Document:

evri-ex101_6.htm

Exhibit 10.1

SECOND AMENDMENT TO CREDIT AGREEMENT

SECOND AMENDMENT TO CREDIT AGREEMENT (this “Second Amendment”), dated as of May 17, 2018, among EVERI PAYMENTS INC., a Delaware corporation (the “Borrower”), EVERI HOLDINGS INC., a Delaware corporation (the “Parent”), EVERI GAMES HOLDING INC., EVERI GAMES INC., EVERI INTERACTIVE LLC, CENTRAL CREDIT, LLC AND GCA MTL, LLC, as guarantors (together with the Borrower and the Parent, the “Loan Parties”), the Lenders (as defined in the Credit Agreement referred to below) party hereto and Jefferies Finance LLC, as administrative agent (in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”).  All capitalized terms used herein and not otherwise defined herein shall have the respective meanings provided such terms in the Credit Agreement referred to below (as amended by this Second Amendment).

W I T N E S S E T H:

WHEREAS, the Parent, the Borrower, the Lenders, the Administrative Agent and the Collateral Agent are parties to that certain Credit Agreement, dated as of May 9, 2017 (as amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”); and

WHEREAS, the Parent, the Borrower, the Lenders, the Administrative Agent and the Collateral Agent desire to amend the Credit Agreement to decrease the Applicable Rate applicable to the Term B Facility and to make certain other changes to the Credit Agreement, in each case, as provided herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is acknowledged by each party hereto, it is agreed:

I.Amendments to Credit Agreement. 

A.Clause (a) of the definition of “Applicable Rate” or “Applicable Commitment Fee Rate” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“(a) with respect to the Term B Facility, (i)(A) prior to the Second Amendment Effective Date, 3.50% in the case of Eurodollar Rate Loans and (B) from and after the Second Amendment Effective Date, 3.00% in the case of Eurodollar Rate Loans and (ii)(A) prior to the Second Amendment Effective Date, 2.50% in the case of Base Rate Loans and (B) from and after the Second Amendment Effective Date, 2.00% in the case of Base Rate Loans,”.

B.Section 1.01 of the Credit Agreement is hereby further amended by inserting in the appropriate alphabetical order the following new definitions: 

“‘Second Amendment’ means the Second Amendment to Credit Agreement, dated as of May 17, 2018, by and among the Loan Parties, the Lenders party thereto and the Administrative Agent.”

“‘Second Amendment Effective Date’ has the meaning specified in the Second Amendment.”

C.Sections 2.05(a) and 11.13(e) of the Credit Agreement are hereby amended by deleting the text “either (a) on or prior to the six-month anniversary of the Closing Date or (b) after the First Amendment Effective Date and on or prior to the six-month anniversary of the First Amendment Effective Date, in either case” appearing therein and inserting the text “either (a) after the First Amendment Effective Date and on or prior to the six-month anniversary of the First Amendment Effective Date or (b) after the Second 

 

 

 

Amendment Effective Date and on or prior to the six-month anniversary of the Second Amendment Effective Date, in either case,” in lieu thereof.

II.Miscellaneous Provisions.

A.In order to induce the undersigned Lenders to enter into this Second Amendment, each of the Parent and the Borrower hereby represents and warrants that:

1.no Default or Event of Default exists on the Second Amendment Effective Date or would result from this Second Amendment becoming effective in accordance with its terms; and

2.all of the representations and warranties of each Loan Party contained in Article VI of the Credit Agreement and in each other Loan Document are true and correct in all material respects on and as of the Second Amendment Effective 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 as of such earlier date); provided that, to the extent that such representations and warranties are qualified by materiality, material adverse effect or similar language, they shall be true and correct in all respects on and as of the Second Amendment Effective 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 as of such earlier date).

B.This Second Amendment is limited to the matters specified herein and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Loan Document.

C.This Second Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same agreement. Delivery of an executed counterpart of this Second Amendment by e-mail transmission shall be equally as effective as delivery of an original executed counterpart of this Second Amendment.  A complete set of counterparts of this Second Amendment shall be lodged with Borrower and the Administrative Agent.

D.The terms of Sections 11.14 and 11.15 of the Credit Agreement are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms.  

E.This Second Amendment shall become effective on the date (the “Second Amendment Effective Date”) when:

1.the Administrative Agent shall have received duly executed and delivered counterparts hereof from each Loan Party and the Administrative Agent, and each of the Required Lenders (determined immediately prior to giving effect to this Second Amendment) and each Term B Lender (including each replacement Term B Lender that replaces a Non-Consenting Lender pursuant to Section 11.13 of the Credit Agreement) shall have submitted an executed signature page to EveriMay18@lendamend.com;

2.the Borrower shall have paid all fees and expenses required to be paid to the Administrative Agent, the Lead Arranger and the Lenders on or before the Second Amendment Effective Date (including, without limitation, reasonable and documented fees and expenses of one outside counsel); 

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3.the Administrative Agent shall have received from the Borrower payment of all accrued but unpaid interest through but not including the Second Amendment Effective Date with respect to the Term B Facility; and

4.the Administrative Agent shall have received a certificate, dated the Second Amendment Effective Date and signed by a Responsible Officer of the Borrower, certifying on behalf of the Parent and the Borrower that (a) the representations and warranties made by the Parent and the Borrower in Section II. A. above are true and correct on and as of the Second Amendment Effective Date and (b) the conditions precedent in this Section II. E. have been satisfied.

F.Each Loan Party has read this Second Amendment and consents to the terms hereof and hereby acknowledges and agrees that any Loan Document to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid, binding, and enforceable in accordance with its terms, and shall not be impaired or limited by the execution or effectiveness of this Second Amendment. 

G.From and after the Second Amendment Effective Date, all references in the Credit Agreement and each of the other Loan Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby on the Second Amendment Effective Date. 

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IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Second Amendment as of the date first above written.

 

 

	
 
	
EVERI PAYMENTS INC.

	
 
	
EVERI HOLDINGS INC.

	
 
	
EVERI GAMES HOLDING INC.

	
 
	
EVERI GAMES INC.

	
 
	
EVERI INTERACTIVE LLC

	
 
	
 

	
 
	
By:
	
/s/ Randy L. Taylor

	
 
	
Name:
	
Randy L. Taylor

	
 
	
Title:
	
Chief Financial Officer 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
GCA MTL, LLC

	
 
	
 

	
 
	
By:
	
/s/ Michael D. Rumbolz

	
 
	
Name:
	
Michael D. Rumbolz

	
 
	
Title:
	
Chief Executive Officer

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
CENTRAL CREDIT, LLC

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
Everi Payments Inc., its sole member

	
 
	
 
	
 

	
 
	
By:
	
/s/ Randy L. Taylor

	
 
	
Name:
	
Randy L. Taylor  

	
 
	
Title:
	
Chief Financial Officer

 

 

 

[Signature Page to Second Amendment to Credit Agreement]

 

 

 

	
 
	
JEFFERIES FINANCE LLC, as Administrative Agent and a Lender

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
/s/ J. Paul McDonnell

	
 
	
 
	
Name: J. Paul McDonnell

	
 
	
 
	
Title:  Managing Director

 

 

 

 

 

 

	
 
	
SIGNATURE PAGE TO Second AMENDMENT to Credit Agreement, DATED AS OF THE DATE FIRST WRITTEN ABOVE, AMONG EVERI pAYMENTS Inc., EVERI HOLDINGS INC., EVERI GAMES HOLDING INC., EVERI GAMES INC., EVERI INTERACTIVE LLC, CENTRAL CREDIT, LLC, GCA MTL, LLC, the Lenders party THERETO AND JEFFERIES FINANCE LLC, as ADMINISTRATIVE Agent 

	
 
	
 

	
 
	
NAME OF INSTITUTION:

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
By:
	
 

	
 
	
 
	
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[For Lenders needing a second signature block:

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
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[Signature Page to Second Amendment to Credit Agreement]amendmentno1

                                                                                                   AMENDMENT  NO. 1 TO CREDIT AGREEMENT          This  AMENDMENT NO. 1  TO CREDIT AGREEMENT is  dated  as  of  May 16,  2018  (this  “Amendment” ), by and among Jones Lang LaSalle Finance B.V., a private company with limited  liability (a besloten vennootschap met beperkte aansprakelijkheid ) organized under the laws of  The  Netherlands  (the “Borrower” ),  the  Guarantors  party  hereto,  the  lenders  party  hereto,  and  Bank of Montreal, as Administrative Agent.                              PRELIMINARY STATEMENTS          A.  The  Borrower,  the  Guarantors,  the  Lenders  party  thereto  and  the Administrative  Agent  have  heretofore  entered  into  that  certain  Second  Amended  and  Restated  Multicurrency  Credit Agreement, dated as of June 21, 2016 (the “Credit Agreement” ); and         B.  The  parties  hereto  wish  to  enter  into  certain  amendments, supplements  or  other  modifications to the Credit Agreement provided herein, subject to the terms and conditions set  forth below.         NOW , THEREFORE ,  in  consideration  of  the  premises  set  forth  above,  the  terms  and  conditions  contained  herein  and  other  good  and  valuable  consideration,  the  receipt  and  sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound  hereby, agree as follows:                                     ARTICLE I                                   DEFINITIONS         Section 1.1  Use of Defined Terms .  Unless otherwise defined or the context otherwise  requires, terms for which meanings are provided in the Credit Agreement as amended hereby (as  so  amended,  the “Amended  Credit  Agreement” )  shall  have  such  meanings  when  used  in  this  Amendment.                                    ARTICLE II                                  AMENDMENTS          Section 2.1 The  Credit  Agreement  is,  effective  as  of  the  Amendment  No.  1  Effective  Date (as defined herein), hereby amended to delete the stricken text (indicated textually in the  same  manner  as  the  following  example:  stricken  text)  and  to  add  the  double-underlined  text  (indicated textually in the same manner as the following example: double-underlined text) as set  forth in the pages of the Amended Credit Agreement attached as Annex I hereto, except that any  Schedule  or  Exhibit  to  the  Credit  Agreement  not  amended  pursuant  to  the  terms  of  this  Amendment  or  otherwise  included  as  part  of  said  Annex  I  shall  remain  in  effect  without  any  amendment or other modification thereto.    Amendment No. 1 4836-0610-3907 v.7.docx  1627413  

 

                                    ARTICLE III                              CONDITIONS PRECEDENT         Section 3.1  Effectiveness .   This  Amendment  shall  become  effective  on  the  date  (the  “Amendment  No.  1  Effective  Date” )  on  which  each  of  the following  conditions  precedent  are  satisfied or duly waived:                (a)  The  Administrative  Agent  shall  have  received  this  Amendment duly        executed by the Borrower, each Guarantor, each Continuing Lender (as defined herein)        and each New Lender (as defined herein);               (b)   The Administrative Agent shall have received for each Lender in form and        substance  satisfactory  to  the  Administrative  Agent  the  favorable  written  opinion  of        (i) Mark J. Ohringer, Esquire, Global General Counsel to the Borrower and Guarantors,        (ii) Loyens &  Loeff  N.V.,  Dutch  counsel  to  the  Borrower,  (iii) Baker &  McKenzie,        English  counsel  to  Jones  Lang LaSalle Limited, (iv) Hogan  Lovells International  LLP,        German counsel to Jones Lang LaSalle SE , and (v) the opinion of Skadden, Arps, Slate,        Meagher & Flom LLP, special Illinois counsel to the Borrower and Guarantors ;               (c)   The  Administrative  Agent shall have received for each Lender copies  of        the deed of incorporation of the Borrower, the articles of association of the Borrower in        force  on  the  Amendment  No.  1  Effective  Date  and  an  up-to-date  extract  of  the  trade        register  of  the  chamber  of  commerce  relating  to  the  Borrower, each  certified  by  a        managing director of the Borrower to be correct and complete;               (d)   The Administrative Agent shall have received copies of the Certificate of        Incorporation and bylaws (or equivalent) of each Guarantor, certified in each instance by        its secretary or an assistant secretary (or its equivalent);                (e)  The  Administrative  Agent  shall  have  received  copies,  certified  by  the        secretary,  or  assistant  secretary  or  authorized  signatory  (or  its  equivalent)  of  the        Borrower’s  and  each  Guarantor’s  board  of  directors’  resolutions  (or  its  equivalent)        authorizing  the  execution  of  this  Amendment  and  the  other  Credit  Documents in        connection therewith to which it is a party;                (f)  The Administrative Agent shall have received certificates, executed by the        secretary or assistant secretary of each Guarantor, which shall identify by name and title        and bear the signature of the partners or officers authorized to sign this Amendment and        the other Credit Documents in connection therewith to which it is a party;               (g)   The Administrative Agent shall have received copies of the certificates of        good standing (to the extent relevant) for each Guarantor (dated no earlier than 30  days        prior to the date hereof) from the office of the secretary of the state of its incorporation or        organization;                                        - 2 -  

 

               (h)   The  Administrative Agent and each Lender shall have received  for each        fiscal year of  the Parent  through  the fiscal year ending December 31, 2023, a business        plan  showing  in  reasonable  detail  projected  operating  budgets,  consolidated revenues,        expenses, and balance  sheets on an annual  basis, such business  plan  to be in form  and        substance satisfactory to the Administrative Agent and each Lender;                (i)  The  Administrative  Agent  and  each  Lender  shall  have  received,        sufficiently in advance of the Amendment No. 1 Effective  Date,  all documentation  and        other  information required by applicable regulatory authorities under applicable  “know        your customer” and anti-money laundering rules and regulations, including the Act; and                (j)  The Borrower or any Guarantor that qualifies as a “legal entity customer”        under the Beneficial Ownership Regulation shall have delivered a Beneficial Ownership        Certification in relation to such Borrower or Guarantor.               (k)   The  Administrative  Agent  shall  have  received  the  fees  for the  Lenders        agreed in writing between the Parent and the Joint Lead Arrangers.         The Administrative Agent shall notify the Borrower and the Lenders of the Amendment  No. 1 Effective Date and such notice shall be conclusive and binding.                                    ARTICLE IV                         REPRESENTATIONS AND WARRANTIES         Section 4.1  Credit  Agreement  Representations.  The  Borrower  and  each  Guarantor  hereby represents and warrants that:                (a)  Each  of  its  representations  and  warranties  contained  in  Section 5  of  the        Amended Credit Agreement is true and correct in all material respects (where not already        qualified by materiality, otherwise in all respects) as of the Amendment No. 1 Effective        Date (except to the extent such representation or warranty specifically relates to an earlier        date, in which case such representation is made as of such earlier date.               (b)   At the  time of and after giving  effect  to this  Amendment, no Default  or        Event of Default has occurred and is continuing.                                     ARTICLE V                            MISCELLANEOUS PROVISIONS         Section 5.1  Ratification  of  and  References  to  the  Credit  Agreement .   Except  for  the  amendments expressly set forth above, the Credit Agreement and each other Credit Document is  hereby  ratified, approved and  confirmed  in each and every respect.  Reference  to this specific  Amendment need not be made in the Credit Agreement, the Note(s), or any other instrument or  document executed in connection therewith, or in any certificate, letter or communication issued  or made pursuant to or with respect to the Credit Agreement, any reference in any of such items                                       - 3 -  

 

   to the  Credit Agreement  being sufficient to refer to  the  Credit Agreement as amended hereby.  The  Borrower,  Guarantors  and  Lenders  acknowledge  and  agree  that  this  Amendment  shall  constitute a Credit Document.        Section 5.2  Revolving  Credit  Commitments.    From  and  after  the  Amendment  No.  1  Effective  Date,  (a)(i)  the  commitments  of  those  Lenders  under  the  Credit  Agreement  that  are  continuing  as  Lenders  on  and  after  the  Amendment  No.  1  Effective  Date  (the “Continuing  Lenders” ) shall be amended as set forth on Schedule 1 to the Amended Credit Agreement and  (ii) the commitments of those “Lenders”  under the Credit Agreement that are not continuing as  Lenders  on  and  after  the  Amendment  No.  1  Effective  Date  (the “Non-Continuing  Lenders” )  shall automatically be terminated  and cease to have any further force or effect without  further  action by any Person, and shall be replaced with the respective Commitments of such Continuing  Lenders and of those Lenders party to this Agreement that were not “Lenders”  under the Credit  Agreement immediately prior to the Amendment No. 1 Effective Date (the “New Lenders” ); and  (b)  all  outstanding  Revolving  Loans  of  the  Non-Continuing  Lenders  shall  be  repaid  in  full  (together with all interest accrued thereon and amounts payable pursuant to Section 1.12 of the  Credit  Agreement  in  connection  with  such  payment,  and  all  fees  accrued  under  the  Credit  Agreement through the Amendment No. 1 Effective Date) on the Amendment No. 1 Effective  Date  (and  the  Borrower   shall  pay  to  each  Continuing  Lender  all  amounts,  if  any,  payable  pursuant to Section 1.12 hereof of the Credit Agreement as if the outstanding Revolving Loans  had been prepaid on the Amendment No. 1 Effective Date).         The Continuing Lenders and New Lenders each agree to make such purchases and sales  of interests in the Revolving Loans and L/C Obligations outstanding on the Amendment No. 1  Effective  Date  between  themselves  so  that  each  Continuing  Lender  and  New  Lender  is  then  holding its relevant Revolver Percentage of outstanding Revolving Loans and risk participation  interests  in  outstanding  L/C  Obligations  based  on  their  Revolving  Credit Commitments  as  in  effect  after  giving  effect  hereto  (such  purchases  and  sales  shall  be  arranged  through  the  Administrative  Agent  and  each  Lender  hereby  agrees  to  execute  such  further  instruments  and  documents, if any, as the Administrative Agent may reasonably request in connection therewith),  with  all  subsequent  extensions  of  credit  under  this  Agreement  (including, without  limitation,  participations in respect of all Swingline Loans and Letters of Credit) to be made in accordance  with the respective Revolving Credit Commitments of the Lenders and the respective Letter of  Credit  Commitments  of  the  L/C Issuers  from  time  to  time  party  to  the  Amended  Credit  Agreement.         Section 5.3  Headings .  The various headings of this Amendment are for convenience of  reference  only,  are not part  of this Amendment  and shall not affect the construction  of,  or  be  taken into consideration in interpreting, this Amendment.        Section 5.4  Execution  in  Counterparts .   This  Amendment  may  be  executed  in  counterparts  (and  by  different  parties  hereto  on  different  counterparts),  each  of  which  shall  constitute an original, but all of which when taken together shall constitute a single agreement.   Delivery of executed counterparts of this Amendment by telecopy or by email transmission of an  Adobe  portable  document  format  file  (also  known  as  a  “PDF”  file) shall  be  effective  as  an  original.                                       - 4 -  

