Document:

a8k20201112-exhibit101

                                                                          EXHIBIT 10.1                                                    Published CUSIP Number: 03662YAF5                                                 Term Loan CUSIP Number: 03662YAG3                                 CREDIT AGREEMENT                              Dated as of November 9, 2020                                       among                                    ANSYS, INC.,                                 as the Borrower,                              BANK OF AMERICA, N.A.,                               as Administrative Agent,                            JPMORGAN CHASE BANK, N.A.                                      and                       PNC BANK, NATIONAL ASSOCIATION,                               as Co-Syndication Agents,                                        and                         THE OTHER LENDERS PARTY HERETO                                     Arranged By:                               BOFA SECURITIES, INC.,                        as Sole Lead Arranger and Sole Bookrunner    CHAR1\1756574v5

 

                             TABLE OF CONTENTS   Section                                                                   Page   ARTICLE I DEFINITIONS AND ACCOUNTING TERMS ...................................................................... 1        1.01  Defined Terms. .................................................................................................................. 1        1.02  Other Interpretive Provisions. ....................................................................................... 24        1.03  Accounting Terms. .......................................................................................................... 25        1.04  Rounding.......................................................................................................................... 26        1.05  Times of Day; Rates. ....................................................................................................... 26        1.06  Timing of Payment or Performance. ............................................................................. 26  ARTICLE II COMMITMENTS AND BORROWINGS ............................................................................ 26        2.01  Loans. ............................................................................................................................... 26        2.02  Borrowing; Conversions and Continuations of Loans. ............................................... 26        2.03  [Reserved]. ....................................................................................................................... 28        2.04  [Reserved]. ....................................................................................................................... 28        2.05  Prepayments. ................................................................................................................... 28        2.06  Termination or Reduction of Commitments. ............................................................... 28        2.07  Repayment of Loans. ...................................................................................................... 29        2.08  Interest. ............................................................................................................................ 30        2.09  Fees. .................................................................................................................................. 30        2.10  Computation of Interest and Fees; Retroactive Adjustments of Applicable              Rate. ................................................................................................................................. 30        2.11  Evidence of Debt. ............................................................................................................ 31        2.12  Payments Generally; Administrative Agent’s Clawback. ........................................... 31        2.13  Sharing of Payments by Lenders. .................................................................................. 33        2.14  [Reserved]. ....................................................................................................................... 33        2.15  [Reserved]. ....................................................................................................................... 33        2.16  Defaulting Lenders. ........................................................................................................ 33  ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY ....................................................... 35        3.01  Taxes. ............................................................................................................................... 35        3.02  Illegality. .......................................................................................................................... 39        3.03  Inability to Determine Rates. ......................................................................................... 39        3.04  Increased Costs. .............................................................................................................. 41        3.05  Compensation for Losses. ............................................................................................... 43        3.06  Mitigation Obligations; Replacement of Lenders. ....................................................... 43        3.07  Survival. ........................................................................................................................... 44  ARTICLE IV CONDITIONS PRECEDENT ............................................................................................. 44        4.01  Conditions Precedent to Effectiveness. ......................................................................... 44        4.02  Conditions to Funding of Loans. ................................................................................... 45  ARTICLE V REPRESENTATIONS AND WARRANTIES ..................................................................... 46        5.01  Existence, Qualification and Power. .............................................................................. 46        5.02  Authorization; No Contravention. ................................................................................ 47        5.03  Governmental Authorization. ........................................................................................ 47        5.04  Binding Effect. ................................................................................................................. 47        5.05  Financial Statements; No Material Adverse Effect. .................................................... 47                                         i  CHAR1\1756574v5

 

      5.06  Litigation.......................................................................................................................... 47        5.07  No Default. ....................................................................................................................... 48        5.08  Ownership of Property. .................................................................................................. 48        5.09  Environmental Compliance. .......................................................................................... 48        5.10  Insurance. ........................................................................................................................ 48        5.11  Taxes. ............................................................................................................................... 48        5.12  ERISA Compliance. ........................................................................................................ 48        5.13  Margin Regulations; Investment Company Act. ......................................................... 49        5.14  Disclosure. ........................................................................................................................ 49        5.15  Compliance with Laws. .................................................................................................. 50        5.16  Intellectual Property; Licenses, Etc. ............................................................................. 50        5.17  Solvency. .......................................................................................................................... 50        5.18  OFAC Representation. ................................................................................................... 50        5.19  Anti-Corruption Laws. ................................................................................................... 50        5.20  Affected Financial Institutions. ...................................................................................... 50  ARTICLE VI AFFIRMATIVE COVENANTS ......................................................................................... 50        6.01  Financial Statements. ...................................................................................................... 50        6.02  Certificates; Other Information. ................................................................................... 51        6.03  Notices. ............................................................................................................................. 53        6.04  Payment of Taxes. ........................................................................................................... 53        6.05  Preservation of Existence, Etc. ...................................................................................... 53        6.06  Maintenance of Properties. ............................................................................................ 53        6.07  Maintenance of Insurance. ............................................................................................. 53        6.08  Compliance with Laws. .................................................................................................. 54        6.09  Books and Records. ......................................................................................................... 54        6.10  Inspection Rights. ............................................................................................................ 54        6.11  Use of Proceeds. ............................................................................................................... 54        6.12  Sanctions and Anti-Corruption Laws. .......................................................................... 54  ARTICLE VII NEGATIVE COVENANTS ............................................................................................... 55        7.01  Liens. ................................................................................................................................ 55        7.02  Indebtedness. ................................................................................................................... 57        7.03  Fundamental Changes. ................................................................................................... 58        7.04  Change in Nature of Business. ....................................................................................... 58        7.05  Transactions with Affiliates. .......................................................................................... 59        7.06  Use of Proceeds. ............................................................................................................... 59        7.07  Financial Covenant. ........................................................................................................ 59        7.08  Change in Fiscal Year. .................................................................................................... 59        7.09  Sanctions. ......................................................................................................................... 59        7.10  Anti-Corruption Laws. ................................................................................................... 59  ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES .................................................................... 59        8.01  Events of Default. ............................................................................................................ 60        8.02  Remedies Upon Event of Default. .................................................................................. 61        8.03  Application of Funds. ..................................................................................................... 62  ARTICLE IX ADMINISTRATIVE AGENT ............................................................................................. 62        9.01  Appointment and Authority........................................................................................... 62        9.02  Rights as a Lender. ......................................................................................................... 62        9.03  Exculpatory Provisions. .................................................................................................. 63                                         ii  CHAR1\1756574v5

 

      9.04  Reliance by Administrative Agent. ................................................................................ 64        9.05  Delegation of Duties. ....................................................................................................... 64        9.06  Resignation of Administrative Agent. ........................................................................... 64        9.07  Non-Reliance on the Administrative Agent, the Arranger and the Other              Lenders. ........................................................................................................................... 66        9.08  No Other Duties, Etc. ...................................................................................................... 66        9.09  Administrative Agent May File Proofs of Claim. ......................................................... 66        9.10  Certain ERISA Matters. ................................................................................................. 67  ARTICLE X MISCELLANEOUS.............................................................................................................. 68        10.01 Amendments, Etc. ........................................................................................................... 68        10.02 Notices; Effectiveness; Electronic Communication. .................................................... 69        10.03 No Waiver; Cumulative Remedies; Enforcement. ....................................................... 71        10.04 Expenses; Indemnity; Damage Waiver. ........................................................................ 72        10.05 Payments Set Aside. ........................................................................................................ 73        10.06 Successors and Assigns. .................................................................................................. 74        10.07 Treatment of Certain Information; Confidentiality. ................................................... 79        10.08 Right of Setoff. ................................................................................................................. 80        10.09 Interest Rate Limitation. ................................................................................................ 80        10.10 Counterparts; Integration; Effectiveness. .................................................................... 80        10.11 Survival of Representations and Warranties. .............................................................. 81        10.12 Severability. ..................................................................................................................... 81        10.13 Replacement of Lenders. ................................................................................................ 81        10.14 Governing Law; Jurisdiction; Etc. ................................................................................ 82        10.15 Waiver of Jury Trial. ...................................................................................................... 83        10.16 No Advisory or Fiduciary Responsibility. .................................................................... 83        10.17 USA PATRIOT Act Notice. ........................................................................................... 84        10.18 Electronic Execution. ...................................................................................................... 84        10.19 Time of the Essence. ........................................................................................................ 84        10.20 Entire Agreement. ........................................................................................................... 85        10.21 Acknowledgement and Consent to Bail-In of Affected Financial              Institutions. ...................................................................................................................... 85        10.22 Acknowledgement Regarding Any Supported QFCs. ................................................. 85                                          iii  CHAR1\1756574v5

 

SCHEDULES         2.01  Commitments and Applicable Percentages         7.01  Existing Liens        7.02  Existing Indebtedness        10.02  Administrative Agent’s Office; Certain Addresses for Notices   EXHIBITS               Form of         A     Loan Notice        B     Notice of Loan Prepayment        C     Note        D     Compliance Certificate        E-1-4  U.S. Tax Compliance Certificates        F     Assignment and Assumption                                          iv  CHAR1\1756574v5

 

                             CREDIT AGREEMENT         This CREDIT AGREEMENT (this “Agreement”) is entered into as of November 9, 2020 among  ANSYS, Inc., a Delaware corporation (the “Borrower”), each Lender from time to time party hereto, and  Bank of America, N.A., as Administrative Agent.         The Borrower has requested that the Lenders provide the credit facility set forth herein, and the  Lenders are willing to do so on the terms and conditions set forth herein.         In  consideration  of  the  mutual  covenants  and  agreements  herein  contained,  the  parties  hereto  covenant and agree as follows:                                     ARTICLE I                       DEFINITIONS AND ACCOUNTING TERMS         1.01  Defined Terms.  As used in this Agreement, the following terms shall have the meanings  set forth below:         “Acquisition”, by any Person, means the acquisition by such Person, in a single transaction or in a  series of related transactions, of either (a) all or any substantial portion of the property of, or a line of  business or division of, another Person, or (b) at least a majority of the voting stock of another Person, in  each case whether or not involving a merger or consolidation with such other Person.          “Adjustment” has the meaning specified in Section 3.03(c).         “Administrative Agent” means Bank of America in its capacity as administrative agent under any  of the Loan Documents, or any successor administrative agent.         “Administrative  Agent’s  Office” means  (a)  the  Administrative  Agent’s  address  as  set  forth  on  Schedule 10.02, or such other address as the Administrative Agent may from time to time notify to the  Borrower and the Lenders in writing, and (b) the Administrative Agent’s account separately disclosed in  writing by the Administrative Agent to the Borrower and the Lenders from time to time.         “Administrative Questionnaire” means an Administrative Questionnaire in a form approved by the  Administrative Agent.         “Affected Financial Institution” means (a) any EEA Financial Institution, or (b) any UK Financial  Institution.         “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through  one or more intermediaries, Controls or is Controlled by or is under common Control with the Person  specified.         “Agreement” means this Credit Agreement.         “Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out  to the ninth decimal place) of the Term Facility represented by (a) at any time during the Availability Period  and prior to the Funding Date, such Lender’s Commitment at such time, and (b) thereafter, the outstanding  principal amount of such Lender’s Loan at such time.  The initial Applicable Percentage of each Lender is                                          1  CHAR1\1756574v5

 

set  forth  opposite  the  name  of  such  Lender  on  Schedule  2.01,  as  it  may  change  from  time  to  time  in  accordance with the terms hereof.         “Applicable  Rate”  means  the  following  percentages  per  annum,  based  upon  the  Consolidated  Leverage Ratio as of the end of any fiscal quarter of the Borrower for the most recently-ended four quarter  period as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant  to Section 6.02(a):                 Pricing    Consolidated  Eurodollar                                                     Base Rate Loans                 Level    Leverage Ratio Rate Loans                  1        < 1.00 to 1.0  1.125%         0.125%                          > 1.00 to 1.0 but                   2                      1.250%         0.250%                           < 2.00 to 1.0                          > 2.00 to 1.0 but                  3                       1.375%         0.375%                           < 3.00 to 1.0                          > 3.00 to 1.0 but                  4                       1.500%         0.500%                           < 3.50 to 1.0                  5        > 3.50 to 1.0  1.750%         0.750%   provided, that, the Applicable Rate in effect from the Closing Date until the date that is the earlier of (a) the  first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section  6.02(a)  for  the first  fiscal quarter of  the  Borrower  ending  after  the  Funding  Date,  and  (b)  the  Ratings  Achievement Date, shall be determined based upon Pricing Level 2.  Thereafter, the Applicable Rate for  any day shall be the percentages per annum set forth in the table below determined by reference to the  numerically lower of (i) the Pricing Level corresponding to the Debt Ratings as in effect on such day, and  (ii) the Pricing Level corresponding to the Consolidated Leverage Ratio as of the end of any fiscal quarter  of the Borrower for the most recently-ended four quarter period as set forth in the most recent Compliance  Certificate received by the Administrative Agent pursuant to Section 6.02(a) on or prior to such day:                    Consolidated   Debt Ratings    Eurodollar           Pricing                                           Base Rate                    Leverage     (S&P / Moody’s /   Rate            Level                                              Loans                      Ratio          Fitch)         Loans              1    < 1.00 to 1.0 > BBB+ / Baa1 / BBB+ 1.125%  0.125%                   > 1.00 to 1.0              2    but < 2.00 to BBB / Baa2 / BBB  1.250%     0.250%                       1.0                   > 2.00 to 1.0              3    but < 3.00 to BBB- / Baa3 / BBB- 1.375%    0.375%                       1.0                   > 3.00 to 1.0              4    but < 3.50 to BB+ / Ba1 / BB+   1.500%     0.500%                       1.0              5    > 3.50 to 1.0  < BB / Ba2 / BB  1.750%     0.750%   provided, that, (A) if a Compliance Certificate is not delivered when due in accordance with Section 6.02(a),  then Pricing Level 5 shall apply as of the first Business Day after the date on which such Compliance  Certificate  was  required to have  been  delivered  and shall  remain in  effect  until the  first  Business  Day  following the date on which such Compliance Certificate is delivered in accordance with Section 6.02(a),                                         2  CHAR1\1756574v5

 

(B) to the extent the Pricing Level corresponding to the Debt Ratings as in effect on such day is two or  more levels different than the Pricing Level corresponding to the Consolidated Leverage Ratio as of the  end of any fiscal quarter of the Borrower for the most recently-ended four quarter period as set forth in the  most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a), the  Applicable Rate for such day shall be determined by reference to the Pricing Level that is one level above  (numerically lower) the lower (numerically higher) of the Pricing Level corresponding to the Debt Ratings  as in effect on such day and the Pricing Level corresponding to the Consolidated Leverage Ratio as of the  end of any fiscal quarter of the Borrower for the most recently-ended four quarter period as set forth in the  most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a), and  (C) if at any time there is (1) only one Debt Rating, or (2) no Debt Rating, then, in either case, the Applicable  Rate shall be determined by reference to the Pricing Level corresponding to the Consolidated Leverage  Ratio as of the end of any fiscal quarter of the Borrower for the most recently-ended four quarter period as  set  forth  in  the  most  recent  Compliance  Certificate  received  by  the  Administrative  Agent  pursuant  to  Section  6.02(a).   Any  increase  or  decrease  in  the  Applicable  Rate  (x)  resulting  from  a  change  in  the  Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the  date a Compliance Certificate is delivered pursuant to Section 6.02(a), and (y) resulting from a publicly  announced change in the Debt Ratings shall be effective as of the date on which such change is publicly  announced.   Notwithstanding  anything  to  the  contrary  contained  in  this  definition,  at  any  time  the  Applicable Rate is determined by reference to the Consolidated Leverage Ratio, the determination of the  Applicable Rate for any such period shall be subject to the provisions of Section 2.10(b).         “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate  of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.         “Arranger” means BofA Securities, in its capacities as sole lead arranger and sole bookrunner.         “Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two  or more Approved Funds managed by the same investment advisor.         “Assignment and Assumption” means an assignment and assumption entered into by a Lender and  an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and  accepted by the Administrative Agent, in substantially the form of Exhibit F or any other form (including  electronic  documentation  generated  by  use  of  an  electronic  platform)  approved  by  the  Administrative  Agent.         “Attributable Indebtedness” means, on any date, (a) in respect of any Capitalized Lease Obligation  of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared  as of such date in accordance with GAAP, (b) in respect of any Synthetic Lease Obligation of any Person,  the capitalized amount of the remaining lease payments under the relevant lease that would appear on a  balance  sheet  of  such  Person  prepared  as  of  such  date  in  accordance  with  GAAP  if  such  lease  were  accounted for as a capital lease, and (c) in respect of any Securitization Transaction entered into by any  Person, the outstanding principal amount of such financing that would appear on a balance sheet of such  Person prepared on such date in accordance with GAAP if the sale or transfer of assets that are subject  thereto were accounted for as a secured loan.        “Audited Financial Statements” means the audited consolidated balance sheet of the Borrower and  its Subsidiaries for the fiscal year ended December 31, 2019, and the related consolidated statements of  income or operations, shareholders’ equity and cash flows for such fiscal year of the Borrower and its  Subsidiaries, including the notes thereto.                                          3  CHAR1\1756574v5

 

      “Availability Period” means the period from and including the Closing Date to the earliest to occur  of  (a)  the  termination  of  the  Specified  Acquisition  Agreement  in  accordance  with  its  terms,  (b)  the  consummation  of  the  Specified  Acquisition  with  or  without  the  funding  of  the  Loans,  (c)  the  date  of  termination of the Term Facility pursuant to Section 2.06(a), (d) December 31, 2020 (provided, that, if the  termination date set forth in Section 8.1(c) of the Specified Acquisition Agreement (as in effect on October  23, 2020) is extended pursuant to the first proviso to Section 8.1(c) of the Specified Acquisition Agreement  (as in effect on October 23, 2020), such date shall be automatically extended to March 31, 2021), and (e)  the date of termination of the commitment of each Lender to make a Loan pursuant to Section 8.02.         “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable  Resolution Authority in respect of any liability of an Affected Financial Institution.         “Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing Article  55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the  implementing law, rule, regulation or requirement for such EEA Member Country from time to time which  is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of  the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or  rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment  firms or other financial institutions or their affiliates (other than through liquidation, administration or other  insolvency proceedings).         “Bank of America” means Bank of America, N.A. and its successors.         “Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal  Funds Rate plus one-half of one percent (0.50%), (b) the rate of interest in effect for such day as publicly  announced from time to time by Bank of America as its “prime rate,” and (c) the Eurodollar Rate plus one  percent (1.00%); provided, that, if the Base Rate shall be less than zero, such rate shall be deemed zero for  purposes of this Agreement.  The “prime rate” is a rate set by Bank of America based upon various factors  including Bank of America’s costs and desired return, general economic conditions and other factors, and  is used as a reference point for pricing some loans, which may be priced at, above, or below such announced  rate.  Any change in such “prime rate” announced by Bank of America shall take effect at the opening of  business on the day specified in the public announcement of such change.  If the Base Rate is being used  as an alternate rate of interest pursuant to Section 3.03, then the Base Rate shall be the greater of clauses  (a) and (b) above and shall be determined without reference to clause (c) above.         “Base Rate Loan” means a Loan that bears interest based on the Base Rate.         “Beneficial Ownership Certification” means a certification regarding beneficial ownership required  by the Beneficial Ownership Regulation.         “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.         “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject  to 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”.         “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted  in accordance with, 12 U.S.C. 1841(k)) of such party.                                          4  CHAR1\1756574v5

 

      “Board  of  Directors”  means  (a)  with  respect  to  a  corporation,  the  board  of  directors  of  the  corporation or any committee thereof duly authorized to act on behalf of such board, (b) with respect to a  partnership, the Board of Directors of the general partner of the partnership, (c) with respect to a limited  liability company, the managing member or members or any controlling committee of managing members  thereof  or  if  not  member-managed,  the  managers  thereof  or  any  committee  of  managing  members  or  managers thereof duly authorized to act on behalf of such Persons, and (d) with respect to any other Person,  the board or committee of such Person serving a similar function.         “BofA Securities” means BofA Securities, Inc.         “Borrower” has the meaning specified in the introductory paragraph hereto.         “Borrower Materials” has the meaning specified in Section 6.02.         “Borrowing” means the borrowing consisting of simultaneous Loans of the same Type and, in the  case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to  Section 2.01.         “Business Day” means any day other than a Saturday, Sunday or other day on which commercial  banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative  Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day that is  also  a  day  on  which  dealings  in  Dollar  deposits  are  conducted  by  and  between  banks  in  the  London  interbank eurodollar market.         “Capitalized Lease Obligation” means the monetary obligation of a Person under any lease of any  property by such Person as lessee which would, in accordance with GAAP, be required to be accounted for  as a capital lease on the balance sheet of such Person.         “Change in Law” means the occurrence, after the Closing Date, of any of the following: (a) the  adoption  or  taking  effect  of  any  applicable  Law,  (b)  any  change  in  any  applicable  Law  or  in  the  administration, interpretation, implementation or application thereof by any Governmental Authority, or  (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of  Law) by any Governmental Authority; provided, that, notwithstanding anything herein to the contrary, (i)  the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or  directives  thereunder  or  issued  in  connection  therewith  or  in  the  implementation  thereof,  and  (ii)  all  requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel  Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign  regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in  Law”, regardless of the date enacted, adopted, issued or implemented.         “Change of Control” means an event or series of events by which:               (a)   any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the        Securities Exchange Act of 1934, 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        Borrower entitled to vote for members of the Board of Directors of the Borrower on a fully-diluted                                         5  CHAR1\1756574v5

 

      basis (and taking into account all such securities that such person or group has the right to acquire        pursuant to any option right); or               (b)   during  any  period  of  twenty-four  (24)  consecutive  months,  a  majority  of  the        members of the Board of Directors of the Borrower cease to be composed of individuals (i) who        were members of the Board of Directors of the Borrower on the first day of such period, (ii) whose        election or nomination to the Board of Directors of the Borrower was approved by individuals        referred to in clause (i) above constituting at the time of such election or nomination at least a        majority of that Board of Directors, or (iii) whose election or nomination to the Board of Directors        of the Borrower was approved by individuals referred to in clauses (i) and (ii) above constituting        at the time of such election or nomination at least a majority of that Board of Directors.         “Closing Date” means November 9, 2020.         “Code” means the Internal Revenue Code of 1986.         “Commitment” means, as to each Lender, its obligation to make a Loan to the Borrower pursuant  to Section 2.01in an aggregate principal amount at any one time outstanding not to exceed the amount set  forth opposite such Lender’s name on Schedule 2.01, as such amount may be adjusted from time to time in  accordance with this Agreement.  The aggregate principal amount of the Commitments in effect on the  Closing  Date  is  THREE  HUNDRED  SEVENTY  FIVE  MILLION  and  No/100  DOLLARS  ($375,000,000.00).         “Communication” has the meaning specified in Section 10.18.         “Compliance Certificate” means a certificate substantially in the form of Exhibit D.         “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by  net income (however denominated) or that are franchise Taxes or branch profits Taxes.         “Consolidated  EBITDA”  means,  for  any  period,  for  the  Borrower  and  its  Subsidiaries  on  a  consolidated basis, an amount equal to: (a) Consolidated Net Income for such period; plus (b) the following,  without duplication, to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated  Interest Charges for such period; (ii) the provision for federal, state, local and foreign income taxes payable  by the Borrower and its Subsidiaries for such period, including any franchise taxes or other taxes based on  income, profits or capital; (iii) depreciation and amortization expense of the Borrower and its Subsidiaries  for such period; (iv) non-cash charges or expenses of the Borrower and its Subsidiaries for such period in  connection with any equity plan or stock-based compensation plan, any other management or employee  benefit plan or agreement, or any stock subscription or shareholder agreement (including any non-cash  charges or expenses of the Borrower and its Subsidiaries in connection with the granting of any restricted  stock units); (v) infrequent or unusual losses, charges or expenses of the Borrower and its Subsidiaries for  such period; (vi) any non-cash charges, expenses, or losses of the Borrower and its Subsidiaries for such  period; provided, that, if any such non-cash charge, expense or loss represents an accrual or reserve for a  cash expenditure in a future period, then such cash expenditure in such future period shall be subtracted  from Consolidated EBITDA pursuant to clause (c)(iv) below when paid; (vii) any fees, costs and expenses  (including  any  transaction  or  retention  bonus  or  similar  payment)  incurred  by  the  Borrower  and  its  Subsidiaries  during  such  period,  or  any  amortization  thereof  for  such  period,  in  connection  with  any  Acquisition,  any  investment,  any  recapitalization,  any  Disposition,  any  issuance  or  repayment  of  Indebtedness, any issuance of Equity Interests, or any amendment, modification, waiver, or refinancing  relating to any document governing any Indebtedness, in each case, whether or not consummated (and, in  the case of any consummated transaction, including such transactions consummated prior to the Closing                                         6  CHAR1\1756574v5

 

Date) and so long as such transaction is permitted by this Agreement; provided, that, the aggregate amount  added back to Consolidated EBITDA pursuant to this clause (b)(vii) for such period, when taken together  with the aggregate amounts added back to Consolidated EBITDA pursuant to clauses (b)(viii) and (b)(x)  below for such period, shall not exceed fifteen percent (15%) of Consolidated EBITDA (calculated prior to  giving effect to the add backs permitted pursuant to this clause (b)(vii) and clauses (b)(viii) and (b)(x)  below) for such period; (viii) restructuring costs, charges or expenses of the Borrower and its Subsidiaries  for such period, whether or not classified as restructuring costs, charges or expenses under GAAP (including  severance costs, integration costs, restructuring costs related to acquisitions and to closure or consolidation  of facilities or locations, facilities’ opening costs and other business optimization expenses, curtailments or  modifications to pension and post-retirement employee benefit plans, retention or completion bonuses and  any expense related to any reconstruction, de-commissioning or reconfiguration of fixed assets for alternate  use); provided, that, the aggregate amount added back to Consolidated EBITDA pursuant to this clause  (b)(viii)  for  such  period, when  taken together  with the  aggregate amounts  added  back to  Consolidated  EBITDA pursuant to clause (b)(vii) above and clause (b)(x) below for such period, shall not exceed fifteen  percent  (15%)  of  Consolidated  EBITDA  (calculated  prior  to  giving  effect  to  the  add  backs  permitted  pursuant to this clause (b)(viii), clause (b)(vii) above and clause (b)(x) below) for such period; (ix) any fees,  costs or expenses incurred by the Borrower and its Subsidiaries for such period in connection with the  entering into of the Loan Documents (and any subsequent amendment or waiver relating thereto); (x) any  loss of the Borrower and its Subsidiaries in such period related to the early extinguishment of Indebtedness;  provided, that, the aggregate amount added back to Consolidated EBITDA pursuant to this clause (b)(x)  for such period, when taken together with the aggregate amounts added back to Consolidated EBITDA  pursuant to clauses (b)(vii) and (b)(viii) above for such period, shall not exceed fifteen percent (15%) of  Consolidated EBITDA (calculated prior to giving effect to the add backs permitted pursuant to this clause  (b)(x) and clauses (b)(vii) and (b)(viii) above) for such period; (xi) any losses of the Borrower and its  Subsidiaries in such period resulting from any Disposition by the Borrower or such Subsidiary outside of  the ordinary course of business, including any net loss from discontinued operations and any net loss on the  Disposition of discontinued operations; (xii) any losses of the Borrower and its Subsidiaries in such period  resulting  from  a  change  in  accounting  principles  during  such  period;  (xiii)  adjustments  taken  by  the  Borrower and its Subsidiaries in such period relating to any write-downs of acquired deferred revenue; and  (xiv)  any  losses  of  the  Borrower  and  its  Subsidiaries  in  such  period  with  respect  to  foreign  exchange  transactions;  minus (c)  the  following,  without  duplication,  to  the  extent  included  in  calculating  such  Consolidated Net Income: (i) federal, state, local and foreign income tax credits of the Borrower and its  Subsidiaries for such period; (ii) infrequent or unusual gains of the Borrower and its Subsidiaries for such  period; (iii) all non-cash income or gains of the Borrower and its Subsidiaries for such period; (iv) all cash  payments made by the Borrower and its Subsidiaries during such period to the extent made on account of  non-cash charges, expenses, or losses added back to Consolidated EBITDA pursuant to clause (b)(vi) above  in a previous period (it being understood that this clause (c)(iv) shall not be utilized in reversing any non- cash charges, expenses, or losses added back to Consolidated EBITDA); (v) all gains of the Borrower and  its Subsidiaries for such period in connection with any Disposition by the Borrower or such Subsidiary  outside of the ordinary course of business, including any gains from discontinued operations and any gains  on the Disposition of discontinued operations; (vi) all gains of the Borrower and its Subsidiaries in such  period  related  to  the  early  extinguishment  of  Indebtedness;  (vii)  all  gains  of  the  Borrower  and  its  Subsidiaries in such period resulting from a change in accounting principles during such period; and (viii)  all gains of the Borrower and its Subsidiaries in such period with respect to foreign exchange transactions.         “Consolidated Funded Indebtedness” means, as to any Person, as of any date, without duplication,  the following, solely to the extent the same would be included as indebtedness or liabilities of such Person  in  accordance  with  GAAP:  (a)  Indebtedness  of  such  Person  of  the  type  described  in  clauses  (a),  (b)  (excluding,  in  the  case  of  clause  (b),  letters  of  credit  to  the  extent  there  is  no  overdue  reimbursement  obligation in respect thereof), (c), (d), and (e) of the definition of “Indebtedness,” (b) all Guarantees of such  Person in respect of any of the Indebtedness referred to in clause (a) of this definition of another Person,                                         7  CHAR1\1756574v5

 

and (c) the Consolidated Funded Indebtedness of any partnership or joint venture (other than a joint venture  that is itself a corporation or limited liability company) in which such Person is a general partner or a joint  venturer, unless such Consolidated Funded Indebtedness is expressly made non-recourse to such Person.         “Consolidated Interest Charges” means, for any period, for the Borrower and its Subsidiaries on a  consolidated basis, the sum of (a) all interest, premium payments, debt discount, fees, charges and related  expenses  for  such  period  in  connection  with  borrowed  money  (including  capitalized  interest)  or  in  connection  with  the  deferred  purchase  price  of  assets,  in  each  case  to  the  extent  treated  as  interest  in  accordance with GAAP, plus (b) the portion of rent expense with respect to such period under capital leases  that is treated as interest in accordance with GAAP, plus (c) the implied interest component of Synthetic  Lease Obligations with respect to such period.         “Consolidated Leverage Ratio” means, as of any date of determination, for the Borrower and its  Subsidiaries on a consolidated basis, the ratio of (a) Consolidated Funded Indebtedness of the Borrower  and its Subsidiaries  on  a  consolidated basis as  of  such  date, to (b) Consolidated EBITDA  for the  four  consecutive fiscal quarters of the Borrower most recently completed on or prior to such date.         “Consolidated Net Income” means, for any period, the net income (or loss) of the Borrower and its  Subsidiaries on a consolidated basis for such period as determined in accordance with GAAP.        “Consolidated Total Assets” means, as of any date of determination, the total assets of the Borrower  and its Subsidiaries on a consolidated basis in accordance with GAAP as of such date.          “Contractual Obligation” means, as to any Person, any provision of any security issued by such  Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it  or any of its property is bound.         “Control” means the possession, directly or indirectly, of the power to direct or cause the direction  of the management or policies of a Person, whether through the ability to exercise voting power, by contract  or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.         “Covered Entity” means any of the following: (a) a “covered entity” as that term is defined in, and  interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined in, and  interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that term is defined in, and  interpreted in accordance with, 12 C.F.R. § 382.2(b).         “Covered Party” has the meaning specified in Section 10.22.         “Debt Rating” means, as of any date of determination, (a) the Borrower’s non-credit enhanced,  senior unsecured long-term debt rating on such date as determined by S&P, (b) the Borrower’s non-credit  enhanced,  senior  unsecured  long-term  debt  rating  on  such  date  as  determined  by  Moody’s,  or  (c)  the  Borrower’s non-credit enhanced, senior unsecured long-term debt rating on such date as determined by  Fitch; provided, that, if as of any such date the Applicable Rate is determined by reference to the Debt  Ratings, (i) if as of such date there are only two Debt Ratings, (A) if the Debt Ratings shall differ by one  Pricing Level, then the Pricing Level for the higher (i.e. the Pricing Level that is numerically lower) of such  Debt Ratings shall apply, and (B) if the Debt Ratings differ by more than one Pricing Level, then the Pricing  Level that is one level lower (i.e. the Pricing Level that is numerically higher) than the Pricing Level of the  higher (i.e. the Pricing Level that is numerically lower) Debt Rating shall apply, and (ii) if as of such date  there are three Debt Ratings, (A) if two of the three Debt Ratings are equivalent and the third Debt Rating  is lower (i.e. such Debt Rating corresponds to a numerically higher Pricing Level than the other two Debt  Ratings), then the Pricing Level for the two Debt Ratings that are equivalent (i.e. the Pricing Level that is                                         8  CHAR1\1756574v5

 

numerically lower) shall apply, (B) if two of the three Debt Ratings are equivalent and the third Debt Rating  is higher (i.e. such Debt Rating corresponds to a numerically lower Pricing Level than the other two Debt  Ratings), then the Pricing Level for the two Debt Ratings that are equivalent (i.e. the Pricing Level that is  numerically higher) shall apply, and (C) if all three Debt Ratings correspond to different Pricing Levels,  then the Pricing Level corresponding to the Debt Rating that is neither the highest Debt Rating nor the  lowest Debt Rating shall apply.  If the rating system of S&P, Moody’s or Fitch shall change, or if any such  rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the  Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the  unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, if  such change or cessation results in having only one Debt Rating or no Debt Rating, the Applicable Rate  shall be determined by reference to the Pricing Level corresponding to the Consolidated Leverage Ratio as  of the end of any fiscal quarter of the Borrower for the most recently-ended four quarter period as set forth  in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a).         “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation,  conservatorship,  bankruptcy,  assignment  for  the  benefit  of  creditors,  moratorium,  rearrangement,  receivership,  insolvency,  reorganization,  or  similar  debtor  relief  Laws  of  the  United  States  or  other  applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.         “Default” means any event or condition that constitutes an Event of Default or that, with the giving  of any notice, the passage of time, or both, would be an Event of Default.         “Default Rate” means (a) with respect to any Obligation for which a rate is specified, a rate per  annum equal to two percent (2%) in excess of the rate otherwise applicable thereto, and (b) with respect to  any Obligation for which a rate is not specified or available, a rate per annum equal to the Base Rate plus  the Applicable Rate for Base Rate Loans plus two percent (2%), in each case, to the fullest extent permitted  by applicable Law.         “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance  with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.         “Defaulting Lender” means, subject to Section 2.16(b), any Lender that (a) has failed to (i) fund all  or any portion of its Loan within two (2) Business Days of the date such Loan was 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  or  the  Administrative  Agent  in  writing  that  it  does  not  intend  to  comply  with  its  funding  obligations hereunder, or has made a public statement to that effect (unless such writing or public statement  relates to such 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 each of the Administrative  Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the  subject  of  a  proceeding  under  any  Debtor  Relief  Law,  (ii)  had  appointed  for  it  a  receiver,  custodian,  conservator, trustee, administrator, assignee  for  the  benefit of creditors  or  similar Person  charged  with  reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation                                         9  CHAR1\1756574v5

