs (SECO) and the Swiss Directorate of International Law).   “SEC” means the United States Securities and Exchange Commission.  “SEC Regulation D” means Regulation D as promulgated under the Securities Act of 1933, as  amended, as the same may be in effect from time to time.  “Secured Creditors” means each of the Administrative Agent, the Lenders and the respective  successors and assigns of each of the foregoing.  “Security Agreements” means, collectively, the U.S. Security Agreement and the Non-U.S.  Security Agreements.    “Security Documents” means the U.S. Security Documents and the EMEA Facility Security  Documents.  “Significant Subsidiary” means any Restricted Subsidiary of the Parent Guarantor other than a Non- Credit Party that did not, as of the last day of the fiscal quarter of the Parent Guarantor most recently ended  for which financial statements are available have individually, either (i) assets with a value in excess of  7.5% of total assets of, or (ii) revenues in an amount in excess of 7.5% of the total revenues of, the Parent  Guarantor and its Restricted Subsidiaries on a consolidated basis for the Testing Period most recently ended.  “Single Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of  ERISA, to which the Parent Guarantor, any Subsidiary of the Parent Guarantor or any ERISA Affiliate is  making or accruing an obligation to make contributions or, in the event that any such plan has been  terminated, to which the Parent Guarantor, any Subsidiary of the Parent Guarantor or any ERISA Affiliate  made or accrued an obligation to make contributions during any of the five plan years preceding the date  of termination of such plan, but does not include a Canadian Pension Plan.  “SOFR” with respect to any day means the secured overnight financing rate published for such day  by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor  administrator) on the Federal Reserve Bank of New York’s Website.  “SPC” has the meaning provided in Section 11.06(f).    “Specified Event of Default” means any Event of Default under Sections 8.01(a) or (i).  “Specified Transactions” means acquisitions, dispositions, any issuance, incurrence, assumption or  permanent repayment of Indebtedness (including Indebtedness issued, incurred or assumed as a result of,  or to finance, any relevant transaction and for which the financial effect is being calculated), all sales,  

 

   -43-     transfers and other dispositions or discontinuance of any Subsidiary, line of business or division,  restructurings, cost savings initiatives, other operational changes or operational initiatives (in each case  including for the avoidance of doubt, acquisitions and permitted investments occurring prior to the Closing  Date); it being acknowledged and agreed that the acquisitions of (i) GC Pivotal, LLC, pursuant to that  certain Membership Interest Purchase Agreement, dated as of June 23, 2017, by and among GTT Americas,  LLC and GC Pivotal, LLC, Pivotal Global Capacity, LLC, (ii) Hibernia NGS Limited, pursuant to that  certain Share Purchase Agreement, dated as of November 8, 2016, by and among the Parent Guarantor,  Murosa Development S.A.R.L., Columbia Ventures Corporation and Hibernia NGS Limited, (iii)  Accelerated Connections Inc., pursuant to that certain Share Purchase Agreement, dated as of March 8,  2018, by and among Michael Garb, 2497817 Ontario Limited, 2497816 Ontario Limited, The Garbe Family  Trust, Hibernia Express (Canada) Limited and Accelerated Connections Inc. and (iv) Custom Connect  International B.V., pursuant to that certain Share Purchase Agreement, dated as of December 29, 2017, by  and among O.W.R. Beheer B.V., J.W. Meijer Beheer B.V., JITVentures B.V., Mamadoo Ventures B.V.,  Stupa Holding B.V., D. Warnar, R.E. Traag, Hibernia Express (Ireland), Ltd., and Custom Connect  International B.V., in each case shall be deemed to be Specified Transactions.  “Standard Permitted Lien” means any of the following:   (i) Liens for taxes not yet delinquent or Liens for taxes, assessments or governmental  charges being contested in good faith and by appropriate proceedings for which adequate reserves  in accordance with GAAP have been established;   (ii) Liens in respect of property or assets imposed by law that were incurred in the  ordinary course of business, such as carriers’, suppliers’, warehousemen’s, materialmen’s and  mechanics’ Liens and other similar Liens arising in the ordinary course of business, that do not in  the aggregate materially detract from the value of such property or assets or materially impair the  use thereof in the operation of the business of the Parent Guarantor or any of its Restricted  Subsidiaries and do not secure any Indebtedness;   (iii) Liens created by this Agreement or the other Loan Documents;   (iv) Liens arising from judgments, decrees or attachments in circumstances not  constituting an Event of Default under Section 8.01(h);   (v) Liens (other than any Lien imposed by ERISA or, except for contributions not yet  due, applicable foreign pensions legislation) incurred or deposits made in the ordinary course of  business in connection with workers compensation, unemployment insurance and other types of  social security, and mechanic’s Liens, carrier’s Liens, and other Liens to secure the performance  of tenders, statutory obligations, contract bids, trade contracts, leases, government contracts, surety,  appeal, customs, performance and return-of-money bonds and other similar obligations, incurred  in the ordinary course of business (exclusive of obligations in respect of the payment for borrowed  money), whether pursuant to statutory requirements, common law or consensual arrangements;   (vi) leases or subleases granted in the ordinary course of business to others not  interfering in any material respect with the business of the Parent Guarantor or any of its Restricted  Subsidiaries and any interest or title of a lessor under any lease not in violation of this Agreement;   (vii) easements (including reciprocal easement agreements), survey exceptions, or  reservations of, or rights of others for, licenses, rights-of-way, sewer, electric lines, telegraph and  telephone lines and other similar purposes, zoning, building codes or other restrictions, charges,  ground leases, encumbrances, defects in title, prior rights of other persons, and obligations  

 

   -44-     contained in similar instruments, in each case that do not secure Indebtedness and do not involve,  and are not likely to involve at any future time, either individually or in the aggregate, (A) a  substantial and prolonged interruption or disruption of the business activities of the Parent  Guarantor and its Restricted Subsidiaries considered as an entirety, or (B) a Material Adverse  Effect;   (viii) Liens arising from the rights of lessors under leases (including financing  statements regarding property subject to lease) not in violation of the requirements of this  Agreement; provided, that such Liens are only in respect of the property subject to, and secure only,  the respective lease (and any other lease with the same or an affiliated lessor);   (ix) Liens solely on any cash earnest money deposits made by the Parent Guarantor  and any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement;  provided, that any such deposits shall be made solely in connection with Investments permitted  hereunder;   (x) purported Liens evidenced by the filing of precautionary UCC financing  statements relating solely to operating leases of personal property entered into in the ordinary  course of business;   (xi) Liens (i) in favor of customs and revenue authorities arising as a matter of law to  secure payment of customs duties in connection with the importation of goods or (ii) on specific  items of inventory or other goods and proceeds thereof of any Person securing such Person’s  obligations in respect of bankers’ acceptances or letters of credit issued or created for the account  of such person to facilitate the purchase, shipment or storage of such inventory or goods in the  ordinary course of business;  (xii) Liens consisting of non-exclusive licenses of Intellectual Property in the ordinary  course of business;  (xiii) Liens of (i) a collection bank arising under Section 4-210 of the UCC (or any  analogous statutory provision of applicable foreign law) on items in the course of collection or,  solely with respect to accounts located in the Netherlands, which arise from article 24 or 25 of the  general banking conditions (algemene bankvoorwaarden), (ii) attaching to commodity trading  accounts or other commodities brokerage accounts incurred in the ordinary course of business and  (iii) in favor of a banking or other financial institution arising as a matter of law or under customary  general terms and conditions encumbering deposits or other funds maintained with a financial  institution (including the right of setoff) and that are within the general parameters customary in  the banking industry or arising pursuant to such banking institutions general terms and conditions;   (xiv) Liens that are contractual rights of setoff or rights of pledge (i) relating to the  establishment of depository relations with banks or other financial institutions not given in  connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of  the Parent Guarantor or any of its Restricted Subsidiaries to permit satisfaction of overdraft or  similar obligations incurred in the ordinary course of business of the Parent Guarantor or any of its  Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with  customers of the Parent Guarantor or any of its Restricted Subsidiaries in the ordinary course of  business;  

 

   -45-     (xv) Liens on insurance premium refunds and insurance proceeds granted in favor of  insurance companies (or their financing affiliates) in connection with the financing of insurance  premiums;   (xvi) Liens in favor of a Governmental Authority arising in connection with any  condemnation or eminent domain proceeding by such Governmental Authority affecting Real  Property which does not otherwise constitute an Event of Default under this Agreement;  (xvii) Liens arising out of conditional sale, title retention, consignment or similar  arrangements for sale of goods entered into by the Parent Guarantor or any Restricted Subsidiary  (as purchaser or consignee) not prohibited by this Agreement;   (xviii) Liens solely on any cash earnest money deposits of the Parent Guarantor and any  of its Restricted Subsidiaries provided to licensing authorities and governmental agencies in the  ordinary course of business;  (xix) rights of access, licenses, step-in rights, leases and inspection rights granted to  customers in the ordinary course of business;   (xx) rights of consignors of goods, whether or not perfected by the filing of a financing  statement under the UCC;   (xxi) in the case of any Credit Party or Restricted Subsidiary organized under the laws  of Canada or any province or territory thereof or any property located in Canada (A) reservations,  limitations, provisos and conditions expressed in any original grant from the Crown or other grants  of real or immovable property, or interests therein, that do not materially affect the use of the  affected land for the purpose for which it is used by such Credit Party or Restricted Subsidiary, (B)  the right reserved to or vested in any Governmental Authority by the terms of any lease, license,  franchise, grant or permit acquired by such Credit Party or Restricted Subsidiary or by any statutory  provision to terminate any such lease, license, franchise, grant or permit, or to require annual or  other payments as a condition to the continuance thereof and (C) security given to a public utility  or any Governmental Authority when required by such utility or authority in connection with the  operations of such Credit Party or Restricted Subsidiary in the ordinary course of its business to  secure obligations not yet overdue;   (xxii) Liens over any rental deposits in respect of any Real Property leased or licensed  by a Credit Party in the ordinary course of business;  (xxiii) inchoate Liens (other than any Lien imposed by ERISA or, except for contributions  not yet due, applicable foreign pensions legislation) that arise by operation of law;   (xxiv) Liens on any amounts held by a trustee under any indenture or other debt  agreement (in each case, solely to the extent the Indebtedness evidenced thereby constitutes  Indebtedness permitted by Section 7.04) issued in escrow pursuant to customary escrow  arrangements pending the release thereof, or under any indenture or other debt agreement pursuant  to customary discharge, redemption or defeasance provisions;  (xxv) Liens arising under the general terms and conditions of banks or Sparkassen  (Allgemeine Geschäftsbedingungen der Banken oder Sparkassen) with whom Parent Guarantor or  any of its Restricted Subsidiaries maintains a banking relationship in the ordinary course of  business; and  

 

   -46-     (xxvi) any Lien created in order to secure pension liabilities or partial retirement liabilities  (Altersteilzeitverpflichtungen) including pursuant to section 8a of the German Partial Retirement  Act (Altersteilzeitgesetz) and/or section 7e of the book IV of the German Social Act  (Sozialgesetzbuch IV).  “Steering Committee” means the steering committee of the Ad Hoc Lender Group  “Strategic Planning Committee” has the meaning set forth in Section 4.01(xix).   “Subordinated Debt Documents” means, collectively, any loan agreements, indentures, note  purchase agreements, promissory notes, guarantees and other instruments and agreements evidencing the  terms of any Subordinated Indebtedness.  “Subordinated Indebtedness” means any Indebtedness that has been subordinated to the prior  payment in full of all of the Obligations pursuant to a written agreement or written terms reasonably  acceptable to the Required Lenders and, to the extent the Administrative Agent is a party to such agreement,  the Administrative Agent.  “Subsidiary” of any Person means (i) any corporation more than 50% of whose stock of any class  or classes having by the terms thereof ordinary Voting Power to elect a majority of the directors of such  corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall  have or might have Voting Power by reason of the happening of any contingency) is at the time owned by  such Person directly or indirectly through Subsidiaries, and (ii) any partnership, limited liability company,  association, joint venture or other entity in which such Person directly or indirectly through Subsidiaries,  owns more than 50% of the Equity Interests of such Person at the time or in which such Person, one or  more other Subsidiaries of such Person or such Person and one or more Subsidiaries of such Person, directly  or indirectly, has the power to direct the policies, management and affairs thereof.  Unless otherwise  expressly provided, all references herein to “Subsidiary” shall mean a Subsidiary of the Parent Guarantor.  “Subsidiary Guarantor” means (a) any U.S. Subsidiary Guarantor and (b) any Non-U.S. Subsidiary  Guarantor.  Schedule 1.01(e) hereto lists each Subsidiary Guarantor as of the Closing Date.  “Supplier” has the meaning assigned to such term in Section 3.03(i).  “Swap Obligation” means, with respect to the Parent Guarantor, the Borrower or any Subsidiary  Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a  “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.  “Swiss Withholding Tax” means any taxes imposed under the Swiss Withholding Tax Act.  “Swiss Withholding Tax Act” means the Swiss Federal Act on the Withholding Tax (Bundesgesetz  über die Verrechnungssteuer) of October 13, 1965, as amended from time to time (SR 642.21), together  with the related ordinances, regulations and guidelines, all as amended and applicable from time to time.  “Synthetic Lease” means any lease (i) that is accounted for by the lessee as an Operating Lease,  and (ii) under which the lessee is intended to be the “owner” of the leased property for federal income tax  purposes.  “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings  (including backup withholding), assessments, fees or other charges imposed by any Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.  

 

   -47-     “Term Commitment” or “Commitment” means, with respect to each Lender, the amount, if any, of  its (a) Initial Term Commitment, (b) Delayed Draw Term Commitment or (c) in the case of any Lender that  becomes a party hereto pursuant to an Assignment Agreement, the amount set forth in such Assignment  Agreement, as such commitment may be reduced from time to time as a result of assignments to or from  such Lender pursuant to Section 11.06. As of the Closing Date, the aggregate amount of Term  Commitments is $275,000,000.  “Term Lender” means a Lender with a Term Commitment or an outstanding Term Loan.  “Term Loans” means an Initial Term Loan and/or a Delayed Draw Term Loan, as the context may  require, in each case made to the Borrower under the Credit Facility.  “Term SOFR” means the forward-looking term rate based on SOFR that has been selected or  recommended by the Relevant Governmental Body.  “Testing Period” means a single period consisting of the four consecutive fiscal quarters of the  Parent Guarantor then last ended (whether or not such quarters are all within the same fiscal year) for which  financial statements are available, except that if a particular provision of this Agreement indicates that a  Testing Period shall be of a different specified duration, such Testing Period shall consist of the particular  fiscal quarter or quarters then last ended that are so indicated in such provision.  “Title Company” has the meaning specified in Section 6.10(d)(ii)(A).  “Title Policy” has the meaning specified in Section 6.10(d)(ii)(A).  “Transactions” means the entering into and initial borrowings under this Agreement, the entering  into the Existing Credit Agreement Amendment and the consummation of the transactions contemplated  therein (including entering into the Lender Forbearance Agreement and the Noteholder Forbearance  Agreement) and the payment of fees and expenses in connection with the foregoing and other related  transactions.  “Triggering Event” means any (x) voluntary or mandatory prepayment or repayment of Term Loans  (including pursuant to Section 11.12(h)) and/or (y) any acceleration of Term Loans or the Term Loans  otherwise becoming due prior to their maturity date, in each case, after the occurrence of an Event of Default  (including Section 8.01(i)), by operation of law or otherwise.  “Type” means any type of Loan determined with respect to the interest option and currency  denomination applicable thereto, which in each case shall be a Base Rate Loan or a Eurocurrency Loan.  “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New  York (or, if the context may require, each other applicable jurisdiction).  References to the UCC shall  include the Personal Property Security Act of Nova Scotia (or successor statute) or similar legislation of  any other Canadian jurisdiction, including the Civil Code of Québec, the laws of which are required by  such legislation to be applied in connection with the issue, perfection, enforcement, opposability,  enforceability, validity or effect of security interests or hypothecs.    “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the  Benchmark Replacement Adjustment.  “Undisclosed Administration” means in relation to a Lender or its parent company, the appointment  of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official  

 

   -48-     by a governmental supervisory authority or regulator under or based on the law in the country where such  Lender is subject to home jurisdiction supervision if applicable law requires that such appointment is not  to be publicly disclosed.  “Unfunded Benefit Liabilities” of any U.S. Plan means the excess of a U.S. Plan’s benefit liabilities  under Section 4001(a)(16) of ERISA, over the current value of that U.S. Plan’s assets, determined in  accordance with the assumptions used for funding the U.S. Plan pursuant to Section 412 of the Code for  the applicable plan year.  “United States” and “U.S.” each means United States of America.  “Universal Service Administrative Company” means the independent, not-for-profit corporation  designated by the FCC as the administrator of the Universal Service Fund created pursuant to Section 254  of the U.S. Communications Act.  “Universal Service Fund” means the Universal Service Fund created pursuant to Section 254 of the  U.S. Communications Act or any similar fund established under federal, state or local law or regulation.  “Unrestricted Cash” means the aggregate amount of cash and Cash Equivalents of the Parent  Guarantor and its Restricted Subsidiaries to the extent that (a) the use of such cash for application to fund  working capital of the Parent Guarantor or the applicable Restricted Subsidiaries is not prohibited by law  or any contract or other agreement, (b) such cash and Cash Equivalents are free and clear of all Liens (other  than Liens in favor of the Administrative Agent and/or the Existing Agent, non-consensual Liens, statutory  liens in favor of banks or Governmental Authorities (including for netting or set-off rights), Standard  Permitted Liens and Liens permitted by Section 7.03(b) or (g)) and (c) such cash and Cash Equivalents  would not be listed as “restricted” on the balance sheet of the Parent Guarantor in accordance with GAAP.   “Unrestricted Subsidiary” means a direct or indirect Subsidiary of the Parent Guarantor designated  as an Unrestricted Subsidiary prior to the Closing Date and set forth on Schedule 7.05; provided, that in no  event may the Parent Guarantor or the Borrower be designated as an Unrestricted Subsidiary; provided,  further, that no additional subsidiary may be designated as an Unrestricted Subsidiary on or following the  Closing Date.  “U.K. Entity” means each Non-U.S. Subsidiary incorporated in England and Wales or Scotland or  whose centre of main interests (within the meaning of the European Insolvency Regulation) is in England  and Wales or Scotland (as applicable) as at the date hereof.   “U.K. Secured Parties” means the “Secured Parties” and each “Secured Party” under and as defined  in each U.K. Security Agreement.   “U.K. Security Agreements” means the Non-U.S. Security Agreements governed by the laws of  England and Wales or (as applicable) the laws of Scotland.  “U.K. Security Documents” means the U.K. Security Agreements, each Additional Security  Document governed by the laws of England and Wales or (as applicable) the laws of Scotland and any  document governed by English law or (as applicable) Scots law pursuant to which any Lien is granted or  perfected by any Credit Party to the Administrative Agent as administrative agent and security trustee for  the U.K. Secured Parties as security for any of the Obligations.  

 

   -49-     “U.K. Security Property” means:  (i) the Liens expressed to be granted under the U.K. Security Documents in favor of  the Administrative Agent as administrative agent and security trustee for the U.K. Secured Parties  and all proceeds of those Liens;   (ii) all obligations expressed to be undertaken by a Credit Party to pay amounts in  respect of the Obligations to the Administrative Agent as administrative agent and security trustee  for the U.K. Secured Parties and secured by the U.K. Security Documents together with all  representations and warranties expressed to be given by a Credit Party in favor of the  Administrative Agent as administrative agent and security trustee for the U.K. Secured Parties; and  (iii) any other amounts or property, whether rights, entitlements, choses in action or  otherwise, actual or contingent, which the Administrative Agent by the terms of the U.K. Security  Documents holds as security trustee on trust for the U.K. Secured Parties.  “Unity” has the meaning assigned to such term in Section 3.03(i).  “Updated Budget” has the meaning assigned to such term in Section 6.01(d)(i).  “U.S. Collateral” means the “Collateral” (or any equivalent term) as defined in the U.S. Security  Agreement or any other applicable U.S. Security Document, together with any other assets (whether Real  Property or personal property) pledged pursuant to any U.S. Security Document.  “U.S. Communications Act” means the United States Communications Act of 1934, as amended,  codified as Chapter 5 of Title 47 of the U.S. Code, 47 U.S.C. 151 et. seq.  “U.S. Communications Laws” means (i) the U.S. Communications Act, (ii) An Act Relating to the  Landing and Operation of Submarine Cables in the United States, 47 U.S.C. §§34-39, and related executive  orders, (iii) FCC Rules and FCC decisions, policies, reports, and orders issued from time to time, (iv)  CALEA, (v) such other laws of the United States codified or otherwise included in Title 47 of the U.S.  Code as may be applicable to the conduct of the Parent Guarantor or its Subsidiaries or applicable to any  of their respective networks, fiber assets, facilities, equipment or other property, (vi) the  telecommunications-related laws of any state or of any county, parish or other local division of any state of  the United States and regulations, decisions, policies, reports and orders issued by state agencies or local  division agencies with jurisdiction over telecommunications-related matters pursuant to such laws, and (vii)  the regulations, decisions, policies, reports and orders of any Governmental Authority in the United States  with jurisdiction over telecommunications-related matters as may be applicable to the conduct of the Parent  Guarantor or any of its Subsidiaries or applicable to any of their respective networks, fiber assets, facilities,  equipment or other property.  “U.S. Communications License” means any license, permit, consent, certificate of compliance,  franchise, approval, waiver or authorization related to the conduct of the Parent Guarantor or any of its  Subsidiaries or applicable to any of their respective networks, fiber assets, facilities, equipment or other  property and granted or issued by the FCC or any other local, state or federal U.S. Governmental Authority  with jurisdiction over telecommunications-related matters (including any state public utility commission)  to and held by the Parent Guarantor or any of its Subsidiaries, including those pursuant to which the Parent  Guarantor or any of its Subsidiaries is authorized to engage in any activity subject to the jurisdiction of  such Governmental Authority.  The term “U.S. Communications License” includes the rights of the Parent  Guarantor or any of its Subsidiaries, established by Section 63.21(h) of the FCC Rules.  

 

   -50-     “U.S. Credit Parties” means the Parent Guarantor and the U.S. Subsidiary Guarantors.  “U.S. Plan” means any Multi-Employer Plan, Multiple Employer Plan or Single-Employer Plan.  “U.S. Security Agreement” means the Pledge and Security Agreement, dated as of the Closing Date  (as amended, restated, modified or supplemented from time to time), executed by the Parent Guarantor and  the U.S. Subsidiary Guarantors in favor of the Administrative Agent.  “U.S. Security Documents” means the U.S. Security Agreement, each Additional Security  Document, each Mortgage, any UCC financing statement and any similar filings and any document  pursuant to which any Lien is granted or perfected by any U.S. Credit Party to the Administrative Agent.  “U.S. Subsidiary” means any Subsidiary organized under the laws of the United States, any State  thereof, or the District of Columbia.  “U.S. Subsidiary Guarantor” means any U.S. Subsidiary that is or hereafter becomes a party to a  U.S. Subsidiary Guaranty, other than any Excluded Subsidiary.  “U.S. Subsidiary Guaranty” means each of (a) the Subsidiary Guaranty (U.S. Subsidiaries), dated  as of the Closing Date (as amended, restated, modified or supplemented from time to time), executed by  the U.S. Subsidiary Guarantors in favor of the Administrative Agent (the “U.S. Subsidiary Guaranty”), and  (b) any guaranty executed by a U.S. Subsidiary in favor of the Administrative Agent from time to time after  the Closing Date which guaranty shall be in form and substance reasonably acceptable to the Administrative  Agent.   “U.S. Tax Compliance Certificate” has the meaning specified in Section 3.03(g)(ii)(B)(3).  “USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools  Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001.  “USF Requirements” means the Universal Service Fund contribution and reporting requirements  imposed by the FCC on providers of interstate telecommunications under the U.S. Communications Act or  imposed by any state Governmental Authority.  “Variance Report” has the meaning assigned to such term in Section 6.01(d)(ii).  “Variance Testing Period” means (x) initially, the consecutive four calendar week period ending  Saturday, January 16, 2021 and (y) thereafter, the consecutive four calendar week period ending each  second Saturday thereafter.  “VAT” means:   (i) any tax imposed in compliance with the Council Directive of 28 November 2006  on the common system of value added tax (EC Directive 2006/112); and  (ii) any other tax of a similar nature, whether imposed in a member state of the  European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a)  above, or imposed elsewhere.  “VAT Receiver” has the meaning assigned to such term in Section 3.03(i).  

 

   -51-     “VoIP” means interconnected Voice over Internet Protocol services as that term is defined in Title  47, Part 9 of the Code of Federal Regulations.  “Voting Power” means, with respect to any Person, the exclusive ability to control, through the  ownership of shares of capital stock, partnership interests, membership interests or otherwise, the election  of members of the board of directors or other similar governing body of such Person, and the holding of a  designated percentage of Voting Power of a Person means the ownership of shares of capital stock,  partnership interests, membership interests or other interests of such Person sufficient to control exclusively  the election of that percentage of the members of the board of directors or other similar governing body of  such Person.  “Waivable Mandatory Prepayment” has the meaning given thereto in Section 2.13(i).  “Withholding Agent” means any Credit Party and the Administrative Agent and, with respect to  U.S. federal income taxes, any other applicable withholding agent.  “Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the  write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In  Legislation for the applicable EEA Member Country, which write-down and conversion powers are  described in the EU Bail-In Legislation Schedule.  Section 1.02 Computation of Time Periods.  In this Agreement in the computation of periods  of time from a specified date to a later specified date, the word “from” means “from and including,” the  words “to” and “until” each means “to but excluding” and the word “through” means “through and  including.”  Section 1.03 Accounting Terms.  Except as otherwise specifically provided herein, all terms  of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time  to time; provided, that if the Borrower notifies the Administrative Agent and the Lenders that the  Borrower wishes to amend any financial ratio or requirement to eliminate the effect of any change in  GAAP that occurs after the Closing Date on the operation of such financial ratio or requirement (or if the  Administrative Agent notifies the Borrower that the Required Lenders wish to amend any financial ratio  or requirement for such purpose), then the Borrower’s compliance with such financial ratio or  requirement 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 financial ratio or requirement is  amended in a manner satisfactory to the Borrower and the Required Lenders.  The Borrower and the  Lenders hereby agree to enter into good faith negotiations to amend any such financial ratio or  requirement promptly upon receipt from any party entitled to send such notice. Notwithstanding the  foregoing, (A) all financial statements delivered hereunder shall be prepared, and all covenants contained  herein shall be calculated, without giving effect to any election under Statement of Financial Accounting  Standards 159 (or any similar accounting principle) permitting a Person to value its financial liabilities at  the fair value thereof and (B) all leases of the Parent Guarantor and its Restricted Subsidiaries that were  treated as operating leases in accordance with GAAP as of May 31, 2018 shall continue to be treated as  operating leases for purposes of the financial definitions contained herein, regardless of any change in  GAAP after the Closing Date that would otherwise require such operating leases to be treated as Capital  Leases; provided, that the Borrower shall provide to the Administrative Agent financial statements and  other documents required under this Agreement which include a reconciliation showing such treatment  before and after giving effect to such change in GAAP.  

 

   -52-     Section 1.04 Terms Generally.    (a) The definitions of terms herein shall apply equally to the singular and plural forms of the  terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine,  feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be  followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning  and effect as the word “shall.”  Unless the context requires otherwise, (a) any definition of or reference to  any agreement, instrument or other document herein shall be construed as referring to such agreement,  instrument or other document as from time to time amended, restated, supplemented or otherwise modified  (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any  other Loan Document), (b) any reference herein to any Person shall be construed to include such Person’s  successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall  be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all  references herein to Sections, Schedules and Exhibits shall be construed to refer to Sections of, and  Schedules and Exhibits to, this Agreement, (e) the words “asset” and “property” shall be construed to have  the same meaning and effect and to refer to any and all Real Property, tangible and intangible assets and  properties, including cash, securities, accounts and contract rights, and interests in any of the foregoing,  and (f) any reference to a statute, rule or regulation is to that statute, rule or regulation as now enacted or as  the same may from time to time be amended, re-enacted or expressly replaced.  (b) Notwithstanding anything to the contrary contained herein, for purposes of any  determination under Article VI and Article VII and the calculation of compliance with any financial ratio  for purposes of determining covenant compliance or taking any action hereunder or other transaction, event  or circumstance, or any other determination under any other provision of this Agreement not covered  elsewhere in this Section 1.04(b) (any of the foregoing, a “specified transaction”), in a currency other than  Dollars, (i) the Dollar Amount of a specified transaction in a currency other than Dollars shall be calculated  based on the rate of exchange quoted by a publicly available service for displaying exchange rates  customarily referenced by the Administrative Agent, in accordance with its internal policies and procedures,  for such foreign currency, as in effect at 11:00 A.M. (New York time) on the date of such specified  transaction (which, in the case of any Restricted Payment, shall be deemed to be the date of the declaration  thereof and, in the case of the incurrence of Indebtedness, shall be deemed to be on the date first committed);  provided, that if any Indebtedness is incurred (and, if applicable, associated Lien granted) pursuant to any  Permitted Refinancing of Indebtedness denominated in a currency other than Dollars, and the relevant  Permitted Refinancing would cause the applicable Dollar-denominated restriction to be exceeded if  calculated at the relevant currency exchange rate in effect on the date of such Permitted Refinancing, such  Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount  of such Indebtedness following such Permitted Refinancing (and, if applicable, associated Lien granted)  does not exceed an amount sufficient to repay the principal amount of such Indebtedness subject to such  Permitted Refinancing, except by an amount equal to (x) unpaid accrued interest and premiums (including  tender premiums) thereon plus other reasonable and customary fees and expenses (including upfront fees  and original issue discount) incurred in connection with such Permitted Refinancing, (y) any existing  commitments unutilized thereunder and (z) additional amounts permitted to be incurred under Section 7.04  and (ii) for the avoidance of doubt, no Default or Event of Default shall be deemed to have occurred solely  as a result of a change in the rate of currency exchange occurring after the time of any specified transaction  so long as such specified transaction was permitted at the time incurred, made, acquired, committed, entered  or declared as set forth in this Section.  

 

   -53-     Section 1.05 [Reserved].  Section 1.06 [Reserved].  Section 1.07 Swedish Terms.   In this Agreement, where it relates to a Swedish entity, a reference to (a) a composition, assignment  or similar arrangement with any creditor includes a företagsrekonstruktion, konkursförfarande or  ackordsuppgörelse under the Swedish Bankruptcy Act (konkurslagen) or the Swedish Reorganisation Act  (lag om fõretagsrekonstruktion) (as the case may be), (b) a compulsory manager, receiver, administrator  includes a konkursförvaltare, företagsrekonstruktör or likvidator under Swedish law, (c) gross negligence  means grov vårdslöshet under Swedish law, (d) a guarantee includes any garanti under Swedish law which  is independent from the debt to which it relates and any borgen under Swedish law which is accessory to  or dependent on the debt to which it relates, (e) merger includes any fusion implemented in accordance  with Chapter 23 of the Swedish Companies Act (aktiebolagslagen) and (f) a winding up, administration or  dissolution includes a frivillig likvidation or tvångslikvidation under Chapter 25 of the Swedish Companies  Act (aktiebolagslagen).  ARTICLE II.    THE TERMS OF THE CREDIT FACILITY  Section 2.01 Establishment of the Credit Facility.  On the Closing Date, and subject to and  upon the terms and conditions set forth in this Agreement and the other Loan Documents, the Lenders  agree to establish the Credit Facility for the benefit of the Borrower; provided, however, that at no time  will the Credit Facility Exposure of any Lender exceed the aggregate amount of such Lender’s  Commitment.  Section 2.02 [Reserved].      Section 2.03 Term Loans.    (a) On the Closing Date, each Initial Term Lender that has an Initial Term Commitment  severally, and not jointly, agrees, on the terms and conditions set forth in this Agreement, to make term  loans denominated in Dollars (each an “Initial Term Loan”) to the Borrower pursuant to such Initial Term  Lender’s Initial Term Commitment.  The Initial Term Loans shall not exceed (A) for any Initial Term  Lender at the time of incurrence thereof the amount of such Initial Term Lender’s Initial Term Commitment  and (B) for all the Initial Term Lenders at the time of incurrence thereof the aggregate amount of the Initial  Term Commitments of all Initial Term Lenders.  The Initial Term Loans to be made by each Initial Term  Lender will be made by such Initial Term Lender in the aggregate amount of its Initial Term Commitment  in accordance with Section 2.07 hereof.   (b) On one single occasion, during the period commencing on the day after the Closing Date  and until the Delayed Draw Commitment Termination Date, each Delayed Draw Term Lender that has a  Delayed Draw Term Commitment severally, and not jointly, agrees, on the terms and conditions set forth  in this Agreement, to make term loans denominated in Dollars (each a “Delayed Draw Term Loan”) to the  Borrower pursuant to such Delayed Draw Term Lender’s Delayed Draw Term Commitment.  The Delayed  Draw Term Loans shall not exceed (A) for any Delayed Draw Term Lender at the time of incurrence thereof  the amount of such Delayed Draw Term Lender’s Delayed Draw Term Commitment and (B) for all the  Delayed Draw Term Lenders at the time of incurrence thereof the aggregate amount of the Delayed Draw  Term Commitments of all Delayed Draw Term Lenders. All Delayed Draw Commitments shall terminate  

 

   -54-     and be permanently reduced to zero immediately and without further action upon the initial funding thereof  (whether or not fully funded) and, to the extent earlier, on the Delayed Draw Commitment Termination  Date (whether or not so funded). Voluntary reductions of the Delayed Draw Term Commitments shall not  be permitted at any time prior to the Delayed Draw Commitment Termination Date.  All Delayed Draw  Term Loans and Initial Term Loans shall be fungible with each other.  (c) With respect to all Term Loans, such Term Loans (i) once prepaid or repaid, may not be  reborrowed; (ii) may, except as set forth herein, at the option of the Borrower be incurred and maintained  as, or Converted into, Term Loans that are Base Rate Loans or Eurocurrency Loans denominated in Dollars;  provided, that all Term Loans made as part of the same Borrowing shall consist of Term Loans of the same  Type; and (iii) shall be repaid in accordance with Section 2.13(b).   Section 2.04 [Reserved]   Section 2.05 [Reserved].  Section 2.06 Notice of Borrowing.  (a) Time of Notice.  Each Borrowing of a Loan (other than (x) a Borrowing on the Closing  Date which notice must be received by the Administrative Agent prior to 12:00 p.m., New York City time,  on the Business Day prior to the Closing Date or (y) Continuation or Conversion) shall be made upon notice  in the form provided for below which shall be provided by the Borrower to the Administrative Agent at its  Notice Office not later than (i) in the case of each Borrowing of a Eurocurrency Loan, 11:00 A.M. (local  time at its Notice Office) at least ten (10) Business Days prior to the date of such Borrowing, and (ii) in the  case of each Borrowing of a Base Rate Loan, prior to 11:00 A.M. (local time at its Notice Office) at least  ten (10) Business Days prior to the date of such Borrowing.    (b) Notice of Borrowing.  Each request for a Borrowing (other than a Continuation or  Conversion) shall be made by an Authorized Officer of the Borrower by delivering written notice of such  request substantially in the form of Exhibit B-1 hereto (each such notice, a “Notice of Borrowing”), and in  any event each such request shall be irrevocable and shall specify (i) whether such Borrowing is to be a  Borrowing of Initial Term Loans or Delayed Draw Term Loans, (ii) the aggregate principal amount of the  Loans to be made pursuant to such Borrowing, (iii) the date of the Borrowing (which shall be a Business  Day), (iv) the Type of Loans such Borrowing will consist of, and (v) if applicable, the initial Interest Period.    (c) Minimum Borrowing Amount.  The aggregate principal amount of each Borrowing by the  Borrower shall not be less than the Minimum Borrowing Amount.  Section 2.07 Funding Obligations; Disbursement of Funds.    (a) Several Nature of Funding Obligations.  The Commitments of each Lender hereunder and  the obligation of each Lender to make Loans are several and not joint obligations.  No Lender shall be  responsible for any default by any other Lender in its obligation to make Loans hereunder and each Lender  shall be obligated to make the Loans provided to be made by it required to be funded by it hereunder,  regardless of the failure of any other Lender to fulfill any of its Commitments hereunder.  Nothing herein  and no subsequent termination of the Commitments shall be deemed to relieve any Lender from its  obligation to fulfill its commitments hereunder and in existence from time to time or to prejudice any rights  that the Borrower may have against any Lender as a result of any default by such Lender hereunder.  (b) Borrowings Pro Rata.  All Term Loans shall be made by the Lenders having Term  Commitments pro rata on the basis of their respective Term Commitments (excluding, to the extent there  

 

   -55-     has been an amendment, change, waiver or other modifications to the conditions set forth in Section 4.02,  any Lenders that decline to fund their undrawn Term Commitments in accordance with Section  11.12(a)(i)(F)).  (c) Notice to Lenders.  The Administrative Agent shall promptly give each Lender, as  applicable, written notice of each proposed Borrowing, or Conversion or Continuation thereof, and of such  Lender’s proportionate share thereof or participation therein and of the other matters covered by the Notice  of Borrowing or Notice of Continuation or Conversion as the case may be, relating thereto.    (d) Funding of Loans.  No later than 12:00 P.M. (local time at the Payment Office) on the date  specified in each Notice of Borrowing, each Lender will make available its amount, if any, of each  Borrowing requested to be made on such date to the Administrative Agent at the Payment Office in  immediately available funds and the Administrative Agent promptly will make available to the Borrower  by depositing to its account at the Payment Office (or such other account as the Borrower shall specify) the  aggregate of the amounts so made available in the type of funds received.  (e) Advance Funding.  Unless the Administrative Agent shall have been notified by any  Lender prior to the date of Borrowing that such Lender does not intend to make available to the  Administrative Agent its portion of the Borrowing or Borrowings to be made on such date, the  Administrative Agent may assume that such Lender has made such amount available to the Administrative  Agent on such date of Borrowing, and the Administrative Agent, in reliance upon such assumption, may  (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding  amount.  If such corresponding amount is not in fact made available to the Administrative Agent by such  Lender and the Administrative Agent has made the same available to the Borrower, the Administrative  Agent shall be entitled to recover such corresponding amount from such Lender.  If such Lender does not  pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the  Administrative Agent shall promptly notify the Borrower, and the Borrower shall immediately pay such  corresponding amount to the Administrative Agent.  The Administrative Agent shall also be entitled to  recover from such Lender or Borrower, as the case may be, interest on such corresponding amount in respect  of each day from the date such corresponding amount was made available by the Administrative Agent to  the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a rate per  annum equal to (i) if paid by such Lender, the overnight Federal Funds Effective Rate or (ii) if paid by the  Borrower, the then applicable rate of interest, calculated in accordance with Section 2.09, for the respective  Loans (but without any requirement to pay any amounts in respect thereof pursuant to Section 3.02).  Section 2.08 Evidence of Obligations.    (a) Loan Accounts of Lenders.  Each Lender shall maintain in accordance with its usual  practice an account or accounts evidencing the Obligations of the Borrower to such Lender resulting from  each Loan made by such Lender, including the amounts of principal and interest payable and paid to such  Lender from time to time hereunder.  (b) Loan Accounts of the Administrative Agent; Lender Register.  The Administrative Agent  shall maintain accounts in which it shall record: (i) the amount of each Loan and Borrowing made  hereunder, the Type thereof, the currency in which such Loan is denominated, the Interest Period and  applicable interest rate; (ii) the amount of any principal due and payable or to become due and payable from  the Borrower to each Lender hereunder; and (iii) the amount of any sum received by the Administrative  Agent hereunder for the account of the Lenders and each Lender’s share thereof.  In addition, the  Administrative Agent shall maintain a register (the “Lender Register”) on or in which it will record the  names of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loan  owing to, each Lender, pursuant to the terms hereof from time to time.  The entries in the Lender Register  

 

   -56-     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 Lender Register pursuant to the terms hereof as a Lender  for all purposes of this Agreement.  The Administrative Agent will make the Lender Register available to  any Lender (with respect to such Lender’s own interest only), the Ad Hoc Lender Group Advisors, the Ad  Hoc Noteholder Group Advisors, the Ad Hoc 2020 EMEA Term Lender Group Advisors or the Borrower,  at any reasonable time and from time to time upon reasonable prior notice.  (c) Effect of Loan Accounts, etc.  The entries made in the accounts maintained pursuant to  Section 2.08(b) shall be prima facie evidence of the existence and amounts of the Obligations recorded  therein; provided, that the failure of the Administrative Agent to maintain such accounts or any error (other  than manifest error) therein shall not in any manner affect the obligation of any Credit Party to repay or  prepay the Loans or the other Obligations in accordance with the terms of this Agreement.  (d) Notes.  Upon reasonable written request of any Lender, the Borrower will execute and  deliver to such Lender, including in respect of any funding by such Lender of a Delayed Draw Term Loan,  a Note with blanks appropriately completed in conformity herewith to evidence its obligation to pay the  principal of, and interest on, the applicable Term Loan made to it by such Lender; provided, however, that  the decision of any Lender to not request a Note shall in no way detract from the Borrower’s obligation to  repay the applicable Loans and other amounts owing by the Borrower to such Lender.  Section 2.09 Interest; Default Rate.  (a) [Reserved].     (b) Interest on Term Loans.  The outstanding principal amount of each Term Loan made by  each Lender shall bear interest at a rate per annum equal to the sum of (i) an amount payable in cash equal  to (x) during such periods as such Term Loan is a Base Rate Loan, the Base Rate plus 4.00% and (y) during  such periods as such Term Loan is a Eurocurrency Loan, the relevant Adjusted Eurocurrency Rate for such  Eurocurrency Loan for the applicable Interest Period plus 5.00% and (ii) 2.50%, which interest, in the case  of this clause (ii) shall be payable-kind and shall accrete, on a monthly basis, to the principal amount of  each Term Loan in accordance with Section 2.09(e).   (c) [Reserved.]  (d) Default Interest.  Notwithstanding the above provisions, if any Event of Default has  occurred and is continuing, then: all amounts payable under this Agreement or any other Loan Documents  shall thereafter automatically bear interest during the continuance of such Event of Default (including post- petition interest in any proceeding under the Bankruptcy Code or other applicable Debtor Relief Laws)  payable on demand, at a rate per annum equal to the Default Rate.    (e) Accrual and Payment of Interest.  Interest shall accrue from and including the date of any  Borrowing to but excluding the date of any prepayment or repayment thereof and shall be payable by the  Borrower: (i) in respect of each Base Rate Loan, monthly in arrears on the last Business Day of each month;  (ii) in respect of each Eurocurrency Loan, on the last day of each Interest Period applicable thereto; and  (iii) in respect of all Loans, on any repayment, prepayment or Conversion (on the amount repaid, prepaid  or Converted), at maturity (whether by acceleration or otherwise), and, after such maturity or, in the case  of any interest payable pursuant to Section 2.09(d), on demand.  Interest that is to be paid in-kind pursuant  to Section 2.09(b) shall be paid in accordance with the immediately preceding sentence by capitalizing such  interest and adding such capitalized interest to the then outstanding principal amount of the applicable Term  Loan and, thereafter, shall bear interest as provided hereunder as if it had originally been part of the  outstanding principal of the applicable Term Loan.  