 

        Section 5.5  No Other Amendments .  Except for the amendments expressly set forth in  the  Amended  Credit  Agreement,  the  text  of  the  Credit  Agreement  and the  other  Credit  Documents  shall  remain  unchanged  and  in  full  force  and  effect,  and  the  Lenders  and  the  Administrative Agent expressly reserve the right to require strict compliance with the terms of  the Credit Agreement and the other Credit Documents.        Section 5.6  Costs and Expenses.  The Company agrees to pay on demand all reasonable  costs  and  expenses  of  or  incurred  by  the  Administrative  Agent  in  connection  with  the  negotiation,  preparation,  execution  and  delivery  of  this  Amendment,  including  the  reasonable  fees  and  expenses  of  counsel  for  the  Administrative  Agent,  in  each  case  in  accordance  with  Section 12.15 of the Amended Credit Agreement.        Section 5.7  Governing Law .  This Amendment (including this Section), and the rights  and  duties  of  the  parties  hereto,  shall  be  construed  and  determined  in accordance  with  the  internal laws of the State of Illinois.        Section 5.8.  Submission to Jurisdiction; Waiver of Jury Trial .  The Borrower and each  Guarantor hereby submits to the exclusive jurisdiction of the United States District Court for the  Northern  District  of  Illinois  and  of  any  Illinois  State  court  sitting  in  the  City  of  Chicago  for  purposes of all legal proceedings arising out of or relating to this Amendment or the transactions  contemplated hereby or thereby.  The Borrower and each Guarantor irrevocably waives, to the  fullest extent permitted by law, any objection which it may now or hereafter have to the laying of  the venue of any such proceeding brought in such a court and any claim that any such proceeding  brought  in  such  a  court  has  been  brought  in  an  inconvenient  forum.  The  Borrower,  each  Guarantor, the Administrative Agent, each L/C Issuer and each Lender hereby irrevocably  waives any and all right to trial by jury in any legal proceeding arising out of or relating to  this Amendment or the transactions contemplated hereby.                         [Remainder of page intentionally left blank]                                        - 5 -  

 

IN WITNESS WHEREOF ,  the  parties  hereto  have  caused  their  duly  authorized  officers  or  representatives to execute and deliver this Amendment as of the date first above written.                                        JONES LANG LASALLE FINANCE B.V.                                        By: /s/ Reynout Alexander Vroegop                                          Name:  Reynout Alexander Vroegop ______                                          Title: Director_______________________                                        JONES LANG LASALLE INCORPORATED , as                                          Guarantor                                        By: /s/ Bryan J. Duncan                                          Name:  Bryan J. Duncan ________________                                          Title: Executive VP & Global Treasurer __                                        JONES LANG LASALLE CO-INVESTMENT , INC ., as                                          Guarantor                                        By: /s/ Bryan J. Duncan                                          Name:  Bryan J. Duncan ________________                                          Title:    Vice President and Treasurer ______                                        JONES LANG LASALLE INTERNATIONAL , INC ., as                                          Guarantor                                        By: /s/ Bryan J. Duncan                                          Name:  Bryan J. Duncan ________________                                          Title:    Vice President and Treasurer ______                                        LASALLE INVESTMENT MANAGEMENT , INC ., as                                          Guarantor                                        By: /s/ Michael Ricketts                                          Name:  Michael Ricketts________________                                          Title:    Chief Financial Officer___________                                  Signature Page to                                First Amendment to                       Jones Lang LaSalle B.V. Credit Agreement 

 

                 JONES LANG LASALLE AMERICAS , INC ., as                     Guarantor                   By: /s/ Bryan J. Duncan                     Name:  Bryan J. Duncan ________________                     Title:    Executive VP and Treasurer_______                   JONES LANG LASALLE LIMITED , as Guarantor                   By: /s/ Gordon Repp                     Name:  Gordon Repp __________________                     Title: Attorney in Fact ________________                   JONES LANG LASALLE SE, as Guarantor                   By: /s/ Louis F. Bowers                     Name:  Louis F. Bowers ________________                     Title: Attorney in Fact_________________                   JONES LANG LASALLE NEW ENGLAND LLC, as                     Guarantor                   By: /s/ Bryan J. Duncan                     Name:  Bryan J. Duncan ________________                     Title:    Executive VP & Global Treasurer __                   JONES LANG LASALLE BROKERAGE , INC ., as                     Guarantor                   By: /s/ Bryan J. Duncan                     Name:  Bryan J. Duncan ________________                     Title:    Treasurer______________________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 “L ENDERS ”                   BANK OF MONTREAL , individually as a Lender,                     as Administrative Agent, Swingline Bank and                     L/C Issuer                   By: /s/ Gwendolyn Gatz                     Name:  Gwendolyn Gatz________________                     Title: Director_______________________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 BANK OF AMERICA , N.A., as a Lender and                     L/C Issuer                   By: /s/ Jonathan M. Phillips                     Name:  Jonathan M. Phillips_____________                     Title: Senior Vice President____________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 BARCLAYS BANK PLC                   By: /s/ Gill Skala                    Name:  Gill Skala ______________________                    Title: Director _______________________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 WELLS FARGO BANK , N.A.                   By: /s/ Peg Laughlin                    Name:  Peg Laughlin ___________________                    Title: Senior Vice President ____________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 NATIONAL WESTMINISTER BANK PLC                   By: /s/ Robert Budgen                    Name:  Robert Budgen__________________                    Title: Director _______________________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 JPM ORGAN CHASE BANK , NATIONAL                     ASSOCIATION                   By: /s/ Christian Lunt                    Name:  Christian Lunt __________________                    Title: Executive Director_______________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 HSBC BANK  PLC                   By: /s/ Martin Somers                    Name:  Martin Somers __________________                    Title: Associate Director _______________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 HSBC BANK  USA, NATIONAL ASSOCIATION                   By: /s/ Rumesha Ahmed                    Name:  Rumesha Ahmed ________________                    Title: Vice President __________________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 FIFTH THIRD BANK                    By: /s/ Kurt Marsan                    Name:  Kurt Marsan____________________                    Title: Vice President___________________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 PNC BANK , NATIONAL ASSOCIATION                   By: /s/ Terri Wyda                    Name: Terri Wyda _____________________                    Title: Senior Vice President _____________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 U.S. BANK NATIONAL ASSOCIATION                   By: /s/ Kathleen D. Schurr                    Name: Kathleen D. Schurr ______________                    Title: Vice President __________________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 MUFG Bank, Ltd. (formerly known as The                     Bank of Tokyo-Mitsubishi UFJ, Ltd.), New                     York Branch                   By: /s/ Mark Maloney                    Name:  Mark Maloney __________________                    Title: Authorized Signatory_____________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 SOCIÉTÉ GÉNÉRALE                   By: /s/ John Hogan                    Name: John Hogan ____________________                    Title: Director _______________________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 CAPITAL ONE , N.A.                   By: /s/ Paul Isaac                    Name:  Paul Isaac______________________                    Title: Duly Authorized Signatory ________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 ING BANK N.V., DUBLIN BRANCH                   By: /s/ Sean Hassett                    Name:  Sean Hassett____________________                    Title: Director _______________________                   By: /s/ Cormac Langford                    Name:  Cormac Langford________________                    Title:    Director _______________________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 DEUTSCHE BANK AG NEW YORK BRANCH                   By: /s/ Virginia Cosenza                    Name:  Virginia Cosenza ________________                    Title: Vice President __________________                   By: /s/ Ming K. Chu                    Name:  Ming K. Chu ___________________                    Title: Director _______________________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 THE BANK OF NEW YORK MELLON                   By: /s/ Abdullah Dahman                    Name:  Abdullah Dahman _______________                    Title: Vice President __________________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 WESTPAC BANKING CORPORATION                   By: /s/ Richard Yarnold                    Name:  Richard Yarnold_________________                    Title: Director _______________________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 AUSTRALIA AND NEW ZEALAND BANKING                     GROUP LIMITED                   By: /s/ Robert Grillo                    Name:  Robert Grillo ___________________                    Title: Director _______________________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 NATIONAL AUSTRALIA BANK LIMITED ,                    A.B.N. 12 004 044 937                   By: /s/ Michael Peterson                    Name:  Michael Peterson ________________                    Title: Associate Director _______________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 CITIBANK , N.A.                   By: /s/ Patrick R. Keller                    Name:  Patrick R. Keller ________________                    Title: Senior Vice President ____________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH                   By: /s/ William O’Daly                    Name:  William O’Daly _________________                    Title: Authorized Signatory_____________                   By: /s/ Brady Bingham                    Name:  Brady Bingham _________________                    Title: Authorized Signatory_____________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 THE NORTHERN TRUST COMPANY                   By: /s/ Tim Rohde                    Name:  Tim Rohde _____________________                    Title: Second Vice President ____________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 ASSOCIATED BANK NATIONAL ASSOCIATION                   By: /s/ Edward U. Notz, Jr.                    Name:  Edward U. Notz, Jr. ______________                    Title: Senior Vice President ____________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                 COMERICA BANK                   By: /s/ Brandon Kotcher                    Name:  Brandon Kotcher ________________                    Title: Assistant Vice President __________             Signature Page to           First Amendment to  Jones Lang LaSalle B.V. Credit Agreement 

 

                                                                                 ANNEX   I   CONFORMED     CREDIT  AGREEMENT                           

 

                                                                  EXECUTION   VERSION  ANNEX  I                                     SECOND  AMENDED AND    RESTATED                                 MULTICURRENCY    CREDIT  AGREEMENT                                       DATED AS OF   JUNE 21, 2016                                AS AMENDED BY   AMENDMENT     NO. 1                                     DATED AS OF MAY    16, 2018                                              AMONG                                 JONES  LANG  LASALLE  FINANCE   B.V.,                                THE  GUARANTORS    PARTY  HERETO  ,                                   THE LENDERS   PARTY  HERETO  ,                                               AND                                         BANK OF  MONTREAL   ,                                      as Administrative Agent                                    BMO   CAPITAL  MARKETS CORP   .,                                                and                    MERRILL   LYNCH  , PIERCE , FENNER & SMITH INCORPORATED   ,                                                as                                        Joint Book Runners,                                  BMO   CAPITAL  MARKETS CORP   .,                    MERRILL   LYNCH  , PIERCE , FENNER & SMITH INCORPORATED   ,                                       BARCLAYS   BANK PLC  ,                               THE  ROYAL  BANK OF SCOTLAND PLC    ,                                  JPM ORGAN   CHASE  BANK  , N.A.,                                                and                                     WELLS  FARGO   BANK , N.A.,                                                and                                   HSBC   SECURITIES  (USA),  INC .,                                      as Joint Lead Arrangers,                                     BANK OF  AMERICA   , N.A.,                                       as Syndication Agent,                                                and                                       BARCLAYS   BANK PLC  ,                   THE ROYAL  NATIONAL   WESTMINSTER    BANK   OF SCOTLAND   PLC ,                        JPM  ORGAN  CHASE  BANK  , NATIONAL  ASSOCIATION  ,                                        FIFTH THIRD  BANK ,                               PNC   BANK , NATIONAL  ASSOCIATION  ,                                     HSBC    BANK USA, N.A.,                                U.S.  BANK NATIONAL   ASSOCIATION  ,                                                and                                    WELLS  FARGO   BANK , N.A.,                                    as Co-Documentation Agents   Amended Credit Agreement 4825-7245-1683 v. 1. 9. docx  1627413  

 

                                TABLE OF CONTENTS                                                            (This Table of Contents is not part of the Agreement)    SECTION                           HEADING                                PAGE    SECTION 1.        THE CREDIT FACILITIES  ................................................................................... 1!      Section 1.1.    Revolving Credit Commitments .............................................................. 1!      Section 1.2.    The Swingline............................................................................................ 2!      Section 1.3.    Letters of Credit ........................................................................................ 4!      Section 1.4.    Applicable Interest Rates .......................................................................... 9!      Section 1.5.    Minimum Borrowing Amounts ................................................................ 9!      Section 1.6.    Manner of Borrowing Loans and Designating Interest Rates                       Applicable to Loans .................................................................................. 9!      Section 1.7.    Interest Periods ........................................................................................ 12 !      Section 1.8.    Maturity of Loans .................................................................................... 13 !      Section 1.9.    Prepayments ............................................................................................ 13 !      Section 1.10.   Default Rate. ............................................................................................ 14 !      Section 1.11.   Evidence of Indebtedness; Notes ........................................................... 15 !      Section 1.12.   Funding Indemnity. ............................................................................. 16 15 !      Section 1.13.   Commitment Terminations ..................................................................... 16 !      Section 1.14.   Substitution of Lenders ........................................................................... 17!      Section 1.15.   Increase in Revolving Credit Commitments and New Term Loans .... 18 !      Section 1.16.   Defaulting Lenders .................................................................................. 20 !      Section 1.17.   Cash Collateral for Fronting Exposure .................................................. 23 !  SECTION 2.        FEES  ............................................................................................................ 24 23 !      Section 2.1.    Fees ...................................................................................................... 24 23 !  SECTION 3.        PLACE AND APPLICATION OF PAYMENTS  ..................................................25 24 !      Section 3.1.    Place and Application of Payments ....................................................... 25 !  SECTION 4.        DEFINITIONS ; INTERPRETATION  .................................................................26 25 !      Section 4.1.    Definitions ........................................................................................... 26 25 !      Section 4.2.    Interpretation ....................................................................................... 49 51 !      Section 4.3.    Change in Accounting Principles ....................................................... 49 51 !      Section 4.4.    Limited Condition Acquisition........................................................... 50 51 !      Section 4.5.    Letter of Credit Amounts  .................................................................... 50 52 !  SECTION 5.        REPRESENTATIONS AND WARRANTIES  ...................................................... 51 52 !      Section 5.1.    Corporate Organization and Authority .............................................. 51 52 !      Section 5.2.    Subsidiaries .......................................................................................... 51 53 !      Section 5.3.    Authority and Validity of Obligations ............................................... 52 53 !                                       -i-  

 

        Section 5.4.    Financial Statements ...........................................................................52 54 !      Section 5.5.    No Litigation; No Labor Controversies53 Compliance with Laws ...... 54 !      Section 5.6.    Taxes .................................................................................................... 53 54 !      Section 5.7.    Approvals ............................................................................................. 53 55 !      Section 5.8.    ERISA .................................................................................................. 53 55 !      Section 5.9.    Government Regulation ...................................................................... 53 55 !      Section 5.10.   Margin Stock ....................................................................................... 54 55 !      Section 5.11.   Licenses and Authorizations ; Compliance with Environmental and                       Health Laws ........................................................................................54  55 !      Section 5.12.   Ownership of Property; Liens ............................................................ 54 56 !      Section 5.13.   No Burdensome Restrictions; Compliance with Agreements .......... 54 56 !      Section 5.14.   Accuracy of Information..................................................................... 55 56 !      Section 5.15.   Sanction Programs .............................................................................. 55 56 !      Section 5.16.   Claims Pari Passu ................................................................................ 55 57 !      Section 5.17.   Solvency .................................................................................................. 55 !  SECTION 6.        CONDITIONS PRECEDENT  ........................................................................... 55 57 !      Section 6.1.    Initial Credit Event .............................................................................. 56 57 !      Section 6.2.    All Credit Events ................................................................................. 57 58 !  SECTION 7.        COVENANTS  ................................................................................................ 58 59 !      Section 7.1.    Corporate Existence; Subsidiaries ..................................................... 58 59 !      Section 7.2.    Maintenance ........................................................................................ 58 59 !      Section 7.3.    Taxes .................................................................................................... 58 59 !      Section 7.4.    ERISA .................................................................................................. 58 60 !      Section 7.5.    Insurance .............................................................................................. 59 60 !      Section 7.6.    Financial Reports and Other Information .......................................... 59 60 !      Section 7.7.    Lender Inspection Rights .................................................................... 61 62 !      Section 7.8.    Conduct of Business ........................................................................... 61 62 !      Section 7.9.    Liens ..................................................................................................... 61 62 !      Section 7.10.   Use of Proceeds; Regulation U .......................................................... 62 64 !      Section 7.11.   [Reserved] ............................................................................................ 63 64 !      Section 7.12.   Mergers, Consolidations and Sales of Assets .................................... 63 64 !      Section 7.13.   Use of Property and Facilities; Environmental and Health and Safety                       Laws ..................................................................................................... 63 65 !      Section 7.14.   Acquisitions ......................................................................................... 64 65 !      Section 7.15.   Net Cash Flow Leverage Ratio .......................................................... 64 65 !      Section 7.16.   Cash Interest Coverage Ratio ............................................................. 64 66 !      Section 7.17.   Dividends and Other Shareholder Distributions ............................... 64 66 !      Section 7.18.   Indebtedness ........................................................................................ 64 66 !      Section 7.19.   Transactions with Affiliates ............................................................... 65 66 !      Section 7.20.   Compliance with Laws ....................................................................... 65 67 !      Section 7.21.   Additional Guarantors ......................................................................... 65 67 !      Section 7.22.   Compliance with Sanction Programs ................................................. 66 67 !                                        -ii-  