 

or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a  Bail-In Action; provided, that, a Lender shall not be a Defaulting Lender solely by virtue of the ownership  or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by 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, and of the effective date of such status, shall be conclusive and binding absent manifest  error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.16(b)) as of the date  established therefor by the Administrative Agent in a written notice of such determination, which shall be  delivered by the Administrative Agent to the Borrower and each other Lender promptly following such  determination.         “Designated Jurisdiction” means any country, region or territory to the extent that such country,  region or territory itself is the subject of a Sanction.         “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including  any  Sale  and  Leaseback  Transaction)  of  any  property  by  any  Person,  including  any  sale,  assignment,  transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and  claims associated therewith.         “Disqualified Institution” means, as of any date of determination, (a) any Person that is a competitor  of the Borrower or any of its Subsidiaries that has been identified by legal name in writing prior to such  date to the Administrative Agent (any such Person, a “Competitor”), or (b) any Affiliate of any Competitor  that (i) has been identified by legal name in writing prior to such date to the Administrative Agent or (ii) is  obviously (based solely on the similarity of the legal name of such Affiliate to the name of the Competitor)  an Affiliate of such Competitor; provided, that, (i) the foregoing shall not apply retroactively to disqualify  any Person that previously acquired an assignment of, or participation in, the Commitments or Loans to the  extent such Person was not a Disqualified Institution at the time of such assignment or participation, as  applicable, and (ii) the Disqualified Institutions shall not include any bona fide fixed income investor or  debt fund that is primarily engaged in, or advises funds or other investment vehicles that are engaged in,  making,  purchasing,  holding  or  otherwise  investing  in  commercial  loans,  notes,  bonds  and  similar  extensions of credit or securities in the ordinary course of its business and whose managers are not involved  with the equity investment decisions of any other Person described in clause (a) or clause (b) above.         “Dollar” and “$” mean lawful money of the United States.         “DQ List” has the meaning specified in Section 10.06(g).         “EEA Financial Institution” means (a) any credit institution or investment firm established in any  EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity  established in an EEA Member Country which is a parent of an institution described in clause (a) of this  definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of  an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with  its parent.          “EEA  Member  Country”  means  any  of  the  member  states  of  the  European  Union,  Iceland,  Liechtenstein, and Norway.                                          10  CHAR1\1756574v5

 

      “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.         “Electronic Copy” has the meaning specified in Section 10.18.         “Electronic Record” has the meaning assigned to such term in 15 U.S.C. §7006.         “Electronic Signature” has the meaning assigned to such term in 15 U.S.C. §7006.         “Eligible Assignee” means any Person that meets the requirements to be an assignee under Section  10.06(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).   For the avoidance of doubt, any Disqualified Institution is subject to Section 10.06(g).         “Environmental  Laws”  means  any  and  all  Federal,  state  and  local  statutes,  laws,  regulations,  ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements  or governmental restrictions relating to pollution and the protection of the environment or the release of  any materials into the environment, including those related to hazardous substances or wastes, air emissions  and discharges to waste or public systems.         “Environmental  Liability”  means  any  liability  (including  any  liability  for  damages,  costs  of  environmental  remediation,  fines,  penalties  or  indemnities),  of  the  Borrower  or  any  of  its  Subsidiaries  directly  or  indirectly  resulting  from  or  based  upon  (a)  violation  of  any  Environmental  Law,  (b)  the  generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c)  exposure to any Hazardous Materials, (d) the release of any Hazardous Materials into the environment, or  (e)  any  contract,  agreement  or  other consensual  arrangement  pursuant to  which liability  is  assumed  or  imposed with respect to any of the foregoing.         “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other  ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or  acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such  Person,  all  of  the  securities  convertible  into  or  exchangeable  for  shares  of  capital  stock  of  (or  other  ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition  from such Person of such shares (or such other interests), and all of the other ownership or profit interests  in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and  whether  or  not  such  shares,  warrants,  options,  rights  or  other  interests  are  outstanding  on  any  date  of  determination.         “ERISA” means the Employee Retirement Income Security Act of 1974.         “ERISA  Affiliate”  means  any  trade  or  business  (whether  or  not  incorporated)  under  common  control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m)  and (o) of the Code for purposes of provisions relating to Section 412 of the Code).         “ERISA Event” means: (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal  of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a  plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or  a  cessation  of  operations  that  is  treated  as  such  a  withdrawal  under  Section  4062(e)  of  ERISA;  (c)  a  complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or  notification that a Multiemployer Plan is insolvent; (d) the filing of a notice of intent to terminate, the  treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the                                         11  CHAR1\1756574v5

 

institution by the PBGC of proceedings to terminate a Pension Plan; (f) the determination that any Pension  Plan is considered an at-risk plan or a notification that a Multiemployer Plan is endangered or in critical  status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA;  or (g) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not  delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate.         “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the  Loan Market Association (or any successor person), as in effect from time to time.         “Eurodollar Rate” means:               (a)   for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum        equal to the London Interbank Offered Rate as administered by ICE Benchmark Administration (or        any other Person that takes over the administration of such rate for Dollars for a period equal in        length to such Interest Period (“LIBOR”)) as published on the applicable Bloomberg screen page        (or such other commercially available source providing such quotations as may be designated by        the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two (2)        Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery        on the first day of such Interest Period) with a term equivalent to such Interest Period;               (b)   for any interest calculation with respect to a Base Rate Loan on any date, the rate        per annum equal to LIBOR, at or about 11:00 a.m., London time determined two (2) Business Days        prior to such date for Dollar deposits with a term of one month commencing that day; and               (c)   if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for        purposes of this Agreement.         “Eurodollar  Rate  Loan”  means  a  Loan  that  bears  interest  at  a  rate  based  on  clause  (a)  of  the  definition of “Eurodollar Rate.”         “Event of Default” has the meaning specified in Section 8.01.         “Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient  or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured  by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed  as a result of such Recipient being organized under the laws of, or having its principal office or, in the case  of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision  thereof), or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes  imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in  a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such  interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under  Section  10.13),  or  (ii)  such  Lender  changes  its  Lending  Office,  except  in  each  case  to  the  extent  that  pursuant to Section 3.01(a)(ii), (a)(iii) or (c), amounts with respect to such Taxes were payable either to  such  Lender’s  assignor  immediately  before  such  Lender  became  a  party  hereto  or  to  such  Lender  immediately  before  it  changed  its  Lending  Office,  (c)  Taxes  attributable  to  such  Recipient’s  failure  to  comply with Section 3.01(e), and (d) any U.S. federal withholding taxes imposed under FATCA.         “Existing BofA Credit Agreement” means that certain credit agreement, dated as of February 22,  2019,  by  and  among  the  Borrower,  the  lenders  party  thereto,  Bank  of  America,  in  its  capacity  as  the  administrative agent, the swing line lender and a letter of credit issuer, and the other letter of credit issuers  party thereto.                                         12  CHAR1\1756574v5

 

      “FATCA” means Sections 1471 through 1474 of the Code, as of the Closing Date (or any amended  or successor version that is substantively comparable and not materially more onerous to comply with) and  any current or future regulations or official interpretations thereof and any agreements entered into pursuant  to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or official practices adopted  pursuant  to  any  intergovernmental  agreement,  treaty  or  convention  among  Governmental  Authorities  entered into in connection with the implementation of such sections of the Code.         “Federal Funds Rate” means, for any day, the rate per annum calculated by the Federal Reserve  Bank of New York based on such day’s federal funds transactions by depository institutions (as determined  in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to  time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the  federal funds effective rate; provided, that, if the Federal Funds Rate as so determined would be less than  zero, such rate shall be deemed to be zero for purposes of this Agreement.         “Fee Letter” means the fee letter agreement, dated as of the date hereof, between the Borrower and  Bank of America.         “Fitch” means Fitch Ratings Inc., and any successor or assignee of the business of such company  in the business of rating debt.         “Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person,  and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the Laws of a  jurisdiction  other  than  that  in  which  the  Borrower  is  resident  for  tax  purposes.   For  purposes  of  this  definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute  a single jurisdiction.         “FRB” means the Board of Governors of the Federal Reserve System of the United States.         “Fund” means any Person (other than a natural person) that is (or will be) engaged in making,  purchasing,  holding  or  otherwise investing in  commercial loans  and  similar extensions  of  credit  in the  ordinary course of its activities.         “Funding Date” means the date on which all of the conditions specified in Section 4.02 have been  satisfied and the funding of the Loans has occurred.         “GAAP”  means  generally  accepted  accounting  principles  in  the  United  States  set  forth  in  the  opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified  Public  Accountants  and statements and  pronouncements of the  Financial  Accounting  Standards  Board,  consistently applied and subject to Section 1.03.         “Governmental Authority” means the government of the United States or any other nation, or of  any  political  subdivision  thereof,  whether  state  or  local,  and  any  agency,  authority,  instrumentality,  regulatory  body,  court,  central  bank  or  other  entity  exercising  executive,  legislative,  judicial,  taxing,  regulatory  or  administrative  powers  or  functions  of or  pertaining  to  government  (including  any  supra- national bodies such as the European Union or the European Central Bank).         “Guarantee”  means,  as  to  any  Person,  any  obligation,  contingent  or  otherwise, of  such  Person  guaranteeing or having the economic effect of guaranteeing any Indebtedness of the kind described in the  definition thereof or other obligation payable or performable by another Person (the “primary obligor”) in  any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect,  (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or                                         13  CHAR1\1756574v5

 

other obligation, (b) to purchase or lease property, securities or services for the purpose of assuring the  obligee  in  respect  of  such  Indebtedness  or  other  obligation  of  the  payment  or  performance  of  such  Indebtedness  or  other  obligation,  (c)  to  maintain  working  capital,  equity  capital  or  any  other  financial  statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such  Indebtedness or other obligation, or (d) entered into for the purpose of assuring in any other manner the  obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to  protect such obligee against loss in respect thereof (in whole or in part); provided, that, the term Guarantee  shall not include endorsements for collection or deposit in the ordinary course of business.  The amount of  any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related  primary  obligation, or  portion  thereof,  in respect of which  such  Guarantee  is made  or, if not stated  or  determinable,  the  maximum  reasonably  anticipated  liability  in  respect  thereof  as  determined  by  the  guaranteeing Person in good faith.  The term “Guarantee” as a verb has a corresponding meaning.         “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous  or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or  asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all  other substances or wastes of any nature regulated pursuant to any Environmental Law.         “HMT” has the meaning specified in the definition of “Sanction(s).”         “Impacted Loans” has the meaning specified in Section 3.03(a).         “Indebtedness” means, as to any Person, as of any date, without duplication, all of the following:  (a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by  bonds, debentures, notes, loan agreements or other similar instruments, in each case, solely to the extent  the same would be included as indebtedness or liabilities of such Person in accordance with GAAP; (b) the  face  amount  of  any  letters  of  credit  (including  standby  and  commercial),  bankers’  acceptances,  bank  guaranties, surety bonds and similar instruments of such Person; (c) all obligations of such Person to pay  the deferred purchase price of property or services, in each case, solely to the extent the same would be  included  as  indebtedness  or  liabilities  of  such  Person  in  accordance  with  GAAP,  other  than  (i)  trade  accounts payable in the ordinary course of business, (ii) obligations of such Person in respect of operating  leases, (iii) accrued expenses and deferred taxes incurred by such Person and paid in the ordinary course of  business (unless such accrued expenses or deferred taxes would be included as indebtedness or liabilities  of such Person in accordance with GAAP), and (iv) any earn-out obligation or purchase price adjustment  of such Person so long as no payment is owed thereunder and such obligation is not fixed in amount; (d)  indebtedness (excluding prepaid interest thereon) secured by a Lien (other than a Lien for taxes not yet due  and payable) on property owned or being purchased by such Person (including indebtedness arising under  conditional sales or other title retention agreements), whether or not such indebtedness shall have been  assumed by such Person or is limited in recourse (with the amount of such indebtedness to be deemed equal  to the lesser of (i) the aggregate unpaid amount of such indebtedness, and (ii) the fair market value of the  property encumbered thereby as determined by such Person in good faith); (e) Attributable Indebtedness of  such Person; (f) all obligations of such Person to mandatorily purchase, redeem, retire, defease or otherwise  make any payment in respect of any preferred Equity Interest in such Person or any other Person, in each  case on or prior to the date that is ninety-one (91) days following the then-latest Maturity Date; (g) the  Swap Termination Value of any Swap Contract entered into by such Person; (h) all Guarantees of such  Person in respect of any of the foregoing; and (i) the Indebtedness of any partnership or joint venture (other  than a joint venture that is itself a corporation or limited liability company) in which such Person is a general  partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person.                                          14  CHAR1\1756574v5

 

      “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 the Borrower under any Loan Document, and (b)  to the extent not otherwise described in clause (a), Other Taxes.         “Indemnitee” has the meaning specified in Section 10.04(b).         “Information” has the meaning specified in Section 10.07.         “Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest  Period applicable to such Eurodollar Rate Loan and the Maturity Date; provided, that, if any Interest Period  for a Eurodollar Rate Loan exceeds three (3) months, the respective dates that fall every three (3) months  after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate  Loan, the last Business Day of each March, June, September and December and the Maturity Date.         “Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such  Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on  the date one (1), two (2), three (3) or six (6) months thereafter (in each case, subject to availability) as  selected by the Borrower in its Loan Notice, or such other period that is twelve (12) months or less requested  by the Borrower and consented to by all of the Lenders; provided, that: (a) any Interest Period that would  otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day  unless such Business Day falls in another calendar month, in which case such Interest Period shall end on  the next preceding Business Day; (b) any Interest Period that begins on the last Business Day of a calendar  month (or on a day for which there is no numerically corresponding day in the calendar month at the end  of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest  Period; and (c) no Interest Period shall extend beyond the Maturity Date.         “IRS” means the United States Internal Revenue Service.         “Laws” means,  collectively,  all  international, foreign, Federal, state  and  local  statutes, treaties,  rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities,  including the interpretation or administration thereof by any Governmental Authority charged with the  enforcement,  interpretation  or  administration  thereof,  and  all  applicable  administrative  orders,  directed  duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority,  in each case whether or not having the force of law.         “Lender” means each of the Persons identified as a “Lender” on the signature pages hereto, each  other Person that becomes a “Lender” in accordance with this Agreement and their successors and permitted  assigns.         “Lending Office” means, as to any Lender, the office or offices of such Lender described as such  in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time  to time notify the Borrower and the Administrative Agent in writing, which office may include any Affiliate  of such Lender or any domestic or foreign branch of such Lender or such Affiliate.  Unless the context  otherwise requires, each reference to a Lender shall include its applicable Lending Office.         “Leverage Increase Period” has the meaning specified in Section 7.07.         “LIBOR” has the meaning specified in the definition of “Eurodollar Rate.”                                          15  CHAR1\1756574v5

 

      “LIBOR Screen Rate” means the LIBOR quote on the applicable screen page the Administrative  Agent  designates  to  determine  LIBOR  (or  such  other  commercially  available  source  providing  such  quotations as may be designated by the Administrative Agent from time to time).         “LIBOR Successor Rate” has the meaning specified in Section 3.03(c).         “LIBOR  Successor  Rate  Conforming  Changes”  means,  with  respect  to  any  proposed  LIBOR  Successor Rate, any conforming changes to the definition of “Base Rate,” “Interest Period,” timing and  frequency  of  determining  rates  and  making  payments  of  interest  and  other  technical,  administrative  or  operational matters as may be appropriate, in the discretion of the Administrative Agent in consultation  with the Borrower, to reflect the adoption and implementation of such LIBOR Successor Rate and to permit  the administration thereof by the Administrative Agent in a manner substantially consistent with market  practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is  not administratively feasible or that no market practice for the administration of such LIBOR Successor  Rate exists, in such other manner of administration as the Administrative Agent determines in consultation  with the Borrower is reasonably necessary in connection with the administration of this Agreement).         “Lien”  means  any  mortgage,  pledge,  hypothecation,  assignment,  deposit  arrangement,  encumbrance,  lien  (statutory  or  other),  charge,  or  preference,  priority  or  other  security  interest  or  preferential arrangement, in each case, in the nature of a security interest of any kind or nature whatsoever  (including  any  conditional  sale  or  other  title  retention  agreement,  any  easement,  right  of  way  or  other  encumbrance on title to real property, and any financing lease having substantially the same economic  effect as any of the foregoing).         “Loan” has the meaning specified in Section 2.01.         “Loan Documents” means this Agreement (including the schedules and exhibits hereto), each Note,  the Fee Letter, and each other document, instrument or agreement designated in writing by the Borrower  and the Administrative Agent as a “Loan Document.”         “Loan Notice” means a notice of (a) the Borrowing, (b) a conversion of Loans from one Type to  the  other,  or  (c)  a  continuation  of  Eurodollar  Rate  Loans,  pursuant  to  Section  2.02(a),  which  shall  be  substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent  (including any form on an electronic platform or electronic transmission system as shall be approved by the  Administrative Agent), appropriately completed and signed by a Responsible Officer.         “Material Adverse Effect” means a material adverse effect on (a) the business, assets, results of  operations or financial condition of the Borrower and its Subsidiaries, taken as a whole, (b) the rights and  remedies of the Administrative Agent or any Lender under any Loan Document, or of the ability of the  Borrower to perform its obligations under any Loan Document to which it is a party, or (c) the legality,  validity, binding effect or enforceability against the Borrower of any Loan Document to which it is a party.         “Material Subsidiary” means, as of any date of determination, any Subsidiary that has, as of the  last day of the four consecutive fiscal quarters of the Borrower most recently completed on or prior to such  date for which financial statements have been delivered by the Borrower pursuant to Section 6.01(a) or (b)  (or in the case of any determination to be made prior to the delivery of financial statements for the fiscal  year of the Borrower ended December 31, 2020, determined as of the last day of the four consecutive fiscal  quarters of the Borrower ended September 30, 2020), total assets in excess of five percent (5%) of the  Consolidated Total Assets as of the last day of the four consecutive fiscal quarters of the Borrower most  recently  completed  on  or prior to  such  date  for  which  financial statements have  been  delivered  by  the  Borrower pursuant to Section 6.01(a) or (b) (or in the case of any determination to be made prior to the                                         16  CHAR1\1756574v5

 

delivery of financial statements for the fiscal year of the Borrower ended December 31, 2020, determined  as of the last day of the four consecutive fiscal quarters of the Borrower ended September 30, 2020).         “Maturity Date” means November 1, 2024.         “Maximum Rate” has the meaning specified in Section 10.09.         “Moody’s” means Moody’s Investors Service, Inc., and any successor or assignee of the business  of such company in the business of rating debt.         “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3)  of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or  during the preceding five (5) plan years, has made or been obligated to make contributions (but, in the case  of such a plan to which the Borrower or any ERISA Affiliate no longer makes or is obligated to make  contributions, only if the Borrower has any outstanding liability (including contingent liability, on account  of an ERISA Affiliate or otherwise)).         “Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including  the Borrower or any ERISA Affiliate) at least two of whom are not under common control, as such a plan  is described in Section 4064 of ERISA.         “Non-Consenting  Lender”  means  any  Lender  that  does  not  approve  any  consent,  waiver  or  amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms  of Section 10.01, and (b) has been approved by the Required Lenders.         “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such  time.         “Note” means a promissory note made by the Borrower in favor of a Lender evidencing the Loan  made by such Lender, substantially in the form of Exhibit C.         “Notice of Loan Prepayment” means a notice of prepayment with respect to any Loans, which shall  be substantially in the form of Exhibit B or such other form as may be approved by the Administrative  Agent (including any form on an electronic platform or electronic transmission system as shall be approved  by the Administrative Agent), appropriately completed and signed by a Responsible Officer.         “Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, the  Borrower  arising  under  any  Loan  Document or  otherwise  with  respect  to  any  Loan,  whether  direct  or  indirect  (including  those  acquired  by  assumption),  absolute or  contingent,  due  or  to  become  due,  now  existing  or  hereafter  arising  and  including interest  and  fees  that  accrue  after the commencement  by  or  against the Borrower of any proceeding under any Debtor Relief Laws naming such Person as the debtor  in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.         “OFAC”  means  the  Office  of  Foreign  Assets  Control  of  the  United  States  Department  of  the  Treasury.         “Organization Documents” means, (a) with respect to any corporation, the certificate or articles of  incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non- U.S. jurisdiction), (b) with respect to any limited liability company, the certificate or articles of formation  or organization and operating agreement, and (c) with respect to any partnership, joint venture, trust or other  form  of  business  entity,  the  partnership,  joint  venture  or  other  applicable  agreement  of  formation  or                                         17  CHAR1\1756574v5

 

organization and any agreement, instrument, filing or notice with respect thereto filed in connection with  its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation  or organization and, if applicable, any certificate or articles of formation or organization of such entity.         “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a  present or former connection between such Recipient and the jurisdiction imposing such Tax (other than  connections  arising  from  such  Recipient  having  executed,  delivered,  become  a  party  to,  performed  its  obligations under, received payments under, received or perfected a security interest under, engaged in any  other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan  or Loan Document).         “Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing  or  similar  Taxes  that  arise  from  any  payment  made under, from  the  execution,  delivery,  performance,  enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with  respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with  respect to an assignment (other than an assignment made pursuant to Section 3.06).         “Outstanding Amount” means with respect to the Loans on any date, the aggregate outstanding  principal  amount  thereof  after  giving  effect  to  any  borrowing  and  prepayments  or  repayments  thereof  occurring on such date.         “Participant” has the meaning specified in Section 10.06(d).         “Participant Register” has the meaning specified in Section 10.06(d).         “PATRIOT Act” has the meaning specified in Section 10.17.         “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.         “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required  contributions (including any installment payment thereof) to Pension Plans and set forth in Section 412,  430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.         “Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan,  but excluding a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any ERISA  Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under  Section 412 of the Code.         “Permitted Refinancing” means, with respect to any Indebtedness of any Person, any modification,  refinancing, refunding, renewal or extension of such Indebtedness; provided, that, the principal amount  thereof does not exceed the sum of (a) the outstanding principal amount of the Indebtedness so modified,  refinanced,  refunded,  renewed  or  extended,  plus  (b)  prepayment  premiums  paid  by  such  Person,  and  reasonable and customary fees and expenses incurred by such Person, in connection with such modification,  refinancing, refunding, renewal or extension.         “Person”  means any  natural  person, corporation, limited liability company,  trust, joint venture,  association, company, partnership, Governmental Authority or other entity.         “Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including  a Pension Plan, but excluding any Multiemployer Plan), maintained by the Borrower for employees of the  Borrower or any such Plan to which the Borrower is required to contribute on behalf of any of its employees.                                         18  CHAR1\1756574v5

 

      “Plan of Reorganization” has the meaning specified in Section 10.06(g).         “Platform” has the meaning specified in Section 6.02.         “Priority Indebtedness” means (a) unsecured Indebtedness of any Subsidiary of the Borrower, and  (b) Indebtedness of the Borrower or any Subsidiary of the Borrower secured by any Lien.         “Pro Forma Basis” means, that in the calculation of (a) any financial ratio or test hereunder, or (b)  the financial covenant set forth in Section 7.07, in connection with any transaction described in Section  1.03(d) (including the incurrence of any Indebtedness in connection therewith), such transaction shall be  deemed to have occurred as of the first day of the most recent four fiscal quarter period preceding the date  of such transaction for which financial statements were required to be delivered pursuant to Section 6.01(a)  or Section 6.01(b).  In connection with the foregoing, (i) with respect to any such Disposition, (A) income  statement and cash flow statement items (whether positive or negative) attributable to the property disposed  of shall be excluded, and (B) Indebtedness which is retired or repaid shall be excluded and deemed to have  been retired as of the first day of the applicable period, (ii) with respect to any Acquisition, (A) income  statement and cash flow statement items attributable to the Person or property acquired shall be included to  the extent (1) such items are not otherwise included in such income statement and cash flow statement items  for the Borrower and its Subsidiaries in accordance with GAAP or in accordance with any defined terms  set forth in Section 1.01, and (2) such items are supported by financial statements or other information  reasonably relied upon by the Borrower, and (B) any Indebtedness incurred or assumed by the Borrower or  any Subsidiary (including the Person or property acquired) in connection with such transaction and any  Indebtedness of the Person or property acquired which is not retired in connection with such transaction (1)  shall  be  deemed  to  have  been  incurred  as  of  the  first  day  of  the  applicable  period,  and  (2)  if  such  Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period  for purposes of this definition determined by utilizing the rate which is or would be in effect with respect  to such Indebtedness as at the relevant date of determination, and (iii) with respect to the incurrence of any  Indebtedness,  (A)  such  Indebtedness  shall  be  deemed  to  have  been  incurred  as  of  the  first  day  of  the  applicable period, and (B) if such Indebtedness has a floating or formula rate, shall have an implied rate of  interest for the applicable period for purposes of this definition determined by utilizing the rate which is or  would be in effect with respect to such Indebtedness as at the relevant date of determination.          “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.         “Public Lender” has the meaning specified in Section 6.02.         “QFC”  has  the  meaning  assigned  to  the  term  “qualified  financial  contract”  in,  and  shall  be  interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).         “QFC Credit Support” has the meaning specified in Section 10.22.         “Qualified Acquisition” means an Acquisition (or series of related Acquisitions consummated in  any six (6)-month period) for which the aggregate consideration is at least $250,000,000, but only to the  extent (a) at least $250,000,000 of such consideration is funded with the proceeds of Consolidated Funded  Indebtedness, and/or (b) at least $250,000,000 of Consolidated Funded Indebtedness is assumed by the  Borrower or any Subsidiary thereof in connection therewith; provided, that, for any Acquisition or series  of Acquisitions to qualify as a “Qualified Acquisition,” the Administrative Agent shall have received, prior  to, or concurrently with, the consummation of such Acquisition or series of Acquisitions, a certificate from  a Responsible Officer certifying that such Acquisition or series of Acquisitions meet the criteria set forth                                          19  CHAR1\1756574v5

 

in  this  definition  and  notifying  the  Administrative  Agent  that  the  Borrower  has  elected  to  treat  such  Acquisition or series of Acquisitions as a “Qualified Acquisition.”         “Ratings  Achievement  Date”  means  the  date  on  which  the  Administrative  Agent  receives  the  Ratings Achievement Date Certification from the Borrower.         “Ratings  Achievement  Date  Certification”  means  a  certificate  from  a  Responsible  Officer  certifying that, as of the date of such certificate, there are at least two Debt Ratings then in effect.         “Recipient” means the Administrative Agent, any Lender, or any other recipient of any payment to  be made by or on account of any obligation of the Borrower hereunder.         “Register” has the meaning specified in Section 10.06(c).         “Related  Indemnified  Party” of an  Indemnitee means  (a)  any Controlling Person  or  Controlled  Affiliate of such Indemnitee, (b) the respective directors, officers or employees of such Indemnitee or any  of its Controlling Persons or Controlled Affiliates, and (c) the respective agents of such Indemnitee or any  of its Controlling Persons or Controlled Affiliates, in the case of this clause (c), acting on behalf of, or at  the express instructions of, such Indemnitee, Controlling Person or such Controlled Affiliate; provided,  that,  each  reference  to  a  Controlling  Person,  Controlled  Affiliate,  director,  officer  or  employee  in  this  definition pertains to a Controlling Person, Controlled Affiliate, director, officer or employee involved in  the negotiation of the Loan Documents or the syndication of the credit facility provided for herein.         “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,  directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of  such Person and of such Person’s Affiliates.         “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.         “Removal Effective Date” has the meaning specified in Section 9.06(b).        “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than  events for which the thirty (30) day notice period has been waived.         “Required Lenders” means, at any time, Lenders having Total Credit Exposures representing more  than fifty percent (50%) of the Total Credit Exposures of all Lenders; provided, that, at any time that there  are two (2) or more Lenders that are not Affiliates, “Required Lenders” means at least two (2) Lenders that  are not Affiliates having Total Credit Exposures representing more than fifty percent (50%) of the Total  Credit Exposures of all Lenders.  The Total Credit Exposure of any Defaulting Lender shall be disregarded  in determining Required Lenders at any time.         “Resignation Effective Date” has the meaning specified in Section 9.06(a).        “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial  Institution, a UK Resolution Authority.         “Responsible Officer” means (a) the chief executive officer, president, chief financial officer (or  principal financial officer with similar responsibilities), treasurer, vice president, vice president of finance  or general counsel of the Borrower, (b) solely for purposes of the delivery of secretary and/or incumbency                                         20  CHAR1\1756574v5

 

certificates, the secretary or any assistant secretary of the Borrower, and (c) solely for purposes of notices  given  pursuant  to  Article  II,  (i)  any  other  officer  or  employee  of  the  Borrower  so  designated  by  any  Responsible Officer identified in clause (a) or clause (b) above in a notice to the Administrative Agent, or  (ii) any other officer or employee of the Borrower designated by the Borrower pursuant to an agreement  between the Borrower and the Administrative Agent.  Any document delivered hereunder that is signed by  a Responsible Officer shall be conclusively presumed to have been authorized by all necessary corporate,  partnership  and/or  other  action  on  the  part  of  the  Borrower  and  such  Responsible  Officer  shall  be  conclusively  presumed  to  have  acted  on  behalf  of  the  Borrower.   To  the  extent  requested  by  the  Administrative  Agent,  each  Responsible  Officer  will  provide  an  incumbency  certificate  in  form  and  substance reasonably satisfactory to the Administrative Agent.        “S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., or any  successor or assignee of the business of such division in the business of rating debt.         “Sale and Leaseback Transaction” means, with respect to any Person, any arrangement, directly or  indirectly, whereby such Person shall sell or transfer any property used or useful in its business, whether  now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends  to use for substantially the same purpose or purposes as the property being sold or transferred.         “Sanction(s)”  means  any  sanction  administered  or  enforced  by  the  United  States  Government  (including OFAC), the United Nations Security Council, the European Union, any European Union member  state, Her Majesty’s Treasury (“HMT”) or other relevant sanctions authority.         “Scheduled Unavailability Date” has the meaning specified in Section 3.03(c).         “SEC”  means  the  Securities  and  Exchange  Commission,  or  any  Governmental  Authority  succeeding to any of its principal functions.         “Securitization Transaction” means, with respect to any Person, any financing transaction or series  of  financing  transactions  (including  factoring  arrangements)  pursuant  to  which  such  Person  or  any  Subsidiary of such Person may sell, convey or otherwise transfer, or grant a security interest in, accounts,  payments, receivables, rights to future lease payments or residuals or similar rights to payment to a special  purpose subsidiary or affiliate of such Person.         “SOFR” with respect to any Business 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 (or any successor source) at  approximately 8:00 a.m. on the immediately succeeding Business Day and, in each case, that has been  selected or recommended by the Relevant Governmental Body.         “SOFR-Based Rate” means SOFR or Term SOFR.         “Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on  such date (a) the fair value of the property of such Person is greater than the total amount of liabilities,  including contingent liabilities, of such Person, (b) the present fair saleable value of the assets of such  Person is not less than the amount that will be required to pay the probable liability of such Person on its  debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it  will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature,  (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a  transaction, for which such Person’s property would constitute an unreasonably small capital, and (e) such  Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature                                         21  CHAR1\1756574v5

 

in the ordinary course of business.  The amount of contingent liabilities at any time shall be computed as  the amount that, in the light of all the facts and circumstances existing at such time, represents the amount  that would reasonably be expected to become an actual or matured liability.         “Specified Acquisition” means the Acquisition by the Borrower of all of the outstanding Equity  Interests of the Target pursuant to the Specified Acquisition Agreement.         “Specified Acquisition Agreement” means that certain Agreement and Plan of Merger, dated as of  October 23, 2020, among the Borrower, Voyager Merger Sub, Inc., a Pennsylvania corporation, the Target,  and Fortis Advisors LLC, a Delaware limited liability company, solely as the shareholders’ representative  (together with all annexes, schedules and exhibits thereto).         “Specified Transactions” means, collectively, (a) the consummation of the Specified Acquisition  pursuant to the Specified Acquisition Agreement, (b) the obtaining and funding of the Loans on the Funding  Date pursuant to this Agreement, and (c) the payment of fees, costs and expenses in connection with each  of the foregoing.         “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company  or other business entity of which a majority of the shares of securities or other interests having ordinary  voting power for the election of directors or other governing body (other than securities or interests having  such power only by reason of the happening of a contingency) are at the time beneficially owned, or the  management of which is otherwise controlled, directly, or indirectly through one or more intermediaries,  or  both,  by  such  Person.   Unless  otherwise  specified,  all  references  herein  to  a  “Subsidiary”  or  to  “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower (whether direct or indirect).         “Supported QFC” has the meaning specified in Section 10.22.         “Swap  Contract”  means  (a)  any  and  all  rate  swap  transactions,  basis  swaps,  credit  derivative  transactions,  forward  rate  transactions,  commodity  swaps,  commodity  options,  forward  commodity  contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or  forward  bond  or forward bond  price  or forward  bond  index  transactions, interest rate  options, forward  foreign  exchange  transactions,  cap  transactions,  floor  transactions,  collar  transactions,  currency  swap  transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar  transactions or any combination of any of the foregoing (including any options to enter into any of the  foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b)  any and all transactions of any kind, and the related confirmations, which are subject to the terms and  conditions of, or governed by, any form of master agreement published by the International Swaps and  Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master  agreement  (any  such  master  agreement,  together  with  any  related  schedules,  a  “Master  Agreement”),  including any such obligations or liabilities under any Master Agreement.         “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into  account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any  date on or after the date such Swap Contracts have been closed out and termination value(s) determined in  accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause  (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based  upon one or more mid-market or other readily available quotations provided by any recognized dealer in  such Swap Contracts (which may include a Lender or any Affiliate of a Lender).         “Synthetic  Lease  Obligation” means the  monetary obligation  of  a  Person  under (a) a  so-called  synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property                                         22  CHAR1\1756574v5

 

creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency  or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard  to accounting treatment).         “Target” means Analytical Graphics, Inc., a Pennsylvania corporation.         “Taxes”  means  all  present  or  future  taxes,  levies,  imposts,  duties,  deductions,  withholdings  (including  backup  withholding),  assessments,  fees  or  other  charges  imposed  by  any  Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.         “Term Facility” means, at any time, (a) during the Availability Period and prior to the Funding  Date, the aggregate principal amount of the Commitments at such time, and (b) thereafter, the aggregate  principal amount of the Loans of all Lenders outstanding at such time.         “Term  SOFR”  means  the  forward-looking  term  rate  for  any  period  that  is  approximately  (as  determined  by  the  Administrative Agent) as long  as any  of the  Interest Period options set forth  in  the  definition of “Interest Period” and that is based on SOFR and that has been selected or recommended by  the Relevant Governmental Body, in each case as published on an information service as selected by the  Administrative Agent from time to time in its reasonable discretion.         “Termination Date” means the date on which (a) the Commitments have expired or terminated, and  (b) all Loans and Obligations hereunder (other than contingent indemnification obligations for which no  claim or demand has been made) have been paid in full.         “Threshold Amount” means $100,000,000.         “Ticking Fee” has the meaning specified in Section 2.09(a).         “Ticking Fee Start Date” has the meaning specified in Section 2.09(a).         “Total Credit Exposure” means, as to any Lender, (a) at any time during the Availability Period  and prior to the Funding Date, the unused Commitment of such Lender at such time, and (b) at any time on  or after the Funding Date, the Outstanding Amount of the Loan of such Lender at such time.         “Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.         “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA  Rulebook (as amended  from time  to  time)  promulgated  by  the United  Kingdom  Prudential  Regulation  Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time)  promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions  and investment firms, and certain affiliates of such credit institutions or investment firms.         “UK Resolution Authority” means the Bank of England or any other public administrative authority  having responsibility for the resolution of any UK Financial Institution.         “United States” and “U.S.” mean the United States of America.         “U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30)  of the Code.         “U.S. Special Resolution Regimes” has the meaning specified in Section 10.22.                                         23  CHAR1\1756574v5

 

      “U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(III).         “Withholding Agent” means the Borrower and the Administrative Agent.         “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority,  the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail- In Legislation for the applicable EEA Member Country, which write-down and conversion powers are  described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers  of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change  the form of a liability of any UK Financial Institution or any contract or instrument under which that liability  arises, to convert all or part of that liability into shares, securities or obligations of that person or any other  person, to provide that any such contract or instrument is to have effect as if a right had been exercised  under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In  Legislation that are related to or ancillary to any of those powers.         1.02  Other Interpretive Provisions.  With reference to this Agreement and each other Loan  Document, unless otherwise specified herein or in such other Loan Document:               (a)   The definitions of terms herein shall apply equally to the singular and plural forms        of  the  terms  defined.   Whenever  the  context  may  require,  any  pronoun  shall  include  the        corresponding  masculine,  feminine  and  neuter  forms.   The  words  “include,”  “includes”  and        “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will”        shall be construed to have the same meaning and effect as the word “shall.”  Unless the context        requires  otherwise,  (i)  any  definition  of  or  reference  to  any  agreement,  instrument  or  other        document  (including  any  Organization  Document)  shall  be  construed  as  referring  to  such        agreement, instrument or other document as from time to time amended, restated, amended and        restated, supplemented or otherwise modified or extended, replaced or refinanced, including by        way  of any supplement  or  joinder  agreement (subject  to  any  restrictions on such  amendments,        restatements, amendments and restatements, supplements, modifications, extensions, replacements        or refinancings set forth herein or in any other Loan Document), (ii) any reference herein to any        Person shall be construed to include such Person’s successors and permitted assigns, (iii) the words        “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document,        shall be construed to refer to such Loan Document in its entirety and not to any particular provision        thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall        be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document        in  which  such  references  appear,  (v)  any  reference  to  any  law  shall  include  all  statutory  and        regulatory provisions consolidating, amending, replacing or interpreting such law and any reference        to  any  law  or  regulation  shall,  unless  otherwise  specified,  refer  to  such  law  or  regulation  as        amended, restated, amended and restated, modified or supplemented from time to time, (vi) the        words “asset” and “property” shall be construed to have the same meaning and effect and to refer        to any and all tangible and intangible assets and properties, including cash, securities, accounts and        contract rights and (vii) definitions given in singular form shall, when used in their plural form,        mean a collective reference to each such person, place or thing and definitions given in plural form        shall, when used in their singular form, mean an (or the applicable) individual person place or thing        among the group of persons, places or things defined.               (b)   In the computation of periods of time from a specified date to a later specified date,        the  word  “from”  means  “from  and  including;”  the  words  “to”  and  “until”  each  mean  “to  but        excluding;” and the word “through” means “to and including.”                                          24  CHAR1\1756574v5