 

   -57-     (f) Computations of Interest.  All computation of interest hereunder shall be made on the actual  number of days elapsed over a year of 360 days, except that interest computed by reference to the Base  Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year).  (g) Information as to Interest Rates.  The Administrative Agent, upon determining the interest  rate for any Borrowing, shall promptly notify the Borrower and the Lenders, and the Administrative Agent  will promptly provide notice of such determinations to the Borrower and the Lenders.  Any such  determination by the Administrative Agent shall be conclusive and binding absent manifest error.  (h) Recalculation of Interest and Fees.  By entering into this Agreement, the parties have  assumed in bona fide that the interest and fees payable hereunder are not and will not become subject to  any Tax deduction on account of Swiss Withholding Tax. Nevertheless, if a Tax deduction is required by  Swiss law to be made by a Credit Party in respect of any interest or fees payable by it under this Agreement  and should it be unlawful for the relevant Credit Party to comply with Section 3.03 (Net Payments) for any  reason, then:  (i) the applicable interest rate/fee in relation to that interest/fee payment shall be (i) the  interest rate/fee which would have applied to that interest payment/fee (as provided  for in Section 2.09(a) and Section 2.09(b) or otherwise in this Agreement in the  absence of this Section 2.09(h)) divided by (ii) one (1) minus the rate at which the  relevant Tax deduction is required to be made (where the rate at which the relevant  Tax deduction is required to be made is for this purpose expressed as a fraction of  one (1) rather than as a percentage); and   (ii) the relevant Credit Party shall be obliged:  (A) to pay the relevant interest/fee at the adjusted rate in accordance with sub- section (i) above; and  (B) to make the Tax deduction on the interest/fee so recalculated; and  all references to a rate of interest/fee in Section 2.09(a) and Section 2.09(b) or otherwise in this Agreement  shall be construed accordingly.  To the extent that interest/fee payable by a Credit Party under this  Agreement becomes subject to Swiss Withholding Tax, the relevant Credit Party will provide to the  Administrative Agent and the other Recipients those documents which are required by law and applicable  double taxation treaties to be provided by the payer of such tax for the Administrative Agent and each other  relevant Recipient to prepare a claim for refund of Swiss Withholding Tax and the Administrative Agent  and each other relevant Recipient and the relevant Credit Party shall promptly co-operate in completing any  procedural formalities (including submitting forms and documents required by the appropriate Tax  authority) to the extent possible and necessary for the relevant Credit Party to obtain authorisation to make  interest payments without them being subject to Swiss Withholding Tax or to allow the Administrative  Agent and the other Recipients to prepare claims for the refund of any Swiss Withholding Tax so deducted.  (i) Effect of Benchmark Transition Event.  Notwithstanding anything to the contrary herein  or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in  Election, as applicable, the Administrative Agent (at the direction of the Required Lenders) and the  Borrower may amend this Agreement to replace the Adjusted Eurocurrency Rate with a Benchmark  Replacement; provided that any such Benchmark Replacement shall be administratively feasible for the  Administrative Agent, and provided further the Administrative Agent shall not be bound to follow or agree  to any amendment or supplement to this Agreement (including, without limitation, any Benchmark  Replacement Conforming Changes) that would increase or materially change or affect the duties,  

 

   -58-     obligations or liabilities of the Administrative Agent (including, without limitation, the imposition or  expansion of discretionary authority), or reduce, eliminate, limit or otherwise change any right, privilege  or protection of the Administrative Agent, or would otherwise materially and adversely affect the  Administrative Agent, in each case in its reasonable judgment, without its express written consent. Any  such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the  fifth (5th) Business Day after the Administrative Agent has posted 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. Any such amendment with  respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required  Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept such  amendment.  No replacement of the Adjusted Eurocurrency Rate with a Benchmark Replacement pursuant  to this Section 2.09(i) will occur prior to the applicable Benchmark Transition Start Date.  In connection  with the implementation of a Benchmark Replacement, the Administrative Agent (at the direction of the  Required Lenders) 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.  The Administrative Agent (at the direction  of the Required Lenders) will promptly notify the Borrower and the Lenders of (i) any occurrence of a  Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark  Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark  Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the  commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or  election that may be made by the Administrative Agent or Lenders pursuant to this Section 2.09(i),  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  2.09(i).  In the event that Adjusted Eurocurrency Rate or applicable Benchmark Replacement is not  available on any determination date, then unless the Administrative Agent is notified of a replacement  benchmark in accordance with the provisions of this Agreement at least five Business Days prior to any  dated upon which interest payments are due pursuant to this Agreement, the Administrative Agent shall use  the interest rate in effect for the immediately prior Interest Period.  Upon the Borrower’s receipt of notice  of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a  Borrowing of, conversion to or continuation of Eurocurrency Loans to be made, converted or continued  during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have  converted any such request into a request for a borrowing of or conversion to Base Rate Loans. During any  Benchmark Unavailability Period, the component of the Base Rate based upon the Adjusted Eurocurrency  Rate will not be used in any determination of the Base Rate.    Section 2.10 Conversion and Continuation of Loans.    (a) Conversion and Continuation of Loans.  The Borrower shall have the right, subject to the  terms and conditions of this Agreement, to elect to change or continue the Type of any Loans, as follows:  (i) in the case of Base Rate Loans, the Borrower may elect to Convert such Loans to  Eurocurrency Loans on any Business Day;   (ii) in the case of Eurocurrency Loans, the Borrower may, subject to Section 3.02, elect to (x)  Convert all or a portion of such Eurocurrency Loans into a Borrowing or Borrowings of Base Rate Loans  on any Business Day, and (y) Continue a Borrowing of such Eurocurrency Loans at the end of the  applicable Interest Period as a new Borrowing of Eurocurrency Loans with a new Interest Period; and  

 

   -59-     (iii) [reserved].  (b) Notice of Continuation and Conversion.  Each Continuation or Conversion of a Loan shall  be made upon notice in the form provided for below provided by the Borrower to the Administrative Agent  at its Notice Office not later than (i) in the case of each Continuation of or Conversion into a Eurocurrency  Loan, prior to 11:00 A.M. (local time at its Notice Office) at least three (3) Business Days’ prior to the date  of such Continuation or Conversion, and (ii) in the case of each Conversion to a Base Rate Loan, prior to  11:00 A.M. (local time at its Notice Office) on the Business Day prior to such Conversion.  Each such  request shall be made by an Authorized Officer of the Borrower delivering written notice of such request  substantially in the form of Exhibit B-2 hereto (each such notice, a “Notice of Continuation or Conversion”),  and in any event each such request shall be irrevocable and shall specify (A) the Borrowings to be Continued  or Converted, (B) the date of the Continuation or Conversion (which shall be a Business Day), and (C) the  Interest Period or, in the case of a Continuation, the new Interest Period.  Section 2.11 Fees.  (a) Backstop Premium. On the Closing Date, the Borrower shall pay (or cause to be paid) to  the Administrative Agent, for the account of each Lender as of the Closing Date, a backstop premium in  cash equal to 8.50% of the aggregate Term Commitments then in effect, to be allocated to each Lender on  a pro rata basis based on the aggregate principal amount of such Lender’s Term Commitments as in effect  on the Closing Date.  The backstop premium represents compensation for the commitment of each Lender’s  Delayed Draw Term Commitment and is intended to be treated as put premium with respect to such Delayed  Draw Term Commitment for U.S. federal income tax purposes.  (b) Administrative Agent Fees.  The Borrower shall pay to the Administrative Agent, on the  Closing Date and thereafter, for its own account, the administrative agent fees set forth in the Fee Letter.  (c) Computations and Determination of Fees.  All computations of fees hereunder shall be  made on the actual number of days elapsed over a year of 360 days.  Section 2.12 [Reserved].    Section 2.13 Voluntary, Scheduled and Mandatory Prepayments of Loans.    (a) Voluntary Prepayments.  The Borrower shall have the right to prepay any of the Loans  owing by it, in whole or in part, without premium or penalty, except as specified in subparts (g) and (h)  below, from time to time.  The Borrower shall give the Administrative Agent at the Notice Office written  notice of its intent to prepay the Loans, the amount of such prepayment and (in the case of Eurocurrency  Loans) the specific Borrowing(s) pursuant to which the prepayment is to be made, which notice shall be  received by the Administrative Agent by (y) 11:00 A.M. (local time at the Notice Office) three (3) Business  Days prior to the date of such prepayment, in the case of any prepayment of Eurocurrency Loans, or (z)  11:00 A.M. (local time at the Notice Office) on the Business Day prior to such prepayment, in the case of  any prepayment of Base Rate Loans, and which notice shall promptly be transmitted by the Administrative  Agent to each of the affected Lenders, provided that:  (i) each partial prepayment shall be in an aggregate principal amount of at least (A) in the case  of any prepayment of a Eurocurrency Loan, $5,000,000 (or, if less, the full amount of such Borrowing),  or an integral multiple of $1,000,000 and (B) in the case of any prepayment of a Base Rate Loan,  $500,000 (or, if less, the full amount of such Borrowing), or an integral multiple of $100,000;  

 

   -60-     (ii) no partial prepayment of any Loans made pursuant to a Borrowing shall reduce the  aggregate principal amount of such Loans outstanding pursuant to such Borrowing to an amount less  than the Minimum Borrowing Amount applicable thereto; and  (iii) in the case of any prepayment of Term Loans, such prepayment shall be applied in the  manner directed by the Borrower; provided, that in the absence of such direction, such prepayment shall  be applied to the Term Loans in forward order of maturity.  (b) Scheduled Repayment of Term Loans.  The Borrower shall repay entire remaining  principal amount of the outstanding Term Loans in full on the Maturity Date.  (c) Mandatory Payments.  The Loans shall be subject to mandatory repayment or prepayment  (in the case of any partial prepayment conforming to the requirements as to the amounts of partial  prepayments set forth in Section 2.13(a) above) in accordance with the following provisions:  (i) [Reserved].    (ii) [Reserved].    (iii) [Reserved].   (iv) [Reserved].    (v) Certain Proceeds of Asset Sales.  If during any fiscal year of the Parent Guarantor,  the Parent Guarantor or any Restricted Subsidiary has received cumulative Net Cash Proceeds  during such fiscal year from one or more Asset Sales (including, for the avoidance of doubt, the  disposition of all or any portion of the Infrastructure Business) (other than any Directed  Divestment) of at least $5,000,000 (other than Net Cash Proceeds from Asset Sales permitted by  Section 7.02(a), (b), (c) and (j)), not later than the fifth (5th) Business Day following the date of  receipt of any Cash Proceeds in excess of such amount (the “Excess Asset Sale Proceeds”), the  Borrower shall prepay the principal amount of Term Loans in an aggregate amount equal to such  Excess Asset Sale Proceeds in accordance with Section 2.13(d) below.  (vi) Certain Proceeds of Indebtedness.  Not later than the fifth (5th) Business Day  following the date of the receipt by any Credit Party of the cash proceeds (net of underwriting  discounts and commissions, placement agent fees and other customary fees and costs associated  therewith) from any sale or issuance of any Indebtedness (other than any Indebtedness incurred  pursuant to Section 7.04 after the Closing Date (other than any Permitted Refinancing)), the  Borrower shall prepay the Term Loans in an amount equal to 100% of such Net Cash Proceeds in  accordance with Section 2.13(d).  (vii) Certain Proceeds of an Event of Loss.  If during any fiscal year of the Parent  Guarantor, the Parent Guarantor or any Restricted Subsidiary has received cumulative Net Cash  Proceeds during such fiscal year from one or more Events of Loss (excluding insurance payments  in connection with business interruption or delays in construction) of at least $5,000,000, not later  than the fifth (5th) Business Day following the date of receipt of any Net Cash Proceeds in excess  of such amount (the “Excess Event of Loss Proceeds”), the Borrower shall prepay the principal  amount of the Term Loans.  Notwithstanding the foregoing, in the event any property suffers an  Event of Loss and the Borrower notifies the Administrative Agent and the Lenders in writing that  it intends to repair, rebuild or restore the affected property, that such repair, rebuilding or restoration  can be accomplished within 365 days of receipt of such Net Cash Proceeds and other funds  

 

   -61-     available to the Parent Guarantor, the Parent Guarantor or its Restricted Subsidiaries as applicable,  have entered into a legally binding commitment to repair, rebuild or restore the affected property  within 365 days of receipt of such Cash Proceeds, that such repair, rebuilding or restoration can be  accomplished within 180 days of the date of such legally binding commitment, then no such  prepayment of the Loans shall be required.  If by the deadline specified in the proviso in the  preceding sentence, any portion of such Excess Event of Loss Proceeds has not been so used to  repair, rebuild or restore the affected property, the Borrower shall prepay the principal amount of  the Term Loans in an aggregate amount equal to such Excess Event of Loss Proceeds.  Any such  prepayment shall be applied to the prepayment of the Loans as provided in Section 2.13(d) below.  (viii) If the Parent Guarantor or any Restricted Subsidiary has received any Net Cash  Proceeds from any Directed Divestment, not later than the fifth (5th) Business Day following the  date of receipt of any such Net Cash Proceeds, the Borrower shall prepay the principal amount of  the Term Loans in an aggregate amount at least equal to 100% such Net Cash Proceeds.  Any such  prepayments shall be applied on a pro rata basis to outstanding Term Loans on a pro rata basis.  (d) Applications of Certain Prepayment Proceeds.  Each prepayment required to be made  pursuant to Sections 2.13(c), (v), (vi) or (vii) above shall be applied as a mandatory prepayment of principal  of the outstanding Term Loans, on a pro rata basis.  (e) Particular Loans to be Prepaid.  With respect to each repayment or prepayment of Loans  made or required by this Section, subject to any contrary provision of Section 2.13(d), the Borrower shall  designate the Types of Loans that are to be repaid or prepaid and the specific Borrowing(s) pursuant to  which such repayment or prepayment is to be made; provided, however, that the Borrower shall first so  designate all Loans that are Base Rate Loans and Eurocurrency Loans with Interest Periods ending on the  date of repayment or prepayment prior to designating any other Eurocurrency Loans for repayment or  prepayment.   (f) Constraints on Upstreaming.  The mandatory prepayments of the Borrower pursuant to  Sections 2.13(c), (v), (vii) and (viii) of this Agreement shall not be required to the extent and for so long as  the repatriation of funds from the Parent Guarantor’s Restricted Upstream Subsidiaries would be required  to effect such prepayments and could reasonably be expected to (i) cause the Parent Guarantor, the  Borrower or its Restricted Upstream Subsidiaries to suffer material adverse costs or tax consequences  (including the imposition of withholding taxes and taking into account any foreign tax credit or benefit  actually realized in connection with such repatriation), (ii) result in a violation of applicable local law  (including, without limitation, financial assistance, corporate benefit restrictions on upstreaming of cash  intra group and the fiduciary and statutory duties of the directors of such non-U.S. Subsidiary or non-U.K.  Subsidiary) or (iii) expose individual directors of the Parent Guarantor or any of its Restricted Upstream  Subsidiaries to the risk of personal liability, in each case as reasonably determined by the Parent Guarantor  in good faith.  The Parent Guarantor and its Restricted Upstream Subsidiaries, if any, shall take all  commercially reasonable actions to overcome or eliminate any such restrictions and/or minimize any such  costs of prepayment to make the relevant prepayment.  If at a later date the Parent Guarantor or any of its  Restricted Upstream Subsidiaries is able to repatriate all or any portion of such funds in order to make such  mandatory prepayment without incurring a material risk of suffering a material adverse cost or tax  consequence or such prohibition, restriction or delay is no longer applicable, as applicable, it shall promptly  take all such actions necessary to repatriate such funds and make such mandatory prepayment.  (g) Make-Whole Premium.  Upon the occurrence of a Triggering Event, and in accordance  with Section 8.03, the Borrower shall pay to the Administrative Agent, for the benefit of the Lenders,  concurrently with the occurrence of such Triggering Event, an amount equal to the Make-Whole Premium  with respect to the Term Loans subject to such Triggering Event.  

 

   -62-     (h) Breakage and Other Compensation.  Any prepayment made pursuant to this Section 2.13  shall be accompanied by any amounts payable in respect thereof under Article III hereof.  (i) Waivable Mandatory Prepayment.  Anything contained herein to the contrary  notwithstanding, if the Borrower is required to make any mandatory prepayment of Term Loans pursuant  to Sections 2.13(c)(v) (other than the Net Cash Proceeds of any disposition of all or any portion of the  Infrastructure Business) or (vii) (a “Waivable Mandatory Prepayment”), not less than four (4) Business  Days prior to the date (the “Required Prepayment Date”) on which the Borrower is required to make such  Waivable Mandatory Prepayment, the Borrower shall notify the Administrative Agent of the amount of  such prepayment, and the Administrative Agent will promptly thereafter notify each Lender holding  outstanding Term Loans of the amount of such Lender’s pro rata share of such Waivable Mandatory  Prepayment and such Lender’s option to refuse such amount.  Each such Lender may exercise such option  by giving written notice to the Borrower and the Administrative Agent of its election to do so on or before  the first Business Day prior to the Required Prepayment Date (it being understood that any such Lender  which does not notify the Borrower and the Administrative Agent of its election to exercise such option on  or before 11:00 A.M. (local time at the Notice Office) on the first Business Day prior to the Required  Prepayment Date shall be deemed to have elected, as of such date, not to exercise such option).  On the  Required Prepayment Date, the Borrower shall retain that amount of the Waivable Mandatory Prepayment  with respect to which each Lender, if any, shall have exercised its option to refuse (any such amount retained  by either Borrower, the “Retained Declined Proceeds”).  Section 2.14 Method and Place of Payment.    (a) Generally.  All payments made by the Borrower or Parent Guarantor hereunder (including  any payments made with respect to the Parent Guarantor Guaranteed Obligations under Article X) under  any Note or any other Loan Document shall be made without setoff, counterclaim or other defense.    (b) Application of Payments.  Except as specifically set forth elsewhere in this Agreement and  subject to Section 8.03, all payments and prepayments of Term Loans shall be applied by the Administrative  Agent to reduce the principal amount of Term Loans held by each Lender on a pro rata basis.  (c) Payment of Obligations.  Except as specifically set forth elsewhere in this Agreement, all  payments under this Agreement with respect to any of the Obligations shall be made to the Administrative  Agent on the date when due and shall be made at the Payment Office in immediately available funds.    (d) Timing of Payments.  Any payments under this Agreement that are made later than 11:00  A.M. (local time at the Payment Office) shall be deemed to have been made on the next succeeding Business  Day.  Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business  Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to  payments of principal, interest shall be payable during such extension at the applicable rate in effect  immediately prior to such extension.  (e) Distribution to Lenders.  Upon the Administrative Agent’s receipt of payments hereunder,  the Administrative Agent shall immediately distribute to each Lender its ratable share, if any, of the amount  of principal, interest, and fees received by it for the account of such Lender; provided, however, that if at  any time insufficient funds are received by and available to the Administrative Agent to pay fully all  amounts of principal, interest and fees then due hereunder then, except as specifically set forth elsewhere  in this Agreement and subject to Section 8.03, such funds shall be applied towards payment of interest and  fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of  principal, interest and fees then due to such parties.  

 

   -63-     Section 2.15 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:  (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 definitions 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 VIII or otherwise) or received by the  Administrative Agent from a Defaulting Lender pursuant to Section 11.03 shall be applied at such  time or times as may be determined by the Required Lenders as follows: first, to the payment of  any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as  the Borrower may request (so long as no Default or Event of Default exists), to the funding of any  Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required  by this Agreement, as determined by the Administrative Agent; third, if so determined by the  Required Lenders and the Borrower, to be held in a deposit account and released pro rata in order  to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under  this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any  judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting  Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth,  so long as no Default or Event of Default exists, to the payment of any amounts owing to the  Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower  against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations  under this Agreement; and sixth, 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 in respect of which such Defaulting Lender has not fully funded its appropriate share,  and (y) such Loans were made at a time when the applicable conditions in Article IV were satisfied  or waived, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on  a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until  such time as all Loans are held by the Lenders pro rata in accordance with the Commitments under  the Credit Facility.  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 shall be deemed  paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.  (b) Defaulting Lender Cure.  If the Borrower and the Required Lenders agree in writing that a  Lender is no longer a Defaulting Lender, the Administrative Agent (at the direction of the Required  Lenders) will so notify the parties hereto, whereupon as of the effective date specified in such notice and  subject to any conditions set forth therein, 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 Required Lenders may  determine to be necessary to cause the Loans to be held pro rata by the Lenders in accordance with the  Commitments under the Credit Facility), 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.  

 

   -64-     ARTICLE III.    INCREASED COSTS, ILLEGALITY AND TAXES  Section 3.01 Increased Costs, Illegality, etc.  (a) Without limiting Section 2.09 of this  Agreement, in the event that (x) in the case of clause (i) below, the Required Lenders or (y) in the case  of clauses (ii) and (iii) below, any Lender or other Recipient, shall have determined on a reasonable basis  (which determination shall, absent manifest error, be final and conclusive and binding upon all parties  hereto):  (i) on any date for determining the interest rate applicable to any Eurocurrency Loan  for any Interest Period that, by reason of any changes arising after the Closing Date, adequate and  fair means do not exist for ascertaining the applicable interest rate on the basis provided for in this  Agreement for such Eurocurrency Loan; or  (ii) at any time, that such Lender or other Recipient shall incur increased costs or  reductions in the amounts received or receivable by it hereunder in an amount that such Lender or  other Recipient deems material with respect to any Eurocurrency Loans (other than any increased  cost or reduction in the amount received or receivable resulting from the imposition of or a change  in the rate of any (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the  definition of “Excluded Taxes” and (C) Connection Income Taxes) because of (x) any Change in  Law since the Closing Date (including, but not limited to, a change in requirements for any reserve,  special deposit, liquidity or similar requirements (including any compulsory loan requirement,  insurance charge or other assessment) against assets of, deposits with or for the account of, or credit  extended by, any Lender or other Recipient, but, in all events, excluding reserves already includable  in the interest rate applicable to such Eurocurrency Loan pursuant to this Agreement) or (y) other  circumstances adversely affecting the London interbank market (other than as contemplated in  Section 2.09 of this Agreement) or the position of such Lender or other Recipient in any such  market; or  (iii) at any time, that the making or continuance of any Eurocurrency Loan has become  unlawful by compliance by such Lender in good faith with any Change in Law since the Closing  Date, or would conflict with any thereof not having the force of law but with which such Lender  customarily complies, or has become impracticable as a result of a contingency occurring after the  Closing Date that materially adversely affects the London interbank market (other than as  contemplated in Section 2.09 of this Agreement); then, and in each such event, such Lender or other  Recipient (or the Required Lenders in the case of clause (i) above) shall (1) on or promptly  following such date or time and (2) within ten (10) Business Days of the date on which such event  no longer exists give notice to the Borrower and to the Administrative Agent of such determination  (which notice the Administrative Agent shall promptly transmit to each of the other Lenders or  other Recipients).  Thereafter (x) in the case of clause (i) above, the affected Type of Eurocurrency  Loans shall no longer be available until such time as the Required Lenders notify the Borrower, the  Administrative Agent (who shall promptly notify the Lenders) or other Recipients that the  circumstances giving rise to such notice by the Required Lender no longer exist, and any Notice of  Borrowing or Notice of Continuation or Conversion given by the Borrower with respect to such  Type of Eurocurrency Loans that have not yet been incurred, Converted or Continued shall be  deemed rescinded by the Borrower or, in the case of a Notice of Borrowing, shall, at the option of  the Borrower in the case of a Loan denominated in Dollars, be deemed converted into a Notice of  Borrowing for Base Rate Loans to be made on the date of Borrowing contained in such Notice of  Borrowing, (y) in the case of clause (ii) above, the Borrower shall pay to such Lender or other  Recipient, upon written demand therefor, such additional amounts (in the form of an increased rate  

 

   -65-     of, or a different method of calculating, interest or otherwise as such Lender or other Recipient  shall determine) as shall be required to compensate such Lender or other Recipient for such  increased costs or reductions in amounts receivable hereunder (a written notice as to the additional  amounts owed to such Lender or other Recipient, showing the basis for the calculation thereof,  which basis must be reasonable, submitted to the Borrower by such Lender or other Recipient shall,  absent manifest error, be final and conclusive and binding upon all parties hereto) and (z) in the  case of clause (iii) above, the Borrower shall take one of the actions specified in Section 3.01(b) as  promptly as possible and, in any event, within the time period required by law.  (b) At any time that any Eurocurrency Loan is affected by the circumstances described in  Section 3.01(a)(ii) or (iii), the Borrower may (and in the case of a Eurocurrency Loan affected pursuant to  Section 3.01(a)(iii) the Borrower shall) either (i) if the affected Eurocurrency Loan is then being made  pursuant to a Borrowing, by giving the Administrative Agent thereof on the same date that the Borrower  was notified by a Lender or other Recipient pursuant to Section 3.01(a)(ii) or (iii), cancel said Borrowing,  or, in the case of any Borrowing of a Loan denominated in Dollars, convert the related Notice of Borrowing  into one requesting a Borrowing of Base Rate Loans or require the affected Lender or other Recipient to  make its requested Loan as a Base Rate Loan, (ii) if the affected Eurocurrency Loan is then outstanding and  denominated in Dollars, upon at least three (3) Business Days’ notice to the Administrative Agent, require  the affected Lender or other Recipient to Convert each such Eurocurrency Loan into a Base Rate Loan or  (iii) if the affected Eurocurrency Loan is then outstanding and is a Loan, bear interest at such rate as the  Required Lenders shall determine adequately and fairly reflects the cost to such Lenders of making or  maintaining their Loans included in such Borrowing for such Interest Period plus the applicable interest  rate set forth in Section 2.09(b); provided, however, that if more than one Lender or other Recipient is  affected at any time, then all affected Lenders or other Recipients must be treated the same pursuant to this  Section 3.01(b).  (c) If any Lender shall have determined that after the Closing Date, any Change in Law  regarding capital adequacy or liquidity by any Governmental Authority, central bank or comparable agency  charged by law with the interpretation or administration thereof, or compliance by such Lender or its parent  corporation with any request or directive regarding capital adequacy or liquidity (whether or not having the  force of law) of any such authority, central bank, or comparable agency, in each case made subsequent to  the Closing Date, has or would have the effect of reducing by an amount reasonably deemed by such Lender  to be material to the rate of return on such Lender’s or its parent corporation’s capital or assets as a  consequence of such Lender’s commitments or obligations hereunder to a level below that which such  Lender or its parent corporation would have achieved but for such adoption, effectiveness, change or  compliance (taking into consideration such Lender’s or its parent corporation’s policies with respect to  capital adequacy and liquidity), then from time to time, within 15 days after demand by such Lender (with  a copy to the Administrative Agent), the Borrower shall pay to such Lender such additional amount or  amounts as will compensate such Lender or its parent corporation for such reduction.  Each Lender, upon  determining in good faith that any additional amounts will be payable pursuant to this Section 3.01(c), will  give prompt written notice thereof to the Borrower, which notice shall set forth, in reasonable detail, the  basis of the calculation of such additional amounts, which basis must be reasonable, although the failure to  give any such notice shall not release or diminish any of the Borrower’s obligations to pay additional  amounts pursuant to this Section 3.01(c) upon the subsequent receipt of such notice.  (d) Notwithstanding anything in this Agreement to the contrary, (i) no Lender shall be entitled  to compensation or payment or reimbursement of other amounts under Section 3.01 for any amounts  incurred or accruing more than 180 days prior to the giving of notice to the Borrower of additional costs or  other amounts of the nature described in such Sections (provided, that if such additional costs or other  amounts arose as a result of a Change in Law that was retroactive, then such 180 day period shall be  extended to include the period of retroactive effect thereof), and (ii) no Lender shall demand compensation  

 

   -66-     for any reduction referred to in Section 3.01(c) if it shall not at the time be the general policy or practice of  such Lender to demand such compensation, payment or reimbursement in similar circumstances under  comparable provisions of other credit agreements.  Section 3.02 Breakage Compensation.  The Borrower shall compensate each Lender, upon its  written request (which request shall set forth the detailed basis for requesting and the method of  calculating such compensation), for all reasonable losses, costs, expenses and liabilities (including any  loss, cost, expense or liability incurred by reason of the liquidation or reemployment of deposits or other  funds required by such Lender to fund its Eurocurrency Loans) which such Lender may sustain in  connection with any of the following: (i) if for any reason (other than a default by such Lender or the  Administrative Agent) a Borrowing of Eurocurrency Loans does not occur on a date specified therefor in  a Notice of Borrowing or a Notice of Continuation or Conversion (other than a Notice of Borrowing  deemed withdrawn pursuant to Section 3.01(a)); (ii) if any repayment, prepayment, Conversion or  Continuation of any Eurocurrency Loan occurs on a date that is not the last day of an Interest Period  applicable thereto; (iii) if any prepayment of any of its Eurocurrency Loans is not made on any date  specified in a notice of prepayment given by the Borrower; (iv) as a result of an assignment by a Lender  of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto pursuant to  a request by the Borrower pursuant to Section 3.05(b); or (v) as a consequence of (x) any other default  by the Borrower to repay or prepay any Eurocurrency Loans when required by the terms of this  Agreement or (y) an election made pursuant to Section 3.05(b).  The written request of any Lender setting  forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be  delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such  Lender the amount shown as due on any such request within ten (10) days after receipt thereof.  Section 3.03 Net Payments.    (a) Defined Terms.  For purposes of this Section 3.03, the term “applicable law” includes  FATCA.  (b) Payments Free of Taxes.  Any and all payments by or on account of any obligation of any  Credit Party under any Loan Document shall be made without deduction or withholding for any Taxes,  except as required by applicable law.  If any applicable law (as determined in the good faith discretion of  an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment  by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction  or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental  Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable  by the applicable Credit Party shall be increased as necessary so that after such deduction or withholding  has been made (including such deductions and withholdings applicable to additional sums payable under  this Section) 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.  Each Credit Party shall timely pay to the  relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative  Agent timely reimburse it for the payment of, any applicable Other Taxes.  (d) Indemnification by the Credit Parties.  Each Credit Party with respect to Loans shall, jointly  and severally, with such other Credit Parties indemnify each applicable Recipient, in each case 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) 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  

 

   -67-     or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of  such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent),  or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent  manifest error.  (e) Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative  Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender  (but only to the extent that any Credit Party has not already indemnified the Administrative Agent for such  Indemnified Taxes and without limiting the obligation of the Credit Parties to do so), (ii) any Taxes  attributable to such Lender’s failure to comply with the provisions of Section 11.06(b) relating to the  maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each  case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any  reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or  legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such  payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent  manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all  amounts at any time owing to such Lender under any Loan Document or otherwise payable by the  Administrative Agent to the Lender from any other source against any amount due to the Administrative  Agent under this paragraph (e).  (f) Evidence of Payments.  As soon as practicable after any payment of Taxes by any Credit  Party to a Governmental Authority pursuant to this Section 3.03, such Credit Party shall deliver to the  Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority  evidencing such payment, a copy of the return reporting such payment or other evidence of such payment  reasonably satisfactory to the Administrative Agent.  (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 and at the time or times prescribed by applicable law, such properly completed and executed  documentation reasonably requested by the Borrower or the Administrative Agent or prescribed by  applicable law 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 withholding, including 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 3.03(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 either (x) the Borrower  or (y) any U.S. Credit Party to which the Borrower advances proceeds of any Term Loan and which, in  the reasonable opinion of the Borrower, any U.S. Credit Party, or the Administrative Agent, may be  treated for U.S. federal income tax purposes as a conduit borrower, is a U.S. Person,   

 

   -68-     (A) any Lender that is a U.S. Person shall deliver to the Borrower and the  Administrative Agent on or about 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 copies of IRS Form W-9 certifying that such Lender is exempt  from U.S. federal backup withholding tax;   (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the  Borrower and the Administrative Agent (in such number of copies as shall be requested by the  recipient) on or about the date on which such Foreign Lender becomes a Lender under this  Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the  Administrative Agent), whichever of the following is applicable:  (1) in the case of a Foreign Lender claiming the benefits of an income tax  treaty to which the United States is a party (x) with respect to payments of interest under  any Loan Document, executed originals (or copies, including electronic copies) of IRS  Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal  withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to  any other applicable payments under any Loan Document, IRS Form W-8BEN-E  establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to  the “business profits” or “other income” article of such tax treaty;  (2) executed originals (or copies, including electronic copies) of IRS Form W- 8ECI;  (3) in the case of a Foreign Lender claiming the benefits of the exemption for  portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the  form of Exhibit J-1 to the effect that such Foreign Lender is not a “bank” within the  meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower  within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign  corporation” related to the Applicable Borrower as described in Section 881(c)(3)(C) of  the Code and that no payments in connection with any Loan Document are effectively  connected with such Foreign Lender’s conduct of a U.S. trade or business (a “U.S. Tax  Compliance Certificate”) and (y) executed originals (or copies, including electronic copies)  of IRS Form W-8BEN-E; or  (4) to the extent a Foreign Lender is not the beneficial owner (for example,  where the Foreign Lender is a partnership, or is a participating Lender), executed originals  (or copies, including electronic copies) of IRS Form W-8IMY, accompanied by IRS Form  W-8ECI, IRS Form W-8BEN, IRS Form W-8 BEN-E, a U.S. Tax Compliance Certificate  substantially in the form of Exhibit J-2 or Exhibit J-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 not a participating Lender) 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 J-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 (or copies, including electronic copies) of any other form  

 

   -69-     prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal  withholding Tax, duly completed, together with such supplementary documentation as may be  prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the  withholding or deduction required to be made; and  (D) if a payment made to a Lender under any Loan Document would be subject to U.S.  federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the  applicable reporting requirements of FATCA (including those contained in Section 1471(b) or  1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the  Administrative Agent at the time or times prescribed by law and at such time or times reasonably  requested by the Borrower or the Administrative Agent such documentation prescribed by  applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such  additional documentation reasonably requested by the Borrower or the Administrative Agent as  may be necessary for the Borrower and the Administrative Agent to comply with their obligations  under FATCA and to determine that such Lender has complied with such Lender’s obligations  under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for  purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the  date of this Agreement.  Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or  inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the  Administrative Agent in writing of its legal inability to do so.  Each Lender hereby authorizes the Administrative Agent to deliver to the Credit Parties and to  any successor Administrative Agent any documentation provided by such Lender to the Administrative  Agent pursuant to this Section 3.03(g).  (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 3.03 (including by the payment of additional amounts pursuant to this Section 3.03), it shall pay to  the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made  under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses  (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant  Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such  indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph  (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the  event that such indemnified party is required to repay such refund to such Governmental Authority.   Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be  required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which  would place the indemnified party in a less favorable net after-Tax position than the indemnified party  would have been in if the Tax subject to indemnification and giving rise to such refund had not been  deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with  respect to such Tax had never been paid.  This 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) VAT  (i) All amounts expressed to be payable under any Loan Document by any party to a  Recipient which (in whole or in part) constitute the consideration for any supply for VAT purposes  are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject  

 

   -70-     to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Recipient to  any party under a Loan Document and such Recipient is required to account to the relevant tax  authority for the VAT, that party must pay to such Recipient (in addition to and at the same time  as paying any other consideration for such supply) an amount equal to the amount of the VAT (and  such Recipient must promptly provide an appropriate VAT invoice to that party).  (ii) If VAT is or becomes chargeable on any supply made by any Recipient (the  “Supplier”) to any other Recipient (the “VAT Receiver”) under any Loan Document, and any party  other than the VAT Receiver (the “Relevant Party”) is required by the terms of any Loan Document  to pay an amount equal to the consideration for that supply to the Supplier (rather than being  required to reimburse or indemnify the VAT Receiver in respect of that consideration):  (A) where the Supplier is the person required to account to the relevant tax  authority for the VAT, the Relevant Party must also pay to the Supplier (at the same time  as paying that amount) an additional amount equal to the amount of the VAT.  The VAT  Receiver must (where this paragraph (A) applies) promptly pay to the Relevant Party an  amount equal to any credit or repayment the VAT Receiver receives from the relevant tax  authority which the VAT Receiver reasonably determines relates to the VAT chargeable  on that supply; and  (B) where the VAT Receiver is the person required to account to the relevant  tax authority for the VAT, the Relevant Party must promptly, following demand from the  VAT Receiver, pay to the VAT Receiver an amount equal to the VAT chargeable on that  supply but only to the extent that the VAT Receiver reasonably determines that it is not  entitled to credit or repayment from the relevant tax authority in respect of that VAT.  (iii) Where any Loan Document requires any party to reimburse or indemnify a  Recipient for any cost or expense, that party shall reimburse or indemnify (as the case may be) such  Recipient for the full amount of such cost or expense, including such part thereof as represents  VAT, save to the extent that such Recipient reasonably determines that it is entitled to credit or  repayment in respect of such VAT from the relevant tax authority.  (iv) Any reference in this Section 3.03(i) to any party shall, at any time when such party  is treated as a member of a group or unity (including but not limited to a fiscal unity (fiscale  eenheid) for Dutch VAT purposes, “Unity”) for VAT purposes, include (where appropriate and  unless the context otherwise requires) a reference to the person who is treated at that time as making  the supply, or (as appropriate) receiving the supply, under the grouping rules (provided for in  Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of  the European Union) or any other similar provision in any jurisdiction which is not a member state  of the European Union) so that a reference to a party shall be construed as a reference to that party  or the relevant group or Unity of which that party is a member for VAT purposes at the relevant  time or the relevant representative member (or head) of that group or Unity at the relevant time (as  the case may be).  (v) In relation to any supply made by a Recipient to any party under any Loan  Document, if reasonably requested by such Recipient, that party must promptly provide such  Recipient with details of that party’s VAT registration and such other information as is reasonably  requested in connection with such Recipient’s VAT reporting requirements in relation to such  supply.  

 

   -71-     (j) Survival.  Each party’s obligations under this Section 3.03 shall survive the resignation or  replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender,  the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under  any Loan Document.  Section 3.04 [Reserved].    Section 3.05 Change of Lending Office; Replacement of Lenders.    (a) Each Lender agrees that, upon the occurrence of any event giving rise to the operation of  Section 3.01(a)(ii) or (iii), 3.01(c) or 3.03 requiring the payment of additional amounts to the Lender, such  Lender will, if requested by the Borrower, use commercially reasonable efforts (subject to overall policy  considerations of such Lender) to designate another Applicable Lending Office for any Loans or  Commitments affected by such event; provided, however, that such designation is made on such terms that  such Lender and its Applicable Lending Office suffer no economic, legal or regulatory disadvantage, with  the object of avoiding the consequence of the event giving rise to the operation of any such Section.  The  Borrower hereby agrees to pay all reasonable, documented, out-of-pocket costs and expenses incurred by  any Lender in connection with any such designation or assignment.  (b) If (i) any Lender requests any compensation, reimbursement or other payment under  Section 3.01(a)(ii) or (iii), or 3.01(c) with respect to such Lender, (ii) the Borrower is, or because of a matter  in existence as of the date that the Borrower is seeking to exercise its rights under this Section will be,  required to pay any Indemnified Taxes or additional amounts to any Lender or Governmental Authority  pursuant to Section 3.03, or (iii) or if any Lender is a Defaulting Lender, then the Borrower may, at its sole  expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign  and delegate, without recourse (in accordance with the restrictions contained in Section 11.06(c)), all its  interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such  obligations; provided, however, that (1) such Lender shall have received payment of an amount equal to the  outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to  it hereunder, 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, including any breakage compensation under Section 3.02  hereof but excluding any amount payable under Section 2.13(g)), and (2) in the case of any such assignment  resulting from a claim for compensation, reimbursement or other payments required to be made under  Section 3.01(a)(ii) or (iii) or Section 3.01(c) with respect to such Lender, or resulting from any required  payments to any Lender or Governmental Authority pursuant to Section 3.03, such assignment will result  in a reduction in such compensation, reimbursement or payments.  A Lender shall not be required to make  any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,  the circumstances entitling the Borrower to require such assignment and delegation cease to apply.  (c) Nothing in this Section 3.05 shall affect or postpone any of the obligations of the Borrower  or the right of any Lender provided in Sections 3.01, or 3.03.  ARTICLE IV.    CONDITIONS PRECEDENT  Section 4.01 Conditions Precedent at Closing Date.  The occurrence of the Closing Date, and  the obligation of the Lenders to make Initial Term Loans on or about the Closing Date, is subject to the  satisfaction of each of the following conditions on or prior to the Closing Date (the making of such Loans  by a Lender being conclusively deemed to be its satisfaction or waiver):  

 

   -72-     (i) Credit Agreement.  This Agreement shall have been executed by the Parent  Guarantor, the Borrower, the Administrative Agent and each of the Lenders.  (ii) Notes.  The Borrower shall have executed and delivered the appropriate Note or  Notes to each Lender that has requested the same.  (iii) Guaranty Agreements.  (a) Each U.S. Subsidiary Guarantor shall have duly  executed and delivered the U.S. Subsidiary Guaranty and (b) each Non-U.S. Subsidiary Guarantor  shall have duly executed and delivered the Non-U.S. Subsidiary Guaranty.  (iv) Security Documents.  Subject to Section 6.15, the Parent Guarantor and each  Subsidiary Guarantor shall have duly executed and delivered the Security Documents to which it  is required to become a party pursuant to the terms of the Security Documents.  (v) Fees.  The Borrower shall have (A) paid to the Administrative Agent, for its own  account, the fees required to be paid by it on the Closing Date pursuant to the Fee Letter, (B) paid  to the Administrative Agent, for the account of the applicable Lenders, the backstop premium  pursuant to Section 2.11(a) and (C) paid or caused to be paid all reasonable fees and expenses of  (v) the Administrative Agent and Seward & Kissel LLP, as counsel to the Administrative Agent,  (x) the Ad Hoc Lender Group Advisors and (y) the Ad Hoc Noteholder Group Advisors, in each  case, that have been invoiced at least two (2) Business Days prior to the Closing Date (or such later  time or date as may be agreed to by the Borrower) in connection with the preparation, execution  and delivery of this Agreement and the other Loan Documents and the consummation of the  transactions contemplated hereby and thereby.  (vi) Corporate Resolutions and Approvals.  The Administrative Agent and the Lenders  shall have received certified copies of the resolutions of the board of directors (or similar governing  body), shareholders, any supervisory board and any other corporate body (in each case, if applicable  and required under local law or customary in the relevant jurisdiction) of each Credit Party  approving the Loan Documents to which such Credit Party is or may become a party, and of all  documents evidencing other necessary corporate or other organizational action (including  resolutions of the members or shareholders of a Credit Party, as the case may be), with respect to  the execution, delivery and performance by such Credit Party of the Transactions and the Loan  Documents to which it is or may become a party.  (vii) [Reserved].    (viii) Opinions of Counsel.  Subject to Section 6.15, the Administrative Agent and the  Lenders shall have received such opinions of counsel from counsel to the Credit Parties and/or  counsel to the Lenders, as reasonably determined by counsel to such Credit Parties and counsel to  the Lenders in each jurisdiction, in each jurisdiction in which any such Credit Parties is organized,  in form and substance reasonably satisfactory to the Administrative Agent and the Lenders.  (ix) Recordation of Security Documents, Delivery of Collateral, Taxes, etc.  Subject to  Section 6.15 and the Funding Conditions Provision, the Security Documents (or proper notices or  UCC financing statements) shall have been duly recorded, published and filed in such manner and  in such places as is required by law to establish, perfect, preserve and protect the rights, Liens and  security interests of the parties thereto and their respective successors and assigns, all Collateral  items required to be physically delivered to the Administrative Agent thereunder shall have been  so delivered, accompanied by any appropriate instruments of transfer, and all taxes, fees and other  charges then due and payable in connection with the execution, delivery, recording, publishing and  

 

   -73-     filing of such instruments and the issuance of the Obligations and the delivery of the Notes shall  have been paid in full.  (x) Transaction Documents.     (A) Existing Credit Agreement Amendment. The Existing Credit Agreement  Amendment shall have been duly executed and delivered by the Parent Guarantor, the Borrower,  each Subsidiary of the Parent Guarantor party thereto, the Existing Agent and lenders under the  Existing Credit Agreement constituting the Required Lenders, the Required Revolving Lenders and  the Required 2020 EMEA Term Lenders (each term, as defined in the Existing Credit Agreement)  and shall be in full force and effect.  (B) Priming Facility Intercreditor Agreement. The Priming Facility Intercreditor  Agreement shall have been duly executed and delivered by the Administrative Agent and the  Existing Agent and shall be in full force and effect and acknowledgments of the Priming Facility  Intercreditor Agreement shall have been executed by and delivered to the Administrative Agent by  the Parent Guarantor, the Borrower and each Subsidiary Guarantor.   (C) Lender Forbearance Agreement. The lender forbearance agreement attached as  Annex D to the Existing Credit Agreement Amendment (the “Lender Forbearance Agreement”)  shall be in full force and effect.   (D) Noteholder Forbearance Agreement. The noteholder forbearance agreement  attached as Annex E to the Existing Credit Agreement Amendment (the “Noteholder Forbearance  Agreement”) shall have been duly executed and delivered by the Parent Guarantor, each Subsidiary  of the Parent Guarantor party thereto and institutions that beneficially own at least a majority of  2024 Notes out-standing as of the date hereof and shall be in full force and effect.   (xi) Initial Budget.  The Ad Hoc Lender Group Advisors, the Ad Hoc Noteholder  Group Advisors, the Private-Side Lenders and the Administrative Agent shall have received an  initial budget for the Parent Guarantor and its Subsidiaries reasonably acceptable to the Ad Hoc  Lender Group Advisors prior to the Closing Date (the “Initial Budget”).    (xii) Closing Certificate.  The Administrative Agent and the Lenders shall have received  an officer’s certificate executed by a Financial Officer of the Parent Guarantor certifying that the  conditions in Section 4.01(xiv) have been satisfied or will be substantially satisfied concurrently  with the initial Borrowing on the Closing Date.   (xiii) Corporate Charters, Governing Documents and Good Standing Certificates.   Subject to Section 6.15, the Administrative Agent and the Lenders shall have received: (A) a  certified copy of the Certificate or Articles of Incorporation or equivalent formation document of  each Credit Party and any and all amendments and restatements thereof, certified as of a recent date  by the relevant Secretary of State (or comparable governmental authority in any foreign jurisdiction  or, in the case of a Credit Party organized under the laws of any province of Canada or under the  laws of Ireland, an officer of such Credit Party), (B) a copy of the bylaws, operating agreement,  partnership agreement or equivalent governing document of each such Credit Party and all  amendments and restatements thereof, and, to the extent applicable, any unanimous shareholder  agreement or declaration limiting the powers of the directors of such Credit Party, in each case,  certified by the Secretary or an Assistant Secretary of such Credit Party, and (C) to the extent  applicable, a “long-form” good standing certificate or a certificate of existence from the Secretary  of State (or, if applicable, a certificate of status from a comparable governmental authority in any  

 

   -74-     foreign jurisdiction) of the state or other applicable jurisdiction of incorporation or formation, dated  as of a recent date, certifying as to the good standing of such Credit Party.  (xiv) Representations and Warranties.  The representations and warranties set forth in  Article V of this Agreement and each of the other Loan Documents shall be true and correct in all  material respects (or, if qualified by “materiality”, “Material Adverse Effect” or similar language,  in all respects (after giving effect to such qualification)) on and as of the Closing Date, except to  the extent such representations and warranties specifically relate to an earlier date, in which case  such representations and warranties are true and correct in all material respects (or, if qualified by  “materiality”, “Material Adverse Effect” or similar language, in all respects (after giving effect to  such qualification)) on and as of such earlier date.  (xv) Perfection Certificate.  Subject to Section 6.15, the Credit Parties shall have duly  executed and delivered a Perfection Certificate, together with all attachments contemplated thereby.  (xvi) Intercompany Subordination Agreement.  Subject to Section 6.15, the Parent  Guarantor and its Restricted Subsidiaries as determined immediately prior to the Closing Date shall  have duly executed and delivered the Intercompany Subordination Agreement.  (xvii) Lien and Judgment Searches.  The Administrative Agent shall have received:  (A) the results of a Lien search (including a search as to judgments, pending litigation,  bankruptcy and, if customary, Tax matters) made against the Credit Parties under the UCC (or  applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under  the UCC should be made to evidence or perfect security interests in all assets of such Credit Party,  indicating among other things that the assets of each such Credit Party are free and clear of any  Lien (except for Permitted Liens); and  (B) searches of ownership of U.S. and non-U.S. Intellectual Property in the appropriate  governmental offices and such Intellectual Property filings as may be requested by the  Administrative Agent to the extent necessary or reasonably advisable to perfect the Administrative  Agent’s security interest in the Intellectual Property.  (xviii) Ad Hoc Noteholder Group. The Administrative Agent shall have received a list of  all members of the Ad Hoc Noteholder Group, which list the Administrative Agent may  conclusively rely on for all purposes.     (xix) Strategic Planning Committee.  The Parent Guarantor’s board of directors (the  “Parent Board”) shall have duly adopted and enacted an amended and restated charter for its  strategic planning committee (the “Strategic Planning Committee”), which charter shall be  delivered to the Administrative Agent and reasonably satisfactory to the Required Lenders.     (xx) Patriot Act.  The Administrative Agent and the Lenders shall have received, at  least three (3) Business Days prior to the Closing Date, all documentation and other information  reasonably requested by the Administrative Agent and the Lenders under applicable “know your  customer” rules and regulations and Anti-Terrorism Laws, including the USA Patriot Act, so long  as such information is requested at least ten (10) Business Days prior to the Closing Date.  (xxi) Notice of Borrowing and Flow of Funds Memorandum.  The Administrative Agent  shall have received a Notice of Borrowing no later than 3:00 P.M. two (2) Business Day in advance  

 

   -75-     of the Closing Date (or such later time or date as the Administrative Agent may agree in its  reasonable discretion) together with a flow of funds memorandum.  For purposes of determining compliance with the conditions specified in this Section 4.01, each  Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be  satisfied with, each document or other matter required thereunder to be consented to or approved by or  acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such  Lender prior to the proposed Closing Date specifying its objection thereto.  Section 4.02 Conditions Precedent to Drawings of Delayed Draw Term Loans.  The  obligations of the Lenders to make Delayed Draw Term Loans is subject to the satisfaction of the  following conditions (the making of such Loans by a Lender being conclusively deemed to be its  satisfaction or waiver):  (i) Notice.  The Administrative Agent shall have received a Notice of Borrowing  meeting the requirements of Section 2.06(b).  (ii) Delayed Draw Loan Exposure.  Immediately after giving effect to any such  borrowing of a Delayed Draw Term Loan after the Closing Date, the aggregate Delayed Draw Loan  Exposure shall not exceed the Delayed Draw Term Commitment then in effect.  (iii) No Default, Representations and Warranties.  With respect to each borrowing of  Delayed Draw Term Loan, at the time thereof and also after giving effect thereto: (i) there shall  exist no Default or Event of Default, and (ii) all representations of the Credit Parties contained  herein or in the other Loan Documents shall be true and correct in all material respects with the  same effect as though such representations and warranties had been made on and as of the date of  such borrowing of a Delayed Draw Term Loan, except to the extent such representations and  warranties expressly relate to an earlier specified date, in which case such representations and  warranties shall have been true and correct in all material respects as of the date when made (except  to the extent such representation or warranty is qualified by “materiality” or “Material Adverse  Effect” or a similar term, in which case such representation and warranty shall be true and correct  in all respects).  (iv) Fees.  The Borrower shall have paid all costs, fees, expenses (including reasonable,  documented, out-of-pocket legal fees and expenses) and other compensation payable to the  Administrative Agent and the Lenders to the extent then due.  (v) Milestones.  Each of the Milestones as set forth in Section 6.16 have been satisfied.   (vi) Officer’s Certificate. The Administrative Agent shall have received an officer’s  certificate executed by a Financial Officer of the Parent Guarantor certifying that each of the  conditions in this Section 4.02 have been satisfied.  Section 4.03 Conditions Satisfied.  The acceptance of the benefits of the Term Loans on the  Closing Date shall constitute a representation and warranty by the Borrower to the Administrative Agent  and each of the Lenders that all of the applicable conditions specified in Section 4.01 have been satisfied  as of the times referred to in such Section.  