 

   SECTION 8.        EVENTS OF DEFAULT AND REMEDIES  ........................................................ 67 68 !      Section 8.1.    Events of Default................................................................................. 67 68 !      Section 8.2.    Non-Bankruptcy Defaults ................................................................... 68 70 !      Section 8.3.    Bankruptcy Defaults ........................................................................... 69 70 !      Section 8.4.    Collateral for Undrawn Letters of Credit........................................... 69 70 !      Section 8.5.    Application of Payments..................................................................... 70 71 !      Section 8.6.    Notice of Default ................................................................................. 71 72 !      Section 8.7.    Expenses .............................................................................................. 71 72 !  SECTION 9.        CHANGE IN CIRCUMSTANCES ..................................................................... 71 72 !      Section 9.1.    Change of Law .................................................................................... 71 72 !      Section 9.2.    Unavailability of Deposits or Inability to Ascertain, or Inadequacy of,                       LIBOR .................................................................................................72 73 !      Section 9.3.    Increased Cost and Reduced Return .................................................. 72 75 !      Section 9.4.    Lending Offices ................................................................................... 74 77 !      Section 9.5.    Discretion of Lender as to Manner of Funding .................................74 77 !  SECTION 10.       THE ADMINISTRATIVE AGENT  ................................................................... 74 77 !      Section 10.1.   Appointment and Authorization of Administrative Agent ............... 74 77 !      Section 10.2.   Administrative Agent and its Affiliates ............................................. 75 77 !      Section 10.3.   Action by Administrative Agent ........................................................ 75 78 !      Section 10.4.   Consultation with Experts .................................................................. 75 78 !      Section 10.5.   Liability of Administrative Agent; Credit Decision ......................... 76 78 !      Section 10.6.   Indemnity ............................................................................................. 76 79 !      Section 10.7.   Resignation of Administrative Agent and Successor Agent ............ 77 79 !      Section 10.8.   L/C Issuers and Swingline Lender. .................................................... 78 80 !      Section 10.9.   Authorization to Release Guaranties ................................................. 79 81 !      Section 10.10.  Authorization of Administrative Agent to File Proofs of Claim ...... 79 81 !      Section 10.11.  Designation of Additional Agents ...................................................... 79 82 !      Section 10.12.  Certain ERISA Matters ........................................................................... 82 !  SECTION 11.       THE GUARANTEES  ...................................................................................... 80 84 !      Section 11.1.   The Guarantees .................................................................................... 80 84 !      Section 11.2.   Guarantee Unconditional .................................................................... 80 85 !      Section 11.3.   Discharge Only Upon Payment in Full; Reinstatement in Certain                       Circumstances ..................................................................................... 81 86 !      Section 11.4.   Waivers ................................................................................................ 81 86 !      Section 11.5.   Limit on Recovery .............................................................................. 82 87 !      Section 11.6.   Stay of Acceleration ............................................................................ 82 87 !      Section 11.7.   Benefit to Guarantors .......................................................................... 82 87 !      Section 11.8.   Guarantor Covenants .......................................................................... 82 87 !      Section 11.9    Release of Guarantors ......................................................................... 82 87 !      Section 11.10   German Guarantor Limitations .............................................................. 83 !                                        -iii-  

 

   SECTION 12.       MISCELLANEOUS  ........................................................................................ 86 87 !      Section 12.1.   Taxes .................................................................................................... 86 87 !      Section 12.2.   No Waiver of Rights ........................................................................... 88 89 !      Section 12.3.   Non-Business Day ................................................................................... 89 !      Section 12.4.   Documentary Taxes ............................................................................ 89 90 !      Section 12.5.   Survival of Representations ................................................................ 89 90 !      Section 12.6.   Survival of Indemnities ....................................................................... 89 90 !      Section 12.7.   Sharing of Set-Off ............................................................................... 89 90 !      Section 12.8.   Notices ..................................................................................................... 90 !      Section 12.9.   Counterparts; Integration; Effectiveness ............................................... 92 !      Section 12.10.  Successors and Assigns ...................................................................... 92 93 !      Section 12.11.  Participants .......................................................................................... 92 93 !      Section 12.12.  Assignments ........................................................................................ 93 94 !      Section 12.13.  Amendments ............................................................................................ 97 !      Section 12.14.  Headings .................................................................................................. 98 !      Section 12.15.  Legal Fees, Other Costs and Indemnification ................................... 98 99 !      Section 12.16.  Set Off ............................................................................................... 99 100!      Section 12.17.  Currency ................................................................................................ 100!      Section 12.18.  Entire Agreement ........................................................................... 100101!      Section 12.19.  Governing Law ............................................................................... 100101!      Section 12.20.  Submission to Jurisdiction; Waiver of Jury Trial ........................ 100101!      Section 12.21.  Limitation of Liability .......................................................................... 101!      Section 12.22.  Confidentiality ....................................................................................... 101!      Section 12.23.  Severability of Provisions .............................................................. 101102!      Section 12.24.  Excess Interest ....................................................................................... 102!      Section 12.25.  Construction ................................................................................... 102103!      Section 12.26.  Lender’s and L/C Issuer’s Obligations Several............................ 102103!      Section 12.27.  No Advisory or Fiduciary Responsibility ..................................... 102103!      Section 12.28.  USA Patriot Act ............................................................................. 103104!      Section 12.29.  Acknowledgement and Consent to Bail-In of EEA Financial                       Institutions ...................................................................................... 103104!      Section 12.30.  Amendment and Restatement ............................................................... 104!  Signature ................................................................................................................................................ 1!  EXHIBITS            A     -   Notice of Borrowing           B     -   Notice of Continuation/Conversion           C-1   -   Form of Revolving Note           C-2   -   Form of Swingline Note           C-3   -   Form of Term Note           D     -   Form of Compliance Certificate           E     -   Form of Subsidiary Guarantee Agreement           F     -   Increase Request           G     -   Assignment and Acceptance                                         -iv-  

 

   SCHEDULE 1         Revolving Credit Commitments  SCHEDULE 1.3       Existing Letters of Credit  SCHEDULE 5.2       Guarantors                                         -v-  

 

                            SECOND AMENDED AND RESTATED                         MULTICURRENCY  CREDIT AGREEMENT          This Second Amended and Restated Multicurrency Credit Agreement, dated as of June  21, 2016,2016 (and as amended by Amendment No. 1),  is among Jones Lang LaSalle Finance  B.V.,  a  private  company  with  limited  liability  (a besloten  vennootschap  met  beperkte  aansprakelijkheid )  organized  under  the  laws  of  The  Netherlands  (the “Borrower” ),  the  Guarantors (as hereinafter defined) party hereto, the lenders from time to time party hereto, and  Bank of Montreal, as Administrative Agent.                              PRELIMINARY STATEMENT          The  Borrower,  the  guarantors  party  thereto,  the  lenders  party  thereto  and  Bank  of  Montreal, as Administrative Agent, are parties to a Multicurrency Credit Agreement dated as of  October  4,  2013,  (as  amended  and  restated  as  of  February  25,  2015,  the “Existing  Credit  Agreement” );         The  parties  hereto  desire  to  amend  and  restate  in  its  entirety  the  Existing  Credit  Agreement,  without  constituting  a  novation,  all  on  the  terms  and  subject  to  the  terms  and  conditions herein.         NOW , THEREFORE , in consideration of the mutual  agreements  contained herein, and the  other  good  and  valuable  consideration,  the  receipt  and  sufficiency  of  which  are  hereby  acknowledged, the parties hereto hereby agree as follows:   SECTION 1.    THE CREDIT FACILITIES .        Section 1.1.  Revolving Credit  Commitments .  Subject to the terms and conditions hereof,  each  Lender  severally  agrees  to  make  a  loan  or  loans  (individually  a “Revolving Loan”   and  collectively “Revolving Loans” ) to the Borrower from time to time on a revolving basis in U.S.  Dollars and Alternative Currencies in an aggregate outstanding Original Dollar Amount up to the  amount  of  its  Revolving  Credit  Commitment  subject  to  any  increases or  reductions  thereof  pursuant to the terms hereof, before the Termination Date.  The sum of the (i) aggregate Original  Dollar  Amount  of  Revolving  Loans,  (ii)  the  aggregate  Original  Dollar  Amount  of  Swingline  Loans,  and  (iii)  the  aggregate  U.S.  Dollar  Equivalent  of  all  L/C  Obligations  at  any  time  outstanding shall not exceed the Revolving Credit Commitments in effect at such time.  The sum  of the aggregate Original Dollar Amount of all Revolving Loans denominated in an Alternative  Currency  other  than  Euros  or  Pounds  Sterling  at  any  time  outstanding  shall  not  exceed  $300,000,000.  Each Borrowing of Revolving Loans shall be made ratably from the Lenders in  proportion to their respective Revolver Percentages.  As provided in Section 1.6(a) hereof, the  Borrower  may elect that each  Borrowing  of Revolving  Loans denominated in U.S.  Dollars be  either Domestic Rate Loans or  Eurocurrency Loans.  All Revolving Loans denominated  in an  Alternative  Currency  shall  be  Eurocurrency  Loans.  Revolving  Loans  may  be  repaid  and  the  principal amount thereof reborrowed before the Termination Date, subject to all the terms and  conditions hereof.     

 

        Section 1.2.  The  Swingline.    (a) Swingline  Loans .   Subject  to  all  of  the  terms  and  conditions hereof, as part of the Revolving Credit, the Swingline Lender may, in its discretion,  make  loans  in  U.S.  Dollars  to  the  Borrower  under  the  Swingline  (individually  a “Swingline  Loan”   and  collectively,  the “Swingline Loans” ),  which  shall  not  in  the  aggregate  at  any  time  outstanding exceed the lesser of (i) the Swingline Sublimit or (ii) the difference between (x) the  Revolving  Credit  Commitments  in  effect  at  such  time  and  (y)  the  sum  of  the  Original  Dollar  Amount  of  all  Revolving  Loans  and  the  U.S.  Dollar  Equivalent  of  all  L/C  Obligations  outstanding  at  the  time  of  computation.   The  Swingline  Sublimit  may  be  availed  of  by  the  Borrower from time to time and borrowings thereunder may be repaid and used again during the  period ending on the day immediately preceding the Termination Date.          (b)  Minimum Borrowing Amount .  Each Swingline Loan shall be in an amount not less  than $100,000.         (c)   Interest on Swingline Loans .  Each Swingline Loan shall bear interest (computed on  the basis of a year of 360 days and actual days elapsed) for the Interest Period selected therefor at  the Domestic Rate plus  the Applicable Margin for Domestic Rate Loans or at the rate quoted by  the  Swingline  Lender  to  the  Borrower  which  is  the  interest  rate  determined  in  the  Swingline  Lender’s  discretion  at  which  the  Swingline  Lender  would  be  willing  to  make  such  Swingline  Loan available to the Borrower for such Interest Period (the rate so quoted for a given Interest  Period being herein referred to as the “Quoted Rate” ), provided  that if any Swingline Loan is not  paid when due (whether by lapse of time, acceleration or otherwise) such Swingline Loan shall  bear interest whether before or after judgment, until payment in full thereof through the end of  the Interest Period then applicable thereto at the rate set forth in Section 1.10 hereof.  Interest on  each Swingline Loan shall be due and payable on the last day of each Interest Period applicable  thereto, and interest after maturity (whether by lapse of time, acceleration or otherwise) shall be  due and payable upon demand.          (d)   Requests for Swingline Loans .   The Borrower shall  give the Administrative  Agent  prior notice (which may be written or oral) no later than 12:00 noon (Chicago time) on the date  upon which the Borrower requests that any Swingline Loan be made, specifying in each case the  amount  and  date  of  such  Swingline  Loan  and  the  Interest  Period  selected  therefor.   The  Administrative Agent shall promptly advise  the Swingline  Lender of any such notice  received  from the Borrower.  Within thirty (30) minutes after receiving such notice, the Swingline Lender  in  its  discretion  may  quote  the  Quoted  Rate  for  such  Interest  Period.   The  Borrower  acknowledges  and  agrees  that  the  interest  rate  quote  is  given  for  immediate  and  irrevocable  acceptance,  and  if  the  Borrower  does  not  so  immediately  accept  the Quoted  Rate  for  the  full  amount requested by the Borrower for such Swingline Loan, the Quoted Rate shall be deemed  immediately withdrawn and such Swingline Loan shall be made at the rate per annum equal to  the  Domestic  Rate  from  time  to  time  in  effect plus   the  Applicable  Margin  for  Domestic  Rate  Loans  under  the  Revolving  Credit.   Subject  to  all  of  the  terms  and  conditions  hereof,  the  proceeds  of  such  Swingline  Loan  shall  be  made  available  to  the  Borrower  on  the  date  so  requested  at  the  Borrower’s  Designated  Disbursement  Account  or  as the  Borrower,  the  Administrative Agent and the Swingline Lender may otherwise agree.  Anything contained in the  foregoing  to  the  contrary  notwithstanding,  the  undertaking  of  the  Swingline  Lender  to  make                                        -2-  

 

   Swingline Loans shall be subject to all of the terms and conditions of this Agreement (provided  that the Swingline Lender shall be entitled to assume that the conditions precedent to an advance  of any Swingline Loan have been satisfied unless notified to the contrary by the Administrative  Agent or the Required Lenders).           (e)   Refunding Loans .  In its sole and absolute discretion, the Swingline Lender may at  any time, on behalf of the Borrower (which hereby irrevocably authorizes the Swingline Lender  to act on its behalf  for  such  purpose) and  with  notice to the Borrower and the  Administrative  Agent,  request  each  Lender  to  make  a  Revolving  Loan  in  an  amount  equal to  such  Lender’s  Revolver Percentage of the amount of the Swingline Loans outstanding on the date such notice is  given.  Borrowings of Revolving Loans under this Section 1.2(e) hereof shall initially constitute  Domestic Rate Loans  unless  timely notice is given  pursuant  to Section 1.6 hereof.   Unless  an  Event  of  Default  described  in  Section  8.1(f)  or  8.1(g)  exists  with  respect  to  the  Borrower,  regardless  of  the  existence  of  any  other  Event  of  Default,  each  such  Lender  shall  make  the  proceeds of its requested Revolving Loan available to the Administrative Agent for the account  of  the  Swingline  Lender,  in  immediately  available  funds,  at  the  principal  office  of  the  Administrative  Agent  in  Chicago,  Illinois,  before  12:00  noon  (Chicago  time)  on  the  Business  Day  following  the  day  such  notice  is  given.   The  proceeds  of  such  Revolving  Loans  shall  be  immediately applied to repay the outstanding Swingline Loans.  The Administrative Agent shall  promptly remit the proceeds of such Borrowing to the Swingline Lender to repay the outstanding  Swingline Loans.         (f) Participations .  If any Lender refuses or otherwise fails to make a Revolving Loan  when requested by the Swingline Lender pursuant to Section 1.2(e) above (because an Event of  Default  described  in  Section  8.1(f)  or  8.1(g)  hereof  exists  with respect  to  the  Borrower  or  otherwise), such Lender will, by the time and in the manner such Revolving Loan was to have  been  funded  to  the  Swingline  Lender,  purchase  from  the  Swingline  Lender  an undivided  participating  interest  in  the  outstanding  Swingline  Loans  in  an  amount  equal  to  its  Revolver  Percentage of the aggregate principal amount of Swingline Loans that were to have been repaid  with  such  Revolving  Loans.   From  and  after  the  date  of  any  such  purchase,  such  Swingline  Loans shall bear interest as Domestic Rate Loans.  Each Lender that so purchases a participation  in  a  Swingline  Loan  shall  thereafter  be  entitled  to  receive  its Revolver  Percentage  of  each  payment of principal received on the Swingline Loan and of interest received thereon accruing  from the date such Lender funded to the Administrative Agent its participation in such Swingline  Loan.   The  several  obligations  of  the  Lenders  under  this  Section  1.2  shall  be  absolute,  irrevocable,  and  unconditional  under  any  and  all  circumstances  whatsoever  and  shall  not  be  subject to any set-off, counterclaim or defense to payment which any Lender may have or have  had against the Borrower, any other Lender, or any other Person whatsoever.  Without limiting  the generality of the foregoing, such obligations shall not be affected by any Default or Event of  Default or by any reduction or termination of the Revolving Credit Commitment of any Lender,  and each  payment made by a Lender under this Section 1.2 shall be made without any  offset,  abatement, withholding, or reduction whatsoever.        (g)  Voluntary  Prepayment  of  Swingline  Loans.    The  Borrower  may  not  voluntarily  prepay any Swingline Loan bearing interest at the Quoted Rate before the last day of its Interest  Period.  The Borrower may voluntarily prepay any Swingline Loan bearing interest computed by                                        -3-  