 

            (c)   Section  headings  herein  and  in  the  other  Loan  Documents  are  included  for        convenience of reference only and shall not affect the interpretation of this Agreement or any other        Loan Document.               (d)   Any reference herein to a merger, amalgamation, consolidation, assignment, sale,        disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited        liability  company,  or  an  allocation  of  assets  to  a  series  of  a  limited  liability  company  (or  the        unwinding of such a division or allocation), as if it were a merger, amalgamation, consolidation,        assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate        Person.  Any division of a limited liability company shall constitute a separate Person hereunder        (and each division of any limited liability company that is a Subsidiary, joint venture or any other        like term shall also constitute such a Person).         1.03  Accounting Terms.                 (a)   Generally.  All accounting terms not specifically or completely defined herein shall        be construed in conformity with, and all financial data (including financial ratios and other financial        calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity        with, GAAP, as in effect from time to time, except as otherwise specifically prescribed herein.         Notwithstanding any other provision contained herein, all terms of an accounting or financial nature        used herein shall be construed, and all computations of amounts and ratios referred to herein shall        be made: (i) without giving effect to any election under Accounting Standards Codification 825 (or        any other Financial Accounting Standard or Accounting Standards Codification having a similar        result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at        “fair value,” as defined therein; and (ii) without giving effect to any change in accounting for leases        pursuant to GAAP resulting from the implementation of Financial Accounting Standards Board        ASU No. 2016-02, Leases (Topic 842) (and, for the avoidance of doubt, (x) the terms “operating        lease,” “capital lease” and “Capitalized Lease Obligation” shall be interpreted without giving effect        to any change in accounting for leases pursuant to GAAP resulting from the implementation of        Financial Accounting Standards Board ASU No. 2016-02, Leases (Topic 842), and (y) the amount        of Consolidated Total Assets at any time shall be determined without giving effect to any change        in  accounting  for  leases  pursuant  to  GAAP  resulting  from  the  implementation  of  Financial        Accounting Standards Board ASU No. 2016-02, Leases (Topic 842)); provided, that, for purposes        of this clause (ii), in connection with the computation of any amount or ratios referred to herein,        the Borrower shall provide to the Administrative Agent financial statements and other customary        documentation  as  may  reasonably  be  requested  by  the  Administrative  Agent  or  any  Lender  to        reconcile  calculations  of  such  amount  or  ratio  with  the  financial  statements  delivered  by  the        Borrower pursuant to Section 6.01(a) or Section 6.01(b).               (b)   Changes  in  GAAP.   If  at  any  time  any  change  in  GAAP  would  affect  the        computation of any financial ratio or requirement set forth in any Loan Document, and either the        Borrower or the Required Lenders shall so request, the Administrative Agent and the Borrower        shall  negotiate  in  good  faith  to  amend  such  ratio  or  requirement  (without  the  payment  of  any        amendment or similar fee) to preserve the original intent thereof in light of such change in GAAP        (subject to the approval of the Required Lenders); provided, that, until so amended, (i) such ratio        or  requirement  shall  continue  to  be  computed  in  accordance  with  GAAP  prior  to  such  change        therein, and (ii) the Borrower shall provide to the Administrative Agent (for distribution to the        Lenders) financial statements and other documents required under this Agreement or as reasonably        requested hereunder setting forth a reconciliation between calculations of such ratio or requirement        made before and after giving effect to such change in GAAP.                                          25  CHAR1\1756574v5

 

            (c)   Consolidation of Variable Interest Entities.  All references herein to consolidated        financial statements of the Borrower and its Subsidiaries or to the determination of any amount for        the Borrower and its Subsidiaries on a consolidated basis or any similar reference shall, in each        case, be deemed to include each material variable interest entity that the Borrower is required to        consolidate pursuant to FASB Accounting Standards Codification 810 – Consolidation of Variable        Interest Entities: an interpretation of ARB No. 51 (January 2003) as if such variable interest entity        were a Subsidiary as defined herein.               (d)   Calculations.   Notwithstanding  the  above,  the  parties  hereto  acknowledge  and        agree that all calculations of financial ratios and tests or the financial covenant in Section 7.07        (including for purposes of determining the Applicable Rate) for any period shall be made on a Pro        Forma  Basis  with  respect  to  (i)  any  Disposition  of  all  of  the  Equity  Interests  of,  or  all  or        substantially all of the assets of, a Subsidiary, occurring during such period, (ii) any Disposition of        a line of business or division of the Borrower or any Subsidiary occurring during such period, (iii)        any Acquisition consummated in such period, and (iv) the incurrence of any Indebtedness in such        period.         1.04  Rounding.  Any financial ratios required to be maintained by the Borrower pursuant to  this Agreement shall be calculated by dividing the appropriate component by the other component, carrying  the result to one place more than the number of places by which such ratio is expressed herein and rounding  the result up or down to the nearest number (with a rounding-up if there is no nearest number).         1.05  Times of Day; Rates.  Unless otherwise specified, all references herein to times of day  shall be references to Eastern time (daylight or standard, as applicable).  The Administrative Agent does  not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to  the administration, submission or any other matter related to the rates in the definition of “Eurodollar Rate”  or with respect to any rate that is an alternative or replacement for or successor to any of such rate (including,  without limitation, any LIBOR Successor Rate).         1.06  Timing  of  Payment  or  Performance.   When  payment  of  any  obligation  or  the  performance of any covenant, duty or obligation is stated to be due or performance required on a day which  is not a Business Day, the date of such payment (other than as described in the definition of “Interest  Period”) or performance shall extend to the immediately succeeding Business Day, and, in the case of any  payment accruing interest or fees, interest or fees thereon shall be payable for the period of such extension.                                    ARTICLE II                         COMMITMENTS AND BORROWINGS         2.01  Loans.  Subject to the terms and conditions set forth herein, each Lender severally agrees  to make a single loan (each such loan, a “Loan”) to the Borrower in Dollars on any Business Day during  the Availability Period, in an aggregate amount not to exceed such Lender’s Commitment.  The Borrowing  shall consist of Loans made simultaneously by the Lenders in accordance with their respective Applicable  Percentages.  Loans repaid or prepaid may not be reborrowed.  Loans may be Base Rate Loans or Eurodollar  Rate Loans, as further provided herein.         2.02  Borrowing; Conversions and Continuations of Loans.              (a)   The Borrowing, each conversion of Loans from one Type to the other, and each        continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the        Administrative Agent, which may be given by telephone or a Loan Notice; provided, that, any                                         26  CHAR1\1756574v5

 

      telephonic notice by the Borrower pursuant to this Section 2.02(a) must be confirmed promptly by        delivery to the Administrative Agent of a Loan Notice, appropriately completed and signed by a        Responsible Officer.  Each Loan Notice must be received by the Administrative Agent not later        than 1:00 p.m. (i) three (3) Business Days prior to the requested date of the Borrowing of, or of any        conversion to or continuation of, Eurodollar Rate Loans, or of any conversion of Eurodollar Rate        Loans to Base Rate Loans, and (ii) on the requested date of the Borrowing of Base Rate Loans;        provided, that, if the Borrower wishes to request Eurodollar Rate Loans having an Interest Period        other than one (1), two (2), three (3) or six (6) months in duration as provided in the definition of        “Interest Period,” the applicable Loan Notice must be received by the Administrative Agent not        later  than  1:00  p.m.  four  (4)  Business  Days  prior  to  the  requested  date  of  such  Borrowing,        conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the        Lenders of such request and determine whether the requested Interest Period is acceptable to all of        the Lenders.  Not later than 1:00 p.m., three (3) Business Days before the requested date of such        Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower (which        notice may be by telephone) whether or not the requested Interest Period has been consented to by        all the Lenders.  The Borrowing of, and any conversion to or continuation of, Eurodollar Rate Loans        shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof.         The  Borrowing  of,  and  any  conversion  to,  Base  Rate  Loans  shall  be  in  a  principal  amount  of        $500,000 or a whole multiple of $100,000 in excess thereof.  Each Loan Notice shall specify (A)        whether the Borrower is requesting the Borrowing, a conversion of Loans from one Type to the        other, or a continuation of Eurodollar Rate Loans, (B) the requested date of the Borrowing, or the        applicable conversion or continuation, as the case may be (which shall be a Business Day), (C) the        principal amount of Loans to be borrowed, converted or continued, (D) the Type of Loans to be        borrowed or to which existing Loans are to be converted, and (E) if applicable, the duration of the        Interest Period with respect thereto.  If the Borrower fails to specify a Type of Loan in a Loan        Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then        the applicable Loans shall be made as, converted to or continued as, Eurodollar Rate Loans with        an Interest Period of one (1) month.  Any such automatic continuation of Eurodollar Rate Loans        shall be effective as of the last day of the Interest Period then in effect with respect to the applicable        Eurodollar Rate Loans.  If the Borrower requests a Borrowing of, conversion to, or continuation of        Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be        deemed to have specified an Interest Period of one (1) month.               (b)   Following  receipt  of  a  Loan  Notice,  the  Administrative  Agent  shall  promptly        notify each Lender of the amount of its Applicable Percentage of the applicable Loans, and if no        timely  notice  of  a  conversion  or  continuation  is  provided  by  the  Borrower, the  Administrative        Agent  shall  promptly  notify  each  Lender  of  the  details  of  any  conversion  to  or  automatic        continuation of Eurodollar Rate Loans described in the preceding subsection.  In the case of the        Borrowing, each Lender shall make the amount of its Loan available to the Administrative Agent        in immediately available funds at the Administrative Agent’s Office not later than 3:00 p.m. on the        Business  Day  specified  in  the  applicable  Loan  Notice.   Upon  satisfaction  of  the  applicable        conditions set forth in Section 4.02, the Administrative Agent shall make all funds so received        available  to  the  Borrower  in  like  funds  as  received  by  the  Administrative  Agent  either  by  (i)        crediting the account of the Borrower on the books of Bank of America with the amount of such        funds, or (ii) wire transfer of such funds, in each case in accordance with instructions provided to        (and reasonably acceptable to) the Administrative Agent by the Borrower.               (c)   Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or        converted only on the last day of an Interest Period for such Eurodollar Rate Loan.  During (i) the        continuance of an Event of Default under Section 8.01(a), (f) or (g), or (ii) solely to the extent        requested by the Required Lenders, during the continuance of any other Event of Default, no Loans                                         27  CHAR1\1756574v5

 

      may be requested as, converted to or continued as Eurodollar Rate Loans, in each case without the        consent of the Required Lenders.               (d)   The Administrative Agent shall promptly notify the Borrower and the Lenders in        writing  of  the  interest  rate  applicable  to  any  Interest  Period  for  Eurodollar  Rate  Loans  upon        determination  of  such  interest  rate.   At  any  time  that  Base  Rate  Loans  are  outstanding,  the        Administrative Agent shall notify the Borrower and the Lenders in writing of any change in Bank        of  America’s  prime  rate  used  in  determining  the  Base  Rate  promptly  following  the  public        announcement of such change.               (e)   After giving effect to the Borrowing, all conversions of Loans from one Type to        the other, and all continuations of Loans as the same Type, there shall not be more than ten (10)        Interest Periods in effect with respect to Eurodollar Rate Loans.               (f)   Notwithstanding  anything  to  the  contrary  in  this  Agreement,  any  Lender  may        exchange, continue or rollover all or any portion of its Loan in connection with any refinancing,        extension,  loan  modification  or  similar  transaction  permitted  by  the  terms  of  this  Agreement,        pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent,        and such Lender.         2.03  [Reserved].        2.04  [Reserved].        2.05  Prepayments.  The Borrower may, upon notice to the Administrative Agent, at any time  or from time to time voluntarily prepay Loans in whole or in part without premium or penalty; provided,  that, except as otherwise agreed by the Administrative Agent in its sole discretion, (a) such notice must be  in the form of a Notice of Loan Prepayment and be received by the Administrative Agent not later than  1:00 p.m. (i) three (3) Business Days prior to any date of prepayment of Eurodollar Rate Loans, and (ii) on  the date of prepayment of Base Rate Loans, (b) any prepayment of Eurodollar Rate Loans shall be in a  principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof, and (c) any prepayment  of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess  thereof or, in each case, if less, the entire principal amount thereof then outstanding.  Each Notice of Loan  Prepayment shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid  and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans.  The Administrative  Agent will promptly notify each Lender of its receipt of each Notice of Loan Prepayment, and of the amount  of such Lender’s Applicable Percentage of such prepayment.  If a Notice of Loan Prepayment is given by  the Borrower, the Borrower shall make such prepayment and the payment amount specified in such Notice  of Loan Prepayment shall be due and payable on the date specified therein; provided, that, a Notice of Loan  Prepayment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of  other  transactions,  in  which  case  such  notice  may  be  revoked  by  the  Borrower  (by  notice  to  the  Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.  Any  prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid,  together  with  any  additional  amounts  required  pursuant  to  Section  3.05.   Each  prepayment  of  Loans  pursuant to this Section 2.05 shall be applied to the principal repayment installments of the Loans as directed  by the Borrower (or, in the absence of direction by the Borrower, such prepayment of Loans shall be applied  to the principal repayment installments of the Loans in direct order of maturity).  Subject to Section 2.16,  each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective  Applicable Percentages.         2.06  Termination or Reduction of Commitments.                                           28  CHAR1\1756574v5

 

            (a)   The Borrower may, upon notice to the Administrative Agent, terminate the Term        Facility,  or  from time  to  time  permanently  reduce  the  Commitments;  provided,  that,  except  as        otherwise agreed by the Administrative Agent in its sole discretion, (i) any such notice shall be        received by the Administrative Agent not later than 11:00 a.m. three (3) Business Days prior to the        date of such termination or reduction, and (ii) any such partial reduction shall be in an aggregate        amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof.  The Administrative        Agent will promptly notify the Lenders of any such notice of termination of the Term Facility or        reduction of the Commitments.  Any notice delivered by the Borrower pursuant to this Section        2.06(a) may state that such notice is conditioned upon the effectiveness of other transactions, in        which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on        or prior to the specified effective date) if such condition is not satisfied.  Any reduction of the        Commitments shall be  applied  to  the  Commitment  of  each  Lender  according  to  its  Applicable        Percentage.  All fees accrued until the effective date of any termination of the Term Facility shall        be paid on the effective date of such termination.               (b)   The aggregate Commitments shall be automatically and permanently reduced to        zero on the earlier to occur of (i) the date of the Borrowing, and (ii) 11:59 p.m. on the last day of        the Availability Period.         2.07  Repayment of Loans.  The Borrower shall repay the outstanding principal amount of the  Loans in installments on the last Business Day of each March, June, September and December and on the  Maturity Date, in each case, in the amounts based on the respective percentages set forth in the table below  (which amounts shall be reduced as a result of the application of prepayments in accordance with the order  of priority set forth in Section 2.05), unless accelerated sooner pursuant to Section 8.02:                         Payment Dates               Principal Amortization Payment                                                  (% of Term Facility Advanced on the                                                          Funding Date)           December, 2020 (if the Funding Date has occurred           on or prior to the last Business Day of December, 0.00%                           2020)                         March, 2021                         0.00%                         June, 2021                          0.00%                       September, 2021                       0.00%                       December, 2021                        0.00%                         March, 2022                         1.25%                         June, 2022                          1.25%                       September, 2022                       1.25%                       December, 2022                        1.25%                         March, 2023                         2.50%                         June, 2023                          2.50%                       September, 2023                       2.50%                       December, 2023                        2.50%                         March, 2024                         2.50%                         June, 2024                          2.50%                       September, 2024                       2.50%                                          29  CHAR1\1756574v5

 

                      Maturity Date               Outstanding Principal Balance                                                             of Loans         provided, that, the final principal repayment installment of the Loans shall be repaid on the Maturity        Date and in any event shall be in an amount equal to the aggregate principal amount of all Loans        outstanding on such date.         2.08  Interest.              (a)   Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan shall        bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum        equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; and (ii) each Base        Rate  Loan  shall  bear  interest  on  the  outstanding  principal  amount  thereof  from  the  applicable        borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate.               (b)   (i)   If  any  Event  of  Default  has  occurred  and  is  continuing  under  Section              8.01(a), whether at stated maturity, by acceleration or otherwise, such overdue amount              shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the              Default Rate to the fullest extent permitted by applicable Laws.                     (ii)  Accrued and unpaid interest on past due amounts (including interest on              past due interest) shall be due and payable upon demand.               (c)   Interest on each Loan shall be due and payable in arrears on each Interest Payment        Date applicable thereto and at such other times as may be specified herein.  Interest hereunder shall        be due and payable in accordance with the terms hereof before and after judgment, and before and        after the commencement of any proceeding under any Debtor Relief Law.         2.09  Fees.                 (a)   Ticking Fee.  If the Funding Date has not occurred on or prior to January 1, 2021        (such date, the “Ticking Fee Start Date”), commencing on the Ticking Fee Start Date, and at all        times thereafter during the Availability Period, the Borrower shall pay to the Administrative Agent,        for the account of each Lender, a ticking fee (each, a “Ticking Fee”) equal to 0.15% per annum        times  the amount  of  such  Lender’s  Commitment.   The  Ticking  Fees  shall  be  due  and  payable        quarterly  in  arrears  on  the  last  Business  Day  of  each  March,  June,  September  and  December,        commencing with the first such date to occur after the Ticking Fee Start Date, and on the last day        of the Availability Period for the Term Facility.              (b)   Other Fees.                    (i)   The Borrower shall pay to the Administrative Agent, for its own account,              fees in the amounts and at the times specified in the Fee Letter.  Such fees shall be fully              earned when paid and shall not be refundable for any reason whatsoever.                     (ii)  The Borrower shall pay to the Arranger and the Lenders such fees as shall              have been separately agreed upon in writing in the amounts and at the times so specified.               Such  fees  shall  be  fully  earned  when  paid  and  shall  not  be  refundable  for  any  reason              whatsoever.         2.10  Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate.                                        30  CHAR1\1756574v5

 

            (a)   All  computations  of  interest  for  Base  Rate  Loans  (including  Base  Rate  Loans        determined  by  reference  to the  Eurodollar  Rate)  shall  be made  on  the  basis  of a  year  of three        hundred sixty-five (365) or three hundred sixty-six (366) days, as the case may be, and actual days        elapsed.  All other computations of fees and interest shall be made on the basis of a three hundred        sixty (360) day year and actual days elapsed (which results in more fees or interest, as applicable,        being paid than if computed on the basis of a three hundred sixty-five (365) day year or a three        hundred sixty-six (366) day year).  Interest shall accrue on each Loan for the day on which the Loan        is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or        such portion is paid; provided, that, any Loan that is repaid on the same day on which it is made        shall,  subject  to  Section  2.12(a),  bear  interest  for  one  (1)  day.   Each  determination  by  the        Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all        purposes, absent manifest error.               (b)   If, as a result of any restatement of or other adjustment to the financial statements        of the Borrower or for any other reason, the Borrower or the Administrative Agent reasonably        determine  that  (i)  the  Consolidated  Leverage  Ratio  as  calculated  by  the  Borrower  as  of  any        applicable date was inaccurate, and (ii) a proper calculation of the Consolidated Leverage Ratio        would have resulted in higher pricing for such period, the Borrower shall promptly and retroactively        be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly        on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of        an order for relief with respect to the Borrower under the Bankruptcy Code of the United States,        automatically and without further action by the Administrative Agent or any Lender), an amount        equal to the excess of the amount of interest and fees that should have been paid for such period        over the amount of interest and fees actually paid for such period.  This paragraph shall not limit        the rights of the Administrative Agent or any Lender, as the case may be, under Section 2.08(b) or        under Article VIII.  The Borrower’s obligations under this paragraph shall survive the Termination        Date.         2.11  Evidence of Debt.  The Loan made by each Lender shall be evidenced by one or more  accounts or records maintained by such Lender in the ordinary course of business.  The Administrative  Agent shall maintain the Register in accordance with Section 10.06(c).  The accounts or records maintained  by each Lender shall be conclusive absent manifest error of the amount of the Loans made by the Lenders  to the Borrower and the interest and payments thereon.  Any failure to so record or any error in doing so  shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount  owing  with  respect  to the Obligations.   In  the  event  of  any  conflict  between the accounts and  records  maintained by any Lender and the Register, the Register shall control in the absence of manifest error.   Upon the written request of any Lender made through the Administrative Agent, the Borrower shall execute  and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s  Loan in addition to such accounts or records.  Each Lender may attach schedules to its Note and endorse  thereon the date, Type (if applicable), amount and maturity of its Loan and payments with respect thereto.         2.12  Payments Generally; Administrative Agent’s Clawback.              (a)   General.  All payments to be made by the Borrower shall be made free and clear        of and without condition or deduction for any counterclaim, defense, recoupment or setoff.  Except        as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to        the Administrative Agent, for the account of the respective Lenders to which such payment is owed,        at the Administrative Agent’s Office in Dollars and in immediately available funds not later than        2:00 p.m. on the date specified herein.  The Administrative Agent will promptly distribute to each        Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in        like funds as received by wire transfer to such Lender’s Lending Office.  All payments received by                                         31  CHAR1\1756574v5

 

      the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business        Day and any applicable interest or fee shall continue to accrue.               (b)   (i)   Funding by Lenders; Presumption by Administrative Agent.  Unless the              Administrative Agent shall have received notice from a Lender prior to the proposed date              of the Borrowing of Eurodollar Rate Loans (or, if the Borrowing is a Borrowing of Base              Rate Loans, prior to 2:00 p.m. on the date of the Borrowing) that such Lender will not make              available  to  the  Administrative  Agent  such  Lender’s  share  of  such  Borrowing,  the              Administrative Agent may assume that such Lender has made such share available on such              date in accordance with Section 2.02 (or, if the Borrowing is a Borrowing of Base Rate              Loans, that such Lender has made such share available in accordance with and at the time              required by Section 2.02) and may, in reliance upon such assumption, make available to              the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its              share of the Borrowing available to the Administrative Agent, then the applicable Lender              and the Borrower severally agree to pay to the Administrative Agent forthwith on demand              such corresponding amount in immediately available funds with interest thereon, for each              day from and including the date such amount is made available to the Borrower to but              excluding the date of payment to the Administrative Agent, at (A) in the case of a payment              to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by              the  Administrative  Agent  in  accordance  with  banking  industry  rules  on  interbank              compensation, plus any administrative, processing or similar fees customarily charged by              the Administrative Agent in connection with the foregoing, and (B) in the case of a payment              to  be  made  by  the  Borrower,  the  interest  rate  applicable  to  Base  Rate  Loans.   If  the              Borrower and such Lender shall pay such interest to the Administrative Agent for the same              or an overlapping period, the Administrative Agent shall promptly remit to the Borrower              the amount of such interest paid by the Borrower for such period.  If such Lender pays its              share  of  the  Borrowing  to  the  Administrative  Agent,  then  the  amount  so  paid  shall              constitute such Lender’s Loan included in the Borrowing.  Any payment by the Borrower              shall be without prejudice to any claim the Borrower may have against a Lender that shall              have failed to make such payment to the Administrative Agent.                     (ii)  Payments by Borrower; Presumptions by Administrative Agent.  Unless              the Administrative Agent shall have received notice from the Borrower prior to the date on              which  any  payment is  due  to  the  Administrative  Agent for the account  of  the Lenders              hereunder that the Borrower will not make such payment, the Administrative Agent may              assume that the Borrower has made such payment on such date in accordance herewith and              may, in reliance upon such assumption, distribute to the Lenders the amount due.  In such              event,  if  the  Borrower  has  not  in  fact  made  such  payment,  then  each  of  the  Lenders              severally agrees to repay to the Administrative Agent forthwith on demand the amount so              distributed to such Lender, in immediately available funds with interest thereon, for each              day from and including the date such amount is distributed to it to but excluding the date              of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate              determined  by  the  Administrative  Agent  in  accordance  with  banking  industry  rules  on              interbank compensation.               A notice of the Administrative Agent to any Lender or the Borrower with respect to any        amount owing under this Section 2.12(b) shall be conclusive, absent manifest error.               (c)   Failure  to  Satisfy  Conditions  Precedent.   If  any  Lender makes  available to  the        Administrative Agent funds for the Loan to be made by such Lender as provided in the foregoing        provisions  of  this  Article  II,  and  such  funds  are  not  made  available  to  the  Borrower  by  the                                         32  CHAR1\1756574v5

 

      Administrative  Agent  because  the  conditions  to  the  Borrowing  set  forth  in  Article  IV  are  not        satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such        funds (in like funds as received from such Lender) to such Lender, without interest.               (d)   Obligations of Lenders Several.  The obligations of the Lenders hereunder to make        Loans and to make payments pursuant to Section 10.04(c) are several and not joint.  The failure of        any Lender to make any Loan or to make any payment under Section 10.04(c) on any date required        hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date,        and no Lender shall be responsible for the failure of any other Lender to so make its Loan or to        make its payment under Section 10.04(c).               (e)   Funding Source.  Nothing herein shall be deemed to obligate any Lender to obtain        the funds for any Loan in any particular place or manner or to constitute a representation by any        Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.         2.13  Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of setoff  or counterclaim or otherwise, obtain payment in respect of any principal of or interest on the Loan made by  it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of the Loans or  participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then  the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b)  purchase (for cash at face value) participations in the Loans or make such other adjustments as shall be  equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with  the aggregate amount of principal of and accrued interest on their respective Loans and other amounts  owing them; provided, that:                      (i)   if  any  such  participations  are  purchased  and  all  or  any  portion  of  the              payment giving rise thereto is recovered, such participations shall be rescinded and the              purchase price restored to the extent of such recovery, without interest; and                     (ii)  the provisions of this Section 2.13 shall not be construed to apply to (x)              any payment made by or on behalf of the Borrower pursuant to and in accordance with the              express  terms  of  this  Agreement  (including  the  application  of  funds  arising  from  the              existence of a Defaulting Lender or a Disqualified Institution), or (y) any payment obtained              by a Lender as consideration for the assignment of or sale of a participation in its Loan to              any assignee or participant, other than an assignment to the Borrower or any Subsidiary              thereof (as to which the provisions of this Section 2.13 shall apply).         The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under  applicable  Law, that  any Lender  acquiring  a participation  pursuant to  the  foregoing arrangements may  exercise against the Borrower rights of setoff 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.         2.14  [Reserved].        2.15  [Reserved].        2.16  Defaulting Lenders.              (a)   Adjustments.   Notwithstanding  anything  to  the  contrary  contained  in  this        Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no        longer a Defaulting Lender, to the extent permitted by applicable Law:                                         33  CHAR1\1756574v5

 

                  (i)   Waivers and Amendments.  Such Defaulting Lender’s right to approve or              disapprove  any  amendment,  waiver  or consent  with respect to this  Agreement shall be              restricted as set forth in the definition of “Required Lenders” and Section 10.01.                     (ii)  Defaulting Lender Waterfall.  Any payment of principal, interest, fees or              other amounts received by the 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              10.08 shall be applied at such time or times as may be determined by the Administrative              Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender              to the Administrative Agent hereunder; second, as the Borrower may request (so long as              no Default has occurred and is continuing), 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 Administrative              Agent 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 its              Loan under this Agreement; fourth, to the payment of any amounts owing to the Non-             Defaulting  Lenders  as  a  result  of  any  judgment  of  a  court  of  competent  jurisdiction              obtained by any Non-Defaulting Lender against such Defaulting Lender as a result of such              Defaulting Lender’s breach of its obligations under this Agreement; fifth, 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 conditions set forth in Section 4.02 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 the  Loan of  such              Defaulting  Lender  until  such  time  as  all  Loans  are  held  by  the  Lenders  pro  rata  in              accordance with the Commitments hereunder without giving effect to Section 2.16(b). 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 pursuant to this Section              2.16(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each              Lender irrevocably consents hereto.                     (iii) Certain  Fees. No  Defaulting  Lender  shall  be  entitled  to  receive  any              Ticking  Fee  for  any  period  during  which  that  Lender  is  a  Defaulting  Lender  (and  the              Borrower shall not be required to pay any Ticking Fee that otherwise would have been              required to have been paid to that Defaulting Lender).               (b)   Defaulting Lender Cure.  If the Borrower and the Administrative Agent agree in        writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the        parties  hereto,  whereupon  as  of  the  effective  date  specified  in  such  notice  and  subject  to  any        conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion        of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent        may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders in        accordance with the Commitments, 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; provided, further,        that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder                                         34  CHAR1\1756574v5

 

      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.                                    ARTICLE III                    TAXES, YIELD PROTECTION AND ILLEGALITY         3.01  Taxes.              (a)   Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.                     (i)   Any and all payments by or on account of any obligation of the Borrower              under any Loan Document shall be made without deduction or withholding for any Taxes,              except as required by applicable Laws.  If any applicable Laws (as determined in the good              faith discretion of an applicable Withholding Agent) require the deduction or withholding              of any Tax from any such payment by the Withholding Agent, then the Withholding Agent              shall be entitled to make such deduction or withholding, upon the basis of the information              and documentation to be delivered pursuant to subsection (e) below.                     (ii)  If a Withholding Agent shall be required by the Code to withhold or deduct              any  Taxes,  including  both  United  States  Federal  backup  withholding  and  withholding              taxes, from any payment, then (A) the applicable Withholding Agent shall withhold or              make such deductions as are determined by the Withholding Agent to be required based              upon the information and documentation it has received pursuant to subsection (e) below,              (B) the Withholding Agent shall timely pay the full amount withheld or deducted to the              relevant Governmental Authority in accordance with the Code, and (C) to the extent that              the withholding or deduction is made on account of Indemnified Taxes, the sum payable              by the Borrower shall be increased as necessary so that after any required withholding or              the making of all required deductions (including deductions applicable to additional sums              payable under this Section 3.01) the applicable Recipient receives an amount equal to the              sum it would have received had no such withholding or deduction been made.                     (iii) If a Withholding Agent shall be required by any applicable Laws other              than the Code to withhold or deduct any Taxes from any payment, then (A) the applicable              Withholding Agent, as required by such Laws, shall withhold or make such deductions as              are determined by it to be required based upon the information and documentation it has              received  pursuant  to  subsection  (e)  below,  (B)  the  Withholding  Agent,  to  the  extent              required  by  such  Laws,  shall  timely  pay  the  full  amount  withheld  or  deducted  to  the              relevant Governmental Authority in accordance with such Laws, and (C) to the extent that              the withholding or deduction is made on account of Indemnified Taxes, the sum payable              by the Borrower shall be increased as necessary so that after any required withholding or              the making of all required deductions (including deductions applicable to additional sums              payable under this Section 3.01) the applicable Recipient receives an amount equal to the              sum it would have received had no such withholding or deduction been made.               (b)   Payment  of  Other  Taxes  by  the  Borrower.   Without  limiting  the  provisions  of        subsection (a) above, the Borrower shall timely pay to the relevant Governmental Authority in        accordance with applicable Law, or at the option of the Administrative Agent timely reimburse it        for the payment of, any Other Taxes.                                          35  CHAR1\1756574v5

 

            (c)   Tax Indemnifications.                     (i)   The Borrower shall, and does hereby indemnify each Recipient, and shall              make payment in respect thereof 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 3.01) payable or paid by such Recipient              or required to be withheld or deducted from a payment to such Recipient, and any penalties,              interest  and  reasonable  expenses  arising  therefrom  or  with  respect  thereto  (other  than              penalties,  interest  and  expenses  payable  by  reason  of  the  gross  negligence  or  willful              misconduct of such Recipient), whether or not such Indemnified Taxes were correctly or              legally imposed or asserted by the relevant Governmental Authority.  A certificate as to              the amount of such payment or liability delivered to the Borrower by a Lender (with a copy              to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf              of a Lender, shall be conclusive absent manifest error.                     (ii)  Each Lender shall, and does hereby, severally indemnify, and shall make              payment  in  respect  thereof  within  ten  (10)  days  after  demand  therefor,  (x)  the              Administrative Agent against any Indemnified Taxes attributable to such Lender (but only              to the extent that the Borrower has not already indemnified the Administrative Agent for              such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (y)              the Administrative Agent against any Taxes attributable to such Lender’s failure to comply              with the provisions of Section 10.06(d) relating to the maintenance of a Participant Register              and (z) the Administrative Agent against any Excluded Taxes attributable to such Lender              that  are  payable  or  paid  by  the  Administrative  Agent  in  connection  with  any  Loan              Document, and any reasonable expenses arising therefrom or with respect thereto, whether              or  not  such  Taxes  were  correctly  or  legally  imposed  or  asserted  by  the  relevant              Governmental  Authority.   A  certificate  as  to  the  amount  of  such  payment  or  liability              delivered to any Lender by the Administrative Agent shall be conclusive absent manifest              error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any              and all amounts at any time owing to such Lender under this Agreement or any other Loan              Document against any amount due to the Administrative Agent under this clause (ii).               (d)   Evidence  of  Payments.   Upon  request  by  the  Borrower  or  the  Administrative        Agent, as the case may be, after any payment of Taxes by the Borrower or by the Administrative        Agent to a Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to        the Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the case        may  be,  the  original  or  a  certified  copy  of  a  receipt  issued  by  such  Governmental  Authority        evidencing such payment, a copy of any return required by Laws to report such payment or other        evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent, as        the case may be.               (e)   Status of Lenders; Tax Documentation.                     (i)   Any  Lender  that  is  entitled  to  an  exemption  from  or  reduction  of              withholding Tax with respect to payments made under any Loan Document shall deliver              to the Borrower and the Administrative Agent, at the time or times reasonably requested              by  the  Borrower  or  the  Administrative  Agent,  such  properly  completed  and  executed              documentation reasonably requested by the Borrower or the Administrative Agent as will              permit such payments to be made without withholding or at a reduced rate of withholding.               In addition, any Lender, if reasonably requested by the Borrower or the Administrative              Agent, shall deliver such other documentation prescribed by applicable Law or reasonably                                         36  CHAR1\1756574v5

 

            requested by the Borrower or the Administrative Agent as will enable the Borrower or the              Administrative  Agent  to  determine  whether  or  not  such  Lender  is  subject  to  backup              withholding  or  information  reporting  requirements.   Notwithstanding  anything  to  the              contrary in the preceding two sentences, the completion, execution and submission of such              documentation (other than such documentation set forth in Section 3.01(e)(ii)(A), (ii)(B)              and  (ii)(D)  below)  shall  not  be  required  if  in  the  Lender’s  reasonable  judgment  such              completion,  execution  or  submission  would  subject  such  Lender  to  any  material              unreimbursed  cost  or  expense  or  would  materially  prejudice  the  legal  or  commercial              position of such Lender.                     (ii)  Without  limiting  the  generality  of  the  foregoing,  in  the  event  that  the              Borrower is a U.S. Person,                           (A)   any Lender that is a U.S. Person shall deliver to the Borrower and                    the Administrative Agent on or prior to the date on which such Lender becomes a                    Lender under this Agreement (and from time to time thereafter upon the reasonable                    request  of  the  Borrower  or  the  Administrative  Agent),  executed  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 prior to the date on which such Foreign                    Lender becomes a Lender under this Agreement (and from time to time thereafter                    upon  the  reasonable  request  of  the  Borrower  or  the  Administrative  Agent),                    whichever of the following is applicable:                                 (I)   in the case of a Foreign Lender claiming the benefits of                          an income tax treaty to which the United States is a party (x) with respect                          to payments of interest under any Loan Document, executed copies of IRS                          Form W-8BEN or 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 or IRS Form                          W-8BEN-E establishing an exemption from, or reduction of, U.S. federal                          withholding  Tax  pursuant  to  the  “business  profits”  or  “other  income”                          article of such tax treaty;                                 (II)  executed copies of IRS Form W-8ECI;                                 (III) in the case of a Foreign Lender claiming the benefits of                          the exemption for portfolio interest under Section 881(c) of the Code, (x)                          a certificate substantially in the form of Exhibit E-1 to the effect that such                          Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A)                          of  the  Code,  a  “10  percent  shareholder”  of  the  Borrower  within  the                          meaning  of  Section  881(c)(3)(B)  of  the  Code,  or  a  “controlled  foreign                          corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax                          Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN                          or IRS Form W-8BEN-E; or                                          37  CHAR1\1756574v5