 

   -76-     ARTICLE V.    REPRESENTATIONS AND WARRANTIES  In order to induce the Administrative Agent and the Lenders to enter into this Agreement and to  make the Loans provided for herein on the Closing Date, the Parent Guarantor and the Borrower (with  respect to themselves and on behalf of the Restricted Subsidiaries) make, on the Closing Date, the following  representations and warranties to, and agreements with, the Administrative Agent and the Lenders, all of  which shall survive the execution and delivery of this Agreement:  Section 5.01 Corporate Status.  The Parent Guarantor and each of its Restricted Subsidiaries  (i) is a duly incorporated, organized or formed (as applicable) and validly existing corporation, company,  partnership or limited liability company, as the case may be, (ii) is in good standing or in full force and  effect under the laws of the jurisdiction of its formation, (iii) has the corporate, partnership or limited  liability company power and authority, as applicable, to own its property and assets and to transact the  business in which it is engaged and presently proposes to engage, and (iv) is duly qualified and is  authorized to do business in all jurisdictions where it is required to be so qualified or authorized except,  in the case of clauses (ii), (iii), and (iv) where the failure to do so would not reasonably be expected to  have a Material Adverse Effect.    Section 5.02 Corporate Power and Authority.  Each Credit Party has the corporate or other  organizational power and authority to execute, deliver and carry out the terms and provisions of the Loan  Documents to which it is party and has taken all necessary corporate or other organizational action to  authorize the execution, delivery and performance of the Loan Documents to which it is party.  Each  Credit Party has duly executed and delivered each Loan Document to which it is party and each Loan  Document to which it is party, subject to the Legal Reservations and Non-U.S. Perfection Requirements,  constitutes the legal, valid and binding agreement and obligation of such Credit Party enforceable in  accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable  bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’  rights and by equitable principles (regardless of whether enforcement is sought in equity or at law).  Section 5.03 No Violation.  Neither the execution, delivery and performance by any Credit  Party of the Loan Documents to which it is party nor compliance with the terms and provisions thereof  (i) will contravene any provision of any law, statute, rule, regulation, order, writ, injunction or decree of  any Governmental Authority applicable to such Credit Party or its properties and assets, (ii) will conflict  with or result in any breach of, any of the terms, covenants, conditions or provisions of, or constitute a  default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien  (other than the Liens created pursuant to the Security Documents) upon any of the property or assets of  such Credit Party pursuant to the terms of (A) any Material Contract, or (B) any other promissory note,  bond, debenture, indenture, mortgage, deed of trust, credit or loan agreement, or any other agreement or  other instrument, to which such Credit Party is a party or by which it or any of its property or assets are  bound or to which it may be subject which evidences Material Indebtedness, or (iii) will violate any  provision of the Organizational Documents of such Credit Party, in each case referred to in clauses (i),  (ii) and (iii) where the contravention, conflict or violation thereof would reasonably be expected to have  a Material Adverse Effect.  Section 5.04 Governmental Approvals.  No order, consent, approval, license, authorization,  or validation of, or filing, recording or registration with, or exemption by, any Governmental Authority  is required to authorize or is required as a condition to (i) the execution, delivery and performance by any  Credit Party of any Loan Document to which it is a party or any of its obligations thereunder or (ii) the  legality, validity, binding effect or enforceability of any Loan Document to which any Credit Party is a  

 

   -77-     party, except (x) the filing and recording of financing statements and other documents necessary in order  to perfect the Liens created by the Security Documents, subject to the Funding Conditions Provision, the  Agreed Security Principles, the Legal Reservations and the Non-U.S. Perfection Requirements and (y)  those orders, consents, approvals, licenses, authorizations, or validations received, or filings, recordings  or registrations filed, or exemptions granted, if any.  Section 5.05 Litigation.  There are no actions, suits or proceedings pending or, to the  knowledge of the Parent Guarantor, threatened in writing with respect to any Credit Party or any of their  respective Restricted Subsidiaries or against any of their respective properties (i) that have had, or would  reasonably be expected to have, a Material Adverse Effect, or (ii) that question the validity or  enforceability of any of the Loan Documents, or of any action to be taken by any Credit Party pursuant  to any of the Loan Documents.  Section 5.06 Use of Proceeds; Margin Regulations; Sanctions.    (a) The proceeds of all Term Loans shall be utilized to (a) pay the fees, costs and expenses  incurred in connection with the Transactions and (b) provide working capital and funds for other general  corporate purposes.   (b) No part of the proceeds of any Borrowing will be used directly or indirectly to purchase or  carry Margin Stock, or to extend credit to others for the purpose of purchasing or carrying any Margin  Stock, in violation of any of the provisions of Regulations T, U or X of the Board of Governors of the  Federal Reserve System.  No Credit Party is engaged in the business of extending credit for the purpose of  purchasing or carrying any Margin Stock.  At no time would more than 25% of the value of the assets of  the Parent Guarantor or of the Parent Guarantor and its consolidated Restricted Subsidiaries that are subject  to any “arrangement” (as such term is used in Section 221.2(g) of such Regulation U) hereunder be  represented by Margin Stock.  (c) The Borrower will use commercially reasonable efforts such that no proceeds borrowed  under any Loan will be used in a manner which would constitute a “use of proceeds in Switzerland” as  interpreted by the Swiss Federal Tax Administration for purposes of Swiss Withholding Tax, except and to  the extent that a written confirmation or tax ruling countersigned by the Swiss Federal Tax Administration  has been obtained (in a form satisfactory to the Required Lenders) confirming that the intended “use of  proceeds in Switzerland” does not result in interest payments in respect of any Loan becoming subject to a  withholding or deduction for Swiss Withholding Tax.  (d) The Borrower will not use any part of the proceeds of any Borrowing directly or indirectly,  (i) to fund any unlawful activities or business of or with any Sanctioned Person, or in any Sanctioned  Country, in each case in violation of applicable Sanctions or (ii) in any other manner that would constitute  or give rise to a violation of Sanctions by any Person, including any Lender.  The representation set forth  in this Section 5.06(d) is not made by the Parent Guarantor or the Borrower or for the benefit of any Lender  to the extent that it would violate or expose the Parent Guarantor or the Borrower or any such Lender to  any liability under any anti-boycott or blocking law, regulation or statute that is in force from time to time  in the Federal Republic of Germany or the European Union and that is applicable to the Parent Guarantor,  the Borrower or such Lender, as applicable (including without limitation EU Regulation (EC) 2271/96 and  Section 7 of the German Foreign Trade Ordinance (Verordnung zur Durchführung des  Außenwirtschaftsgesetzes (Außenwirtschaftsverordnung – AWV))).  Section 5.07 Approved Budget.  The Approved Budget was prepared on behalf of the Parent  Guarantor in good faith on the basis of the assumptions stated therein, which assumptions were believed  to be reasonable at the time made in light of the conditions existing at the time the Approved Budget was  

 

   -78-     created; provided that no representation or warranty is made as to the impact of future general economic  conditions or as to whether the Parent Guarantor’s projected consolidated results as set forth therein will  actually be realized, it being recognized by the Lenders that such projections as to future events are not  to be viewed as facts and that actual results for the periods covered by the Approved Budget may differ  materially from the Approved Budget.  Section 5.08 [Reserved].    Section 5.09 No Material Adverse Change. Since the Closing Date, there has been no change  in the financial condition, business, properties and assets of the Parent Guarantor and its Restricted  Subsidiaries, taken as a whole, except for changes none of which, individually or in the aggregate, has  had or would reasonably be expected to have, a Material Adverse Effect; provided that, for purposes of  this Section 5.09, any such change resulting from any event or circumstance that has been publicly  disclosed by the Parent Guarantor as of the Closing Date shall not be deemed to constitute a Material  Adverse Effect.   Section 5.10 Tax Returns and Payments.  Each Credit Party has filed all U.S. federal and state  income tax returns and all other material tax returns, domestic and foreign, required to be filed by it and  has paid all material taxes and assessments payable by it that have become due, other than (x) those not  yet delinquent or those being contested in good faith and (y) as described on Schedule 5.10.  No claims  or investigations are being asserted against Credit Parties with respect to Taxes, where such claim or  investigation would have a Material Adverse Effect, unless the same are being disputed in good faith by  appropriate means or adequate reserves are being maintained in respect of such claims.  Each Credit Party  has established on its books such charges, accruals and reserves in respect of taxes, assessments, fees and  other governmental charges for all fiscal periods as are required by GAAP.  No Credit Party knows of  any proposed assessment for additional federal, foreign, state or provincial taxes for any period, or of any  basis therefor, which, individually or in the aggregate, taking into account such charges, accruals and  reserves in respect thereof as the Parent Guarantor and its Restricted Subsidiaries have made, would  reasonably be expected to have a Material Adverse Effect.  Section 5.11 Title to Properties, etc.  Each Credit Party has good and marketable title, in the  case of owned Real Property, and good title (or valid Leaseholds, in the case of any leased property), in  the case of all other property, to all of its properties and assets free and clear of Liens other than Permitted  Liens or as a result of a Directed Divestment In Trust.  Schedule 5.11 sets forth a complete list of each  Real Property owned by the Credit Parties in fee simple on the Closing Date having a fair market value  in excess of $10,000,000.  Section 5.12 Lawful Operations, etc.  Each Credit Party and each Restricted Subsidiary: (i)  holds all necessary foreign, federal, state, provincial, local and other governmental licenses, registrations,  certifications, permits and authorizations necessary to conduct its business and own its properties (except  as a result of any Directed Divestment with respect to any Interoute German Asset); and (ii) is in full  compliance with all requirements imposed by law, regulation or rule, whether foreign, federal, state or  local, that are applicable to it, its operations, or its properties and assets, including applicable requirements  of Environmental Laws, except for any failure to obtain and maintain in effect, or noncompliance that,  individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.  Section 5.13 Environmental Matters.    (a) Each Credit Party and each of their Subsidiaries is in compliance with all applicable  Environmental Laws, except to the extent that any such failure to comply (together with any resulting  penalties, fines or forfeitures) would not reasonably be expected to have a Material Adverse Effect.  All  

 

   -79-     licenses, permits, registrations or approvals required for the conduct of the business of each Credit Party  and each of their Subsidiaries under any Environmental Law have been secured and each Credit Party and  each of their Subsidiaries is in substantial compliance therewith, except for such licenses, permits,  registrations or approvals the failure to secure or to comply therewith would not reasonably be likely to  have a Material Adverse Effect.  No Credit Party nor any of their Subsidiaries has received written notice,  and no Authorized Officer of such Credit Party or Subsidiary knows, that it is in any respect in  noncompliance with, breach of or default under any applicable writ, order, judgment, injunction, or decree  issued pursuant to Environmental Laws to which such Credit Party or such Subsidiary is a party or that  would affect the ability of such Credit Party or such Subsidiary to operate any Real Property, except in each  such case, such noncompliance, breaches or defaults as would not reasonably be expected to, in the  aggregate, have a Material Adverse Effect.  There are no Environmental Claims pending or, to the  knowledge of any Credit Party, threatened in writing wherein an unfavorable decision, ruling or finding  would reasonably be expected to have a Material Adverse Effect.  There are no facts, circumstances,  conditions or occurrences on any Real Property owned, leased or operated by the Credit Parties or their  Subsidiaries as to which any Credit Party or any such Subsidiary has received written notice, that would  reasonably be expected: (i) to form the basis of an Environmental Claim against any Credit Party or any of  their Subsidiaries or any Real Property of a Credit Party or any of their Subsidiaries; or (ii) to cause such  Real Property to be subject to any restrictions on the ownership, occupancy, use or transferability of such  Real Property under any Environmental Law, except in each such case, such Environmental Claims or  restrictions that individually or in the aggregate would not reasonably be expected to have a Material  Adverse Effect.  (b) To the knowledge of the Credit Parties, Hazardous Materials have not at any time been (i)  generated, used, treated or stored on, or transported to or from, any Real Property of the Credit Parties or  any of their Subsidiaries or (ii) released on or about any such Real Property, in each case where such  occurrence or event is not in compliance with or would give rise to liability of the Parent Guarantor or its  Subsidiaries under Environmental Laws and would reasonably be expected to have a Material Adverse  Effect.  Section 5.14 Compliance with ERISA, etc.    (a) Compliance by the Credit Parties with the provisions hereof and Borrowings contemplated  hereby will not involve any non-exempt prohibited transaction within the meaning of Section 406 of ERISA  or Section 4975 of the Code.  The Credit Parties, their Subsidiaries and each ERISA Affiliate, except for  such non-compliance that would not reasonably be expected to have a Material Adverse Effect (i) has  fulfilled all obligations under the minimum funding standards of ERISA and the Code with respect to each  U.S. Plan that is not a Multi-Employer Plan or a Multiple Employer Plan, (ii) has satisfied all contribution  obligations in respect of each Multi-Employer Plan and each Multiple Employer Plan, (iii) is in compliance  with all other applicable provisions of ERISA and the Code with respect to each U.S. Plan and (iv) has not  incurred any liability under Title IV of ERISA with respect to any U.S. Plan, or any trust established  thereunder.  No U.S. Plan or trust created thereunder has been terminated, there have been no Reportable  Events, with respect to any U.S. Plan or trust created thereunder, in each case, which termination or  Reportable Event will or would reasonably be expected to have a Material Adverse Effect, and no U.S. Plan  has incurred an ERISA Event which ERISA Event will or would reasonably be expected to have a Material  Adverse Effect.  No Credit Party or any Subsidiary of a Credit Party nor any ERISA Affiliate is at the date  hereof, or has been at any time within the five (5) years preceding the date hereof, an employer required to  contribute to any Multi-Employer Plan or Multiple Employer Plan.  No Credit Party nor any Subsidiary of  a Credit Party nor any ERISA Affiliate has any contingent liability with respect to any post-retirement  “welfare benefit plan” (as such term is defined in ERISA) except as has been disclosed to the Administrative  Agent and the Lenders in writing.  

 

   -80-     (b) Each Non-U.S. Plan has been registered (to the extent required) and maintained in good  standing with the applicable regulatory authorities.  Each Non-U.S. Plan has been maintained, operated and  administered in material compliance with its terms and the requirements of all applicable laws and all Non- U.S. Plans required to be funded have been funded in accordance with all applicable laws, in each case,  except as would not reasonably be expected to have a Material Adverse Effect.  No Non-U.S. Plan has been  wound-up or terminated prior to the Closing Date for which any Credit Party or any Subsidiary of any  Credit Party has any material liabilities or obligations.  (c) Neither the Parent Guarantor nor any of its Subsidiaries is or has at any time been an  employer (for the purposes of sections 38 to 51 of the United Kingdom Pensions Act 2004) of an  occupational pension scheme which is not a money purchase scheme (both terms as defined in the United  Kingdom Pensions Schemes Act 1993).  (d) Neither the Parent Guarantor nor any of its Subsidiaries is or has at any time been  “connected” with or an “associate” of (as those terms are used in sections 38 and 43 of the United Kingdom  Pensions Act 2004) such an employer.   (e) With respect to each Canadian Pension Plan: (a) no steps have been taken to terminate any  Canadian Pension Plan (wholly or in part) which could result in any Credit Party or any Subsidiary of a  Credit Party being required to make a material additional contribution to such plan; (b) no material  contribution failure has occurred with respect to any Canadian Pension Plan sufficient to give rise to a Lien  under any applicable pension benefits laws of any jurisdiction; (c) no condition exists and no event or  transaction has occurred with respect to any Canadian Pension Plan which is reasonably likely to result in  any Credit Party or any Subsidiary of a Credit Party incurring any material liability, fine or penalty under  any applicable law; (d) all contributions (including employee contributions made by authorized payroll  deductions) that are required to be made in accordance with all applicable laws, any applicable collective  agreement and the terms of each Canadian Pension Plan have been made in a timely fashion; (e) each  Canadian Pension Plan has been established, registered and administered, as applicable, in accordance with  applicable laws in all material respects, and no event has occurred and no conditions exist with respect to  any Canadian Pension Plan that has resulted or could reasonably be expected to result in any Canadian  Pension Plan having its registration revoked or refused by any Governmental Authority or being required  to pay any material Taxes, fines or penalties under any applicable law.  No Credit Party nor any Subsidiary  of a Credit Party sponsors, participates in, contributes to, nor has it ever sponsored, participated in or  contributed to any Canadian Defined Benefit Pension Plan.   Section 5.15 Intellectual Property, etc.  Each Credit Party and each Restricted Subsidiary has  obtained or has the right to use all patents, trademarks, service marks, trade names, copyrights, licenses  and other rights with respect to the foregoing necessary for the present conduct of its business, without,  to the knowledge of the Borrower, any conflict with the rights of others, except for such patents,  trademarks, service marks, trade names, copyrights, licenses and rights, the loss of which, and such  conflicts that, in any such case individually or in the aggregate would not reasonably be expected to have  a Material Adverse Effect.  As of the Closing Date, Schedule 5.15 sets forth a complete list of (i) all  material trade names and service marks and (ii) all registered patents, trademarks and copyrights (other  than such patents, trademarks and copyrights that have been abandoned or lapsed), in the case of each of  clauses (i) and (ii), with respect to owned Intellectual Property.  Section 5.16 Investment Company Act, etc.  No Credit Party nor any of its Restricted  Subsidiaries is subject to regulation with respect to the creation or incurrence of Indebtedness under the  Investment Company Act of 1940, as amended, the Federal Power Act, as amended or any applicable  Federal or state public utility law.  

 

   -81-     Section 5.17 Insurance.  The Credit Parties and their Restricted Subsidiaries maintain  insurance coverage by such insurers and in such forms and amounts and against such risks as are usually  insured against in the same general area by similarly situated companies of similar size and engaged in  the same or a similar business and operating in the same or similar locations and in each case in  compliance with the terms of Section 6.03.  Section 5.18 Centre of Main Interests and Establishments.  For the purposes of Regulation  (EU) No. 2015/848 of the European Parliament and of the Council of 20 May 2015 on Insolvency  Proceedings (recast) (the “European Insolvency Regulation”), the centre of main interests (as that term is  used in Article 3(1) of the European Insolvency Regulation) of each Non-U.S. Subsidiary (other than  Non-U.S. Subsidiaries incorporated in Switzerland) is situated in its jurisdiction of incorporation and it  has no “establishment” (as that term is used in Article 2(10) of the European Insolvency Regulation) in  any other jurisdiction.  Section 5.19 Security Interests, etc.   (a) Subject to the Funding Conditions Provision, the Legal Reservations and the Agreed  Security Principles, once executed and delivered, each of the Security Documents creates, as security for  the applicable Obligations, a valid and enforceable, and, upon making the filings and recordings referenced  in Section 5.19(b) and any Non-U.S. Perfection Requirements, perfected security interest in and Lien on all  of the Collateral subject thereto from time to time, in favor of the Administrative Agent for the benefit of  the Secured Creditors named therein, superior to and prior to the rights of all third persons and subject to  no other Liens (except that the Collateral under the Security Documents may be subject to Permitted Liens)  and no filings or recordings are required in order to perfect the security interests created under any Security  Document except for filings or recordings required in connection with any such Security Document that  shall have been made, or for which satisfactory arrangements have been made, upon or prior to the  execution and delivery thereof.    (b) Subject to the Funding Conditions Provision, the Legal Reservations and the Agreed  Security Principles all recording, stamp, intangible, notarial or other similar taxes or fees required to be  paid by any Person under applicable legal requirements or other laws applicable to the property encumbered  by the Security Documents in connection with the execution, delivery, recordation, filing, registration,  perfection or enforcement thereof have been paid, in each case, except to the extent failure to pay such  recording, stamp, intangible, notarial or other similar taxes or fees would not reasonably be expected to  result in an Material Adverse Effect.  Notwithstanding anything contained herein, on the Closing Date, the  only Liens on and security interests in any Collateral that are required to be provided or perfected on the  Closing Date are set forth in the Funding Conditions Provision.  Section 5.20 True and Complete Disclosure.  To the best of the Parent Guarantor’s  knowledge, the written factual information (taken as a whole), including any supplements and updates  thereto, heretofore or contemporaneously furnished by or on behalf of any Credit Party to the  Administrative Agent or any Lender for purposes of or in connection with this Agreement or any  transaction contemplated herein (other than projections, budgets, forecasts, estimates and other forward  looking information, pro forma financial information and information of a general economic or industry  specific nature) is, and all other such written factual information (taken as a whole), including any  supplements and updates thereto, hereafter furnished by or on behalf of such Person in writing to the  Administrative Agent or any Lender will be, true and accurate in all material respects on the date as of  which such information is dated or certified (unless such information specifically refers to an earlier date,  in which case it shall be true and accurate in all material respects on and as of such earlier date) and not  incomplete by omitting to state any material fact necessary to make such information (taken as a whole)  not misleading at such time in light of the circumstances under which such information was provided.  

 

   -82-     Section 5.21 [Reserved].    Section 5.22 Capitalization.  As of the Closing Date after giving effect to the Transaction,  Schedule 5.22 sets forth, in all material respects, a true, complete and accurate description of the equity  capital structure of each of the Parent Guarantor’s Subsidiaries (other than Immaterial Subsidiaries)  showing, for each such Person, accurate ownership percentages of the equityholders of record.  Except  as set forth on Schedule 5.22, as of the Closing Date (a) there are no material preemptive rights,  outstanding subscriptions, warrants or options to purchase any Equity Interests of any Credit Party and  (b) there are no material obligations of any Credit Party to redeem or repurchase any of its Equity  Interests.  The Equity Interests of each Credit Party described on Schedule 5.22 (i) are validly issued and  fully paid and non-assessable (to the extent such concepts are applicable to the respective Equity Interests  and subject to the assessability of the shares to a Nova Scotia unlimited company under the Companies  Act (Nova Scotia)) and (ii) are owned of record and beneficially as set forth on Schedule 5.22, free and  clear of all Liens (other than Permitted Liens or as a result of any Directed Divestment In Trust).  The  Organizational Documents of each such Person whose Equity Interests are subject to the Liens created  under the Loan Documents with the exception of any Equity Interests in any such Person existing under  any laws of Canada do not and could not restrict or inhibit any transfer of those shares on creation or  enforcement of the Liens created under the Loan Documents.  Section 5.23 [Reserved].      Section 5.24 Anti-Terrorism and Anti-Money Laundering Law Compliance.   (a) Each Credit Party and each Subsidiary of each Credit Party is and will remain in  compliance with all applicable Sanctions and Anti-Corruption Laws and in material compliance with all  applicable Anti-Terrorism Laws.    (b) No Credit Party and no Subsidiary of any Credit Party and no director, officer or, to the  knowledge of the Parent Guarantor, employee, agent or Affiliate of any Credit Party or any of its  Subsidiaries is a Sanctioned Person.    (c) The Borrower will not use any part of the proceeds of any Loan, directly or indirectly, for  any unlawful payments to any Person, government official or employee, political party, official of a political  party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain  or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt  Practices Act of 1977, as amended, the United Kingdom Bribery Act 2010 or any other applicable Anti- Corruption Laws.  (d) The representation set forth in Section 5.24(a) is not made by the Parent Guarantor or the  Borrower or for the benefit of any Lender to the extent it would violate or expose the Parent Guarantor or  the Borrower or any such Lender to any liability under any anti-boycott or blocking law, regulation or  statute that is in force from time to time in the Federal Republic of Germany or the European Union and  that is applicable to the Parent Guarantor, the Borrower or such Lender, as applicable (including without  limitation EU Regulation (EC) 2271/96 and Section 7 of the German Foreign Trade Ordinance (Verordnung  zur Durchführung des Außenwirtschaftsgesetzes (Außenwirtschaftsverordnung – AWV))).  

 

   -83-     Section 5.25 Communications Matters.  (a) U.S. Communications Matters.  (i) Schedule 5.25(a)(i) sets forth a list, as of the Closing Date, of the U.S. Communications Licenses,  including the licensee, file number, call sign, or other designation, as applicable, and the expiration date of each  U.S. Communications License held by the Parent Guarantor or any of its Subsidiaries, or pursuant to which such  Person is authorized to engage in any activity subject to the jurisdiction of a local, state or federal U.S.  Governmental Authority, listed separately for each such Governmental Authority that granted or issued such U.S.  Communications License, in each case except for certain U.S. Communications Licenses the loss of which would  not reasonably be expected to have a Material Adverse Effect.  Each of the Parent Guarantor and its Subsidiaries  holds all material U.S. Communications Licenses necessary for the Parent Guarantor and each of its Subsidiaries  in all material respects to operate the U.S. portion of its business and assets and engage in all activities necessary  for the operation of the U.S. portion of its business and assets, except where the failure to hold a required U.S.  Communications License could not, individually or in the aggregate, reasonably be expected to have a Material  Adverse Effect.  No Credit Party or any Subsidiary of any Credit Party operates under, uses or requires any U.S.  Communications License held by any Person who is not a Credit Party to operate the U.S. portion of its business  or assets or engage in any activities necessary for the operation of the U.S. portion of its business or assets, except  where such use of any such U.S. Communications License could not, individually or in the aggregate, reasonably  be expected to have a Material Adverse Effect.  (ii) The U.S. Communications Licenses are in full force and effect and constitute the valid,  legal, binding and enforceable obligations of the Parent Guarantor and each Subsidiary that is a party  thereto, except where the failure to have, or the suspension or cancellation of, any of the U.S.  Communications Licenses could not, individually or in the aggregate, reasonably be expected to have a  Material Adverse Effect.  True and correct copies of all written U.S. Communications Licenses as of the  Closing Date have been made available to the Administrative Agent and the Lenders and are as set forth  in Schedule 5.25(a)(i) hereto (except for certain U.S. Communications Licenses the loss of which would  not reasonably be expected to have a Material Adverse Effect). The Parent Guarantor and its  Subsidiaries, and all activities using the U.S. Communications Licenses, are in compliance in all material  respects with the U.S. Communications Licenses, and no suspension, modification, termination or  cancellation of any of the U.S. Communications Licenses is pending or, to the knowledge of the Parent  Guarantor, threatened, except, in each case, where the failure to so comply, or the suspension,  modification, termination or cancellation of, any of the U.S. Communications Licenses could not,  individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  (iii) Except as set forth on Schedule 5.25(a)(iii), the operation of the business and assets of the  Parent Guarantor and its Subsidiaries is in material compliance with the U.S. Communications Laws,  including any laws restricting foreign ownership of a telecommunications company. All required  material reports, fees, including all Regulatory Assessments, filings, applications, notices, and other  submissions of the Parent Guarantor and its Subsidiaries to the FCC and any U.S. Governmental  Authority with jurisdiction over telecommunications matters, are true and correct in all material respects  and have been filed and paid.  Neither the Parent Guarantor nor any of its Subsidiaries has received any  written notice, or has any knowledge that the operation of the U.S. portion of its business or assets is not  or has failed to be in compliance in all material respects with the U.S. Communications Laws or the U.S.  Communications Licenses.  No material deficiencies have been asserted by the FCC, any other U.S.  Governmental Authority, or any other Person with respect to any aspect of the business or assets of the  Parent Guarantor and its Subsidiaries subject to the jurisdiction of the FCC or such U.S. Governmental  Authority, which have not been timely cured or are in the process of being timely cured.  No event has  occurred and is continuing which could reasonably be expected to result in the imposition of a material  forfeiture or the suspension, revocation, termination or adverse modification of any U.S.  

 

   -84-     Communications License or materially or adversely affect any rights of the Parent Guarantor or its  Subsidiaries or any holder thereunder.  (iv) Each of the Parent Guarantor and its Subsidiaries is in compliance in all material respects  with each of the CALEA Requirements, CPNI Requirements and USF Requirements, that are applicable  to such Person and the conduct of its business or assets.  All required material reports, fees, filings,  applications and other submissions of the Parent Guarantor and its Subsidiaries to the FCC, the Universal  Service Administrative Company, and any other U.S. Governmental Authority, or any other entity with  respect to such requirements are true and correct in all material respects and have been timely filed.  Each  of the Parent Guarantor and its Subsidiaries has timely taken all material actions necessary to comply  with each of the foregoing CALEA Requirements, CPNI Requirements and USF Requirements, as  applicable.  (v) Except as set forth on Schedule 5.25(a)(v), neither the Parent Guarantor nor any of its  Subsidiaries has received any written notice or has any knowledge that it is not or has failed to be in  compliance in all material respects with any of the CALEA Requirements, CPNI Requirements, or USF  Requirements that are applicable to such Person or the conduct of its business or assets.  No material  deficiencies have been asserted by the FCC, any U.S. Governmental Authority, or any other Person with  respect to such requirements which have not been timely cured.  (b) Non-U.S. Communications Matters.  (i) Schedule 5.25(b)(i) sets forth a list, as of the Closing Date, of the Non-U.S. Communications  Licenses, including the licensee, file number, call sign, or other designation, as applicable, and the expiration date  of each Non-U.S. Communications License held by the Parent Guarantor or any of its Restricted Subsidiaries, or  pursuant to which such Person is authorized to engage in any activity subject to the jurisdiction of any non-U.S.  Governmental Authority, listed separately for each such Governmental Authority that granted or issued such Non- U.S. Communications License, in each case except for certain Non-U.S. Communications Licenses the loss of  which would not reasonably be expected to have a Material Adverse Effect.  Except for the Non-U.S.  Communications Licenses listed on Schedule 5.25(b)(i) as “pending” which have been applied for by the Parent  Guarantor or any of its Subsidiaries but not yet received, each of the Parent Guarantor and its Subsidiaries holds  all Non-U.S. Communications Licenses necessary for the Parent Guarantor and its Subsidiaries in all material  respects to operate the non-U.S. portion of its business and assets and engage in all activities necessary for the  operation of the non-U.S. portion of its business and assets.  No Credit Party or any Subsidiary of any Credit Party  operates under, uses or requires any Non-U.S. Communications License held by any Person who is not a Credit  Party to comply with the immediately preceding sentence, except where such use of any such Non-U.S.  Communications License could not, individually or in the aggregate, reasonably be expected to have a Material  Adverse Effect.  (ii) The Non-U.S. Communications Licenses were validly issued, are in full force and effect  without conditions except for such conditions as are generally applicable to holders of such Non-U.S.  Communications Licenses and constitute the valid, legal, binding and enforceable obligation of the  Parent Guarantor and each Subsidiary that is a party thereto, except where the failure to have, or the  suspension or cancellation of, any of the Non-U.S. Communications Licenses could not, individually or  in the aggregate, reasonably be expected to have a Material Adverse Effect.  True and correct copies of  all written Non-U.S. Communications Licenses as of the Closing Date have been made available to the  Administrative Agent and are as set forth in Schedule 5.25(b)(i) hereto (except for certain Non-U.S.  Communications Licenses the loss of which would not reasonably be expected to have a Material  Adverse Effect).  The Parent Guarantor and its Subsidiaries, the operation of the non-U.S. portion of its  business and assets and all other activities using the Non-U.S. Communications Licenses, are in  compliance in all material respects with the Non-U.S. Communications Licenses, and no suspension,  modification, termination or cancellation of any of the Non-U.S. Communications Licenses is pending  

 

   -85-     or, to the knowledge of the Parent Guarantor, threatened, except, in each case, where the failure to so  comply, or the suspension, modification, termination or cancellation of, any of the Non-U.S.  Communications Licenses could not, individually or in the aggregate, reasonably be expected to have a  Material Adverse Effect.  (iii) Except as set forth on Schedule 5.25(b)(iii), the operation of the business and assets of the  Parent Guarantor and its Subsidiaries is in material compliance with the Non-U.S. Communications  Laws, including any laws restricting foreign ownership of a telecommunications company.  All required  material reports, fees, including all Regulatory Assessments, filings, applications, notices, and other  submissions of the Parent Guarantor and its Subsidiaries to any non-U.S. Governmental Authority,  including the CRTC and ISEDC, with jurisdiction over telecommunications matters, are true and correct  in all material respects and have been filed and paid.  Neither the Parent Guarantor nor any of its  Subsidiaries has received any written notice, or has any knowledge that the conduct of the non-U.S.  portion of its business or assets is not or has failed to be in compliance in all material respects with the  Non-U.S. Communications Laws or the Non-U.S. Communications Licenses.  No material deficiencies  have been asserted by any non-U.S. Governmental Authority or any other Person with respect to any  aspect of the business or assets of the Parent Guarantor and its Subsidiaries subject to the jurisdiction of  such non-U.S. Governmental Authority, which have not been timely cured or are in the process of being  timely cured.  No event has occurred and is continuing which could reasonably be expected to result in  the imposition of a material forfeiture or the suspension, revocation, termination or adverse modification  of any Non-U.S. Communications License or materially or adversely affect any rights of the Parent  Guarantor or its Subsidiaries or any holder thereunder.  (iv) Except as set forth on Schedule 5.25(b)(iv), neither the Parent Guarantor nor any of its  Subsidiaries has received any written notice or has any knowledge that it is not or has failed to be in  compliance in all material respects with any foreign requirements equivalent to the CALEA  Requirements, CPNI Requirements or USF Requirements, including the Canadian Contribution Regime  Requirements, that are applicable to such Person or such Person’s business or assets.  No material  deficiencies have been asserted by any Governmental Authority, including the CRTC or ISEDC, or any  other Person with respect to such requirements which have not been timely cured.  Section 5.26 Licenses, Approvals and Rights-of-Way.  Neither the Parent Guarantor nor any  of its Restricted Subsidiaries is a party to or has knowledge of any investigation, inquiry, notice of  apparent liability, violation, forfeiture or other order or complaint issued by or before any court or  Governmental Authority or any non-governmental regulatory body or of any other proceedings which  could in any manner threaten or adversely affect the validity or continued effectiveness of the material  Licenses and Rights-of-Way of the Parent Guarantor or any of its Restricted Subsidiaries or give rise to  any order of forfeiture or material monetary penalty.  Each of the Parent Guarantor and its Restricted  Subsidiaries holds all Licenses and Rights-of-Way necessary for each of the Parent Guarantor and its  Restricted Subsidiaries in all material respects to operate its business and engage in all activities necessary  for the operation of its business and assets.  The Parent Guarantor and the Borrower have no reason to  believe that such Licenses and Rights-of-Way will not be renewed in the ordinary course.  Each of the  Parent Guarantor and its Restricted Subsidiaries has filed in a timely manner all material reports,  applications, notices, registrations, renewals, documents, instruments and any other material information  of whatever type required to be filed, and has paid all material fees, including all Regulatory Assessments,  required to be paid by it pursuant to applicable rules and regulations or requests of every regulatory body  having jurisdiction over any of its Licenses or Rights-of-Way or that are related to the Licenses or the  Rights-of-Way.  Neither the Parent Guarantor nor any of its Restricted Subsidiaries utilizes or relies on  any License or Right-of-Way held by any Person who is not a Credit Party.  The term “Licenses” as  included in this Section 5.26 excludes U.S. Communications Licenses and Non-U.S. Communications  Licenses.  

 

   -86-     Section 5.27 No Immunity.  No Credit Party nor any of their respective Restricted  Subsidiaries or assets is entitled to immunity from suit, execution, attachment or other legal process and  in any proceedings in relation to the Loan Documents to which it is a party and no Credit Party nor any  of their respective Restricted Subsidiaries will be entitled to claim immunity for itself or any of its assets  arising from suit, execution or other legal process.    ARTICLE VI.    AFFIRMATIVE COVENANTS  The Parent Guarantor and the Borrower hereby covenant and agree that on the Closing Date and  thereafter so long as this Agreement is in effect and until such time as the Commitments have been  terminated, no Notes remain outstanding and the Loans, together with interest, fees and all other Obligations  incurred hereunder and under the other Loan Documents, have been paid in full (excluding any contingent  indemnity and reimbursement obligations which survive termination of the Loan Documents and in respect  of which no claim has been made), as follows:  Section 6.01 Reporting Requirements.  The Parent Guarantor will furnish to the  Administrative Agent and each Lender:  (a) Annual Financial Statements.  Not later than 90 days after the close of each fiscal year of  the Parent Guarantor ending on or after December 31, 2020, the audited consolidated balance sheets of the  Parent Guarantor and its consolidated Subsidiaries as at the end of such fiscal year and the related  consolidated statements of operations, of stockholders’ equity and of cash flows for such fiscal year, in each  case setting forth comparative figures for the preceding fiscal year, all in reasonable detail and accompanied  by the opinion with respect to such consolidated financial statements of such independent public  accountants of recognized national standing selected by the Parent Guarantor, which opinion shall be  unqualified (other than in respect of Non-U.S. Subsidiaries of the Parent Guarantor, for which such  accountants may rely on the audited financial statements of other accountants in a manner consistent with  past practices), in each case which such financial statements (A) shall be certified by a Financial Officer  that such accountants audited such consolidated financial statements in accordance with generally accepted  auditing standards, that such consolidated financial statements present fairly, in all material respects, the  consolidated financial position of the Parent Guarantor and its consolidated Subsidiaries as at the end of  such fiscal year and the consolidated results of their operations and cash flows for such fiscal year in  conformity with GAAP, or (B) contain such statements as are customarily included in unqualified reports  of independent accountants.  Any such financial statements that are filed pursuant to and are accessible  through the SEC’s EDGAR system will be deemed to have been provided in accordance with this clause  (a) so long as the Administrative Agent and each Lender have received notification of the same.  (b) Quarterly Financial Statements.  Not later than 45 days after the close of each of the first  three fiscal quarters in each fiscal year of the Parent Guarantor (commencing with the fiscal quarter ending  March 31, 2021), the unaudited consolidated balance sheets of the Parent Guarantor and its consolidated  Subsidiaries as at the end of such fiscal quarter and the related unaudited consolidated statements of  operations, of stockholders’ equity and of cash flows for such quarterly period and for the fiscal year to  date, and setting forth, in the case of such unaudited consolidated statements of operations, of stockholders’  equity and of cash flows, comparative figures for the related periods in the prior fiscal year, and which shall  be certified on behalf of the Parent Guarantor by a Financial Officer, subject to changes resulting from  normal year-end audit adjustments and the absence of footnotes.  Any such financial statements that are  filed pursuant to and are accessible through the SEC’s EDGAR system will be deemed to have been  provided in accordance with this clause (b) so long as the Administrative Agent and each Lender have  received notification of the same.  

 

   -87-     (c) Officer’s Compliance Certificates.  At the time of the delivery of the financial statements  provided for in subparts (a) and (b) above, (i) a certificate (a “Compliance Certificate”), substantially in the  form of Exhibit E, signed by a Financial Officer to the effect that no Default or Event of Default exists or,  if any Default or Event of Default does exist, specifying the nature and extent thereof and the actions the  Credit Parties have taken or proposes to take with respect thereto, and (ii) a management’s discussion and  analysis with respect to such financial statements for such period.  (d) Budget and Variance Reports.    (i) By no later than 5:00 p.m., New York City time, on Thursday, January 28, 2021 and the  Thursday of each fourth full calendar week ending thereafter, deliver to the Administrative Agent, the  Ad Hoc Lender Group Advisors, the Ad Hoc Noteholder Group Advisors and each Private-Side Lender,  a budget in a form consistent with the then-Approved Budget (an “Updated Budget”), which shall be  deemed to be satisfactory to, and consented to by, the Required Lenders unless the Ad Hoc Lender Group  Advisors object thereto in writing (with an e-mail from the Ad Hoc Lender Group Advisors being  sufficient) by 5:00 p.m., New York City time, on the day that is five (5) calendar days thereafter.  Once  such Updated Budget is satisfactory or deemed satisfactory to the Required Lenders in accordance with  the foregoing, the Updated Budget shall become the Approved Budget.   (ii) By no later than 5:00 p.m., New York City time, on Thursday of each calendar week  (commencing with Thursday, December 31, 2020 (each such Thursday or later time, a “Report Date”)),  deliver to the Administrative Agent, the Ad Hoc Lender Group Advisors, the Ad Hoc Noteholder Group  Advisors and each Private-Side Lender, a line-item by line-item variance report that is in a form  consistent with variance reports that have been provided to the Ad Hoc Lender Group Advisors prior to  the Closing Date (each a “Variance Report”), setting forth, in reasonable detail, descriptions of any  material variances between actual amounts for each line-item in the Approved Budget for the cumulative  four week period then-ended versus projected amounts set forth in the applicable Approved Budget for  each line-item included therein on a cumulative basis for such cumulative four week period.  (iii) By no later than 5:00 p.m., New York City time, on the last Thursday of each calendar  month, deliver to the Administrative Agent, the Ad Hoc Lender Group Advisors, the Ad Hoc Noteholder  Group Advisors and each Private-Side Lender, a report containing the key performance indicators and  other information set forth in the KPI Report relating to the most recently ended calendar month;  provided that the KPI Report for the month of November 2020 shall be delivered to the aforementioned  parties by no later than January 14, 2021.  (e) Notices.  Promptly, and in any event within five (5) Business Days, after any Credit Party  or any Restricted Subsidiary obtains knowledge thereof, notice of:  (i) the occurrence of any event that constitutes a Default or an Event of Default, which notice  shall specify the nature thereof, the period of existence thereof and what action the Borrower proposes  to take with respect thereto;  (ii) the commencement of, or any other material development concerning, any litigation or  governmental or regulatory proceeding pending against any Credit Party or any Restricted Subsidiary if  the same would be reasonably likely to have a Material Adverse Effect;   (iii) any amendment or waiver of the terms of, or notice of default under, (x) the Subordinated  Debt Documents governing Subordinated Indebtedness constituting Material Indebtedness or (y) the  Junior Lien Debt Documents governing Junior Lien Indebtedness constituting Material Indebtedness; or  

 

   -88-     (iv) any event that would reasonably be expected to have a Material Adverse Effect.  (f) ERISA Event, Non-U.S. Plan Event, Canadian Pension Plan Event.  (i) Promptly, and in any event within ten (10) Business Days after any Credit Party or  any Subsidiary of a Credit Party, as applicable, knows of the occurrence of any ERISA Event or  any Canadian Pension Plan Event, the Parent Guarantor will deliver to the Administrative Agent  and each of the Lenders a certificate of an Authorized Officer of the Parent Guarantor setting forth  the full details as to such occurrence and the action, if any, that such Credit Party or such Subsidiary  of such Credit Party or such ERISA Affiliate, as applicable, is required or proposes to take, together  with any notices required or proposed to be given by such Credit Party or such Subsidiary of such  Credit Party or the ERISA Affiliate to or filed with the PBGC, a U.S. Plan participant, a Canadian  Pension Plan participant, the U.S. Plan administrator or any other party.  (ii) Promptly, and in any event within ten (10) Business Days after any Credit Party or  any Subsidiary of a Credit Party knows of the occurrence of any Non-U.S. Plan Event, the Parent  Guarantor will deliver to the Administrative Agent and each of the Lenders a certificate of an  Authorized Officer of the Parent Guarantor setting forth the full details as to such occurrence and  the action, if any, that such Credit Party or such Subsidiary of such Credit Party is required or  proposes to take, together with any notices required or proposed to be given by such Credit Party  or such Subsidiary of such Credit Party with respect thereto.  (iii) Promptly, and in any event within ten (10) Business Days after any Credit Party or  any Subsidiary of a Credit Party receives any actuarial report in relation to any Non-U.S. Plan or  Canadian Pension Plan at such times as such actuarial reports are prepared in order to comply with  the then current statutory or auditing requirements (as applicable either to the trustees or other  applicable administrator of any relevant schemes or to any Credit Party or any Subsidiary of a  Credit Party), such Credit Party or Subsidiary shall deliver to the Administrative Agent a copy of  such actuarial report.  (iv) Promptly, and in any event within ten (10) Business Days after any Credit Party or  any Subsidiary of a Credit Party knows of the occurrence of any material change in the rate of  contributions to any Non-U.S. Plans paid or recommended to be paid (whether by the scheme  actuary or otherwise) or required (by law or otherwise), the Parent Guarantor shall notify the  Administrative Agent of the full details of such change.    (g) SEC Reports and Registration Statements.  Promptly after transmission thereof or other  filing with the SEC, copies of all registration statements (other than the exhibits thereto and any registration  statement on Form S-8 or its equivalent) and all annual, quarterly or current reports that any Credit Party  or any Subsidiary files with the SEC on Form 10-K, 10-Q or 8-K (or any successor forms).  Any such  documents that are filed pursuant to and are accessible through the SEC’s EDGAR system will be deemed  to have been provided in accordance with this clause (g) so long as the Administrative Agent and each  Lender have received notification of the same.  (h) Information Relating to Collateral.  At the time of the delivery of the annual financial  statements provided for in subpart (a) above, a certificate of an Authorized Officer of the Parent Guarantor  (i) outlining all material insurance coverage maintained as of the date of such report by the Credit Parties  and all material insurance coverage planned to be maintained by the Credit Parties in the immediately  succeeding fiscal year and (ii) certifying that no Credit Party has taken any actions (and is not aware of any  actions so taken) to terminate any UCC financing statements or other appropriate filings, recordings or  registrations, including all refilings, rerecordings and reregistrations, containing a description of the  

 

   -89-     Collateral have been filed of record in each governmental, municipal or other appropriate office in each  jurisdiction necessary to protect and perfect the security interests and Liens under the Security Documents  for a period of not less than 18 months after the date of such certificate (except as noted therein with respect  to any continuation statements to be filed within such period).  (i) Other Notices.  Promptly after the receipt thereof, copies of all notices of an event of default  received by any Credit Party from the holders of any Material Indebtedness or any trustee with respect  thereto and of all written notices relating to German Tax Obligations or determinations with respect thereto  received from the German Federal Central Tax Office (Bundeszentralamt für Steuern).  (j) Violation of Anti-Terrorism Laws.  Promptly (i) if any Credit Party obtains knowledge that  any Credit Party or any Person that owns, directly or indirectly, any Equity Interests of or any other  beneficial interest in any Credit Party, becomes the target of any of the Anti-Terrorism Laws or Sanctions,  such Credit Party will notify the Administrative Agent and (ii) upon the written request of the  Administrative Agent or any Lender (through the Administrative Agent), such Credit Party will provide  any information the Administrative Agent or such Lender believes is reasonably necessary to be delivered  in order for the Administrative Agent or Lender to comply with the USA Patriot Act or Sanctions or to  demonstrate compliance with any reporting requirement under any other applicable Anti-Terrorism Law.  (k) Statements of Reconciliation after Change in Accounting Principles.  If, as a result of any  change in accounting principles and policies from those used in the preparation of the financial statements  referred to in Section 5.07, the consolidated financial statements of the Parent Guarantor and its Subsidiaries  delivered pursuant to Section 6.01(a) or 6.01(b) will differ in any material respect from the consolidated  financial statements that would have been delivered pursuant thereto had no such change in accounting  principles and policies been made, then, together with the first delivery of such financial statements after  such change, one or more statements of reconciliation for the financial statements from the immediately  preceding reporting period in form and substance satisfactory to the Required Lenders.  (l) Mandatory Prepayments.  Promptly, and in any event within three (3) Business Days, the  Borrower shall provide the Administrative Agent with notice of any event or action resulting in a mandatory  prepayment under Section 2.13(c).  (m) Other Information.  Promptly upon the reasonable written request therefor (and in any  event within ten (10) days of such request), such other information or documents (financial or otherwise)  relating to any Credit Party or any Significant Subsidiary as the Administrative Agent or any Lender  (through the Administrative Agent) may reasonably request from time to time.  Section 6.02 Books, Records and Inspections.  Each Credit Party will, and will cause each  Restricted Subsidiary to, (i) keep proper books of record and account, in which full and correct entries  shall be made of all financial transactions and the assets and business of such Credit Party or such  Restricted Subsidiary, as the case may be, in accordance with GAAP; and (ii) permit officers and  designated representatives of the Administrative Agent or any of the Lenders to visit and inspect any of  the properties or assets of such Credit Party and/or such Restricted Subsidiary in whomsoever’s  possession (but only to the extent such Credit Party or such Restricted Subsidiary, as applicable, has the  right to do so to the extent in the possession of another Person), to examine the books of account of such  Credit Party or such Restricted Subsidiary, as applicable, and make copies thereof and take extracts  therefrom, and to discuss the affairs, finances and accounts of such Credit Party and/or such Restricted  Subsidiary, as applicable, with, and be advised as to the same by, its and their officers and independent  accountants and independent actuaries, if any, all at such reasonable times and intervals and to such  reasonable extent as the Administrative Agent or any of the Lenders (through the Administrative Agent)  may request; provided, that such visits and inspections shall be limited to one (1) visit and inspection per  