 

   reference to the Domestic Rate before the last day of its Interest Period at any time upon notice  delivered to the Administrative Agent by the Borrower no later than 12:00 noon (Chicago time)  on the date of prepayment, such prepayment to be made by the payment of the principal amount  to be prepaid and accrued interest thereon to the date fixed for prepayment.        Section 1.3.  Letters  of  Credit .   (a) General  Terms.    (i)  Subject  to  the  terms  and  conditions hereof, as part of the Revolving Credit, each L/C Issuer shall issue standby letters of  credit  (each  a “Letter of Credit” )  for  the  account  of  the  Borrower  or  for  the  account  of  the  Borrower  and the  Parent  or one or more  of its Subsidiaries in any Alternative  Currency,  U.S.  Dollars, or any other currency acceptable to such L/C Issuer, the U.S. Dollar Equivalent of the  aggregate  undrawn  face  amount  of  which  does  not  exceed  such  L/C  Issuer’s  Letter  of  Credit  Commitment and the aggregate for all L/C Issuers does not exceed the L/C Sublimit, provided   that the U.S. Dollar Equivalent of the aggregate L/C Obligations at any time outstanding shall  not exceed the difference between the Revolving Credit Commitments in effect at such time and  the  aggregate  Original  Dollar  Amount  of  all  Revolving  Loans  and  Swingline Loans  then  outstanding.   Notwithstanding  anything  herein  to  the  contrary,  those  certain  letters  of  credit  issued for the account of the Borrower or the Parent by Bank of Montreal and BMO Harris Bank,  N.A.  under  the  Existing  Credit  Agreement  and  listed  on  Schedule  1.3  hereof  (the “Existing  Letters  of  Credit” )  shall  each  constitute  a “Letter  of  Credit”   herein  for  all  purposes  of  this  Agreement with the Borrower as the applicant therefor, to the same extent, and with the same  force and effect as if the Existing Letters of Credit had been issued under this Agreement at the  request of the Borrower.  Each Letter of Credit shall be issued by an L/C Issuer, but each Lender  shall be obligated to reimburse such L/C Issuer for its Revolver Percentage of the amount of each  drawing  thereunder  and,  accordingly, the  undrawn  face  amount  of  each  Letter  of  Credit  shall  constitute  usage  of  the  Revolving  Credit  Commitment  of  each  Lender pro rata   in  accordance  with each Lender’s Revolver Percentage.        (ii)  No L/C Issuer shall be under any obligation to issue any Letter of Credit if:                (A)   any  order,  judgment  or  decree  of  any  Governmental  Authority  or        arbitrator shall by its terms purport to enjoin or restrain such L/C Issuer from issuing the        Letter  of  Credit,  or  any  Law  applicable  to  such  L/C  Issuer or  any  request  or  directive        (whether  or  not  having  the  force  of  law)  from  any  Governmental  Authority  with        jurisdiction over such L/C  Issuer  shall prohibit, or request that such L/C Issuer refrain        from,  the  issuance  of  letters  of  credit  generally or  the Letter  of  Credit in  particular  or        shall  impose  upon  such  L/C  Issuer  with respect to  the  Letter  of Credit  any  restriction,        reserve or capital requirement (for which such L/C Issuer is not otherwise compensated        hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any        unreimbursed  loss,  cost  or  expense  which  was  not  applicable  on  the  Closing  Date  and        which such L/C Issuer in good faith deems material to it; or               (B)   the issuance of the Letter of Credit would violate one or more policies of        the L/C Issuer applicable to letters of credit generally; or               (C)   such Letter of Credit contains any provisions for automatic reinstatement        of the stated amount after any drawing thereunder.                                        -4-  

 

        (b)  Applications.   At any time before the Termination Date, each L/C Issuer shall, at the  request  of  the  Borrower,  issue  one  or  more  Letters  of  Credit,  in  a  form  satisfactory  to  the  applicable L/C Issuer, with expiration dates no later than the earlier of twelve (12) months from  the date of issuance (or which are cancelable not later than twelve (12) months from the date of  issuance and each renewal) or thirty (30) days prior to the Termination Date, in an aggregate face  amount as set forth above, upon the receipt of an application duly executed by the Borrower and,  if such Letter of Credit is for the account of the Parent or one of its Subsidiaries, the Parent or  such Subsidiary for the relevant Letter of Credit in the form customarily prescribed by such L/C  Issuer  for  a  standby  letter  of  credit  (each  an “Application” ).   Notwithstanding  anything  contained  in  any  Application  to  the  contrary  (i)  the  Borrower’s  obligation  to  pay  fees  in  connection with each Letter of Credit shall be as exclusively set forth in Section 2.1(b) hereof,  (ii) except as otherwise provided in Section 1.9 or 1.16 hereof or during the continuance of an  Event of Default, no L/C Issuer will call for the funding by the Borrower of any amount under a  Letter  of  Credit,  or  any  other  form  of  collateral  security  for  the  Borrower’s  obligations  in  connection  with  such  Letter  of  Credit,  before  being  presented  with  a  drawing  thereunder,  and  (iii) if an L/C Issuer is not timely reimbursed for the amount of any drawing under a Letter of  Credit on the date such drawing is paid, the Borrower’s obligation to reimburse such L/C Issuer  for the amount of such drawing shall bear interest (which the Borrower hereby promises to pay)  from  and  after  the  date  such  drawing  is  paid  at a  rate  per  annum (A)  if  such  Reimbursement  Obligation is denominated in U.S. Dollars, equal to the sum of 2% plus  the Domestic Rate from  time  to  time  in  effect plus   the  Applicable  Margin  for  Domestic  Rate  Loans  and  (B)  if  such  Reimbursement  Obligation  is  denominated  in  any  Alternative  Currency,  equal  to  the  rate  established  pursuant  to  Section  1.10(b)  hereof  for  Eurocurrency  Loans  denominated  in  an  Alternative  Currency.  Each L/C  Issuer  agrees  to  issue  amendments  to  the  Letter(s)  of  Credit  issued by it increasing the amount, or extending the expiration date, thereof at the request of the  Borrower subject to the conditions of Section 6.2 hereof and the other terms of this Section 1.3.   Notwithstanding  anything  contained  herein  to  the  contrary,  no  L/C  Issuer  shall  be  under  any  obligation to issue, extend or amend any Letter of Credit if a default of any Lender’s obligations  to  fund  under  Section  1.3(c)  hereof  exists  or  any  Lender  is  at  such  time  a  Defaulting  Lender  hereunder,  unless  such  L/C  Issuer  has  entered  into  arrangements  with  the  Borrower  or  such  Lender satisfactory to such L/C Issuer to eliminate such L/C Issuer’s risk with respect to such  Lender.  In the event of any conflict between the terms of this Agreement and the terms of any  L/C Document (other than this Agreement), the terms of this Agreement shall control.         If the Borrower so requests in any applicable Application, an L/C Issuer may, in its sole  discretion,  agree  to  issue  a  Letter  of  Credit  that  has  automatic  extension  provisions  (each,  an  “Auto-Extension Letter of Credit ”); provided  that any such Auto-Extension Letter of Credit must  permit the L/C Issuer to prevent any such extension at least once in each twelve-month period  (commencing  with the  date of issuance of such Letter of Credit) by giving prior notice to  the  beneficiary  thereof  not  later  than  a  day  (the  “ Non-Extension  Notice  Date ”)  in  each  such  twelve-month  period  to  be  agreed  upon  at  the  time  such  Letter  of  Credit  is  issued.   Unless  otherwise  directed  by  the  L/C  Issuer,  the  Borrower  shall  not  be  required  to  make  a  specific  request to such L/C Issuer for any such extension.  Once an Auto-Extension Letter of Credit has  been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer  to permit the extension of such Letter of Credit at any time to an expiry date not later than thirty  (30) days prior to the Termination Date; provided, however , that such L/C Issuer shall not permit                                        -5-  

 

   any  such  extension  if  (A)  such  L/C  Issuer  has  determined  that  it  would  not  be  permitted,  or  would  have  no  obligation,  at  such  time  to  issue  such  Letter  of  Credit  in  its  revised  form  (as  extended) under the terms hereof, or (B) it has received notice (which may be by telephone or in  writing) on or before the day that is seven (7) Business Days before the Non-Extension Notice  Date  (1)  from  the  Administrative  Agent that the Required  Lenders  have  elected  not  to  permit  such  extension or  (2) from the Administrative  Agent, any Lender or  the Borrower  that  one  or  more of the applicable conditions specified in Section 6.2 is not then satisfied, and in each such  case directing the L/C Issuer not to permit such extension.          (c) The Reimbursement Obligations.   Subject to Section 1.3(b) hereof, the obligation of  the  Borrower  to  reimburse  an  L/C  Issuer  for  all  drawings  under  a Letter  of  Credit  (a  “Reimbursement Obligation” )  shall  be  governed  by  the  Application  related  to  such  Letter  of  Credit, except that reimbursement of each drawing shall be made in immediately available funds  (i)  if  such  Reimbursement  Obligation  is  denominated  in  U.S.  Dollars,  at  the  Administrative  Agent’s  principal  office  in  Chicago,  Illinois  and  (ii)  if  such  Reimbursement  Obligation  is  denominated in an  Alternative Currency, to such local  office as the Administrative Agent  has  previously specified, in each case by no later than 2:00 p.m. (local time) on the date when each  drawing is paid or, if such drawing was paid after 10:00 a.m. (local time), by 2:00 p.m. (local  time)  on  the  next  Business  Day.   Anything  herein  to  the  contrary  notwithstanding,  any  Reimbursement Obligation denominated in a currency other than U.S. Dollars shall be converted  to  U.S.  Dollars  at  the  exchange  rate  quoted  to  the  applicable  L/C Issuer  on  the  date  such  Reimbursement  Obligation  was  incurred  by  major  banks  in  the  interbank  foreign  exchange  market  for  the  purchase  of  U.S.  Dollars  for  such  other  currency  and  such  Reimbursement  Obligation  shall  be  denominated  in  U.S.  Dollars.   If  the  Borrower  does  not  make  any  such  reimbursement payment on the date due and the Participating Lenders fund their participations  therein in the manner set forth in Section 1.3(d) below, then all payments thereafter received by  the Administrative Agent in discharge of any of the relevant Reimbursement Obligations shall be  distributed in accordance with Section 1.3(d) below.        (d)  The Participating Interests.   Each Lender (other than the Lender then acting as L/C  Issuer in issuing the relevant Letter of Credit) severally agrees to purchase from the applicable  L/C  Issuer,  and  each  L/C  Issuer  hereby  agrees  to  sell  to  each such  Lender  (a “Participating  Lender” ),  an  undivided  percentage  participating  interest  (a “Participating  Interest” ),  to  the  extent of its Revolver Percentage, in each Letter of Credit issued by, and each Reimbursement  Obligation  owed  to,  such  L/C  Issuer.   Upon  any  failure  by  the  Borrower  to  pay  any  Reimbursement  Obligation  at  the  time  required  on  the  date  due,  as  set forth  in  Section  1.3(c)  above,  or  if  an  L/C  Issuer  is  required  at  any  time  to  return to  the  Borrower  or  to  a  trustee,  receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement  Obligation, each Participating Lender shall, not later than the Business Day it receives a request  from  the  applicable  L/C  Issuer  to  such  effect,  if  such  request  is  received  before  1:00  p.m.  (Chicago  time), or not later than the following Business  Day, if such request  is received  after  such  time,  pay  to  the  Administrative  Agent  for  the  account  of  the  applicable  L/C  Issuer  an  amount equal to its Revolver Percentage of such unpaid or recaptured Reimbursement Obligation  together with interest on such amount accrued from the date the related payment was made by  such L/C Issuer to the date of such payment by such Participating Lender at a rate per annum  equal to (i) from the date the related payment was made by such L/C Issuer to the date two (2)                                        -6-  

 

   Business Days after payment by such Participating Lender is due hereunder, the Federal Funds  Rate for each day and (ii) from the date two (2) Business Days after the date such payment is due  from such Participating Lender to the date such payment is made by such Participating Lender,  the Domestic Rate in effect for each such day.  Each such Participating Lender shall thereafter be  entitled to receive its Revolver Percentage of each payment received in respect of the relevant  Reimbursement Obligation and of interest paid thereon, with the applicable L/C Issuer retaining  its Revolver Percentage as a Lender hereunder.           The several obligations of the Participating Lenders to each L/C Issuer under this Section  1.3 shall be absolute, irrevocable and unconditional under any and all circumstances whatsoever  (except,  without  limiting  the  Borrower’s  obligations  under  each  Application,  to  the  extent  the  Borrower is relieved from its obligation to reimburse an L/C Issuer for a drawing under a Letter  of Credit because of such L/C Issuer’s gross negligence or willful misconduct, as determined by  a  final  nonappealable  court  of  competent  jurisdiction  in  determining  that  documents  received  under the Letter of Credit comply with the terms thereof) and shall not be subject to any set-off,  counterclaim  or  defense  to  payment  which  any  Participating  Lender  may  have  or  have  had  against  the  Borrower,  such  L/C  Issuer,  any  other  Lender  or  any  other  Person  whatsoever.   Without limiting the generality of  the foregoing, such obligations  shall  not be affected by  any  Default  or  Event  of  Default  or  by  any  reduction  or  termination  of  any Revolving  Credit  Commitment of any Lender, and each payment by a Participating Lender under this Section 1.3  shall  be  made  without  any  offset,  abatement,  withholding  or  reduction  whatsoever.   The  Administrative Agent shall be entitled to offset  amounts received for the account  of a Lender  under this Agreement against unpaid amounts due from such Lender to an L/C Issuer hereunder  (whether  as  fundings  of  participations,  indemnities  or  otherwise),  but shall  not  be  entitled  to  offset against amounts owed to an L/C Issuer by any Lender arising outside this Agreement.         (e) Obligations Absolute.   The Borrower’s obligation to reimburse L/C Obligations as  provided in  subsection (c) of  this Section 1.3 shall be  absolute, unconditional and irrevocable,  and shall be performed strictly in accordance with the terms of this Agreement and the relevant  Application  under  any  and  all  circumstances  whatsoever  and  irrespective  of  (i)  any  lack  of  validity  or  enforceability  of  any Letter  of  Credit  or  this  Agreement,  or  any  term  or  provision  therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged,  fraudulent  or invalid in  any respect  or  any statement therein being untrue or inaccurate in  any  respect, (iii) payment by an L/C Issuer under a Letter of Credit against presentation of a draft or  other document that does not strictly comply with the terms of such Letter of Credit, or (iv) any  other  event  or  circumstance  whatsoever,  whether  or  not  similar  to any  of  the  foregoing,  that  might, but for the provisions of this Section 1.3(e), constitute a legal or equitable discharge of, or  provide  a  right  of  setoff  against,  the  Borrower’s  obligations  hereunder.  None  of  the  Administrative Agent, the Lenders, or any L/C Issuer shall have any liability or responsibility by  reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or  failure to make any payment thereunder (irrespective of any of the circumstances referred to in  the  preceding  sentence),  or  any  error,  omission,  interruption,  loss  or  delay  in  transmission  or  delivery  of  any  draft, notice or  other  communication under or relating to any Letter of  Credit  (including any document required to make a drawing thereunder), any error in interpretation of  technical terms or any consequence arising from causes beyond the control of such L/C Issuer;  provided  that the foregoing shall not be construed to excuse an L/C Issuer from liability to the                                        -7-  

 

   Borrower to the extent of any direct damages (as opposed to consequential damages, claims in  respect of which are hereby waived by the Borrower to the extent permitted by applicable law)  suffered  by  the  Borrower  that  are  caused  by  such  L/C  Issuer’s  failure  to  exercise  care  when  determining whether drafts and other documents presented under a Letter of Credit comply with  the terms thereof.  The parties hereto expressly agree that, in the absence of gross negligence or  willful  misconduct  on  the  part  of  an  L/C  Issuer  (as  determined  by  a court  of  competent  jurisdiction by  a final and nonappealable judgment), such L/C  Issuer  shall  be  deemed to  have  exercised care in each such determination.  In furtherance of the foregoing and without limiting  the generality thereof, the parties agree that, with respect to documents presented which appear  on their face to be in substantial compliance with the terms of a Letter of Credit, the applicable  L/C  Issuer  may,  in  its  sole  discretion,  either  accept  and  make payment  upon  such  documents  without  responsibility  for  further  investigation,  regardless  of  any  notice  or  information  to  the  contrary, or refuse to accept and make payment upon such documents if such documents are not  in strict compliance with the terms of such Letter of Credit.         (f) Manner of Requesting a Letter of Credit.   The Borrower shall provide at least five  (5) Business Days’ advance written notice to the Administrative Agent and the applicable L/C  Issuer (or such shorter period of time agreed to by the applicable L/C Issuer) of each request for  the issuance of a Letter of Credit, such notice in each case to be accompanied by an Application  for such Letter of Credit properly completed and executed by the Borrower and, in the case of an  extension  or  amendment  or  an  increase  in  the  amount  of  a Letter  of  Credit,  a  written  request  therefor, in a form acceptable to the Administrative Agent and the applicable L/C Issuer, in each  case, together  with  the fees called for by this Agreement.  The  applicable L/C Issuer  shall be  entitled to assume that the conditions precedent to any such issuance, extension, amendment or  increase have been satisfied unless notified to the contrary by the Administrative Agent or the  Required Lenders, and such L/C Issuer shall promptly notify the Administrative Agent and the  Lenders of the issuance of the Letter of Credit so requested.          (g)  Replacement of an L/C Issuer .   Any  L/C  Issuer  may  be  replaced  at  any  time  by  written agreement among the Parent, the Borrower, the Administrative Agent, the replaced L/C  Issuer and the successor L/C Issuer.  The Administrative Agent shall notify the Lenders of any  such replacement of an L/C Issuer.  At the time any such replacement shall become effective, the  Borrower shall pay all unpaid fees accrued for the account of the replaced L/C Issuer.  From and  after the  effective date of  any such replacement (i) the  successor  L/C Issuer  shall have  all  the  rights and obligations of an L/C Issuer under this Agreement with respect to Letters of Credit to  be issued thereafter and (ii) references herein to the term “L/C Issuer”  shall be deemed to refer  to  such  successor  or  to  any  previous  L/C  Issuer,  or  to  such  successor  and  all  previous  L/C  Issuers,  as  the  context  shall  require.   After  the  replacement of  a  L/C  Issuer  hereunder,  the  replaced  L/C  Issuer  shall  remain  a  party  hereto  and  shall  continue to  have  all  the  rights  and  obligations of a L/C Issuer under this Agreement with respect to Letters of Credit issued by it  prior to such replacement, but shall not be required to issue additional Letters of Credit.        (h)  Applicability of ISP and UCP.  Unless otherwise expressly agreed by the applicable  L/C Issuer and the Borrower when a Letter of Credit is issued (i) the rules of the ISP shall apply  to  each  standby  Letter  of  Credit,  and  (ii)  the  rules  of  the  Uniform  Customs  and  Practice  for                                         -8-  