 

                              (IV)  to the extent a Foreign Lender is not the beneficial owner,                          executed copies of IRS Form W-8IMY, accompanied by IRS Form W-                         8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance                          Certificate substantially in the form of Exhibit E-2 or Exhibit E-3, IRS                          Form  W-9,  and/or  other  certification  documents  from  each  beneficial                          owner, as applicable; provided, that, if the Foreign Lender is a partnership                          and one or more direct or indirect partners of such Foreign Lender are                          claiming  the  portfolio  interest  exemption,  such  Foreign  Lender  may                          provide a U.S. Tax Compliance Certificate substantially in the form of                          Exhibit E-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 reasonably requested by the recipient) on or prior to the date on which                    such Foreign Lender becomes a Lender under this Agreement (and from time to                    time thereafter upon the reasonable request of the Borrower or the Administrative                    Agent), executed copies (or originals, as required) of any other form prescribed by                    applicable  Law  as  a  basis for  claiming  exemption  from  or a  reduction  in  U.S.                    federal  withholding  Tax,  duly  completed,  together  with  such  supplementary                    documentation as may be prescribed by applicable Law to permit the Borrower or                    the Administrative Agent to determine the withholding or deduction required to be                    made; and                           (D)   if a payment made to a Lender under any Loan Document would                    be subject to U.S. federal withholding Tax imposed by FATCA if such Lender                    were  to  fail  to  comply  with  the  applicable  reporting  requirements  of  FATCA                    (including  those  contained  in  Section  1471(b)  or  1472(b)  of  the  Code,  as                    applicable),  such  Lender  shall  deliver  to  the  Borrower  and  the  Administrative                    Agent at the time or times prescribed by Law and at such time or times reasonably                    requested  by  the  Borrower  or  the  Administrative  Agent  such  documentation                    prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i)                    of  the  Code)  and  such  additional  documentation  reasonably  requested  by  the                    Borrower or the Administrative Agent as may be necessary for the Borrower and                    the Administrative Agent to comply with their obligations under FATCA and to                    determine that such Lender has complied with such Lender’s obligations under                    FATCA or to determine the amount to deduct and withhold from such payment.                     Solely for purposes of this clause (D), “FATCA” shall include any amendments                    made to FATCA after the Closing Date.                     (iii) Each Lender agrees that if any form or certification it previously delivered              pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it              shall  update  such  form  or  certification  or  promptly  notify  the  Borrower  and  the              Administrative Agent in writing of its legal inability to do so.               (f)   Treatment of Certain Refunds.  Unless required by applicable Laws, at no time        shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a        Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted        from funds paid for the account of such Lender.  If any Recipient determines, in its sole discretion        exercised in good faith, that it has received a refund of any Taxes (including any application or        carry-over of such refund amount to reduce any cash Taxes otherwise payable to the refunding        Governmental Authority) as to which it has been indemnified by an indemnifying party or with                                         38  CHAR1\1756574v5

 

      respect to which it has been paid additional amounts pursuant to this Section 3.01, it shall pay to        the  indemnifying  party  an  amount  equal  to  such  refund  (but  only  to  the  extent  of  indemnity        payments  made,  or  additional amounts paid,  under this  Section  3.01  with respect to  the Taxes        giving rise to such refund), net of all reasonable out-of-pocket expenses (including Taxes) incurred        by such Recipient, and without interest (other than any interest paid by the relevant Governmental        Authority with respect to such refund), provided that such indemnifying party, upon the request of        the Recipient, agrees to repay the amount paid over to such indemnifying party (plus any penalties,        interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the        event  the  Recipient  is  required  to  repay  such  refund  to  such  Governmental  Authority.         Notwithstanding  anything  to  the  contrary  in  this  subsection,  in  no  event  will  the  applicable        Recipient be required to pay any amount to an indemnifying party pursuant to this subsection the        payment of which would place the Recipient in a less favorable net after-Tax position than such        Recipient would have been in if the 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 subsection shall not be        construed  to  require  any  Recipient  to  make  available  its  tax  returns  (or  any  other  information        relating to its taxes that it deems confidential) to the Borrower or any other Person.               (g)   Survival.   Each  party’s  obligations  under  this  Section  3.01  shall  survive  the        resignation  or  replacement  of  the  Administrative  Agent  or  any  assignment  of  rights  by,  or the        replacement of, a Lender, and the Termination Date.         3.02  Illegality.  If any Lender reasonably determines that any Law has made it unlawful, or that  any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office  to make, maintain or fund a Loan whose interest is determined by reference to the Eurodollar Rate, or to  determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has  imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of,  Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through  the Administrative Agent, (a) any obligation of such Lender to make or continue a Eurodollar Rate Loan  or to convert a Base Rate Loans to a Eurodollar Rate Loan shall be suspended, and (b) if such notice asserts  the  illegality  of  such  Lender  making  or  maintaining  a  Base  Rate  Loan  the  interest  rate  on  which  is  determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on such Base  Rate Loan of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative  Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender  notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination  no longer exist (which notice such Lender agrees to give promptly).  Upon receipt of such notice, (i) the  Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if  applicable, convert the Eurodollar Rate Loan of such Lender to a Base Rate Loan (the interest rate on which  Base  Rate  Loan  of  such  Lender  shall,  if  necessary  to  avoid  such  illegality,  be  determined  by  the  Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the  last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar  Rate  Loan  to  such  day,  or  immediately,  if  such  Lender  may  not  lawfully  continue  to  maintain  such  Eurodollar Rate Loan, and (ii) if such notice asserts the illegality of such Lender determining or charging  interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such  suspension  compute  the Base  Rate  applicable  to  such  Lender  without  reference  to the Eurodollar  Rate  component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer  illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate.  Upon any  such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or  converted, together with any additional amounts required pursuant to Section 3.05.         3.03  Inability to Determine Rates.                                        39  CHAR1\1756574v5

 

            (a)   If in connection with any request for a Eurodollar Rate Loan or a conversion to or        continuation thereof, (i) the Administrative Agent determines that (A) Dollar deposits are not being        offered to banks in the London interbank eurodollar market for the applicable amount and Interest        Period of such Eurodollar Rate Loan, or (B)(1) adequate and reasonable means do not exist for        determining  the  Eurodollar  Rate  for  any  requested  Interest  Period  with  respect  to  a  proposed        Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan, and (2) the        circumstances described in Section 3.03(c)(i) do not apply (in each case with respect to this clause        (i), “Impacted Loans”), or (ii) the Administrative Agent or the Required Lenders determine that for        any  reason  the  Eurodollar  Rate  for  any  requested  Interest  Period  with  respect  to  a  proposed        Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding        such Eurodollar Rate Loan, the Administrative Agent will promptly so notify the Borrower and        each Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate        Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods),        and (y) in the event of a determination described in the preceding sentence with respect to the        Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in        determining the Base Rate shall be suspended, in each case until the Administrative Agent (which        the Administrative Agent agrees promptly to do upon determination by the Administrative Agent        or the Required Lenders that the circumstances giving rise to such notice no longer exist).  Upon        receipt  of  such  notice,  the  Borrower  may  revoke  any  pending  request  for  a  Borrowing  of,        conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar        Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into        a request for a Borrowing of Base Rate Loans in the amount specified therein.               (b)   Notwithstanding  the  foregoing,  if  the  Administrative  Agent  has  made  the        determination described in Section 3.03(a)(i), the Administrative Agent, in consultation with the        Borrower, may establish an alternative interest rate for the Impacted Loans, in which case, such        alternative rate of interest shall apply with respect to the Impacted Loans until (i) the Administrative        Agent revokes the notice delivered with respect to the Impacted Loans under Section 3.03(a)(i), (ii)        the  Administrative  Agent  or  the  Required  Lenders  notify  the  Administrative  Agent  and  the        Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such        Lenders of funding the Impacted Loans, or (iii) any Lender determines that any Law has made it        unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or        its applicable Lending Office to make, maintain or fund Loans whose interest is determined by        reference to such alternative rate of interest or to determine or charge interest rates based upon such        rate  or any  Governmental Authority  has  imposed material  restrictions on  the  authority  of  such        Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written        notice thereof.               (c)   Notwithstanding  anything to  the  contrary  in  this  Agreement or any  other  Loan        Documents,  if  the  Administrative  Agent  determines  (which  determination  shall  be  conclusive        absent manifest error), or the Borrower or Required Lenders notify the Administrative Agent (with,        in the case of the Required Lenders, a copy to the Borrower) that the Borrower or Required Lenders        (as  applicable)  have  determined,  that:  (i)  adequate  and  reasonable  means  do  not  exist  for        ascertaining LIBOR for any requested Interest Period, including because the LIBOR Screen Rate        is not available or published on a current basis and such circumstances are unlikely to be temporary;        or (ii) the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction        over the Administrative Agent has made a public statement identifying a specific date after which        LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining the        interest  rate  of  loans;  provided,  that,  at  the  time  of  such  statement,  there  is  no  successor        administrator that is satisfactory to the Administrative Agent that will continue to provide LIBOR        after such specific date (such specific date, the “Scheduled Unavailability Date”); or (iii) syndicated                                         40  CHAR1\1756574v5

 

      loans currently being executed, or that include language similar to that contained in this Section        3.03,  are being  executed or  amended (as applicable) to incorporate or  adopt  a new  benchmark        interest  rate  to  replace  LIBOR;  then,  reasonably  promptly  after  such  determination  by  the        Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the        Administrative Agent and the Borrower may amend this Agreement to replace LIBOR with (x) one        or more SOFR-Based Rates, or (y) another alternate benchmark rate, giving due consideration to        any  evolving  or  then-existing  convention  for  similar  Dollar-denominated  syndicated  credit        facilities for such alternative benchmarks and, in each case, including any mathematical or other        adjustments  to  such  benchmark  giving  due  consideration  to  any  evolving  or  then-existing        convention for similar Dollar-denominated syndicated credit facilities for such benchmarks, which        adjustment or method for calculating such adjustment shall be published on an information service        as selected by the Administrative Agent from time to time in its reasonable discretion and may be        periodically updated (the “Adjustment”; any such proposed rate, a “LIBOR Successor Rate”), and        any such amendment shall become effective at 5:00 p.m. on the fifth (5th) Business Day after the        Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower        unless,  prior  to  such  time,  Lenders  comprising  the  Required  Lenders  have  delivered  to  the        Administrative Agent written notice that such Required Lenders (A) in the case of an amendment        to replace LIBOR with a rate described in clause (x) above, object to the Adjustment, or (B) in the        case of an amendment to replace LIBOR with a rate described in clause (y) above, object to such        amendment; provided, that, for the avoidance of doubt, in the case of clause (A) above, the Required        Lenders shall not be entitled to object to any SOFR-Based Rate contained in any such amendment.         Such LIBOR Successor Rate shall be applied in a manner consistent with market practice; provided,        that, to the extent such market practice is not administratively feasible for the Administrative Agent,        such LIBOR Successor Rate shall be applied in a manner as otherwise reasonably determined by        the Administrative Agent.               If no LIBOR Successor Rate has been determined and the circumstances under clause (i)        above exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative        Agent will promptly so notify the Borrower and each Lender.  Thereafter, (x) the obligation of the        Lenders to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected        Eurodollar Rate Loans or Interest Periods), and (y) the Eurodollar Rate component shall no longer        be utilized in determining the Base Rate.  Upon receipt of such notice, the Borrower may revoke        any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans        (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be        deemed to have converted such request into a request for a Borrowing of Base Rate Loans (subject        to the foregoing clause (y)) in the amount specified therein.               Notwithstanding anything else  herein,  any definition of  “LIBOR  Successor Rate” shall        provide that in no event shall such LIBOR Successor Rate be less than zero for purposes of this        Agreement.               In connection with the implementation of a LIBOR Successor Rate, the Administrative        Agent will have the right to make LIBOR Successor Rate Conforming Changes from time to time        and,  notwithstanding  anything  to  the  contrary  herein  or  in  any  other  Loan  Document,  any        amendments implementing such LIBOR Successor Rate Conforming Changes in consultation with        the Borrower will become effective without any further action or consent of any other party to this        Agreement.        3.04  Increased Costs.              (a)   Increased Costs Generally.  If any Change in Law shall:                                         41  CHAR1\1756574v5

 

                  (i)   impose,  modify  or  deem  applicable  any  reserve,  special  deposit,              compulsory loan, insurance charge or similar requirement against assets of, deposits with              or for the account of, or credit extended or participated in by, any Lender (except any              reserve requirement contemplated by Section 3.04(e));                     (ii)  subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B)              Taxes described in clauses (b) through (d) of the definition of “Excluded Taxes”, and (C)              Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or              other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or                     (iii) impose  on  any  Lender  or  the  London  interbank  market  any  other              condition, cost or expense (other than Taxes) affecting this Agreement or Eurodollar Rate              Loans made by such Lender;         and  the result  of  any  of  the  foregoing  shall  be to  increase  the cost  to  such  Lender  of making,        converting to, continuing or maintaining any Loan  the interest on which is determined by reference        to the Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to reduce the        amount of any sum received or receivable by such Lender hereunder (whether of principal, interest        or any other amount) then, upon request of such Lender, the Borrower will pay to such Lender such        additional amount or amounts as will compensate such Lender for such additional costs incurred        or reduction suffered.               (b)   Capital Requirements.  If any Lender determines that any Change in Law affecting        such Lender or any Lending Office of such Lender or such Lender’s holding company, if any,        regarding capital or liquidity requirements has or would have the effect of reducing the rate of        return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a        consequence of this Agreement, the Commitment of such Lender or the Loan made by such Lender        to a level below that which such Lender or such Lender’s holding company could have achieved        but for such Change in Law (taking into consideration such Lender’s policies and the policies of        such Lender’s holding company with respect to capital adequacy and liquidity), then from time to        time the Borrower will pay to such Lender such additional amount or amounts as will compensate        such Lender or such Lender’s holding company for any such reduction suffered.               (c)   Certificates for Reimbursement.  A certificate of a Lender setting forth the amount        or amounts necessary to compensate such Lender or its holding company, as the case may be, as        specified in Sections 3.04(a) or (b), setting forth in reasonable detail the manner in which such        amount  or  amounts  was  determined  and  delivered  to  the  Borrower  shall  be  conclusive  absent        manifest  error.   The  Borrower  shall  pay  such  Lender  the  amount  shown  as  due  on  any  such        certificate within ten (10) days after receipt thereof.               (d)   Delay  in  Requests.   Failure  or  delay  on  the  part  of  any  Lender  to  demand        compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of        such  Lender’s  right  to  demand  such  compensation;  provided,  that,  the  Borrower  shall  not  be        required  to  compensate  a  Lender  pursuant  to  the  foregoing  provisions  of  this  Section  for  any        increased costs incurred or reductions suffered more than one hundred and eighty (180) days prior        to  the  date  that  such  Lender  notifies  the  Borrower  of  the  Change  in  Law  giving  rise  to  such        increased costs or reductions and of such Lender’s intention to claim compensation therefor (except        that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the        one hundred and eighty (180)-day period referred to above shall be extended to include the period        of retroactive effect thereof).                                          42  CHAR1\1756574v5

 

            (e)   Reserves on Eurodollar Rate Loans.  The Borrower shall pay to each Lender, as        long  as  such  Lender  shall  be  required  to  maintain  reserves  with  respect  to  liabilities  or  assets        consisting  of  or  including  eurocurrency  funds  or  deposits  (currently  known  as  “Eurocurrency        liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal        to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such        Lender in good faith, which determination shall be conclusive), which shall be due and payable on        each  date  on  which  interest  is  payable  on  such  Loan;  provided,  that,  the  Borrower  shall  have        received at least ten (10) days’ prior written notice (with a copy to the Administrative Agent) of        such additional interest or costs from such Lender.  If a Lender fails to give written notice ten (10)        days prior to the relevant Interest Payment Date, such additional interest shall be due and payable        ten (10) days from receipt of such notice.         3.05  Compensation for Losses.  Within ten (10) days of written demand by any Lender (with  a  copy to the  Administrative  Agent) from time  to time, the  Borrower shall promptly compensate  such  Lender for and hold such Lender harmless from any loss, cost or expense (other than loss of profit) incurred  by it as a result of:               (a)   any conversion, payment or prepayment of any Eurodollar Rate Loan on a day        other  than  the  last  day  of  the  Interest  Period  for  such  Loan  (whether  voluntary,  mandatory,        automatic, by reason of acceleration, or otherwise);               (b)   any failure by the Borrower (for a reason other than the failure of such Lender to        make a Loan) to prepay, borrow, continue or convert any Eurodollar Rate Loan on the date or in        the amount notified by the Borrower; or               (c)   any assignment of a Eurodollar Rate Loan on a day other than the last day of the        Interest Period therefor as a result of a request by the Borrower pursuant to Section 10.13;   including  any loss  or  expense  arising  from the liquidation  or  reemployment  of funds  obtained  by  it to  maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.   The Borrower shall also pay any customary administrative fees charged by such Lender in connection with  the foregoing.   For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each  Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for  such  Loan  by  a matching  deposit  or  other  borrowing  in  the London interbank eurodollar market for a  comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so  funded.         3.06  Mitigation Obligations; Replacement of Lenders.              (a)   Designation of a Different Lending Office.  Each Lender may make its Loan to the        Borrower through any Lending Office; provided, that, the exercise of this option shall not affect        the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.         If any Lender requests compensation under Section 3.04, or the Borrower is required to pay any        Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the        account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section        3.02, then at the request of the Borrower such Lender shall, as applicable, use reasonable efforts to        designate a different Lending Office for funding or booking its Loan hereunder or to assign its        rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment        of such Lender such designation or assignment (i) would eliminate or reduce amounts payable                                         43  CHAR1\1756574v5

 

      pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the        notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender        to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.         The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in        connection with any such designation or assignment.               (b)   Replacement of Lenders.  If any Lender requests compensation under Section 3.04        or gives a notice pursuant to Section 3.02, or if the Borrower is required to pay any Indemnified        Taxes or additional amounts to any Lender or any Governmental Authority for the account of any        Lender  pursuant  to  Section  3.01,  and,  in  each  case,  such  Lender  has  declined  or  is  unable  to        designate a different lending office in accordance with Section 3.06(a), the Borrower may replace        such Lender in accordance with Section 10.13.         3.07  Survival.   All  of  the  Borrower’s  obligations  under  this  Article  III  shall  survive  the  Termination Date and any resignation of the Administrative Agent.                                    ARTICLE IV                              CONDITIONS PRECEDENT         4.01  Conditions Precedent to Effectiveness.  The effectiveness of this Agreement is subject to  satisfaction of the following conditions precedent:               (a)   The  Administrative  Agent’s  receipt  of  the  following,  each  of  which  shall  be        originals,  telecopies  or  .pdf  copies  unless  otherwise  specified,  each  (to  the  extent  applicable)        properly executed by a Responsible Officer, each (to the extent applicable) dated the Closing Date        (or, in the case of certificates of governmental officials, a recent date before the Closing Date):                     (i)   executed  counterparts  of  this  Agreement  from  the  Borrower,  the              Administrative Agent and each Lender;                     (ii)  Notes executed by the Borrower in favor of each Lender requesting a Note;                     (iii) such certificates with respect to resolutions or other action, incumbency              certificates and/or other certificates of Responsible Officers as the Administrative Agent              may reasonably require evidencing the identity, authority and capacity of each Responsible              Officer  thereof  authorized  to  act  as  a  Responsible  Officer  in  connection  with  this              Agreement and the other Loan Documents;                     (iv)  such  documents  and  certifications  as  the  Administrative  Agent  may              reasonably require to evidence that the Borrower is duly organized or formed, and that the              Borrower is validly existing, in good standing and qualified to engage in business in the              jurisdiction of its organization;                     (v)   a  customary  legal  opinion  or  opinions  from  counsel  to  the  Borrower,              addressed to the Administrative Agent and each Lender party to this Agreement as of the              Closing Date; and                     (vi)  a  certificate  signed  by  a  Responsible  Officer  certifying  that  (A)  the              conditions  set  forth  in  Section  4.01(b),  Section  4.01(c)  and  Section  4.01(d)  have  been              satisfied, (B) the Borrower and its Subsidiaries, on a consolidated basis after giving effect                                         44  CHAR1\1756574v5

 

            to the Specified Transactions, are Solvent, and (C) attached thereto is a true and complete              copy of the Specified Acquisition Agreement.               (b)   There shall not have occurred since December 31, 2019 any event or condition that        has had or could be reasonably expected, either individually or in the aggregate, to have a Material        Adverse Effect.               (c)   The representations and warranties of the Borrower contained in Article V or any        other Loan Document shall be true and correct in all material respects (unless already qualified by        materiality or “Material Adverse Effect” in which case, they shall be true and correct in all respects)        on  and  as  of  the  Closing  Date,  except  to  the  extent  that  such  representations  and  warranties        specifically refer to an earlier date, in which case they shall be true and correct in all material        respects (unless already qualified by materiality or “Material Adverse Effect”, in which case, they        shall be true and correct in all respects) as of such earlier date.               (d)   After giving effect to the execution and delivery of this Agreement and the other        Loan Documents on the Closing Date and the payment of any fees or expenses required to be paid        or reimbursed on the Closing Date, no Default shall exist.               (e)   The Borrower shall have provided to the Administrative Agent and the Lenders        the documentation and other information reasonably requested by the Administrative Agent and        the  Lenders  as  required  by  United  States  regulatory  authorities  under  applicable  “know  your        customer” and anti-money-laundering rules and regulations, including the PATRIOT Act.               (f)   If  the  Borrower  qualifies  as  a  “legal  entity  customer”  under  the  Beneficial        Ownership  Regulation,  receipt  by  the  Administrative  Agent  and  each  Lender,  to  the  extent        requested by the Administrative Agent or such Lender, of a Beneficial Ownership Certification in        relation to the Borrower.               (g)   Any fees required to be paid on or before the Closing Date shall have been paid.               (h)   Unless  waived  by  the  Administrative  Agent,  the  Borrower  shall  have  paid  all        reasonable and documented out-of-pocket fees, charges and disbursements of Moore & Van Allen        PLLC (directly to such counsel if requested by the Administrative Agent) to the extent invoiced        prior to the Closing Date, plus such additional amounts of reasonable out-of-pocket fees, charges        and disbursements of Moore & Van Allen PLLC as shall constitute its reasonable estimate of such        fees, charges and disbursements incurred or to be incurred by it through the closing proceedings to        the extent such estimate is received prior to the Closing Date (provided, that, such estimate shall        not thereafter preclude a final settling of accounts between the Borrower and the Administrative        Agent).   Without limiting the generality of the provisions of the last paragraph of Section 9.03, for purposes of  determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this  Agreement  shall  be  deemed  to  have  consented  to,  approved  or  accepted  or  to  be  satisfied  with,  each  document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory  to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to  the proposed Closing Date specifying its objection thereto.         4.02  Conditions to Funding of Loans.  The obligation of each Lender to make its Loan is  subject to the following conditions precedent:                                          45  CHAR1\1756574v5

 

            (a)   The occurrence of the Closing Date.               (b)   The Administrative Agent’s receipt of a certificate signed by a Responsible Officer        certifying that the conditions set forth in Section 4.02(c), Section 4.02(d) and Section 4.02(e) have        been satisfied.               (c)   The representations and warranties of the Borrower contained in Article V or any        other Loan Document shall be true and correct in all material respects (unless already qualified by        materiality or “Material Adverse Effect” in which case, they shall be true and correct in all respects)        on  and  as  of  the  Funding  Date,  except  to  the  extent  that  such  representations  and  warranties        specifically refer to an earlier date, in which case they shall be true and correct in all material        respects (unless already qualified by materiality or “Material Adverse Effect”, in which case, they        shall be true and correct in all respects) as of such earlier date, and except that for purposes of this        Section 4.02(c), the representations and warranties contained in Sections 5.05(a) and (b) shall be        deemed  to  refer  to  the  most  recent  statements  furnished  pursuant  to  Sections  6.01(a)  and  (b),        respectively.                (d)   No  Event of Default  shall exist or  would  result from the  consummation of the        Specified Transactions.               (e)   The Specified Acquisition shall have been consummated, or shall be consummated        substantially simultaneously with the Borrowing, in all material respects in accordance with the        terms  of  the  Specified  Acquisition  Agreement  without  giving  effect  to  any  modifications  or        amendments thereto, consents thereunder or waivers of the provisions thereof, that, in any such        case, are materially adverse to the Lenders in their capacities as such, without the consent of BofA        Securities  (such  consent  not  to  be  unreasonably  withheld,  conditioned  or  delayed)  (it  being        understood and agreed that any modification or amendment that results in an increase or reduction        in the purchase price shall be deemed to not be materially adverse to the Lenders so long as the        aggregate principal amount of the Term Facility remains less than or equal to $375,000,000).               (f)   The  Administrative  Agent’s  receipt  of  a  Loan  Notice  in  connection  with  the        Borrowing, which Loan Notice (i) is to be received at least two (2) Business Days prior to the        Funding Date (to the extent the Borrowing on the Funding Date is to be comprised of Eurodollar        Rate Loans), and (ii) may be revoked or rescinded to the extent the Specified Acquisition is not        consummated on the proposed Funding Date (subject to amounts required to be paid pursuant to        Section 3.05).                                    ARTICLE V                        REPRESENTATIONS AND WARRANTIES         The Borrower represents and warrants to the Administrative Agent and the Lenders that:         5.01  Existence,  Qualification  and  Power.   The  Borrower  (a)  is  duly  organized  or  formed,  validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation  or organization, (b) has all requisite power and authority to (i) own or lease its assets and carry on its  business  as  currently  conducted,  and  (ii)  execute,  deliver  and  perform  its  obligations  under  the  Loan  Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing  under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of  its business requires such qualification or license; except in each case referred to in clause (b)(i) or (c), to  the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.                                         46  CHAR1\1756574v5

 

      5.02  Authorization;  No  Contravention.   The  execution,  delivery  and  performance  by  the  Borrower  of  each  Loan  Document  to  which  the  Borrower  is  party,  have  been  duly  authorized  by  all  necessary corporate or other organizational action, and do not and will not (a) contravene the terms of the  Borrower’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the  creation of any Lien under, or require any payment to be made under (i) any material Contractual Obligation  (other than the Loan Documents) binding upon the Borrower or its properties or any of its Subsidiaries, or  (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the  Borrower or its property is subject, in either case under this clause (b), to the extent such conflict could  reasonably be expected to have a Material Adverse Effect; or (c) violate any applicable Law in a manner  which could be reasonably expected to have a Material Adverse Effect.         5.03  Governmental Authorization.  No approval, consent, exemption, authorization, or other  action by, or notice to, or filing with, any Governmental Authority is necessary or required in connection  with the execution, delivery or performance by, or enforcement against, the Borrower of this Agreement or  any other Loan Document, other than (a) such as have been obtained or made and are in full force and  effect, or (b) those the failure to obtain or make which, individually or in the aggregate, could not reasonably  be expected to result in a Material Adverse Effect.         5.04  Binding  Effect.   This  Agreement  has  been,  and  each  other  Loan  Document,  when  delivered  hereunder,  will  have  been,  duly  executed  and  delivered  by  the  Borrower.   This  Agreement  constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding  obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as such  enforceability  may  be  limited  by  bankruptcy,  insolvency,  fraudulent  conveyance,  moratorium,  reorganization or similar laws and by equitable principles of general application.         5.05  Financial Statements; No Material Adverse Effect.              (a)   The Audited Financial Statements (i) were prepared in accordance with GAAP        consistently applied throughout the period covered thereby, except as otherwise expressly noted        therein; and (ii) fairly present, in all material respects, the consolidated financial condition of the        Borrower  and its Subsidiaries as of the date thereof and their results of operations for the period        covered  thereby  in  accordance  with  GAAP  consistently  applied  throughout  the  period  covered        thereby, except as otherwise expressly noted therein.               (b)   The unaudited consolidated balance sheet of the Borrower and its Subsidiaries for        the  fiscal  quarter  of  the  Borrower  ending  September  30,  2020,  and  the  related  consolidated        statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended        on that date (i) were prepared in accordance with GAAP consistently applied throughout the period        covered thereby, except as otherwise expressly noted therein, and (ii) fairly present, in all material        respects, the consolidated financial condition of the Borrower and its Subsidiaries as of the date        thereof and their results of operations for the period covered thereby, subject, in the case of clauses        (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.               (c)   Since  December  31,  2019,  there  has  been  no  event  or  circumstance,  either        individually or in the aggregate, that has had or would have a Material Adverse Effect.         5.06  Litigation.  There are no actions, suits, proceedings, claims or disputes pending or, to the  knowledge  of  the  Borrower,  threatened  in  writing,  at  law,  in  equity,  in  arbitration  or  before  any  Governmental Authority, by or against the Borrower or any Subsidiary or against any of their respective  properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document,  or any of the transactions contemplated hereby, or (b) as to which there is a reasonable possibility of an                                         47  CHAR1\1756574v5

 

adverse  determination  and  that,  if  adversely  determined,  either  individually  or  in  the  aggregate,  could  reasonably be expected to have a Material Adverse Effect.         5.07  No  Default.    No  Default  has  occurred  and  is  continuing  or  would  result  from  the  consummation of the transactions contemplated by this Agreement or any other Loan Document.         5.08  Ownership  of  Property.   The  Borrower  and  each  Subsidiary  has  good  record  and  marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the  ordinary conduct of its business, except for (a) such defects in title  that do not materially interfere with the  Borrower’s or such Subsidiary’s ability to conduct its business as currently conducted, or (b) where the  failure to have such title or interests could not, individually or in the aggregate, reasonably be expected to  have a Material Adverse Effect.         5.09  Environmental Compliance.  There are no claims pending, or to Borrower’s knowledge,  threatened,  alleging  potential  liability  or  responsibility  for  violation  of  any  Environmental  Law  on  the  Borrower’s or such Subsidiary’s businesses, operations and properties, in each case which, individually or  in the aggregate, could reasonably be expected to have a Material Adverse Effect.         5.10  Insurance.  The properties of the Borrower and its Material Subsidiaries are insured with  financially sound and reputable insurance companies not Affiliates of the Borrower, in such amounts (after  giving effect to any self-insurance compatible with the following standards), with such deductibles and  covering such risks as are customarily carried by companies engaged in similar businesses and owning  similar properties in localities where the Borrower and its Material Subsidiaries operate.         5.11  Taxes.  The Borrower and its Subsidiaries have filed all Federal, state and other tax returns  and reports required to be filed with an applicable Governmental Authority, and have paid all Federal, state  and other taxes, assessments, fees and other governmental charges levied or imposed upon them or their  properties, income or assets that are due and payable, except (a) those which are being contested in good  faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided  in accordance with GAAP, or (b) to the extent that the failure to do so, individually or in the aggregate,  could  not  reasonably  be  expected  to  result  in  a  Material  Adverse  Effect.   There  is  no  tax  assessment  proposed in writing (and received by the Borrower) against the Borrower or any Subsidiary thereof that  would, if made, have a Material Adverse Effect.  The Borrower is not party to any tax sharing agreement.         5.12  ERISA Compliance.              (a)   To the knowledge of Borrower, each Plan is in compliance in all material respects        with the applicable provisions of ERISA, the Code and other Federal or state Laws.  Each Pension        Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable        determination letter from the IRS to the effect that the form of such Plan is qualified under Section        401(a) of the Code and the trust related thereto has been determined by the IRS to be exempt from        federal income tax under Section 501(a) of the Code, or an application for such a letter is currently        being processed by the IRS, or such Pension Plan is a prototype or volume submitter plan that is        the subject of an opinion or advisory letter from the IRS.  To the knowledge of the Borrower,        nothing has occurred that would reasonably be expected to prevent or cause the loss of such tax-       qualified status.               (b)   There are no pending or, to the knowledge of the Borrower, threatened claims,        actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could        reasonably be expected to have a Material Adverse Effect.  There has been no prohibited transaction                                          48  CHAR1\1756574v5

 

      or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could        reasonably be expected to result in a Material Adverse Effect.               (c)   (i) No ERISA Event has occurred; (ii) the Borrower and each ERISA Affiliate has        met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan,        and no waiver of the minimum funding standards under the Pension Funding Rules has been applied        for or obtained; (iii) neither the Borrower nor any ERISA Affiliate has incurred any liability to the        PBGC other than for the payment of premiums, and there are no premium payments which have        become due that are unpaid; (iv) neither the Borrower nor any ERISA Affiliate has engaged in a        transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (v) no Pension        Plan has  been terminated by  the  plan  administrator thereof  nor by the  PBGC, and  no  event  or        circumstance  has  occurred  or  exists  that  could  reasonably  be  expected  to  cause  the  PBGC  to        institute proceedings under Title IV of ERISA to terminate any Pension Plan, in each case under        this clause (c), that would result in liability to the Borrower, that individually or in the aggregate,        could reasonably be expected to have a Material Adverse Effect.         5.13  Margin Regulations; Investment Company Act.              (a)   The Borrower is not engaged principally or as one of its important activities, in the        business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the        FRB), or extending credit for the purpose of purchasing or carrying margin stock.  Following the        application of the proceeds of any Loans, not more than 25% of the value of the assets (either of        the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) subject to the        provisions of Section 7.01 or subject to any restriction contained in any agreement or instrument        between the Borrower and any Lender or any Affiliate of any Lender relating to Indebtedness and        within the scope of Section 8.01(e) will be margin stock.               (b)   The Borrower is not an “investment company”, or a company “controlled” by an        “investment company”, within the meaning of the Investment Company Act of 1940.         5.14  Disclosure.                  (a)   No  written  report,  financial  statement,  certificate  or  other  written  information,        other than projected financial information, other forward-looking information and information of a        general economic or industry-specific nature, furnished by or on behalf of the Borrower to the        Administrative Agent or any Lender in connection with the transactions contemplated hereby and        the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in        each case, as modified or supplemented by other information so furnished), in each case as of the        date furnished, when taken as a whole, contains any material misstatement of a material fact or        omits  to  state  any  material  fact  necessary  to  make  the  statements  therein,  in  the  light  of  the        circumstances under which they were made, not materially misleading; provided, that, with respect        to projected financial information and other forward-looking information, the Borrower represents        only that such information was prepared in good faith based upon assumptions believed by it to be        reasonable at the time furnished (it being understood that such information is subject to significant        contingencies, and no assurance can be given that the projections will be realized and that actual        results may differ from projected results and that such differences may be material).               (b)   As  of  the  Closing  Date,  to  the  knowledge  of  the  Borrower,  the  information        included in any Beneficial Ownership Certification, if applicable, is true and correct in all respects.                                          49  CHAR1\1756574v5

 