 

   -90-     fiscal year so long as no Event of Default has occurred and is continuing; provided, further, that a  Responsible Officer of the Borrower shall be afforded a reasonable opportunity to be present during all  such meetings, inspections and discussions and such discussions with any accountants shall be subject to  the execution of any customary indemnity, non-reliance letter or similar letter requested by such  accountants.  Section 6.03 Insurance.    (a) Each Credit Party will, and will cause each of the Restricted Subsidiaries to, (i) maintain  insurance coverage by such insurers and in such forms and amounts and against such risks as are usually  insured against in the same general area by similarly situated companies of similar size and engaged in the  same or a similar business and operating in the same or similar locations, and (ii) forthwith upon the  Administrative Agent’s or any Lender’s written request, furnish to the Administrative Agent or such Lender  such information about such insurance as the Administrative Agent or such Lender may from time to time  reasonably request, which information shall be prepared in form and detail satisfactory to the  Administrative Agent or such Lender and certified by an Authorized Officer of the Parent Guarantor.  (b) Each Credit Party will at all times keep its respective property that is subject to the Lien of  any Security Document insured in favor of the Administrative Agent, for the benefit of the Secured  Creditors and all policies or certificates (or certified copies thereof) with respect to such insurance (and any  other insurance maintained by the Credit Parties) (i) shall be endorsed to the Required Lenders’ satisfaction  for the benefit of the Administrative Agent (including by naming the Administrative Agent as loss payee  (with respect to Collateral) or, to the extent permitted by applicable law, as an additional insured), (ii) shall  state that such insurance policies shall not be canceled without 30 days’ prior written notice thereof (or ten  (10) days’ prior written notice in the case of cancellation for the non-payment of premiums) by the  respective insurer to the Administrative Agent, and (iii) shall in the case of any such certificates or  endorsements in favor of the Administrative Agent, be delivered to or deposited with the Administrative  Agent; provided, that no such certificates or endorsements shall be required to be delivered prior to the date  required by Section 6.15.  (c) Each Credit Party shall maintain at all times, with respect to any Mortgaged Real Property  that is a Flood Hazard Property, the flood insurance required by Section 6.10(d)(ii)(D), and shall deliver to  the Administrative Agent evidence of such insurance in form and substance reasonably satisfactory to the  Required Lenders, including annual renewals of such insurance.  (d) If any Credit Party shall fail to maintain any insurance in accordance with this Section 6.03,  or if any Credit Party shall fail to so endorse and deliver or deposit all endorsements or certificates with  respect thereto (in each case, after giving effect to any applicable grace periods), the Administrative Agent  shall have the right (but shall be under no obligation) to procure such insurance and the Parent Guarantor  agrees to reimburse the Administrative Agent on written demand for all costs and expenses of procuring  such insurance.  Section 6.04 Payment of Taxes and Claims.  Each Credit Party will pay and discharge, and  will cause each of its Restricted Subsidiaries to pay and discharge, all material taxes, assessments and  governmental charges or levies imposed upon it or upon its income or profits, or upon any properties  belonging to it, when due, and all lawful claims that, if unpaid, might become a Lien or charge upon any  properties of any Credit Party or any of their respective Restricted Subsidiaries; provided, however, that  no Credit Party nor any of their respective Restricted Subsidiaries shall be required to pay any such tax,  assessment, charge, levy or claim that is being contested in good faith and by proper proceedings if (i)  (A) it has maintained adequate reserves with respect thereto in accordance with GAAP and (B) in the  case of a tax or claim that has or may become a Lien against any of the Collateral, such proceedings  

 

   -91-     conclusively operate to stay the sale of any portion of the Collateral to satisfy such tax or claim or (ii) the  failure to do so would not reasonably be expected to result in a Material Adverse Effect.  Without limiting  the generality of the foregoing, each Credit Party will, and will cause each of its Restricted Subsidiaries  to, pay in full all of its wage obligations in accordance with the Fair Labor Standards Act (29 U.S.C.  Sections 206-207), with respect to its employees subject thereto, and any comparable provisions of  applicable law, except where the failure to do so would not reasonably be expected to result in a Material  Adverse Effect.  Notwithstanding the foregoing, any item disclosed on Schedule 5.10 shall not result in  a breach of this Section 6.04 so long as the relevant Credit Party exerts good faith effort to otherwise  enable the Parent Guarantor and the Borrower to be able to make the representations and warranties in  Section 5.10 with respect to such Credit Party, without giving effect to clause (y) of the first sentence of  Section 5.10.  Section 6.05 Corporate Franchises.  Each Credit Party will do, and will cause each of its  Restricted Subsidiaries to do, or cause to be done, all things necessary or reasonably advisable to preserve  and keep in full force and effect (i) its corporate existence, rights and authority and (ii), qualification,  franchises, licenses, permits, intellectual property rights and governmental approvals and authorizations,  except, in the case of this clause (ii), where the failure to do so would not reasonably be expected to result  in a Material Adverse Effect; provided, however, that nothing in this Section 6.05 shall be deemed to  prohibit any transaction permitted by Section 7.02.  Section 6.06 Good Repair.  Except as would not reasonably be expected to have a Material  Adverse Effect, each Credit Party will, and will cause each of its Restricted Subsidiaries to, ensure that  its properties and equipment used or useful in its business in whomsoever’s possession they may be, are  kept in reasonably good repair, working order and condition, normal wear and tear excepted, and that  from time to time there are made in such properties and equipment all needful and proper repairs,  renewals, replacements, extensions, additions, betterments and improvements thereto, in each case, to the  extent and in the manner customary for companies in similar businesses.  Section 6.07 Compliance with Statutes; Non-U.S. Plans; Canadian Pension Plans.    (a) Compliance with Statutes.  Each Credit Party will, and will cause each of its Restricted  Subsidiaries to, comply with all applicable statutes, regulations and orders of, and all applicable restrictions  imposed by, all Governmental Authorities in respect of the conduct of its business and the ownership of its  property, including all applicable Environmental Laws, other than those the noncompliance with which  would not individually or in the aggregate be reasonably expected to have a Material Adverse Effect.  The  Parent Guarantor will, in its reasonable business judgment, maintain in effect and enforce policies and  procedures designed to ensure compliance by the Parent Guarantor, its Subsidiaries and their respective  directors, officers, employees and agents with Anti-Corruption Laws and Anti-Terrorism Laws applicable  to the Credit Parties and their Subsidiaries.  (b) Non-U.S. Plans in the United Kingdom and Ireland.  (i) The Parent Guarantor shall ensure that neither it nor any of its Restricted  Subsidiaries is or has been at any time an employer (for the purposes of sections 38 to 51 of the  United Kingdom Pensions Act 2004) of an occupational pension scheme which is not a money  purchase scheme (both terms as defined in the United Kingdom Pension Schemes Act 1993) or  “connected” with or an “associate” of (as those terms are used in sections 38 or 43 of the United  Kingdom Pensions Act 2004) such an employer.  (ii) The Parent Guarantor shall ensure that all pension schemes operated by or  maintained for the benefit of itself, any of its Restricted Subsidiaries and/or any of their employees  

 

   -92-     are fully funded based on the statutory funding objective under sections 221 and 222 of the United  Kingdom Pensions Act 2004 and that no action or omission is taken by the Parent Guarantor or any  of its Restricted Subsidiaries in relation to such a pension scheme which has or is reasonably likely  to have a Material Adverse Effect (including the termination or commencement of winding-up  proceedings of any such pension scheme or the Parent Guarantor or any of its Restricted  Subsidiaries ceasing to employ any member of such a pension scheme).    (iii) The Parent Guarantor shall ensure that all pension schemes operated by or  maintained for itself or any Credit Party organized under the laws of Ireland which are defined  benefit pension schemes are fully funded on the basis of applicable Irish legislative requirements  and that no action is taken or omission is made by the Parent Guarantor or any such Credit Party in  relation to such a pension scheme which has or is reasonably likely to have a Material Adverse  Effect (including the termination or commencement of winding-up proceedings of any such  pension scheme or the Parent Guarantor or any of its Restricted Subsidiaries ceasing to employ any  member of such a pension scheme).  (c) Canadian Pension Plans.  Each Credit Party will, and will cause each of its Restricted  Subsidiaries to, ensure that it does not establish or otherwise incur any obligations or liabilities with respect  to any Canadian Defined Benefit Pension Plan.    Section 6.08 Compliance with Environmental Laws.  Without limitation of the covenants  contained in Section 6.07:  (a) Each Credit Party will comply, and will cause each of its Restricted Subsidiaries to comply,  with all Environmental Laws applicable to the ownership, lease or use of all Real Property now or hereafter  owned, leased or operated by such Credit Party or any of its Restricted Subsidiaries, and will promptly pay  or cause to be paid all costs and expenses incurred in connection with such compliance, except to the extent  that such compliance with Environmental Laws is being contested in good faith and by appropriate  proceedings and for which adequate reserves have been established to the extent required by GAAP, or  where non-compliance would not reasonably be expected to have a Material Adverse Effect.  (b) Each Credit Party will keep or cause to be kept, and will cause each of its Restricted  Subsidiaries to keep or cause to be kept, all Real Property free and clear of any Liens imposed pursuant to  applicable Environmental Laws other than Permitted Liens.  (c) No Credit Party nor any of its Restricted Subsidiaries will generate, use, treat, store, release  or dispose of, or permit the generation, use, treatment, storage, release or disposal of, Hazardous Materials  on any Real Property now or hereafter owned, leased or operated by the Credit Parties or any of their  Restricted Subsidiaries or transport or arrange for the transportation of Hazardous Materials to or from any  such Real Property other than in compliance with applicable Environmental Laws and in the ordinary course  of business, except to the extent that any noncompliance with Environmental Laws is being contested in  good faith and by appropriate proceedings for which adequate reserves have been established to the extent  required by GAAP, or where non-compliance would not reasonably be expected to have a Material Adverse  Effect.  (d) If required to do so under any binding and applicable order of any Governmental Authority,  each Credit Party will undertake, and cause each of its Restricted Subsidiaries to undertake any clean up,  removal, remedial or other action necessary to remove and clean up any Hazardous Materials from any  Real Property owned, leased or operated by the Credit Parties or any of their Restricted Subsidiaries in  accordance with, in all material respects, the requirements of all applicable Environmental Laws and in  accordance with, in all material respects, such orders of all Governmental Authorities, except to the extent  

 

   -93-     that such Credit Party or such Restricted Subsidiary contesting such order in good faith and by appropriate  proceedings for which adequate reserves have been established to the extent required by GAAP, or where  non-compliance with any such order would not reasonably be expected to have a Material Adverse Effect.  Section 6.09 Certain Subsidiaries to Join in Guaranty.    (a) U.S. Subsidiaries.  In the event that at any time after the Closing Date, any Credit Party  acquires, creates or has any U.S. Subsidiary (other than an Excluded Subsidiary (unless the Borrower elects  to designate such Excluded Subsidiary as a U.S. Subsidiary Guarantor by providing written notice to the  Administrative Agent of its intent to designate such Subsidiary as a U.S. Subsidiary Guarantor)) that is not  already a party to a U.S. Subsidiary Guaranty, such Credit Party will promptly, but in any event within 60  days (or such later date as the Administrative Agent agrees to in its reasonable discretion), cause such  Subsidiary to deliver to the Administrative Agent (i) a U.S. Subsidiary Guaranty, duly executed by such  U.S. Subsidiary, pursuant to which such U.S. Subsidiary becomes a U.S. Subsidiary Guarantor, (ii)  resolutions of the Board of Directors or equivalent governing body of such U.S. Subsidiary, certified by the  Secretary or an Assistant Secretary of such U.S. Subsidiary, as duly adopted and in full force and effect,  authorizing the execution and delivery of such U.S. Subsidiary Guaranty and the other Loan Documents to  which such U.S. Subsidiary is or will be a party, together with such other corporate documentation and an  opinion of counsel as the Required Lenders shall reasonably request, in each case, in form and substance  reasonably satisfactory to the Required Lenders and (iii) all such documents, instruments, agreements, and  certificates as are similar to those described in Section 6.10.    (b) Non-U.S. Subsidiaries.  Subject to the Agreed Security Principles, in the event that at any  time after the Closing Date, any Credit Party acquires, creates or has any Non-U.S. Subsidiary (other than  an Excluded Subsidiary (other than an Excluded Subsidiary that the Borrower elects to designate as a  Guarantor by providing written notice to the Administrative Agent of its intent to designate such Subsidiary  as a Guarantor; provided, that if the jurisdiction of organization of such Subsidiary is not the same as the  jurisdiction of organization of any existing Subsidiary Guarantor, the Administrative Agent shall have  consented to the designation of such Subsidiary as a Guarantor (which consent may be withheld in its  reasonable discretion))) that is not already a party to a Non-U.S. Subsidiary Guaranty, such Credit Party  will promptly, but in any event within 60 days (or such later date as the Administrative Agent agrees to in  its reasonable discretion), cause such Subsidiary to deliver to the Administrative Agent (i) a Non-U.S.  Subsidiary Guaranty, duly executed by such Subsidiary, pursuant to which such Subsidiary becomes a  Guarantor, (ii) resolutions of the Board of Directors or equivalent governing body of such Subsidiary (and,  in addition, in respect of any company incorporated in Sweden (a “Swedish Party”) a board resolution of  the direct parent company of the Swedish Party approving all the Loan Documents to be entered into by  that Swedish Party), certified by the Secretary or an Assistant Secretary or other officer of such Subsidiary,  as duly adopted and in full force and effect, authorizing the execution and delivery of such Non-U.S.  Subsidiary Guaranty and the other Loan Documents to which such Subsidiary is or will be a party, together  with such other corporate documentation and an opinion of counsel as the Required Lenders shall  reasonably request, in each case, in form and substance reasonably satisfactory to the Required Lenders and  (iii) all such documents, instruments, agreements, and certificates as are similar to those described in  Section 6.10.    (c) Subject to the Agreed Security Principles, in the event that any Person becomes a Non- U.S. Subsidiary of the Parent Guarantor and the ownership interests of such Non-U.S. Subsidiary are owned  by the Parent Guarantor or by any Subsidiary Guarantor, the Parent Guarantor shall, or shall cause such  Subsidiary Guarantor to, deliver, all such documents, instruments, agreements, and certificates as are  similar to those described in Section 6.10, and the Parent Guarantor shall take, or shall cause such  Subsidiary Guarantor to take, all of the actions required under Section 6.10.    

 

   -94-     Section 6.10 Additional Security; Further Assurances; Real Property Matters; Etc..    (a) Additional Security.  Subject in the case of any Non-U.S. Assets (as defined in the Agreed  Security Principles) to the Agreed Security Principles and subpart (b) below, if any Credit Party acquires,  owns or holds a fee simple ownership interest in (i) any Real Property on which a Landing Site is located,  to the extent that such Real Property has a fair market value in excess of $10,000,000 for any such Real  Property and $50,000,000 in the aggregate for all such owned Real Property not covered by a Mortgage (in  each case, with fair market value determined at the time of acquisition and agreed to by the Required  Lenders), or (ii) any personal property that is not at the time included in the Collateral, the Borrower will,  in the case of each of clauses (i) and (ii) above, promptly notify the Administrative Agent in writing of such  event, identifying the property or interests in question and referring specifically to the rights of the  Administrative Agent and the Lenders under this Section, and the applicable Credit Party will, within 60  days (or within 120 days in the case of any owned Real Property located in the United States, or within 150  days in the case of any owned Real Property located in a jurisdiction other than the United States) following  request by the Administrative Agent (at the direction of the Required Lenders) (or such later date as the  Administrative Agent (at the direction of the Required Lenders) agrees to in its reasonable discretion), grant  to the Administrative Agent for the benefit of the Secured Creditors a Lien on such Real Property or such  personal property pursuant to the terms of such security agreements, assignments, Mortgages or other  documents as the Required Lenders reasonably deem appropriate (collectively, the “Additional Security  Documents”) or a joinder in any existing Security Document.  Furthermore, the Borrower or such other  Credit Party shall cause to be delivered to the Administrative Agent such opinions of local counsel,  resolutions (including any necessary member or shareholder resolutions) and other related documents  (including, in the case of any Real Property that becomes subject to a Mortgage, all of the items required  to be provided with respect to each Mortgaged Real Property pursuant to Section 6.10(d)(ii) or 6.10(d)(iii)  below, as applicable) as may be reasonably requested in writing by the Required Lenders in connection  with the execution, delivery and recording of any such Additional Security Document or joinder, all of  which documents shall be in form and substance reasonably satisfactory to the Administrative Agent and  the Required Lenders.  (b) [Reserved].      (c) Further Assurances.  Subject to the limitations set forth in Section 6.09 and this Section  6.10, the Credit Parties will, and will cause each of their respective Restricted Subsidiaries to, at the expense  of the Borrower, make, execute, endorse, acknowledge, file and/or deliver to the Administrative Agent (or,  if the Priming Facility Intercreditor Agreement and/or any other intercreditor agreement is in effect, its  agents, designee or bailee, in each case pursuant to the Priming Facility Intercreditor Agreement and/or  such other intercreditor agreement) from time to time such conveyances, financing statements, transfer  endorsements, powers of attorney, certificates, and other assurances or instruments and take such further  steps relating to the Collateral covered by any of the Security Documents as may be necessary or as the  Administrative Agent or the Required Lenders may reasonably require, including any documents,  instruments and filings required by the Assignment of Claims Act of 1940 (provided, that the Borrower and  the Credit Parties shall be deemed to have satisfied their obligations under this Section 6.10(c) with respect  to the Assignment of Claims Act of 1940 upon delivery of forms signed solely by the Credit Parties).   Notwithstanding the foregoing, the Administrative Agent (at the direction of the Required Lenders) may  elect, in its reasonable discretion, not to require a pledge of, or take a security interest in, those assets as to  which the Required Lenders shall determine, in their reasonable discretion, that the costs (including adverse  tax consequences) of obtaining such Lien, pledge or security interest (including any mortgage, stamp,  intangibles or other tax) exceed the benefit to the Lenders of the security afforded thereby.  

 

   -95-     (d) Real Property Matters.    (i) Subject to the Funding Conditions Provision and Section 6.10(a)(i), the Credit Parties shall deliver  to the Administrative Agent:  (A) within 120 days after the Closing Date (or such later date as agreed to by the  Administrative Agent in its reasonable discretion), a Mortgage, in form and substance reasonably satisfactory to  the Administrative Agent, with respect to each Mortgaged Real Property that is owned in fee simple by a U.S.  Credit Party as of the Closing Date (or such later date as agreed to by the Administrative Agent in its reasonable  discretion) and located in the United States; and (B) within 150 days after the Closing Date (or such later date as  agreed to by the Administrative Agent in its reasonable discretion), a Mortgage, in form and substance satisfactory  to the Administrative Agent, with respect to each Mortgaged Real Property that is owned in fee simple by a Credit  Party as of the Closing Date and located in a jurisdiction outside of the United States.  (ii) Subject to Section 6.10(a)(i), the Credit Parties shall deliver to the Administrative Agent  with respect to each Mortgaged Real Property located in the United States or Canada, no later than the  date such parcel of Real Property becomes subject to a Mortgage (or within such other time limits as  specified below), all of the following:  (A) an American Land Title Association (ALTA) (or equivalent in the case of  any Real Property located in Canada) mortgagee title insurance policy or policies, or  unconditional commitments therefor (a “Title Policy”) issued by a title insurance company  reasonably satisfactory to the Required Lenders  (a “Title Company”), in an amount not  less than the amount reasonably required therefor by the Required Lenders (not to exceed  the book value of such Real Property), insuring fee simple title to, or a valid leasehold  interest in, such Real Property vested in the applicable Credit Party and assuring the  Required Lenders that the applicable Mortgage creates a valid and enforceable first priority  mortgage lien on the respective Real Property encumbered thereby, subject only to  Permitted Liens, which Title Policy shall include an endorsement for mechanics’ liens, for  revolving, “variable rate” and future advances under this Agreement and for any other  matters reasonably requested by the Required Lenders;  (B) if a mortgage recording or similar tax is imposed on the amount secured  by such Mortgage, then the amount secured by such Mortgage shall be limited to the  amount determined by the Required Lenders in accordance with Section 6.10(d)(ii)(A) of  such Real Property, as reasonably determined by the Credit Parties, and no appraisals shall  be required unless required pursuant to applicable legal requirements;  (C) copies of all recorded documents listed as exceptions to title or otherwise  referred to in the Title Policy or in such title report relating to such Real Property;  (D) with respect to any owned Real Property located in the United States, no  later than thirty (30) Business Days prior to the date on which such parcel of Real Property  becomes subject to a Mortgage, (1) evidence, which may be in the form of a letter or other  certification from the Title Company or from an insurance broker, surveyor, engineer or  other provider, as to (x) whether such Real Property is a Flood Hazard Property, and (y) if  such Real Property is a Flood Hazard Property, (a) whether the community in which such  Flood Hazard Property is located is participating in the National Flood Insurance Program,  (b) the applicable Credit Party’s written acknowledgment of receipt of written notification  from the Required Lenders as to the fact that such Real Property is a Flood Hazard Property  and whether the community in which such Flood Hazard property is located is participating  in the National Flood Insurance Program, and (c) evidence that the applicable Credit Party  has obtained flood insurance in respect of such Flood Hazard Property on terms and in such  amounts required to comply with the Flood Disaster Protection Act (as amended from time  

 

   -96-     to time) or other applicable law, including the applicable regulations of the Board of  Governors of the Federal Reserve System;  (E) to the extent required by the Title Company for deletion of the so-called  “survey exception”, a survey of such Real Property, certified by a licensed professional  surveyor in a manner sufficient for the Title Company to remove such “survey exception”,  or survey coverage in the Title Policy satisfactory to the Required Lenders, acting  reasonably;  (F) a certificate of the Parent Guarantor identifying any Phase I, Phase II or  other environmental report received in draft or final form by any Credit Party during the  three-year period prior to the date of execution of the Mortgage relating to such Real  Property and/or the operations conducted therefrom, or stating that no such draft or final  form reports have been received by any Credit Party, together with true and correct copies  of all such environmental reports so listed (in draft form, if not finalized); and  (G) an opinion of local counsel admitted to practice in the jurisdiction in which  such Real Property is located, satisfactory in form and substance to the Required Lenders,  as to the validity and effectiveness of such Mortgage as a lien on such Real Property  encumbered thereby (or in the case of any such Real Property located in Canada, as to the  enforceability of such Mortgage), provided, that such opinion may assume, and no  additional opinion will be required with respect to the power, authority, authorization and  due execution and delivery by the applicable Credit Party of such Mortgage.  (iii) Subject to the Agreed Security Principles and Section 6.10(a)(i), the Credit Parties shall deliver to  the Administrative Agent with respect to each Mortgaged Real Property located in a jurisdiction other than the  United States or Canada, no later than the date such parcel of Real Property becomes subject to a Mortgage, all  such title insurance, flood insurance (to the extent required by applicable law), Phase I or equivalent environmental  reports, surveys, documents, instruments, agreements, opinions and certificates are customarily required by lenders  under similar financings with secured assets in the applicable country and as are reasonably agreed upon by the  parties to the EMEA Facility Security Documents, in each case in form reasonably satisfactory to the Required  Lenders with respect to each such Real Property to create in favor of the Administrative Agent, for the benefit of  the Secured Creditors, a valid and, subject to any filing and/or recording referred to herein, perfected first priority  security interest (where applicable) in such Real Property.  (iv) Subject to Section 6.10(a)(i), with respect to each Mortgaged Real Property located in the  United States, no later than thirty (30) Business Days prior to the date on which such parcel of Real  Property becomes subject to a Mortgage, the Required Lenders shall deliver (A) to the Administrative  Agent, a completed standard “life of loan” flood hazard determination form, (B) if such Real Property is  a Flood Hazard Property, (1) to the Parent Guarantor, notice of that fact and, if applicable, notice that  flood insurance coverage under the National Flood Insurance Program is not available because the  community in which the Real Property is located does not participate in the National Flood Insurance  Program, (2) to the Administrative Agent, evidence of the receipt by the Parent Guarantor of such notice  and (C) to the Administrative Agent, if such notice is required to be provided to the Parent Guarantor  and flood insurance is available in the community in which such Real Property is located, evidence of  the required flood insurance.  Notwithstanding anything to the contrary herein, no Mortgage shall be  required to be executed with respect to any Real Property pursuant to the terms hereof or any other Loan  Documents unless and until each Lender has confirmed to the Administrative Agent in writing its  satisfaction with flood insurance due diligence and compliance.  (e) Closing Date Collateral.  To the extent that any security interests (including the creation or  perfection thereof) in any Collateral cannot be provided or perfected on the Closing Date after the  

 

   -97-     Borrower’s use of commercially reasonable efforts to do so (other than (1) grants of security interests in  Collateral subject to the UCC that may be perfected by the filing of UCC financing statements (but  excluding transmitting utility financing statements, which, if applicable, will be required to be filed within  ten (10) Business Days following the Closing Date)) and (2) the filing of short-form security agreements  with the United States Patent and Trademark Office or the United States Copyright Office (as applicable),  the provision and/or perfection of security interests therein shall not constitute a condition precedent to the  availability of the Credit Facility on the Closing Date, but shall be required to be provided and/or perfected  pursuant to arrangements and timing to be mutually agreed by the Required Lenders and the Borrower,  each acting reasonably, within ninety (90) days following the Closing Date (or (x) one hundred twenty  (120) days following the Closing Date in the case of any actions necessary to provide and/or perfect a  security interest that is required to be granted and perfected in any facility constituting Real Property that  is owned by a U.S. Credit Party and located in the United States (or, in any case, such longer period as may  be agreed by the Required Lenders)) and (y) one hundred fifty (150) days following the Closing Date in the  case of any actions necessary to provide and/or perfect a security interest that is required to be granted and  perfected in any facility constituting Real Property that is owned by a Non-U.S. EMEA Credit Party and  located in its jurisdiction of organization (solely, in each case, to the extent that the creation or perfection  of such security interest is required under the applicable Loan Documents or, in each case such later date  as may be agreed by the Administrative Agent (at the direction of the Required Lenders)) (collectively, the  “Funding Conditions Provision”); provided that:   (i) [reserved];  (ii) except as otherwise provided in this Agreement and with respect to any actions  required in any non-U.S. jurisdiction in order to provide or perfect any security interests in such  Collateral, within 120 days following the Closing Date (or such later date as agreed to by the  Administrative Agent in its reasonable discretion), the Parent Guarantor, the Borrower and each  Closing Date Subsidiary Guarantor shall have duly executed and delivered (A) such Non-U.S.  Security Agreements or other Security Documents and such other agreements, instruments and  documents relating to the Collateral owned by the Parent Guarantor, the Borrower or such Closing  Date Subsidiary Guarantor, in form, substance and scope comparable to the collateral  documentation executed by the Parent Guarantor, the Borrower or such Closing Date Subsidiary  Guarantor in connection with the Existing Credit Agreement, or otherwise reasonably satisfactory  to the Administrative Agent, and (B) such resolutions (including any necessary member or  shareholder resolutions), certificates, legal opinions and other related documents as may be  reasonably requested by the Required Lenders in connection with the execution, delivery and  recording of any such Non-U.S. Security Agreements or other Security Documents, all of which  documents shall be in form and substance reasonably satisfactory to the Administrative Agent; and    (iii) in respect of any Restricted Subsidiary incorporated in the United Kingdom (or  political subdivision thereof) whose shares are the subject to Liens created by the Security  Documents (a “Charged Company”), the Administrative Agent shall have received either:  (A) a certificate of an authorized signatory of the Parent Guarantor certifying that:  (1) each of it and its Restricted Subsidiaries has complied within the relevant  timeframe with any notice it has received pursuant to Part 21A of the United Kingdom Companies  Act 2006 from that Charged Company; and  (2) no “warning notice” or “restrictions notice” (in each case as defined in  Schedule 1B of the United Kingdom Companies Act 2006) has been issued in respect of  those shares,  

 

   -98-     together with a copy of the “PSC register” (within the meaning of section 790C(10) of the United  Kingdom Companies Act 2006) of that Charged Company which is certified by an Authorized  Officer of the Parent Guarantor to be correct, complete and not amended or superseded as at a date  no earlier than the Closing Date; or  (B) a certificate of an Authorized Officer of the Parent Guarantor certifying that such  Charged Company is not required to comply with Part 21A of the United Kingdom Companies Act  2006.  (f) Taxes.  The Credit Parties shall have paid or caused to be paid all costs and expenses  payable in connection with all of the actions set forth in Section 6.10(d), including but not limited to (A)  all mortgage, intangibles or similar taxes or fees, however characterized, payable in respect of this  Agreement, the execution and delivery of the Notes, any of the Mortgages or any of the other Loan  Documents or the recording of any of the same or any other documents related thereto; and (B) all expenses  and premiums of the Title Company in connection with the issuance of such policy or policies of title  insurance and to all costs and expenses required for the recording of the Mortgages or any other Loan  Documents or any other related documents in the appropriate public records.  Section 6.11 Maintenance of Ratings.  The Parent Guarantor shall use commercially  reasonable efforts to obtain (within 30 days of the Closing Date) and maintain public corporate credit and  corporate family ratings (but not any particular level) of the Parent Guarantor from S&P, Fitch and  Moody’s, respectively, and public ratings and public recovery ratings (but not any particular level) from  S&P, Fitch and Moody’s for the credit facilities provided pursuant to this Agreement.    Section 6.12 Use of Proceeds.  Use the proceeds of the Loans only for the purposes set forth  in Section 5.06 only to support obligations of the Parent Guarantor or its Subsidiaries.  Section 6.13 [Reserved].    Section 6.14 United Kingdom People with Significant Control Regime.  Each Credit Party  shall (and the Parent Guarantor shall ensure that each of its Restricted Subsidiaries will):  (a) within the relevant timeframe, comply with any notice it receives pursuant to Part 21A of  the United Kingdom Companies Act 2006 from any company incorporated in the United Kingdom (or any  political subdivision thereof) whose shares are the subject of Liens under the Security Documents; and   (b) promptly provide the Administrative Agent with a copy of such notice.  Section 6.15 Post-Closing Obligations.  Each Credit Party shall deliver the documents and  take the actions, as applicable, set forth on Schedule 6.15 within the time periods specified therein.  Section 6.16 Additional Covenants.  The Parent Guarantor shall:   (a) host one conference call with Private-Side Lenders at a time to be agreed between the  Parent Guarantor and the Required Lenders every two weeks beginning with the week ending Saturday,  January 9, 2021 to discuss cash flows, operations and the status and process of the disposition of the  Infrastructure Business and accounting review; provided that the Parent Guarantor shall not be required to  disclose any information which, in the good faith determination of the Parent Guarantor, if disclosed may  result in a waiver of attorney-client privilege or the violation of any confidentiality agreement, non- disclosure agreement or similar agreement;   

 

   -99-     (b) (i) cause the Strategic Planning Committee to perform duties consistent with its  constitutional documents, (ii) cause Alvarez & Marsal North America LLC to provide weekly updates to  the Strategic Planning Committee with respect to the progress and status of the plan described in clause  (c)(iii) of this Section 6.16, and (iii) provide to the Private-Side Lenders the information described in  Sections 6.3(b) and (c) of the Existing Infrastructure Sale Agreement substantially concurrently with the  delivery of such information to the Buyer (as defined in the Existing Infrastructure Sale Agreement); and  (c) satisfy the following milestones on or before the dates indicated below (collectively, the  “Milestones”):  (i) use commercially reasonable efforts to cause, as promptly as practicable (but in no event  later than January 8, 2021), two additional directors (the “Additional Directors”) to be appointed to the  Parent Board and the Strategic Planning Committee and one observer (the “Additional Observer”) to be  appointed to the Strategic Planning Committee, which Additional Directors and Additional Observer  shall be appointed by the Parent Board from a list of at least six (6) candidates provided prior to the  execution of this Agreement by the Steering Committee, or shall otherwise be acceptable to the Steering  Committee;   (ii) immediately following the appointment of the Additional Directors to the Strategic  Planning Committee, cause one of the currently serving members of the Strategic Planning Committee  to resign from the Strategic Planning Committee;  (iii) not later than January 15, 2021, the Parent Guarantor shall propose to the Steering  Committee an additional candidate for appointment to the Parent Board, which candidate shall be  “independent” under the rules of the New York Stock Exchange and shall also have relevant  transactional/restructuring experience (the “New Independent Director”), and unless the Steering  Committee reasonably objects in writing to the proposed New Independent Director within 24 hours of  being provided the name and background of such proposed New Independent Director (which objection  shall be based solely on the grounds that the proposed candidate is not “independent” under the rules of  the New York Stock Exchange or does not have relevant transactional/restructuring experience), the  Steering Committee shall be deemed to have approved the New Independent Director’s appointment to  the Parent Board;  (iv) promptly after the New Independent Director has been appointed to the Parent Board, the  Parent Board shall appoint the New Independent Director to the Strategic Planning Committee and,  immediately after such appointment to the Strategic Planning Committee is effective, one of the then- serving members of the Strategic Planning Committee (who is not an Additional Director) shall resign  from the Strategic Planning Committee and become an observer to the Strategic Planning Committee;  (v) use commercially reasonable efforts to host, by no later than January 8, 2021, a conference  call between the financial advisor to the Ad Hoc Lender Group, the financial advisor to the Ad Hoc  Noteholder Group, the financial advisor to the Parent Guarantor and I Squared Capital to discuss the  Existing Infrastructure Sale Agreement and the Infrastructure Business;   (vi) on or prior to January 31, 2021, produce a plan to the Ad Hoc Lender Group and Ad Hoc  Noteholder Group with respect to the Borrower’s tax strategy and implementation of balance sheet  recapitalization, which shall be reasonably acceptable to a majority of the Ad Hoc Lender Group and a  majority of the Ad Hoc Noteholder Group; and  

 

   -100-     (vii) deliver to the Ad Hoc Lender Group Advisors and the Ad Hoc Noteholder Group Advisors  the KPMG VDD Report (as defined in the Existing Infrastructure Sale Agreement) within five (5)  Business Days after the delivery thereof to the Buyer.  ARTICLE VII.    NEGATIVE COVENANTS  Each of the Parent Guarantor and the Borrower hereby covenants and agrees, that on the Closing  Date and thereafter for so long as this Agreement is in effect and until such time as the Commitments have  been terminated, no Notes remain outstanding and the Loans, together with interest, fees and all other  Obligations incurred hereunder and under the other Loan Documents, have been paid in full (excluding any  contingent indemnity and reimbursement obligations which survive termination of the Loan Documents  and in respect of which no claim has been made) as follows:  Section 7.01 Changes in Business.  No Credit Party nor any of its Restricted Subsidiaries will  engage in any business other than the businesses engaged in by the Credit Parties and its Restricted  Subsidiaries on the Closing Date and any other business reasonably related, complementary or ancillary  thereto.  With respect to each Credit Party and Restricted Subsidiary subject to the European Insolvency  Regulation and each Credit Party which is a U.K. Entity, no such Credit Party will, nor will it permit any  of its Restricted Subsidiaries to, knowingly, without the prior written consent of the Administrative  Agent, change its centre of main interests (as that term is used in Article 3(1) of the European Insolvency  Regulation) or its place of central administration unless it is changing to a centre of main interests and  place of central administration located in the same country as the original centre of main interests.  Section 7.02 Consolidation, Merger, Acquisitions, Asset Sales, etc.  No Credit Party will, nor  will any Credit Party permit any of its Restricted Subsidiaries to, (i) wind up, liquidate or dissolve its  affairs, (ii) enter into any transaction of merger, consolidation or amalgamation, (iii) make or otherwise  effect any Acquisition, (iv) make or otherwise effect any Asset Sale, except that each of the following  shall be permitted:  (a) (i) the merger, consolidation or amalgamation of (A) any Restricted Subsidiary of the  Parent Guarantor with or into the Parent Guarantor or the Borrower; provided, that the Parent Guarantor or  the Borrower is the surviving or continuing or resulting corporation; (B) any Restricted Subsidiary of the  Parent Guarantor with or into any Subsidiary Guarantor; provided, that the surviving or continuing or  resulting corporation is a Subsidiary Guarantor; or (C) any Subsidiary of the Parent Guarantor that is not a  Credit Party with or into any other Subsidiary of the Parent Guarantor that is not a Credit Party or (ii) any  Holding Company Merger; provided, that substantially concurrently with the consummation of such  Holding Company Merger, (x) New Parent shall provide a guarantee of the Obligations in a form reasonably  satisfactory to the Administrative Agent, (y) New Parent shall deliver to the Administrative Agent the  documents required of a U.S. Subsidiary or Credit Party under Sections 6.09(a) and 6.10 (including in  respect of the Equity Interests of the Parent Guarantor held by the New Parent. but excluding, for the  avoidance of doubt, any Security Document in regard of the Equity Interests of New Parent), in each case,  in a form reasonably satisfactory to the Administrative Agent and (z) the Administrative Agent (acting at  the direction of the Required Lenders), New Parent and Parent Guarantor shall negotiate in good faith to  execute amendments to the Loan Documents such that the representations and warranties, covenants, events  of default and other similar provisions herein and therein that currently apply to the Parent Guarantor also  apply to New Parent; provided, further, that this Section 7.02(a) shall supersede any provisions in Section  11.12 to the contrary;  

 

   -101-     (b) so long as no Specified Event of Default has occurred and is continuing, or would result  therefrom, any Asset Sale by (i) any U.S. Credit Party to any other U.S. Credit Party, (ii) any Restricted  Subsidiary that is not a Credit Party to any Credit Party; (iii) any Non-U.S. Subsidiary of the Parent  Guarantor that is a Credit Party to any other Credit Party, or (iv) any Restricted Subsidiary that is not a  Credit Party to any other Restricted Subsidiary that is not a Credit Party; provided, that to the extent any  such Asset Sale constitutes an Investment, it shall be permitted under Section 7.05 (other than Section  7.05(q));   (c) any transaction permitted pursuant to Section 7.05 or 7.06;  (d) the Parent Guarantor or any of its Restricted Subsidiaries may consummate any Asset Sale,  provided, that (i) the consideration for each such Asset Sale represents fair market value and at least 75%  of such consideration consists of cash, (ii) in the case of any Asset Sale involving consideration in excess  of $20,000,000, at least three (3) Business Days prior to the date of completion of such Asset Sale, the  Parent Guarantor shall have delivered to the Administrative Agent an officer’s certificate executed by an  Authorized Officer, which certificate shall contain (A) a description of the proposed transaction, the date  such transaction is scheduled to be consummated, the estimated sale price or other consideration for such  transaction, and (B) a certification that no Event of Default has occurred and is continuing, or would result  from consummation of such transaction and (iii) the Parent Guarantor or such Restricted Subsidiary uses  the proceeds of such Asset Sale to prepay the Loans as and to the extent required by Section 2.13(c)(v);  (e) [reserved];   (f) [reserved];  (g) in addition to any Asset Sale permitted herein, the Parent Guarantor or any of its Restricted  Subsidiaries may consummate other Asset Sales in an amount not to exceed, in any fiscal year, the greater  of (x) $100,000,000 and (y) an amount equal to 20% of Pro Forma EBITDA for the Testing Period most  recently ended, provided, that the Parent Guarantor or such Restricted Subsidiary uses the proceeds of such  Asset Sale to prepay the Loans as and to the extent required by Section 2.13(c)(v);   (h) [reserved];  (i) so long as no Event of Default has occurred and is continuing, or would result therefrom,  any Restricted Subsidiary other than the Borrower may dissolve, liquidate or wind up its affairs (x) if the  Parent Guarantor determines in good faith that such dissolution, liquidation or winding up is in the best  interests of the Credit Parties taken as a whole and (y) so long as, if such Restricted Subsidiary is a  Guarantor, the assets or business of such Restricted Subsidiary shall be transferred to, or otherwise owned  and conducted by, a Credit Party;   (j) Ordinary Course Dispositions;  (k) the settlement, termination or unwinding of any Hedging Obligations or Permitted Equity  Derivative;   (l) dispositions of Equity Interests in any Subsidiary prior to the time such Subsidiary becomes  a wholly-owned Subsidiary, in each case pursuant to any stock appreciation rights, plans, equity incentive  or achievement plans or any similar plans or the exercise of warrants, options or other securities convertible  into or exchangeable for the Equity Interests of such Subsidiary, so long as such rights, plans, warrants,  options or other securities were not entered into or issued in connection with or in contemplation of such  person becoming a Subsidiary; and  

 

   -102-     (m) subject to the Infrastructure Reorganization Principles, the Parent Guarantor and/or its  Restricted Subsidiaries may consummate any of the following to the extent necessary to consummate an  Infrastructure Reorganization and/or any other transaction contemplated pursuant to an Infrastructure Sale  Agreement (in each case, excluding the disposition of all or any portion of the Infrastructure Business to a  Person that is not an Affiliate of the Parent Guarantor): (i) in the case of any Restricted Subsidiary (other  than the Borrower), wind up, liquidate or dissolve its affairs; (ii) enter into any transaction of merger,  consolidation or amalgamation among the Parent Guarantor and/or the Restricted Subsidiaries; (iii) make  or otherwise effect any Acquisition among the Parent Guarantor and/or the Restricted Subsidiaries; and (iv)  make or otherwise effect any Asset Sale among the Parent Guarantor and/or the Restricted Subsidiaries.  Section 7.03 Liens.  No Credit Party will, nor will any Credit Party permit its Restricted  Subsidiaries to, create, incur, assume or suffer to exist any Lien upon or with respect to any property or  assets of any kind of such Credit Party or such Restricted Subsidiary whether now owned or hereafter  acquired, except that the foregoing shall not apply to:  (a) any Standard Permitted Lien;  (b) Liens in existence on the Closing Date that are listed in Schedule 7.03 hereto and any  renewals or extensions thereof; provided, that (i) the property covered thereby is not changed, (ii) the  amount secured or benefited thereby is not increased except as contemplated by Section 7.04(b), and (iii)  the direct or any contingent obligor with respect thereto is not changed;  (c) Liens securing Indebtedness permitted pursuant to Section 7.04(c); provided, that (i) any  such Liens attach only to the property being financed pursuant to such Indebtedness, (ii) do not encumber  any other property of any Credit Party or their Restricted Subsidiaries, (iii) the principal amount of the  Indebtedness secured by any such Lien shall not exceed the cost of the property secured by such Lien, and  (iv) the principal amount of such Indebtedness is not increased and such Indebtedness is not secured by any  additional assets;   (d) any Lien granted to the Administrative Agent securing any of the Obligations or any other  Indebtedness of the Credit Parties under the Loan Documents;  (e) [reserved];  (f) Liens on cash collateral and certificates of deposit securing Indebtedness permitted  pursuant to Section 7.04(q) in an amount not to exceed $1,000,000 at any time;   (g) Liens existing on property at the time of its acquisition or existing on the property of any  Person at the time such Person becomes a Restricted Subsidiary (other than Liens on the Equity Interests  of any Person that becomes a Restricted Subsidiary), in each case, on or after the Closing Date (provided,  that (x) such Lien was not created in contemplation of such acquisition or such Person becoming a  Restricted Subsidiary, (y) such Lien does not extend to or cover any assets or property other than the assets  or property subject to such Lien prior to the date such assets or property is acquired or such Person becomes  a Restricted Subsidiary, as applicable, and (z) to the extent such Lien is securing indebtedness, such secured  indebtedness is otherwise permitted to be incurred pursuant to Section 7.04);  (h) the Microsoft Permitted Liens and Key Customer Liens;   (i) Liens securing Indebtedness permitted pursuant to Sections 7.04(s);   

 

   -103-     (j) Liens on the Collateral owned by any U.S. Credit Party securing Junior Lien Indebtedness  permitted pursuant to Section 7.04(k);   (k) other Liens of the Parent Guarantor and its Restricted Subsidiaries in an aggregate  outstanding principal amount not to exceed the greater of (x) $40,000,000 and (y) an amount equal to 7.5%  of Pro Forma EBITDA for the most recently ended Testing Period; provided, that such Liens are junior in  priority to the Liens securing the Obligations, subject to an intercreditor agreement reasonably satisfactory  to the Required Lenders and the assets or property subject to such Liens constitute Collateral;   (l) Liens on any Equity Interests of Unrestricted Subsidiaries in existence as of the Closing  Date;  (m) Liens securing Indebtedness permitted pursuant to Section 7.04(l) and other obligations  under the Loan Documents (as defined in the Existing Credit Agreement); provided, that such Liens are  subject to the Priming Facility Intercreditor Agreement;   (n) Liens incurred in connection with an Infrastructure Reorganization consummated in  accordance with the Infrastructure Reorganization Principles and/or the disposition of all or any portion of  the Infrastructure Business pursuant to an Infrastructure Sale Agreement; provided that any Lien incurred  pursuant to this clause (n) does not secure Indebtedness; and  (o) Liens including any netting or set-off as a result of a fiscal unity (fiscale eenheid) for Dutch  corporate income tax purposes or Dutch VAT purposes between Restricted Subsidiaries incorporated in the  Netherlands.  Section 7.04 Indebtedness.  No Credit Party will, nor will any Credit Party permit any of its  Restricted Subsidiaries to, contract, create, incur, assume or suffer to exist any Indebtedness of the Credit  Parties or any of their respective Restricted Subsidiaries, except:  (a) Indebtedness incurred under this Agreement and the other Loan Documents;  (b) the Indebtedness existing on the Closing Date and set forth on Schedule 7.04 hereto and  any Permitted Refinancing thereof;  (c) Indebtedness of the Credit Parties and their Restricted Subsidiaries incurred to finance the  acquisition, construction, repair, replacement or improvement of any fixed or capital assets, including  Capitalized Lease Obligations and Purchase Money Indebtedness in an aggregate amount at any one time  outstanding not to exceed the greater of (x) $120,000,000 and (y) an amount equal to 20% of Pro Forma  EBITDA for the most recently ended Testing Period;  (d) Indebtedness of Non-Credit Parties in an aggregate amount at any one time outstanding not  to exceed the greater of (x) $60,000,000 and (y) an amount equal to 10% of Pro Forma EBITDA for the  most recently ended Testing Period;  (e) any intercompany loans and/or notes (i) made by the Parent Guarantor or any of its  Restricted Subsidiaries to the Parent Guarantor or any of its Restricted Subsidiaries, as applicable, to the  extent existing on the Closing Date (provided, that such intercompany loans were not incurred in connection  with the Transactions), (ii) made by any Non-Credit Party to any other Non-Credit Party, (iii) made by any  U.S. Credit Party to any other U.S. Credit Party, (iv) made by any Credit Party to any U.S. Credit Party, (v)  made by a Credit Party to any other Credit Party, (vi) made by any U.S. Credit Party to any Credit Party in  an aggregate principal amount not to exceed the greater of (x) $125,000,000 and (y) an amount equal to  