 

   Documentary Credits, as most recently published by the International Chamber of Commerce at  the time of issuance shall apply to each commercial Letter of Credit.         Section 1.4.  Applicable Interest Rates .  (a) Domestic Rate Loans.   Each Domestic Rate  Loan  made  or  maintained  by  a  Lender  shall  bear  interest  during  each  Interest  Period  it  is  outstanding (computed on the basis of a year of 365 or 366 days, as applicable, and actual days  elapsed) on the unpaid principal amount thereof from the date such Loan is advanced, continued  or created by conversion from a Eurocurrency Loan until maturity (whether by acceleration or  otherwise) at a rate per annum equal to the sum of the Applicable Margin plus  the Domestic Rate  from time to time in effect, payable on the last day of its Interest Period and at maturity (whether  by acceleration or otherwise).        (b)  Eurocurrency Loans.    Each  Eurocurrency  Loan  made  or  maintained  by  a  Lender  shall bear interest during each Interest Period it is outstanding (computed on the basis of a year  of  360  days  and  actual  days  elapsed  except  for  Eurocurrency  Loans  denominated  in  Pounds  Sterling which shall be computed on the basis of a year of 365 days and actual days elapsed) on  the unpaid principal amount thereof from the date such Loan is advanced, continued, or created  by conversion from a Domestic Rate Loan until maturity (whether by acceleration or otherwise)  at  a  rate  per  annum  equal  to  the  sum  of  the  Applicable  Margin plus   the  Adjusted  LIBOR  applicable for such Interest Period, payable on the last day of the Interest Period and at maturity  (whether by acceleration or otherwise), and, if the applicable Interest Period is longer than three  months,  on  each  day  occurring  every  three  months  after  the  commencement  of  such  Interest  Period.         (c) Rate Determinations.  The Administrative Agent shall determine each interest rate  applicable  to  the  Loans,  and  a  reasonable  determination  thereof  by  the  Administrative  Agent  shall be conclusive and binding except in the case of manifest error or willful misconduct.  The  Original  Dollar  Amount  of  each  Eurocurrency  Loan  denominated  in  an  Alternative  Currency  shall be determined or redetermined, as applicable, effective as of the first day of each Interest  Period applicable to such Loan.        Section 1.5.  Minimum Borrowing Amounts .   Each  Borrowing  of  Domestic  Rate  Loans  advanced under a Facility (other than Swingline Loans, which are subject to Section 1.2 hereof)  shall  be  in  an  amount  not  less  than  $1,000,000  and  in  integral  multiples  of $100,000.   Each  Borrowing of Eurocurrency Loans advanced under a Facility shall be in an amount not less than  an  Original  Dollar  Amount  of  $3,000,000  and  in  integral  multiples  of  100,000  units  of  the  relevant  currency  as  would  have  the  Original  Dollar  Amount  most  closely  approximating  $100,000 or an integral multiple thereof.        Section 1.6.  Manner of Borrowing Loans and Designating Interest Rates Applicable to  Loans .   (a)  Notice  to  the  Administrative  Agent .   The  Borrower  shall  give  notice  to  the  Administrative Agent by no later than (i) 12:00 noon (Chicago time) at least four (4) Business  Days  before the date  on which the Borrower requests the Lenders to advance a Borrowing  of  Eurocurrency Loans denominated in an Alternative Currency, (ii) 12:00 noon (Chicago time) at  least  three  (3)  Business  Days  before  the  date  on  which  the  Borrower  requests  the  Lenders  to  advance a Borrowing of Eurocurrency Loans denominated in U.S. Dollars and (iii) 12:00 noon                                        -9-  

 

   (Chicago time) on the date on which the Borrower requests the Lenders to advance a Borrowing  of Domestic Rate Loans.  The Loans included in each Borrowing shall bear interest initially at  the type of rate specified in such notice of a new Borrowing.  Thereafter, subject to the terms and  conditions hereof, the Borrower may from time to time elect to change or continue the type of  interest rate borne by each Borrowing or, subject to the minimum amount requirement for each  outstanding Borrowing contained in Section 1.5 hereof, a portion thereof, as follows:  (i) if such  Borrowing is of Eurocurrency Loans, on the last day of the Interest Period applicable thereto, the  Borrower  may  continue  part  or  all  of  such  Borrowing  as  Eurocurrency  Loans  for  an  Interest  Period  or  Interest  Periods  specified  by  the  Borrower  or,  if  such  Eurocurrency  Loan  is  denominated in U.S. Dollars, convert part or all of such Borrowing into Domestic Rate Loans,  (ii)  if  such  Borrowing  is  of  Domestic  Rate  Loans,  on  any  Business Day,  the  Borrower  may  convert all or part of such Borrowing into Eurocurrency Loans denominated in U.S. Dollars for  an  Interest  Period  or  Interest  Periods  specified  by  the  Borrower.   The  Borrower  shall  give  all  such  notices  requesting  the  advance,  continuation,  or  conversion  of  a  Borrowing  to  the  Administrative  Agent  by  telephone,  telecopy  or other  telecommunication  device  acceptable  to  the  Administrative  Agent  (which  notice  shall  be  irrevocable  once  given  and,  if  by  telephone,  shall  be  promptly  confirmed  in  writing  in  a  manner  acceptable  to  the  Administrative  Agent),  substantially  in  the  form  attached  hereto  as  Exhibit  A  (Notice  of  Borrowing)  or  Exhibit  B  (Notice  of  Continuation/Conversion),  as  applicable,  or  in  such  other  form  acceptable  to  the  Administrative  Agent.   Notices  of  the  continuation  of  a  Borrowing  of  Eurocurrency  Loans  denominated in U.S. Dollars for an additional Interest Period or of the conversion of part or all of  a Borrowing of Eurocurrency Loans denominated in U.S. Dollars into Domestic Rate Loans or of  Domestic  Rate  Loans  into  Eurocurrency  Loans  must  be  given  by  no  later  than  12:00  noon  (Chicago time) at least three (3) Business Days before the date of the requested continuation or  conversion.  Notices of the continuation of a Borrowing of Eurocurrency Loans denominated in  an Alternative Currency must be given no later than 12:00 noon (Chicago time) at least four (4)  Business  Days  before  the  requested  continuation.   All  such  notices  concerning  the  advance,  continuation,  or  conversion  of  a  Borrowing  shall  specify  the  date  of  the  requested  advance,  continuation or conversion of a Borrowing (which shall be a Business Day), the amount of the  requested  Borrowing  to  be  advanced,  continued,  or  converted,  the  type  of Loans  to  comprise  such  new,  continued  or  converted  Borrowing  and,  if  such  Borrowing  is  to  be comprised  of  Eurocurrency  Loans,  the  currency  and  Interest  Period  applicable  thereto.   Upon  notice  to  the  Borrower by the Administrative Agent, acting at the request or with the consent of the Required  Lenders (or, in the case of an Event of Default under Section 8.1(f) or 8.1(g) hereof with respect  to  the  Borrower  or  Parent,  without  notice),  no  Borrowing  of  Eurocurrency  Loans  shall  be  advanced,  continued,  or  created  by  conversion  if  any  Default  or  Event  of  Default then  exists  "" The Borrower agrees that the Administrative Agent may rely on any such telephonic, telecopy or  other  telecommunication  notice  given  by  any  person  the  Administrative  Agent in  good  faith  believes is an Authorized Representative without the necessity of independent investigation, and  in  the  event  any  such  notice  by  telephone  conflicts  with  any  written  confirmation,  such  telephonic notice shall govern if the Administrative Agent has acted in reliance thereon.        (b)  Notice to the Lenders .   The  Administrative  Agent  shall  give  prompt  telecopy  or  other  telecommunication  notice  to  each  Lender  of  any  notice  from  the  Borrower  received  pursuant to Section 1.6(a) above.  The Administrative Agent shall give notice to the Borrower  and each Lender by like means of the interest rate applicable to each Borrowing of Eurocurrency                                       -10-  

 

   Loans and, if such Borrowing is denominated in an Alternative Currency, shall give notice by  such means to the Borrower and each Lender of the Original Dollar Amount thereof.         (c) Borrower’s Failure to Notify .  Any outstanding Borrowing of Domestic Rate Loans  shall, subject to Section 6.2 hereof, automatically be continued for an additional Interest Period  on  the  last  day  of  its  then  current  Interest  Period  unless  the  Borrower  has  notified  the  Administrative  Agent  within  the  period  required  by  Section  1.6(a)  hereof  that  it  intends  to  convert such Borrowing into a Borrowing of Eurocurrency Loans or notifies the Administrative  Agent  within  the  period  required  by  Section  1.9(a)  hereof  that  it  intends  to  prepay  such  Borrowing.   If  the  Borrower  fails  to  give  notice  pursuant  to  Section  1.6(a)  hereof  of  the  continuation or conversion of any outstanding principal amount of a Borrowing of Eurocurrency  Loans denominated in U.S. Dollars before the last day of its then current Interest Period within  the period required by Section 1.6(a) hereof and has not notified the Administrative Agent within  the  period  required  by  Section  1.9(a)  hereof  that  it  intends  to  prepay such  Borrowing,  such  Borrowing shall automatically be converted into a Borrowing of Domestic Rate Loans, subject to  Section 6.2 hereof.  If the Borrower fails to give notice pursuant to Section 1.6(a) above of the  continuation  of  any  outstanding  principal  amount  of  a  Borrowing  of  Eurocurrency  Loans  denominated  in  an  Alternative  Currency  before  the  last  day  of  its  then  current  Interest  Period  within the period required by Section 1.6(a) hereof and has not notified the Administrative Agent  within  the  period  required  by  Section  1.9(a)  hereof  that  it  intends  to  prepay  such  Borrowing,  such Borrowing shall automatically be continued as a Borrowing of Eurocurrency Loans in the  same Alternative Currency with an Interest Period of one month, subject to Section 6.2 hereof,  including the application of Section 1.4 hereof and of the restrictions contained in the definition  of Interest Period.          (d)  Disbursement of Loans .  Not later than 11:00 a.m. (Chicago time) on the date of any  requested  advance  of  a  new  Borrowing  of  Eurocurrency  Loans,  and  not  later than  2:00  p.m.  (Chicago  time)  on  the  date  of  any  requested  advance  of  a  new  Borrowing of  Domestic  Rate  Loans  (other  than  Domestic  Rate  Loans  the  proceeds  of  which  are used  to  repay  Swingline  Loans), subject to Section 6 hereof, each Lender shall make available its Loan comprising part of  such  Borrowing  in  funds  immediately  available  at  the  principal  office  of  the  Administrative  Agent  in  Chicago,  Illinois,  except  that  if  such  Borrowing  is  denominated in  an  Alternative  Currency each Lender shall, subject  to Section 1.4(c) and Section  6 hereof, make available  its  Loan  comprising  part  of  such  Borrowing  at  such  office  as  the  Administrative  Agent  has  previously  specified  in  a  notice  to  each  Lender,  in  such  funds  as  are then  customary  for  the  settlement of international transactions in such currency and no later than such local time as is  necessary for such funds to be received and transferred to the Borrower for same day value on  the  date  of  the  Borrowing.   The  Administrative  Agent  shall  make  available  to  the  Borrower  Loans  denominated  in  U.S.  Dollars at the Administrative Agent’s principal office  in  Chicago,  Illinois  and  Loans  denominated  in  Alternative  Currencies  at  such  office  as  the  Administrative  Agent has previously agreed to with the Borrower, in each case in the type of funds received by  the Administrative Agent from the Lenders.         (e) Administrative  Agent  Reliance  on  Lender  Funding.    Unless  the  Administrative  Agent  shall  have been notified  by a Lender  before the date or,  in the case of a Borrowing  of  Domestic Rate Loans  prior to 1:00 p.m. (Chicago time) on the date, on which  such Lender  is                                       -11-  

 

   scheduled to make payment to the Administrative Agent of the proceeds of a Loan (which notice  shall  be  effective  upon  receipt)  that  such  Lender  does  not  intend  to  make  such  payment,  the  Administrative Agent may assume that such Lender has made such payment when due and the  Administrative Agent may in reliance upon such assumption (but shall not be required to) make  available to the Borrower the proceeds of the Loan to be made by such Lender and, if any Lender  has not in fact made such payment to the Administrative Agent, such Lender shall, on demand,  pay to the Administrative Agent the amount made available to the Borrower attributable to such  Lender together with interest thereon in respect of each day during the period commencing on  the date such amount was made available to the Borrower and ending on (but excluding) the date  such Lender pays such amount to the Administrative Agent at a rate per annum equal to (i) from  the date the related advance was made by the Administrative Agent to the date two (2) Business  Days after payment by such Lender is due hereunder, the Federal Funds Rate for each such day  or, in the case of a Loan denominated in an Alternative Currency, the cost to the Administrative  Agent  of  funding  the  amount  it  advanced  to  fund  such  Lender’s  Loan,  as  determined  by  the  Administrative Agent and (ii) from the date two (2) Business Days after the date such payment is  due from such Lender to the date such payment is made by such Lender, the Domestic Rate in  effect for each such day or, in the case of a Loan denominated in an Alternative Currency, the  rate established by Section 1.10(b) hereof for Eurocurrency Loans denominated in such currency.   If such amount is not received from such Lender by the Administrative Agent immediately upon  demand, the Borrower will, on demand, repay to the Administrative Agent the proceeds of the  Loan attributable to such Lender with interest thereon at a rate per annum equal to the interest  rate applicable to the relevant Loan, but without such payment being considered a payment or  prepayment  of  a  Loan  under  Section  1.12  hereof,  so  that  the  Borrower  will  have  no  liability  under  such  Section  with  respect  to  such  payment.   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.        Section 1.7.  Interest Periods .  As  provided in Sections  1.2(d) and 1.6(a) hereof,  at  the  time of each request to advance, continue, or create by conversion a Borrowing of Eurocurrency  Loans or Swingline Loans, as applicable, the Borrower shall select an Interest Period applicable  to such Loans from among the available options.  The term “Interest Period”  means the period  commencing on the date a Borrowing of Loans is advanced, continued, or created by conversion  and ending:  (a) in the case of Domestic Rate Loans, on the last day of the calendar quarter in  which such Borrowing is advanced, continued, or created by conversion (or on the last day of the  following quarter if such Loan is advanced, continued or created by conversion on the last day of  a calendar quarter), (b) in the case of Eurocurrency Loans, 1, 2, 3, 6, or, if available to all the  Lenders,  12  months  thereafter,  and  (c)  in  the  case  of  Swingline Loans,  on  the  date,  as  the  Borrower may select, one (1) to five (5) days thereafter; provided, however, that:                (a)  any Interest Period for a Borrowing of Loans consisting of Domestic Rate        Loans that otherwise would end after the Termination Date shall end on the Termination        Date;               (b)   whenever the last day of any Interest Period would otherwise be a day that        is not a Business Day, the last day of such Interest Period shall be extended to the next        succeeding Business Day, provided  that, if such extension would cause the last day of an                                       -12-  

 