      5.15  Compliance with Laws.  The Borrower and each Subsidiary is in compliance with the  requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties,  except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being  contested  in  good  faith  by  appropriate  proceedings  diligently  conducted,  or  (b)  the  failure  to  comply  therewith, either individually or in the aggregate, could not reasonably be expected to have a Material  Adverse Effect.         5.16  Intellectual Property; Licenses, Etc.  The Borrower  and its Subsidiaries own, possess or  can  acquire  on  reasonable  terms  the  right  to  use,  all  of  the  trademarks,  service  marks,  trade  names,  copyrights, patents and other intellectual property rights that are reasonably necessary for the operation of  their businesses, without conflict with the rights of any other Person to the knowledge of the Borrower,  except for any such failure to own or possess or conflict that could not reasonably be expected to have a  Material Adverse Effect.         5.17  Solvency.        The Borrower is, individually and together with its Subsidiaries on a consolidated basis, Solvent.         5.18  OFAC Representation.        Neither the  Borrower,  nor any  of its  Subsidiaries,  nor, to the knowledge  of  the  Borrower,  any  director, officer, employee, or controlled affiliate thereof, is an individual or entity that is, or is owned or  controlled by one or more individuals or entities that is, (a) currently the subject or target of any Sanctions,  (b) included on OFAC’s List of Specially Designated Nationals, HMT’s Consolidated List of Financial  Sanctions Targets and the Investment Ban List, or any similar list administered or enforced by the United  Nations  Security  Council,  the  European  Union,  or  any  European  Union  member  state,  or  (c)  located,  organized or resident in a Designated Jurisdiction.  The Borrower and its Subsidiaries have conducted their  businesses  in  compliance  in  all material  respects  with  all  applicable  Sanctions and  have instituted  and  maintained policies and procedures designed to promote and achieve compliance with such Sanctions.         5.19  Anti-Corruption Laws.        The Borrower and its Subsidiaries have conducted their businesses in material compliance with  applicable anti-corruption laws and have instituted and maintained policies and procedures that it believes  are reasonably designed to promote and achieve compliance with such laws, in all material respects.         5.20  Affected Financial Institutions.        The Borrower is not an Affected Financial Institution.                                    ARTICLE VI                             AFFIRMATIVE COVENANTS         From the Closing Date and until the Termination Date:         6.01  Financial  Statements.   The  Borrower  shall  deliver  to  the  Administrative  Agent,  for  distribution to each Lender:               (a)   as soon as available (but in any event no earlier than the date such items are filed        with the SEC), but in any event within ninety (90) days after the end of each fiscal year of the                                         50  CHAR1\1756574v5

 

      Borrower (and commencing with and including the financial statements related to the fiscal year        of the Borrower ending December 31, 2020), a consolidated balance sheet of the Borrower and its        Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or        operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each case in        comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in        accordance  with  GAAP,  audited  and  accompanied  by  a  report  and  opinion  of  an  independent        certified public accountant of nationally recognized standing, which report and opinion shall be        prepared in accordance with generally accepted auditing standards and shall not be subject to any        “going concern” or like qualification or exception or any qualification or exception as to the scope        of such audit (other than any qualification solely as a result of an impending debt maturity occurring        within 12 months of the date of such report and opinion); and               (b)   as soon as available (but in any event no earlier than the date such items are filed        with the SEC), but in any event within forty-five (45) days after the end of each of the first three        (3) fiscal quarters of each fiscal year of the Borrower (and commencing with and including the        financial  statements  related  to  the  fiscal  quarter  of  the  Borrower  ending  March  31,  2021),  a        consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter,        the  related  consolidated  statements  of  income  or  operations  for  such  fiscal  quarter and  for  the        portion of the Borrower’s fiscal year then ended, and the related consolidated statements of changes        in shareholders’ equity, and cash flows for the portion of the Borrower’s fiscal year then ended, in        each case setting forth in comparative form, as applicable, the figures for the corresponding fiscal        quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in        reasonable  detail,  certified  by  the  chief  executive  officer,  chief  financial  officer  (or  principal        financial  officer  with  similar  responsibilities),  treasurer  or  vice  president  of  finance  as  fairly        presenting in all material respects the financial condition, results of operations, shareholders’ equity        and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to        normal year-end audit adjustments and the absence of footnotes.         As to any information contained in materials furnished pursuant to Section 6.02(c), the Borrower  shall not be separately required to furnish such information under Sections 6.01(a) or (b), but the foregoing  shall  not  be  in  derogation  of  the  obligation  of  the  Borrower  to  furnish  the  information  and  materials  described in Sections 6.01(a) and (b) at the times specified therein.         6.02  Certificates;  Other  Information.   The  Borrower  shall  deliver  to  the  Administrative  Agent, for distribution to each Lender:               (a)   concurrently with the delivery of the financial statements referred to in Sections        6.01(a) and (b), a duly completed Compliance Certificate signed by the chief executive officer,        chief financial officer (or principal financial officer with similar responsibilities), treasurer or vice        president of finance of the Borrower, which shall include a certification of compliance with the        covenant set forth in Section 7.07;               (b)   promptly after any reasonable request by the Administrative Agent, copies of any        detailed audit reports or management letters by independent accountants in connection with the        accounts or books of the Borrower, or any audit of any of them;               (c)   promptly  after  the  same  are  available,  copies  of  each  annual  report,  proxy  or        financial  statement  or  other  report  or  communication  sent  generally  to  the  stockholders  of  the        Borrower, acting in such capacity, and copies of all annual, regular, periodic and special reports        and registration statements which the Borrower may file or be required to file with the SEC under        Section  13  or  15(d)  of the  Securities Exchange Act of 1934, and  not  otherwise  required  to  be                                         51  CHAR1\1756574v5

 

      delivered to the Administrative Agent pursuant hereto (including all form 10-K and 10-Q reports        but excluding any Form S-8 or similar form);               (d)   at least five (5) Business Days prior to such change, notice of any change to the        Borrower’s legal name;               (e)   promptly  following  any  reasonable  written  request,  provide  information  and        documentation reasonably requested by the Administrative Agent or any Lender for purposes of        compliance  with  applicable  “know  your  customer”  and  anti-money-laundering  rules  and        regulations, including the PATRIOT Act and the Beneficial Ownership Regulation; and               (f)   promptly,  such  additional  information  regarding  (i)  the  business,  financial  or        corporate affairs of the Borrower, including as may be necessary for a Lender to ensure compliance        with applicable Law, or (ii) compliance with the terms of the Loan Documents, in each case, as the        Administrative Agent or any Lender acting through the Administrative Agent may from time to        time reasonably request.         Documents required to be delivered pursuant to Section 6.01 or Section 6.02 may be delivered  electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the  Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the  website  address  listed  on Schedule 10.02  (provided,  that,  the  Borrower  shall  notify  the  Administrative  Agent  (by  facsimile  or  electronic  mail)  of  the  posting  of  any  such  documents  and  provide  to  the  Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents); (ii) on  which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to  which each Lender and the Administrative Agent have access (whether a commercial, third-party website  or  whether  sponsored  by  the  Administrative  Agent);  (iii)  on  which  such  documents  are  faxed  to  the  Administrative Agent (or electronically mailed to an address provided by the Administrative Agent); or (iv)  in respect of the items required to be delivered pursuant to Sections 6.01(a) or (b) or Section 6.02(c), on  which such items have been made available on the SEC website.  The Administrative Agent shall have no  obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in  any event shall have no responsibility to monitor compliance by the Borrower with any such request for  delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies  of such documents.         The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arranger may,  but shall not be obligated to, make available to the Lenders materials and/or information provided by or on  behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials  on Syndtrak, IntraLinks, ClearPar or another similar electronic system (the “Platform”), and (b) certain of  the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public  information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing,  and who may be engaged in investment and other market-related activities with respect to such Persons’  securities.  The Borrower hereby agrees (w) all Borrower Materials that are to be made available to Public  Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the  word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials  “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arranger, and  the Lenders to treat such Borrower Materials as not containing any material non-public information with  respect to the Borrower or its securities for purposes of United States Federal securities laws (provided,  that, to  the extent such Borrower Materials  constitute  Information, they shall be  treated as  set  forth  in  Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through  a portion of the Platform that is designated “Public Investor Side Information”; and (z) the Administrative  Agent and the Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as                                         52  CHAR1\1756574v5

 

being suitable only for posting on a portion of the Platform that is not designated “Public Investor Side  Information.”        6.03  Notices.  The Borrower shall promptly, but in any event within five (5) Business Days after  any  Responsible  Officer  has  obtained  knowledge  thereof,  notify  the  Administrative  Agent  (for  further  distribution to each Lender) of:               (a)   the occurrence of any Default;               (b)   the  commencement  of,  or  any  material  development  in,  any  litigation  or        proceeding affecting the Borrower or any of its Subsidiaries, in each case that has resulted or could        reasonably be expected to result in a Material Adverse Effect; and               (c)   the  occurrence  of  any  ERISA  Event  that  has  resulted  or  could  reasonably  be        expected to result in a Material Adverse Effect.         Each notice pursuant to this Section 6.03 shall be accompanied by a statement of a Responsible  Officer setting  forth  in reasonable  detail the  occurrence  referred to therein  and stating what action the  Borrower has taken and proposes to take with respect thereto.           6.04  Payment of Taxes.   The Borrower shall, and shall cause each Subsidiary to, pay and  discharge within thirty (30) days of the date the same shall become due and payable, all its tax liabilities,  assessments and governmental charges or levies upon it or its properties, unless (a) the same are being  contested  in  good  faith  by  appropriate  proceedings  diligently  conducted  and  adequate  reserves  in  accordance with GAAP are being maintained by the Borrower in connection therewith, or (b) the failure to  do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse  Effect.         6.05  Preservation of Existence, Etc.              (a)   The Borrower shall, and shall cause each Material Subsidiary to, preserve, renew        and maintain in full force and effect its legal existence and good standing under the Laws of the        jurisdiction of its organization.                (b)   The Borrower  shall,  and  shall  cause  each  Subsidiary  to, (i)  take  all  reasonable        action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in        the normal conduct of its business, except to the extent that failure to do so could not reasonably        be  expected  to  have  a  Material Adverse  Effect; and  (ii)  preserve or  renew all  of  its registered        patents,  trademarks,  trade  names  and  service  marks,  the  non-preservation  of  which  could        reasonably be expected to have a Material Adverse Effect.         6.06  Maintenance of Properties.   The Borrower shall, and shall cause each Subsidiary to,  maintain, preserve and protect all of its properties and equipment necessary in the operation of its business  in good working order and condition, ordinary wear and tear and casualty and condemnation excepted,  except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.         6.07  Maintenance of Insurance.   The Borrower shall, and shall cause each Material Subsidiary  to,  maintain  with  financially  sound  and  reputable  insurance  companies  not  Affiliates  of the  Borrower,  insurance with respect to its properties and business against loss or damage of the kinds customarily insured  against by Persons engaged in the same or similar business, of such types and in such amounts (after giving                                          53  CHAR1\1756574v5

 

effect  to  any  self-insurance  compatible  with  the  following  standards)  as  are  customarily  carried  under  similar circumstances by such other Persons.         6.08  Compliance with Laws.   The Borrower shall, and shall cause each Subsidiary to, comply  with the requirements of all Laws, including Environmental Laws, and all orders, writs, injunctions and  decrees applicable to it or to its business or property, except in such instances in which (a) such requirement  of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings  diligently conducted, or (b) the failure to comply therewith could not reasonably be expected to have a  Material Adverse Effect.         6.09  Books and Records.   The Borrower shall, and shall cause each Material Subsidiary to,  maintain proper books of record and account in material conformity with GAAP and in material conformity  with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the  Borrower or such Material Subsidiary.         6.10  Inspection  Rights.    The Borrower  shall, and  shall cause each Material  Subsidiary  to,  permit representatives and agents of the Administrative Agent to visit and inspect any of its properties, to  examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and  to  discuss  its  affairs,  finances  and  accounts  with  its  Responsible  Officers,  and  independent  public  accountants (provided, that, the Borrower may, if it so chooses, be present at or participate in any such  discussion), at reasonable times during normal business hours, upon reasonable advance written notice to  the Borrower; provided, that, such visits shall be at the expense of the Administrative Agent and the Lenders  and shall, unless an Event of Default has occurred and is continuing at such time, be limited to no more  than once in any calendar year; provided, further, that, notwithstanding anything to the contrary herein, the  Borrower shall not be required to disclose, permit the inspection, examination or making of copies of or  abstracts from, or discuss any document, information, or other matter: (a) that constitutes non-financial  trade  secrets  or  non-financial  proprietary  information;  or  (b)  in  respect  of  which  disclosure  to  the  Administrative  Agent  or  any  Lender  (or  any  of  their  respective  representatives  or  contractors)  (i)  is  prohibited by applicable Law, (ii) would violate any attorney-client privilege, or (iii) would violate any  obligation of confidentiality binding on the Borrower (to the extent not created in contemplation of the  Borrower’s obligations under this Section 6.10); provided, that, (A) in the case of the provision of any  information that would violate attorney-client privilege or any obligation of confidentiality binding on the  Borrower, the Borrower shall use commercially reasonable efforts to (1) obtain waivers of such privilege  or obligation of confidentiality, and (2) communicate the applicable information in a way that would not  violate such privilege or obligation of confidentiality, and (B) the Borrower shall notify the Administrative  Agent that certain privileged or confidential information is not being provided.         6.11  Use of Proceeds.   The Borrower shall, and shall cause each Material Subsidiary to, use  the proceeds of the Loans to finance the Specified Acquisition, to pay fees, costs and expenses relating to  the Specified Transactions, and, to the extent of any remaining proceeds of the Loans, for working capital,  capital expenditures and other lawful corporate purposes not in contravention of any applicable Law or of  any Loan Document.         6.12  Sanctions  and  Anti-Corruption  Laws.    The  Borrower  shall,  and  shall  cause  each  Subsidiary to, conduct its businesses in material compliance with applicable Sanctions and the United States  Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other applicable anti-corruption  legislation  in  other  jurisdictions,  and  maintain  policies  and  procedures  that  it  reasonably  believes  are  designed to promote and achieve compliance with such laws and Sanctions.                                          54  CHAR1\1756574v5

 

                                 ARTICLE VII                               NEGATIVE COVENANTS         From the Closing Date and until the Termination Date:         7.01  Liens.   The Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly,  create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now  owned or hereafter acquired, other than the following:                (a)   Liens  existing  on  the  Closing  Date  and  listed  on  Schedule  7.01,  and  any        modifications,  replacements,  renewals  or  extensions  thereof;  provided,  that,  the  amount  of        Indebtedness  or  other  obligations  secured  by  such  Liens  is  not  increased  at  the  time  of  such        modification,  replacement,  renewal  or  extension,  except  by  an  amount  equal  to  a  reasonable        premium  or  other  reasonable  amount  paid,  and  fees  and  expenses  reasonably  incurred,  in        connection  with  any  such  modification,  replacement,  renewal  or  extension  of  the  underlying        Indebtedness or by an amount equal to any existing commitments unutilized under the underlying        Indebtedness;               (b)   Liens  (other  than  Liens  imposed  under  ERISA)  for  taxes,  assessments  or        governmental charges or levies (i) that are not overdue for a period of more than thirty (30) days,        or (ii) which are being contested in good faith and by appropriate proceedings diligently conducted,        if adequate reserves with respect thereto are maintained on the books of the applicable Person in        accordance with GAAP;               (c)   statutory and ordinary course contractual Liens of landlords and Liens of carriers,        warehousemen, mechanics, materialmen and suppliers and other Liens imposed by law or pursuant        to customary reservations or retentions of title arising in the ordinary course of business; provided,        that, such Liens secure only amounts not overdue for a period of more than thirty (30) days or, if        due and payable, are (i) unfiled and no other action has been taken to enforce the same, or (ii) are        being contested in good faith by appropriate proceedings for which adequate reserves determined        in accordance with GAAP have been established;               (d)   (i) Liens incurred in the ordinary course of business in connection with workers’        compensation, unemployment insurance and other social security legislation, other than (A) any        Lien imposed by ERISA, and (B) Liens in the ordinary course of business securing liability for        reimbursement of indemnification obligations of insurance carriers providing property, casualty or        liability insurance to the Borrower, and (ii) Liens to secure obligations in respect of letters of credit,        bank guaranties, surety bonds, performance bonds or similar instruments posted with respect to the        items described in clause (d)(i) above;               (e)   (i)  pledges  or  deposits  to  secure  the  performance  of  bids,  trade  contracts,        government  contracts,  performance  bonds  and  leases  (other  than  Indebtedness),  statutory        obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a        like nature incurred in the ordinary course of business, and (ii) Liens to secure obligations in respect        of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments posted        with respect to the items described in clause (e)(i) above;               (f)   easements, rights of way, restrictions (including zoning restrictions), covenants,        licenses,  encroachments,  protrusions  and  other  similar  charges  or  encumbrances  affecting,  and        minor title deficiencies on or with respect to, real property which, in the aggregate, do not in any                                         55  CHAR1\1756574v5

 

      case materially detract from the value of the property subject thereto or materially interfere with        the ordinary conduct of the business of the Borrower and its Subsidiaries;               (g)   Liens  securing  judgments  (or  appeal  or  other  surety  bonds  relating  to  such        judgments) not constituting an Event of Default under Section 8.01(h);               (h)   leases, subleases, licenses or sublicenses granted to others (and pledges or deposits        securing such obligations) not interfering in any material respect with the business of the Borrower        and its Subsidiaries;               (i)   (i) any interest of title of a lessor under leases permitted by this Agreement, and        (ii) purported Liens evidenced by the filing of Uniform Commercial Code financing statements (or        equivalent filings, registrations or agreements in foreign jurisdictions) relating to leases permitted        by this Agreement or consignment or bailee arrangements entered into in the ordinary course of        business;               (j)   normal and customary rights of setoff upon deposits of cash in favor of banks or        other  depository  institutions  and  banker’s liens, rights  of  setoff  upon  deposits of  cash  or  other        financial assets or similar rights and remedies (i) in favor of banks or other depository institutions        not granted in connection with the issuance of Indebtedness, or (ii) in connection with commodity        trading or other brokerage accounts incurred in the ordinary course of business;               (k)   Liens of a collection bank arising under Section 4-210 of the Uniform Commercial        Code on items in the course of collection;               (l)   (i) Liens of sellers of goods to the Borrower arising under Article 2 of the Uniform        Commercial  Code  or  similar  provisions  of  applicable  Law  in  the  ordinary  course  of  business,        covering only the goods sold and securing only the unpaid purchase price for such goods and related        expenses,  and  (ii)  Liens  arising  out  of  conditional  sale,  title  retention,  consignment  or  similar        arrangements for the sale of any assets or property in the ordinary course of business;               (m)   Liens securing obligations (other than obligations representing Indebtedness for        borrowed money) under operating, reciprocal easement or similar agreements entered into in the        ordinary course of business of the Borrower and its Subsidiaries;               (n)   Liens in favor of customs and revenue authorities arising as a matter of law to        secure payment of customs duties in connection with the importation of goods;                (o)   Liens with respect to any Cash Collateral provided by the Borrower pursuant to        any “Loan Document” (as such term is defined in the Existing BofA Credit Agreement);               (p)   any Lien existing on property (and the proceeds thereof) existing at the time of its        acquisition; provided, that, such Lien was not created in contemplation of such acquisition;               (q)   Liens solely on cash earnest money deposits made by the Borrower in connection        with any letter of intent or purchase agreement;               (r)   rights  of  first  refusal,  put,  call  and  similar  rights  arising  in  connection  with        repurchase agreements;                                          56  CHAR1\1756574v5

 

            (s)   Liens on insurance policies and the proceeds thereof securing the financing of the        premiums with respect thereto;               (t)   Liens  securing  obligations  under  any  Swap  Contract  not  entered  into  for        speculative purposes;               (u)   Liens  on  cash  or  other  property  arising  in  connection  with  the  defeasance,        discharge or redemption of Indebtedness;                (v)   Liens  consisting  of  any  condemnation  or  eminent  domain  proceeding  or        compulsory purchase order affecting real property;               (w)   Liens  on  cash  collateral  to  secure  obligations  of  the  Borrower,  so  long  as  the        aggregate amount of such cash collateral does not exceed $50,000,000 at any time;               (x)   Liens securing Indebtedness permitted by Section 7.02(k); provided, that, (i) such        Liens do not at any time encumber any property other than property financed by such Indebtedness        (together  with any accessions thereto  and proceeds  thereof),  and (ii) such  Liens  attach  to  such        property concurrently with or within one hundred eighty (180) days after the acquisition thereof;        and               (y)   Liens securing Priority Indebtedness permitted by Section 7.02(m).         7.02  Indebtedness.   The  Borrower  shall  not,  nor  shall  it  permit  any  of  its  Subsidiaries  to,  directly or indirectly, create, incur, assume or suffer to exist any Indebtedness, except:               (a)   Indebtedness under the Loan Documents;               (b)   Indebtedness existing on the Closing Date as set forth on Schedule 7.02 (and any        Permitted Refinancing thereof);               (c)   obligations (contingent or otherwise) existing or arising under any Swap Contract;        provided, that, such obligations are (or were) entered into by such Person in the ordinary course of        business and not for purposes of speculation or taking a “market view;”               (d)   Indebtedness owed to the Borrower or any other Subsidiary of the Borrower;               (e)   (i)  Indebtedness of a Person  that  becomes a Subsidiary after the  Closing Date;        provided, that, such Indebtedness exists at the time such Person becomes a Subsidiary and is not        created in contemplation of or in connection with such Person becoming a Subsidiary; and (ii) any        Permitted Refinancing of any Indebtedness specified in Section 7.02(e)(i);               (f)   Indebtedness  (i)  pursuant  to  tenders,  statutory  obligations,  bids,  leases,        governmental contracts, trade contracts, surety, stay, customs, appeal, performance and/or return        of money bonds or other similar obligations incurred in the ordinary course of business, and (ii) in        respect  of  any  letters  of  credit,  bank  guaranties,  surety  bonds,  performance  bonds  or  similar        instruments to support any of the foregoing items;               (g)   obligations  incurred  in  respect  of  cash  management  services,  netting  services,        overdraft protection and similar arrangements, in each case in the ordinary course of business;                                          57  CHAR1\1756574v5

 

            (h)   Indebtedness consisting of the financing of insurance premiums;               (i)   Indebtedness (including obligations in respect of letters of credit, bank guaranties,        surety bonds, performance bonds or similar instruments with respect to such Indebtedness) incurred        in respect of workers compensation claims, unemployment insurance (including premiums related        thereto), other types of social security, pension obligations, vacation pay, health, disability or other        employee benefits;               (j)   Indebtedness representing deferred compensation to directors, officers, employees,        members of management, managers, and consultants of such Subsidiary in the ordinary course of        business;               (k)   Indebtedness  in  respect  of  Capitalized  Lease  Obligations,  Synthetic  Lease        Obligations and purchase money obligations incurred to finance the purchase of fixed assets, and        renewals,  replacements,  refinancings  and  extensions  thereof;  provided,  that,  such  Indebtedness        when incurred shall not exceed the purchase price of the asset(s) financed;               (l)   other unsecured Indebtedness of the Borrower; and               (m)   Priority Indebtedness; provided, that, the aggregate outstanding principal amount        of such Priority Indebtedness shall not at any time exceed the greater of (i) $300,000,000, and (ii)        an amount equal to ten percent (10%) of Consolidated Total Assets (determined as of the end of        the most recent fiscal quarter of the Borrower for which financial statements have been delivered        pursuant to Section 6.01(a) or (b) or, in the case of any such determination to be made prior to the        delivery  of financial  statements for  the fiscal  year  of  the  Borrower ended  December 31,  2020,        determined  with  reference  to  the  financial  statements  of  the  Borrower  referred  to  in  Section        5.05(b)).         7.03  Fundamental  Changes.   The  Borrower  shall  not,  nor  shall  it  permit  any  Material  Subsidiary to, directly or indirectly, merge, dissolve, liquidate, consolidate with or into another Person, or  Dispose of (whether in one transaction or in a series of transactions) all or substantially all of the assets  (whether now owned or hereafter acquired) of the Borrower and its Subsidiaries, taken as a whole, to or in  favor of any Person, except that, so long as no Default exists or would result therefrom: (a) any Person may  merge  or  consolidate  with  and  into  the  Borrower,  so  long  as  the  Borrower  shall  be  the  continuing  or  surviving Person of such merger or consolidation; (b) any Material Subsidiary may merge or consolidate  with or into any other Subsidiary, so long as a Subsidiary is the continuing or surviving Person of such  merger or consolidation;  (c)  any Material  Subsidiary  may merge  or  consolidate  with  or  into  any  other  Person; provided, that, (i) if such merger or consolidation involves the Borrower, the Borrower shall be the  continuing or surviving Person, and (ii) such merger or consolidation does not result in the Disposition of  all or substantially all of the assets of the Borrower and its Subsidiaries, taken as a whole; and (d) any  Material Subsidiary may dissolve or liquidate; provided, that, (i) such dissolution or liquidation does not  result in the Disposition of all or substantially all of the assets of the Borrower and its Subsidiaries, taken  as a whole, and (ii) such dissolution or liquidation could not reasonably be expected to have a Material  Adverse Effect.         7.04  Change in Nature of Business.  The Borrower shall not, nor shall it permit any Material  Subsidiary to, directly or indirectly, engage in any material line of business substantially different from  those lines of business conducted by the Borrower and its Subsidiaries on the Closing Date or any business  reasonably related, ancillary, complementary or incidental thereto.                                          58  CHAR1\1756574v5

 

      7.05  Transactions with Affiliates.  The Borrower shall not, nor shall it permit any Material  Subsidiary  to,  directly  or  indirectly,  enter  into  any  transaction  of  any  kind  with  any  Affiliate  of  the  Borrower,  whether  or  not in  the  ordinary  course  of  business,  other  than  (a)  intercompany  transactions  expressly permitted by Section 7.02 and Section 7.03, (b) any transaction on fair and reasonable terms  substantially  as  favorable  to  the  Borrower  or  such  Material  Subsidiary  as  would  be  obtainable  by  the  Borrower or such Material Subsidiary at the time in a comparable arm’s length transaction with a Person  other  than  an  Affiliate,  and  (c)  compensation  (including  bonuses)  and  indemnification  of,  and  other  employment  arrangements  with,  directors,  officers  and  employees  of  the  Borrower  or  such  Material  Subsidiary entered in the ordinary course of business, including reimbursement of out-of-pocket expenses  and provision of officers’ and directors’ liability insurance.        7.06  Use of Proceeds.  The Borrower shall not, nor shall it permit any Material Subsidiary to,  use the proceeds of any Loans, whether directly or indirectly, and whether immediately, incidentally or  ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend  credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally  incurred for such purpose.         7.07  Financial Covenant.  The Borrower shall not permit the Consolidated Leverage Ratio, as  of the end of any fiscal quarter of the Borrower for the four quarter period ending on such date, to be greater  than 3.50 to 1.0; provided, that, upon the occurrence of a Qualified Acquisition, for each of the four fiscal  quarters of the Borrower immediately following such Qualified Acquisition (including the fiscal quarter of  the  Borrower  in  which  such  Qualified  Acquisition  was  consummated)  (such  period  of  increase,  the  “Leverage Increase Period”), the ratio set forth above shall be increased to 4.00 to 1.0; provided, further,  that, (a) for at least two (2) fiscal quarters of the Borrower immediately following each Leverage Increase  Period, the Consolidated Leverage Ratio as of the end of such fiscal quarters shall not be greater than 3.50  to 1.0 prior to giving effect to another Leverage Increase Period pursuant to the immediately preceding  proviso,  and  (b)  the  Leverage  Increase  Period  shall  only  apply  with  respect  to  the  calculation  of  the  Consolidated Leverage Ratio for purposes of determining compliance with this Section 7.07 and not for  any other purpose.         7.08  Change  in  Fiscal  Year.   Without  providing  prior  written  notice  to  the  Administrative  Agent, the Borrower shall not, nor shall it permit any Material Subsidiary to, change its fiscal year.         7.09  Sanctions.   The  Borrower  shall  not,  nor  shall  it  permit  any  Subsidiary  to,  directly  or  indirectly, use the proceeds of any Loans, or lend, contribute or otherwise make available such proceeds to  any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with  any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject  or target of Sanctions, in each of the foregoing cases to the extent such use of proceeds or the funding of  such activities, business, individual or entity, as the case may be, violates any Sanction, or in any other  manner  that  will  result  in  a  violation  by  any  individual  or  entity  (including  any  individual  or  entity  participating in the transaction contemplated hereby, whether as Lender, Arranger, Administrative Agent,  or otherwise) of Sanctions.         7.10  Anti-Corruption Laws.  The Borrower shall not, nor shall it permit any Subsidiary to,  directly or indirectly, use the proceeds of any Loans for any purpose which would breach the United States  Foreign  Corrupt  Practices  Act  of  1977,  the  UK  Bribery  Act  2010,  and  other  similar  anti-corruption  legislation in other jurisdictions.                                   ARTICLE VIII                        EVENTS OF DEFAULT AND REMEDIES                                         59  CHAR1\1756574v5

 

      8.01  Events of Default.  Any of the following shall constitute an “Event of Default”:               (a)   Non-Payment.   The  Borrower  fails  to  pay  (i)  when  and  as  required  to  be  paid        herein, any amount of principal of any Loan, or (ii) within five (5) Business Days after the same        becomes  due,  any  interest  on  any  Loan,  any  fee  due  hereunder,  or  any  other  amount  payable        hereunder or under any other Loan Document; or               (b)   Specific Covenants.  The Borrower fails to perform or observe any term, covenant        or agreement contained in any of Section 6.03(a), Section 6.05 (with respect to the preservation of        the Borrower’s legal existence), Section 6.11 or Article VII; or               (c)   Other Defaults.  The Borrower fails to perform or observe any other covenant or        agreement (not specified in Section 8.01(a) or (b)) contained in any Loan Document on its part to        be performed or observed and such failure continues for thirty (30) days after the Borrower’s receipt        of written notice of such failure from the Administrative Agent or any Lender; or               (d)   Representations  and  Warranties.   Any  representation,  warranty  or  certification         made or deemed made by the Borrower herein, in any other Loan Document, or in any document        delivered in connection herewith or therewith, shall be incorrect in any material respect (or in any        respect if already qualified by materiality or “Material Adverse Effect”) when made or deemed        made; or               (e)   Cross-Default.  (i) The Borrower or any Subsidiary (A) fails to make any payment        when  due  (whether  by  scheduled  maturity,  required  prepayment,  acceleration,  demand,  or        otherwise) in respect of any Indebtedness (other than the Obligations and Indebtedness under Swap        Contracts)  having  an  aggregate  principal  amount  (including  undrawn  committed  or  available        amounts and including amounts owing to all creditors under any combined or syndicated credit        arrangement) of more than the Threshold Amount, and such failure is not waived and continues        beyond any cure period provided therein, or (B) fails to observe or perform any other agreement or        condition  relating  to  any  such  Indebtedness  or  contained  in  any  instrument  or  agreement        evidencing, securing or relating thereto, in each case, beyond the applicable grace period, if any,        provided therefor, or any other event occurs, the effect of which is to cause, or to permit the holder        or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause,        with the giving of notice if required, such Indebtedness to be demanded or to become due and        payable or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an        offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated        maturity, and such failure or demand is not waived; or (ii) there occurs under any Swap Contract        an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of        default  as  defined  in  such  Swap  Contract  as  to  which  the  Borrower  or  any  Subsidiary  is  the        Defaulting Party (as defined in such Swap Contract) that is not waived and continues beyond any        cure period provided therein, or (B) any Termination Event (as defined in such Swap Contract)        under such Swap Contract as to which the Borrower or any Subsidiary is an Affected Party (as        defined in such Swap Contract) and, in either event, the Swap Termination Value owed by the        Borrower or such Subsidiary as a result thereof is greater than the Threshold Amount; or               (f)   Insolvency Proceedings, Etc.  The Borrower or any Material Subsidiary institutes        or  consents  to  the  institution  of  any  proceeding  under  any  Debtor  Relief  Law,  or  makes  an        assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver,        trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any        material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator        or similar officer is appointed without its application or consent of such Person and the appointment                                         60  CHAR1\1756574v5

 

      continues undischarged or unstayed for sixty (60) consecutive calendar days; or any proceeding        under any Debtor Relief Law relating to the Borrower or such Material Subsidiary or to all or any        material  part  of  its  property  is  instituted  without the consent of the such Person  and  continues        undismissed, unstayed, unvacated and unbonded for sixty (60) consecutive calendar days, or an        order for relief is entered in any such proceeding which order is not stayed; or               (g)   Inability to Pay Debts.  The Borrower or any Material Subsidiary becomes unable        or admits in writing its inability or fails generally to pay its debts as they become due; or               (h)   Judgments.  There is entered against the Borrower or any Subsidiary any one or        more  final  judgments  or  orders  for  the  payment  of  money  which  in  the  aggregate  exceed  the        Threshold Amount (to the extent not covered by independent third-party insurance as to which the        insurer does not dispute coverage) and (i) enforcement proceedings are commenced by any creditor        upon such judgment or order, or (ii) there is a period of sixty (60) consecutive days during which        a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect;        or               (i)   ERISA.   (i)  An  ERISA  Event  occurs  with  respect  to  a  Pension  Plan  or  a        Multiemployer Plan which has resulted in liability of the Borrower under Title IV of ERISA to the        Pension Plan or  Multiemployer Plan or the PBGC in an aggregate amount that could reasonably        be expected to have a Material Adverse Effect, or (ii) the Borrower or any ERISA Affiliate fails to        pay when due, after the expiration of any applicable grace period, any installment payment with        respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an        aggregate amount that could reasonably be expected to have a Material Adverse Effect; or               (j)   Invalidity of the Loan Documents.  Any material provision of any Loan Document,        at any time after its execution and delivery and for any reason other than as expressly permitted        hereunder or thereunder or the occurrence of the Termination Date, ceases to be in full force and        effect;  or  the  Borrower  contests  in  writing  or  pursuant  to  judicial  proceedings  the  validity  or        enforceability of any material provision of any Loan Document; or the Borrower denies in writing        that it has any or further liability or obligation under any Loan Document (other than by reason of        the occurrence of the Termination Date), or purports to revoke, terminate or rescind any material        provision of any Loan Document; or               (k)   Change of Control.  There occurs any Change of Control.         8.02  Remedies Upon Event of Default.  If any Event of Default occurs and is continuing, the  Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, by prior  written notice to the Borrower (other than with respect to an Event of Default pursuant to Section 8.01(f),  which shall require no prior written notice) take any or all of the following actions:               (a)   declare  the  commitment  of  each  Lender  to  make  Loans  to  be  terminated,        whereupon such commitments shall be terminated;               (b)   declare the unpaid principal amount of all outstanding Loans, all interest accrued        and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan        Document to be immediately due and payable, without presentment, demand, protest or other notice        of any kind, all of which are hereby expressly waived by the Borrower; and               (c)   exercise on behalf of itself and the Lenders all rights and remedies available to it        and the Lenders under the Loan Documents;                                         61  CHAR1\1756574v5

 

provided, that, upon the occurrence of the entry of an order for relief with respect to the Borrower under  the Bankruptcy Code of the United States, the obligation of each Lender to make Loans shall automatically  terminate, and the unpaid principal amount of all outstanding Loans and all interest and other amounts as  aforesaid  shall  automatically  become  due  and  payable,  in  each  case,  without  further  act  of  the  Administrative Agent or any Lender.         8.03  Application of Funds.  After the exercise of remedies provided for in Section 8.02 (or  after the Loans have automatically become immediately due and payable as set forth in the proviso to  Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of Section  2.16 be applied by the Administrative Agent in the following order:         First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and  other  amounts  (including  fees,  charges  and  disbursements  of  counsel  to  the  Administrative  Agent  and  amounts payable under Article III) payable to the Administrative Agent in its capacity as such;         Second,  to  payment  of  that  portion  of  the  Obligations  constituting  fees,  indemnities  and  other  amounts  (other  than  principal  and  interest)  payable  to  the  Lenders  (including  fees,  charges  and  disbursements of counsel to the respective Lenders and amounts payable under Article III), ratably among  the Lenders in proportion to the respective amounts described in this clause Second payable to them;         Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the  Loans and other Obligations, ratably among the Lenders in proportion to the respective amounts described  in this clause Third payable to them;         Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans,  ratably among the Lenders in proportion to the respective amounts described in this clause Fourth payable  to them; and         Last,  the  balance,  if  any,  after  the  occurrence  of  the  Termination  Date,  to  the  Borrower  or  as  otherwise required by Law.                                    ARTICLE IX                              ADMINISTRATIVE AGENT         9.01  Appointment and Authority.        Each  of  the  Lenders  hereby  irrevocably  appoints  Bank  of  America  to  act  on  its  behalf  as  the  Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative  Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative  Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental  thereto.   The  provisions  of  this  Article  (other  than  Section  9.06)  are  solely  for  the  benefit  of  the  Administrative Agent, the Lenders, and the Borrower shall not have rights as a third party beneficiary of  any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other  Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to  connote  any  fiduciary  or  other  implied  (or  express)  obligations  arising  under  agency  doctrine  of  any  applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect  only an administrative relationship between contracting parties.         9.02  Rights as a Lender.  The Person serving as the Administrative Agent hereunder shall have  the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as                                         62  CHAR1\1756574v5