 

   -104-     25% of Pro Forma EBITDA for the most recently ended Testing Period, (vii) made by a Credit Party to any  Non-Credit Party in an aggregate principal amount at any time outstanding not to exceed the greater of (x)  $60,000,000 and (y) an amount equal to 10% of Pro Forma EBITDA for the most recently ended Testing  Period and/or (viii) among the Parent Guarantor and/or any Restricted Subsidiary in connection with or  related to an Infrastructure Reorganization consummated in accordance with the Infrastructure  Reorganization Principles; provided, that all such intercompany loans are subject to the Intercompany  Subordination Agreement;  (f) (i) Indebtedness of the Parent Guarantor and its Subsidiaries under Hedge Agreements;  provided, that such Hedge Agreements have been entered into in the ordinary course of business and not  for speculative purposes and (ii) Indebtedness consisting of obligations under any Permitted Equity  Derivatives;   (g) Indebtedness constituting Guaranty Obligations permitted by Section 7.05;  (h) [reserved];  (i) unsecured Indebtedness; provided, that (i) no Event of Default shall exist and be continuing  at the time such Indebtedness is assumed or incurred or would result therefrom, (ii) on a Pro Forma Basis  immediately after giving effect to the assumption or incurrence of such Indebtedness and any related  transactions, the Consolidated Total Net Leverage Ratio does not exceed 6.00:1.00 (excluding, solely for  the purposes of this calculation, the cash proceeds of any such Indebtedness being incurred at such time),  (iii) the final maturity of such Indebtedness shall not be earlier than 91 days after the latest Maturity Date  then in effect, (iv) the weighted average life to maturity of such Indebtedness shall not be shorter than 91  days after the weighted average life to maturity of any outstanding Term Loans; provided, that (x) the  aggregate outstanding principal amount of Indebtedness incurred pursuant to this Section 7.04(i) of the  Non-U.S. EMEA Credit Parties (or any of them) shall not exceed the EMEA Ratio Debt Cap and (y) the  amount of such Indebtedness incurred by Non-Credit Parties shall not exceed $25,000,000 in the aggregate  at an time outstanding and (v) such Indebtedness is subject to subordination on terms reasonably satisfactory  to the Required Lenders;  (j) Indebtedness arising from agreements of any Credit Party or any of their Restricted  Subsidiaries providing for indemnification, adjustment of purchase price, working capital adjustments or  similar adjustments (including earn-out obligations), in each case, whether or not evidenced by a note, and  incurred or assumed in connection with any Asset Sale or Investment permitted under this Agreement (any  such obligations, “Deferred Acquisition Obligations”);   (k) other Indebtedness of the Parent Guarantor and its Restricted Subsidiaries in an aggregate  outstanding principal amount not to exceed $5,000,000; provided, that, to the extent such Indebtedness is  secured, the Liens securing such Indebtedness are junior in priority to the Liens securing the Obligations,  subject to an intercreditor agreement reasonably satisfactory to the Required Lenders, and the assets or  property subject to such Liens constitute Collateral;   (l) Indebtedness outstanding under the Existing Credit Agreement;  (m) Indebtedness incurred in favor of insurance companies (or their financing affiliates) in  connection with the financing of insurance premiums in the ordinary course of business;  (n) Indebtedness in respect of netting services, overdraft protections and otherwise in  connection with Deposit Accounts to the extent incurred in the ordinary course of business;  

 

   -105-     (o) Indebtedness consisting of obligations to make payments and/or promissory notes issued  by any Credit Party to finance the purchase or redemption of Equity Interests of the Parent Guarantor to the  extent the applicable Restricted Payment is not permitted by Section 7.06(d)(B); provided, that any such  Indebtedness shall be subject to the maximum cash consideration set forth in Section 7.06(d)(B);   (p) obligations in respect of surety, stay, customs and appeal bonds, bid or performance bonds  and performance and completion guaranties and obligations of a like nature (including letters of credit  related thereto), worker’s compensation claims, health, disability or other employee benefits or property,  casualty or liability insurance or self-insurance obligations, trade contracts, governmental contracts and  leases, in each case incurred in the ordinary course of business and not in connection with the borrowing of  money;  (q) reimbursement obligations with respect to (x) the letters of credit existing on the Closing  Date and set forth on Schedule 7.04(q) hereto and (y) banker acceptances, bank guarantees or other similar  instruments or obligations incurred in the ordinary course of business;   (r) the 2024 Notes outstanding on the Closing Date;   (s) to the extent constituting Indebtedness, deposits and advance payments received from  customers in the ordinary course of business consistent with past practices;   (t) Indebtedness (including any guaranties) incurred in connection with granting any IRU or  entering into similar arrangements conveying capacity, including put rights granted in connection therewith;   (u) non-cash accruals of interest, accretion or amortization of original issue discount and/or  pay-in-kind interest with respect to Indebtedness permitted under this Section 7.04;  (v) Indebtedness arising by operation of law as a result of the existence of a fiscal unity (fiscale  eenheid) for Dutch corporate income tax purposes or Dutch VAT purposes between Restricted Subsidiaries  incorporated in the Netherlands;  (w) Indebtedness of any Restricted Subsidiary incorporated in the Netherlands pursuant to a  declaration of joint and several liability in respect of another Restricted Subsidiary used for the purpose of  Section 2:403 of the Dutch Civil Code (and any residual liability under such declaration arising pursuant to  Section 2:404(2) of the Dutch Civil Code);   (x) [reserved];  (y) reimbursements owed to officers, directors, managers, consultants and employees of the  Parent Guarantor or any Restricted Subsidiary for business expenses of the Parent Guarantor or any  Restricted Subsidiary in the ordinary course of business;   (z) Indebtedness under daylight borrowing facilities incurred in connection with any  refinancing of Indebtedness (including by way of set-off or exchange) so long as any such Indebtedness is  repaid within three (3) days of the date on which such Indebtedness is incurred;   (aa) Indebtedness incurred in the ordinary course of business as a result of the operation of  capitalized property leases which relate to data centers and/or points of presences only;  

 

   -106-     (bb) Indebtedness under any agreement in relation to the provision of fiber cable or duct  incurred in the ordinary course of business that has the commercial effect of a trade creditor arrangement  but which is treated as a finance lease for accounting purposes; and  (cc) any Indebtedness incurred in relation to any part time worker arrangements in accordance  with the German Old-Age Employee Part Time Act (Altersteilzeitgesetz) pursuant to section 7(b) of book  IV of the German Social Act (Sozialgeetzbuch).  Section 7.05 Investments and Guaranty Obligations.  No Credit Party will, nor will any Credit  Party permit any of its Restricted Subsidiaries to, directly or indirectly, (i) make or commit to make any  Investment or (ii) be or become obligated under any Guaranty Obligations, except:  (a) Investments by the Parent Guarantor or any of its Restricted Subsidiaries in cash, Cash  Equivalents or Investment Grade Securities;  (b) any endorsement of a check or other medium of payment for deposit or collection, or any  similar transaction in the normal course of business;  (c) the Parent Guarantor and its Restricted Subsidiaries may acquire and hold receivables and  similar items owing to them in the ordinary course of business and payable or dischargeable in accordance  with customary trade terms;  (d) any Permitted Creditor Investment;  (e) loans and advances to officers, directors, consultants, managers and employees for  business-related travel expenses, moving expenses, costs of replacement homes, business machines or  supplies, automobiles and other similar expenses, in each case incurred in the ordinary course of business,  provided, the aggregate outstanding amount of all such loans and advances shall not exceed $5,000,000 at  any time;  (f) Investments existing as of the Closing Date and described on Schedule 7.05 hereto;   (g) any Guaranty Obligations of the Credit Parties or any of their respective Restricted  Subsidiaries in favor of the Secured Creditors pursuant to the Loan Documents;  (h) Investments of the Parent Guarantor and its Restricted Subsidiaries in Hedge Agreements  permitted to be entered into pursuant to this Agreement;  (i) Investments (A) of the Parent Guarantor or any of its Restricted Subsidiaries in any  Subsidiary existing as of the Closing Date (including in connection with the Transactions), (B) of the Parent  Guarantor or any of its Restricted Subsidiaries in any U.S. Credit Party made after the Closing Date, (C) of  any Non-U.S. EMEA Credit Party in any other Credit Party made after the Closing Date, (D) of any Non- Credit Party in any other Non-Credit Party, (E) of (x) U.S. Credit Parties in Non-U.S. EMEA Credit Parties  or (y) of Credit Parties in Non-Credit Parties, in each case under this clause (E) either (I) constituting  intercompany loans permitted by Section 7.04(e) or (II) in an aggregate amount not to exceed the greater  of (x) $100,000,000 and (y) an amount equal to 20% of Pro Forma EBITDA for the most recently ended  Testing Period and (F) any transfer pricing arrangements constituting Investments as in existence on the  Closing Date and any other transfer pricing arrangements consistent with past practice;  (j) Investments of any Non-Credit Party in any other Restricted Subsidiary of the Parent  Guarantor;  

 

   -107-     (k) intercompany loans and advances permitted by Section 7.04(e);  (l) [reserved];   (m) any Guaranty Obligation incurred by any Credit Party with respect to Indebtedness of  another Credit Party that is permitted by Section 7.04;   (n) [reserved];   (o) [reserved];  (p) Investments constituting deposits made in connection with the purchase of goods or  services in the ordinary course of business;   (q) Investments consisting of promissory notes and other non-cash consideration, in each case  received in connection with Asset Sales permitted by Section 7.02; provided, that subject to the Agreed  Security Principles, the applicable Credit Party complies with the requirements of the Security Documents  of which it is a party with respect to any such promissory notes or other instruments;  (r) Investments in the ordinary course of business consisting of Article 3 endorsements for  collection or deposit and Article 4 customary trade arrangements with customers consistent with past  practices;   (s) advances of payroll payments to employees in the ordinary course of business;   (t) Investments represented by Permitted Bond Hedge Transactions;  (u) Investments in connection with the Transactions;   (v) any Guaranty Obligation or indemnity securing liabilities to part-time retirees  (Altersteilzeit);   (w) any guarantee incurred in relation to any part time worker arrangements in accordance with  the German Old-Age Employee Part Time Act (Altersteilzeitgesetz) or sections 7(b), 7(e) of book IV of the  German Social Act (Sozialgesetzbuch IV); and  (x) subject to the Infrastructure Reorganization Principles, Investments among the Parent  Guarantor and/or the Restricted Subsidiaries that are necessary to consummate an Infrastructure  Reorganization and/or any other transaction pursuant to an Infrastructure Sale Agreement.  Section 7.06 Restricted Payments.  No Credit Party will, nor will any Credit Party permit any  of its Restricted Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any  Restricted Payment, except:  (a) the Parent Guarantor or any of its Restricted Subsidiaries may declare and pay or make  Capital Distributions that are payable solely in additional shares of its common stock (or warrants, options  or other rights to acquire additional shares of its common stock) so long as no Change of Control would  result therefrom;  (b) (i) any Restricted Subsidiary of the Parent Guarantor may declare and pay or make Capital  Distributions to the Parent Guarantor or any other Credit Party, and (ii) any Non-Credit Party may declare  

 

   -108-     and pay or make Capital Distributions to any other Non-Credit Party, the Parent Guarantor or any other  Credit Party;   (c) dividends and other distributions by any Restricted Subsidiary to the Parent Guarantor or  any other Restricted Subsidiary in order to fund the consolidated or combined federal, foreign, state and  local income taxes payable by the Parent Guarantor, the Borrower or any other Restricted Subsidiary on  behalf of an affiliated group filing consolidated or combined returns which includes the Parent Guarantor,  the Borrower or any Restricted Subsidiary;  (d) (A) any Restricted Subsidiary may make distributions to the Parent Guarantor in the  amount required for the Parent Guarantor to pay franchise, income and other taxes owing by it and (B) the  Parent Guarantor may, unless an Event of Default has occurred and is continuing, make distributions to  effect any repurchase, redemption, acquisition, cancellation or other retirement for value of the Equity  Interests in the Parent Guarantor or its Restricted Subsidiaries or to effect the termination of options to  purchase Equity Interests of the Parent Guarantor, in each instance, held by a former or current directors,  officers and employees (or their estates, spouses or former spouses) of the Parent Guarantor or any of its  Restricted Subsidiaries (x) upon their death, disability, retirement or termination of employment for a  maximum cash consideration under this subclause (B)(x) not to exceed the greater of (i) $10,000,000 and  (ii) an amount equal to 2.50% of Pro Forma EBITDA for the most recently ended Testing Period in any  fiscal year (which amount under this subclause (B)(x) may, if unused in any fiscal year, be used in  subsequent fiscal years) or (y) for the purpose of paying taxes due and payable by such employees on  account of stock owned by such employees under the Parent Guarantor’s employee incentive plan;  (e) [reserved];  (f) [reserved];  (g) [reserved];   (h) [reserved];  (i) payment of regularly scheduled interest and principal payments as, in the form of payment  and when due in respect of any Indebtedness, other than payments in respect of any Subordinated  Indebtedness or Junior Lien Indebtedness prohibited by the subordination provisions thereof;   (j) [reserved];   (k) the repurchase of Equity Interests (i) deemed to occur upon the exercise of options,  warrants or other convertible securities to the extent that such Equity Interests represent all or a portion of  the exercise price thereof and (ii) deemed to occur upon the withholding of a portion of Equity Interests  granted or awarded to any current or former officer, director, manager, employee or consultant to pay for  taxes payable by such Person in connection with such grant or award (or the vesting thereof);   (l) the payment of cash in lieu of fractional Equity Interests pursuant to the exchange or  conversion of any exchangeable or convertible securities; and  (m) [reserved].  Section 7.07 [Reserved].    

 

   -109-     Section 7.08 Limitation on Certain Restrictive Agreements.  No Credit Party will, nor will  any Credit Party permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, incur or  permit to exist or become effective, any “negative pledge” covenant or other agreement, restriction or  arrangement that prohibits, restricts or imposes any condition upon (a) the ability of any Credit Party or  any of their respective Restricted Subsidiaries to create, incur or suffer to exist any Lien upon any of its  property or assets as security for Indebtedness, or (b) the ability of any such Credit Party or any such  Restricted Subsidiary to make Capital Distributions or any other interest or participation in its profits  owned by any Credit Party or any Restricted Subsidiary, or pay any Indebtedness owed to any Credit  Party or any Restricted Subsidiary, or to make loans or advances to any Credit Party or any Restricted  Subsidiary, or transfer any of its property or assets to any Credit Party or any Restricted Subsidiary,  except for such restrictions existing under or by reason of (i) applicable law, (ii) this Agreement and the  other Loan Documents, (iii) customary provisions restricting subletting, assignments or other transfers  contained in leases, licenses, joint venture agreements and similar agreements granted to customers in the  ordinary course of business (provided, that such restrictions are limited to the property or assets secured  by such liens or the property or assets subject to such leases, license, joint venture agreements or similar  agreements, as the case may be), (iv) customary provisions restricting the transfer or further encumbering  of assets subject to Liens permitted under Section 7.03(c), (v) customary restrictions under any agreement  or instrument governing any Indebtedness permitted pursuant to Section 7.04, (vi) restrictions affecting  any Non-Credit Party under any agreement or instrument governing any Indebtedness of such Non-Credit  Party permitted pursuant to Section 7.04, and customary restrictions contained in “comfort” letters and  guarantees of any such Indebtedness, (vii) any document relating to Indebtedness secured by a Lien  permitted by Section 7.03, insofar as the provisions thereof limit grants of junior liens on the assets  securing such Indebtedness, (viii) any Operating Lease or Capital Lease, insofar as the provisions thereof  limit grants of a security interest in, or other assignments of, the related leasehold interest to any other  Person, (ix) [reserved], (x) any restrictions existing on the date hereof and set forth on Schedule 7.08, (xi)  the 2024 Notes Indenture and all agreements executed in connection therewith, (xii) any restrictions  existing at the time any Subsidiary becomes a Subsidiary of the Parent Guarantor, so long as such  agreement was not entered into solely in contemplation of such Person becoming a Subsidiary of the  Parent Guarantor, (xiii) the Existing Credit Agreement and all agreements executed in connection  therewith, and (ix) any document relating to an Infrastructure Reorganization and/or any of the other  transactions contemplated by an Infrastructure Sale Agreement.  Section 7.09 Transactions with Affiliates.  No Credit Party will, nor will any Credit Party  permit any of its Restricted Subsidiaries to, enter into any transaction or series of transactions with any  Affiliate (other than, in the case of the Parent Guarantor, any of its Restricted Subsidiaries, and, in the  case of a Restricted Subsidiary, the Parent Guarantor or another Restricted Subsidiary) other than in the  ordinary course of business and pursuant to the reasonable requirements of such Credit Party’s or such  Restricted Subsidiary’s business and upon fair and reasonable terms no less favorable to such Credit Party  or such Restricted Subsidiary than would be obtained in a comparable arm’s-length transaction with a  Person other than an Affiliate, except (i) provision of services outside the United States and sales of goods  to an Affiliate for use or distribution outside the United States in each case that in the good faith judgment  of the Credit Parties substantially complies with any applicable legal requirements of the Code,  (ii) [reserved], (iii) the lease of real property between and among the Parent Guarantor and its Subsidiaries  or between and among any Subsidiary of the Parent Guarantor and any other Subsidiary, in each case  consistent with past practice or (iv) agreements and transactions with and payments to officers, directors,  employees and shareholders that are either (A) entered into in the ordinary course of business and not  prohibited by any of the other provisions of this Agreement, or (B) entered into outside the ordinary  course of business, approved by the directors or shareholders of the Parent Guarantor, and not prohibited  by any of the other provisions of this Agreement or in violation of any law, rule or regulation.    

 

   -110-     Section 7.10 Modification of Organizational Documents; Certain Agreements.    (a) No Credit Party will amend, modify, supplement, waive or otherwise change, or consent  or agree to any amendment, modification, supplement, waiver or other change to, or enter into any  forbearance from exercising any rights with respect to the terms or provisions contained in any Credit  Party’s Organizational Documents that would reasonably be expected to adversely affect the Administrative  Agent and the Lenders in any material respect and the Parent Guarantor will not amend, modify,  supplement, waive or otherwise change the charter of the Strategic Planning Committee as in effect on the  Closing Date without the prior written consent of the Required Lenders.   (b) No Credit Party will, nor shall it permit any of its Restricted Subsidiaries to, amend,  modify, supplement, waive or otherwise change, or consent or agree to any amendment, modification,  supplement, waiver or other change to, or enter into any forbearance from exercising any rights with respect  to the terms or provisions contained in any Subordinated Debt Document or Junior Lien Debt Document  governing or evidencing Subordinated Indebtedness or Junior Lien Indebtedness, as applicable, that  constitutes Material Indebtedness (other than any amendment, modification, supplement, waiver or other  change (x) which does not adversely affect the Administrative Agent or the Lenders in any material respect  or (y) for which no fee is payable to the holders of such Subordinated Indebtedness or Junior Lien  Indebtedness, as applicable, and that (i) extends the maturity or reduces the amount of any repayment,  prepayment or redemption of the principal of such Subordinated Indebtedness or Junior Lien Indebtedness,  as applicable, (ii) reduces the rate or extends any date for payment of interest, premium (if any) or fees  payable on such Subordinated Indebtedness or Junior Lien Indebtedness, as applicable or (iii) makes the  covenants, events of default or remedies in such Subordinated Debt Documents or Junior Lien Debt  Document, as applicable, less restrictive on any applicable Credit Party).  Section 7.11 Anti-Terrorism Laws; Sanctions; Anti-Corruption Laws.    (a) No Credit Party or any of its Subsidiaries shall become a Sanctioned Person.  (b) The Borrower shall not, directly or indirectly, use any part of the proceeds of the Loans, or  lend, contribute or otherwise make available such proceeds to any of its Subsidiaries, joint ventures,  partners or other Persons, (i) to fund any unlawful activities or business of or with any Sanctioned Person,  or in any Sanctioned Country, in each case, in violation of Sanctions, (ii) in any other manner that would  constitute or give rise to a violation of Sanctions by any Person, including any Lender or (iii) in furtherance  of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else  of value, to any Person in violation of any Anti-Corruption Laws.  (c) The covenant set forth in Section 7.11(b) is not made by the Parent Guarantor or the  Borrower or for the benefit of any Lender to the extent it would violate or expose the Parent Guarantor or  the Borrower or any such Lender to any liability under any anti-boycott or blocking law, regulation or  statute that is in force from time to time in the Federal Republic of Germany or the European Union and  that is applicable to the Parent Guarantor, the Borrower or such Lender, as applicable (including without  limitation EU Regulation (EC) 2271/96 and Section 7 of the German Foreign Trade Ordinance (Verordnung  zur Durchführung des Außenwirtschaftsgesetzes (Außenwirtschaftsverordnung – AWV))).  Section 7.12 Fiscal Year.  No Credit Party shall, nor shall it permit any of its Restricted  Subsidiaries to, change its fiscal year end from December 31.  Section 7.13 Financial Covenants.  

 

   -111-     (a) The Borrower shall not permit (i) the sum of (x) the aggregate amount of Unrestricted Cash  and (y) the total unused Delayed Draw Term Commitments then in-effect to be less than $60,000,000 at  any time or (ii) (A) on or before February 4, 2021, the aggregate amount of Unrestricted Cash to be less  than $40,000,000 at any time and (B) thereafter, the aggregate amount of Unrestricted Cash to be less than  $50,000,000 at any time.  (b) Commencing with the Saturday, January 16, 2021, and on each second Saturday thereafter,  the Borrower shall not permit any negative variance between the actual amounts for aggregate receipts and  for all ordinary and non-ordinary course disbursements (other than “professional fees” and German Tax  Obligations) in the Approved Budget for any Variance Testing Period versus the projected amounts set  forth in the applicable Approved Budget (or, as applicable, the corresponding projections contained in the  prior Approved Budget) for aggregate receipts and for ordinary and non-ordinary course disbursements  (other than “professional fees” and German Tax Obligations) included therein on a cumulative basis for  such Variance Testing Period to be greater than 15%, in each case, determined based on the Variance Report  delivered for the Report Date in the week immediately following such Saturday.   Section 7.14 Additional Covenants.  Except with the written consent of the Required  Lenders, no Credit Party shall, nor shall any Credit Party permit any of its Restricted Subsidiaries to:  (a) make any payments of principal of the 2024 Notes prior to their scheduled maturity  (whether directly or by way of exchange, defeasance, covenant defeasance or otherwise) in whole or in  part, in cash, property, new Indebtedness or securities or otherwise (other than by the issuance of Equity  Interests of the Parent Guarantor that are not Disqualified Equity Interests), unless any such payment of  principal constitutes a Permitted Refinancing or is made with the proceeds of a Permitted Refinancing; or  (b) permit any Non-U.S. Subsidiary Guarantor or the Borrower to incur any Indebtedness  (directly or by providing any guaranty) on or after the Closing Date under Sections 7.04(d), (g) (or, in the  case of any guaranty, Section 7.05(m)), (h), (i), (l) or (r); or  (c) violate Sections 7.07(b)(i), (b)(ii) or (b)(iii) of the Existing Credit Agreement (whether or  not such provisions are in effect as a result of the delivery of the Compliance Certificate for the fiscal  quarter of the Parent Guarantor ending March 31, 2021, and without giving effect to any amendments,  waivers or other modifications to such provisions following the Closing Date).  ARTICLE VIII.    EVENTS OF DEFAULT  Section 8.01 Events of Default.  Any of the following specified events shall constitute an  Event of Default (each an “Event of Default”):  (a) Payments: the Borrower shall (i) default in the payment when due (whether at maturity, on  a date fixed for a scheduled repayment, on a date on which a required prepayment is to be made (unless  such payment is otherwise declined), upon acceleration or otherwise) of any principal of the Loans; or (ii)  default, and such default shall continue for five (5) or more days, in the payment when due of any interest  on the Loans, any fees or any other Obligations when required to do so hereunder; or  (b) Representations, etc.: any representation, warranty or statement made by any Credit Party  herein or in any other Loan Document or in any statement or certificate delivered or required to be delivered  pursuant hereto or thereto shall prove to be untrue in any material respect (without duplication as to any  

 

   -112-     materiality modifiers, qualifications, or limitations applicable thereto) on the date as of which made,  deemed made, or confirmed; or  (c) Certain Covenants: the Parent Guarantor or the Borrower shall default in the due  performance or observance by it of any term, covenant or agreement contained in (1) Sections 6.01(e) and  (f), Section 6.01(j), Section 6.05(i) or Article VII of this Agreement, (2) Sections 6.01(a)-(c), 6.04, 6.09,  6.10, or 6.15 of this Agreement and such default is not remedied for a period of ten (10) days or (3) Sections  6.01(d) or 6.16 of this Agreement and such default is not remedied for a period of three (3) Business Days;  or  (d) Other Covenants: any Credit Party shall default in the due performance or observance by  it of any term, covenant or agreement contained in this Agreement or any other Loan Document (other than  those referred to in Section 8.01(a) or (b) or (c) above) and such default is not remedied within 30 days  after the earlier of (i) an Authorized Officer of any Credit Party obtaining knowledge of such default or (ii)  the Parent Guarantor receiving written notice of such default from the Administrative Agent or the Required  Lenders (any such notice to be identified as a “notice of default” and to refer specifically to this paragraph);  or  (e) Cross Default Under Other Agreements; Hedge Agreements: the Parent Guarantor or any  Significant Subsidiary shall (i) default in any payment with respect to any Material Indebtedness (other  than the Obligations), and such default shall continue after the applicable grace period, if any, specified in  the agreement or instrument relating to such Material Indebtedness; or (ii) default in the observance or  performance of any agreement or condition relating to any Material Indebtedness or contained in any  instrument or agreement evidencing, securing or relating thereto (and all grace periods applicable to such  observance, performance or condition shall have expired), or any other event shall occur or condition exist,  the effect of which default or other event or condition is to cause, or to permit the holder or holders of such  Material Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause any such Material  Indebtedness to become due prior to its stated maturity; or any such Material Indebtedness of the Parent  Guarantor or any Significant Subsidiary shall be declared to be due and payable, or shall be required to be  prepaid (other than by a regularly scheduled required prepayment or redemption, prior to the stated maturity  thereof); provided, that (x) this clause (e) shall not apply to (A) secured Indebtedness that becomes due and  is actually paid as a result of the voluntary sale or transfer of the property or assets securing such  Indebtedness, if such sale, transfer or repayment of Indebtedness is permitted hereunder or (B) default that  is remedied by the applicable Person, waived by the holders of the applicable Indebtedness or in respect of  which the requisite number of creditors have agreed to forbear from exercising remedies as a result of such  default, but in the case of any such forbearance, only to the extent that such agreement is in effect and not  terminated; provided that the occurrence of any default under such agreement or any event or condition  giving the forbearing parties the right to terminate such agreement shall constitute an Event of Default  hereunder and (y) with respect to any Indebtedness which is convertible into Equity Interests and permitted  hereunder, the conversion of such Indebtedness into Equity Interests in accordance with the terms thereof  shall not constitute, for purposes of this clause (e)(ii), an event or condition which would allow the holder  or holders of such Indebtedness to cause such Indebtedness to become due prior to its stated maturity; or  (iii) without limitation of the foregoing clauses, default in any payment obligation under a Hedge  Agreement, and such default shall continue after the applicable grace period, if any, specified in such Hedge  Agreement or any other agreement or instrument relating thereto and as a result of such payment default,  “termination value” (as defined in such Hedge Agreement) owed by such Credit Party is in excess of  $50,000,000; or  (f) Invalidity of Loan Documents: subject to the Legal Reservations and the Non-U.S.  Perfection Requirements, at any time after any Loan Document is executed and delivered and for any reason  other than as expressly permitted hereunder or under such Loan Document or satisfaction in full of all the  

 

   -113-     Obligations, (i) such Loan Document or any material provision thereof shall cease to be in full force and  effect, or (ii) the Parent Guarantor or any of its Subsidiaries shall assert that such Loan Document or any  material provision thereof is invalid; or  (g) Invalidity of Liens: subject to the Legal Reservations and the Non-U.S. Perfection  Requirements (i) any security interest or Lien purported to be created by any Security Document shall cease  to be in full force and effect (other than (A) in accordance with the terms hereof and thereof or (B) in  connection with the satisfaction in full of the Obligations in accordance with the terms hereof), or shall  cease to give the Administrative Agent, for the benefit of the applicable Secured Creditors, the Liens, rights,  powers and privileges in any Collateral having a fair market value, individually or in the aggregate, in  excess of $10,000,000, purported to be created and granted under such Security Documents (including a  perfected first priority security interest in and Lien on, all of the Collateral thereunder (except as otherwise  expressly provided in such Security Document)) other than to the extent resulting from (x) an action by the  Administrative Agent directly resulting in the execution or filing of an erroneous UCC financing statement  amendment, termination or assignment or any other equivalent document in any jurisdiction of organization  of any Credit Party or any jurisdiction whose laws govern the provisions of security interests in assets of  such Credit Party or (y) the failure of the Administrative Agent to maintain possession of any collateral  delivered to the Administrative Agent pursuant to and as required by the Loan Documents, or (ii) the Parent  Guarantor or any of its Subsidiaries shall assert that any security interest or Lien purported to be created by  any Security Document is invalid (other than in accordance with the terms hereof and thereof); or  (h) Judgments: (i) one or more judgments, orders or decrees (or any settlement of any claim  that, if breached, would result in a judgment order or decree) shall be entered against the Parent Guarantor  or any Significant Subsidiary involving a liability (other than a liability covered by insurance, as to which  the carrier has adequate claims paying ability and has not effectively reserved its rights) of $50,000,000 or  more in the aggregate for all such judgments, orders, decrees and settlements for the Parent Guarantor and  all Significant Subsidiaries, and any such judgments or orders or decrees or settlements shall not have been  vacated, discharged or stayed or bonded pending appeal within 45 days (or such longer period, not in excess  of 60 days, during which enforcement thereof, and the filing of any judgment lien, is effectively stayed or  prohibited) from the entry thereof; or (ii) one or more judgments, orders, decrees or settlements shall be  entered against the Parent Guarantor or any Significant Subsidiary involving a required divestiture of any  material properties, assets or business reasonably estimated to have a fair value in excess of $50,000,000,  and any such judgments, orders or decrees shall not have been vacated, discharged or stayed or bonded  pending appeal within 45 days (or such longer period, not in excess of 60 days, during which enforcement  thereof, and the filing of any judgment lien, is effectively stayed or prohibited) from the entry thereof; or  (i) Insolvency Event: any Insolvency Event shall occur with respect to the Parent Guarantor,  the Borrower or any Significant Subsidiary; or  (j) ERISA Event, Non-U.S. Plan Event or Canadian Pension Plan Event: any ERISA Event,  Non-U.S. Plan Event or Canadian Pension Plan Event shall have occurred and either (a) such event or  events would reasonably be expected to have a Material Adverse Effect or (b) there shall result from any  such event or events the imposition of a Lien in excess of $50,000,000 on the assets of the Parent Guarantor  or any Significant Subsidiary; or  (k) Change of Control: if there occurs a Change of Control; or  (l) German Tax Liability: the Parent Guarantor or any Subsidiary shall make (or cause to be  made) payments in respect of German Tax Obligations (inclusive of interest and penalties) in excess of  €10,700,000 in the aggregate.  

 

   -114-     Section 8.02 Remedies.  Upon the occurrence of any Event of Default, and at any time  thereafter, if any Event of Default shall then be continuing, the Administrative Agent (i) may, in its  discretion, or (ii) shall, upon the written request of the Required Lenders, by written notice to the Parent  Guarantor, take any or all of the following actions, without prejudice to the rights of the Administrative  Agent or any Lender to enforce its claims against the Parent Guarantor or any other Credit Party in any  manner permitted under applicable law:  (a) declare the Commitments terminated, whereupon the Commitment of each Lender shall  forthwith terminate immediately without any other notice of any kind;  (b) declare the principal of and any accrued interest in respect of all Loans and all other  Obligations owing hereunder and thereunder to be, whereupon the same shall become, forthwith due and  payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived  by the Parent Guarantor;  (c) [reserved]; or  (d) exercise any other right or remedy available under any of the Loan Documents or  applicable law;  provided, that if an Event of Default specified in Section 8.01(i) shall occur, the result that would occur  upon the giving of written notice by the Administrative Agent as specified in clauses (a) or (b) above shall  occur automatically without the giving of any such notice.  Section 8.03 Application of Certain Payments and Proceeds.    (a) All payments and other amounts received by the Administrative Agent or any Lender  through the exercise of remedies hereunder or under the other Loan Documents from any Credit Party and  all proceeds received by the Administrative Agent in respect of any sale of, collection from, or other  realization upon all or any part of the Collateral pledged by the Credit Parties shall, unless otherwise  required by applicable law, be applied as follows:  (i) first, to the payment of that portion of the Obligations constituting fees,  indemnities and expenses and other amounts (including attorneys’ fees and amounts due under  Article III) payable to the Administrative Agent in its capacity as such;  (ii) second, to the payment of that portion of the Obligations constituting fees,  indemnities and expenses (including attorneys’ fees and amounts due under Article III) payable to  each Lender, ratably among them in proportion to the aggregate of all such amounts;  (iii) third, to the payment of that portion of the Obligations constituting accrued and  unpaid interest on the Loans, ratably among the Lenders in proportion to the aggregate of all such  amounts;  (iv) fourth, pro rata to the payment of that portion of the Obligations constituting  unpaid principal of the Loans ratably among the Lenders in proportion to the aggregate of all such  amounts;  (v) fifth, to the payment of all other Obligations of the Credit Parties owing under or  in respect of the Loan Documents that are then due and payable to the Secured Creditors, ratably  

 

   -115-     based upon the respective aggregate amounts of all such Obligations owing to them on such date;  and  (vi) finally, any remaining surplus after all of the Obligations have been paid in full,  unless required to be distributed pursuant to Section 4.1 of the Priming Facility Intercreditor  Agreement, to the Parent Guarantor or to whomsoever shall be lawfully entitled thereto.  It is understood and agreed that if a Triggering Event occurs, including as a result of the occurrence  of an Event of Default, the Make-Whole Premium determined as of the date of such Triggering Event will  also be due and payable and will be treated and deemed as though the Term Loans were prepaid as of such  date and shall constitute part of the Obligations for all purposes herein (subject to the Make-Whole Premium  Exceptions) in view of the impracticability and extreme difficulty of ascertaining actual damages and by  mutual agreement of the parties as to a reasonable calculation of each Lender’s loss as a result thereof. Any  Make-Whole Premium payable pursuant to Section 2.13(g) shall be presumed to be equal to the liquidated  damages sustained by the Lenders as the result of the occurrence of the Triggering Event, and the Borrower  agrees that it is reasonable under the circumstances currently existing.  The Make-Whole Premium, if any,  shall also be payable in the event the Obligations (and/or this Agreement) are satisfied or released by  foreclosure (whether by power of judicial proceeding), deed in lieu of foreclosure or by any other means.   TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER HEREBY  EXPRESSLY WAIVES THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW  THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING MAKE-WHOLE  PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION, EXCEPT AS A RESULT OF A  MAKE-WHOLE PREMIUM EXCEPTION. The Borrower expressly agrees that (A) the Make-Whole  Premium is reasonable and is the product of an arm’s length transaction between sophisticated business  people, ably represented by counsel, (B) the Make-Whole Premium shall be payable notwithstanding the  then prevailing market rates at the time payment is made, (C) there has been a course of conduct between  Lenders and the Borrower giving specific consideration in this transaction for such agreement to pay the  Make-Whole Premium, (D) the Borrower shall be estopped hereafter from claiming differently than as  agreed to in this paragraph, (E) its agreement to pay the Make-Whole Premium is a material inducement to  the Lenders, (F) the Make-Whole Premium represents a good faith, reasonable estimate of liquidated  damages (including without limitation a calculation of the lost profits or other damages, and are a  proportionate quantification of the actual loss of the anticipated stream of interest payments upon an early  prepayment or acceleration of the Term Loans) of the Lenders and that it would be impractical and  extremely difficult to ascertain the actual amount of damages to the Lenders or profits lost by the Lenders  as a result of such Triggering Event for various reasons (including, without limitation, because such  damages would depend on, among other things, (1) when the Lenders might otherwise be repaid and (2)  future changes in interest rates which are not readily ascertainable on the Closing Date), (G) to the extent  it becomes due and payable in accordance with the terms of this Agreement, the Make-Whole Premium  represents additional consideration for providing the Term Loans, and (H) the Make-Whole Premium is not  a penalty to punish the Borrower for their early prepayment of the Term Loans or for the occurrence of any  Event of Default or acceleration.  It is expressly acknowledged and agreed that the Make-Whole Premium  for purposes of this Agreement and the foregoing paragraph includes the premium set forth in clause (b) of  the definition of “Make-Whole Premium”.  

 

   -116-     ARTICLE IX.    THE ADMINISTRATIVE AGENT  Section 9.01 Appointment.    (a) Each Lender hereby irrevocably designates and appoints the Administrative Agent to act  as specified herein and in the other Loan Documents, and each such Lender hereby irrevocably authorizes  the Administrative Agent for such Lender and exempt the Administrative Agent from the restrictions  pursuant to section 181 of the German Civil Code (Bürgerliches Gesetzbuch) to the extent legally possible  to it, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents  and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent  by the terms of this Agreement and the other Loan Documents, together with such other powers as are  reasonably incidental thereto.  The Administrative Agent agrees to act as such upon the express conditions  contained in this Article.  Notwithstanding any provision to the contrary elsewhere in this Agreement, the  Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein  or in the other Loan Documents, nor any fiduciary relationship with any Lender, and no implied covenants,  functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise  exist against the Administrative Agent.  The provisions of this Article IX are solely for the benefit of the  Administrative Agent and the Lenders, and no Credit Party shall have any rights as a third-party beneficiary  of any of the provisions hereof.  In performing its functions and duties under this Agreement, the  Administrative Agent shall act solely as agent of the Lenders and does not assume and shall not be deemed  to have assumed any obligation or relationship of agency or trust with or for the Credit Parties or any of  their respective Subsidiaries.  (b) Each Lender hereby further irrevocably authorizes the Administrative Agent on behalf of  and for the benefit of the Lenders, to be the agent for and representative of the Lenders with respect to the  Guaranty Agreements, the Security Documents, the Collateral and any other Loan Document.  Each Lender  irrevocably authorizes the Administrative Agent to accept, for and on behalf of the Lender, any parallel  debt obligations with the Credit Parties pursuant to which the Administrative Agent shall have its own,  independent right to demand payment of the amounts payable by each Credit Party in connection with the  Obligations.  Subject to Section 11.12, without further written consent or authorization from Lenders, the  Administrative Agent may execute any documents or instruments necessary to (i) release any Lien (x)  encumbering any item of Collateral that is the subject of a sale or other disposition of assets permitted  hereby or to which the Required Lenders (or such other Lenders as may be required to give such consent  under Section 11.12) have otherwise consented or (y) upon the termination of the Commitments and the  payment in full (other than contingent indemnification obligations and unasserted expense reimbursement  obligations) of all Obligations, (ii) subordinate any Lien (x) permitted pursuant to Section 7.03(c) (and  subject to the limitations therein on the date hereof) to secured Capital Lease Obligations or Purchase  Money Indebtedness or (y) to which the Required Lenders (or such other Lenders as may be required to  give such consent under Section 11.12) have otherwise consented, or (iii) release any Subsidiary Guarantor  from a Guaranty Agreement (w) if all of the Equity Interests of such Subsidiary Guarantor owned by any  Credit Party are sold in a sale permitted under the Loan Documents (including pursuant to a waiver or  consent), (x) if such Subsidiary Guarantor becomes an Excluded Subsidiary in accordance with the terms  of this Agreement, (y) upon the termination of the Commitments and the payment in full (other than  contingent indemnification obligations and unasserted expense reimbursement obligations) of all  Obligations or (z) with respect to which the Required Lenders (or such other Lenders as may be required  to give such consent under Section 11.12) have otherwise consented. Upon request by the Administrative  Agent at any time, the Required Lenders (or such other Lenders as may be required to give consent under  Section 11.12) will confirm in writing the Administrative Agent’s authority to release, reconvey or  subordinate any Lien or particular types or items of Collateral pursuant to this Section 9.01(b).  In no event  

 

   -117-     shall the Administrative Agent by obligated to executed or deliver any release, subordination or  reconveyance of Collateral or any Subsidiary Guarantor unless it shall have received a certificate executed  by an Authorized Officer of the applicable Credit Party certifying that such release, subordination or re- conveyance is authorized or permitted by this Agreement and the other Loan Documents.  (c) Solely for the purposes of English law and (where applicable) Scots law, the  Administrative Agent declares that pursuant to the terms of the U.K. Security Documents it shall hold the  U.K. Security Property as security trustee for the U.K. Secured Parties on the terms contained in this  Agreement and the U.K. Security Documents.  Each of the parties to this Agreement acknowledges and  agrees to such appointment of the Administrative Agent as security trustee and agrees that the  Administrative Agent shall have only those duties, obligations and responsibilities expressly specified in  this Agreement or in the U.K. Security Documents (and no others shall be implied).  (d) Solely for the purposes of Irish law, the Administrative Agent declares that pursuant to the  terms of the Irish Security Documents it shall hold the Irish Security Property as security trustee for the  Secured Creditors on the terms contained in this Agreement and the Irish Security Documents.  Each of the  parties to this Agreement acknowledges and agrees to such appointment of the Administrative Agent as  security trustee and agrees that the Administrative Agent shall have only those duties, obligations and  responsibilities expressly specified in this Agreement or in the Irish Security Documents (and no others  shall be implied).  (e) Solely for the purposes of Swiss law:  (i) The Administrative Agent shall:-  (A) hold and administer any non-accessory Collateral (nicht-akzessorische  Transaktionssicherheit) governed by Swiss law as indirect representative (indirekter Stellvertreter)  in its own name but on behalf and for the benefit of the Secured Creditors; and  (B) hold and administer any accessory Collateral (akzessorische  Transaktionssicherheit) (e.g. a right of pledge) governed by Swiss law (a “Swiss Accessory  Security”) for itself (including as creditor of any parallel debt obligations) and as direct  representative (direkter Stellvertreter) in the name and on behalf of the Secured Creditors.  (ii) Each Secured Creditor (other than the Administrative Agent) hereby appoints the  Administrative Agent as its direct representative (direkter Stellvertreter) and authorises the  Administrative Agent (whether or not by or through employees or agents):-  (A) to accept, execute and deliver in its name and on its behalf as its direct  representative (direkter Stellvertreter) any Security Documents creating a Swiss Accessory  Security;  (B) to accept, execute and deliver in its name and on its behalf as its direct  representative (direkter Stellvertreter) any amendments, confirmations and/or alterations to any  Security Documents creating a Swiss Accessory Security and to administer, exercise such rights,  remedies, powers and discretions as are delegated to or conferred upon the Administrative Agent  thereunder together with such powers and discretions as are reasonably incidental thereto;   (C) to effect in its name and on its behalf as its direct representative (direkter  Stellvertreter) any release of any Swiss Accessory Security created under any Security Documents  in accordance with this Agreement; and  

 

   -118-     (D) to take such other action in its name and on its behalf as its direct representative  (direkter Stellvertreter) as may from time to time be authorized under or in accordance with the  Loan Documents.  (f) Anything contained in any of the Loan Documents to the contrary notwithstanding, the  Borrower, the Administrative Agent and each Lender hereby agree that (i) no Lender shall have any right  individually to realize upon any of the Collateral or to enforce any Guaranty Agreement, it being understood  and agreed that all powers, rights and remedies hereunder may be exercised solely by the Administrative  Agent, on behalf of the Lenders in accordance with the terms hereof and all powers, rights and remedies  under the Loan Documents may be exercised solely by the Administrative Agent, and (ii) in the event of a  foreclosure by the Administrative Agent on any of the Collateral pursuant to a public or private sale, the  Administrative Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale  and the Administrative Agent, as agent for and representative of the Secured Creditors (but not any Lender  or Lenders in its or their respective individual capacities unless the Required Lenders shall otherwise agree  in writing) shall be entitled (either directly or through one or more acquisition vehicles), upon instruction  from the Required Lenders, for the purpose of bidding and making settlement or payment of the purchase  price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the  Obligations (other than obligations owing to the Administrative Agent) as a credit on account of the  purchase price for any collateral payable by the Administrative Agent at such sale.  (g) Solely for the purpose of German law,   (i) the Administrative Agent shall: (x) hold and administer any Security Documents governed  by German law which is security assigned (Sicherungseigentum/Sicherungsabtretung) or otherwise  transferred under a non-accessory security right (nicht-akzessorische Sicherheit) to it as trustee  (treuhänderisch) for the benefit of the Secured Creditors; and (y) administer any Security Document  governed by German law which is pledged (Verpfändung) or otherwise transferred to any Secured  Creditor under an accessory security right (akzessorische Sicherheit) as agent.  (ii) Each Secured Creditor (other than the Administrative Agent) hereby authorises the  Administrative Agent (whether or not by or through employees or agents): (x) to exercise such rights,  remedies, powers and discretions as are specifically delegated to or conferred upon the Administrative  Agent under the Security Documents together with such powers and discretions as are reasonably  incidental thereto; (y) to take such action on its behalf as may from time to time be authorised under or  in accordance with the Security Documents; and (z) to accept and enter into as its attorney (Stellvertreter)  any pledge or other creation of any accessory security right granted in favour of such Secured Creditor  as security for the Obligations under German law and to agree to and execute on its behalf as its attorney  (Stellvertreter) any amendments, confirmations and/or alterations to any Security Documents governed  by German law which creates a pledge or any other accessory security right (akzessorische Sicherheit)  including the release or confirmation of release of such Security Documents.  (iii) Each of the Secured Creditors (other than the Administrative Agent) hereby relieves the  Administrative Agent from the restrictions pursuant to section 181 of the German Civil Code  (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law,  in each case to the extent legally possible to such Secured Creditor.  A Secured Creditor which is barred  by its constitutional documents or by-laws from granting such exemption shall notify the Administrative  Agent accordingly.  (iv) Each Secured Creditor (other than the Administrative Agent) hereby ratifies and approves  all acts and declarations previously done by the Administrative Agent on such Secured Creditor’s behalf  (including for the avoidance of doubt any declarations made by the Administrative Agent as  

 

   -119-     representative without power of attorney (Vertreter ohne Vertretungsmacht) in relation to the creation  of any pledge (Pfandrecht) on behalf and for the benefit of any Secured Creditor as future pledgee or  otherwise).  (v) Each of the Secured Creditors (other than the Administrative Agent) hereby authorises the  Administrative Agent to (sub-)delegate any powers granted to it under this Section 9.01(f) to any attorney  it may elect in its discretion and to grant powers of attorney to any such attorney (including the exemption  from self-dealing and representing several persons (in particular from the restrictions of section 181 of  the German Civil Code (Bürgerliches Gesetzbuch) (in each case to the extent legally possible))).  For greater certainty, and without limiting the powers of the Administrative Agent, each Lender, on its own  behalf and on behalf of its Affiliates, hereby irrevocably appoints and authorizes the Administrative Agent  to act as the hypothecary representative of the Secured Creditors (as contemplated in Article 2692 of the  Civil Code of Québec) in order to enter into, to take and to hold, on their behalf and for their benefit,  hypothecs granted by any Credit Party on property pursuant to the laws of the Province of Québec in order  to secure obligations of any Credit Party hereunder or under any other Loan Document and to exercise such  powers and duties that are conferred upon the Administrative Agent thereunder.  The execution by the  Administrative Agent, acting as such hypothecary representative, prior to this Agreement of any deeds of  hypothec is hereby ratified and confirmed.  The constitution of the Administrative Agent as hypothecary  representative shall be deemed to have been ratified and confirmed by (on its own behalf and on behalf of  its Affiliates) each Person accepting an assignment of, a participation in or an arrangement in respect of, all  or any portion of any Secured Creditors’ rights and obligations under this Agreement or the other Loan  Documents by the execution of an assignment, including an Assignment Agreement, or other agreement  pursuant to which it becomes such assignee or participant.  The Administrative Agent, acting as  hypothecary representative shall have the same rights, powers, immunities, indemnities and exclusions from  liability as are prescribed in favor of the Administrative Agent in this Agreement, which shall apply mutatis  mutandis to the Administrative Agent acting as hypothecary representative.  Section 9.02 Delegation of Duties.  The Administrative Agent may execute any of its duties  under this Agreement or any other Loan Document by or through agents, sub-agents, delegates, co- security trustees (in the case of the U.K. Security Documents, the Irish Security Documents or the  Northern Irish Security Documents) or attorneys-in-fact, and shall be entitled to advice of counsel  concerning all matters pertaining to such duties.  The Administrative Agent shall not be responsible for  the negligence or misconduct of any agents, sub-agents, delegates, co-security trustees (in the case of the  U.K. Security Documents, the Irish Security Documents or the Northern Irish Security Documents) or  attorneys-in-fact selected by it with reasonable care.  All of the rights, benefits and privileges (including  the exculpatory and indemnification provisions) of Section 9.03 shall apply to any such sub-agent, and  shall apply to their respective activities as sub-agent as if such sub-agent and Affiliates were named  herein.  Notwithstanding anything herein to the contrary, with respect to each sub-agent appointed by the  Administrative Agent, (i) such sub-agent shall be a third party beneficiary under this Agreement with  respect to all such rights, benefits and privileges (including exculpatory and rights to indemnification)  and shall have all of the rights, benefits and privileges of a third party beneficiary, including an  independent right of action to enforce such rights, benefits and privileges (including exculpatory rights  and rights to indemnification) directly, without the consent or joinder of any other Person, against any or  all of the Credit Parties and the Lenders, (ii) such rights, benefits and privileges (including exculpatory  rights and rights to indemnification) shall not be modified or amended without the consent of such sub- agent, and (iii) such sub-agent shall only have obligations to the Administrative Agent and not to any  Credit Party, any Lender or any other Person and no Credit Party, Lender or any other Person shall have  the rights, directly or indirectly, as a third party beneficiary or otherwise, against such sub-agent.  