         Interest Period for a Borrowing of Eurocurrency Loans to occur in the following calendar        month, the last day of such Interest Period shall be the immediately preceding Business        Day;                 (c)  for  purposes  of  determining  an  Interest  Period  for  a  Borrowing of        Eurocurrency Loans, a month means a period starting on one day in a calendar month and        ending  on  the  numerically  corresponding  day  in  the  next  calendar  month; provided,        however , that if there is no numerically corresponding day in the month in which such an        Interest Period is to end or if such an Interest Period begins on the last Business Day of a        calendar  month,  then  such  Interest  Period  shall  end  on  the  last  Business  Day  of  the        calendar month in which such Interest Period is to end; and               (d)   no  Interest  Period  with  respect  to  any  portion  of  the  Term Loans  shall        extend beyond a date on which the Borrower is required to make a scheduled payment of        principal on such Term Loans, as applicable, unless the sum of (a) the aggregate principal        amount  of  such  Term  Loans,  as  applicable,  that are  Domestic  Rate  Loans plus (b)  the        aggregate  principal  amount  of  such  Term  Loans,  as  applicable,  that  are  Eurocurrency        Loans  with  Interest  Periods  expiring  on  or  before  such  date  equals  or  exceeds  the        principal  amount to  be paid on the such   Term Loans,  as applicable,  on such payment        date.        Section 1.8.  Maturity of Loans .  Each Revolving Loan shall mature and become due and  payable  by  the  Borrower  on  the  Termination  Date.   Each  Swingline  Loan  shall  mature  and  become  due  and  payable  on  the  earlier  of  (i)  the  last  day  of  its Interest  Period  and  (ii)  the  Termination Date.        Section 1.9.  Prepayments .  (a) Optional .  The Borrower may prepay without premium or  penalty and in whole or in part (but, if in part, then:  (i) if such Borrowing is of Domestic Rate  Loans,  in  an  amount  not less  than $500,000, (ii)  if  such  Borrowing  is  of Eurocurrency  Loans  denominated in U.S. Dollars, in an amount not less than $1,000,000, (iii) if such Borrowing is  denominated in an Alternative Currency, an amount for which the U.S. Dollar Equivalent is not  less  than  $1,000,000  and  (iv)  in  an  amount  such  that  the  minimum  amount required  for  a  Borrowing pursuant to Section 1.5 hereof remains outstanding) any Borrowing of Eurocurrency  Loans upon three (3) (or, if such Borrowing is denominated in a Alternative Currency four (4))  Business  Day’s  prior  notice  to  the  Administrative  Agent  or,  in  the case  of  a  Borrowing  of  Domestic  Rate  Loans,  notice  delivered  to  the  Administrative  Agent  no  later  than  12:00  noon  (Chicago time) on the date of prepayment, such prepayment to be made by the payment of the  principal amount to be prepaid and, in the case of a prepayment of a Eurocurrency Loan, accrued  interest  thereon  to  the  date  fixed  for  prepayment; provided   that  in  the  case  of  any  such  prepayment of any Term Loans, Swingline Loans or Eurocurrency Loans, such prepayment shall  be accompanied by accrued interest thereon to the date fixed for prepayment  plus amounts owing  under  Section  1.12  hereof; provided further  that any  amounts  not repaid  on  the  date fixed  for  prepayment  shall  be  converted  (subject  to  Sections  1.5  and  6.2  hereof)  into  a  Borrowing  of  Domestic Rate Loans.  The Administrative Agent will promptly advise each Lender of any such  prepayment notice it receives from the Borrower.                                          -13-  

 

        (b)  Mandatory .   (i)  If  on  any  March  31,  June  30,  September  30  or  December  31  occurring  after  the  date  hereof  the  sum  of  (a)  the  U.S.  Dollar  Equivalent  of  all  outstanding  Revolving  Loans  hereunder,  (b)  the  aggregate  Original  Dollar  Amount  of  all  outstanding  Swingline Loans hereunder, and (c) the U.S. Dollar Equivalent of all L/C Obligations exceeds  the  Revolving  Credit  Commitments  as  then  in  effect,  the  Borrower  shall  immediately  prepay  Revolving Loans and, if necessary, prefund L/C Obligations in an aggregate amount such that  after giving effect thereto the sum of (A) the U.S. Dollar Equivalent of all outstanding Revolving  Loans hereunder, (B) the aggregate Original Dollar Amount of all outstanding Swingline Loans  hereunder, and (C) the U.S. Dollar Equivalent of all outstanding L/C Obligations is less than or  equal to the Revolving Credit Commitments as then in effect.        (ii)  The Borrower shall, on each date the Revolving Credit Commitments are reduced  pursuant to Section 1.13 hereof, prepay the Revolving Loans and, if necessary, prefund the L/C  Obligations by the amount, if any, necessary to reduce the sum of the aggregate Original Dollar  Amount  of  all  Revolving  Loans  and  Swingline  Loans  and  U.S.  Dollar  Equivalent  of  all  L/C  Obligations then outstanding to the amount to which the Revolving Credit Commitments have  been so reduced.         (c) Term Loans .  No amount of the Term Loans paid or prepaid may be reborrowed,  and,  in the  case  of any  partial prepayment, such prepayment shall be applied to  the remaining  payments on the relevant Loans as set forth in the applicable Incremental Amendment.       Section 1.10.  Default Rate .  Notwithstanding anything to the contrary contained herein, if  any principal of  or interest on any Loan  or any fee or  other amount payable by the Borrower  hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such  overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to:                (a)  for  any  Domestic  Rate  Loan,  the  sum  of  two  percent  (2%) plus   the        Domestic Rate from time to time in effect plus  the Applicable Margin for Domestic Rate        Loans;                (b)   for any Eurocurrency Loan, the sum of two percent (2%) plus  the rate of        interest in effect thereon at the time of such default until the end of the Interest Period        applicable thereto and, thereafter, if such Loan is denominated in U.S. Dollars, at a rate        per  annum equal  to the sum  of two percent  (2%) plus  the  Domestic Rate  from  time  to        time in effect plus  the Applicable Margin for  Domestic Rate Loans or, if such Loan  is        denominated  in  an  Alternative  Currency,  at  a  rate  per  annum  equal  to  the  sum  of  the        Eurocurrency  Margin, plus   two  percent  (2%) plus   the  rate  of  interest  per  annum  as        determined  by  the  Administrative  Agent  (rounded  upwards,  if  necessary, to  the  next        higher  one  hundred-thousandth  of  a  percentage  point)  at  which  overnight  or  weekend        deposits (or, if such amount due remains unpaid more than three Business Days, then for        such other  period of time  not longer  than one month  as the Administrative Agent may        elect  in  its  absolute  discretion)  of  the  relevant  Alternative  Currency  for  delivery  in        immediately  available  and  freely  transferable  funds  would  be  offered  by  the        Administrative Agent to major banks in the interbank market upon request of such major        banks for the applicable period as determined above and in an amount comparable to the                                       -14-  

 

         unpaid principal amount of any such Eurocurrency Loan (or, if the Administrative Agent        is not placing deposits in such currency in the interbank market, then the Administrative        Agent’s cost of funds in such currency for such period);                (c)  for any Swingline Loan, the sum of 2% plus  the rate of interest in effect        thereon at the time of such default until the end of the Interest Period applicable thereto        and, thereafter, at a rate per annum equal to 2% plus  the Applicable Margin for Domestic        Rate Loans plus  the Domestic Rate from time to time in effect;               (d)   for any Reimbursement Obligation, the sum of 2.0% plus  the amounts due        under Section 1.3 hereof with respect to such Reimbursement Obligation;                 (e)  for any Letter of Credit, the sum of 2.0% plus  the letter of credit fee due        under Section 2.1 hereof with respect to such Letter of Credit; and                (f)  for any other amount owing hereunder not covered by clauses (a) through        (e) above, the sum of 2% plus  the Applicable Margin plus  the Domestic Rate from time        to time in effect.   provided, however,  that in the absence of acceleration, any adjustments pursuant to this Section  1.10 shall be made at the election of the Administrative Agent, acting at the request or with the  consent  of  the  Required  Lenders,  with  written  notice  to  the  Borrower.   While  any  Event  of  Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent  at the request or with the consent of the Required Lenders.       Section 1.11.  Evidence  of  Indebtedness;  Notes .   (a)   Each  Lender  shall  maintain  in  accordance  with  its  usual  practice  an  account  or  accounts  evidencing the  indebtedness  of  the  Borrower  to  such  Lender  resulting  from  each  Loan  made  by  such  Lender  from  time  to  time,  including  the amounts of principal and interest  payable  and paid  to  such Lender  from time to  time hereunder.        (b)  The Administrative Agent shall also maintain accounts in which it will record (i) the  amount  of  each  Loan  made  hereunder,  the  type  thereof  and  the  Interest  Period  with  respect  thereto,  (ii)  the  amount  of  any  principal  or  interest  due  and  payable  or  to  become  due  and  payable from the Borrower to each Lender hereunder and (c) the amount of any sum received by  the Administrative Agent hereunder from the Borrower and each Lender’s share thereof.         (c)  The entries maintained in the  accounts maintained pursuant to paragraphs (a)  and  (b) above shall be prima facie  evidence of the existence and amounts of the Obligations therein  recorded; provided,  however, that  the  failure  of  the  Administrative  Agent  or  any  Lender  to  maintain such accounts or any error therein shall not in any manner affect the obligation of the  Borrower to repay the Obligations in accordance with their terms.        (d)  Any Lender may request that its Loans be evidenced by a Note or Notes.  In such  event, the Borrower shall prepare, execute and deliver to such Lender a Note or Notes payable to  the  order  of  such  Lender  in  a  form  supplied  by  the  Administrative  Agent and  reasonably                                       -15-  

 

   acceptable to the Borrower.  Thereafter, the Loans evidenced by such Note or Notes and interest  thereon shall at all times (including after any assignment pursuant to Section 12.12 hereof) be  represented by one or more Notes payable to the payee named therein or any registered assignee  permitted pursuant to Section 12.12 hereof except to the extent that any such Lender or assignee  subsequently returns any such Note for cancellation and requests that such Loans once again be  evidenced as described in subsections (a) and (b) above.       Section 1.12.  Funding Indemnity .   If  any  Lender  shall  incur  any  loss,  cost  or  expense  (including, without limitation, any loss, cost or expense incurred by reason of the liquidation or  re-employment  of  deposits  or  other  funds  acquired  by  such  Lender  to  fund  or maintain  any  Eurocurrency  Loan  or  Swingline  Loan  or  the  relending  or  reinvesting  of  such  deposits  or  amounts paid or prepaid to such Lender) as a result of:                (a)  any payment, prepayment or conversion of a Eurocurrency Loan or        Swingline Loan on a date other than the last day of its Interest Period,               (b)   any failure (because of a failure to meet the conditions of Section 6        hereof or otherwise) by the Borrower to borrow or continue a Eurocurrency Loan or        Swingline Loan, or to convert a Domestic Rate Loan into a Eurocurrency Loan, on        the date specified in a notice given pursuant to Section 1.6(a) hereof or established        pursuant to Section 1.6(c) hereof,                (c)  any  failure  by  the  Borrower  to  make  any  payment  of  principal on        any Eurocurrency Loan  or Swingline Loan when due  (whether by  acceleration or        otherwise), or               (d)   any  acceleration  of  the  maturity  of  a  Eurocurrency  Loan  or        Swingline Loan as a result of the occurrence of any Event of Default hereunder,   then, upon the demand of such Lender, the Borrower shall pay to such Lender such amount as  will reimburse such Lender for such loss, cost or expense.  If any Lender makes such a claim for  compensation,  it  shall  provide  to  the  Borrower,  with  a  copy  to  the  Administrative  Agent,  a  certificate executed by an officer of such Lender setting forth the amount of such loss, cost or  expense  in  reasonable  detail (including  an explanation of the basis for and the  computation  of  such loss, cost or expense) and the amounts shown on such certificate if reasonably calculated  shall be conclusive absent manifest error.       Section 1.13.  Commitment Terminations .   (a)  The  Borrower  shall  have  the  right  at  any  time  and  from  time  to  time,  upon  five  (5)  Business  Days’  prior  written  notice  to  the  Administrative Agent (or such shorter period of time agreed  by  the Administrative Agent),  to  terminate the Revolving Credit Commitments without premium or penalty, in whole or in part,  any partial termination to be in an amount not less than $5,000,000, provided  that the Revolving  Credit Commitments may not be reduced to an amount less than the sum of the Original Dollar  Amount of all Revolving Loans and Swingline Loans and the U.S. Dollar Equivalent of all L/C  Obligations then outstanding.  The Borrower shall have the right at any time and from time to  time,  by notice to  the Administrative Agent, to reduce or terminate the  L/C   Sublimit  without                                       -16-  

 

   premium or penalty, in whole or in part ; provided that  the L/C Sublimit may not be reduced to an  amount  less  than  the  U.S.  Dollar  Equivalent  of  all  L/C  Obligations  then  outstanding.  The  Borrower shall have the right at any time and from time to time, by notice to the Administrative  Agent, to reduce or terminate the Swingline Sublimit without premium or penalty, in whole or in  part; provided  that   the  Swingline  Sublimit  may  not  be  reduced  to  an  amount  less  than  the  aggregate principal amount of the Swingline Loans then outstanding.  Any such termination of  the L/C  Sublimit or the Swingline Sublimit shall not reduce the Revolving Credit Commitments  unless the Borrower elects to do so in the manner provided above.        (b)  The Administrative Agent shall give prompt notice to each Lender pursuant to this  Section  1.13  of  any  termination  of  Revolving  Credit  Commitments.  Any  such  termination  of  Revolving Credit Commitments (i) shall be allocated ratably among the Lenders in proportion to  their  respective  Revolver  Percentages  and  (ii)  may  not  be  reinstated.   Any  termination  of  the  Revolving Credit Commitments to an aggregate amount less than the L/C Sublimit then in effect  shall reduce the L/C Sublimit to an amount equal to the Revolving Credit Commitments.  Any  termination  of  the  Revolving  Credit  Commitments  to  an  aggregate  amount  less  than  the  Swingline Sublimit then in effect shall reduce the Swingline Sublimit to an amount equal to the  Revolving Credit Commitments.       Section 1.14.  Substitution of Lenders .  In the event (a) the Borrower receives a claim from  any Lender for compensation under Section 9.3 or 12.1 hereof, (b) the Borrower receives notice  from  any  Lender  of  any  illegality  pursuant  to  Section  9.1  hereof,  (c)  any  Lender  is  then  a  Defaulting Lender, or (d) a Lender fails to consent to an amendment or waiver requested under  Section 12.13  hereof at a time  when the  Required Lenders have approved such amendment  or  waiver (any such Lender referred to in clause (a), (b), (c), or (d) above being hereinafter referred  to as an “Affected Lender” ), the Borrower may, in addition to any other rights the Borrower may  have  hereunder  or  under  applicable  law,  require,  at  its  expense,  any  such  Affected  Lender  to  assign,  at  par plus   accrued  interest  and  fees,  without  recourse,  all  of  its  interest,  rights,  and  obligations  hereunder  (including  all  of  its  Revolving  Credit  Commitment and  the  Loans  and  participation interests in Letters of Credit and Swingline Loans and other amounts at any time  owing  to  it  hereunder  and  the  other  Credit  Documents  but  excluding  its existing  rights  to  payments pursuant to Section 9.3, Section 12.1 or Section 12.15 hereof) to an Eligible Assignee  specified by the Borrower, provided  that:                 (i)  the Borrower shall have paid to the Administrative Agent the assignment        fee (if any) specified in Section 12.12 hereof;                (ii)  such  Lender  shall  have  received  payment  of  an  amount  equal  to  the        outstanding  principal  of  its  Loans  and  funded  participations  in  L/C  Obligations  and        Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to        it hereunder and under the other Credit Documents (including all amounts under Sections        9.3 and 12.1 hereof and any amounts under Section  12.15 hereof and any amounts under        Section 1.12 hereof as if the Loans owing to it were prepaid rather than assigned) from        the assignee (to the extent of such outstanding principal and accrued interest and fees) or        the Borrower (in the case of all other amounts);                                        -17-  

 

               (iii)  in  the  case  of  any  such  assignment  resulting  from  a  claim  for        compensation  under  Section  9.3  hereof  or  payments  required  to  be  made  pursuant  to        Section 12.1 hereof, such assignment will result in a reduction in such compensation or        payments thereafter;               (iv)  such assignment does not conflict with applicable law; and               (v)   in  the  case  of  any  assignment  resulting  from  a  Lender  becoming  a        Non-Consenting  Lender, the  applicable assignee shall have consented  to the applicable        amendment, waiver or consent.         A  Lender  shall  not  be  required  to  make  any  such  assignment  or  delegation  if,  prior  thereto,  as  a  result  of  a  waiver  by  such  Lender  or  otherwise,  the  circumstances  entitling  the  Borrower to require such assignment and delegation cease to apply.       Section 1.15.  Increase  in  Revolving  Credit  Commitments  and  New  Term  Loans .   The  Borrower may, on any Business Day after the Effective Date and prior to the Termination Date  (without  the  consent  of  any  Lender)  increase  the  aggregate  amount  of  the  Revolving  Credit  Commitments  and/or  borrow  one  or  more  term  loans  under  this  Agreement (the “New Term  Loans” ) by delivering an Increase Request substantially in the form attached hereto as Exhibit F  (or in such other form reasonably acceptable to the Administrative Agent) to the Administrative  Agent at least five (5) Business Days prior to the desired effective date of such increase of the  Revolving Credit Commitments or the making of such new term loan(s) (each an “Increase” ).   The Increase Request shall identify additional Lenders (which additional Lenders shall be subject  to the consents and the other restrictions, in each case, as set forth in Section 12.12 hereof to the  same  extent  as  if  such  additional  Lenders  were  an  assignee  hereunder)  and/or  increased  Revolving  Credit  Commitments  or  New Term  Loans  of  existing Lender(s)  and  the  amount  of  each  such  Lender’s  Revolving  Credit  Commitment  or  New  Term  Loan  commitment,  as  applicable; provided, however , that:               (i)   the aggregate  amount of all  Increases  in respect of the Revolving  Credit        Commitments plus   the  aggregate  principal  amount  of  all  Increases  in  respect  of  New        Term Loans  shall not  exceed the sum of $1,000,000,000 plus  the aggregate  amount  of        any prepayment or repayment of New Term Loans; provided, further  that the amount of        any such Increase in respect of (x) additional Revolving Credit Commitments shall be in        an  amount  not  less  than  $10,000,000  (or  such  lesser  amount  then  agreed  to  by  the        Administrative  Agent)  and  (y)  New  Term  Loans  shall  be  in  an  amount not  less  than        $20,000,000 (or such lesser amount then agreed to by the Administrative Agent),                (ii)  no Default or Event of Default has occurred and is continuing immediately        prior to, or after giving effect to the Revolving Loans or New Term Loans made pursuant        to such Increase, subject to the provisions of Section 4.4 hereof in the case of any New        Term  Loan  the  proceeds  of  which  will  be  used  to  finance  a  Limited  Condition        Acquisition,                                        -18-  