 

though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise  expressly  indicated  or  unless  the  context  otherwise  requires,  include  the  Person  serving  as  the  Administrative  Agent  hereunder  in  its  individual  capacity.   Such  Person  and  its  Affiliates  may  accept  deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity  for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate  thereof as if such Person were not the Administrative Agent hereunder and without any duty to account  therefor to the Lenders or to provide notice to or consent of the Lenders with respect thereto.         9.03  Exculpatory  Provisions.   Neither  the  Administrative  Agent  nor  the  Arranger,  as  applicable, shall have any duties or obligations except those expressly set forth herein and in the other Loan  Documents, and its duties hereunder shall be administrative in nature.  Without limiting the generality of  the foregoing, none of the Administrative Agent, the Arranger or any of their respective Related Parties, as  applicable:               (a)   shall be subject to any fiduciary or other implied duties, regardless of whether a        Default has occurred and is continuing;               (b)   shall have any duty to take any discretionary action or exercise any discretionary        powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan        Documents  that  the  Administrative  Agent  is  required  to  exercise  as  directed  in  writing  by  the        Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided        for herein or in the other Loan Documents); provided, that, the Administrative Agent shall not be        required  to  take  any  action  that,  in  its  opinion  or  the  opinion  of  its  counsel,  may  expose  the        Administrative Agent to liability or that is contrary to any Loan Document or applicable Law,        including for the avoidance of doubt any action that may be in violation of the automatic stay under        any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a        Defaulting Lender in violation of any Debtor Relief Law;                (c)   shall have any duty or responsibility to disclose, and no such Person shall be liable        for the failure to disclose, to any Lender, any credit or other information concerning the business,        prospects,  operations,  property,  financial  and  other  condition  or  creditworthiness  of  any  of  the        Borrower or any of their Affiliates, that is communicated to, obtained by or in the possession of,        the Administrative Agent, the Arranger or such Related Party in any capacity, except for notices,        reports  and  other  documents  expressly  required  to  be  furnished  to  the  Lenders  by  the        Administrative Agent herein; and               (d)   shall be liable for any action taken or not taken by the Administrative Agent under        or in connection with this Agreement or any other Loan Document or the transactions contemplated        hereby or thereby (i) with the consent or at the request of the Required Lenders (or such other        number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall        believe in good faith shall be necessary, under the circumstances as provided in Sections 10.01 and        8.02), or (ii) in the absence of its own gross negligence or willful misconduct as determined by a        court of competent jurisdiction by final and nonappealable judgment; and               (e)   shall be responsible for or have any duty or obligation to any Lender or participant        or any other Person to ascertain or inquire into (i) any statement, warranty or representation made        in or in connection with this Agreement or any other Loan Document, (ii) the contents of any        certificate, report or other document delivered hereunder or thereunder or in connection herewith        or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms        or  conditions  set  forth  herein  or  therein  or  the  occurrence  of  any  Default,  (iv)  the  validity,        enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any                                         63  CHAR1\1756574v5

 

      other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article        IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to        the Administrative Agent.         The Administrative Agent shall be deemed not to have knowledge of any Default unless and until  notice describing such Default is given in writing to the Administrative Agent by the Borrower or a Lender.         Neither the Administrative Agent nor any of its Related Parties shall be responsible or have any  liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions  of this Agreement relating to Disqualified Institutions.  Without limiting the generality of the foregoing,  the Administrative Agent shall not (i) be obligated to ascertain, monitor or inquire as to whether any Lender,  any Participant, or any prospective Lender or prospective Participant, is a Disqualified Institution, or (ii)  have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure  of confidential information, to any Disqualified Institution.         9.04  Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely  upon, and shall be fully protected in relying and shall not incur any liability for relying upon, any notice,  request, certificate, communication, consent, statement, instrument, document or other writing (including  any  electronic  message,  Internet  or  intranet  website  posting  or  other  distribution)  believed  by  it  to  be  genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Administrative  Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been  made by the proper Person, and shall be fully protected in relying and shall not incur any liability for relying  thereon.  In determining compliance with any condition hereunder to the making of a Loan that by its terms  must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition  is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary  from such Lender prior to the making of such Loan.  The Administrative Agent may consult with legal  counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it,  and shall not be liable for any action taken or not taken by it in accordance with the advice of any such  counsel, accountants or experts.         9.05  Delegation of Duties.  The Administrative Agent may perform any and all of its duties and  exercise its rights and powers hereunder or under any other Loan Document by or through any one or more  sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may  perform any and all of its duties and exercise its rights and powers by or through their respective Related  Parties.  The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related  Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in  connection  with  the  syndication  of  the  credit  facility  provided  for  herein  as  well  as  activities  as  Administrative Agent.  The Administrative Agent shall not be responsible for the negligence or misconduct  of  any  sub-agents except  to  the extent that  a  court  of  competent  jurisdiction  determines in  a final  and  nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct  in the selection of such sub-agents.          9.06  Resignation of Administrative Agent.                 (a)   The Administrative Agent may at any time give notice of its resignation to the        Lenders and the Borrower.  Upon receipt of any such notice of resignation, the Required Lenders        shall have the right, with the consent of the Borrower (such consent (x) not to be unreasonably        withheld or delayed, and (y) not being required to the extent an Event of Default under Section        8.01(a), (f) or (g) has occurred and is continuing), to appoint a successor, which shall be a bank        with an office in the United States, or an Affiliate of any such bank with an office in the United        States.  If no such successor shall have been so appointed by the Required Lenders and shall have                                         64  CHAR1\1756574v5

 

      accepted such appointment within thirty (30) days after the retiring Administrative Agent gives        notice of its resignation (or such earlier day as shall be agreed by the Required Lenders and the        Borrower) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but        shall  not  be  obligated  to)  on  behalf  of  the  Lenders,  appoint  a  successor  Administrative  Agent        meeting  the  qualifications  set  forth  above  (including  consent  of  the  Borrower,  if  applicable);        provided,  that,  in  no  event  shall  any  successor  Administrative  Agent  be  a  Defaulting  Lender.         Whether  or  not  a  successor  has  been  appointed,  such  resignation  shall  become  effective  in        accordance with such notice on the Resignation Effective Date.               (b)   If the Person serving as Administrative Agent is a Defaulting Lender at such time        pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted        by applicable Law, by notice in writing to such Person, and, in each case, with the consent of the        Borrower (such consent (x) not to be unreasonably withheld or delayed, and (y) not being required        to the extent an Event of Default under Section 8.01(a), (f) or (g) has occurred and is continuing),        remove such Person as Administrative Agent and appoint a successor.  If no such successor shall        have been so appointed by the Required Lenders (with the consent of the Borrower, if applicable)        and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be        agreed  by  the Required Lenders  and the  Borrower) (the  “Removal  Effective Date”),  then such        removal  shall  nonetheless  become  effective  in  accordance  with  such  notice  on  the  Removal        Effective Date.               (c)   With effect from the Resignation Effective Date or the Removal Effective Date (as        applicable), (i) the retiring or removed Administrative Agent shall be discharged from its duties        and obligations hereunder and under the other Loan Documents (except that in the case of any        collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan        Documents, the retiring or removed Administrative Agent shall continue to hold such collateral        security until such time as a successor Administrative Agent is appointed), and (ii) except for any        indemnity payments or other amounts then owed to the retiring or removed Administrative Agent,        all  payments,  communications  and  determinations  provided  to  be  made  by,  to  or  through  the        Administrative Agent shall instead be made by or to each Lender directly, until such time, if any,        as the Required Lenders appoint a successor Administrative Agent as provided for above.  Upon        the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor        shall succeed to and become vested with all of the rights, powers, privileges and duties of the        retiring (or removed) Administrative Agent (other than as provided in Section 3.01(g) and other        than  any  rights  to  indemnity  payments  or  other  amounts  owed  to  the  retiring  or  removed        Administrative  Agent  as  of  the  Resignation  Effective  Date  or  the  Removal  Effective  Date,  as        applicable), and the retiring or removed 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 Section).  The fees payable by the Borrower to a successor        Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed        between the Borrower and such successor.  After the retiring or removed Administrative Agent’s        resignation  or  removal  hereunder  and  under  the  other  Loan  Documents,  the  provisions  of  this        Article  and  Section  10.04  shall  continue  in  effect  for  the  benefit  of  such  retiring  or  removed        Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions        taken or omitted to be taken by any of them (A) while the retiring or removed Administrative Agent        was acting as Administrative Agent, and (B) after such resignation or removal for as long as any        of them continues to act in any capacity hereunder or under the other Loan Documents, including        in  respect  of  any  actions  taken  in  connection  with  transferring  the  agency  to  any  successor        Administrative Agent.                                          65  CHAR1\1756574v5

 

      9.07  Non-Reliance on the Administrative Agent, the Arranger and the Other Lenders.   .   Each Lender expressly acknowledges that neither the Administrative Agent nor the Arranger has made any  representation or warranty to it, and that no act by the Administrative Agent or the Arranger hereafter taken,  including any consent to, and acceptance of any assignment or review of the affairs of the Borrower or any  Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent  or the Arranger to any Lender as to any matter, including whether the Administrative Agent or the Arranger  has disclosed material information in its (or their respective Related Parties’) possession.  Each Lender  represents to the Administrative Agent and the Arranger that it has, independently and without reliance  upon the Administrative Agent, the Arranger, any other Lender or any of their respective Related Parties,  and based on such documents and information as it has deemed appropriate, made its own credit analysis  of, appraisal of, and investigation into, the business, prospects, operations, property, financial and other  condition and creditworthiness of the Borrower, and all applicable bank or other regulatory Laws relating  to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to  extend credit to the Borrower hereunder.  Each Lender also acknowledges that it will, independently and  without reliance upon the Administrative Agent, the Arranger, any other Lender, or any of their respective  Related  Parties,  and  based  on  such  documents  and  information  as  it  shall  from  time  to  time  deem  appropriate, continue to make its own credit analysis, appraisals and decisions in taking or not taking action  under or based upon this Agreement, any other Loan Document or any related agreement or any document  furnished hereunder or thereunder, and to make such investigations as it deems necessary to inform itself  as to the business, prospects, operations, property, financial and other condition and creditworthiness of the  Borrower.   Each  Lender represents and warrants that  (a)  the  Loan  Documents set forth the terms  of a  commercial lending facility and (b) it is engaged in making, acquiring or holding commercial loans in the  ordinary course and is entering into this Agreement as a Lender for the purpose of making, acquiring or  holding  commercial  loans  and  providing  other  facilities  set  forth  herein  as  may  be  applicable  to  such  Lender, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument,  and each Lender agrees not to assert a claim in contravention of the foregoing. Each Lender represents and  warrants that it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans, as  may be applicable to such Lender, and either it, or the Person exercising discretion in making its decision  to make, acquire and/or hold such commercial loans, is experienced in making, acquiring or holding such  commercial loans.         9.08  No  Other  Duties,  Etc.   Anything  herein  to  the  contrary  notwithstanding,  neither  the  Arranger nor any co-syndication agent listed on the cover page hereof shall have any powers, duties or  responsibilities  under  this  Agreement  or  any  of  the  other  Loan  Documents,  except  in  its  capacity,  as  applicable, as the Administrative Agent or a Lender hereunder.         9.09  Administrative  Agent  May  File  Proofs  of  Claim.   In  case  of  the  pendency  of  any  proceeding under any Debtor Relief Law or any other judicial proceeding relative to the Borrower, the  Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as  herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall  have  made  any  demand  on  the  Borrower)  shall  be  entitled  and  empowered,  by  intervention  in  such  proceeding or otherwise:               (a)   to file and prove a claim for the whole amount of the principal and interest owing        and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file        such other documents as may be necessary or advisable in order to have the claims of the 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  respective        agents and counsel and all other amounts due the Lenders and the Administrative Agent under        Sections 2.09 and 10.04) allowed in such judicial proceeding; and                                          66  CHAR1\1756574v5

 

            (b)   to collect and receive any monies or other property payable or deliverable on any        such claims and to distribute the same;   and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such  judicial proceeding is hereby authorized by each Lender 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 under Sections 2.09 and 10.04.         Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or  consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment  or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent  to vote in respect of the claim of any Lender in any such proceeding.        9.10  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, 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, 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  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, 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, 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,  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.                                          67  CHAR1\1756574v5

 

            (b)   In addition, unless either (1) clause (i) in the immediately preceding clause (a) is        true with respect to a Lender, or (2) a Lender has provided another representation, warranty and        covenant  in  accordance  with  clause  (iv)  in  the  immediately  preceding  clause  (a),  such  Lender        further (x) represents and warrants, as of the date such Person became a Lender party hereto, to,        and (y) covenants, from the date such Person became a Lender party hereto to the date such Person        ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the        avoidance of doubt, to or for the benefit of the Borrower, that the Administrative Agent is not a        fiduciary  with  respect  to  the  assets  of  such  Lender  involved  in  such  Lender’s  entrance  into,        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 other Loan Document or any documents related hereto or thereto).                                    ARTICLE X                                 MISCELLANEOUS         10.01 Amendments, Etc.  Subject to Section 3.03(c), no amendment or waiver of any provision  of this Agreement or any other Loan Document, and no consent to any departure by the Borrower therefrom,  shall be effective unless in writing signed by the Required Lenders (or the Administrative Agent with the  consent  of  the  Required  Lenders)  and  the  Borrower,  as  the  case  may  be,  and  acknowledged  by  the  Administrative Agent (such acknowledgement not to be unreasonably withheld, conditioned or delayed),  and each such waiver or consent shall be effective only in the specific instance and for the specific purpose  for which given; provided, that, no such amendment, waiver or consent shall:               (a)   extend the expiry date of, or increase, the Commitment of any Lender (or reinstate        any Commitment terminated pursuant to Section 8.02) without the written consent of such Lender        (it  being  understood  and  agreed  that  a  waiver,  modification  or  amendment  of,  or  consent  to        departure from, any condition precedent set forth in Section 4.02 or of any Default, representation        or warranty or covenant, or a mandatory prepayment of, or mandatory reduction in, Commitments        is not considered an extension or increase in the Commitment of any Lender);               (b)   postpone any date fixed by this Agreement or any other Loan Document for any        payment (other than any mandatory prepayment) of principal, interest, fees or other amounts due        to the Lenders (or any of them) without the written consent of each Lender directly affected thereby;               (c)   reduce the principal of, or the rate of interest specified herein on, any Loan or        (subject to clause (ii) of the second proviso to this Section 10.01) any fees or other amounts payable        hereunder or under any other Loan Document without the written consent of each Lender directly        affected thereby; provided, that, only the consent of the Required Lenders shall be necessary to (x)        amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest        or other amounts at the Default Rate, or (y) amend any financial covenant hereunder (or any defined        term used therein), even if the effect of such amendment would be to reduce the rate of interest on        any Loan or to reduce any fee payable hereunder;               (d)   change Section 8.03 in a manner that would alter the pro rata sharing of payments        required thereby without the written consent of each Lender directly affected thereby;               (e)   change any provision of this Section or the definition of “Required Lenders” or        any other provision hereof specifying the number or percentage of Lenders required to amend,        waive or otherwise modify any rights hereunder or make any determination or grant any consent        hereunder without the written consent of each Lender; or                                         68  CHAR1\1756574v5

 

            (f)   release the Borrower without the written consent of each Lender;   provided, further, that: (i) no amendment, waiver or consent shall, unless in writing and signed by the  Administrative Agent in addition to the Lenders required above, directly and adversely affect the rights or  duties of the Administrative Agent under this Agreement or any other Loan Document; (ii) the Fee Letter  may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto;  (iii) this Agreement or any other Loan Document may be amended by an agreement in writing entered into  by the Borrower and the Administrative Agent to cure any ambiguity, omission, defect or inconsistency so  long as, in each case, the Lenders shall have received at least five (5) Business Days’ prior written notice  thereof and the Administrative Agent shall not have received, within five (5) Business Days of the date of  such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders  object to such amendment; (iv) this Agreement may be amended (or amended and restated) with the written  consent  of  the  Required  Lenders,  the  Administrative  Agent,  the  Borrower  and  the  relevant  Lenders  providing such additional credit facilities to add one or more additional credit facilities to this Agreement,  to permit the extensions of credit from time to time outstanding hereunder 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  Loans and the accrued interest and fees in respect thereof and to include appropriately the Lenders holding  such  credit  facilities  in  any  determination  of  the  Required  Lenders;  and  (v)  as  to  any  amendment,  amendment and restatement or other modifications otherwise approved in accordance with this Section  10.01, it shall not be necessary to obtain the consent or approval of any Lender that, upon giving effect to  such  amendment,  amendment  and  restatement  or  other  modification,  would  have  no  Commitment  or  outstanding Loans so long as such Lender receives payment in full of the principal of and interest accrued  on each Loan made by, and all other amounts owing to, such Lender or accrued for the account of such  Lender under this Agreement and the other Loan Documents at the time such amendment, amendment and  restatement or other modification becomes effective.   Notwithstanding the above: (A) each Lender is entitled to vote as such Lender sees fit on any bankruptcy  reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section  1126(c) of the Bankruptcy Code of the United States supersedes the unanimous consent provisions set forth  herein; (B) the Required Lenders shall determine whether or not to allow the Borrower to use cash collateral  in the context of a bankruptcy or insolvency proceeding and such determination shall be binding on all of  the Lenders; and (C) no Defaulting Lender shall have any right to approve or disapprove any amendment,  waiver or consent hereunder, except that (x) the Commitment of such Lender may not be increased or  extended without the consent of such Lender, (y) the principal owing to such Lender may not be decreased  without the consent of such Lender, and (z) the interest rate being paid to such Lender may not be decreased  without the consent of such Lender.         10.02 Notices; Effectiveness; Electronic Communication.              (a)   Notices  Generally.   Except  in  the  case  of  notices  and  other  communications        expressly permitted to be given by telephone (and except as provided in clause (b) below), all        notices and other communications provided for herein shall be in writing and shall be delivered by        hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or        electronic mail as follows, and all notices and other communications expressly permitted hereunder        to be given by telephone may be made to the applicable telephone number, as follows:                     (i)   if to the Borrower or the Administrative Agent, to the address, facsimile              number,  electronic  mail  address  or  telephone  number  specified  for  such  Person  on              Schedule 10.02; and                                          69  CHAR1\1756574v5

 

                  (ii)  if to any Lender, to the address, facsimile number, electronic mail address              or  telephone  number  specified  in  its  Administrative  Questionnaire  (including,  as              appropriate,  notices  delivered  solely  to  the  Person  designated  by  a  Lender  on  its              Administrative Questionnaire then in effect for the delivery of notices that may contain              material non-public information relating to the Borrower).         Notices and other communications sent by hand or overnight courier service, or mailed by certified        or  registered  mail,  shall  be  deemed  to  have  been  given  when  received;  notices  and  other        communications sent by facsimile shall be deemed to have been given when sent (except that, if        not given during normal business hours for the recipient, shall be deemed to have been given at the        opening of business on the next Business Day for the recipient).  Notices and other communications        delivered through electronic communications to the extent provided in clause (b) below, shall be        effective as provided in such clause (b).               (b)   Electronic Communications.  Notices and other communications to the Lenders        hereunder may be delivered or furnished by electronic communication (including e-mail, FpML        messaging and Internet or intranet websites) pursuant to procedures approved by the Administrative        Agent; provided, that, the foregoing shall not apply to notices to any Lender pursuant to Article II        if such Lender has notified the Administrative Agent that it is incapable of receiving notices under        such Article by electronic communication.  The Administrative Agent and the Borrower each agree        hereunder  to  accept  notices  and  other  communications  to  it  hereunder  by  (x) email  sent  to  its        electronic email address set forth in Schedule 10.02 (in each case, as may be updated by written        notice to the other parties hereto), or (y) other electronic communications pursuant to procedures        approved by it; provided, that, approval of such procedures may be limited to particular notices or        communications.               Unless  the  Administrative  Agent  otherwise  prescribes,  (i)  notices  and  other        communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an        acknowledgement from the intended recipient (such as by the “return receipt requested” function,        as  available,  return  e-mail  or  other  written  acknowledgement),  and  (ii)  notices  and  other        communications  posted  to  an  Internet  or  intranet  website  shall  be  deemed  received  upon  the        deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause        (i) of notification that such notice or communication is available and identifying the website address        therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication is        not sent during the normal business hours of the recipient, such notice, email or communication        shall be deemed to have been sent at the opening of business on the next Business Day for the        recipient.               (c)   The  Platform.   THE  PLATFORM  IS  PROVIDED  “AS  IS”  AND  “AS        AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE        ACCURACY  OR  COMPLETENESS  OF  THE  BORROWER  MATERIALS  OR  THE        ADEQUACY  OF  THE  PLATFORM,  AND  EXPRESSLY  DISCLAIM  LIABILITY  FOR        ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF        ANY  KIND, EXPRESS, IMPLIED  OR STATUTORY,  INCLUDING ANY  WARRANTY  OF        MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT        OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS,        IS  MADE  BY  ANY  AGENT  PARTY  IN  CONNECTION  WITH  THE  BORROWER        MATERIALS OR THE PLATFORM.  In no event shall the Administrative Agent or any of its        Related Parties (collectively, the “Agent Parties”) or the Borrower or its Related Parties have any        liability to the Agent Parties, the Borrower, any Lender or any other Person for losses, claims,        damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of                                         70  CHAR1\1756574v5

 

      the  Borrower’s  or  the  Administrative  Agent’s  transmission  of  Borrower  Materials  or  notices        through the Platform, any other electronic platform or electronic messaging service, or through the        Internet.               (d)   Change of Address, Etc.  Each of the Borrower and the Administrative Agent may        change its address, facsimile or telephone number for notices and other communications hereunder        by notice to the other parties hereto.  Each Lender may change its address, facsimile or telephone        number  for  notices  and  other  communications  hereunder  by  notice  to  the  Borrower  and  the        Administrative Agent.  In addition, each Lender agrees to notify the Administrative Agent from        time to time to ensure that the Administrative Agent has on record (i) an effective address, contact        name, telephone number, facsimile number and electronic mail address to which notices and other        communications may be sent, and (ii) accurate wire instructions for such Lender.  Furthermore,        each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to        at  all  times  have selected the  “Private Side  Information”  or  similar  designation  on  the  content        declaration  screen  of  the  Platform  in  order  to  enable  such  Public  Lender  or  its  delegate,  in        accordance  with  such  Public  Lender’s  compliance  procedures  and  applicable  Law,  including        United States Federal and state securities Laws, to make reference to Borrower Materials that are        not made available through the “Public Side Information” portion of the Platform and that may        contain material non-public information with respect to the Borrower or its securities for purposes        of United States Federal or state securities laws.               (e)   Reliance by Administrative Agent and Lenders.  The Administrative Agent and        the Lenders shall be entitled to rely and act upon any notices (including telephonic notices and        Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not        made in a manner specified herein, were incomplete or were not preceded or followed by any other        form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from        any confirmation thereof.  The Borrower shall indemnify the Administrative Agent, each Lender        and the Related Parties from all losses, costs, expenses and liabilities resulting from the reliance by        such Person on each notice purportedly given by or on behalf of the Borrower.  All telephonic        notices to and other telephonic communications with the Administrative Agent may be recorded        by the Administrative Agent, and each of the parties hereto hereby consents to such recording.         10.03 No  Waiver;  Cumulative  Remedies;  Enforcement.   No  failure  by  any  Lender  or  the  Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power  or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right,  remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any  other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided are  cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.         Notwithstanding anything to the contrary contained herein or in any other Loan Document, the  authority  to  enforce  rights  and  remedies  hereunder  and  under  the  other  Loan  Documents  against  the  Borrower shall be vested exclusively in, and all actions and proceedings at law in connection with such  enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with  Section  8.02  for  the  benefit  of  all  the  Lenders;  provided,  that,  the  foregoing  shall  not  prohibit  (a)  the  Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit  (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any  Lender from exercising setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.13),  or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the  pendency of a proceeding relative to the Borrower under any Debtor Relief Law; provided, further, that, if  at  any  time  there  is  no  Person  acting  as  Administrative  Agent  hereunder  and  under  the  other  Loan  Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative                                         71  CHAR1\1756574v5

 

Agent pursuant to Section 8.02, and (ii) in addition to the matters set forth in clauses (b) and (c) of the  preceding proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders,  enforce any rights and remedies available to it and as authorized by the Required Lenders.         10.04 Expenses; Indemnity; Damage Waiver.              (a)   Costs and Expenses.  The Borrower shall pay (i) all reasonable and documented        out-of-pocket expenses incurred by the Administrative Agent and its Affiliates in connection with        the syndication of the credit facility provided for herein, the preparation, negotiation, execution,        delivery and administration of this Agreement and the other Loan Documents or any amendments,        modifications  or  waivers  of  the  provisions  hereof  or  thereof  (whether  or  not  the  transactions        contemplated  hereby  or  thereby  shall  be  consummated)  (limited,  in  the  case  of  any  fees  and        expenses of legal counsel, to the reasonable and documented out-of-pocket fees, disbursements and        other  charges  of  (A)  one  primary  counsel  for  the  Administrative  Agent,  and  (B)  if  reasonably        necessary, one firm of local counsel retained by the Administrative Agent in each relevant material        jurisdiction)  and  (ii)  all  reasonable  and  documented  out-of-pocket  expenses  incurred  by  the        Administrative Agent or any Lender (including the reasonable and documented out-of-pocket fees,        charges  and  disbursements  of  any  counsel  for  the  Administrative  Agent  or  any  Lender)  in        connection with the enforcement or protection of its rights (A) in connection with this Agreement        and the other Loan Documents, including its rights under this Section, or (B) in connection with        the Loans made hereunder, including all such reasonable and documented out-of-pocket expenses        incurred during any workout, restructuring or negotiations in respect of such Loans.               (b)   Indemnification  by  the  Borrower.   The  Borrower  shall  indemnify  the        Administrative Agent (and any sub-agent thereof) and each Lender, and each Related Party of any        of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each        Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses        (limited, in the case of any fees and expenses of legal counsel, to the reasonable and documented        out-of-pocket  fees,  disbursements  and  other  charges  of  one  firm  of  primary  counsel  for  all        Indemnitees,  taken  as  a  whole,  and  if  reasonably  necessary,  one  firm  of  local  counsel  for  all        Indemnitees, taken as a whole, in each relevant material jurisdiction, and solely in the case of an        actual or perceived conflict of interest, one additional firm of counsel to each group of affected        Indemnitees, similarly situated and taken as a whole) incurred by any Indemnitee or asserted against        any Indemnitee by any Person (including the Borrower) or arising out of, in connection with, or as        a  result  of  (i)  the  execution  or  delivery  of  this  Agreement,  any  other  Loan  Document  or  any        agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of        their  respective  obligations  hereunder  or  thereunder,  the  consummation  of  the  transactions        contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent        thereof)  and  its  Related  Parties  only, the  administration  of  this  Agreement  and  the other  Loan        Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or the use        or  proposed  use  of  the  proceeds  therefrom,  (iii)  any  actual  or  alleged  presence  or  release  of        Hazardous Materials on or from any property owned or operated by the Borrower or any of its        Subsidiaries,  or  any  Environmental  Liability  related  in  any  way  to  the  Borrower  or  any  of  its        Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating        to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a        third  party  or  by  the  Borrower,  and  regardless  of  whether  any  Indemnitee  is  a  party  thereto;        provided, that, such indemnity shall not, as to any Indemnitee, be available to the extent that such        losses,  claims,  damages,  liabilities  or related  expenses  (A)  are  found  in  a  final,  nonappealable        judgment by a court of competent jurisdiction to have resulted from (1) the gross negligence, bad        faith  or  willful  misconduct  of  such  Indemnitee  (or  any  Related  Indemnified  Party  of  such        Indemnitee), or (2) a material breach of such Indemnitee’s obligations under this Agreement or any                                         72  CHAR1\1756574v5

 

      other Loan Document, or (B) arise solely from a proceeding that does not involve or arise from an        act or omission by the Borrower or any of the Borrower’s Affiliates and that is brought by an        Indemnitee against any other Indemnitee (other than any claims against the Administrative Agent        or any Lender in its capacity or in fulfilling its role as such).  The Borrower shall not be liable for        any settlement of any claim effected by any Indemnitee without the consent of the Borrower (which        consent  shall  not  be  unreasonably  withheld,  conditioned  or  delayed),  but  if  settled  with  the        Borrower’s consent, or if there is a final judgment against an Indemnitee in any such proceeding,        the Borrower shall indemnify and hold harmless such Indemnitee in the manner set forth above.        This Section 10.04(b) shall not apply with respect to Taxes other than any Taxes that represent        losses, claims, damages, etc. arising from any non-Tax claim.               (c)   Reimbursement by Lenders.  To the extent that the Borrower for any reason fails        to  indefeasibly  pay  any  amount  required  under  Section  10.04(a)  or  (b)  to  be  paid  by  it  to  the        Administrative Agent (or any sub-agent thereof) or any Related Party of the foregoing, each Lender        severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party,        as the case may be, such Lender’s pro rata share (determined as of the time that the applicable        unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total        Credit Exposures of all Lenders at such time) of such unpaid amount (including any such unpaid        amount in respect of a claim asserted by such Lender), such payment to be made severally among        them based on such Lenders’ Applicable Percentages (determined as of the time that the applicable        unreimbursed expense or indemnity payment is sought); provided, that, the unreimbursed expense        or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred        by or asserted against the Administrative Agent (or any such sub-agent) or against any Related        Party of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection        with such capacity.  The obligations of the Lenders under this Section 10.04(c) are subject to the        provisions of Section 2.12(d).               (d)   Waiver  of  Consequential  Damages,  Etc.  To  the  fullest  extent  permitted  by        applicable Law, no party hereto shall assert, and each party hereto hereby waives and acknowledges        that no other Person shall have, any claim against any Indemnitee or any other party hereto, on any        theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or        actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan        Document  or  any agreement  or instrument contemplated hereby, the transactions contemplated        hereby or thereby, any Loan or the use of the proceeds thereof; provided, that, the foregoing shall        in no event limit the Borrower’s indemnification obligations under Section 10.04(b) to the extent        such special, indirect, consequential or punitive damages are included in any third-party claim in        connection with which such Indemnitee is otherwise entitled to indemnification hereunder.  No        Indemnitee referred to in Section 10.04(b) or any other party hereto shall be liable for any damages        arising from the use by unintended recipients of any information or other materials distributed to        such unintended recipients by such Indemnitee or other party hereto through telecommunications,        electronic or other information transmission systems in connection with this Agreement or the other        Loan Documents or the transactions contemplated hereby or thereby.               (e)   Payments.   All  amounts  due  under  this  Section  shall  be payable  not  later  than        fifteen (15) days after receipt by Borrower of written demand therefor.               (f)   Survival.   The  agreements  in  this  Section  shall  survive  the  resignation  of  the        Administrative Agent, the replacement of any Lender, and the Termination Date.         10.05 Payments Set Aside.  To the extent that any payment by or on behalf of the Borrower is  made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its                                         73  CHAR1\1756574v5

 

right  of  setoff,  and  such  payment  or  the  proceeds  of  such  setoff  or  any  part  thereof  is  subsequently  invalidated,  declared  to  be  fraudulent  or  preferential,  set  aside  or  required  (including  pursuant  to  any  settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee,  receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise,  then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall  be revived and continued in full force and effect as if such payment had not been made or such setoff had  not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its  applicable share (without duplication) of any amount so recovered from or repaid by the Administrative  Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per  annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders under  clause (b) of the preceding sentence shall survive the occurrence of the Termination Date.         10.06 Successors and Assigns.              (a)   Successors and Assigns Generally.  The provisions of this Agreement and the other        Loan Documents shall be binding upon and inure to the benefit of the parties hereto and their        respective successors and assigns permitted hereby, except that the Borrower may not assign or        otherwise transfer any of its rights or obligations hereunder or thereunder without the prior written        consent of the Administrative Agent and each Lender, and no Lender may assign or otherwise        transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the        provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the        provisions of subsection (d) of this Section or (iii) by way of pledge or assignment of a security        interest  subject  to  the  restrictions  of  subsection  (e)  of  this  Section,  (and  any  other  attempted        assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement,        expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,        their respective successors  and assigns  permitted  hereby,  Participants  to the  extent provided  in        subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties        of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim        under or by reason of this Agreement.               (b)   Assignments  by Lenders.  Any  Lender  may at  any  time  assign  to  one  or  more        Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all        or a portion of its Commitment and the Loan at the time owing to it); provided, that, any such        assignment shall be subject to the following conditions:                     (i)   Minimum Amounts.                           (A)   in the case of an assignment of the entire remaining amount of any                    of the assigning Lender’s Commitment and the Loan at the time owing to it or in                    the case of an assignment to a Lender, an Affiliate of a Lender or an Approved                    Fund, no minimum amount need be assigned; and                           (B)   in any case not described in subsection (b)(i)(A) of this Section,                    the aggregate amount of the Commitment (which for this purpose includes Loan                    outstanding thereunder) or, if the Commitment is not then in effect, the principal                    outstanding  balance  of  the  Loan  of  the  assigning  Lender  subject  to  each  such                    assignment,  determined  as  of  the  date  the  Assignment  and  Assumption  with                    respect to such assignment is delivered to the Administrative Agent or, if a “Trade                    Date” is specified in the Assignment and Assumption, as of such Trade Date, shall                    not be less than $5,000,000 unless each of the Administrative Agent and, so long                    as  no  Event  of  Default  under  Section  8.01(a),  (f)  or  (g)  has  occurred  and  is                                         74  CHAR1\1756574v5

 

                  continuing,  the  Borrower  otherwise  consents  (each  such  consent  not  to  be                    unreasonably  withheld  or  delayed);  provided,  that,  concurrent  assignments  to                    members of an Assignee Group and concurrent assignments from members of an                    Assignee  Group  to  a  single  Eligible  Assignee  (or  to  an  Eligible  Assignee  and                    members of its Assignee Group) will be treated as a single assignment for purposes                    of determining whether such minimum amount has been met.                     (ii)  Proportionate  Amounts.  Each  partial  assignment  shall  be  made  as  an              assignment of a proportionate part of all the assigning Lender’s rights and obligations under              this Agreement with respect to the Loan or the Commitment assigned.                     (iii) Required  Consents.   No  consent  shall  be  required  for  any  assignment              except to the extent required by subsection (b)(i)(B) of this Section and, in addition:                           (A)   the consent of the Borrower (such consent not to be unreasonably                    withheld or delayed) shall be required unless (1) an Event of Default under Section                    8.01(a), (f) or (g) has occurred and is continuing at the time of such assignment, or                    (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;                    provided,  that,  the  Borrower  shall  be  deemed  to  have  consented  to  any  such                    assignment requiring its consent under this clause (A) unless it shall object thereto                    by written notice to the Administrative Agent within ten (10) Business Days after                    having received written notice thereof; and                           (B)   the consent of the Administrative Agent (such consent not to be                    unreasonably withheld or delayed) shall be required for assignments in respect of                    (1)  any  unfunded  Commitment  if  such  assignment  is  to  a  Person  that  is  not  a                    Lender, an Affiliate of a Lender or an Approved Fund, or (2) any Loan to a Person                    that is not a Lender, an Affiliate of a Lender or an Approved Fund.                     (iv)  Assignment and Assumption.  The parties to each assignment shall execute              and deliver to the Administrative Agent an Assignment and Assumption, together with a              processing and recordation fee in the amount of $3,500 payable by the assignor; provided,              that, the Administrative Agent may, in its sole discretion, elect to waive such processing              and recordation fee in the case of any assignment.  The assignee, if it is not a Lender, shall              deliver to the Administrative Agent an Administrative Questionnaire.                     (v)   No Assignment to Certain Persons.  No such assignment shall be made (A)              to the Borrower or any Affiliates or Subsidiaries of the Borrower, or (B) to any Defaulting              Lender or any of its Affiliates or Subsidiaries or to any Person who, upon becoming a              Lender hereunder, would constitute one of the foregoing Persons described in this clause              (B).                     (vi)  No Assignment to Natural Persons.  No such assignment shall be made to              a  natural  person  (or  a  holding company,  investment vehicle  or  trust for, or owned  and              operated for the primary benefit of one or more natural persons).                     (vii) Certain Additional Payments.  In connection with any assignment of rights              and obligations of any Defaulting Lender hereunder, no such assignment shall be effective              unless and until, in addition to the other conditions thereto set forth herein, the parties to              the assignment shall make such additional payments to the Administrative Agent in an              aggregate  amount  sufficient,  upon  distribution  thereof  as  appropriate  (which  may  be                                         75  CHAR1\1756574v5