 

   -120-     Section 9.03 Exculpatory Provisions.  Neither the Administrative Agent nor any of its Related  Parties nor any Receiver shall be (a) liable for any action lawfully taken or omitted to be taken by it or  such Person under or in connection with this Agreement or any other Loan Document (except for its or  such Related Parties’ own gross negligence or willful misconduct as determined by a final non-appealable  judgment of a court of competent jurisdiction) or (b) responsible in any manner to any of the Lenders for  any recitals, statements, representations or warranties made by the Credit Parties or any of their respective  Subsidiaries or any of their respective officers contained in this Agreement, any other Loan Document or  in any certificate, report, statement or other document referred to or provided for in, or received by the  Administrative Agent under or in connection with, this Agreement or any other Loan Document or for  any failure of any Credit Party or any of its officers to perform its obligations hereunder or thereunder.   The Administrative Agent shall not be under any obligation to ascertain or to inquire as to the observance  or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan  Document, or to inspect the properties, books or records of the Credit Parties or any of their respective  Subsidiaries.  The Administrative Agent shall not be responsible for the effectiveness, genuineness,  validity, enforceability, collectability or sufficiency of this Agreement or any Loan Document or for any  representations, warranties, recitals or statements made herein or therein or made in any written or oral  statement or in any financial or other statements, instruments, reports, certificates or any other documents  in connection herewith or therewith furnished or made by the Administrative Agent to the Lenders or by  or on behalf of the Credit Parties or any of their respective Subsidiaries to the Administrative Agent or  any Lender or be required to ascertain or inquire as to the performance or observance of any of the terms,  conditions, provisions, covenants or agreements contained herein or therein or as to the use of the  proceeds of the Loans or of the existence or possible existence of any Default or Event of Default.  The  Administrative Agent shall not be responsible for the creation, perfection or priority of any Lien, or  security interest created or purported to be created under the Security Documents, or for any failure of  any Credit Party or any other party to any Loan Document to perform its obligations thereunder. The  Administrative Agent shall not have any duty or responsibility in respect of (i) any recording, filing, or  depositing of this Agreement, any other Loan Document or any other agreement or instrument,  monitoring or filing any financing statement or continuation statement evidencing a security interest, the  maintenance of any such recording, filing or depositing or to any re-recording, re-filing or re-depositing  of any thereof, or otherwise monitoring the perfection, continuation of perfection or the sufficiency or  validity of any security interest in or related to any Lien or Collateral, (ii) the acquisition or maintenance  of any insurance or (iii) the payment or discharge of any tax, assessment, or other governmental charge  or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the  Collateral.  No provision of this Agreement or any other Loan Document shall require the Administrative  Agent to expend or risk its own funds or otherwise incur any liability, financial or otherwise, in the  performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or powers,  if it shall have grounds to believe that repayment of such funds or indemnity satisfactory to it against such  risk or liability is not assured to it.  The Administrative Agent shall not be required to take any action  that, in its opinion or in the opinion of its counsel, may expose it to liability or that is contrary to any  Loan Document or applicable law.  The rights, privileges, protections, immunities and benefits given to  Administrative Agent, including, without limitation, its right to be indemnified, are extended to, and shall  be enforceable: (i) by the Administrative Agent in each Loan Document and any other document related  hereto or thereto to which it is a party and (ii) the entity serving as the Administrative Agent in each of  its capacities hereunder and in each of its capacities under any Loan Document whether or not specifically  set forth therein and each agent, custodian and other Person employed to act hereunder and under any  Loan Document or related document, as the case may be.  Notwithstanding anything contained in this  Agreement or any Loan Document to the contrary, the Administrative Agent shall not be under any  obligation (i) to monitor, determine or verify the unavailability or cessation of London Interbank Offered  Rate or the Adjusted Eurocurrency Rate (or other applicable benchmark interest rate), or whether or when  there has occurred, or to give notice to any other transaction party of the occurrence of, any date on which  such rate may be required to be transitions or replaced in accordance with the terms of the Loan  

 

   -121-     Documents, applicable law or otherwise, (ii) to select, determine or designate any replacement to such  rate, or other successor or replacement benchmark index, or whether any conditions to the designation of  such a rate have been satisfied, (iii) to select, determine or designate any modifier to any replacement or  successor index, or (iv) to determine whether or what any amendments to this Agreement or the other  Loan Documents are necessary or advisable, if any, in connection with any of the foregoing.  The  Administrative Agent shall not be liable for any inability, failure or delay on its part to perform any of its  duties set forth in this Agreement or any other Loan Document as a result of the unavailability of London  Interbank Offered Rate or the Adjusted Eurocurrency Rate (or other applicable benchmark interest rate),  including as a result of any inability, delay, error or inaccuracy on the part of any other party, including  without limitation the Required Lenders or the Credit Parties, in providing any direction, instruction,  notice or information required or contemplated by the terms of this Agreement and reasonably required  for the performance of such duties.  The Administrative Agent shall not have any liability for any interest  rate published by any publication that is the source for determining the interest rates of the Loans,  including but not limited to Bloomberg (or any successor source) and the Bloomberg or Reuters screen  (or any successor source), or for any rates compiled by the ICE Benchmark Administration or any  successor thereto, or for any rates published on any publicly available source, including without limitation  the Federal Reserve Bank of New York’s Website, or in any of the foregoing cases for any delay, error  or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto.   In no event shall the Administrative Agent be liable for any failure or delay in the performance of its  obligations under this Agreement or any other Loan Document because of circumstances beyond its  control, including, but not limited to, a failure, termination, or suspension of a clearing house, securities  depositary, settlement system or central payment system in any applicable part of the world or acts of  God, flood, war (whether declared or undeclared), civil or military disturbances or hostilities, nuclear or  natural catastrophes, political unrest, explosion, earthquake, terrorism, fire, riot, labor disturbances,  strikes or work stoppages for any reason, embargo, epidemics or pandemics or other health crises,  government action, including any laws, ordinances, regulations or the like (whether domestic, federal,  state, county or municipal or foreign) which delay, restrict or prohibit the providing of the services  contemplated by this Agreement or the other Loan Documents, or the unavailability of communications  or computer facilities, the failure of equipment or interruption of communications or computer facilities,  or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility,  or any other causes beyond the Administrative Agent’s control whether or not of the same class or kind  as specified above.  Notwithstanding anything herein to the contrary, the Administrative Agent shall not  be liable for any indirect, special, punitive or consequential damages (including but not limited to lost  profits) whatsoever, even if it has been informed of the likelihood thereof and regardless of the form of  action.  The Administrative Agent shall not be liable for interest on any money received by it and any  amounts on deposit with the Administrative Agent shall remain uninvested.  Section 9.04 Reliance by Administrative Agent.  The Administrative Agent shall be entitled  to rely, and shall be fully protected in relying and acting upon any note, writing, resolution, notice,  consent, certificate, affidavit, letter, cablegram, telegram, e-mail or other electronic transmission,  facsimile transmission, telex or teletype message, statement, order or other document or conversation  believed by it, in good faith, to be genuine and correct and to have been signed, sent or made by the proper  Person or Persons and upon advice and statements of legal counsel (including counsel to the Parent  Guarantor or any of its Subsidiaries), independent accountants and other experts selected by the  Administrative Agent.  The Administrative Agent shall be fully justified in failing or refusing to take any  action under this Agreement or any other Loan Document unless it shall first receive such advice or  concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its  satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason  of taking or continuing to take any such action.  The Administrative Agent shall in all cases be fully  protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in  accordance with a request or the consent of the Required Lenders or all of the Lenders (to the extent  

 

   -122-     required by Section 11.12), as applicable, and such request or consent and any action taken or failure to  act pursuant thereto shall be binding upon all the Lenders.  Notwithstanding anything contained in this  Agreement or the other Loan Documents to the contrary, without limiting any rights, protections,  immunities or indemnities afforded to the Administrative Agent hereunder, phrases such as “satisfactory  to the Administrative Agent,” “approved by the Administrative Agent,” “acceptable to the Administrative  Agent,” “as determined by the Administrative Agent,” “consented to by the Administrative Agent”,  “designed by the Administrative Agent”, “specified by the Administrative Agent”, “in the Administrative  Agent’s discretion,” “selected by the Administrative Agent,” “elected by the Administrative Agent,”  “requested by the Administrative Agent,” “in the opinion of the Administrative Agent,” and phrases of  similar import that authorize or permit the Administrative Agent to approve, disapprove, determine, act,  evaluate or decline to act in its discretion shall be subject to the Administrative Agent receiving written  direction from the Required Lenders or, to the extent required by Section 11.12, all Lenders (or such other  percentage or threshold set forth in Section 11.12), to take such action or to exercise such rights.  The  right of the Administrative Agent to perform any discretionary act enumerated in this Agreement or any  Loan Document shall not be construed as a duty.  Section 9.05 Notice of Default.  The Administrative Agent shall not be deemed to have  knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the  Administrative Agent has received written notice from a Lender or the Parent Guarantor referring to this  Agreement, describing such Default or Event of Default and stating that such notice is a “notice of  default.”  If the Administrative Agent receives such a notice, the Administrative Agent shall give prompt  notice thereof to the Lenders.  The Administrative Agent shall take such action with respect to such  Default or Event of Default as shall be reasonably directed by the Required Lenders; provided, however,  that unless and until the Administrative Agent shall have received such directions, the Administrative  Agent shall have no obligations to take any action with respect to such Default or Event of Default and  shall incur no liability therefor.  Section 9.06 Non-Reliance.  Each Lender expressly acknowledges that neither the  Administrative Agent nor any of its Related Parties has made any representations or warranties to it and  that no act by the Administrative Agent hereinafter taken, including any review of the affairs of the  Credit Parties or their respective Subsidiaries, shall be deemed to constitute any representation or  warranty by the Administrative Agent to any Lender.  Each Lender represents to the Administrative  Agent that it has, independently and without reliance upon the Administrative Agent, or any other  Lender, and based on such documents and information as it has deemed appropriate, made its own  appraisal of, and investigation into, the business, assets, operations, property, financial and other  conditions, prospects and creditworthiness of the Credit Parties and their Subsidiaries and made its own  decision to make its Loans hereunder and enter into this Agreement.  Each Lender also represents that it  will, independently and without reliance upon the Administrative Agent, or any other Lender, and based  on such documents and information as it shall deem appropriate at the time, continue to make its own  credit analysis, appraisals and decisions in taking or not taking action under this Agreement, and to  make such investigation as it deems necessary to inform itself as to the business, assets, operations,  property, financial and other conditions, prospects and creditworthiness of the Credit Parties and their  Subsidiaries.  The Administrative Agent shall not have any duty or responsibility to provide any Lender  with any credit or other information concerning the business, operations, assets, property, financial and  other conditions, prospects or creditworthiness of the Credit Parties and their Subsidiaries that may  come into the possession of the Administrative Agent or any of its Related Parties. The Administrative  Agent shall not be required to deliver to any Lender originals or copies of any documents, instruments,  notices, communications or other information received by the Administrative Agent from any Credit  Party the Requisite Lenders, any Lender or any other Person under or in connection with this  Agreement or any other Loan Document, except as expressly provided in this Agreement or any other  Loan Document to which it is a party.  

 

   -123-     Section 9.07 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,  including any programs involving any of the following items relating to or in connection with the Credit  Parties or their respective Subsidiaries, any of their respective Affiliates or agents, the Loan Documents  or the transactions hereunder: (a) any identity verification procedures, (b) any record keeping, (c) any  comparisons with government lists, (d) any customer notices or (e) any other procedures required under  the CIP Regulations or such other laws.  Section 9.08 USA Patriot Act.  Each Lender or assignee or participant of a Lender that is not  organized under the laws of the United States of America or a state thereof (and is not excepted from the  certification requirement contained in Section 313 of the USA Patriot Act and the applicable regulations  because it is both (a) an affiliate of a depository institution or foreign bank that maintains a physical  presence in the United States or foreign country, and (b) subject to supervision by a banking authority  regulating such affiliated depository institution or foreign bank) shall deliver to the Administrative Agent  the certification, or, if applicable, recertification, certifying that such Lender is not a “shell” and certifying  to other matters as required by Section 313 of the USA Patriot Act and the applicable regulations:  (i) within ten (10) days after the Closing Date, and (ii) at such other times as are required under the USA  Patriot Act. In order to comply with laws, rules, regulations and executive orders in effect from time to  time applicable to banking institutions, including those relating to the funding of terrorist activities and  money laundering (“Applicable Law”), the Administrative Agent is required to obtain, verify and record  certain information relating to individuals and entities which maintain a business relationship with it.   Accordingly, each of the parties agrees to provide to the Administrative Agent upon its request from time  to time such identifying information and documentation as may be available for such party in order to  enable the Administrative Agent to comply with Applicable Law.  Section 9.09 Indemnification.  The Lenders agree to indemnify the Administrative Agent and  its Related Parties, ratably according to their pro rata share of the Term Loans, from and against any and  all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, reasonable expenses  or disbursements of any kind whatsoever that may at any time (including at any time following the  payment of the Obligations) be imposed on, incurred by or asserted against the Administrative Agent or  such Related Parties in any way relating to or arising out of this Agreement or any other Loan Document,  or any documents contemplated by or referred to herein or the transactions contemplated hereby or any  action taken or omitted to be taken by the Administrative Agent or such Related Parties under or in  connection with any of the foregoing, but only to the extent that any of the foregoing is not paid by the  Borrower, but without limitation of the Borrower’s obligation to do so; provided, however, that no Lender  shall be liable to the Administrative Agent or any of its Related Parties for the payment of any portion of  such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or  disbursements to the extent resulting solely from the Administrative Agent’s or such Related Parties’  gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of  competent jurisdiction.  If any indemnity furnished to the Administrative Agent or any such Related  Parties for any purpose shall, in the opinion of the Administrative Agent, be insufficient or become  impaired, the Administrative Agent may call for additional indemnity and cease, or not commence, to do  the acts indemnified against until such additional indemnity is furnished.  The agreements in this Section  shall survive the payment of all Obligations and the earlier resignation or removal of the Administrative  Agent.  

 

   -124-     Section 9.10 The Administrative Agent in Individual Capacity.  The Administrative Agent  and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business  with the Credit Parties, their respective Subsidiaries and their Affiliates as though not acting as  Administrative Agent hereunder.  With respect to the Loans made by it and all Obligations owing to it,  the Administrative Agent shall have the same rights and powers under this Agreement as any Lender and  may exercise the same as though it were not the Administrative Agent, and the terms “Lender” and  “Lenders” shall include the Administrative Agent in its individual capacity.  Section 9.11 Successor Administrative Agent.  The Administrative Agent may resign at any  time upon not less than 30 days’ prior written notice to the Lenders and the Borrower.  Such resignation  shall take effect upon the earlier of (i) the appointment of a successor Administrative Agent pursuant to  this Agreement and (ii) 5:00 P.M. (New York City time) on the 30th day following receipt by the  Borrower, the Lenders of the written resignation notice.  Upon receipt of any such written notice of  resignation, the Required Lenders shall have the right, with the consent of the Borrower, to appoint a  successor (other than any Person that is a Disqualified Lender), which consent of the Borrower shall not  be unreasonably withheld, delayed or conditioned and which shall not be required during the continuance  of a Specified Event of Default (other than with respect to the appointment of any Person that is a  Competitor, which shall require the consent of the Borrower under all circumstances).  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, then  the retiring Administrative Agent may on behalf of the Lenders, with the consent of the Borrower, which  consent shall not be unreasonably withheld, delayed or conditioned and which shall not be required during  the continuance of a Specified Event of Default (other than with respect to the appointment of any Person  that is a Competitor, which shall require the consent of the Borrower under all circumstances), appoint a  successor Administrative Agent who shall not be a Disqualified Lender; provided, however, that if the  Administrative Agent shall notify the Borrower and the Lenders that no such successor is willing to accept  such appointment, then such resignation shall nonetheless become effective in accordance with such  notice and the terms hereof.  Upon the effective time of the resignation of the Administrative Agent,  (i) the retiring 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 under any of the Loan Documents, the retiring  Administrative Agent shall continue to hold such collateral security until such time as a successor  Administrative Agent is appointed or, 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, shall deliver such collateral security to any of the Lenders) and (ii) all  payments, communications and determinations provided to be made by, to or through the Administrative  Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint  a successor Administrative Agent as provided for above in this paragraph.  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 retired) Administrative Agent,  and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder  or under the other Loan Documents (if not already discharged therefrom as provided above in this  paragraph).  The fees payable by the Borrower to a successor Administrative Agent shall be the same as  those payable to its predecessor unless otherwise agreed in writing between the Borrower and such  successor.  After the retiring Administrative Agent’s resignation hereunder and under the other Loan  Documents, the provisions of this Article, Section 11.01 and Section 11.02 shall continue in effect for the  benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect  of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was  acting as Administrative Agent.  

 

   -125-     For purposes of any Security Document expressed to be governed by the laws of the Netherlands,  any resignation by the Administrative Agent is not effective with respect to its rights under any parallel  debt obligations until all rights and obligations with respect to such parallel debt obligations have been  assigned to and assumed by the successor Administrative Agent.  The Administrative Agent will reasonably  cooperate in assigning its right under the parallel debt obligations to any such successor agent and will  reasonably cooperate in transferring all rights under any Security Document expressed to be governed by  the laws of the Netherlands (as the case may be) to such successor agent.  Section 9.12 No Other Agents.  Each Lender acknowledges that it has not relied, and will not  rely, on any Lender in deciding to enter into this Agreement or in taking or not taking any action  hereunder.  Section 9.13 U.K. Security Documents, Irish Security Documents and Northern Irish Security  Documents.  (a) Winding up of U.K. Security Trust.  If (x) all of the Obligations and all other obligations  secured by the Loan Documents have been fully and finally discharged and (y) none of the Lenders is under  any commitment, obligation or liability (actual or contingent) to make advances or provide other financial  accommodation to any Loan pursuant to the Loan Documents the trusts set out in this Agreement and the  U.K. Security Documents in relation to the U.K. Security Documents shall be wound up and the  Administrative Agent shall release, without recourse or warranty, all of the Liens created under the U.K.  Security Documents and the rights of the Administrative Agent under each of the U.K. Security Documents.  (b) U.K. Powers Supplemental.  Solely with respect to the U.K. Security Documents, the  rights, powers and discretions conferred upon the Administrative Agent by this Agreement in respect of the  U.K. Security Documents shall be supplemental to the Trustee Act 1925, and the Trustee Act 2000 and the  Trusts (Scotland) Act 1921 and in addition to any which may be vested in the Administrative Agent by  general law or otherwise.  (c) U.K. Disapplication.  Section 1 of the Trustee Act 2000 shall not apply to the duties of the  Administrative Agent in relation to the trusts constituted by this Agreement in respect of the U.K. Security  Documents.  Solely with respect to the U.K. Security Documents, where there are any inconsistencies  between the Trustee Act 1925, the United Kingdom Trustee Act 2000, the Trusts (Scotland) Act 1921, the  Trustee Act (Northern Ireland) 1958 or the Trustee Act (Northern Ireland) 2001 of Northern Ireland and  the provisions of this Agreement, the provisions of this Agreement shall, to the extent allowed by law,  prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement  shall constitute a restriction or exclusion for the purposes of that Act.  (d) Irish Powers Supplemental.  Solely with respect to the Irish Security Documents, the rights,  powers and discretions conferred upon the Administrative Agent by this Agreement in respect of the Irish  Security Documents shall be supplemental to the Irish Trustee Act 1893 (as amended) and in addition to  any which may be vested in the Administrative Agent by general law, regulation or otherwise.  (e) Irish Disapplication.  Solely with respect to the Irish Security Documents, where there are  any inconsistencies between the Irish Trustee Act 1893 (as amended) and the provisions of this Agreement,  the provisions of this Agreement shall, to the extent allowed by law, prevail.  (f) Northern Irish Powers Supplemental.  Solely with respect to the Northern Irish Security  Documents, the rights, powers and discretions conferred upon the Administrative Agent by this Agreement  in respect of the Northern Irish Security Documents shall be supplemental to the Trustee Act (Northern  

 

   -126-     Ireland) 1958 and the Trustee Act (Northern Ireland) 2001 (as amended) and in addition to any which may  be vested in the Administrative Agent by general law, regulation or otherwise.  (g) Northern Irish Disapplication.  Section 1 of the Trustee Act (Northern Ireland) 2001 shall  not apply to the duties of the Administrative Agent in relation to the trusts constituted by this Agreement  in respect of the Northern Irish Security Documents. Solely with respect to the Northern Irish Security  Documents, where there are any inconsistencies between the Trustee Act (Northern Ireland) 1958 or the  Trustee Act (Northern Ireland) 2001 (as amended) and the provisions of this Agreement, the provisions of  this Agreement shall, to the extent allowed by law, prevail and, in the case of any inconsistency with the  Trustee Act (Northern Ireland) 2001, the provisions of this Agreement shall constitute a restriction or  exclusion for the purposes of that Act.  Section 9.14 Agency for Perfection.  The Administrative Agent and each Lender hereby  appoints the Administrative Agent and each other Lender as agent and bailee for the purpose of perfecting  the security interests in and liens upon the Collateral in assets that, in accordance with Article 9 of the  UCC, can be perfected only by possession or control (or where the security interest of a secured party  with possession or control has priority over the security interest of another secured party) and the  Administrative Agent and each Lender hereby acknowledges that it holds possession of or otherwise  controls any such Collateral for the benefit of the Administrative Agent and the Lenders as secured party.   Should any Lender obtain possession or control of any such Collateral, such Lender shall notify the  Administrative Agent thereof, and, promptly upon the Administrative Agent’s request therefor shall  deliver such Collateral to the Administrative Agent or in accordance with the Administrative Agent’s  instructions.  Without limiting the generality of the foregoing, each Lender hereby appoints the  Administrative Agent for the purpose of perfecting the Administrative Agent’s Liens on the Deposit  Accounts or on any other deposit accounts or securities accounts of any Credit Party.  Each Credit Party  by its execution and delivery of this Agreement hereby consents to the foregoing.  Section 9.15 Proof of Claim.  The Lenders and the Borrower hereby agree that after the  occurrence and during the continuance of an Event of Default pursuant to Section 8.01(i), in case of the  pendency of any receivership, insolvency, liquidation, bankruptcy, examinership, administration,  reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the  Borrower or any of the Subsidiary Guarantors, the Administrative Agent shall be entitled and empowered,  by intervention in such proceeding or otherwise:  (a) to file and prove a claim for the whole amount of principal and interest owing and unpaid  in respect of the Loans and any other Obligations that are owing and unpaid and to file such other papers  or documents as may be necessary or advisable in order to have the claims of the Lenders and the  Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and  advances of the Lenders and the Administrative Agent and their agents and counsel and all other amounts  due the Lenders and the Administrative Agent hereunder) allowed in such judicial proceeding; and  (b) to collect and receive any moneys or other property payable or deliverable on any such  claims and to distribute the same;  and any custodian, receiver, assignee, trustee, liquidator, administrator, sequestrator, examiner or other  similar official in any such judicial proceeding is hereby authorized by each 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, to 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 and other agents hereunder.  Nothing  herein contained shall be deemed to authorize the Administrative Agent to authorize or consent to or accept  

 

   -127-     or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition  affecting the Obligations or the rights of any Lenders or to authorize the Administrative Agent to vote in  respect of the claim of any Lender in any such proceeding.  Further, nothing contained in this Section 9.15  shall affect or preclude the ability of any Lender to (i) file and prove such a claim in the event that the  Administrative Agent has not acted within ten (10) days prior to any applicable bar date and (ii) require an  amendment of the proof of claim to accurately reflect such Lender’s outstanding Obligations.  Section 9.16 Posting of Approved Electronic Communications.    (a) Delivery of Communications.  Each Credit Party hereby agrees, unless directed otherwise  by the Administrative Agent or unless the electronic mail address referred to below has not been provided  by the Administrative Agent to such Credit Party that it will, or will cause its Subsidiaries to, provide to the  Administrative Agent all information, documents and other materials that it is obligated to furnish to the  Administrative Agent or to the Lenders pursuant to the Loan Documents, including all notices, requests,  financial statements, financial and other reports, certificates and other information materials, but excluding  any such communication that (i) is or relates to a Notice of Borrowing or a Notice of Continuation or  Conversion, (ii) relates to the payment of any principal or other amount due under this Agreement prior to  the scheduled date therefor, (iii) provides notice of any Default under this Agreement or any other Loan  Document or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this  Agreement and/or any Loan or other extension of credit hereunder (all such non-excluded communications  being referred to herein collectively as “Communications”), by transmitting the Communications in an  electronic/soft medium that is properly identified in a format acceptable to the Administrative Agent to an  electronic mail address as directed by the Administrative Agent.  In addition, each Credit Party agrees, and  agrees to cause its Subsidiaries, to continue to provide the Communications to the Administrative Agent or  the Lenders, as the case may be, in the manner specified in the Loan Documents but only to the extent  requested by the Administrative Agent.  (b) Platform.  Each Credit Party further agrees that Administrative Agent may make the  Communications available to the Lenders by posting the Communications on Intralinks, SyndTrak or a  substantially similar electronic transmission system (the “Platform”).  (c) No Warranties as to Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS  AVAILABLE.”  THE INDEMNITEES DO NOT WARRANT THE ACCURACY OR COMPLETENESS  OF THE COMMUNICATIONS OR 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 ANY  WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON- INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE  DEFECTS IS MADE BY THE INDEMNITEES IN CONNECTION WITH THE COMMUNICATIONS  OR THE PLATFORM.  IN NO EVENT SHALL THE ADMINISTRATIVE AGENT HAVE ANY  LIABILITY TO ANY LENDER OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND,  WHETHER OR NOT BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT,  SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER  IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE ADMINISTRATIVE AGENT’S  TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET.  (d) Delivery Via Platform.  The Administrative Agent agrees that the receipt of the  Communications by the Administrative Agent at its electronic mail address set forth above shall constitute  effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents.   Each Lender agrees that receipt of notice to it (as provided in the next sentence) specifying that the  Communications have been posted to the Platform shall constitute effective delivery of the  

 

   -128-     Communications to such Lender for purposes of the Loan Documents.  Each Lender agrees to notify the  Administrative Agent in writing (including by electronic communication) from time to time of such  Lender’s electronic mail address to which the foregoing notice may be sent by electronic transmission and  that the foregoing notice may be sent to such electronic mail address. The Administrative Agent shall not  be liable for any losses, costs or expenses arising directly or indirectly from the Administrative Agent’s  reliance upon and compliance with any Communications notwithstanding such Communications conflict  or are inconsistent with a subsequent Communications.  The party providing Communications agrees to  assume all risks arising out of the use of such electronic methods to submit instructions and directions to  the Administrative Agent, including without limitation the risk of the Administrative Agent acting on  unauthorized instructions, and the risk or interception and misuse by third parties.  (e) No Prejudice to Notice Rights.  Nothing herein shall prejudice the right of the  Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan  Document in any other manner specified in such Loan Document.  Section 9.17 Credit Bidding.  Each Lender hereby irrevocably authorizes the Administrative  Agent, based upon the instruction of the Required Lenders, to credit bid and purchase (either directly or  through one or more acquisition vehicles) all or any portion of the Collateral at any sale thereof conducted  under the provisions of the UCC, including pursuant to Sections 9-610 or 9-620 thereof, at any sale  thereof conducted under the provisions of the Bankruptcy Code (including Section 363 of the Bankruptcy  Code) or any applicable bankruptcy, insolvency, reorganization or other similar law (whether domestic  or foreign, and including any Debtor Relief Law) now or hereafter in effect, or at any sale or foreclosure  conducted by the Administrative Agent (whether by judicial action or otherwise) in accordance with  applicable law.    Section 9.18 Priming Facility Intercreditor Agreement.  The Administrative Agent is  authorized to enter into the Priming Facility Intercreditor Agreement (and any amendments, amendments  and restatements, restatements or waivers of or supplements or other modifications thereto) and the  parties hereto acknowledge that the Priming Facility Intercreditor Agreement will be binding upon them.   Each Lender (a) hereby agrees that it will be bound by and will take no actions contrary to the provisions  of the Priming Facility Intercreditor Agreement and (b) hereby authorizes and instructs the Administrative  Agent to enter into the Priming Facility Intercreditor Agreement (and any amendments, amendments and  restatements, restatements or waivers of or supplements or other modifications thereto) and subject the  Liens on the Collateral securing the Obligations to the provisions of the Priming Facility Intercreditor  Agreement.  Section 9.19 Certain ERISA Matters.  (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party  hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such  Person ceases being a Lender party hereto, for the benefit of the Administrative Agent, and not, for the  avoidance of doubt, to or for the benefit of the Borrower or any other Credit 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 entrance into,  participation in, administration of and performance of the Loans, 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  

 

   -129-     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 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 Commitments and this Agreement, (C) the entrance into,  participation in, administration of and performance of the Loans, 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 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) subclause (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 subclause (iv) in the immediately preceding clause (a), such Lender further (x) represents  and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date  such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for  the benefit of, the Administrative Agent, and not, for the avoidance of doubt, to or for the benefit of the  Borrower or any other Credit Party, that the Administrative Agent is not 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 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).  Section 9.20 Parallel Obligations.  Notwithstanding any other provision of this Agreement,  the Borrower hereby irrevocably and unconditionally undertakes to pay to the Administrative Agent, as  creditor in its own right and not as representative of the other Secured Creditors, sums equal to and in the  currency of each amount payable by the Borrower to Secured Creditors with respect to the Loan and the  other Obligations under the Loan Documents as and when that amount falls due for payment under the  relevant Loan Document or would have fallen due but for any discharge resulting from failure of another  Secured Creditors to take appropriate steps, in insolvency proceedings affecting such Credit Party, to  preserve its entitlement to be paid that amount (the “Parallel Obligation”). The Administrative Agent  shall have its own independent right to demand payment of the amounts payable by the Borrower under  this Section 9.20, irrespective of any discharge of the Borrower’s obligation to pay those amounts to the  other Secured Creditors resulting from failure by them to take appropriate steps, in insolvency  proceedings affecting such Credit Party, to preserve their entitlement to be paid those amounts. Any  amount due and payable by a Borrower to the Administrative Agent under this Section 9.20 shall be  decreased to the extent that the other Secured Creditors have received (and are able to retain) payment in  full of the corresponding amount under the other provisions of the Loan Documents and any amount due  and payable by a Credit Party to the other Secured Creditors under those provisions shall be decreased to  the extent that the Administrative Agent has received (and is able to retain) payment in full of the  corresponding amount under this Section 9.20.  The rights of the Secured Creditors (other than the  

 

   -130-     Administrative Agent) to receive payment of amounts payable by the Borrower under the Loan  Documents are several and are separate and independent from, and without prejudice to, the rights of the  Administrative Agent to receive payment under this Section 9.20.  ARTICLE X.    GUARANTY  Section 10.01 Guaranty by the Parent Guarantor.  The Parent Guarantor hereby irrevocably and  unconditionally guarantees, for the benefit of the Secured Creditors, all Obligations (the “Parent  Guarantor Guaranteed Obligations”) and, in each case, whether now existing, or hereafter incurred or  arising, including any such interest or other amounts incurred or arising during the pendency of any  bankruptcy, insolvency, reorganization, receivership or similar proceeding (including under any Debtor  Relief Law), regardless of whether allowed or allowable in such proceeding or subject to an automatic  stay under Section 362(a) of the Bankruptcy Code or under any Debtor Relief Law.  Such guaranty is an  absolute, unconditional, present and continuing guaranty of payment and not of collectability and is in no  way conditioned or contingent upon any attempt to collect from any Subsidiary or Affiliate of the Parent  Guarantor, or any other action, occurrence or circumstance whatsoever.  Upon failure by any Credit Party  to pay punctually any of the Parent Guarantor Guaranteed Obligations, the Parent Guarantor shall  forthwith on demand by the Administrative Agent pay the amount not so paid at the place and in the  currency and otherwise in the manner specified in this Agreement or any other applicable agreement or  instrument.  Section 10.02 Reserved.  Section 10.03 Guaranty Unconditional.  The obligations of the Parent Guarantor under this  Article X shall be unconditional and absolute and, without limiting the generality of the foregoing shall  not be released, discharged or otherwise affected by the occurrence, one or more times, of any of the  following:  (a) any extension, renewal, settlement, compromise, waiver or release (other than a waiver or  release of the entire amount of the Parent Guarantor Guaranteed Obligations in connection with the  termination in full of the Commitments and the repayment in full of the Loans and all interest, fees and all  other Obligations incurred hereunder and under the other Loan Documents (other than contingent  indemnification obligations and unasserted expense reimbursement obligations) concurrently with the  termination of the Loan Documents) in respect to the Parent Guarantor Guaranteed Obligations under any  agreement or instrument, by operation of law or otherwise;  (b) any modification or amendment of or supplement to this Agreement, any Note or any other  Loan Document;  (c) any release, non-perfection or invalidity of any direct or indirect security for the Parent  Guarantor Guaranteed Obligations under any agreement or instrument evidencing or relating to any Parent  Guarantor Guaranteed Obligations;  (d) any change in the corporate existence, structure or ownership of any Credit Party or other  Subsidiary or any insolvency, bankruptcy, reorganization or other similar proceeding (including under any  Debtor Relief Law) affecting any Credit Party or other Subsidiary or its assets or any resulting release or  discharge of any obligation of any Credit Party or other Subsidiary contained in any agreement or  instrument evidencing or relating to any of the Parent Guarantor Guaranteed Obligations;  

 

   -131-     (e) the existence of any claim, set-off or other rights that the Parent Guarantor may have at any  time against any other Credit Party, the Administrative Agent, any Lender, any Affiliate of any Lender or  any other Person, whether in connection herewith or any unrelated transactions;  (f) any invalidity or unenforceability relating to or against any other Credit Party for any  reason of any agreement or instrument evidencing or relating to any of the Parent Guarantor Guaranteed  Obligations, or any provision of applicable law or regulation purporting to prohibit the payment by any  Credit Party of any of the Parent Guarantor Guaranteed Obligations; or  (g) any other act or omission of any kind by any other Credit Party, the Administrative Agent,  any Lender or any other Person or any other circumstance whatsoever that might, but for the provisions of  this Article, constitute a legal or equitable discharge of the Parent Guarantor’s obligations under this Section  other than the irrevocable payment in full of all Parent Guarantor Guaranteed Obligations.  Section 10.04 Obligations to Remain in Effect; Restoration.  The Parent Guarantor’s  obligations under this Article X shall remain in full force and effect until the Commitments shall have  terminated, and the principal of and interest on the Notes and other Parent Guarantor Guaranteed  Obligations, and all other amounts payable by the Borrower, any other Credit Party or other Subsidiary,  under the Loan Documents or any other agreement or instrument evidencing or relating to any of the  Parent Guarantor Guaranteed Obligations, shall have been paid in full (other than contingent  indemnification obligations and unasserted expense reimbursement obligations).  If at any time any  payment of any of the Parent Guarantor Guaranteed Obligations is rescinded or must be otherwise  restored or returned upon the insolvency, bankruptcy or reorganization of such Credit Party (including  under any Debtor Relief Law), the Parent Guarantor’s obligations under this Article with respect to such  payment shall be reinstated at such time as though such payment had been due but not made at such time.  Section 10.05 Waiver of Acceptance, etc.  The Parent Guarantor irrevocably waives acceptance  hereof, presentment, demand, protest and any notice not provided for herein, as well as any requirement  that at any time any action be taken by any person against any other Credit Party or any other Person, or  against any collateral or guaranty of any other Person.  Section 10.06 Subrogation.  Until the indefeasible payment in full of all of the Obligations  (other than contingent indemnification obligations and unasserted expense reimbursement obligations)  and the termination of the Commitments hereunder, the Parent Guarantor shall have no rights, by  operation of law or otherwise, upon making any payment under this Section 10.06 to be subrogated to  the rights of the payee against any other Credit Party with respect to such payment or otherwise to be  reimbursed, indemnified or exonerated by any such Credit Party in respect thereof.  Section 10.07 Effect of Stay.  In the event that acceleration of the time for payment of any  amount payable by any Credit Party under any of the Parent Guarantor Guaranteed Obligations is stayed  upon insolvency, bankruptcy or reorganization of such Credit Party (including under any Debtor Relief  Law), all such amounts otherwise subject to acceleration under the terms of any applicable agreement or  instrument evidencing or relating to any of the Parent Guarantor Guaranteed Obligations shall nonetheless  be payable by the Parent Guarantor under this Article forthwith on demand by the Administrative Agent.  ARTICLE XI.    MISCELLANEOUS.  Section 11.01 Payment of Expenses, etc.  Each Credit Party agrees to pay (or reimburse the  Administrative Agent, the Lenders or their Affiliates, as the case may be) all of the following:   

 

   -132-     (i) whether or not the transactions contemplated hereby are consummated, for all reasonable  and invoiced out-of-pocket costs and expenses of the Administrative Agent in connection with the  negotiation, preparation, syndication, administration and execution and delivery of the Loan Documents  and the documents and instruments referred to therein and the syndication of the Commitments,  including without limitation all out-of-pocket expenses and fees of Milbank LLP, as legal counsel to the  Ad Hoc Lender Group, Latham & Watkins LLP, as legal counsel to the Ad Hoc Noteholder Group, Paul,  Weiss, Rifkind, Wharton & Garrison LLP, as legal counsel to the Ad Hoc 2020 EMEA Term Lender  Group, and Seward & Kissel LLP, as legal counsel to the Administrative Agent (limited, in the case of  legal fees and expenses, to the reasonable and documented fees, disbursements and other charges of one  counsel for the Administrative Agent, one counsel for the Lenders taken as a whole, and, if necessary,  one special counsel and one firm of local counsel in each relevant material jurisdiction for the  Administrative Agent and the Lenders, taken as a whole (and the in case of an actual or reasonably  perceived conflict of interest, one additional conflicts counsel for the similarly affected Persons, taken  as a whole(and one firm of local counsel in each relevant material jurisdiction)));   (ii) all reasonable and invoiced out-of-pocket costs and expenses of the Administrative Agent  in connection with any amendment, waiver or consent relating to any of the Loan Documents, including  all out-of-pocket expenses and fees of counsel (limited, in the case of legal fees and expenses, to the  reasonable and documented fees, disbursements and other charges of Milbank LLP, as counsel for certain  of the Lenders, Latham & Watkins LLP, as counsel to certain of the other Lenders, Paul, Weiss, Rifkind,  Wharton & Garrison LLP, as counsel to certain of the other Lenders and Seward & Kissel LLP, as  counsel for the Administrative Agent, and, if necessary, one special counsel and one firm of local counsel  in each relevant material jurisdiction for the Administrative Agent and the Lenders, taken as a whole  (and the in case of an actual or reasonably perceived conflict of interest, one additional conflicts counsel  for the similarly affected Persons, taken as a whole (and one firm of local counsel in each relevant  material jurisdiction)));   (iii) all reasonable, invoiced out-of-pocket costs and expenses of the Administrative Agent, the  Lenders and their Affiliates in connection with the enforcement of any of the Loan Documents or the  other documents and instruments referred to therein, including, in the case of the Administrative Agent,  the reasonable and invoiced fees and disbursements of one counsel to the Administrative Agent and, if  necessary, one special counsel and one firm of local counsel in each relevant material jurisdiction for the  Administrative Agent and in respect of the Ad Hoc Lender Group, the reasonable and invoiced fees and  disbursements of Milbank LLP, and in respect of the Ad Hoc Noteholder Group, the reasonable and  invoiced fees and disbursements of Latham & Watkins LLP, and in respect of the Ad Hoc 2020 EMEA  Term Lender Group, the reasonable and invoiced fees and disbursements of Paul, Weiss, Rifkind,  Wharton & Garrison LLP;   (iv) any and all present and future stamp and other similar taxes with respect to the foregoing  matters and save the Administrative Agent and each of the Lenders harmless from and against any and  all liabilities with respect to or resulting from any delay or omission (other than to the extent attributable  to any such indemnified Person) to pay such taxes;   (v) all the actual, reasonable and documented costs and expenses of creating and perfecting  Liens in favor of the Administrative Agent, for the benefit of Secured Creditors, including filing and  recording fees, expenses and amounts owed pursuant to Article III, search fees, title insurance premiums  and reasonable and documented fees, expenses and disbursements of counsel to the Administrative  Agent and of counsel providing any opinions that the Administrative Agent or the Required Lenders  may request in respect of the Collateral or the Liens created pursuant to the Security Documents (limited,  in the case of legal fees and expenses, to the reasonable and documented fees, disbursements and other  charges of one counsel for the Administrative Agent and one counsel for the Lenders taken as a whole,  

 

   -133-     and, if necessary, one special counsel and one firm of local counsel in each relevant material jurisdiction  for the Administrative Agent and the Lenders, taken as a whole (and in the case of an actual or reasonably  perceived conflict of interest, one additional conflicts counsel for the similarly affected Persons, taken  as a whole and, if necessary, one special counsel and one firm of local counsel in each relevant material  jurisdiction));   (vi) all the actual, reasonable and documented out-of-pocket costs and fees, expenses and  disbursements of any external auditors, accountants, consultants or appraisers; and   (vii) all the actual, reasonable and documented out-of-pocket costs and expenses (including the  reasonable and documented fees, expenses and disbursements of external counsel and of any external  appraisers, consultants, advisors and agents employed or retained by the Administrative Agent and its  counsel) in connection with the custody or preservation of any of the Collateral.  Section 11.02 Indemnification.    Each Credit Party agrees to indemnify the Administrative Agent, each Lender, and their  respective Affiliates and their respective directors, officers employees and agents (collectively, the  “Indemnitees”) from and hold each of them harmless against any and all losses (other than lost profits),  liabilities, claims, damages and reasonable and documented fees and expenses incurred by any of them as  a result of, or arising out of, or in connection with any related transaction or any claim, investigation,  litigation or other proceeding (whether or not any Indemnitee is a party thereto and regardless of whether  such matter is initiated by a third party or the Parent Guarantor or any of its Affiliates or shareholders)  related to the entering into and/or performance of any Loan Document or the use of the proceeds of any  Loans hereunder or the consummation of any transactions contemplated in any Loan Document or any of  the other Transactions and to reimburse each such Indemnitee upon demand for any reasonable and  documented fees and expenses, joint or several, incurred in connection with investigating or defending any  of the foregoing, other than any such investigation, litigation or proceeding arising out of transactions solely  between any of the Lenders, transactions solely involving the assignment by a Lender of all or a portion of  its Loans and Commitments, or the granting of participations therein, as provided in this Agreement, or  arising solely out of any examination of a Lender by any regulatory or other Governmental Authority having  jurisdiction over it that is not in any way related to the entering into and/or performance of any Loan  Document, including the reasonable documented fees, disbursements and other charges of one outside  counsel for the Administrative Agent, one counsel for the Ad Hoc Lender Group, taken as a whole, one  counsel for the Ad Hoc Noteholder Group, taken as a whole, one counsel for the Ad Hoc 2020 EMEA Term  Lender Group, taken as a whole, and, if necessary, in each case, one special counsel and one firm of local  counsel in each relevant material jurisdiction (which may include a single special counsel acting in multiple  jurisdictions) and one additional counsel for each similarly affected Persons, and, if necessary, one special  counsel and one firm of local counsel in each relevant material jurisdiction (which may include a single  special counsel acting in multiple jurisdictions) in the event of an actual or perceived conflict incurred in  connection with any such investigation, litigation or other proceeding (but excluding any such losses,  liabilities, claims, damages or expenses of any Indemnitee to the extent (A) arising from (x) the gross  negligence, willful misconduct or bad faith of such Indemnitee or such Indemnitee’s Related Parties (but  in the case of any agent, advisor or other representative, only to the extent such agent or advisor was acting  at the direction of the applicable Indemnitee) or (y) other than with respect to the Administrative Agent and  its Related Parties, a material breach by such Indemnitee or such Indemnitee’s Related Parties of their  obligations under the Loan Documents, in each case, as determined by a final non-appealable judgment of  a court of competent jurisdictions) or (B) arising solely from a dispute among Indemnitees ((other than any  claims against an Indemnitee in its capacity or in fulfilling its role as Administrative Agent or similar role  under the Loan Documents) not involving or resulting from any action or inaction of the Parent Guarantor  or any of its Affiliates).    