 

               (iii)  all representations and warranties contained in Section 5 hereof  shall be        true  and correct  at  the  time  of such request and on the  effective date of such Increase,        subject  to the provisions of  Section  4.4 hereof  in the case  of any New Term Loan  the        proceeds of which will be used to finance a Limited Condition Acquisition,               (iv)  prior to the effectiveness of any Increase, the Administrative Agent shall        have  received  a  copy,  certified  by  the  secretary or  assistant  secretary  of  the Parent,  of        resolutions of the Parent’s board of directors authorizing the amount of such Increase,               (v)   in the case of a New Term Loan, the Borrower and its Subsidiaries will be        in pro forma  compliance (after giving effect to such New Term Loan) with all financial        covenants specified in Section 7.15 and 7.16 hereof as of the last day of the most recently        completed  calendar  quarter  for  which  financial  statements  are  available,  subject  to  the        provisions of Section 4.4 hereof in the case of any New Term Loan the proceeds of which        will be used to finance a Limited Condition Acquisition,                (vi)  in  the  case  of  an  Increase  in  the  aggregate  Revolving  Credit        Commitments,  the  Borrower  shall  not  have  terminated  any  portion  of  the  Revolving        Credit Commitments pursuant to Section 1.13 hereof, and               (vii)  the  proceeds  of  any  Borrowing  of  an  Increase  shall  be  used  solely  as        provided in Section 7.10 hereof.   The effective date (the “Increase Date” ) of the Increase shall be the date the New Term Loans  are funded or the Revolving Credit Commitments are increased.  With respect to an Increase in  the Revolving Credit Commitments as described above, on the Increase Date, the new Lender(s)  (or,  if  applicable,  existing  Lender(s))  with  a  Revolving  Credit  Commitment  shall  advance  Revolving  Loans,  as  applicable,  in  an  amount  sufficient  such  that  after  giving  effect  to  such  advance(s) or loan(s)  and the prepayment of Loans by any Lender(s) whose Revolving  Credit  Commitment  is  not  increased,  each  Lender  shall  have  outstanding  its Revolver  Percentage  of  Revolving  Loans,  as  applicable.   It  shall  be  a  condition  to  such  effectiveness  that  if  any  Eurocurrency Loans are outstanding under the Revolving Credit on the date of such effectiveness  of an Increase in the Revolving Credit Commitments, such Eurocurrency Loans shall be deemed  to  be  prepaid  on  such  date  (to  the  minimum  extent  necessary  to  allocate  such  outstanding  Eurocurrency  Loans  in  accordance  with  the  Revolver  Percentage  of  each  Lender  after  giving  effect  to  the  related  Increase)  and  the  Borrower shall  pay  any  amounts  owing  to  the  Lenders  pursuant  to  Section  1.12  hereof.  The  Borrower agrees  to  pay  all reasonable  and  documented  out-of-pocket  costs  and  expenses  of  the  Administrative  Agent  relating  to  any  Increase  in  accordance  with  Section  12.15  hereof.   Notwithstanding  anything  herein  to  the  contrary,  no  Lender shall have any obligation to increase its Revolving Credit Commitment or make a New  Term Loan and no Lender’s Revolving Credit Commitment shall be increased without its written  consent thereto, and each Lender may at its option, unconditionally and without cause, decline to  increase  its  Revolving  Credit  Commitment  or  make  New  Term  Loans.   For  the  avoidance  of  doubt,  all  Revolving  Loans  made  pursuant  to  an  Increase,  and  the  Revolving  Credit  Commitments in connection therewith, shall be made on and subject to the terms and conditions  applicable to all other Revolving Loans and Revolving Credit Commitments hereunder.                                       -19-  

 

         The New Term Loans (a) shall have a final maturity date no earlier than the Termination  Date, provided that, at the election of the Borrower,  New Term Loans in an aggregate principal  amount  not  to  exceed  $500,000,000  at  any  one  time  outstanding  shall  not  be  subject  to  this  clause (a), (b) shall amortize  as  agreed between the Borrower and the Lenders providing  such  New Term Loan, and (c) shall otherwise be made on and subject to terms, taken as a whole, not  materially  more  favorable  to  the  Lenders  advancing  the  New  Term  Loans  (other  than  in  connection  with  pricing,  fees,  scheduled  amortization  and  customary  mandatory  prepayment  terms) than those applicable to the Revolving Loans, provided  that delivery to the Administrative  Agent  at  least five  Business  Days  prior  to  the  incurrence  of  such  New Term  Loan  (or,  at  the  option  of  the  Borrower,  five  Business  Days  prior  to  the  execution  of  a  commitment  letter  or  engagement letter with respect to a New Term Loan) of a certificate from a Responsible Officer  (together with a reasonably detailed description of the material terms and conditions of such New  Term  Loan  or  drafts  of  the  documentation  relating  thereto)  certifying  that  the  Borrower  has  determined in good faith that such terms and conditions comply with clause (c) above shall be  conclusive  evidence  that  such  terms  and  conditions  comply  with  clause  (c)  above  unless  the  Administrative  Agent  notifies  the  Borrower  within  such  five  Business  Day  period  that  it  disagrees with such determination (including a reasonable description of the basis upon which it  disagrees).         The  Borrower  may  request  from  the  Administrative  Agent  confirmation  that  the  New  Term Loans comply with clause (c) above by delivering to the Administrative Agent a certificate  from  a  Responsible  Officer  to  the  effect  that  the  terms  of  the  New  Term  Loans  comply  with  clause (c) above together with a substantially final draft of the Incremental Amendment referred  to below.         Commitments  in  respect  of  New  Term  Loans  shall  become  effective  under  this  Agreement pursuant to an Increase Request and, if necessary, an amendment (an “Incremental  Amendment” ) to this Agreement and, as appropriate, the other Credit Documents, executed by  the  Borrower  and  Guarantors,  each  Lender  agreeing  to  provide  such  New Term  Loan,  each  additional  Lender,  if  any,  and  the  Administrative  Agent.   The  Incremental  Amendment  may,  without  the  consent  of  any  other  Lenders,  effect  such  amendments  to  this  Agreement  and  the  other  Credit  Documents  as  may  be  necessary  or  appropriate,  in  the  reasonable  opinion  of  the  Administrative  Agent  and  the  Borrower,  to  effect  the  provisions  of this  Section  1.15.   The  Lenders  hereby  authorize  the  Administrative  Agent  to  execute  such  other documents,  instruments and agreements as may be necessary in the reasonable opinion of the Administrative  Agent to give effect to the Incremental Amendment.       Section 1.16.  Defaulting Lenders.  (a) Defaulting Lender Adjustments.  Notwithstanding  anything  to  the  contrary  contained  in  this  Agreement,  if  any  Lender  becomes  a  Defaulting  Lender,  then,  until  such  time  as  such  Lender  is  no  longer  a  Defaulting  Lender,  to  the  extent  permitted by applicable law:                (i)  Waivers and Amendments .  Such Defaulting Lender’s right to approve or        disapprove any amendment,  waiver or consent with respect to this Agreement  shall be        restricted as set forth in the definition of Required Lenders and Section 12.13 hereof.                                        -20-  

 

                     (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  Section  8  hereof  or  otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to  Section 12.7 hereof shall be applied at such time or times as may be determined by the  Administrative  Agent  as  follows: first ,  to  the  payment  of  any  amounts  owing  by  such  Defaulting Lender to the Administrative Agent hereunder; second , to the payment on a  pro rata  basis of any amounts owing by such Defaulting Lender to any L/C Issuer or the  Swingline  Lender  hereunder; third ,  to  Cash  Collateralize  each  L/C  Issuer’s  Fronting  Exposure with respect to such Defaulting Lender in accordance with Section 1.17 hereof;  fourth , as the Borrower may request (so long as no Default or Event of Default exists), to  the funding of any Loan in respect of which such Defaulting Lender has failed to fund its  portion  thereof  as  required  by  this  Agreement,  as  determined  by  the  Administrative  Agent; fifth , if so determined by the Administrative Agent and the Borrower, to be held in  a deposit account and released pro rata  in order to (x) satisfy such Defaulting Lender’s  potential future funding obligations with respect to Loans under this Agreement and (y)  Cash  Collateralize  each  L/C  Issuer’s  future  Fronting  Exposure  with  respect  to  such  Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in  accordance with Section 1.3 hereof; sixth , to the payment of any amounts owing to the  Lenders, any L/C Issuer or the Swingline Lender as a result of any judgment of a court of  competent jurisdiction obtained by any Lender, any L/C Issuer or the Swingline Lender  against  such  Defaulting  Lender  as  a  result  of  such  Defaulting  Lender’s  breach  of  its  obligations  under  this  Agreement; seventh ,  so  long  as  no  Default  or  Event  of  Default  exists, to the payment of any amounts owing to the Borrower as a result of any judgment  of  a  court  of  competent  jurisdiction  obtained  by the  Borrower  against  such  Defaulting  Lender  as  a  result  of  such  Defaulting  Lender’s  breach  of  its  obligations  under  this  Agreement; and eighth , to such Defaulting Lender or as otherwise directed by a court of  competent jurisdiction; provided  that if (x)  such payment is a payment of the principal  amount of any Loans or L/C Obligations in respect of which such Defaulting Lender has  not  fully  funded  its  appropriate  share,  and  (y)  such  Loans  were  made  or  the  related  Letters of Credit were issued at a time when the conditions set forth in Section 6.2 hereof  were satisfied or waived, such payment shall be applied solely to pay the Loans of, and  L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata  basis prior to being  applied  to  the  payment  of  any  Loans  of,  or  L/C  Obligations  owed  to,  such  Defaulting  Lender  until  such  time  as  all  Loans  and  funded  and  unfunded  participations  in L/C  Obligations  and Swingline  Loans  are  held  by  the  Lenders pro rata   in  accordance  with  their  Percentages  without  giving  effect  to  Section  1.16(a)(iv)  hereof.  Any  payments,  prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or  held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to  this Section 1.16(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender,  and each Lender irrevocably consents hereto.         (iii) Certain Fees .                (A)  Each  Defaulting Lender  shall  be  entitled  to  receive  a  facility  fee        pursuant  to  Section  2.1(a)  hereof  for  any  period  during  which  that  Lender  is  a                                 -21-  

 

                     Defaulting  Lender  only  to  extent  allocable  to  the  sum  of  (1)  the  outstanding        principal  amount  of  the  Revolving  Loans  funded  by  it,  and  (2)  its  Revolver        Percentage  of  the  stated  amount  of  Letters  of  Credit  for  which it  has  provided        Cash Collateral pursuant to Section 1.17 hereof.  "              (B)  Each Defaulting Lender shall be entitled to receive a letter of credit        participation  fee  pursuant  to  Section  2.1(b)  hereof  for  any  period  during which        that  Lender  is  a  Defaulting  Lender  only  to  the  extent  allocable  to  its  Revolver        Percentage  of  the  stated  amount  of  Letters  of  Credit  for  which  it  has  provided        Cash Collateral pursuant to Section 1.17 hereof.               (C)  With respect to any facility fee or  letter of credit participation fee        not  required to  be  paid  to  any  Defaulting  Lender  pursuant  to  clause  (A)  or  (B)        above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of        any  such  fee  otherwise  payable  to  such  Defaulting  Lender  with  respect  to  such        Defaulting Lender’s participation in L/C Obligations or Swingline Loans that has        been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y)        pay to the applicable L/C Issuer and Swingline Lender, as applicable, the amount        of  any  such  fee  otherwise  payable  to  such  Defaulting  Lender  to  the  extent        allocable to such L/C Issuer’s or Swingline Lender’s Fronting Exposure to such        Defaulting  Lender,  and (z) not be required  to pay  the remaining amount  of any        such fee.          (iv)  Reallocation of Participations to Reduce Fronting Exposure .   All  or  any  part of such Defaulting Lender’s participation in L/C Obligations and Swingline Loans  shall  be  reallocated  among  the  Non-Defaulting  Lenders  in  accordance  with  their  respective Revolver Percentages (calculated without regard to such Defaulting Lender’s  Revolving Credit Commitment) but only to the extent that (x) the conditions set forth in  Section 6.2 hereof are satisfied at the time of such reallocation (and, unless the Borrower  shall have otherwise notified the Administrative Agent at such time, the Borrower shall  be deemed to have represented and warranted that such conditions are satisfied at such  time),  and  (y)  such  reallocation  does  not  cause  the  aggregate  Revolving  Loans  and  interests  in  L/C  Obligations  and  Swingline  Loans  of  any  Non-Defaulting  Lender  to  exceed such Non-Defaulting Lender’s Revolving Credit Commitment.  Subject to Section  12.29 hereof, no reallocation hereunder shall constitute a waiver or release of any claim  of  any  party  hereunder  against  a  Defaulting  Lender  arising  from  that  Lender  having  become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result  of such Non-Defaulting Lender’s increased exposure following such reallocation.         (v)   Cash  Collateral;  Repayment  of  Swingline  Loans .   If  the  reallocation  described  in  clause  (iv)  above  cannot,  or  can  only  partially,  be  effected,  the  Borrower  shall, without prejudice to any right or remedy available to it hereunder or under law, (x)  first,  prepay  Swingline  Loans  in  an  amount  equal  to  the  Swingline  Lender’s  Fronting  Exposure  and  (y)  second,  Cash  Collateralize  each  L/C  Issuer’s  Fronting  Exposure  in  accordance with the procedures set forth in Section 1.17 hereof.                                  -22-  

 

        (b)  Defaulting Lender Cure .  If the Borrower, the Administrative Agent, the Swingline  Lender and the L/C Issuers agree in writing that a Lender is no longer a Defaulting Lender, the  Administrative Agent promptly will so notify the parties hereto, whereupon as of the effective  date specified in such notice and subject to any conditions set forth therein (which may include  arrangements  with  respect  to  any  Cash  Collateral),  that  Lender  will,  to  the  extent  applicable,  purchase at par that portion of outstanding Loans of the other Lenders or take such other actions  as the Administrative Agent may determine to be necessary to cause the Revolving Loans and  funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata   by the Lenders in accordance with their respective Percentages (without giving effect to Section  1.16(a)(iv) hereof), whereupon such Lender will cease to be a Defaulting Lender; provided  that  no adjustments will be made retroactively with respect to fees accrued or payments made by or  on behalf of the Borrower while that Lender was a Defaulting Lender; and provided , further , that  except  to  the  extent  otherwise  expressly  agreed  by  the  affected  parties,  no  change  hereunder  from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party  hereunder arising from that Lender’s having been a Defaulting Lender.         (c) New Letters of Credit .  So long as any Lender is a Defaulting Lender, no L/C Issuer  shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that  it will have no Fronting Exposure after giving effect thereto.        Section 1.17.  Cash Collateral for Fronting Exposure   At any time that there shall exist a  Defaulting  Lender,  within  one  (1)  Business  Day  following  the  written  request  of  the  Administrative Agent or any L/C Issuer (with a copy to the Administrative Agent), the Borrower  shall  Cash  Collateralize  each  L/C  Issuer’s  Fronting  Exposure  with  respect  to  such  Defaulting  Lender  (determined  after  giving  effect  to  Section  1.16(a)(iv)  hereof  and  any  Cash  Collateral  provided  by  such  Defaulting  Lender)  in  an  amount  not  less  than  the  Minimum  Collateral  Amount.         (a) Grant of Security Interest .  Each of the Borrower, and to the extent provided by any  Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for the  benefit of the applicable L/C Issuer, and agrees to maintain, a first priority security interest in all  such Cash Collateral as security for such Defaulting Lender’s obligation to fund participations in  respect  of  L/C  Obligations,  to  be  applied  pursuant  to  clause  (b)  below.   If  at  any  time  the  Administrative  Agent  determines  that  Cash  Collateral  is  subject  to  any  right  or  claim  of  any  Person other than the Administrative Agent and the applicable L/C Issuer as herein provided, or  that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the  Borrower  shall,  promptly  upon  demand  by  the  Administrative  Agent,  pay  or  provide  to  the  Administrative  Agent  additional  Cash  Collateral  in  an  amount  sufficient  to  eliminate  such  deficiency (after giving effect to any Cash Collateral provided by such Defaulting Lender).        (b)  Application .  Notwithstanding anything to the contrary contained in this Agreement,  Cash Collateral provided under this Section 1.17 or Section 1.16 hereof in respect of Letters of  Credit  shall  be  applied  to  the  satisfaction  of  such  Defaulting  Lender’s  obligation  to  fund  participations  in  respect  of  L/C  Obligations  (including,  as  to  Cash  Collateral  provided  by  a  Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so                                        -23-  