 

            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 the Loan 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  or any  Lender  hereunder  (and              interest accrued thereon), and (y) acquire (and fund as appropriate) 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.         Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c)        of this Section, from and after the effective date specified in each Assignment and Assumption, the        assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by        such  Assignment  and  Assumption,  have  the  rights  and  obligations  of  a  Lender  under  this        Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such        Assignment and Assumption, be released from its obligations under this Agreement (and, in the        case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations        under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled        to  the  benefits  of  Sections  3.01,  3.04,  3.05,  and  10.04  with  respect  to  facts  and  circumstances        occurring  prior  to  the  effective  date  of  such  assignment;  provided,  that,  except  to  the  extent        otherwise  expressly agreed  by  the  affected  parties, no  assignment  by  a  Defaulting  Lender  will        constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having        been a Defaulting Lender.  Upon request, the Borrower (at its expense) shall execute and deliver a        Note to the assignee Lender.  Any assignment or transfer by a Lender of rights or obligations under        this  Agreement  that  does not comply with  this  subsection  shall be  treated  for  purposes of this        Agreement as a sale by such Lender of a participation in such rights and obligations in accordance        with subsection (d) of this Section.               (c)   Register.   The  Administrative  Agent,  acting  solely  for  this  purpose  as  a  non-       fiduciary agent of the Borrower (and such agency solely for tax purposes), shall maintain at the        Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the        equivalent thereof in electronic form) and a register for the recordation of the names and addresses        of the Lenders, and the Commitment of, and principal amounts (and stated interest) of the Loan        owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries        in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative        Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to        the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be        available for inspection by the Borrower and any Lender, at any reasonable time and from time to        time upon reasonable prior notice.               (d)   Participations.  Any Lender may at any time, without the consent of, or notice to,        the Borrower or the Administrative Agent, sell participations to any Person (other than a natural        Person  (or  a  holding  company,  investment  vehicle  or  trust  for,  or  owned  and  operated  for  the        primary benefit of a natural Person), a Defaulting Lender or the Borrower or any of the Borrower’s        Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or        obligations under this Agreement (including all or a portion of its Commitment and/or the Loan        owing  to  it);  provided,  that,  (i)  such  Lender’s  obligations  under  this  Agreement  shall  remain        unchanged,  (ii)  such  Lender  shall  remain  solely  responsible  to  the  other  parties  hereto  for  the                                         76  CHAR1\1756574v5

 

      performance of such obligations, and (iii) the Borrower, the Administrative Agent and the Lenders        shall continue to deal solely and directly with such Lender in connection with such Lender’s rights        and obligations under this Agreement.  For the avoidance of doubt, each Lender shall be responsible        for the indemnity under Section 10.04(c) without regard to the existence of any participation.               Any agreement or instrument pursuant to which a Lender sells such a participation shall        provide that such Lender shall retain the sole right to enforce this Agreement and to approve any        amendment,  modification  or  waiver  of  any  provision  of  this  Agreement;  provided,  that,  such        agreement  or  instrument  may  provide  that  such  Lender  will  not,  without  the  consent  of  the        Participant, agree to any amendment, waiver or other modification described in the first proviso to        Section 10.01 that affects such Participant.  The Borrower agrees that each Participant shall be        entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and        had acquired its interest by assignment pursuant to subsection (b) of this Section (subject to the        requirements and limitations therein, including the requirements under Section 3.01(e)) (it being        understood that the documentation required under Section 3.01(e) shall be delivered to the Lender        who sells the participation) to the same extent as if it were a Lender and had acquired its interest        by assignment pursuant to paragraph (b) of this Section; provided, that, such Participant (A) agrees        to be subject to the provisions of Sections 3.06 and 10.13 as if it were an assignee under paragraph        (b) of this Section, and (B) shall not be entitled to receive any greater payment under Sections 3.01        or 3.04, with respect to any participation, than the Lender from whom it acquired the applicable        participation would have been entitled to receive, except to the extent such entitlement to receive a        greater  payment  results  from  a  Change  in  Law  that  occurs  after  the  Participant  acquired  the        applicable participation.  Each Lender that sells a participation agrees, at the Borrower’s request        and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions        of Section 3.06 with respect to any Participant.  To the extent permitted by law, each Participant        also shall be entitled to the benefits of Section 10.08 as though it were a Lender; provided, that,        such Participant agrees to be subject to Section 2.13 as though it were a Lender.  Each Lender that        sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower,        maintain a register on which it enters the name and address of each Participant and the principal        amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under        the  Loan  Documents  (the  “Participant  Register”);  provided,  that,  no  Lender  shall  have  any        obligation to disclose all or any portion of the Participant Register (including the identity of any        Participant or any information relating to a Participant’s interest in any Commitments, Loans or its        other Obligations under any Loan Document) to any Person except to the extent that such disclosure        is necessary to establish that such Commitment, Loan or other Obligation is in registered form        under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant        Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose        name is recorded in the Participant Register as the owner of such participation for all purposes of        this  Agreement  notwithstanding  any  notice  to  the  contrary.   For  the  avoidance  of  doubt,  the        Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for        maintaining a Participant Register.               (e)   Certain Pledges.  Any Lender may at any time pledge or assign a security interest        in all or any portion of its rights under this Agreement (including under its Note(s), if any) to secure        obligations of such Lender, including any pledge or assignment to secure obligations to a Federal        Reserve Bank; provided, that, no such pledge or assignment shall release such Lender from any of        its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party        hereto.               (f)   [Reserved].                                          77  CHAR1\1756574v5

 

            (g)   Disqualified Institutions.                       (i)   No  assignment  or,  to  the  extent  the  DQ  List  has  been  posted  on  the              Platform for all Lenders, participation shall be made to any Person that was a Disqualified              Institution as of the date (the “Trade Date”) on which the applicable Lender entered into a              binding  agreement  to  sell  and  assign  or  participate  all  or  a  portion  of  its  rights  and              obligations under this Agreement to such Person (unless the Borrower has consented to              such  assignment  in  its  sole  and  absolute  discretion  (but,  for  the  avoidance  of  doubt,              otherwise  subject  to  Section  10.06(b)(iii)(A)),  in  which  case  such  Person  will  not  be              considered  a  Disqualified  Institution  for  the  purpose  of  such  assignment).   For  the              avoidance of doubt, with respect to any assignee or participant that becomes a Disqualified              Institution  after  the  applicable  Trade  Date,  such  assignee  shall  not  retroactively  be              considered a Disqualified Institution.  Any assignment in violation of this clause (g)(i) shall              not be void, but the other provisions of this clause (g) shall apply.                     (ii)  If  any  assignment  is  made  to  any  Disqualified  Institution  without  the              Borrower’s prior consent in violation of clause (i) above, the Borrower may, at its sole              expense  and  effort,  upon  notice  to  the  applicable  Disqualified  Institution  and  the              Administrative Agent, (A) terminate the Commitment of such Disqualified Institution and              repay all obligations of the Borrower owing to such Disqualified Institution in connection              with such Commitment, (B) in the case of an outstanding Loan held by a Disqualified              Institution, prepay such Loan by paying the lesser of (1) the principal amount thereof, and              (2) the amount that such Disqualified Institution paid to acquire such Loan, in each case              plus accrued interest, accrued fees and all other amounts (other than principal amounts)              payable  to  it  hereunder  and  under  the  other  Loan  Documents,  and/or  (C)  require  such              Disqualified Institution to assign and delegate, without recourse (in accordance with and              subject to the restrictions contained in this Section 10.06), all of its interest, rights and              obligations under this Agreement and related Loan Documents to one or more Eligible              Assignees  that  shall  assume  such  obligations  at  the  lesser  of  (1)  the  principal  amount              thereof, (2) the amount that such Disqualified Institution paid to acquire such interests,              rights and obligations, in each case plus accrued interest, accrued fees and all other amounts              (other than  principal  amounts)  payable  to it hereunder  and the other Loan  Documents;              provided, that, (x) such assignment does not conflict with applicable Laws, and (y) in the              case of clause (B) above, the Borrower shall not use the proceeds from any Loans to prepay              a Loan held by a Disqualified Institution.                     (iii)  Notwithstanding anything to the contrary contained in this Agreement, (A)              Disqualified Institutions will not (1) have the right to receive information, reports or other              materials provided to Lenders by the Borrower, the Administrative Agent or any other              Lender,  (2)  attend  or  participate  in  meetings  attended  by  the  Lenders  and  the              Administrative  Agent,  or  (3)  access  any  electronic  site  established  for  the  Lenders  or              confidential communications from counsel to or financial advisors of the Administrative              Agent or the Lenders, and (B)(1) for purposes of any consent to any amendment, waiver              or  modification  of,  or  any  action  under,  and  for  the  purpose  of  any  direction  to  the              Administrative Agent or any Lender to undertake any action (or refrain from taking any              action) under this Agreement or any other Loan Document, each Disqualified Institution              will  be  deemed  to  have  consented  in  the  same  proportion  as  the  Lenders  that  are  not              Disqualified Institutions consented to such matter, and (2) for purposes of voting on any              plan of reorganization or plan of liquidation pursuant to any Debtor Relief Laws (“Plan of              Reorganization”), each Disqualified Institution party hereto hereby agrees (I) not to vote              on such Plan of Reorganization, (II) if such Disqualified Institution does vote on such Plan                                         78  CHAR1\1756574v5

 

            of Reorganization notwithstanding the restriction in the foregoing clause (I), such vote will              be deemed not to be in good faith and shall be “designated” pursuant to Section 1126(e) of              the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and such              vote  shall  not  be  counted  in  determining  whether  the  applicable  class  has  accepted  or              rejected such Plan of Reorganization in accordance with Section 1126(c) of the Bankruptcy              Code (or any similar provision in any other Debtor Relief Laws), and (III) not to contest              any request by any party for a determination by the bankruptcy court (or other applicable              court of competent jurisdiction) effectuating the foregoing clause (II).                     (iv)  The Administrative Agent shall have the right, and the Borrower hereby              expressly  authorizes  the  Administrative  Agent,  to  (A)  post  the  list  of  Disqualified              Institutions  provided  by  the  Borrower  and  any  updates  thereto  from  time  to  time              (collectively, the “DQ List”) on the Platform, including that portion of the Platform that is              designated  for  “public  side”  Lenders,  and/or  (B)  provide  the  DQ  List  to  each  Lender              requesting the same.         10.07 Treatment of Certain Information; Confidentiality.   The Administrative Agent and  each of the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that  Information may be disclosed (a) to its Affiliates, its auditors and its Related Parties (it being understood  that  the Persons  to  whom such  disclosure  is made will  be informed  of  the  confidential  nature of  such  Information and instructed to keep such Information confidential), (b) upon request or demand by any  regulatory authority having jurisdiction over such Person or its Related Parties, (c) as may be compelled by  an order of any court or administrative agency or in any pending legal, judicial or administrative proceeding  or to the extent required by applicable Laws or regulations or by any subpoena or similar compulsory legal  process (in which case the Administrative Agent or such Lender agrees to inform the Borrower promptly  thereof prior to such disclosure to the extent not prohibited by applicable Law), (d) to any other party hereto,  (e)  to  the  extent  reasonably  necessary  or  advisable,  in  connection  with  the  exercise  of  any  remedies  hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any  other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement  containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant  in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement,  or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction  under which payments are to be made by reference to the Borrower and its obligations, this Agreement or  payments hereunder (it being understood that the DQ List may be disclosed to any assignee or Participant  in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement  in reliance on this clause (f)), (g) on a confidential basis to (i) any rating agency in connection with rating  the Borrower or the credit facility provided hereunder (provided, that, any such disclosure shall be made in  consultation with the Borrower), or (ii) the CUSIP Service Bureau or any similar agency in connection with  the application, issuance, publishing and monitoring of CUSIP numbers or other market identifiers with  respect to the credit facility provided hereunder, (h) with the consent of the Borrower, (i) to the extent such  Information (x) becomes publicly available other than as a result of a breach of this Section, (y) becomes  available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential  basis from a source other than the Borrower, or (z) is independently discovered or developed by a party  hereto without utilizing any Information received from the Borrower or violating the terms of this Section.   In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and  information about this Agreement to market data collectors, similar service providers to the lending industry  and service providers to the Administrative Agent and the Lenders in connection with the administration of  this Agreement, the other Loan Documents, and the Commitments.         For purposes of this Section, “Information” means all information received from or on behalf of  the Borrower or any Subsidiary of the Borrower relating to the Borrower or any Subsidiary of the Borrower                                         79  CHAR1\1756574v5

 

or any of their respective businesses, other than any such information that is available to the Administrative  Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or a Subsidiary of the  Borrower  or  any  of  their  representatives.   Any  Person  required  to  maintain  the  confidentiality  of  Information as provided in this Section shall be considered to have complied with its obligation to do so if  such Person has exercised the same degree of care to maintain the confidentiality of such Information as  such Person would accord to its own confidential information.         Each  of the  Administrative Agent and the Lenders  acknowledges  that  (a)  the Information may  include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b)  it has developed compliance procedures regarding the use of material non-public information and (c) it will  handle such material non-public information in accordance with applicable Law, including United States  Federal and state securities Laws.         10.08 Right of Setoff.  If an Event of Default shall have occurred and be continuing (but subject  to the provisions of Section 10.03), each Lender and each of its Affiliates is hereby authorized at any time  and from time to time, to the fullest extent permitted by applicable Law, to set off and apply any and all  deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held  and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or  for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or  hereafter  existing  under  this  Agreement  or  any  other  Loan  Document  to  such  Lender  or  its  Affiliates,  irrespective  of  whether  or  not  such  Lender  or  such  Affiliate  shall  have  made  any  demand  under  this  Agreement or any other Loan Document and although such obligations of the Borrower may be contingent  or unmatured or are owed to a branch or office or Affiliate of such Lender different from the branch or  office or Affiliate holding such deposit or obligated on such indebtedness; provided, that, in the event that  any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over  immediately  to  the  Administrative  Agent  for  further  application  in  accordance  with  the  provisions  of  Section 2.16 and, pending such payment, shall be segregated by such Defaulting Lender from its other  funds and deemed held in trust for the benefit of the 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.  The  rights of each  Lender and its  Affiliates  under this  Section  are in addition to  other rights and remedies  (including other rights of setoff) that such Lender or its Affiliates may have.  Each Lender agrees to notify  the Borrower and the Administrative Agent promptly after any such setoff and application; provided, that,  the failure to give such notice shall not affect the validity of such setoff and application.         10.09 Interest  Rate  Limitation.   Notwithstanding  anything  to  the  contrary  contained  in  any  Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the  maximum  rate  of  non-usurious  interest  permitted  by  applicable  Law  (the  “Maximum  Rate”).   If  the  Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate,  the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal,  refunded to the Borrower.  In determining whether the interest contracted for, charged, or received by the  Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted  by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather  than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate,  and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the  Obligations hereunder.         10.10 Counterparts;  Integration;  Effectiveness.   This  Agreement  may  be  executed  in  counterparts (and by different parties hereto in different counterparts), each of which shall constitute an  original, but all of which when taken together shall constitute a single contract.  This Agreement and the  other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof                                         80  CHAR1\1756574v5

 

and supersede any and all previous agreements and understandings, oral or written, relating to the subject  matter hereof.  Except as set forth in Section 4.01, this Agreement shall become effective when it shall have  been executed by the Administrative Agent and the Borrower and when the Administrative Agent shall  have received counterparts hereof that, when taken together, bear the signatures of each of the other parties  hereto.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other  electronic  imaging  means  shall  be  effective  as  delivery  of  a  manually  executed  counterpart  of  this  Agreement.         10.11 Survival of Representations and Warranties.  All representations and warranties made  hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in  connection  herewith  or  therewith  shall  survive  the  execution  and  delivery  hereof  and  thereof.   Such  representations and warranties have been or will be relied upon by the Administrative Agent and each  Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf  and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of  any Default at the time of the Borrowing, and shall continue in full force and effect as long as any Loan or  any other Obligation hereunder shall remain unpaid or unsatisfied.         10.12 Severability.  If any provision of this Agreement or the other Loan Documents is held to  be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions  of this Agreement and the other Loan Documents shall not be affected or impaired thereby, and (b) the  parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions  with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid  or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or  render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of  this Section 10.12, if and to the extent that the enforceability of any provisions in this Agreement relating  to  Defaulting  Lenders  shall  be  limited  by  Debtor  Relief  Laws,  as  determined  in  good  faith  by  the  Administrative Agent then such provisions shall be deemed to be in effect only to the extent not so limited.         10.13 Replacement of Lenders.  If the Borrower is entitled to replace a Lender pursuant to the  provisions of Section 3.06(b), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then  the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent,  require such Lender to assign and delegate (and such Lender shall be obligated to assign and delegate),  without recourse (in accordance with and subject to the restrictions contained in, and consents required by,  Section 10.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01  and 3.04) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee  that shall assume such obligations (which Eligible Assignee may be another Lender, if a Lender accepts  such assignment); provided, that:               (a)   with respect to any assignment, the Borrower shall have paid to the Administrative        Agent the assignment fee specified in Section 10.06(b);               (b)   such Lender shall have received payment of an amount equal to the outstanding        “par” principal amount of its Loan, accrued interest thereon, accrued fees and all other amounts        payable to it hereunder and under the other Loan Documents (including any amounts under Section        3.05) from the Eligible Assignee (to the extent of such outstanding principal and accrued interest        and fees), in the case of an assignment, or the Borrower (in the case of all other amounts);               (c)   in the case of any such assignment resulting from a claim for compensation under        Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result        in a reduction in such compensation or payments thereafter;                                          81  CHAR1\1756574v5

 

            (d)   in the case of an assignment, such assignment does not conflict with applicable        Laws; and               (e)   in the case of an assignment resulting from a Lender becoming a Non-Consenting        Lender,  the  applicable  assignee  shall  have  consented  to  the  applicable  amendment,  waiver  or        consent.         A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a  result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such  assignment and delegation cease to apply.         Each party hereto agrees that (i) an assignment required pursuant to this Section 10.13 may be  effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent  and the applicable Eligible Assignee, and (ii) the Lender required to make such assignment need not be a  party thereto in order for such assignment to be effective and shall be deemed to have consented to an be  bound by the terms thereof; provided, that, following the effectiveness of any such assignment, the other  parties  to  such  assignment  agree  to  execute  and  deliver  such  documents  necessary  to  evidence  such  assignment as reasonably requested by the applicable Lender; provided, further, that, any such documents  shall be without recourse to or warranty by the parties thereto.         Notwithstanding  anything  in  this  Section  10.13  to  the  contrary,  the  Lender  that  acts  as  the  Administrative Agent may not be replaced hereunder except in accordance with the terms of Section 9.06.         10.14 Governing Law; Jurisdiction; Etc.              (a)   GOVERNING  LAW.   THIS  AGREEMENT  AND  THE  OTHER  LOAN        DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET        FORTH  THEREIN)  AND  ANY  CLAIMS,  CONTROVERSY,  DISPUTE  OR  CAUSE  OF        ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING        OUT  OF  OR  RELATING  TO  THIS  AGREEMENT,  ANY  OTHER  LOAN  DOCUMENT        (EXCEPT,  AS  TO  ANY  OTHER  LOAN  DOCUMENT,  AS  EXPRESSLY  SET  FORTH        THEREIN),  AND  THE  TRANSACTIONS  CONTEMPLATED  HEREBY  AND  THEREBY        SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF        THE STATE OF NEW YORK.               (b)   SUBMISSION   TO   JURISDICTION.     EACH    PARTY   HERETO        IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE        ANY  ACTION,  LITIGATION  OR  PROCEEDING  OF  ANY  KIND  OR  DESCRIPTION,        WHETHER  IN  LAW  OR  EQUITY,  WHETHER  IN  CONTRACT  OR  IN  TORT  OR        OTHERWISE, AGAINST ANY OTHER PARTY HERETO, OR ANY RELATED PARTY OF        ANY OTHER PARTY HERETO, IN ANY WAY RELATING TO THIS AGREEMENT OR ANY        OTHER  LOAN  DOCUMENT  OR  THE  TRANSACTIONS  RELATING  HERETO  OR        THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK        SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF        THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY        THEREOF,  AND  EACH  OF  THE  PARTIES  HERETO  IRREVOCABLY  AND        UNCONDITIONALLY  SUBMITS  TO  THE  JURISDICTION  OF  SUCH  COURTS  AND        AGREES  THAT  ALL  CLAIMS  IN  RESPECT  OF  ANY  SUCH  ACTION,  LITIGATION  OR        PROCEEDING  MAY  BE  HEARD  AND  DETERMINED  IN  SUCH  NEW  YORK  STATE        COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH        FEDERAL  COURT.   EACH  OF  THE  PARTIES  HERETO  AGREES  THAT  A  FINAL                                         82  CHAR1\1756574v5

 

      JUDGMENT  IN  ANY  SUCH  ACTION,  LITIGATION  OR  PROCEEDING  SHALL  BE        CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE        JUDGMENT  OR  IN  ANY  OTHER  MANNER  PROVIDED  BY  LAW.   NOTHING  IN  THIS        AGREEMENT  OR  IN  ANY  OTHER  LOAN  DOCUMENT  SHALL  AFFECT  ANY  RIGHT        THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO        BRING  ANY  ACTION  OR  PROCEEDING  RELATING  TO  THIS  AGREEMENT  OR  ANY        OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE        COURTS OF ANY JURISDICTION.               (c)   WAIVER OF VENUE.  EACH OF THE PARTIES HERETO IRREVOCABLY        AND  UNCONDITIONALLY  WAIVES,  TO  THE  FULLEST  EXTENT  PERMITTED  BY        APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO        THE  LAYING  OF  VENUE  OF  ANY  ACTION  OR  PROCEEDING  ARISING  OUT  OF  OR        RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT        REFERRED  TO  IN  SECTION  10.14(b).   EACH  OF  THE  PARTIES  HERETO  HEREBY        IRREVOCABLY  WAIVES,  TO  THE  FULLEST  EXTENT  PERMITTED  BY  APPLICABLE        LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH        ACTION OR PROCEEDING IN ANY SUCH COURT.               (d)   SERVICE  OF  PROCESS.   EACH  PARTY  HERETO  IRREVOCABLY        CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN        SECTION 10.02.  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY        PARTY  HERETO  TO  SERVE  PROCESS  IN  ANY  OTHER  MANNER  PERMITTED  BY        APPLICABLE LAW.         10.15 Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO  A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT  OF  OR  RELATING  TO  THIS  AGREEMENT  OR  ANY  OTHER  LOAN  DOCUMENT  OR  THE  TRANSACTIONS  CONTEMPLATED  HEREBY  OR  THEREBY  (WHETHER  BASED  ON  CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT  NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,  EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF  LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT  IT  AND  THE  OTHER  PARTIES  HERETO  HAVE  BEEN  INDUCED  TO  ENTER  INTO  THIS  AGREEMENT  AND  THE  OTHER  LOAN  DOCUMENTS  BY,  AMONG  OTHER  THINGS,  THE  MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.         10.16 No  Advisory  or  Fiduciary  Responsibility.   In  connection  with  all  aspects  of  each  transaction  contemplated  hereby  (including  in  connection  with  any  amendment,  waiver  or  other  modification  hereof  or  of  any  other  Loan  Document),  the  Borrower  acknowledges  and  agrees  and  acknowledges  its  Affiliates’  understanding,  that:  (a)(i)  the  arranging  and  other  services  regarding  this  Agreement  provided  by  the  Administrative  Agent,  the  Arranger  and  the  Lenders  are  arm’s-length  commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative  Agent, the Arranger and the Lenders, on the other hand, (ii) the Borrower has consulted its own legal,  accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) the Borrower is  capable  of  evaluating,  and  understands  and accepts, the  terms, risks  and  conditions  of  the  transactions  contemplated hereby and by the other Loan Documents; (b)(i) the Administrative Agent, each Lender and  the Arranger is and has been acting solely as a principal and, except as expressly agreed in writing by the  relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower  or any of its Affiliates, or any other Person, and (ii) none of the Administrative Agent, the Arranger or any                                         83  CHAR1\1756574v5

 

Lender has any obligation to the Borrower or any of its respective Affiliates with respect to the transactions  contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents;  and (c) the Administrative Agent, the Lenders and the Arranger and their respective Affiliates may be  engaged in a broad range of transactions that involve interests that differ from those of the Borrower and  its Affiliates, and none of the Administrative Agent, the Arranger or any Lender has any obligation to  disclose any of such interests to the Borrower or any of its Affiliates.  To the fullest extent permitted by  law, the Borrower hereby agrees not to assert any claims against the Administrative Agent, the Arranger or  any Lender with respect to any alleged breach of agency or fiduciary duty in connection with any aspect of  any transactions contemplated by this Agreement and the other Loan Documents.         10.17 USA PATRIOT Act Notice.  Each Lender that is subject to the PATRIOT Act and the  Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant  to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26,  2001)) (the “PATRIOT Act”), it is required to obtain, verify and record information that identifies the  Borrower, which information includes the name and address of the Borrower and other information that  will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance  with the PATRIOT Act.  The Borrower shall, promptly following a request by the Administrative Agent or  any Lender, provide all documentation and other information that the Administrative Agent or such Lender  reasonably requests in order to comply with its ongoing obligations under applicable “know your customer”  and  anti-money  laundering  rules  and  regulations,  including  the  PATRIOT  Act  and  the  Beneficial  Ownership Regulation.         10.18 Electronic Execution.  This Agreement, any other Loan Document and any document,  amendment,  approval,  consent,  information,  notice,  certificate,  request,  statement,  disclosure  or  authorization related to this Agreement or any other Loan Document (each a “Communication”), including  Communications required to be in writing, may be in the form of an Electronic Record and may be executed  using Electronic Signatures.  The Borrower agrees that any Electronic Signature on or associated with any  Communication  shall  be  valid  and  binding  on  the  Borrower  to  the  same  extent  as  a  manual,  original  signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid  and binding obligation of the Borrower enforceable against the Borrower in accordance with the terms  thereof to the same extent as if a manually executed original signature was delivered.   Any Communication  may be executed in as many counterparts as necessary or convenient, including both paper and electronic  counterparts, but all such counterparts are one and the same Communication.  For the avoidance of doubt,  the authorization under this Section 10.18 may include use or acceptance by the Administrative Agent and  each of the Lenders of a manually signed paper Communication which has been converted into electronic  form (such as scanned into .pdf), or an electronically signed Communication converted into another format,  for transmission, delivery and/or retention. The Administrative Agent and each of the Lenders may, at its  option,  create  one or more  copies  of  any Communication  in  the  form  of an imaged  Electronic  Record  (“Electronic Copy”), which shall be deemed created in the ordinary course of the such Person’s business,  and  destroy  the  original  paper  document.   All  Communications  in  the  form  of  an  Electronic  Record,  including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal  effect, validity and enforceability as a paper record.  Notwithstanding anything contained herein to the  contrary, the Administrative Agent is under no obligation to accept an Electronic Signature in any form or  in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by  it; provided, that, without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to  accept such Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely  on  any  such  Electronic  Signature  purportedly  given  by  or  on  behalf  of  the  Borrower  without  further  verification and (b) upon the request of the Administrative Agent or any Lender, any Electronic Signature  shall be promptly followed by such manually executed counterpart.         10.19 Time of the Essence.  Time is of the essence with respect to the Loan Documents.                                         84  CHAR1\1756574v5

 

      10.20 Entire Agreement.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS  REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO WITH RESPECT  TO THE TRANSACTIONS CONTEMPLATED HEREBY 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 WITH RESPECT TO THE TRANSACTIONS CONTEMPLATED HEREBY.         10.21 Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Solely  to  the  extent  any  Lender  that  is  an  Affected  Financial  Institution  is  a  party  to  this  Agreement  and  notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or  understanding among any such parties, each party hereto acknowledges that any liability of any Lender that  is  an  Affected  Financial  Institution  arising  under  any  Loan  Document,  to  the  extent  such  liability  is  unsecured,  may  be  subject  to  the  Write-Down  and  Conversion  Powers  of  the  applicable  Resolution  Authority and agrees and consents to, and acknowledges and agrees to be bound by: (a) the application of  any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities  arising hereunder which may be payable to it by any Lender that is an Affected Financial Institution; and  (b) the effects of any Bail-In Action on any such liability, including, if applicable, (i) a reduction in full or  in part or cancellation of any such liability, (ii) a conversion of all, or a portion of, such liability into shares  or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge  institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of  ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement  or any other Loan Document, or (iii) the variation of the terms of such liability in connection with the  exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.         10.22 Acknowledgement  Regarding  Any  Supported  QFCs.   To  the  extent  that  the  Loan  Documents  provide  support,  through  a  guarantee  or  otherwise,  for  any  Swap  Contract  or  any  other  agreement  or  instrument  that  is  a  QFC  (such  support,  “QFC  Credit  Support”,  and  each  such  QFC,  a  “Supported QFC”), the parties acknowledge and agree that, with respect to the resolution power of the  Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd- Frank  Wall  Street  Reform  and  Consumer  Protection  Act  (together  with  the  regulations  promulgated  thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit  Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported  QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States  or any other state of the United States), in the event a Covered Entity that is party to a Supported QFC  (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the  transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation  in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such  Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent  as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such  QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws  of the United States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of  a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights  under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support  that may be exercised against such Covered Party are permitted to be exercised to no greater extent than  such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC  and the Loan Documents were governed by the laws of the United States or a state of the United States.   Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with  respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a  Supported QFC or any QFC Credit Support.                                 [signature pages follow]                                        85  CHAR1\1756574v5

 

 

 

   LENDERS:                                BANK OF AMERICA, N.A.,                                          as a Lender                                                                                                                                                                         By:                                           Name:  Zachary Ahmed                                          Title: Credit Officer                                                                                                                                                                            CREDIT AGREEMENT                                                                                ANSYS, INC. 

 

                       JPMORGAN CHASE BANK, N.A.,        as a Lender                                     By:             Name:    John Kowalczuk        Title:      Executive Director                                          CREDIT AGREEMENT                                              ANSYS, INC. 

 

 

                                 Schedule 2.01                  COMMITMENTS AND APPLICABLE PERCENTAGES   Commitments                                                          Applicable Percentage of            Lender                 Commitment                                                          Aggregate Commitments  Bank of America, N.A.                  $208,333,333.34           55.555555558%  JPMorgan Chase Bank, N.A.               $83,333,333.33           22.222222221% PNC Bank, National Association          $83,333,333.33           22.222222221% TOTAL                                  $375,000,000.00          100.000000000%   CHAR1\1760111v2

 

                                 Schedule 7.01                                  EXISTING LIENS                                       None.   CHAR1\1760111v2

 

                                 Schedule 7.02                              EXISTING INDEBTEDNESS                                       None.   CHAR1\1760111v2

 

                                 Schedule 10.02                        CERTAIN ADDRESSES FOR NOTICES   Borrower:   ANSYS, INC.  2600 ANSYS Drive  Canonsburg, PA 15317   Attention: Ethan Keller, Manager of Corporate Treasury  Email: ethan.keller@ansys.com Website address: https://www.ansys.com/  With a copy to:  Goodwin Procter LLP  100 Northern Avenue  Boston, MA 02210  Attention: Milena Tantcheva  Email: MTantcheva@goodwinlaw.com   Administrative Agent:   For payments and Requests for Credit Extensions:  Bank of America, N.A.  Mail Code: NC1-026-06-04  Gateway Village – 900 Building  900 W Trade Street  Charlotte, NC 28255  Attn: Patricia Santos  Phone: 980-387-3794  Fax Number: 704-625-4200  Email: patricia.santos@bofa.com  Other Notices for Administrative Agent:  Bank of America, N.A.  Agency Management  555 California Street, 4th Floor  Mail Code: CA5-705-04-09  San Francisco, CA 94104  Attn: Carol Alfonso  Phone: 415-436-2321  Email: carol.alfonso@bofa.com   CHAR1\1760111v2

 

                                   Exhibit A                              FORM OF LOAN NOTICE                                                            Date:  ___________, _____   To:   Bank of America, N.A., as Administrative Agent   Ladies and Gentlemen:   Reference is made to that certain Credit Agreement, dated as of November 9, 2020 (as amended, restated,  amended and restated, extended, supplemented or otherwise modified in writing from time to time, the  “Credit  Agreement;”  the  terms  defined  therein  being  used  herein  as  therein  defined),  among  ANSYS,  Inc., a Delaware corporation (the “Borrower”), the Lenders from time to time party thereto, and Bank of  America, N.A., as Administrative Agent.  Capitalized terms used but not otherwise defined herein have  the meanings provided in the Credit Agreement.   The undersigned hereby requests (select one):         □     The Borrowing         □     A conversion of ___________ Loans to _____________ Loans         □     A continuation of Eurodollar Rate Loans               1.    On                 (a Business Day).               2.    In the amount of $            .1              3.    Comprised of   .                    [Type of Loan requested]               4.    For Eurodollar Rate Loans:  with an Interest Period of ___ month[s].   [With respect to the Borrowing, the Borrower hereby represents and warrants that each of the conditions  set  forth  in  Section  4.02  of  the  Credit  Agreement  have  been  satisfied  on  and  as  of  the  date  of  the  Borrowing.]2                       [Remainder of page intentionally left blank]    1     Please note minimum amounts required under Section 2.02(a) of the Credit Agreement.  2     Please include only for the Borrowing.   CHAR1\1759528v2 

 

      IN  WITNESS  WHEREOF,  the  undersigned  has  executed  this  Loan  Notice  as  of  the  date  first  written above.                                       ANSYS, INC.                                       By:                                       Name:                                      Title:     CHAR1\1759528v2 

 

                                   Exhibit B                      FORM OF NOTICE OF LOAN PREPAYMENT   Date: __________, 20__   To:   Bank of America, N.A., as Administrative Agent   Ladies and Gentlemen:   Reference is made to that certain Credit Agreement, dated as of November 9, 2020 (as amended, restated,  amended and restated, extended, supplemented or otherwise modified in writing from time to time, the  “Credit Agreement”), among ANSYS, Inc., a Delaware corporation (the “Borrower”), the Lenders from  time to time party thereto, and Bank of America, N.A., as Administrative Agent. Capitalized terms used  but not otherwise defined herein have the meanings provided in the Credit Agreement.   The Borrower hereby notifies the Administrative Agent that on _____________ pursuant to the terms of  Section  2.05  of  the  Credit  Agreement,  the  Borrower  intends  to  prepay/repay  the  Loans  as  more  specifically set forth below:         □     Eurodollar Rate Loans: $            1              Applicable Interest Period:   month[s]         □     Base Rate Loans: $            2                        [Remainder of page intentionally left blank]    1     Please note minimum prepayment amounts in Section 2.05 of the Credit Agreement.  2     Please note minimum prepayment amounts in Section 2.05 of the Credit Agreement.  CHAR1\1759528v2 

 

      IN WITNESS WHEREOF, the undersigned has executed this Notice of Loan Prepayment as of  the date first written above.                                       ANSYS, INC.                                       By:                                       Name:                                      Title:     CHAR1\1759528v2 

 

                                   Exhibit C                                  FORM OF NOTE                                                                 ____________, 20__         FOR  VALUE  RECEIVED,  the  undersigned  (the  “Borrower”),  hereby  promises  to  pay  to  _____________________  or  its  registered  permitted  assigns  (the  “Lender”),  in  accordance  with  the  provisions of the Credit Agreement (as hereinafter defined), the principal amount of the Loan made by the  Lender to the Borrower under that certain Credit Agreement, dated as of November 9, 2020 (as amended,  restated, amended and restated, extended, supplemented or otherwise modified in writing from time to  time, the “Credit Agreement;” the terms defined therein being used herein as therein defined), among the  Borrower, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative  Agent.         The Borrower promises to pay interest on the unpaid principal amount of the Loan made by the  Lender to the Borrower from the date of such Loan until the principal amount of such Loan is paid in full,  at such interest rates and at such times as provided in the Credit Agreement.  All payments of principal  and  interest  shall  be  made  to  the  Administrative  Agent  for  the  account  of  the  Lender  in  Dollars  in  immediately available funds at the Administrative Agent’s Office.  If any amount is not paid in full when  due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof  until the date of actual payment (and before as well as after judgment) computed at the per annum rate set  forth in the Credit Agreement.         This  Note  is  one  of  the  Notes  referred  to  in  the  Credit  Agreement,  is  entitled  to  the  benefits  thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein.  Upon  the occurrence and during the continuation of one or more of the Events of Default specified in the Credit  Agreement,  all  amounts  then  remaining  unpaid  on  this  Note  shall  become,  or  may  be  declared  to  be,  immediately due and payable all as provided in the Credit Agreement.  The Loan made by the Lender to  the Borrower shall be evidenced by one or more loan accounts or records maintained by the Lender in the  ordinary course of business. The Lender may also attach schedules to this Note and endorse thereon the  date, amount and maturity of the Loan made by the Lender to the Borrower and payments with respect  thereto.         The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest  and demand and notice of protest, demand, dishonor and non-payment of this Note.         THIS  NOTE  SHALL  BE  GOVERNED  BY  AND  CONSTRUED  IN  ACCORDANCE  WITH  THE LAWS OF THE STATE OF NEW YORK.                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]    CHAR1\1759528v2 