 

   -134-     To the extent that the undertaking to indemnify, pay or hold harmless any Person set forth in the  preceding sentence may be unenforceable because it is violative of any law or public policy, each Credit  Party shall make the maximum contribution to the payment and satisfaction of each of the indemnified  liabilities that is permissible under applicable law.  For the avoidance of doubt, this Section 11.02 shall not  apply to Taxes, except any Taxes that represent liabilities, losses, damages, penalties, claims, demands,  costs and expenses arising from any non-Tax claims.  Section 11.03 Right of Setoff.  In addition to any rights now or hereafter granted under  applicable law or otherwise, and not by way of limitation of any such rights, upon the occurrence and  during the continuance of an Event of Default, each Lender is hereby authorized at any time or from time  to time, with or without presentment, demand, protest or other notice of any kind to any Credit Party or  to any other Person, and to the fullest extent permitted by law, to set off and to appropriate and apply any  and all deposits (general or special) and any other Indebtedness at any time held or owing by such Lender  (including by branches, agencies and Affiliates of such Lender wherever located) to or for the credit or  the account of any Credit Party against and on account of the Obligations and liabilities of any Credit  Party to such Lender under this Agreement or under any of the other Loan Documents, including all  claims of any nature or description arising out of or connected with this Agreement or any other Loan  Document, irrespective of whether or not such Lender shall have made any demand hereunder and  although said Obligations, liabilities or claims, or any of them, shall be contingent or unmatured;  provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (a) all  amounts so set off shall be paid over promptly to the Administrative Agent for further application in  accordance with the provisions of Section 2.15 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 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.  Each Lender agrees to promptly notify the Borrower after any such set  off and application, provided, however, that the failure to give such notice shall not affect the validity of  such set off and application.  Section 11.04 Equalization.  (a) Equalization.  If at any time any Lender receives any amount hereunder (whether by  voluntary payment, by realization upon security, by the exercise of the right of setoff or banker’s lien, by  counterclaim or cross action, by the enforcement of any right under the Loan Documents, or otherwise) that  is applicable to the payment of the principal of, or interest on, the Loans or fees (other than fees that are  intended to be paid solely to the Administrative Agent and amounts payable to a Lender under Article III),  of a sum that with respect to the related sum or sums received by other Lenders is in a greater proportion  than the total of such Obligation then owed and due to such Lender bears to the total of such Obligation  then owed and due to all of the Lenders immediately prior to such receipt, then such Lender receiving such  excess payment shall purchase for cash without recourse or warranty from the other Lenders an interest in  the Obligations to such Lenders in such amount as shall result in a proportional participation by all of the  Lenders in such amount.  The provisions of this Section 11.04(a) shall not be construed to apply to (i) any  payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement  (including the application of funds arising from the existence of a Defaulting Lender), or (ii) any payment  obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to  any assignee or participant, other than to the Parent Guarantor or any Subsidiary (as to which the provisions  of this paragraph shall apply).  (b) Recovery of Amounts.  If any amount paid to any Lender pursuant to subpart (a) above is  recovered in whole or in part from such Lender, such original purchase shall be rescinded, and the purchase  price restored ratably to the extent of the recovery.    

 

   -135-     (c) Consent of Borrower.  The Borrower consents to the foregoing and agrees, to the extent it  may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the  foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect  to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such  participation.  Section 11.05 Notices.    (a) Generally.  Except in the case of notices and other communications expressly permitted to  be given by telephone (and except as provided in subpart (c) below), all notices and other communications  provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed  by certified or registered mail or sent by facsimile as follows:  (i) if to the Borrower or to any other Credit Party, to it at 7900 Tysons One Place,  Suite 1450, McLean, VA 22102, Attention: Donna Granato, Interim Chief Financial Officer,  Electronic Mail: donna.granato@gtt.net; and Attention: Chris McKee, General Counsel, Electronic  Mail: chris.mckee@gtt.net;  with a copy (which in itself shall not constitute notice) to:  AKIN GUMP STRAUSS HAUER & FELD LLP   One Bryant Park   New York, New York 10036   Attn: Lucas Charleston, Esq.   Daniel Fisher, Esq.   Fax: (212) 872-1002   Email: lcharleston@akingump.com   dfisher@akingump.com  (ii) if to the Administrative Agent, to it at the Notice Office, with a copy (which shall  not constitute notice) to: Seward & Kissel LLP, One Battery Park Plaza, New York, NY 10004,  Attention: Gregg Bateman, Email: bateman@sewkis.com; and  (iii) if to a Lender, to it at its address (or facsimile number) set forth next to its name  on the signature pages hereto or, in the case of any Lender that becomes a party to this Agreement  by way of assignment under Section 11.04 of this Agreement, to it at the address set forth in the  Assignment Agreement to which it is a party;  (b) Receipt of Notices.  Notices and communications sent by hand or overnight courier service,  or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent  by facsimile shall be deemed to have been given when sent and receipt has been confirmed by telephone.   Notices delivered through electronic communications to the extent provided in subpart (c) below shall be  effective as provided in said subpart (c).  (c) Electronic Communications.  Notices and other communications to the Administrative  Agent or any Lender hereunder and required to be delivered pursuant to Section 6.01 may be delivered or  furnished by electronic communication (including e-mail and Internet or intranet web sites) pursuant to  procedures approved by the Administrative Agent in its reasonable discretion.  The Administrative Agent  and the Borrower may, in their reasonable discretion, agree in a separate writing to accept notices and other  communications to them 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  

 

   -136-     the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail  address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended  recipient (such as by the “return receipt requested” function, as available, return e-mail or other written  acknowledgement), provided, that if such notice or other communication is not sent during the normal  business hours of the recipient, such notice or communication shall be deemed to have been sent at the  opening of business on the next Business Day for the recipient, and (ii) notices or communications posted  to an Internet or intranet web site 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 web site address therefor.  (d) Change of Address, Etc.  Any party hereto may change its address or facsimile number for  notices and other communications hereunder by notice to each of the other parties hereto in accordance  with Section 11.05(a).  Section 11.06 Successors and Assigns.    (a) Successors and Assigns Generally.  This Agreement shall be binding upon and inure to the  benefit of and be enforceable by the parties hereto and their respective successors and assigns; provided,  however, that no Borrower may assign or transfer any of its rights or obligations hereunder without the  prior written consent of all the Lenders; provided, further, that any assignment or participation by a Lender  of any of its rights and obligations hereunder shall be effected in accordance with this Section 11.06.  (b) Participations.  Each Lender may at any time grant participations in any of its rights  hereunder or under any of the Notes to an Eligible Assignee or an Eligible Participant; provided, that in the  case of any such participation,  (i) the participant shall not have any rights under this Agreement or any of the other  Loan Documents, including rights of consent, approval or waiver (the participant’s rights against  such Lender in respect of such participation to be those set forth in the agreement executed by such  Lender in favor of the participant relating thereto),  (ii) such Lender’s obligations under this Agreement (including its Commitments  hereunder) shall remain unchanged,  (iii) such Lender shall remain solely responsible to the other parties hereto for the  performance of such obligations,  (iv) such Lender shall remain the holder of the Obligations owing to it and of any Note  issued to it for all purposes of this Agreement, and  (v) the Borrower, the Administrative Agent, and the other Lenders shall continue to  deal solely and directly with the selling Lender in connection with such Lender’s rights and  obligations under this Agreement,   and, provided, further, that no Lender shall transfer, grant or sell any participation under which the  participant shall have rights to approve any amendment to or waiver of this Agreement or any other Loan  Document except to the extent (A) such participant is an Affiliate or an Approved Fund of the Lender  granting the participations or (B) such amendment or waiver would (x) extend the final scheduled maturity  or the date of any scheduled repayment of any of the Loans in which such participant is participating, or  reduce the rate or extend the time of payment of interest or fees thereon (except in connection with a waiver  of the applicability of any post-default increase in interest rates), or reduce the principal amount thereof, or  

 

   -137-     increase such participant’s participating interest in any Commitment over the amount thereof then in effect  (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the  terms of any such Commitment), (y) release all or any substantial portion of the Collateral, or release any  guarantor from its guaranty of any of the applicable Obligations, except in accordance with the terms of the  Loan Documents, or (z) consent to the assignment or transfer by the Borrower of any of its rights and  obligations under this Agreement and, provided, still further, that each participant shall be entitled to the  benefits of Section 3.03 with respect to its participation as if it was a Lender, except that a participant shall  (i) only deliver the forms described in Section 3.03(g) to the Lender granting it such participation, (ii) agree  to be subject to the provisions of Sections 3.05(b) and 11.12(h) as if it were a Lender and (iii) not be entitled  to receive any greater payment under Section 3.03 than the applicable Lender would have been entitled to  receive absent the participation, except to the extent such entitlement to a greater payment arose from a  Change in Law occurring after the participant became a participant hereunder and the Borrower consented  to such participant.  Notwithstanding the foregoing, no Lender shall knowingly grant a participation to any  Person other than an Eligible Participant or Eligible Assignee if such grant of a participation to such Person  together with the participations previously granted to such Person and known to the Lender exceed  $3,000,000 in the aggregate.  The Administrative Agent shall not be liable in the event that a participation  in any Loan or Commitment is transferred or granted to any Restricted Participant or exceeds the threshold  set forth in the foregoing sentence.  In the event that any Lender sells participations in a Loan, such Lender shall, acting for this purpose  as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name of all participants  in such Loan and the principal amount of (and stated interest on) the portion of such Loan that is the subject  of the participation (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 the participation in question for all purposes of this Agreement  notwithstanding any notice to the contrary.  A Loan (and the registered note, if any, evidencing the same)  may be participated in whole or in part only by registration of such participation on the Participant Register  (and each registered note shall expressly so provide).  Any participation of a Loan (and the registered note,  if any, evidencing the same) may be effected only by the registration of such participation on the Participant  Register.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)  shall have no responsibility for maintaining a Participant Register.  (c) Assignments by Lenders.  (i) Any Lender may assign all, or if less than all, a fixed portion, of its Loans and/or Commitments (in  each case together with a proportional interest in the Security Documents governed by Swedish law, if any) and its  rights and obligations hereunder to one or more Eligible Assignees, each of which shall become a party to this  Agreement as a Lender by execution of an Assignment Agreement (together with a processing and recordation fee  to the Administrative Agent of $3,500 (unless waived by the Administrative Agent in any given case)); provided,  however, that  (A) except in the case of (x) an assignment of the entire remaining amount of  the assigning Lender’s Loans and/or Commitments or (y) an assignment to another Lender,  an Affiliate of such Lender or an Approved Fund with respect to such Lender, the aggregate  amount of the Commitment so assigned (which for this purpose includes the Loans  

 

   -138-     outstanding thereunder) shall not be less than $1,000,000 in the case of any assignment in  respect of the Term Loans;  (B) in the case of any assignment to an Eligible Assignee at the time of any  such assignment the Lender Register shall be deemed modified to reflect the Commitments  of such new Lender and of the existing Lenders; and  (C) upon surrender of the old Notes, if any, upon request of the new Lender,  new Notes will be issued, at the Borrower’s expense, to such new Lender and to the  assigning Lender, to the extent needed to reflect the revised Commitments.  (ii) To the extent of any assignment pursuant to this subpart (c), the assigning Lender shall be relieved  of its obligations hereunder with respect to its assigned Commitments; 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.    (iii) At the time of each assignment pursuant to this subpart (c), to a Person that is not already  a Lender hereunder, the respective assignee Lender shall provide to the Borrower and the Administrative  Agent the applicable Internal Revenue Service Forms and all other documentation described in Section  3.03(g).  (iv) With respect to any Lender, the transfer of any Commitment of such Lender and the rights  to the principal of, and interest on, any Loan made pursuant to such Commitment shall not be effective  until such transfer is recorded on the Lender Register maintained by the Administrative Agent (on behalf  of and acting solely for this purpose as a non-fiduciary agent of the Borrower) with respect to ownership  of such Commitment and Loans, including the name and address of the Lenders and the principal amount  of the Loans (and stated interest thereon).  Prior to such recordation, all amounts owing to the transferor  with respect to such Commitment and Loans shall remain owing to the transferor.  The registration of  assignment or transfer of all or part of any Commitments and Loans shall be recorded by the  Administrative Agent on the Lender Register only upon the acceptance by the Administrative Agent of  a properly executed and delivered Assignment Agreement pursuant to this subpart (c).    (v) Nothing in this Section shall prevent or prohibit (A) any Lender that is a bank, trust  company or other financial institution from pledging its Notes or Loans to a Federal Reserve Bank,  central banking authority or to any Person that extends credit to such Lender in support of borrowings  made by such Lender from such Federal Reserve Bank, central banking authority or such other Person,  or (B) any Lender that is a trust, limited liability company, partnership or other investment company  from pledging its Notes or Loans to a trustee or agent for the benefit of holders of certificates or debt  securities issued by it.  No such pledge, or any assignment pursuant to or in lieu of an enforcement of  such a pledge, shall relieve the transferor Lender from its obligations hereunder.  (vi) 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, 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, each Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate)  

 

   -139-     its full pro rata share of all Loans.  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.  (d) No SEC Registration or Blue Sky Compliance.  Notwithstanding any other provisions of  this Section, no transfer or assignment of the interests or obligations of any Lender hereunder or any grant  of participation therein shall be permitted if such transfer, assignment or grant would require the Parent  Guarantor or the Borrower to file a registration statement with the SEC or to qualify the Loans under the  “Blue Sky” laws of any State.  (e) Representations of Lenders.  Each Lender initially party to this Agreement hereby  represents, and each Person that becomes a Lender pursuant to an assignment permitted by this Section  will, upon its becoming party to this Agreement, represents that it is a commercial lender, other financial  institution or other “accredited” investor (as defined in SEC Regulation D) that makes or acquires loans in  the ordinary course of its business and that it will make or acquire Loans for its own account in the ordinary  course of such business; provided, however, that subject to Section 11.06(b), (c) and (f), the disposition of  any promissory notes or other evidences of or interests in Indebtedness held by such Lender shall at all  times be within its exclusive control.  (f) Special Purpose Funding Vehicles.  Notwithstanding anything to the contrary contained  herein, any Lender (“Granting Lender”) may grant to a special purpose funding vehicle (a “SPC”),  identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the  Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender  would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided, that (x)  nothing herein shall constitute a commitment by any SPC to make any Loans and (y) if an SPC elects not  to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall  be obligated to make such Loan pursuant to the terms hereof.  The making of a Loan by an SPC hereunder  shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by  such Granting Lender.  Each party hereto hereby agrees that no SPC shall be liable for any indemnity or  similar payment obligation under this Agreement (all liability for which shall remain with the Granting  Lender).  In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive  the termination of this Agreement) that, prior to the date that is one (1) year and one (1) day after the  payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not  institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization,  arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof.   In addition, notwithstanding anything to the contrary contained in this clause, any SPC may (i) with notice  to, but without the prior written consent of, the Borrower or the Administrative Agent and without paying  any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to  any financial institutions (consented to by the Borrower and the Administrative Agent) providing liquidity  and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans and  (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency,  commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such  SPC.  This Section may not be amended without the written consent of the SPC.  The Borrower  acknowledges and agrees that, to the fullest extent permitted under applicable law, each SPC, for purposes  of Sections 2.10, 2.14, 3.01, 3.03, 11.01, 11.02 and 11.03, shall be considered a Lender.    Section 11.07 No Waiver; Remedies Cumulative.  No failure or delay on the part of the  Administrative Agent or any Lender in exercising any right, power or privilege hereunder or under any  other Loan Document and no course of dealing between the Borrower and the Administrative Agent or  any Lender shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power  

 

   -140-     or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof  or the exercise of any other right, power or privilege hereunder or thereunder.  No notice to or demand  on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar  or other circumstances or constitute a waiver of the rights of the Administrative Agent or the Lenders to  any other or further action in any circumstances without notice or demand.  Without limiting the  generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default or  Event of Default, regardless of whether the Administrative Agent, any Lender may have had notice or  knowledge of such Default or Event of Default at the time.  The rights and remedies herein expressly  provided are cumulative and not exclusive of any rights or remedies that the Administrative Agent or any  Lender would otherwise have.  Section 11.08 Governing Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial;  Service of Process.  (a) THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT (EXCEPT AS  OTHERWISE EXPRESSLY SET FORTH IN A LOAN DOCUMENT) AND THE RIGHTS AND  OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE  GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE  LAW OF THE STATE OF NEW YORK.    (b) EACH PARTY HERETO HEREBY IRREVOCABLY CONSENTS TO THE NON- EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE  COURT SITTING IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN IN ANY  LITIGATION OR OTHER PROCEEDING BASED HEREON, OR ARISING OUT OF, UNDER,  OR IN CONNECTION WITH, ANY LOAN DOCUMENT (EXCEPT AS EXPRESSLY SET  FORTH THEREIN), OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS  (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE ADMINISTRATIVE AGENT, THE  LENDERS OR THE CREDIT PARTIES IN CONNECTION HEREWITH OR THEREWITH;  PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY  COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT THE ADMINISTRATIVE  AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL  OR OTHER PROPERTY MAY BE FOUND; PROVIDED, FURTHER, THAT NOTHING HEREIN  SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO  BRING PROCEEDINGS AGAINST ANY CREDIT PARTY IN THE COURTS OF ANY OTHER  JURISDICTION.  (c) EACH PARTY HERETO IRREVOCABLY CONSENTS TO THE SERVICE OF  PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN  OR WITHOUT THE STATE OF NEW YORK AT THE ADDRESS FOR NOTICES SPECIFIED IN  SECTION 11.05.  EACH PARTY HERETO HEREBY EXPRESSLY AND IRREVOCABLY WAIVES,  TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY HAVE OR  HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT  IN ANY SUCH COURT REFERRED TO IN CLAUSE (b) ABOVE AND ANY CLAIM THAT ANY  SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.  TO THE EXTENT  THAT ANY PARTY HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM  JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH  SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF  EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, SUCH PARTY  HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW SUCH  IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS.  EACH  PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW,  

 

   -141-     ANY RIGHT THAT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LEGAL ACTION OR  PROCEEDING REFERRED TO IN THIS SECTION ANY SPECIAL, EXEMPLARY, PUNITIVE OR  CONSEQUENTIAL DAMAGES.  (d) THE ADMINISTRATIVE AGENT, EACH LENDER AND EACH CREDIT PARTY  PARTY HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE  TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS IT MAY HAVE TO A TRIAL  BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF,  UNDER, OR IN CONNECTION WITH, ANY LOAN DOCUMENT, OR ANY COURSE OF  CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR  ACTIONS OF THE ADMINISTRATIVE AGENT, SUCH LENDER OR SUCH CREDIT PARTY  IN CONNECTION THEREWITH.  EACH PARTY HERETO ACKNOWLEDGES AND AGREES  THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS  PROVISION (AND EACH OTHER PROVISION OF EACH OTHER LOAN DOCUMENT TO  WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR  THE CREDIT PARTIES, THE ADMINISTRATIVE AGENT, EACH LENDER AND ENTERING  INTO THE LOAN DOCUMENTS.  (e) The Borrower agrees that service of process in any action or proceeding brought in the  State of New York may be made upon the Parent Guarantor, and the Borrower confirms and agrees that the  Parent Guarantor has been duly and irrevocably appointed as its agent and true and lawful attorney-in-fact  in its name, place and stead to accept such service.  Nothing herein shall in any way be deemed to limit the  ability of the Administrative Agent to serve any such process in any other manner permitted by applicable  law or to obtain jurisdiction over the Borrower in such other jurisdictions, and in such manner, as may be  permitted by applicable law.  Section 11.09 Counterparts.  This Agreement may be executed in any number of counterparts  and by the different parties hereto on separate counterparts, each of which when so executed and delivered  shall be an original, but all of which shall together constitute one and the same agreement.  A set of  counterparts executed by all the parties hereto shall be lodged with the Borrower and the Administrative  Agent.  Section 11.10 Integration.  This Agreement, the other Loan Documents and any separate letter  agreements with respect to fees payable to the Administrative Agent, for its own account and benefit  and/or for the account, benefit of, and distribution to, the Lenders, 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 or thereof.  To the extent that  there is any conflict between the terms and provisions of this Agreement and the terms and provisions of  any other Loan Document (other than the Priming Facility Intercreditor Agreement), the terms and  provisions of this Agreement will prevail.  To the extent that there is any conflict between the terms and  provisions of this Agreement or any other Loan Document and the terms and provisions of the Priming  Facility Intercreditor Agreement, the terms and provisions of the Priming Facility Intercreditor  Agreement will prevail.  Section 11.11 Headings Descriptive.  The headings of the several Sections and other portions  of this Agreement are inserted for convenience only and shall not in any way affect the meaning or  construction of any provision of this Agreement.  

 

   -142-     Section 11.12 Amendment or Waiver; Acceleration by Required Lenders.    (a) Neither this Agreement nor any other Loan Document, nor any terms hereof or thereof,  may be amended, changed, waived or otherwise modified unless such amendment, change, waiver or other  modification is in writing and signed by the Borrower and the Required Lenders or by the Administrative  Agent acting at the written direction of the Required Lenders; provided, however, that  (i) no amendment, change, waiver or other modification shall:  (A) increase the amount of any Commitment of any Lender hereunder, without the  written consent of such Lender;  (B) extend or postpone any Maturity Date or the maturity date provided for herein that  is applicable to any Loan of any Lender or extend or postpone any scheduled expiration or  termination date provided for herein that is applicable to a Commitment of any Lender, without the  written consent of such Lender (other than, in each case, any amendment, change, waiver or other  modification to the proviso in the definition of “Maturity Date”);   (C) reduce the principal amount of any Loan made by any Lender, or reduce the rate  or extend, defer or delay the time of payment of, or excuse the payment of, principal or interest  thereon (other than as a result of (x) waiving the applicability of any post-default increase in interest  rates, (y) [reserved] or (z) waiving the applicability of any mandatory prepayment (other than any  mandatory prepayment made with the Net Cash Proceeds from a disposition of all or any portion  of the Infrastructure Business)), without the written consent of such Lender;  (D) [reserved];   (E) reduce the rate or extend the time of payment of, or excuse the payment of, any  fees to which any Lender is entitled hereunder, without the written consent of such Lender;  (F) amend, change, waive or otherwise modify any of the conditions to funding set  forth in Section 4.02 or the milestone set forth in Section 6.16(c)(vi) without the consent of the  Required Lenders; provided that a Lender shall not be required to fund its undrawn commitment if  such Lender has not consented to such amendment, change, waiver or other modification to the  conditions set forth in Section 4.02 or the milestone set forth in Section 6.16(c)(vi) (for the  avoidance of doubt, any Lender that declines to so fund shall not be a Defaulting Lender); and  (ii) no amendment, change, waiver or other modification or termination shall, without the  written consent of each Lender affected thereby,  (A) release the Borrower from any of its obligations hereunder;  (B) release the Parent Guarantor from its guaranty obligations under Article X or  release any Credit Party from any Guaranty Agreement, except, in the case of a Subsidiary  Guarantor, (w) in accordance with a transaction permitted under this Agreement to the extent that  such release would not result in the release of all or substantially all of the value, in the aggregate,  of all of the guarantees, (x) to the extent that the release of such Subsidiary Guarantor would not  result in the release of Subsidiary Guarantors having a value, in the aggregate, that constitutes all  or substantially all of the value, in the aggregate, of all Subsidiary Guarantors, collectively, (y) in  the case of any U.S. Subsidiary Guarantor, to the extent that the release of such U.S. Subsidiary  Guarantor would not result in the release of U.S. Subsidiary Guarantors having a value, in the  

 

   -143-     aggregate, that constitutes all or substantially all of the value, in the aggregate, of the U.S.  Subsidiary Guarantors, collectively or (z) subject to the Agreed Security Principles, as would not  result in the release of Non-U.S. EMEA Credit Parties having a value, in the aggregate, that  constitutes all or substantially all of the value, in the aggregate, of the Non-U.S. EMEA Credit  Parties;  (C) release all or any substantial portion of the Collateral, except in connection with a  transaction permitted under this Agreement;  (D) amend, change, modify or waive any provision of this Section 11.12, Section 8.03,  or any other provision of any of the Loan Documents pursuant to which the consent or approval of  all Lenders, or a number or specified percentage or other required grouping of Lenders or Lenders  having Commitments, is by the terms of such provision explicitly required;  (E) reduce the percentage specified in, or otherwise modify, the definition of  “Required Lenders”;   (F) except in respect of Capital Lease Obligations and Purchase Money Indebtedness  permitted pursuant to Section 7.04(c) on the date hereof and secured by Liens pursuant to Section  7.03(c) (and subject to the limitations therein on the date hereof), subordinate the Administrative  Agent’s Lien on any Collateral to a Lien securing any other Material Indebtedness or subordinate  any Obligation in right of payment to any other Indebtedness (any such senior indebtedness, a  “Priming DIP”); provided that only the consent of Required Lender shall be required to subordinate  the Collateral Agent’s Lien on any Collateral to a Lien securing such Priming DIP if upon entry of  a final order of a court of competent jurisdiction approving such Priming DIP, such Priming DIP  shall refinance in full the Obligations hereunder and any such refinancing shall be secured on a pari  passu basis in right of payment and security in respect of any “new money” post-petition financing  in the applicable Insolvency Proceeding.;   (G) consent to the assignment or transfer by the Borrower of any of its rights and  obligations under this Agreement (other than as required with respect to the Holding Company  Merger); or  (H) amend, change, modify or waive any provision of Section 2.07(b), Section 2.14(b),  Section 2.14(e) or Section 11.04 in a manner that would alter the pro rata sharing of payments  required thereby (or otherwise permit any direct or indirect non-pro rata purchase, prepayment or  repayment of the Loans by the Borrower or its Affiliates (including by way of open market  repurchase or otherwise)),  (iii) any amendment, change, waiver or other modification to the Fee Letter shall, in each case,  be effective if in writing and signed by each of the parties thereto,  (iv) no amendment, change, waiver or other modification or termination shall, without the  written consent of the majority of the Ad Hoc Lender Group,   (A) modify the definition of “Ad Hoc Lender Group” (or any component definition  thereof) or amend, change, waive or otherwise modify any provision that specifically inures to the  benefit of the Ad Hoc Lender Group;   (B) amend, change, waive or otherwise modify, directly or indirectly, Section  6.16(c)(i) or (v); and       

 

   -144-     (C) any amendment, change, waiver or other modifications (1) that by its terms treats  a Lender that holds Loans under the Existing Credit Agreement differently than, and adversely to,  the treatment of other Lenders or (2) to the Priming Facility Intercreditor Agreement, except as  may be reasonably required to implement any Priming DIP permitted by this Section 11.12;  (v)   no amendment, change, waiver or other modification or termination shall, without the  written consent of the majority of the Ad Hoc Noteholder Group,   (A) modify the definition of “Ad Hoc Noteholder Group” (or any component definition  thereof) or amend, change, waive or otherwise modify any provision that specifically inures to the  benefit of the Ad Hoc Lender Group; and  (B) amend, change, waive or otherwise modify, directly or indirectly, Section  6.16(c)(i) or (v); and  (C) any amendment, change, waiver or other modification (1) that by its terms treats a  Lender that holds 2024 Notes differently than, and adversely to, the treatment of other Lenders or  (2) to the Priming Facility Intercreditor Agreement, except as may be reasonably required to  implement any Priming DIP permitted by this Section 11.12;  (vi) No change, waiver or other modification or termination shall, without the written consent  of the majority of the Ad Hoc 2020 EMEA Term Lender Group, modify the definition of “Ad Hoc 2020  EMEA Term Lender Group” (or any component definition thereof) or amend, change, waive or  otherwise modify any provision that specifically insures to the benefit of the Ad Hoc 2020 EMEA Term  Lender Group.  Any waiver or consent with respect to this Agreement given or made in accordance with this Section shall  be effective only in the specific instance and for the specific purpose for which it was given or made. The  Borrower shall provide notice of any amendment, change, waiver or other modification pursuant to the first  paragraph of Section 11.12(a) to all Lenders within three (3) Business Days of the effectiveness thereof.   (b) [Reserved].  (c) No provision of Article IX nor any other provision in this Agreement or any Loan  Document affecting the rights, protections, duties or obligations of the Administrative Agent may be  amended without the consent of the Administrative Agent.  (d) To the extent the Required Lenders (or all of the Lenders, as applicable, as shall be required  by this Section) waive the provisions of Section 7.02 with respect to the sale, transfer or other disposition  of any Collateral, or any Collateral is sold, transferred or disposed of as permitted by Section 7.02, (i) such  Collateral (but not any proceeds thereof) shall be sold, transferred or disposed of free and clear of the Liens  created by the respective Security Documents; (ii) if such Collateral includes all of the capital stock of a  Subsidiary Guarantor or whose stock is pledged pursuant to any Security Document, such capital stock (but  not any proceeds thereof) shall be released from the applicable Security Documents and such Subsidiary  shall be released from the applicable Guaranty Agreement; and (iii) the Administrative Agent is hereby  irrevocably authorized by each Lender to take actions deemed appropriate by it in order to effectuate the  foregoing.  (e) In no event shall the Required Lenders, without the prior written consent of each Lender,  direct the Administrative Agent to accelerate and demand payment of the Loans held by one Lender without  accelerating and demanding payment of all other Loans or to terminate the Commitments of one or more  

 

   -145-     Lenders without terminating the Commitments of all Lenders.  Each Lender agrees that, except as otherwise  provided in any of the Loan Documents and without the prior written consent of the Required Lenders, it  will not take any legal action or institute any action or proceeding against any Credit Party with respect to  any of the Obligations or Collateral, or accelerate or otherwise enforce its portion of the Obligations.   Without limiting the generality of the foregoing, none of Lenders may exercise any right that it might  otherwise have under applicable law to credit bid at foreclosure sales, uniform commercial code sales or  other similar sales or dispositions of any of the Collateral except as authorized by the Required Lenders.   Notwithstanding anything to the contrary set forth in this Section 11.12(e) or elsewhere herein, each Lender  shall be authorized to take such action to preserve or enforce its rights against any Credit Party where a  deadline or limitation period is otherwise applicable and would, absent the taking of specified action, bar  the enforcement of Obligations held by such Lender against such Credit Party, including the filing of proofs  of claim in any insolvency proceeding.  (f) Notwithstanding anything to the contrary contained in this Section 11.12, (w) Security  Documents (including any Additional Security Documents) and related documents executed by  Subsidiaries of the Parent Guarantor in connection with this Agreement may be in a form reasonably  determined by the Administrative Agent and may be amended, supplemented and waived with the consent  of the Administrative Agent and the Borrower without the need to obtain the consent of any other Person  if such amendment, supplement or waiver is delivered in order (i) to comply with local law or advice of  local counsel, (ii) to cure ambiguities, omissions, mistakes or defects or (iii) to cause such Security  Document or other document to be consistent with this Agreement and the other Loan Documents, (x) if  following the Closing Date, the Required Lenders and the Borrower shall have jointly identified an  ambiguity, inconsistency, obvious error or any error or omission of a technical or immaterial nature, in each  case, in any provision of the Loan Documents, then the Administrative Agent and the Credit Parties shall  be permitted to amend such provision and such amendment shall become effective without any further  action or consent of any other party to any Loan Documents if the same is not objected to in writing by the  Required Lenders within five (5) Business Days following receipt of notice thereof and (y) the  Administrative Agent, New Parent and the Credit Parties shall be permitted to amend the Loan Documents  to implement the amendments contemplated by Section 7.02(a)(ii) in connection with a Holding Company  Merger and such amendment shall become effective without any further action or consent of any other party  to any Loan Documents if the same is not objected to in writing by the Required Lenders within five (5)  Business Days following receipt of notice thereof.  (g) Notwithstanding the provisions of Section 11.12(a), this Agreement may be amended (or  amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the  Credit Parties (i) to add one or more additional credit facilities to this Agreement and to permit the  extensions of credit from time to time thereunder and the accrued interest and fees in respect thereof to  share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the  accrued interest and fees in respect thereof, and (ii) to include appropriately the Lenders holding such credit  facilities in any determination of the Required Lenders.  (h) If, in connection with any proposed amendment, modification, termination, waiver or  consent with respect to any provisions hereof as contemplated by this Section 11.12 that requires the consent  of a greater percentage of the Lenders than the Required Lenders, the consent of the Required Lenders shall  have been obtained but the consent of a Lender whose consent is required shall not have been obtained  (each a “Non-Consenting Lender”), then the Borrower may, at their sole expense and effort, upon notice to  such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse  (in accordance with the restrictions contained in Section 11.04(c)), all its interests, rights and obligations  under this Agreement to an Eligible Assignee that shall assume such obligations; provided, that (A) such  Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued  interest thereon, accrued fees and all other amounts payable to it hereunder (including pursuant to Section  

 

   -146-     2.13(h) and (g)), from the assignee (to the extent of such outstanding principal and accrued interest and  fees) or the Borrower, any breakage compensation under Section 3.02 and any amounts accrued and owing  to such Lender under Section 3.01(a)(i), Section 3.01(c) or Section 3.03), and (B) such Eligible Assignee  shall consent at the time of such assignment to each matter in respect of which such Non-Consenting Lender  did not consent.  Each Lender agrees that, if it becomes a Non-Consenting Lender and is being replaced in  accordance with this Section 11.12(h), it shall execute and deliver to the Administrative Agent an  Assignment Agreement to evidence such assignment and shall deliver to the Administrative Agent any  Notes previously delivered to such Non-Consenting Lender.  Notwithstanding the foregoing, each Lender  hereby agrees that in the event such Non-Consenting Lender does not deliver its executed Assignment  Agreement to the Administrative Agent within three (3) Business Days of a request by the Borrower to do  so, such Non-Consenting Lender’s signature page shall be deemed executed without any further action on  the part of the Non-Consenting Lender, the Borrower, the Administrative Agent or any other party.    (i) Any Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent  hereunder shall be restricted as set forth in the definition of “Required Lenders,” except that, subject to  Section 11.12(a), (i) the Commitment of any Defaulting Lender may not be increased or extended without  the consent of such Lender and (ii) any waiver, amendment or modification requiring the consent of all  Lenders or each affected Lender that (A) by its terms affects any Defaulting Lender more adversely than  other affected Lenders, (B) increases or extends the Commitment of any such Defaulting Lender, (C)  reduces the principal of or the rate of interest for Loans of such Defaulting Lender, or fees or other amounts  payable hereunder or under any other Loan Document to such Defaulting Lender or (D) amends or modifies  any provision of this paragraph shall require the consent of such Defaulting Lender.  (j) For purposes of voting on any plan of reorganization or plan of liquidation pursuant to any  Debtor Relief Laws (including any scheme or similar arrangement, a “Bankruptcy Plan”) or any related  disclosure statement or consenting to any such Bankruptcy Plan, each Notes Cross-holder as of the  applicable record date shall be deemed to vote in the same manner and proportion as all other Lenders that  are not Notes Cross-holders (other than in respect of any Bankruptcy Plan that proposes to treat the Loans  (and related Obligations) of such Notes Cross-holder in a manner that is less favorable in any material  respect to such Notes Cross-holder than the proposed treatment to similar Loans (and related Obligations)  held by Lenders that are not Notes Cross-holders).  (k) Prior to executing any amendment, modification or waiver, the Administrative Agent shall  be entitled to receive a certificate executed by an Authorized Officer of the Borrower certifying that such  amendment, modification or waiver is authorized or permitted by this Agreement and the other Loan  Documents.   Section 11.13 Survival of Indemnities.  All indemnities set forth herein including in Article III,  Section 9.09 or Section 11.02 shall survive the execution and delivery of this Agreement and the making  and repayment of the Obligations.  Section 11.14 Domicile of Loans.  Each Lender may transfer and carry its Loans at, to or for  the account of any branch office, subsidiary or affiliate of such Lender; provided, however, that the  Borrower shall not be responsible for costs arising under Section 3.01 resulting from any such transfer  (other than a transfer pursuant to Section 3.05) to the extent not otherwise applicable to such Lender prior  to such transfer.  Section 11.15 Confidentiality.  (a) Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of  the Confidential Information, except that Confidential Information may be disclosed (1) to its and its  

 

   -147-     Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors  (it being understood that the persons to whom such disclosure is made will be informed of the confidential  nature of such Confidential Information and instructed to keep such Confidential Information confidential),  (2) to any direct or indirect contractual counterparty in any Hedge Agreement (or to any such contractual  counterparty’s professional advisor), so long as such contractual counterparty (or such professional advisor)  agrees to be bound by the provisions of this Section, (3) to the extent requested by any regulatory authority,  (4) to the extent required by applicable laws or regulations or by any subpoena or similar legal process  (provided, that the Administrative Agent shall use commercially reasonable efforts to notify the Borrower  prior to such disclosure, to the extent legally permitted to do so), (5) to any other party to this Agreement,  (6) to any other creditor of any Credit Party that is a direct or intended beneficiary of any of the Loan  Documents, (7) in connection with the exercise of any duties or remedies hereunder or under any of the  other Loan Documents, or any suit, action or proceeding relating to this Agreement or any of the other Loan  Documents or the enforcement of rights hereunder or thereunder, (8) subject to an agreement containing  provisions substantially the same as those of this Section, to any assignee of or participant in any of its  rights or obligations under this Agreement, or in connection with transactions permitted pursuant to Section  11.06(c)(v) or Section 11.06(f), (9) with the prior written consent of the Borrower, or (10) to the extent such  Confidential Information (i) becomes publicly available other than as a result of a breach of this Section  11.15, or (ii) becomes available to the Administrative Agent or any Lender on a non-confidential basis from  a source other than a Credit Party and not otherwise in violation of this Section 11.15.    (b) As used in this Section, “Confidential Information” shall mean all information received  from the Borrower relating to the Borrower or its business, other than any such information that is available  to the Administrative Agent or any Lender on a non-confidential basis prior to disclosure by the Borrower;  provided, however, that in the case of information received from the Borrower after the Closing Date, such  information is clearly identified at the time of delivery as confidential.  (c) Any Person required to maintain the confidentiality of Confidential 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 Confidential Information as such  Person would accord to its own confidential information.  The Borrower hereby agrees that the failure of  the Administrative Agent or any Lender to comply with the provisions of this Section shall not relieve the  Borrower, or any other Credit Party, of any of its obligations under this Agreement or any of the other Loan  Documents.  Section 11.16 [Reserved].    Section 11.17 General Limitation of Liability.  No claim may be made by any Credit Party, any  Lender, the Administrative Agent or any other Person against the Administrative Agent or any other  Lender or the Affiliates, directors, officers, employees, attorneys or agents of any of them for any  damages other than actual compensatory damages in respect of any claim for breach of contract or any  other theory of liability arising out of or related to the transactions contemplated by this Agreement or  any of the other Loan Documents, or any act, omission or event occurring in connection therewith; and  the Borrower, each Lender and the Administrative Agent, to the fullest extent permitted under applicable  law, waive, release and agree not to sue or counterclaim upon any such claim for any special,  consequential, lost profit or punitive damages, whether or not accrued and whether or not known or  suspected to exist in their favor.  Section 11.18 No Duty.  All attorneys, accountants, appraisers, consultants and other  professional persons (including the firms or other entities on behalf of which any such Person may act)  retained by the Administrative Agent or any Lender with respect to the transactions contemplated by the  Loan Documents shall have the right to act exclusively in the interest of the Administrative Agent or such  

 

   -148-     Lender, as the case may be, and shall have no duty of disclosure, duty of loyalty, duty of care, or other  duty or obligation of any type or nature whatsoever to the Borrower, to any of their Subsidiaries, or to  any other Person, with respect to any matters within the scope of such representation or related to their  activities in connection with such representation.  The Borrower agrees, on behalf of itself and its  Subsidiaries, not to assert any claim or counterclaim against any such persons with regard to such matters.  Section 11.19 Lenders and Agent Not Fiduciary to the Borrower, etc.  The relationship among  the Parent Guarantor, the Borrower and their Subsidiaries, on the one hand, and the Administrative Agent  and the Lenders, on the other hand, is solely that of debtor and creditor, and the Administrative Agent  and the Lenders have no fiduciary or other special relationship with the Parent Guarantor, the Borrower  and their Subsidiaries, and no term or provision of any Loan Document, no course of dealing, no written  or oral communication, or other action, shall be construed so as to deem such relationship to be other than  that of debtor and creditor.  Section 11.20 Survival of Representations and Warranties.  All representations and warranties  herein shall survive the making of Loans hereunder, the execution and delivery of this Agreement, the  Notes and the other documents the forms of which are attached as Exhibits hereto, the issue and delivery  of the Notes, any disposition thereof by any holder thereof, and any investigation made by the  Administrative Agent or any Lender or any other holder of any of the Notes or on its behalf.  Section 11.21 Severability.  Any provision of this Agreement held to be invalid, illegal or  unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such  invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the  remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall  not invalidate such provision in any other jurisdiction.  Section 11.22 Directed Divestment.  None of the provisions set forth in Article VI or VII or in  Section 8.01(h) shall prohibit any Directed Divestment effected in accordance with applicable law so  long as the Borrower complies with the mandatory prepayment provisions of Section 2.13(c)(viii).  Section 11.23 Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at  any time the interest rate applicable to any Loan, together with all fees, charges and other amounts that  are treated as interest on such Loan under applicable law (collectively, the “Charges”), shall exceed the  maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or  reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable  in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited  to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in  respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated  and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased  (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon  at the Base Rate to the date of repayment, shall have been received by such Lender.  Section 11.24 USA Patriot Act.  Each Lender subject to the USA Patriot Act 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, which information includes the name and address of the  Borrower and other information that will allow such Lender to identify the Borrower in accordance with  the USA Patriot Act.  Section 11.25 Advertising and Publicity.  No Credit Party shall issue or disseminate to the  public (by advertisement, including without limitation any “tombstone” advertisement, press release or  otherwise), submit for publication or otherwise cause or seek to publish any information describing the  

 

   -149-     credit or other financial accommodations made available by the Lenders pursuant to this Agreement and  the other Loan Documents without the prior written consent of the Administrative Agent.  Nothing in the  foregoing shall be construed to prohibit any Credit Party from making any submission or filing which it  is required to make by applicable law or pursuant to judicial process; provided, that (i) such filing or  submission shall contain only such information as is necessary to comply with applicable law or judicial  process and (ii) unless specifically prohibited by applicable law or court order, the Borrower shall  promptly notify the Administrative Agent of the requirement to make such submission or filing and  provide the Administrative Agent with a copy thereof.  Section 11.26 Release of Guarantees and Liens.  Notwithstanding anything to the contrary  contained herein or in any other Loan Document, the Administrative Agent’s security interest in any asset  constituting Collateral and/or any guarantee by any Subsidiary Guarantor will be automatically released  immediately, and the Administrative Agent is hereby irrevocably authorized by each Lender (without  requirement of notice to or consent of any Lender) to take any action requested by the Borrower having  the effect of releasing any Collateral or guarantee obligations, upon the consummation of any transaction  permitted by any Loan Document (including (x) any merger, consolidation, amalgamation, Asset Sale  and/or liquidation, and/or (y) subject to the Infrastructure Reorganization Principles, any transaction  related to, or in connection with, an Infrastructure Reorganization, in each case, in accordance with the  terms of the Loan Documents) or that has been consented to in accordance with the terms hereof.  All  Liens created under the Loan Documents on the Interoute German Assets subject to a Directed  Divestment shall be automatically released immediately prior to the consummation of such Directed  Divestment.  Upon the occurrence of any event set forth in the first sentence of this Section 11.26 and/or  when this Agreement has been terminated and all of the Obligations have been fully and finally  discharged (other than obligations in respect of contingent indemnity obligations) and the obligations of  the Administrative Agent and the Lenders to provide additional credit under the Loan Documents have  been terminated irrevocably, the Administrative Agent will, at the Borrower’s sole expense, execute and  deliver any termination statements, lien releases, mortgage releases, re-assignments of intellectual  property, discharges of security interests, and other similar discharge or release documents (and, if  applicable, in recordable form) as are necessary or advisable to release, as of record, the Administrative  Agent’s Liens and all notices of security interests and liens previously filed by the Administrative Agent  with respect to the Obligations.  Section 11.27 Payments Set Aside.  To the extent that any Secured Creditor receives a payment  from or on behalf of the Borrower or any other Credit Party, from the proceeds of any Collateral, from  the exercise of its rights of setoff, any enforcement action or otherwise, and such payment is subsequently,  in whole or in part, invalidated, declared to be fraudulent or preferential, set aside or required to be repaid  to a trustee, receiver or any other party, then to the extent of such recovery, the obligations or part thereof  originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and  continued in full force and effect as if such payment had not occurred.  Section 11.28 Swedish Security.  Notwithstanding any other provision in this Agreement or  any other Loan Document, the release of any security interest (that is perfected or purported to be  perfected) in any Collateral subject to a Security Document governed by Swedish law will (unless, in  relation to a release of security over such Collateral due to a disposal of such asset, the proceeds of the  disposal of the asset secured or charged are paid directly to the Administrative Agent and are applied in  prepayment of secured obligations) always be subject to the prior written consent of the Administrative  Agent (such consent to be granted at the Administrative Agent’s sole discretion).  Each Lender authorizes  the Administrative Agent to release such security interest in any Collateral at its discretion without  notification or further reference to the Lenders, provided, that the disposal is in accordance with the terms  of this Agreement.  This provision shall supersede any conflicting provision in this Agreement or the  other Loan Documents.  

 

   -150-     Section 11.29 Spanish Security.  The Security Documents governed by Spanish law will be  granted in favor of each and every Lender to secure the secured obligations (expressly excluding any  parallel debt structure) and shall not be held on trust unless expressly permitted by law.  At this respect,  each Lender (other than the Administrative Agent) hereby irrevocably authorizes and empowers the  Administrative Agent (with full power to appoint and to substitute and to delegate) to act on its behalf  and if required under applicable law, or if otherwise appropriate, in its name and on its behalf in  connection with the acceptance, preparation, amendment, novation, extension, confirmation, release,  execution, enforcement, or, where necessary, notarization of a Spanish public document and delivery of  the Security Documents subject to Spanish law and the perfection (including, where mandatory,  registration) and monitoring of the Collateral.  Therefore, the Administrative Agent shall be entitled to  accept the Collateral subject to Spanish law in the name and on behalf of the Lenders by virtue of the  powers that herein are granted by each Lender.  Nothing in this Section 11.29 shall limit or be deemed to  modify the exculpatory provisions, or any other rights, immunities and protections, afforded to the  Administrative Agent under this Agreement or any other Loan Document.  Section 11.30 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.   Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement  or understanding among any such parties, each party hereto acknowledges that any liability of any EEA  Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be  subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and  consents to, and acknowledges and agrees to be bound by:  (a) the application of any Write-Down and Conversion Powers by an EEA Resolution  Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an  EEA Financial Institution; and  (b) the effects of any Bail-In Action on any such liability, including, if applicable:  (i) a reduction in full or in part or cancellation of any such liability;  (ii) a conversion of all, or a portion of, such liability into shares or other instruments of  ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be  issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be  accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other  Loan Document; or  (iii) the variation of the terms of such liability in connection with the exercise of the Write- Down and Conversion Powers of any EEA Resolution Authority.  Section 11.31 Dutch Legal Matters.  Lenders are advised to seek Dutch legal advice (i) until  the interpretation of the term “public” (as referred to in Article 4.1(1) of the CRR) has been published by  the competent authority, if the participation of a Lender in any Loan or Commitment is less than EUR  100,000 (or the foreign currency equivalent thereof) and (ii) as soon as the interpretation of the term  “public” has been published by the competent authority, if a Lender is or would be considered to be part  of the public on the basis of such interpretation.  [Remainder of page intentionally left blank.] 