 

      IN  WITNESS  WHEREOF,  the  undersigned  has  caused  this  Note  to  be  duly  executed  and  delivered by its officer thereunto duly authorized.                                       ANSYS, INC.                                       By:                                       Name:                                      Title:     CHAR1\1759528v2 

 

                                   Exhibit D                        FORM OF COMPLIANCE CERTIFICATE                  Check for distribution to public and private side Lenders                                             Financial Statement Date: _____________, 20___   To:   Bank of America, N.A., as Administrative Agent   Ladies and Gentlemen:         Reference is made to that certain Credit Agreement, dated as of November 9, 2020 (as amended,  restated,  amended  and  restated,  extended,  refinanced,  supplemented  or  otherwise  modified  in  writing  from  time  to  time,  the  “Credit  Agreement;”  the  terms  defined  therein  being  used  herein  as  therein  defined), among ANSYS, Inc., a Delaware corporation (the “Borrower”), the Lenders from time to time  party thereto, and Bank of America, N.A., as Administrative Agent.         The  undersigned  Responsible  Officer  hereby  certifies  as  of  the  date  hereof  that  he/she  is  the  _________________________1 of the Borrower, and that, as such, he/she is authorized to execute and  deliver this Certificate to the Administrative Agent on the behalf of the Borrower, and that:   [Use following paragraph 1 for fiscal year-end financial statements]         1.    The Borrower has delivered the year-end audited financial statements required by Section  6.01(a) of the Credit Agreement for the fiscal year of the Borrower ended as of ________, together with  the report of an independent certified public accountant required by such section.   [Use following paragraph 1 for fiscal quarter-end financial statements]         1.    The  Borrower  has  delivered  the  unaudited  financial  statements  required  by  Section  6.01(b) of the Credit Agreement for the fiscal quarter of the Borrower ended as of __________.  Such  financial statements fairly present, in all material respects, the consolidated financial condition, results of  operations and cash flows of the Borrower and its Subsidiaries in accordance with GAAP as at such date  and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.         2.    The undersigned has reviewed and is familiar with the terms of the Credit Agreement and  has made, or has caused to be made under his/her supervision, a detailed review of the transactions and  condition (financial or otherwise) of the Borrower during the accounting period covered by such financial  statements.         3.    A review of the activities of the Borrower during such fiscal period has been made under  the  supervision  of  the  undersigned  with  a  view  to  determining  whether  during  such  fiscal  period  the  Borrower performed and observed all its Obligations under the Loan Documents, and                                      [select one:]    1     Must be the chief financial officer (or principal financial officer with similar responsibilities).    CHAR1\1759528v2 

 

      [to  the  knowledge  of  the undersigned,  during  such fiscal  period the  Borrower  performed  and observed each covenant and condition of the Loan Documents applicable to it, and no Default  has occurred and is continuing.]                                        --or—         [to the knowledge of the undersigned, during such fiscal period the following covenants or  conditions have not been performed or observed and the following is a list of each such Default and  its nature and status:]         4.    The financial covenant calculations set forth on Schedule 1 attached hereto are true and  accurate on and as of the four-quarter period ending ____________.                             [Remainder of page intentionally left blank]    CHAR1\1759528v2 

 

      IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of the date  first written above.                                       ANSYS, INC.                                        By:                                       Name:                                      Title:    CHAR1\1759528v2 

 

                                  Schedule 1                           Computation of Financial Covenants    CHAR1\1759528v2 

 

                                 EXHIBIT E-1                                     FORM OF                        U.S. TAX COMPLIANCE CERTIFICATE         (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)         Reference is hereby made to the Credit Agreement dated as of November 9, 2020 (as amended,  supplemented or otherwise modified from time to time, the “Credit Agreement”), among ANSYS, Inc., a  Delaware corporation (the “Borrower”), the Lenders identified therein, and Bank of America, N.A., as  Administrative Agent.           Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby  certifies  that  (i)  it  is  the  sole  record  and  beneficial  owner  of  the  Loan(s)  (as  well  as  any  Note(s)  evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the  meaning  of  Section  881(c)(3)(A) of the  Code, (iii)  it  is  not  a ten  percent shareholder  of the  Borrower  within the meaning of Section 881(c)(3)(B) of the Code and (iv) it is not a controlled foreign corporation  related to the Borrower as described in Section 881(c)(3)(C) of the Code.         The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its  non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.  By executing this certificate,  the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned  shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have  at all times furnished the Borrower and the Administrative Agent with a properly completed and currently  effective certificate in either the calendar year in which each payment is to be made to the undersigned, or  in either of the two calendar years preceding such payments.          Unless  otherwise  defined  herein,  terms  defined  in  the  Credit  Agreement  and  used  herein  shall  have the meanings given to them in the Credit Agreement.   [NAME OF LENDER]    By:   Name:   Title:     Date: ______________, 20___    CHAR1\1759528v2 

 

                                 EXHIBIT E-2                                     FORM OF                        U.S. TAX COMPLIANCE CERTIFICATE        (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)         Reference is hereby made to the Credit Agreement dated as of November 9, 2020 (as amended,  supplemented or otherwise modified from time to time, the “Credit Agreement”), among ANSYS, Inc., a  Delaware corporation (the “Borrower”), the Lenders identified therein, and Bank of America, N.A., as  Administrative Agent.           Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby  certifies that (i) it is  the  sole record and  beneficial owner  of the  participation in respect of which it  is  providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii)  it  is  not  a ten  percent  shareholder  of  the  Borrower within  the  meaning  of  Section  881(c)(3)(B)  of  the  Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section  881(c)(3)(C) of the Code.         The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person  status on IRS Form W-8BEN or IRS Form W-8BEN-E.  By executing this certificate, the undersigned  agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so  inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with  a properly completed and currently effective certificate in either the calendar year in which each payment  is to be made to the undersigned, or in either of the two calendar years preceding such payments.         Unless  otherwise  defined  herein,  terms  defined  in  the  Credit  Agreement  and  used  herein  shall  have the meanings given to them in the Credit Agreement.   [NAME OF PARTICIPANT]    By:   Name:   Title:     Date: ______________, 20___    CHAR1\1759528v2 

 

                                 EXHIBIT E-3                                     FORM OF                        U.S. TAX COMPLIANCE CERTIFICATE         (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)         Reference is hereby made to the Credit Agreement dated as of November 9, 2020 (as amended,  supplemented or otherwise modified from time to time, the “Credit Agreement”), among ANSYS, Inc., a  Delaware corporation (the “Borrower”), the Lenders identified therein, and Bank of America, N.A., as  Administrative Agent.           Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby  certifies  that (i) it is the sole record  owner  of the  participation  in  respect  of which it is providing this  certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation,  (iii)  with  respect  such  participation,  neither  the  undersigned  nor  any  of  its  direct  or  indirect  partners/members  is  a bank  extending credit  pursuant  to  a  loan  agreement  entered into in the ordinary  course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its  direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of  Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled  foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.          The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by  one  of  the  following  forms  from  each  of  its  partners/members  that  is  claiming  the  portfolio  interest  exemption:  (i)  an  IRS  Form  W-8BEN  or  IRS  Form  W-8BEN-E  or  (ii)  an  IRS  Form  W-8IMY  accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s  beneficial  owners  that  is  claiming  the  portfolio  interest  exemption.   By  executing  this  certificate,  the  undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall  promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender  with  a  properly  completed  and  currently  effective certificate  in  either  the calendar  year  in  which  each  payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.         Unless  otherwise  defined  herein,  terms  defined  in  the  Credit  Agreement  and  used  herein  shall  have the meanings given to them in the Credit Agreement.   [NAME OF PARTICIPANT]    By:   Name:   Title:     Date: ______________, 20___     CHAR1\1759528v2 

 

                                 EXHIBIT E-4                                     FORM OF                        U.S. TAX COMPLIANCE CERTIFICATE           (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)         Reference is hereby made to the Credit Agreement dated as of November 9, 2020 (as amended,  supplemented or otherwise modified from time to time, the “Credit Agreement”), among ANSYS, Inc., a  Delaware corporation (the “Borrower”), the Lenders identified therein, and Bank of America, N.A., as  Administrative Agent.           Pursuant to the provisions of Section 3.01(e) of the Credit Agreement, the undersigned hereby  certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s))  in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole  beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to  the  extension  of  credit  pursuant  to  this  Credit  Agreement  or  any  other  Loan  Document,  neither  the  undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a  loan agreement entered into in the ordinary course of its trade or business within the meaning of Section  881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder  of  the  Borrower within  the  meaning  of  Section  881(c)(3)(B)  of the  Code  and  (v) none  of its direct  or  indirect  partners/members  is  a  controlled  foreign  corporation  related  to  the  Borrower  as  described  in  Section 881(c)(3)(C) of the Code.         The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W- 8IMY accompanied by one of the following forms from each of its partners/members that is claiming the  portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W- 8IMY  accompanied  by  an  IRS  Form  W-8BEN  or  IRS  Form  W-8BEN-E  from  each  of  such  partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this  certificate,  the  undersigned  agrees  that  (1)  if  the  information  provided  on  this  certificate  changes,  the  undersigned  shall  promptly  so  inform  the  Borrower  and  the  Administrative  Agent,  and  (2)  the  undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly  completed and currently effective certificate in either the calendar year in which each payment is to be  made to the undersigned, or in either of the two calendar years preceding such payments.         Unless  otherwise  defined  herein,  terms  defined  in  the  Credit  Agreement  and  used  herein  shall  have the meanings given to them in the Credit Agreement.   [NAME OF LENDER]    By:   Name:   Title:     Date: ______________, 20___    CHAR1\1759528v2 

 

                                   Exhibit F                      FORM OF ASSIGNMENT AND ASSUMPTION         This  Assignment  and  Assumption  (this  “Assignment  and  Assumption”)  is  dated  as  of  the  Effective  Date  set  forth  below  and  is  entered  into  by  and  between  [Insert  name  of  Assignor]  (the  “Assignor”)  and  [Insert  name  of  Assignee]  (the  “Assignee”).   Capitalized  terms  used  but  not  defined  herein  shall  have  the  meanings  given  to  them  in  the  Credit  Agreement  identified  below  (as  amended,  restated, amended and restated or otherwise modified from time to time, the “Credit Agreement”), receipt  of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set  forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a  part of this Assignment and Assumption as if set forth herein in full.         For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee,  and  the  Assignee  hereby  irrevocably  purchases  and  assumes  from  the  Assignor,  subject  to  and  in  accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date  inserted  by  the  Administrative  Agent  as  contemplated  below  (i)  all  of  the  Assignor’s  rights  and  obligations as a Lender under the Credit Agreement and any other documents or instruments delivered  pursuant  thereto  in  the  amount[s]  and  equal  to  the  percentage  interest[s]  identified  below  of  all  the  outstanding rights and  obligations  under the respective  facilities identified  below  and  (ii)  to the extent  permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the  Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in  connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or  the  loan  transactions  governed  thereby  or  in  any  way  based  on  or  related  to  any  of  the  foregoing,  including,  but  not  limited  to,  contract  claims,  tort  claims,  malpractice  claims,  statutory  claims  and  all  other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause  (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred  to herein collectively as, the “Assigned Interest”).  Such sale and assignment is without recourse to the  Assignor and, except as expressly provided in this Assignment and Assumption, without representation or  warranty by the Assignor.    1.    Assignor:         ______________________________                          [Assignor [is][is not] a Defaulting Lender.]   2.    Assignee:         ______________________________                          [and is an [Affiliate][Approved Fund] of [identify Lender]1]   3.    Borrower:         ANSYS, Inc., a Delaware corporation   4.    Administrative Agent:  Bank  of  America,  N.A.,  as  the  administrative  agent  under  the  Credit                          Agreement   5.    Credit Agreement: Credit Agreement dated as of November 9, 2020 among the Borrower,                           the  Lenders  parties  thereto,  and  Bank  of  America,  N.A.,  as                          Administrative Agent    1 Select as applicable.    CHAR1\1759528v2 

 

6.    Assigned Interest:                 Aggregate Amount of  Amount of        Percentage                Commitment/Loans  Commitment/Loan    Assigned of                  for all Lenders∗   Assigned*    Commitment/Loan1               $                 $                             %               $                 $                             %               $                 $                             %  [7.   Trade Date:       ______________]2  Effective  Date:    _____________  ___,  20___  [TO  BE  INSERTED  BY  ADMINISTRATIVE  AGENT  AND  WHICH  SHALL  BE  THE  EFFECTIVE  DATE  OF  RECORDATION  OF  TRANSFER  IN  THE  REGISTER THEREFOR.]    ∗     Amount to be adjusted by the counterparties to take into account any payments or prepayments made  between the Trade Date and the Effective Date.  1      Set forth, to at least 9 decimals, as a percentage of the Commitments/Loans of all Lenders thereunder.  2     To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be  determined as of the Trade Date.   CHAR1\1759528v2 

 

      The terms set forth in this Assignment and Assumption are hereby agreed to:                                       ASSIGNOR                                       [NAME OF ASSIGNOR]                                       By:                                       Name:                                      Title:                                        ASSIGNEE                                       [NAME OF ASSIGNEE]                                       By:                                       Name:                                      Title:     [Consented to and]  Accepted:   BANK OF AMERICA, N.A. as Administrative  Agent   By:   Name:  Title:     Consented to:   [Consented to:]   ANSYS, INC.   By:   Name:  Title:    CHAR1\1759528v2 

 

                                                                      ANNEX 1                       STANDARD TERMS AND CONDITIONS FOR                          ASSIGNMENT AND ASSUMPTION         1.    Representations and Warranties.           1.1.  Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and beneficial  owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or  other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and  deliver this Assignment and Assumption and to consummate the transactions contemplated hereby, (iv) it  has reviewed the DQ List and (v) it is [not] a Defaulting Lender; and (b) assumes no responsibility with  respect  to  (i)  any  statements,  warranties  or  representations  made  in  or  in  connection  with  the  Credit  Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness,  sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of  the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan  Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or  any other Person of any of their respective obligations under any Loan Document.         1.2.  Assignee.   The  Assignee  (a)  represents  and  warrants  that  (i)  it  has  full  power  and  authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and  to  consummate  the  transactions  contemplated  hereby  and  to  become  a  Lender  under  the  Credit  Agreement, (ii) it meets all requirements of an Eligible Assignee, (iii) from and after the Effective Date, it  shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the  Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to  decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person  exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring  assets  of  such type,  (v)  it has  received  a copy  of  the  Credit  Agreement, and  has received  or  has  been  accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to  Section 6.01(a) or Section 6.01(b) thereof, as applicable, and such other documents and information as it  deems  appropriate  to  make  its  own  credit  analysis  and  decision  to  enter  into  this  Assignment  and  Assumption and to purchase the Assigned Interest, (vi) it has, independently and without reliance upon  the Administrative Agent or any other Lender and based on such documents and information as it has  deemed  appropriate,  made  its  own  credit  analysis  and  decision  to  enter  into  this  Assignment  and  Assumption  and  to  purchase  the  Assigned  Interest,  (vii)  it  has  reviewed  the  DQ  List  and  it  is  not  a  Disqualified Institution and (viii) if it is a Foreign Lender, attached hereto is any documentation required  to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the  Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent,  the  Assignor  or  any  other  Lender,  and  based  on  such  documents  and  information  as  it  shall  deem  appropriate at the time, continue to make its own credit decisions in taking or not taking action under the  Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by  the terms of the Loan Documents are required to be performed by it as a Lender.         2.    Payments.  From and after the Effective Date, the Administrative Agent shall make all  payments  in  respect  of  the  Assigned  Interest  (including  payments  of  principal, interest,  fees  and  other  amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the  Assignee  for  amounts  which  have  accrued  from  and  after  the  Effective  Date.   Notwithstanding  the  foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or  payable in kind from and after the Effective Date to the Assignee.    CHAR1\1759528v2 

 

            3.    General Provisions. This Assignment and Assumption shall be binding upon, and  inure  to  the  benefit  of,  the  parties  hereto  and  their  respective  successors  and  permitted  assigns.   This  Assignment  and  Assumption  may  be  executed  in  any  number  of  counterparts,  which  together  shall  constitute one instrument.  Delivery of an executed counterpart of a signature page of this Assignment  and  Assumption  by  telecopy  shall  be  effective  as  delivery  of  a  manually  executed  counterpart  of  this  Assignment and Assumption.  This Assignment and Assumption shall be governed by, and construed in  accordance with, the law of the State of New York.    CHAR1\1759528v2EX-10.1

 Exhibit 10.1 

Kristy Chipman 
 EMPLOYMENT
AGREEMENT (“AGREEMENT”) 
 Ruth’s Hospitality Group, Inc. (hereafter referred to as “Employer”) and Kristy
Chipman (hereinafter referred to as “Employee”) agree upon the following terms of employment of Employee by Employer. This Agreement shall take effect as of November 30, 2020 (the “Effective Date”). 

1. Duties. Employee shall be employed during the term of this Agreement (as set forth in Section 3) in the position of
Executive Vice President and Chief Financial Officer. Employee will advance the best interests of Employer at all times during her employment and shall at all such times faithfully, industriously and to the best of her ability, perform all duties as
may be required of her by virtue of her title and position and in accordance with the job description for her title and position as established by Employer’s Board of Directors (the “Board”) and/or its designee from time to time.
Employer shall provide Employee with a written job description. Employee shall comply with any and all written personnel policies, corporate policies and employment manuals of Employer in the conduct of her duties that are applied on a consistent
basis. 
 2. Extent of Service. Employee shall devote her full time and best efforts to the performance of her duties. Employee
shall not engage in any business or perform any services in any capacity that would, in the reasonable judgment of Employer, interfere with the full and proper performance by Employee of her duties. 

3. Term/Annual Renewals. This Agreement shall expire and terminate and be of no further effect (with the exception of terms
herein which by their terms survive the termination of this Agreement) on the close of business of the first anniversary of the Effective Date; provided, however, that this Agreement shall automatically renew and extend for additional one
(1) year terms if Employee is not otherwise in default, remains in the employ of Employer, and Employer has not given Employee a minimum of 60 days’ notice prior to the expiration of any given term that the Agreement shall terminate upon
expiration of the term. 

  
 1 

 4. Compensation. 

a. Salary. For all duties to be performed by Employee in the capacity referenced hereunder, Employee shall receive an initial base
salary at the annualized rate of $420,000, less all applicable taxes and withholdings, that cannot be reduced and which shall be paid in accordance with Employer’s normal payroll practice. Employee’s base salary will be subject to annual
review by the Compensation Committee of the Board of Directors (the “Compensation Committee”). 
 b. Annual Bonus. Following
the end of each fiscal year, Employee will be entitled to a discretionary bonus of up to 75% of her then current base salary, based on achievement (as determined by the Compensation Committee) of the budget and performance targets set by the
Compensation Committee on an annual basis pursuant to Employer’s Bonus Plan (“Plan”) and which may be increased or decreased according to the Plan. Any annual bonus shall be paid to Employee after the issuance of Employer’s
audited financial statements relating to that year, assuming Employee is actively employed by Employer at the end of the fiscal year. 
 c.
Signing Bonus. Employee will receive a one-time signing bonus of $50,000, less all applicable taxes and withholdings (the “Signing Bonus”), payable in Employer’s first regular payroll
cycle following the Effective Date. If, prior to the first anniversary of the Effective Date, Employer terminates Employee’s employment for Cause (as defined below) or Employee resigns without Good Reason (as defined below), Employee will be
obligated to repay the gross amount of the Signing Bonus within thirty (30) days following Employee’s last day of employment. 

  
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 d. Relocation Expenses. Employee agrees to relocate to central Florida no later than
September 30, 2021 (the “Relocation Date”). In order to assist with Employee’s relocation to central Florida, Employer will pay to Employee $45,000, less applicable taxes and withholdings, to offset relocation expenses incurred
by Employee (the “Relocation Expenses”). The Relocation Expenses will be paid to Employee in two payments: $20,000 in the first payroll cycle following the Effective Date, and $25,000 in the first payroll cycle following September 30,
2021. If, prior to the first anniversary of the Effective Date, Employer terminates Employee’s employment for Cause or Employee resigns without Good Reason, Employee will be obligated to repay the gross amount of any Relocation Expenses
previously paid to her within thirty (30) days following Employee’s last day of employment. 
 e. Automobile Allowance.
Employee shall also receive a monthly automobile allowance of $900.00, less applicable taxes and withholdings, during the term of this Agreement. 

f. One-Time Equity Grant. Subject to the approval of the Board, pursuant to Employer’s 2018 Omnibus Incentive Plan, as amended from
time to time (the “Equity Plan”) and subject to the terms of the applicable award agreements, Executive shall receive on the Effective Date equity awards with an aggregate target value of $842,000, split evenly between Restricted Stock and
Market Stock Units (MSUs) with one-half (1/2) of each award vesting on the third anniversary of the Effective Date of this Agreement and one-half (1/2) of each equity
award vesting on the fourth anniversary of the Effective Date, in each case subject to Employee’s continued employment with Employer as of such date, and, in the case of the MSUs, achievement of the applicable performance metrics. The number of
Restricted Stock and MSUs awarded on 

  
 3 

 
the Effective Date will be determined by dividing the aforementioned target value for each equity award vehicle by the fair value of publicly-traded RUTH shares on the date of grant. For purposes
of this section, the number of Restricted Stock awarded will be based on the price of publicly- traded RUTH shares at the close of the Nasdaq market, and the number of MSUs will be based on the fair value of publicly-traded RUTH shares as determined
by a third party Monte Carlo valuation. 
 g. Corporate Housing. Employer shall pay for Corporate Housing for Employee for up to 90
days following the Effective Date. 
 5. Benefits. 

a. Vacation/Leave - Employee shall be entitled to four (4) weeks of paid vacation per calendar year, with normal sick and holiday
leave as defined by Employer’s policies. 
 b. Benefit Plans - Employee shall be entitled to participate in the health and
welfare plans provided by Employer for its executives, to the extent that Employee is eligible under the plan documents governing those programs. Benefits are subject to change at any time in Employer’s sole discretion. Should Employee elect to
receive group health insurance under Employer’s plans, and should employee be subject to a sixty (60) day waiting period before joining such plans (the “60-Day Waiting Period”), Employer
will reimburse Employee for 100% of any premium costs incurred by Employee under COBRA during the 60-Day Waiting Period, following Employee’s submission of documentation thereof. 

c. Retirement Benefits—Employee will be eligible for all applicable retirement benefits offered by Employer, if any. 

  
 4 

 d. Reimbursement of Expenses - Employer agrees to reimburse Employee for reasonable
and appropriate Employer-related expenses (as determined by Employer) paid by Employee in furtherance of her duties, including, but not limited to, travel expenses, food, lodging, entertainment expenses and automobile expenses, upon submission of
proper accounting records for such expenses. 
 6. Disability or Incapacity. If, for a period of ninety (90) consecutive
days during the continuing term of this Agreement, Employee is disabled or incapacitated for mental, physical or other cause to the extent that she is unable to perform her duties as herein contemplated during said ninety (90) consecutive days,
Employer shall immediately thereafter have the right to terminate this Agreement upon providing ten (10) days’ written notice to Employee and shall be obligated to pay Employee compensation up to the effective date of said termination. The
right of termination in this section in no way affects or diminishes other rights of termination as stated in this Agreement, the Equity Plan, and/or the Plan. 

7. Termination. Notwithstanding any other provision hereof, Employee’s employment shall be terminated immediately upon: 1)
her death; 2) notice after disability or incapacity as set forth in Section 6; 3) Employee’s discharge for Cause; or 4) Employee’s resignation. 

a. For purposes of this Agreement, “Cause” shall mean (i) Employee’s theft or embezzlement, or attempted theft or
embezzlement, of money or property of Employer, her perpetuation or attempted perpetuation of fraud, or her participation in a fraud or attempted fraud, on Employer or her unauthorized appropriation of, or her attempt to misappropriate, any tangible
or intangible assets or property of Employer, (ii) any act or acts of disloyalty, misconduct or moral turpitude by Employee injurious to the interest, property, operations, business or reputation of Employer or her commission of a crime which
results in injury to Employer, (iii) her willful disregard of lawful directive given by a superior or the Board or a violation of an Employer employment policy injurious to the interest of Employer, or (iv) Employee’s failure to
relocate to central Florida by the Relocation Date. Employee may not be terminated for Cause under (ii) or (iii) unless provided prior written notice and the circumstance has not been cured within 10 business days. Cause shall not include
termination due to death or disability. 

  
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 b. Should Employer terminate Employee’s employment for Cause, as defined in
Section 7.a, then, Employee is entitled to be paid no more than her base salary, unused vacation days, unreimbursed expenses, and car allowance through the date of termination, as well as any bonus earned pursuant to the Plan for the prior
fiscal year but not yet paid. 
 c. Employer reserves the right to terminate Employee’s employment without Cause, as defined in
Section 7.a, and Employee reserves the right to resign for Good Reason, as defined in Section 7.d. However, in the event either such separation occurs, then: 1) Employee will receive twelve (12) equal monthly payments in the aggregate
equal to Employee’s prior twelve (12) months’ base salary compensation; 2) Employee shall receive a lump sum payment equal to fifty-percent (50%) of Employee’s prior year bonus payment, payable on the Payment Commencement Date (as
defined below); 3) Employee will be eligible to receive twelve (12) months continued welfare and retirement benefits, according to the same terms and conditions Employee would have been entitled to had Employee’s employment with Employer
not been terminated, to the extent permitted by the terms of the applicable plans; 4) if Employee is eligible for and timely elects to continue receiving group health insurance under COBRA, Employer will, for up to twelve (12) months following
Employee’s date of termination, continue to pay the share of the premium for such coverage that it pays for active and similarly-situated employees who receive the same type of coverage unless, as a result of a change in legal requirements,
Employer’s provision of payments for COBRA will violate the nondiscrimination requirements of applicable 

  
 6 

 
law, in which case this benefit will not apply; 5) Employee will receive twelve (12) monthly payments of the automobile allowance Employee would have been entitled to had Employee’s
employment with Employer not been terminated, including reimbursement for fuel and routine maintenance costs for one automobile; 6) Employee will receive all unreimbursed expenses through the termination date; and 7) the vesting and exercisability
of any equity awards granted to the Employee by the Employer shall be as set forth in the applicable award agreement (1-7 collectively, the “Severance Benefits”). Employer will pay the severance
amounts referenced above in accordance with Employer’s regular payroll practices, on or commencing on the first payroll period and paid monthly thereafter following the date the Release (as defined below) becomes irrevocable (the “Payment
Commencement Date”); provided, however, that if the 60th day following Employee’s termination date falls in the calendar year following the year of Employee’s termination of employment, the Payment Commencement Date shall be the first
payroll period of such later calendar year. The Severance Benefits are contingent on Employee’s compliance with Sections 8 and 9, and her entering into a severance and release of claims agreement in a form to be provided by Employer (which will
include, at a minimum, a release of all releasable claims and non-disparagement and cooperation obligations) (the “Release”), which Release must become irrevocable within 60 days following her
termination (or such shorter period as Employer may provide). 
 d. For purposes of this Agreement, “Good Reason” shall mean
(i) the assignment by the Board to Employee of any material duties that are clearly inconsistent with and represent a material diminution of Employee’s status, title and position as Executive Vice President and Chief Financial Officer of
Employer; or (ii) a failure by Employer to pay Employee any amounts required to be paid under this Agreement, which failure continues uncured for a period of fifteen 

  
 7 

 
(15) days after written notice thereof is given by Employee to the Board; (iii) relocation of Employer requiring Employee to relocate by more than 50 miles, other than in a direction that
reduces Employee’s daily commuting distance; or (iv) Employer provides Employee notice 60 days before expiration of a given term of its decision not to renew this Agreement on the terms set forth herein. Notwithstanding the occurrence of
any of the foregoing events or circumstances, a resignation shall not be deemed to constitute resignation for Good Reason unless (x) Employee gives Employer a written notice of the purported Good Reason no more than 90 days after the initial
existence of such event or circumstance, (y) such event or circumstance has not been fully corrected within 30 days following Employer’s receipt of such notice, and (z) if Employer does not correct, Employee ends her employment not
more than 30 days following the period to correct in (y). 
 e. Employee understands that should Employee resign her employment without Good
Reason, then Employee is entitled to no more than her salary through the date of termination (said termination date to be determined by Employer upon notice of resignation), and any earned but unused vacation days and unreimbursed business expenses
through the date of termination. 
 f. Any Severance Benefits will begin only upon the date of Employee’s “separation from
service” (as defined under Section 409A of the Internal Revenue Code). Each installment of the severance payments and benefits will be treated as a separate payment for purposes of Section 409A and no such payment may be accelerated
or deferred unless permitted or required by Section 409A. Solely to the extent required to avoid additional taxes under Section 409A, and solely to the extent that Employee is a “specified employee” (as defined under
Section 409A) as of the date of her separation from service, any installment of severance payments or benefits that would otherwise be payable within the six month period following 

  
 8 

 
such separation from service shall be delayed and paid on the first payroll period of the seventh month following her separation from service, with any remaining installments paid at the time set
forth in the Agreement. Employer makes no representation or warranty and shall have no liability to Employee or to any other person if the payments and benefits provided in the Agreement are determined to constitute deferred compensation subject to
Section 409A but that do not satisfy an exemption from, or the conditions of, that section. 
 8. Disclosure of
Information. Employee agrees that she will not, during employment or any time after termination of employment hereunder, without authorization of Employer, and except as set forth in Section 10 below, disclose to, or make use of for
herself or for any person, corporation or other entity, any files, videos, trade secrets, papers, photographs, presentations, recipes, specifications, drawings, salary structures, sources of income, business plans, minutes of meetings, contractual
arrangements, or other confidential information concerning the business, clients, methods, operations, financing or services of Employer. Trade secrets and confidential information shall mean information disclosed to Employee or known by her as a
consequence of her employment by Employer, and not generally known to the restaurant industry. 
 9.
Non-Compete. In further consideration of the compensation to be paid to Employee hereunder, Employee acknowledges that in the course of her employment with Employer and its subsidiaries and
affiliates she shall become familiar, and during her employment with Employer she has become familiar, with Employer’s trade secrets and with other confidential information concerning Employer and its predecessors and its subsidiaries and
affiliates and that her services have been and shall be of special, unique and extraordinary value to Employer. Therefore, Employee agrees that during her employment and for a period of one year following her last day of employment for any reason
(hereafter referred to as the “Non-compete Period”), 

  
 9 

 
Employee shall not directly or indirectly own any interest in, manage, control, participate in, consult with, render services for, or in any manner engage in any business or enterprise identical
to or similar to any such business which is engaged in by Employer, its subsidiaries or affiliates or any of their respective franchises, which shall include any restaurant business that derives more than 25% of its revenues from the sale of steak
and steak dishes and which has an average guest check greater than $65, escalating by five percent (5%) per year, (the “Business”), as of the date of this Agreement and which is located in the United States, which shall for purposes of
illustration and not limitation include the following chains and their parent companies, subsidiaries and other affiliates: Morton’s Restaurant Group, The Palm, Smith & Wollensky, Del Frisco’s, Sullivan’s, The Capital Grille,
Mastro’s, Fleming’s, and Shula’s. Nothing herein shall prohibit Employee from being a passive owner of not more than 2% of the outstanding stock of any class of a corporation that is publicly traded, so long as Employee has no active
participation in the business of such corporation. This restriction will not apply if Employee is employed as an officer of a business, including, but not limited to, a casino or hotel, that as an ancillary service provides fine dining as defined in
this paragraph. The term “ancillary” assumes that less than fifty percent (50%) of the business revenues are derived from its dining facilities. 

a. During the Non-compete Period, Employee shall not directly or indirectly through another entity
(i) induce or attempt to induce any non-hourly or management employee of Employer or any subsidiary or affiliate to leave the employ of Employer or such subsidiary or affiliate, or in any way interfere
with the relationship between Employer or any subsidiary or affiliate and any employee thereof, (ii) hire any person who was an employee of Employer or any subsidiary or affiliate at any time during Employee’s employment with Employer,
unless such person responded to a general solicitation or (iii) induce or attempt to induce any customer, 

  
 10 

 
supplier, licensee, licensor, franchisee or other business relation of Employer or any subsidiary or affiliate to cease doing business between any such customer, supplier, licensee or business
relation and Employer or any subsidiary or affiliate (including, without limitation, making any negative, derogatory or disparaging statements or communications regarding Employer or its subsidiaries, affiliates, employees or franchisees). 

10. Scope of Disclosure Restrictions. Nothing in this Agreement prohibits Employee from communicating with government agencies
about possible violations of federal, state, or local laws or otherwise providing information to government agencies, filing a complaint with government agencies, or participating in government agency investigations or proceedings. Employee is not
required to notify Employer of any such communications; provided, however, that nothing herein authorizes the disclosure of information Employee obtained through a communication that was subject to the attorney-client privilege. Further,
notwithstanding Employee’s confidentiality and nondisclosure obligations, Employee is hereby advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable under any Federal or
State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of
reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer
for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under
seal; and (B) does not disclose the trade secret, except pursuant to court order.” 

  
 11 

 11. Surrender of Books and Records. Employee acknowledges that all files,
lists, books, records, photographs, videotapes, slides, specifications, drawings or any other materials used or created by Employee or used or created by Employer in connection with the conduct of its business, shall at all times remain the property
of Employer and that upon termination of employment hereunder, irrespective of the time, manner or cause of said termination, Employee will surrender to Employer all such files, lists, books, records, photographs, videotapes, slides, specifications,
drawings or any other materials. 
 12. Severability. If any provision of this Agreement shall be held invalid or
unenforceable, the remainder of this Agreement shall, nevertheless, remain in full force and effect. If any provision is held invalid or unenforceable with respect to particular circumstances, it shall, nevertheless, remain in full force and effect
in all other circumstances. 
 13. Notice. All notices required to be given under the terms expressed hereunder shall be in
writing, shall be effective upon receipt, and shall be delivered to the addressee in person or mailed by certified mail, returned receipt requested: 

If to Employer, addressed to: 

Ruth’s Hospitality Group, Inc. 

1030 West Canton Ave., Suite 100 

Winter Park, FL 32789 
 ATTN:
General Counsel 
 If to Employee, addressed to: 

Kristy Chipman at the address contained in records of Employer as updated from time to time or such other address as a
party shall have designated for notices to be given to her or it by notice given in accordance with this paragraph. 

  
 12 

 14. Governing Law and Resolution of Dispute. Employee’s terms of
employment shall be governed by and construed in accordance with the laws of or applicable to the State of Florida. Any dispute, controversy or claim arising out of or relating to Employee’s terms of employment, or the breach therefore, shall
be resolved by arbitration conducted in accordance with the rules then existing of the American Arbitration Association, applying the substantive law of the State of Florida. The parties further agree that any such arbitration shall be conducted in
Orange County, Florida. 
 15. Waiver. No term or condition of this Agreement shall be deemed to have been waived, nor shall
there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated
therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived. 

[Signatures appear on the following page] 

  
 13 

			
	RUTH’S HOSPITALITY GROUP, INC.
		
	By:	 	 /s/ David Hyatt

	Name:	 	David Hyatt
	Title:	 	Senior Vice President and Chief People Officer
	Date:	 	November 9, 2020
	
	Kristy Chipman
		
	By:	 	 /s/ Kristy Chipman

		 	Kristy Chipman
		
	Date:	 	November 9, 2020

  
 14

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