 

    Priming Facility Credit Agreement  IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Agreement  to be duly executed and delivered as of the date first above written.      GTT COMMUNICATIONS, INC.   as the Parent Guarantor    By: /s/ Donna Granato   Name: Donna Granato  Title: Interim Chief Financial Officer      GTT COMMUNICATIONS B.V.  as the Borrower    By: /s/ Donna Granato   Name: Donna Granato  Title: Director  

 

    Priming Facility Credit Agreement  DELAWARE TRUST COMPANY, as the   Administrative Agent    By: /s/ Sean Foronjy  Name: Sean Foronjy  Title: Vice PresidentDocument

Execution Version

NOTEHOLDER FORBEARANCE AGREEMENT
This Noteholder Forbearance Agreement (this “Agreement”) is entered into as of December 28, 2020, by and among GTT Communications, Inc., a Delaware corporation (the “Issuer”), GTT Americas, LLC, a Delaware limited liability company, GTT Global Telecom Government Services, LLC, a Virginia limited liability company, GC Pivotal, LLC, a Delaware limited liability company, Communication Decisions – SNVC, LLC, a Virginia limited liability company, Electra Ltd., a  Virginia corporation and Core 180, LLC, a Delaware limited liability company (each such direct or indirect subsidiary of the Issuer, a “Guarantor” and, together, the “Guarantors”), and each of the undersigned beneficial owners (or nominees, investment managers, advisors or subadvisors for the beneficial owners) of the Notes (as hereinafter defined) (collectively, the “Forbearing Noteholders” and, together with the Issuer, the “Parties”).   
RECITALS
A.The Issuer and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”), are parties to that certain Indenture, dated as of December 22, 2016, (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), under which the Issuer’s 7.875% Senior Notes due 2024 (the “Notes”) were issued.  Capitalized terms used herein shall, unless otherwise indicated, have the respective meanings set forth in the Indenture.
B.The Issuer did not file its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2020 (the “Late Q2 SEC Report”) within 15 days of August 17, 2020, which was the last day of the extension period provided for the filing under Rule 12b-25(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and such failure constitutes a Default under the Indenture (the “Q2 Reporting Default”).

C.On September 2, 2020, the Issuer received a notice of Default (the “Q2 Notice”) from investment managers to beneficial holders of, or, holders of, the Notes (the “Noteholders”) representing 25% or more of the aggregate principal amount of the Notes regarding the Q2 Reporting Default and, as a result, the Issuer’s failure to file (or in certain circumstances, post to the Issuer’s website) the Late Q2 SEC Report on or before November 1, 2020 would constitute an Event of Default under the Indenture.

D.On October 28, 2020, the Issuer and the Guarantors entered into a Forbearance Agreement (the “Original Notes Forbearance Agreement”) with certain beneficial owners (or nominees, investment managers, advisors or subadvisors for the beneficial owners) of a majority of the outstanding aggregate principal amount of the Notes.

E.Between October 28, 2020 and November 11, 2020, certain additional beneficial owners (or nominees, investment managers, advisors or subadvisors for such additional beneficial owners) of the Notes executed and delivered the Original Notes Forbearance Agreement.

F.On November 23, 2020, the scheduled expiration time under the Original Notes Forbearance Agreement was extended to 8:00 a.m., New York City time, on December 14, 2020.

G.The Issuer did not file its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2020 (the “Late Q3 SEC Report”) within 15 days of November 16, 2020, which was the last day of the extension period provided for the filing under Rule 12b-25(b) of the Exchange Act, and such failure constituted a Default under the Indenture (the “Q3 Reporting Default,” and collectively with the Q2 Reporting Default, the “Reporting Defaults”).

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H.On December 7, 2020, the Issuer received a notice of Default (the “Q3 Notice”) from the Trustee regarding the Q3 Reporting Default and, as a result, the Issuer’s failure to file (or in certain circumstances, post to the Issuer’s website) the Late Q3 SEC Report on or before February 5, 2021 would constitute an Event of Default under the Indenture.

I.On December 10, 2020, the scheduled expiration time under the Original Notes Forbearance Agreement was extended to 8:00 a.m., New York City time, on December 28, 2020. On December 22, 2020, the scheduled expiration time under the Original Notes Forbearance Agreement was further extended to 5:00 p.m., New York City time, on December 28, 2020.

J.The Issuer has requested that, during the Noteholder Forbearance Period (as hereinafter defined), the Noteholders agree to forbear from exercising any and all rights and remedies against the Issuer and the Guarantors with respect to any Defaults or Events of Default that have occurred, or that may occur as a result of, (i) the Reporting Defaults and (ii) the occurrence and continuance of the “Lender Specified Defaults” as defined in the Second Credit Facilities Forbearance Agreement (as defined below) (collectively, the “Noteholder Specified Defaults”).

K.This Agreement replaces the Original Notes Forbearance Agreement.

L.Subject to the terms and conditions set forth herein, the Forbearing Noteholders have agreed to forbear, solely during the Noteholder Forbearance Period, from exercising their default-related rights and remedies against the Issuer and the Guarantors with respect to the Noteholder Specified Defaults.

NOW, THEREFORE, in consideration of the foregoing, the terms, covenants and conditions contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:
SECTION 1.Confirmation by the Issuer of Obligations and Noteholder Specified Defaults.
(a)Each of the Issuer and the Guarantors acknowledges and agrees that, as of the Forbearance Effective Date (as hereinafter defined), the aggregate principal amount of the Notes outstanding is $575,000,000.  Each of the Issuer and the Guarantors further acknowledges and agrees that (i) the Q2 Notice was properly delivered and the Issuer’s failure to file (or in certain circumstances, post to the Issuer’s website) the Late Q2 SEC Report on or before November 1, 2020 constituted an Event of Default under the Indenture on November 2, 2020 and (ii) the Q3 Notice was properly delivered and the Issuer’s failure to file (or in certain circumstances, post to the Issuer’s website) the Late Q3 SEC Report on or before February 5, 2021 shall constitute an Event of Default under the Indenture on February 6, 2020.  
(b)Each of the Issuer and Guarantors acknowledges and agrees that (i) the Q2 Reporting Default as of November 2, 2020 constituted an Event of Default and (ii) the Q3 Reporting Default as of February 6, 2021 shall constitute an Event of Default, in each case which, but for entry into this Agreement, would entitle the Forbearing Noteholders to exercise any and all default-related rights and remedies provided for under the Indenture, the Notes and applicable law. Each of the Issuer and Guarantors acknowledges and agrees that, as and when the other Noteholder Specified Defaults occur, they shall, upon the passage of time or the giving of notice or both (to the extent such requirements are applicable pursuant to Section 6.01 of the Indenture), constitute Events of Default, which, but for entry 
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into this Agreement, would entitle the Forbearing Noteholders to exercise any and all default-related rights and remedies provided for under the Indenture, the Notes and applicable law.
(c)Each of the Issuer and the Guarantors represents that there are no claims, demands, offsets or defenses at law or in equity that would defeat or diminish any Holder’s present and unconditional right to collect the indebtedness evidenced by the Indenture, the Notes and the Note Guarantees (collectively, the “Notes Documents”) that is owed to such Person, and to proceed to enforce the rights and remedies available to the Trustee and Holders as provided in the Notes Documents as of the date hereof.
(d)Each of the Issuer and the Guarantors acknowledges and agrees that the Forbearance (as hereinafter defined) is limited in time and scope and is subject to the terms and conditions set forth herein.  Each of the Issuer and the Guarantors further acknowledges and agrees that, (i) upon the occurrence of a Termination Event (as hereinafter defined), the Forbearing Noteholders shall be entitled to exercise all rights and remedies in respect of the Noteholder Specified Defaults under the Indenture, the Notes and applicable law and (ii) the Forbearing Noteholders shall otherwise be entitled to exercise all rights and remedies in respect of any Defaults or Events of Default other than the Noteholder Specified Defaults under the Indenture, the Notes and applicable law.
SECTION 2.Forbearance; Forbearance Default Rights and Remedies.
(a)In reliance upon the representations and warranties and covenants of the Issuer and each of the Guarantors contained in this Agreement, and subject to the terms and conditions of this Agreement and any documents or instruments executed in connection herewith, effective as of the Forbearance Effective Date, each of the Forbearing Noteholders (severally and not jointly) agrees that, until the expiration or termination of the Noteholder Forbearance Period, it will forbear from 
(i)     exercising any and all rights or remedies under the Indenture, the Notes and applicable law (“Remedial Action”) against the Issuer and the Guarantors (or any of their assets or properties), including, without limitation, any action to accelerate or join in any request for acceleration of the Notes, and 
(ii)    directing the Trustee to take any Remedial Action, 
in each case described in clauses (i) and (ii), solely with respect to the Noteholder Specified Defaults (the “Forbearance”).  As used herein, the term “Noteholder Forbearance Period” shall mean the period beginning on the Forbearance Effective Date and ending automatically on the earlier to occur of (the occurrence of any of the events in the succeeding clauses (1) and (2), a “Termination Event”): 
(1)     any Forbearance Default (as hereinafter defined) and, except as expressly provided herein, the delivery to the Issuer by the Requisite Forbearing Noteholders1 of written notice of such Forbearance Default and such Forbearing Noteholders’ intent to terminate this 

1     “Requisite Forbearing Noteholders” means, as of any date of determination, (i) with respect to the delivery of notice of a Forbearance Default, those Forbearing Noteholders holding more than 50% of the aggregate principal amount of the Notes that are held by all Forbearing Noteholders as of such date and (ii) with respect to any amendments to this Agreement or other consents or approvals pursuant to this Agreement, including any extensions of the Forbearance Period, those Forbearing Noteholders holding more than 66.7% of the aggregate principal amount of the Notes that are held by all Forbearing Noteholders as of such date; provided, solely with respect to this clause (ii), at least two or more of such Forbearing Noteholders are unaffiliated.
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Agreement (which notice may be delivered by counsel to the Forbearing Noteholders, including by electronic mail); or
(2)     5:00 p.m., New York City time, on March 31, 2021; provided that the Noteholder Forbearance Period may be extended by the Requisite Forbearing Noteholders pursuant to Section 9 hereof.
As used herein, the term “Forbearance Default” shall mean: 
(A)    the occurrence of any Default or Event of Default under the Indenture other than any of the Noteholder Specified Defaults; provided no notice pursuant to clause (a)(ii)(1) above shall be required in respect of any Event of Default arising pursuant to Section 6.01(a)(7) or (8) of the Indenture and the Noteholder Forbearance Period shall automatically terminate upon the occurrence thereof without any declaration or act on the part of any Person, 
(B)     the failure of the Issuer to comply in all material respects with any term, condition, or covenant set forth in this Agreement, which failure remains uncured (to the extent curable) for three (3) Business Days after the Requisite Forbearing Noteholders deliver a written notice of such failure to the Issuer (which notice may be delivered by counsel to the Forbearing Noteholders, including by electronic mail), 
(C)     the failure of any representation or warranty made by the Issuer or any Guarantor under this Agreement to be true and complete in all material respects (or if qualified by materiality, all respects) as of the date when made,
(D)     any Credit Party (as defined in the Credit Agreement dated as of May 31, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified on or prior to the date hereof, the “Existing Credit Agreement”) by and among the Issuer and GTT Communications B.V., as borrowers, KeyBank National Association, as administrative agent and letter of credit issuer, and the lenders and other financial institutions party thereto from time to time) as of the Forbearance Effective Date shall enter into or acknowledge any amendment, change, supplement or modification (including by means of a waiver or consent) to the Existing Credit Agreement or the Loan Documents (as defined in the Existing Credit Agreement) that 
(y)     increases the rate of interest on any Loan (as defined in the Existing Credit Agreement) or otherwise provides for any compensation to any Lender (as defined in the Existing Credit Agreement) or other Secured Creditor (as defined in the Existing Credit Agreement), in each case, in excess of the rate of interest and/or compensation payable in respect of the Credit Facilities (as defined in the Existing Credit Agreement) in effect as of the Forbearance Effective Date) or 
(z)     amends, changes, supplements or modifies any prepayment provisions of Section 2.13 of the Existing Credit Agreement or otherwise, in each case, in a manner adverse to the Forbearing Noteholders as reasonably determined by the Requisite Forbearing Noteholders (other than, for the avoidance of doubt, the modifications pursuant to the Amendment No. 4 to Credit Agreement and Consent in the form attached hereto as Exhibit A (the “Amendment No. 4”)),
(E)     (i) the expiration or termination of the Lender Forbearance Period (as defined in the Second Credit Facilities Forbearance Agreement), (ii) the occurrence of any Event of Default (as defined under that certain Priming Facility Credit Agreement, dated as of December 28, 2020, 
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among the Issuer, as parent guarantor, GTT Communications B.V., as borrower, the lenders party thereto and Delaware Trust Company, as administrative agent (as in effect on the date hereof, and as amended, restated, supplemented, or otherwise modified solely to the extent the Requisite Forbearing Noteholders have provided their prior written consent thereto (irrespective of whether such consent is required in their capacities as Lenders thereunder)), the “Priming Facility Credit Agreement”), or (iii) the termination of any Commitment under the Priming Facility Credit Agreement (other than upon the funding thereof),
(F)     the occurrence of the Maturity Date (as defined in the Priming Facility Credit Agreement),
(G)    the Issuer or any Subsidiary thereof shall:
(w)    Incur Indebtedness described in clause (1)(A) of the definition thereof in the Indenture or provide a Guarantee of any Indebtedness of the type described in clause (1)(A) of the definition thereof in the Indenture of the Issuer or any Subsidiary of the Issuer, other than (1) Indebtedness Incurred in the ordinary course of business that is permitted by the Indenture in an amount not to exceed $5,000,000 outstanding at any time, (2) the Incurrence of Indebtedness pursuant to the Priming Facility Credit Agreement and any Guarantees in respect thereof in an aggregate principal amount not to exceed $100,000,000 Incurred as of the date hereof plus an additional $175,000,000 Incurred pursuant to the delayed draw term loan commitments under the Priming Facility Credit Agreement established on the date hereof, and (3) Indebtedness Incurred pursuant to Section 4.03(b)(6) of the Indenture either (a) in the ordinary course of business and consistent with past practices or (b) in connection with or related to an Infrastructure Reorganization (as defined below) in accordance with the terms of an Infrastructure Sale Agreement (as defined below);
(x)    (i) cause any Subsidiary of the Issuer that is not a Credit Party as of the Forbearance Effective Date to become a Credit Party or (ii) cause any Subsidiary of the Issuer that is not a U.S. Credit Party (as defined in the Existing Credit Agreement) as of the Forbearance Effective Date to become a U.S. Credit Party, provided that, in each case, (A) Subsidiaries of U.S. Credit Parties that are organized under the laws of the United States may become U.S. Credit Parties so long as they concurrently become Guarantors of the Notes, (B) Subsidiaries of Non-U.S. Credit Parties (as defined in the Existing Credit Agreement) may become Non-U.S. Credit Parties and (C) none of the Non-U.S. Credit Parties nor any Subsidiary thereof may become a borrower with respect to, Guarantee, or provide security for, the U.S. Obligations (as defined in the Existing Credit Agreement),
(y)     in the case of the Issuer or any Guarantor, sell, lease, transfer or otherwise dispose of any assets (including by means of a sale lease back and by means of mergers, consolidation, amalgamation and liquidation of such Person) or Equity Interests directly owned by the Issuer or such Guarantor to any Subsidiary of the Issuer that is not a Guarantor outside the ordinary course of business, unless (i) such Subsidiary becomes a Guarantor of the Notes prior to the consummation thereof (which guaranty shall not terminate solely as a result of the termination or satisfaction of any guaranty from such transferee in favor of the Lenders under the Existing Credit Agreement), or (ii) such transaction is necessary to consummate an Infrastructure Reorganization and/or the disposition of all or any portion of the Infrastructure Business (as defined in the Priming 
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Facility Credit Agreement) in accordance with the terms of an Infrastructure Sale Agreement; provided that, in the case of this clause (ii) if any such sale, lease, transfer or other disposition is by the Issuer or any Guarantor to a Subsidiary of the Issuer that is organized or existing under the laws of the United States, any State thereof or the District of Columbia, such Subsidiary shall become a Guarantor of the Notes prior to the consummation thereof (which guaranty shall not terminate solely as a result of the termination or satisfaction of any guaranty from such transferee in favor of the Lenders under the Existing Credit Agreement), provided, further, that to the extent any Subsidiary of the Issuer becomes a Guarantor of the U.S. Obligations under the Existing Credit Agreement, such Subsidiary shall become a Guarantor of the Notes concurrently therewith, or
(z)     permit, authorize or take any action (or otherwise assist a third-party in taking any action) that grants any Lien (as defined in the Existing Credit Agreement) or otherwise causes (i) the collateral that secures (or purports to secure) the U.S. Obligations (as defined in the Existing Credit Agreement) to include any property or other assets that does not secure the U.S. Obligations  on the date hereof (it being understood that this clause (i) shall not result in the exclusion of any after-acquired or similar types of collateral arising after the date hereof) and (ii) the collateral that secures (or purports to secure) the Obligations (as defined in the Priming Facility Credit Agreement) to include any property or other assets that does not secure the EMEA Facility Obligations (as defined in the Existing Credit Agreement) on the date hereof (it being understood that this clause (ii) shall not result in the exclusion of any after-acquired or similar types of collateral arising after the date hereof).  For the avoidance of doubt, the granting of any Lien incurred to facilitate an Infrastructure Reorganization (as defined below) and/or the disposition of all or any portion of the Infrastructure Business (as defined in the Priming Facility Credit Agreement) pursuant to an Infrastructure Sale Agreement (as defined below), in each case, so long as such Lien does not secure Indebtedness, shall not constitute a Forbearance Default under this clause (G)(z), or
(H)    60 days after the termination of the Existing Infrastructure Sale Agreement (as defined below), unless a Replacement Infrastructure Sale Agreement (as defined below) that is reasonably acceptable to the Requisite Forbearing Noteholders is effective within 45 days after the date of such termination, or 
(I)     a Borrower (as defined in the Existing Credit Agreement) Continues (as defined in the Existing Credit Agreement), Converts (as defined in the Existing Credit Agreement) or otherwise maintains or borrows any Loan (as defined in the Existing Credit Agreement) as a Base Rate Loan (as defined in the Existing Credit Agreement), unless (x) the principal amount of all outstanding Base Rate Loans does not exceed $5.0 million in the aggregate or (y) such Base Rate Loan is Converted into a Eurocurrency Loan within five (5) Business Days thereof.
“Existing Infrastructure Sale Agreement” means that certain Sale and Purchase Agreement, dated October 16, 2020 (as amended, amended and restated, waived, supplemented or otherwise modified from time to time but without giving effect to any amendment, waiver, supplement or other modification that is materially adverse to the Noteholders to which the Requisite Forbearing Noteholders hereunder have not agreed to in writing (which may be by e-mail from counsel to the Forbearing Noteholders)), between the Issuer, Global Telecom and Technology Holdings Ireland Limited, Hibernia NGS Limited, GTT Holdings Limited and Cube Telecom Bidco Limited.
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“Infrastructure Reorganization” means (i) at any time during the effectiveness of the Existing Infrastructure Sale Agreement, the consummation of the Reorganisation (as defined in the Existing Infrastructure Sale Agreement) and/or any other internal reorganization that is undertaken in connection with or related to the Reorganisation (as defined in the Existing Infrastructure Sale Agreement) for the primary purpose of efficiently separating the Infrastructure Business (as defined in the Priming Facility Credit Agreement) in preparation for the sale of the Infrastructure Business to a third party, in each case, in whole or in part, and in compliance with the Infrastructure Reorganization Principles (as defined in the Priming Facility Credit Agreement) and (ii) at any time during the effectiveness of a Replacement Infrastructure Sale Agreement, the consummation of any internal corporate reorganization by the Issuer and/or its Subsidiaries, in whole or in part, that is undertaken for the primary purpose of efficiently separating the Infrastructure Business in preparation for the sale of the Infrastructure Business to a third party, as determined in good faith by the Issuer and that is in compliance with the Infrastructure Reorganization Principles (as defined in the Priming Facility Credit Agreement). 
 “Infrastructure Sale Agreement” means (a) at any time that the Existing Infrastructure Sale Agreement is in effect, the Existing Infrastructure Sale Agreement and (b) at any time after the Existing Infrastructure Sale Agreement is terminated, any Replacement Infrastructure Sale Agreement that is in effect at such time.
“Replacement Infrastructure Sale Agreement” means, at any time after the Existing Infrastructure Sale Agreement is terminated, any agreement or agreements containing terms reasonably satisfactory to the Requisite Forbearing Noteholders (which satisfaction may be memorialized by an e-mail from counsel to the Forbearing Noteholders) and entered into by the Issuer and/or any of its Restricted Subsidiaries (as defined in the Priming Facility Credit Agreement) pursuant to which all or any portion of the Infrastructure Business (as defined in the Priming Facility Credit Agreement) would be sold to a Person that is not an Affiliate of the Issuer.
(b)The Issuer shall provide notice to the Forbearing Noteholders of the occurrence of any Forbearance Default (or any event or circumstance that with the provision of notice or passage of time would constitute a Forbearance Default) as soon as reasonably possible but in any event within two (2) Business Days of the Issuer becoming aware of the occurrence of such Forbearance Default (or any event or circumstance that with the provision of notice or passage of time would constitute a Forbearance Default), which notice shall state that such event occurred and shall set forth, in reasonable detail, the facts and circumstances that gave rise to such event.   In the event that the Trustee or any Noteholder or group of Noteholders takes any action during the Noteholder Forbearance Period to declare all of the Notes immediately due and payable pursuant to Section 6.02 of the Indenture solely due to any of the Noteholder Specified Defaults, the Forbearing Noteholders agree to promptly deliver written notice to the Issuer and the Trustee to rescind and annul such acceleration and its consequences in accordance with Section 6.02 of the Indenture and, in connection therewith, to provide the necessary consents for an amendment to the Indenture that provides that Section 6.02(b) of the Indenture shall not require cure or waiver of any Events of Default that are Noteholder Specified Defaults in connection with rescinding and annulling such acceleration and its consequences.
(c)The Forbearance is limited in nature and nothing contained herein is intended, or shall be deemed or construed, (i) to constitute a waiver of any of the Noteholder Specified Defaults or any other existing or future Defaults or Events of Default or compliance with any term or provision of the Indenture, the Notes or applicable law, or (ii) to establish a custom or course of dealing between the Issuer and/or any or all of the Guarantors, on the one hand, and any Forbearing Noteholder, on the other hand.  Nothing contained in this Agreement shall be deemed to obligate any Forbearing Noteholder to extend the Noteholder Forbearance Period or enter into any other forbearance agreements.
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(d)Upon the occurrence of a Termination Event, the agreement of the Forbearing Noteholders hereunder to forbear from taking any Remedial Action in respect of the Noteholder Specified Defaults shall immediately terminate without the requirement of any demand, presentment, protest, or notice of any kind, all of which the Issuer waives.  Each of the Issuer and the Guarantors agrees that the Forbearing Noteholders may at any time thereafter proceed to exercise any and all of their rights and remedies under any or all of the Indenture, the Notes and/or applicable law, including, without limitation, Remedial Action with respect to any of the Noteholder Specified Defaults.  In furtherance of the foregoing, and notwithstanding the occurrence of the Forbearance Effective Date, each of the Issuer and the Guarantors acknowledges and confirms that, subject to the Forbearance, all rights and remedies of the Forbearing Noteholders under the Indenture, the Notes and applicable law with respect to the Issuer and the Guarantors shall continue to be available to the Forbearing Noteholders.
(e)Each of the Parties hereto hereby agrees that the running of all statutes of limitation and the doctrine of laches applicable to all claims or causes of action that the Forbearing Noteholders may be entitled to take or bring in order to enforce their rights and remedies against the Issuer and the Guarantors are, to the fullest extent permitted by law, tolled and suspended during the Noteholder Forbearance Period.
(f)Each of the Issuer and the Guarantors understands and accepts the temporary nature of the forbearance provided hereby and that the Forbearing Noteholders have given no assurances that they will extend such forbearance or provide waivers or amendments to the Indenture after the Noteholder Forbearance Period.
(g)Each of the Issuer and the Guarantors acknowledges and agrees that each of the agreements of the Forbearing Noteholders hereunder have been made in reliance upon, and in consideration for, among other things, the general releases and indemnities contained in Section 8 hereof and the other covenants, agreements, representations and warranties of the Issuer and each of the Guarantors hereunder.
SECTION 3.Effectiveness.  
This Agreement will be effective as of the date when the following conditions have been satisfied (such date, the “Forbearance Effective Date”): 
(a)Agreement.  Each of the Issuer, the Guarantors and the Forbearing Noteholders shall have executed and delivered counterpart signature pages of this Agreement to counsel to each of the other Parties (which signature pages may be delivered by counsel and in electronic form);
(b)Fees and Expenses.  The Issuer shall have paid or caused to be paid to Latham & Watkins LLP (“Latham”) and Centerview Partners LLC (“Centerview”) the invoiced fees and expenses, pursuant to the fee agreement between the Issuer and Latham and the engagement letter between the Issuer and Centerview, respectively; provided that any such invoice is delivered to the Issuer at least one (1) Business Day prior to the Forbearance Effective Date; 
(c)No Default or Event of Default.  As of the date of this Agreement, no Default or Event of Default shall have occurred and be continuing, other than the Reporting Defaults; and 
(d)Second Credit Facilities Forbearance Agreement. The Issuer and the Required Lenders (as defined in the Existing Credit Agreement shall have entered into a forbearance agreement (the “Second Credit Facilities Forbearance Agreement”) with respect to the Lender Specified Defaults, which 
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Second Credit Facilities Forbearance Agreement shall be in the form attached as Annex D to the Amendment No. 4.
SECTION 4.Representations, Warranties and Covenants of the Issuer. 
To induce the Forbearing Noteholders to execute and deliver this Agreement, the Issuer and the Guarantors, jointly and severally, represents, warrants and covenants that:  
(a)The execution, delivery and performance by the Issuer and each of the Guarantors of this Agreement and all documents and instruments delivered in connection herewith have been duly authorized by the Issuer and each of the Guarantors, this Agreement has been duly executed and delivered by the Issuer and each of the Guarantors, and this Agreement and all documents and instruments delivered in connection herewith are legal, valid and binding obligations of the Issuer and each of the Guarantors enforceable against the Issuer and each of the Guarantors in accordance with their terms, except as the enforcement thereof may be subject to (i) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforcement is sought in a proceeding in equity or at law);
(b)Neither the execution, delivery and performance of this Agreement, all documents and instruments delivered in connection herewith, nor the consummation of the transactions contemplated hereby or thereby does or shall contravene, result in a breach of, or violate (i) any provision of the Issuer’s or any of the Guarantors’ organizational documents or (ii) any applicable laws; 
(c)As of the date hereof, except for the Reporting Defaults, no Default or Event of Default has occurred or is continuing under the Indenture; and
(d)The Issuer further agrees that during the Noteholder Forbearance Period it will promptly upon the written request therefor, provide Latham and Centerview, as advisors to the Forbearing Noteholders (the “Noteholder Advisors”), with such information relating to the Issuer, the Guarantors or their Subsidiaries as the Noteholder Advisors reasonably request from time to time, which information may be provided on a “professional eyes only” basis.
SECTION 5.Representations, Warranties and Covenants of the Forbearing Noteholders. 
Each Forbearing Noteholder severally (but not jointly) represents, warrants and covenants that, (i) as of the date hereof, it is the beneficial owner and/or investment advisor or manager of discretionary accounts for the holders or beneficial owners of the aggregate principal amount of the Notes set forth in the letter previously delivered to the Issuer by or on behalf of such Forbearing Noteholder or delivered to the Issuer contemporaneously with a signature page hereto, as applicable, and (ii) the execution, delivery and performance by such Forbearing Noteholder of this Agreement and all documents and instruments delivered in connection herewith have been duly authorized by such Forbearing Noteholder, this Agreement has been duly executed and delivered by such Forbearing Noteholder, and this Agreement and all documents and instruments delivered in connection herewith are legal, valid and binding obligations of such Forbearing Noteholder enforceable against it in accordance with their terms, except as the enforcement thereof may be subject to (x) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and (y) general principles of equity (regardless of whether such enforcement is sought in a proceeding in equity or at law).  
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SECTION 6.Reference to and Effect upon the Indenture.
(a)All terms, conditions and covenants contained in the Notes Documents, and all rights of the Forbearing Noteholders, shall, subject to the Forbearance, remain in full force and effect.  Each of the Issuer and Guarantors hereby confirms that the Indenture, the Notes and the Guarantees are in full force and effect and that neither the Issuer nor any Guarantor has any right of setoff, recoupment or other offset or any defense, claim or counterclaim with respect to the Indenture, the Notes or the Guarantees.
(b)Except as set forth herein, the execution, delivery and effectiveness of this Agreement shall not directly or indirectly (i) constitute a consent or waiver of any past, present or future violations of any provisions of the Indenture nor constitute a novation of any of the Obligations under the Indenture, the Notes or Guarantees, (ii) amend, modify or operate as a waiver of any default under the Indenture or any right, power or remedy of any Forbearing Noteholder, or (iii) constitute a course of dealing or other basis for altering the Indenture, the Notes, the Guarantees or any other contract or instrument.  Except as set forth herein, each Forbearing Noteholder reserves all of its rights, powers, and remedies under the Indenture, the Notes, the Guarantees and applicable laws.  
(c)Each of the Issuer and Guarantors acknowledges and agrees that the Forbearing Noteholders’ agreement to forbear from exercising their default-related rights and remedies with respect to the Noteholder Specified Defaults during the Noteholder Forbearance Period does not in any manner whatsoever limit any Forbearing Noteholder’s right to insist upon strict compliance by the Issuer and Guarantors with the Indenture, the Notes, the Guarantees, this Agreement or any other document during the Noteholder Forbearance Period, except as set forth herein.  
SECTION 7.Additional Covenants.  
(a)Each Forbearing Noteholder agrees that until the expiration or termination of the Noteholder Forbearance Period, it shall not directly or indirectly sell, transfer, lend, gift, pledge, hypothecate, encumber, convert, enter into any derivative or hedging agreement with respect to, or otherwise dispose of (each, a “Transfer”) any ownership (including any beneficial ownership)2 in any of its Notes or enter into any agreement, arrangement or understanding in connection therewith, except that each Forbearing Noteholder may Transfer any of the foregoing: 
(i)     to the extent such Forbearing Noteholder is managing the Notes on behalf of a fund, to another fund managed by the Forbearing Noteholder if the representations and warranties set forth in Section 5 remain true and correct in all respects after such Transfer; 
(ii)     to any other Forbearing Noteholder (including through a broker-dealer intermediary), in which case, such Notes shall automatically be deemed to be subject to the terms of this Agreement; 
(iii)     to a transferee the Forbearing Noteholder controls, is controlled by, is under common control with or is an affiliate (as defined in Rule 501(b) of Regulation D under the Securities Act), affiliated fund, or affiliated entity with a common investment advisor, so long as the applicable transferee agrees to be bound by all the terms of this Agreement as if such transferee had originally executed this Agreement; 

2    As used herein, the term “beneficial ownership” means the direct or indirect economic ownership of, and/or the power, whether by contract or otherwise, to direct the exercise of the voting rights and the disposition of, the Notes or the right to acquire the Notes.
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(iv)     to any other person provided that the transferee agrees in writing prior to such Transfer to be bound by all the terms of this Agreement as if such transferee had originally executed this Agreement, or the transferee executes and delivers a separate agreement with terms substantially similar to this Agreement for the benefit of the Issuer (the Transfers set forth in the foregoing clauses (i) to (iv), a “Permitted Transfer” and such party to such Permitted Transfer, a “Permitted Transferee”); or 
(v)     to a Qualified Marketmaker (as defined below) that acquires the Notes with the purpose and intent of acting as a Qualified Marketmaker for such Notes so long as such Qualified Marketmaker subsequently Transfers such Notes in a Permitted Transfer to a Permitted Transferee (any Transfer that does not comply with this paragraph shall be void ab initio).  
Upon satisfaction of the foregoing requirements in this Section 7(a), the transferee shall be deemed to be a Forbearing Noteholder hereunder and the transferor shall be deemed to relinquish its rights (and be released from its obligations) under this Agreement to the extent of such transferred rights and obligations. Notwithstanding anything to the contrary herein, a Qualified Marketmaker that acquires any of the Notes with the purpose and intent of acting as a Qualified Marketmaker for such Notes shall not be required to agree to be bound by the terms and conditions set forth in this Agreement if such Qualified Marketmaker Transfers such Notes as part of market-making activities in a Permitted Transfer to a Permitted Transferee.
(b)On or prior to January 31, 2021, the Issuer shall produce a plan to the Forbearing Noteholders with respect to the Issuer’s tax strategy and implementation of balance sheet recapitalization, which shall be reasonably acceptable to the Requisite Forbearing Noteholders (which satisfaction may be memorialized by an e-mail from counsel to the Forbearing Noteholders).  The failure to satisfy the foregoing covenant shall give rise to an immediate Forbearance Default if not remedied within three (3) Business Days, without any requirement to provide notice thereof.  
(c)(i) The Issuer will not amend, modify, supplement, waive or otherwise change the charter of the Strategic Planning Committee (as defined in the Priming Facility Credit Agreement) as in effect on the date hereof without the prior consent of the Requisite Forbearing Noteholders (which satisfaction may be memorialized by an e-mail from counsel to the Forbearing Noteholders); provided that the failure to obtain the prior consent of the Requisite Forbearing Noteholders shall constitute an immediate Forbearance Default, without any requirement to provide notice thereof and (ii) the Issuer shall comply with each of the covenants set forth in Section 6.16(c) (Additional Covenants) of the Priming Facility Credit Agreement as in effect on the date hereof, unless otherwise agreed to in writing by the Requisite Forbearing Noteholders (which may be by e-mail by counsel); provided that the failure to comply with such covenants shall give rise to an immediate Forbearance Default if not remedied within three (3) Business Days, without any requirement to provide notice thereof.
(d)The Issuer and any Subsidiary shall not permit, authorize or take any action (or otherwise assist a third-party in taking any action) that would give rise to a Forbearance Default.  The failure to satisfy the foregoing covenant shall give rise to an immediate Forbearance Default, without any requirement to provide notice thereof.
(e)The Issuer and any Subsidiary shall provide to the Noteholder Advisors promptly upon the reasonable request such information and documents relating to the Issuer and any Subsidiary and the Infrastructure Transaction as reasonably requested from time to time, which information may be provided on a “professional eyes only” basis. 
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(f)Within two (2) Business Days of receiving from the Ad Hoc Lender Group Advisors (as defined in the Priming Facility Credit Agreement) any objection to the Updated Budget pursuant to Section 6.01(d) of the Priming Facility Credit Agreement or any notice (including any notice of default or event of default), letter or other written communications from the Ad Hoc Lender Group (as defined in the Priming Facility Credit Agreement) or the Ad Hoc Lender Group Advisors to the Issuer or its advisors, the Issuer shall provide such objection, notice, letter or other formal written communication to the Noteholder Advisors.  As soon as reasonably practicable, the Issuer shall notify in advance the Noteholder Advisors of any material terms to any amendment, waiver, supplement or other modification to that certain Sale and Purchase Agreement, dated October 16, 2020, between the Issuer, Global Telecom and Technology Holdings Ireland Limited, Hibernia NGS Limited, GTT Holdings Limited and Cube Telecom Bidco Limited or any Replacement Infrastructure Sale Agreement.
(g)This Agreement shall in no way be construed to preclude the Forbearing Noteholders from acquiring additional Notes; provided, that (A) if any Forbearing Noteholder acquires additional Notes during the term of this Agreement, such Forbearing Noteholder shall report its updated holdings of Notes to the Issuer within five (5) Business Days of such acquisition and (B) any acquired Notes shall automatically and immediately upon acquisition by a Forbearing Noteholder be deemed subject to the terms of this Agreement (regardless of when or whether notice of such acquisition is given).
(h)The Issuer understands that the Forbearing Noteholders are engaged in a wide range of financial services and businesses. In furtherance of the foregoing, the Issuer acknowledges and agrees that, to the extent a Forbearing Noteholder expressly indicates on its signature page hereto that it is executing this Agreement on behalf of specific trading desk(s) and/or business group(s) of the Forbearing Noteholder that principally manage and/or supervise the Forbearing Noteholder’s investment in the Issuer, the obligations set forth in this Agreement shall only apply to such trading desk(s) and/or business group(s) and shall not apply to any other trading desk or business group of the Forbearing Noteholder so long as they are not acting at the direction or for the benefit of such Forbearing Noteholder or such Forbearing Noteholder’s investment in the Issuer; provided that the foregoing shall not diminish or otherwise affect the obligations and liability therefor of any legal entity that executes this Agreement.
(i)Further, notwithstanding anything in this Agreement to the contrary, the Parties agree that, in connection with the delivery of signature pages to this Agreement by a Forbearing Noteholder that is a Qualified Marketmaker before the Forbearance Effective Date, such Forbearing Noteholder shall be a Forbearing Noteholder hereunder solely with respect to the Notes listed on the letter delivered pursuant to Section 5 hereof and shall not be required to comply with this Agreement for any other notes it may hold from time to time in its role as a Qualified Marketmaker.  As used herein, the term “Qualified Marketmaker” means an entity that (a) holds itself out to the public or the applicable private markets as standing ready in the ordinary course of business to purchase from customers and sell to customers claims against the Issuer (or enter with customers into long and short positions in claims against the Issuer), in its capacity as a dealer or market maker in claims against the Issuer and (b) is, in fact, regularly in the business of making a market in claims against issuers or borrowers (including debt securities or other debt).
SECTION 8.General Release; Indemnity.
(a)In consideration of, among other things, the Forbearing Noteholders’ execution and delivery of this Agreement, each of the Issuer and the Guarantors, on behalf of itself and its agents (including, without limitation, investment managers), representatives, officers, directors, advisors, employees, subsidiaries, affiliates, successors and assigns (collectively, “Releasors”), hereby forever agrees and covenants not to sue or prosecute against any Releasee (as hereinafter defined) and hereby 
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forever waives, releases and discharges, to the fullest extent permitted by law, each Releasee from any and all claims (including, without limitation, crossclaims, counterclaims, rights of set-off and recoupment), actions, causes of action, suits, debts, accounts, interests, liens, promises, warranties, damages and consequential damages, demands, agreements, bonds, bills, specialties, covenants, controversies, variances, trespasses, judgments, executions, costs, expenses or claims whatsoever, that such Releasor now has or hereafter may have, of whatsoever nature and kind, whether known or unknown, whether now existing or hereafter arising, whether arising at law or in equity (collectively, the “Claims”), against any or all of the Forbearing Noteholders in any capacity and their respective affiliates, subsidiaries, shareholders and “controlling persons” (within the meaning of the federal securities laws), and their respective successors and assigns and each and all of the officers, directors, employees, agents, attorneys, advisors and other representatives of each of the foregoing (collectively, the “Releasees”), based in whole or in part on facts, whether or not now known, existing on or before the Forbearance Effective Date, that relate to, arise out of or otherwise are in connection with: (i) any or all of the Indenture, the Guarantees or the Notes or transactions contemplated thereby or any actions or omissions in connection therewith or (ii) any aspect of the dealings or relationships between or among the Issuer and the Guarantors, on the one hand, and any or all of the Forbearing Noteholders, on the other hand, relating to any or all of the documents, transactions, actions or omissions referenced in clause (i) hereof. In entering into this Agreement, the Issuer and each Guarantor consulted with, and has been represented by, legal counsel and expressly disclaims any reliance on any representations, acts or omissions by any of the Releasees and hereby agrees and acknowledges that the validity and effectiveness of the releases set forth above do not depend in any way on any such representations, acts and/or omissions or the accuracy, completeness or validity thereof. The provisions of this Section 8 shall survive the termination of this Agreement and the Notes Documents.
(b)The Issuer and the Guarantors each hereby agrees that it shall be, jointly and severally, obligated to indemnify and hold the Releasees harmless with respect to any and all liabilities, obligations, losses, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred by the Releasees, or any of them, whether direct, indirect or consequential, as a result of or arising from or relating to any proceeding by or on behalf of any person, including, without limitation, the respective officers, directors, agents, trustees, creditors, partners or shareholders of the Issuer, any Guarantor, or any of their respective Subsidiaries, whether threatened or initiated, in respect of any claim for legal or equitable remedy under any statute, regulation or common law principle arising from or in connection with the negotiation, preparation, execution, delivery, performance, administration and enforcement of the Indenture, the Notes, the Guarantees, this Agreement or any other document executed and/or delivered in connection herewith or therewith; provided, that neither the Issuer nor any Guarantor shall have any obligation to indemnify or hold harmless any Releasee hereunder with respect to liabilities to the extent they result from the gross negligence or willful misconduct of that Releasee as finally determined by a court of competent jurisdiction. If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Issuer and the Guarantors each agrees to make the maximum contribution to the payment and satisfaction thereof that is permissible under applicable law. The foregoing indemnity shall survive the termination of this Agreement and the Notes Documents.
(c)Each of the Issuer and the Guarantors, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably, covenants and agrees with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and discharged by the Issuer or any Guarantor pursuant to Section 8(a) hereof. If the Issuer, any Guarantor or any of its successors, assigns or other legal representatives violates the foregoing covenant, the Issuer and Guarantors, each for itself and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages as any 
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Releasee may sustain as a result of such violation, all attorneys’ fees and costs incurred by any Releasee as a result of such violation.
SECTION 9.Amendments.
This Agreement may be modified, amended or supplemented only by an instrument in writing signed by the Issuer, the Guarantors and the Requisite Forbearing Noteholders.  Any provision in this Agreement may be waived by an instrument in writing signed by the Party against whom such waiver is to be effective, and any date or deadline set forth herein may be extended by written consent of the Requisite Forbearing Noteholders (which may be evidenced by email from counsel). 
SECTION 10.Governing Law; Consent to Jurisdiction.
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. THIS AGREEMENT IS SUBJECT TO THE PROVISIONS OF SECTION 12.08 OF THE INDENTURE RELATING TO SUBMISSION TO JURISDICTION AND WAIVER OF RIGHTS TO TRIAL BY JURY, THE PROVISIONS OF WHICH ARE BY THIS REFERENCE INCORPORATED HEREIN IN FULL.
SECTION 11.Construction.  
This Agreement and all other agreements and documents executed and/or delivered in connection herewith have been prepared through the joint efforts of all of the Parties hereto.  Neither the provisions of this Agreement or any such other agreements and documents nor any alleged ambiguity therein shall be interpreted or resolved against any party on the ground that such party or its counsel drafted this Agreement or such other agreements and documents, or based on any other rule of strict construction.  Each of the Parties hereto represents and declares that such party has carefully read this Agreement and all other agreements and documents executed in connection therewith, and that such party knows the contents thereof and signs the same freely and voluntarily.  The Parties hereto acknowledge that they have been represented by legal counsel of their own choosing in negotiations for and preparation of this Agreement and all other agreements and documents executed in connection herewith and that each of them has read the same and had their contents fully explained by such counsel and is fully aware of their contents and legal effect.  Without limiting the generality of the foregoing, “option” and “discretion” shall be implied by the use of the words “if” and “may.”
SECTION 12.Counterparts.  
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.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means (including “.pdf”) shall be effective as delivery of a manually executed counterpart of this Agreement.
SECTION 13.Severability.  
If any provision of this Agreement or the Indenture is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the Indenture shall not be affected or impaired thereby and (b) the Parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The 
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invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
SECTION 14.Time of Essence.  
Time is of the essence in the performance of the obligations of the Parties hereunder and with respect to all conditions to be satisfied by such Parties.
SECTION 15.Further Assurances.  
Each of the  Issuer and the Guarantors agrees to take all further actions and execute all further documents as the Requisite Forbearing Noteholders may from time to time reasonably request to carry out the transactions contemplated by this Agreement and all other agreements executed and delivered in connection herewith.
SECTION 16.Section Headings.  
Section headings in this Agreement are included herein for convenience of reference only and shall not constitute part of this Agreement for any other purpose.
SECTION 17.Notices.  
Except as set forth herein, all notices, requests, and demands to or upon the respective Parties hereto shall be given in accordance with the Indenture or in such other manner and to such persons as agreed upon by the Parties hereto.
SECTION 18.Assignments.  
This Agreement shall be binding upon and inure to the benefit of the Issuer, the Guarantors, the Forbearing Noteholders and their respective successors and assigns.  
SECTION 19.Relationship of Parties; No Third Party Beneficiaries.  
Nothing in this Agreement shall be construed to alter the existing debtor-creditor relationship between the Issuer and the Guarantors, on the one hand, and the Forbearing Noteholders, on the other hand.  This Agreement is not intended, nor shall it be construed, to create a partnership or joint venture relationship between or among any of the Parties hereto.  No person other than a Party hereto is intended to be a beneficiary hereof and no person other than a Party hereto shall be authorized to rely upon or enforce the contents of this Agreement.
SECTION 20.Final Agreement.  
THIS AGREEMENT, THE INDENTURE AND THE GUARANTEES REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
SECTION 21.Separately Managed Accounts.  
The Parties hereto acknowledge that all representations, warranties, covenants and other agreements made by or with respect to any Noteholder that is a separately managed account of an 
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investment manager identified on the signature pages hereto (the “Manager”) are being made only with respect to the assets managed by such Manager on behalf of such Noteholder, and shall not apply to (or be deemed to be made in relation to) any assets or interests that may be beneficially owned by such Noteholder that are not held through accounts managed by such Manager.
[Signature pages follow]

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IN WITNESS WHEREOF, this Forbearance Agreement has been executed by the Parties hereto as of the date first written above.
GTT COMMUNICATIONS, INC. 

By: /s/ Donna Granato
Name: Donna Granato
Title: Interim Chief Financial Officer

                        

                        GTT AMERICAS, LLC
GTT GLOBAL TELECOM GOVERNMENT SERVICES, LLC
GC PIVOTAL, LLC
COMMUNICATION DECISIONS – SNVC, LLC
ELECTRA LTD.
CORE 180, LLC

By: /s/ Donna Granato
Name: Donna Granato
Title: Chief Financial Officer
 
 
SIGNATURE PAGE TO 
NOTEHOLDER FORBEARANCE AGREEMENT

DDJ CAPITAL MANAGEMENT, LLC, on behalf of certain funds and accounts it manages and/or advises

By:    /s/ David J. Breazzano
    Authorized Signatory

SIGNATURE PAGE TO 
NOTEHOLDER FORBEARANCE AGREEMENT

P. SCHOENFELD ASSET MANAGEMENT LP, as investment advisor on behalf of certain funds and managed accounts

By:    /s/ Alan Chan
    Authorized Signatory

SIGNATURE PAGE TO 
NOTEHOLDER FORBEARANCE AGREEMENT

CREDIT SUISSE ASSET MANAGEMENT, LLC, in its capacity as investment manager, sub-adviser, or similar capacity on behalf of certain holders of the 7.875% Senior Notes due 2024 of GTT Communications, Inc.

By:    /s/ Thomas Flannery     Authorized Signatory

SIGNATURE PAGE TO 
NOTEHOLDER FORBEARANCE AGREEMENT

HG VORA CAPITAL MANAGEMENT, LLC, as investment advisor on behalf of certain funds and managed accounts

By:    /s/ Mandy Lam 
    Authorized Signatory    

SIGNATURE PAGE TO 
NOTEHOLDER FORBEARANCE AGREEMENT

ARISTEIA CAPITAL, L.L.C., as investment manager to underlying funds

By:    /s/ Andrew B. David
Name:     Andrew B. David
Title:     Chief Operating Officer
    Aristeia Capital, L.L.C.
        

SIGNATURE PAGE TO 
NOTEHOLDER FORBEARANCE AGREEMENT

Exhibit A

FORM OF AMENDMENT NO. 4 TO CREDIT AGREEMENT AND CONSENT

See Exhibit 10.3 filed herewith.

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