 

   provided,  prior  to  any  other  application  of  such  property  as  may  otherwise be  provided  for  herein.         (c) Termination of Requirement .   Cash  Collateral  (or  the  appropriate  portion  thereof)  provided to reduce an L/C Issuer’s Fronting Exposure shall no longer be required to be held as  Cash  Collateral  pursuant  to  this  Section  1.17  following  (A)  the  elimination  of  the  applicable  Fronting Exposure (including by the  termination of Defaulting Lender status of  the applicable  Lender), or (B) the determination by the Administrative Agent and the applicable L/C Issuer that  there exists excess Cash Collateral; provided  that the Person providing Cash Collateral and the  applicable L/C Issuer may agree that Cash Collateral shall be held to support future anticipated  Fronting Exposure or other obligations.  So long as no Default or Event of Default shall have  occurred and be continuing, upon determining that Cash Collateral shall no longer be required to  be provided under this Section 1.17 or that excess Cash Collateral exists, upon the Borrower's  request, the Administrative Agent shall promptly return the Cash Collateral (or excess portion) to  the Borrower.   SECTION 2.    FEES .        Section 2.1.  Fees .   (a) Facility  Fee.    For  the  period  from  the  Effective  Date  to  and  including  the  Termination  Date,  the  Borrower  shall  pay  to  the  Administrative  Agent  for  the  ratable account of the Lenders in accordance with their Revolver Percentages a facility fee (the  “Facility Fee” ) on the average daily Revolving Credit Commitments, regardless of usage, at a  rate  per  annum  equal  to  the  applicable  Facility  Fee  in  the  definition  of  Applicable  Margin;  provided that if any Lender continues to have outstanding Revolving Loans, Swingline Loans or  L/C  Obligations  (including  participations  therein)  after  its  Revolving Credit  Commitment  terminates, then the Facility Fee shall continue to accrue on the daily amount of such Lender’s  outstanding  Revolving  Loans,  Swingline  Loans  and  L/C  Obligations  (including  participations  therein).  Accrued Facility Fees shall be due and payable in arrears on June 30, 2016, on the last  day of each calendar quarter thereafter and on the Termination Date, unless the Revolving Credit  Commitments are terminated in whole on an earlier date, in which event the fee for the period to  but  not  including  the  date  of  such  termination  shall  be  paid  in  whole  on  the  date  of  such  termination; provided   that  any  Facility  Fee  accruing  after  the  date  the  Revolving  Credit  Commitments terminate shall be payable on demand.        (b)  Letter  of  Credit  Fees.    On  the  date  of  issuance  or  extension,  or  increase  in  the  amount,  of  any  Letter  of  Credit  pursuant  to Section  1.3  hereof,  the  Borrower  shall  pay  to  the  applicable L/C Issuer for its own account a fronting fee equal to 0.125% of the face amount of  (or of the increase in the face amount of) such Letter of Credit.  Quarterly in arrears, on the last  day  of  each  calendar  quarter,  commencing  on  June  30,  2016,  the  Borrower  shall  pay  to  the  Administrative Agent, for the ratable benefit of the Lenders in accordance with their Revolver  Percentages, a letter of credit fee at a rate per annum equal to the Applicable Margin in effect  during each day of such quarter applied to the daily average U.S. Dollar Equivalent of the face  amount of Letters of Credit outstanding during such quarter.  In addition, the Borrower shall pay  to the applicable L/C Issuer for its own account such L/C Issuer’s standard issuance, drawing,  negotiation, amendment, assignment, and other administrative fees for each Letter of Credit as  established by such L/C Issuer from time to time.                                        -24-  

 

         (c) Administrative Agent Fees .  The Borrower shall pay to the Administrative Agent the  fees agreed to between the Administrative Agent and the Parent in writing from time to time.        (d)  Fee Calculations .   All  fees  payable  under  Sections  2.1(a)  and (b)  hereof  shall  be  computed on the basis of a year of 365 or 366 days, as applicable, for the actual number of days  elapsed.   SECTION 3.    PLACE AND APPLICATION OF PAYMENTS .        Section 3.1.  Place  and  Application  of  Payments .   All  payments  of  principal  of  and  interest on the Loans and the Reimbursement Obligations, and of all other amounts payable by  the Borrower under this Agreement, shall be made by the Borrower to the Administrative Agent  by no later than 12:00 Noon noon (Chicago time) on the due date thereof at the principal office of  the Administrative Agent in Chicago, Illinois (or such other location in the State of Illinois as the  Administrative Agent may designate to the Borrower) or, if such payment is to be made in an  Alternative Currency, no later than 12:00 Noon noon  local time at the place of payment to such  office as the Administrative Agent has previously specified in a notice to the Borrower for the  benefit of the Person or Persons entitled thereto.  Any payments received after such time shall be  deemed to have been received by the Administrative Agent on the next Business Day.  All such  payments  shall  be  made  (i)  in  U.S.  Dollars,  in  immediately  available  funds  at  the  place  of  payment, or  (ii) in the  case  of amounts payable hereunder in  an Alternative Currency, in  such  Alternative  Currency  in  such  funds  then  customary  for  the  settlement  of  international  transactions in such currency, in each case without setoff or counterclaim.  The Administrative  Agent  will  promptly  thereafter  cause  to  be  distributed  like  funds  relating  to  the  payment  of  principal  or  interest  on  Loans  and  on  Reimbursement  Obligations  in  which  the  Lenders  have  purchased Participating Interests or facility fees ratably to the Lenders and like funds relating to  the  payment  of  any  other  amount  payable  to  any  Person  to  such  Person,  in  each  case  to  be  applied  in  accordance  with  the  terms  of  this  Agreement.   If the  Administrative  Agent  causes  amounts to be distributed to the Lenders in reliance upon the assumption that the Borrower will  make a scheduled payment and such scheduled payment is not so made, each Lender shall, on  demand, repay to the Administrative Agent the amount distributed to such Lender together with  interest thereon in respect of each day during the period commencing on the date such amount  was distributed to such Lender and ending on (but excluding) the date such Lender repays such  amount  to  the  Administrative  Agent,  at  a  rate  per  annum  equal  to:   (i)  from  the  date  the  distribution was made to the date two (2) Business Days after payment by such Lender is due  hereunder, (x) if such scheduled payment was to be made in U.S. Dollars, the Federal Funds Rate  for each such day and (y) if such scheduled payment was to be made in an Alternative Currency,  at the rate of interest per annum as determined by the Administrative Agent at which overnight  or  weekend  deposits  in  the  relevant  currency  for  delivery  of  immediately  available  and  freely  transferable funds are offered by the Person serving as Administrative Agent to major banks in  the  interbank  market for each such day  and (ii) from the date two (2)  Business Days after  the  date such payment is due from such Lender to the date such payment is made by such Lender,  (x) if such scheduled payment was to be made in U.S. Dollars, the Domestic Rate in effect for  each such day and (y) if such scheduled payment was to be made in an Alternative Currency, the  rate  per  annum  established  by Section  1.10(b)  hereof  for  Eurocurrency  Loans  denominated  in  such currency.                                       -25-  

 

   SECTION 4.    DEFINITIONS ; INTERPRETATION .        Section 4.1.  Definitions .   The  following  terms  when  used  herein  have  the  following  meanings:         “Account”  is defined in Section 8.4(b) hereof.         “Acquired  Business”   means  the  entity  or  assets  acquired  by  the  Parent  or  one  of  its  Subsidiaries in an Acquisition.         “Acquisition”  means any transaction, or any series of related transactions, consummated  after the Effective Date, by which the Parent or any of its Subsidiaries (i) acquires any business  or  all  or  substantially  all  of  the  assets  of  any  firm,  corporation  or  division  thereof,  whether  through  purchase  of  assets,  merger  or  otherwise,  (ii)  directly  or  indirectly  acquires  (in  one  transaction  or as  the  most  recent transaction in a series of transactions) at  least a  majority  (in  number  of  votes)  of  the  securities  of  a  corporation  which  have  ordinary voting  power  for  the  election of directors (other than securities having such power only by reason of the happening of  a contingency) or at least a majority of the partnership interests of any partnership or at least a  majority  interest  in  a  joint  venture  or  (iii)  merges,  consolidates  or  otherwise  combines  with  another Person (other than a Person that is a Subsidiary or the Parent) provided  that the Parent or  the Subsidiary is the surviving entity or such surviving entity becomes a Subsidiary.          “Act” is defined in Section 12.27 12.28 hereof.         “Adjusted EBIT” means, for any period, Consolidated Net Income for such period plus  all amounts deducted in arriving at such Consolidated Net Income for such period for (i) Interest  Expense,  (ii)  federal,  state  and  local  income  tax  expense,  (iii)  all  non-cash  contributions  or  accruals  to  or  with  respect  to  deferred  profit  sharing  or  compensation,  and  (iv)  Permitted  Adjustments; provided that any amounts added to Consolidated Net Income pursuant to clause  (iii) above for any period shall be deducted from Consolidated Net Income for the period, if ever,  in which such amounts are paid in cash by the Parent or any of its Subsidiaries.         “Adjusted EBITDA” means,  for  any  period,  Consolidated  Net  Income  for  such  period  plus all  amounts deducted in  arriving at such Consolidated Net Income for such period  for  (i)  Interest  Expense,  (ii)  federal,  state  and  local  income  tax  expense,  (iii)  all  amounts  properly  charged for depreciation of fixed assets and amortization of intangible assets on the books of the  Parent  and  its  Restricted  Subsidiaries,  (iv)  all  non-cash  contributions  or  accruals  to  or  with  respect to deferred profit sharing or compensation, and (v) Permitted Adjustments; provided that  any  amounts  added  to  Consolidated  Net  Income  pursuant  to  clause  (iv)  above  for  any  period  shall be deducted from Consolidated Net Income for the period, if ever, in which such amounts  are paid in cash by the Parent or any of its Subsidiaries.         “Adjusted LIBOR”  means, for any Borrowing of Eurocurrency Loans, a rate per annum  determined in accordance with the following formula:                                        -26-  

 

                          Adjusted LIBOR =               LIBOR___________                            1 - Eurocurrency Reserve Percentage   Where,         “LIBOR”  means, for an Interest Period for a Borrowing of Eurocurrency Loans,  the  higher  of  (i)  (a)  the  LIBOR  Index  Rate  for  such  Interest  Period,  if  such  rate  is  available and can be determined, and (b) if the LIBOR Index Rate is not available and  cannot  be  determined,  the  average  rate  of  interest  per  annum  (rounded  upwards,  if  necessary, to the nearest one hundred-thousandth of a percentage point) at which deposits  in  U.S.  Dollars  or  the  relevant  Alternative  Currency,  as  appropriate,  in  immediately  available  funds are  offered  to the  Person serving  as the  Administrative Agent at  11:00  a.m. (London, England time) two (2) Business Days before the beginning of such Interest  Period by major banks in the interbank eurocurrency market for delivery on the first day  of and for a period equal to such Interest Period in an amount equal or comparable to the  principal amount of the Eurocurrency Loan scheduled to be made by the Person serving  as the Administrative Agent as part of such Borrowing and (ii) 0.00%.         “LIBOR Index Rate”  means, for any Interest Period, the rate per annum (rounded  upwards, if necessary, to the next higher one hundred-thousandth of a percentage point)  for  deposits  in  U.S.  Dollars  or  the  relevant  Alternative  Currency,  as  appropriate,  for  a  period equal to such Interest Period, which appears on the appropriate Reuters Page for  such  currency,  as  of  11:00  a.m.  (London,  England  time)  on  the  day  two  (2)  Business  Days before the commencement of such Interest Period.         “Reuters Page”   means  the  page  designated  on  the  Reuters  Service  (or  on  any  successor or substitute page of such service, or any successor to or a publicly available  substitute  for  such  service,  providing  rate  quotations  comparable  to  those  currently  provided or, if not currently provided, previously provided on such page of such service,  as determined by the Administrative Agent from time to time for purposes of providing  quotations of interest rates applicable to deposits in the London interbank market in the  applicable currency).         “Eurocurrency Reserve Percentage”  means, for any Borrowing of Eurocurrency  Loans,  the  daily  average  for  the  applicable  Interest  Period  of the  maximum  rate,  expressed  as  a  decimal,  at  which  reserves  (including,  without  limitation,  any  supplemental, marginal and emergency reserves) are imposed during such Interest Period  by  the  Board  of  Governors  of  the  Federal  Reserve  System  (or  any  successor)  on  “eurocurrency liabilities” , as defined in such Board’s Regulation D (or in respect of any  other category of liabilities that includes deposits by reference to which the interest rate  on  Eurocurrency Loans  is  determined  or  any  category  of  extensions  of  credit or  other  assets  that  include  loans  by  non-United  States  offices  of  any  Lender  to  United  States  residents), subject to any amendments of such reserve requirement by such Board or its  successor, taking into account any transitional adjustments thereto.  For purposes of this  definition, the Eurocurrency Loans shall be deemed to be “eurocurrency liabilities”  as                                  -27-  

 

         defined in such Regulation D without benefit or credit for any prorations, exemptions or        offsets under such Regulation D.         “Administrative Agent”  means Bank of Montreal and any successor pursuant to Section  10.7 hereof.         “Administrative  Questionnaire”   means  an  administrative  questionnaire  in  a  form  supplied by the Administrative Agent.         “Affected Lender” is defined in Section 1.14 hereof.         “Affiliate”   means,  as  to  any  Person,  any  other  Person  which  directly  or  indirectly  controls,  or  is  under  common  control  with,  or is  controlled  by,  such Person.   As  used  in  this  definition, “control”   (including,  with  their  correlative  meanings, “controlled by”   and “under  common control with” ) means possession, directly or indirectly, of power to direct or cause the  direction  of  management  or  policies  of  a  Person  (whether  through  ownership  of  securities  or  partnership or other ownership interests, by contract or otherwise); provided  that, in any event  for purposes of this definition:  (i) any Person which owns directly or indirectly 10% or more of  the securities having ordinary voting power for the election of directors or other governing body  of  a  corporation  or  10%  or  more  of  the  partnership  or  other  ownership  interests  of  any  other  Person  (other  than  as  a  limited  partner  of  such  other  Person)  will be  deemed  to  control  such  corporation  or  other  Person;  and  (ii)  each  director  and  executive  officer  of  the  Parent  or  any  Subsidiary shall be deemed an Affiliate of the Parent and each Subsidiary. Notwithstanding the  foregoing,  in  relation  to The  Royal National  Westminster   Bank   of  Scotland   plc,  the  term  “Affiliate” shall  not include (i)  the UK government or any member or instrumentality thereof,  including  Her  Majesty's  Treasury  and  UK  Financial  Investments  Limited  (or  any  directors,  officers,  employees  or  entities  thereof)  or  (ii)  any  persons  or  entities  controlled  by  or  under  common control with the UK government or any member or instrumentality thereof (including  Her Majesty's Treasury and UK Financial Investments Limited) and which are not part of The  Royal Bank of Scotland Group plc and its subsidiaries or subsidiary undertakings.         “Agreement”   means  this  Second  Amended  and  Restated  Multicurrency  Credit  Agreement,  as the  same amended  by  Amendment  No.  1  and  as   may  be further amended,  modified, restated or supplemented from time to time pursuant to the terms hereof.         “Alternative Currency”  means any of Australian Dollars, Canadian Dollars, Euros, Hong  Kong Dollars, Japanese Yen, Pound Sterling, and Swiss Francs, and any other currency approved  by  all  the  Lenders,  in  each  case  for  so  long  as  such  currency  is  readily  available  to  all  the  Lenders and is freely transferable and freely convertible to U.S. Dollars and the Reuters Monitor  Money Rates Service (or any successor thereto or other service designated by the Administrative  Agent)  reports  a  LIBOR  or  applicable  Currency  Rate  (or  other  benchmark  designated  by  the  Administrative Agent) for such currency for interest periods of one, two, three and six calendar  months ; provided that  if any Lender provides written notice to the Borrower (with a copy to the  Administrative Agent) that  any  currency  control or other exchange regulations are imposed in  the country in which any such Alternative Currency is issued and that in the reasonable opinion  of such Lender funding a Loan in such currency is impractical, then such currency shall cease to                                       -28-  

 

   be an Alternative Currency hereunder until such time as all the Lenders reinstate such country’s  currency as an Alternative Currency.         “AML Laws”  means all laws, rules, and regulations of any jurisdiction applicable to the  Borrower,  the  Subsidiaries  or  any  Guarantor  from  time  to  time  concerning  or  relating  to  anti-money laundering.          “Amendment No. 1 ” means that certain Amendment No. 1 to Credit Agreement, dated as  of May [  ], 2018, by and among the Borrower, the Guarantors party thereto, the Lenders party  thereto and the Administrative Agent.          “Amendment No. 1 Effective Date ” shall have the meaning set forth in Amendment No. 1.          “Anti-Corruption  Laws”   means  all  laws,  rules,  and  regulations  of  any  jurisdiction  applicable to the Borrower, the Subsidiaries or any Guarantor from time to time concerning or  relating to bribery or corruption.          “Applicable  Margin”   means,  on  any  date  with  respect  to  the  Loans,  Reimbursement  Obligations, and the Facility Fees and letter of credit fees payable under Section 2.1 hereof, the  rates per annum determined in accordance with the following schedule as in effect on such date  as determined pursuant to the provisions of the definition of Pricing Date:                                                                                     APPLICABLE MARGIN FOR                                            DOMESTIC RATE LOANS APPLICABLE MARGIN FOR                        AND REIMBURSEMENT EUROCURRENCY LOANS                              OBLIGATIONS     AND LETTER OF CREDIT               LEVEL                               FEE          FACILITY FEE           LEVEL I         0.000%              0.8500.775 %      0.100%         LEVEL II        0.000%              0.925 0.850 %    0.125 0.100 %         LEVEL III       0.100 0.000 %       1.100 0.900 %    0.150 0.100 %         LEVEL IV        0.300 0.000 %       1.300 1.000 %    0.200 0.150 %         LEVEL V         0.500 0.175 %       1.500 1.175 %    0.250 0.175 %         LEVEL VI        0.750%              1.750%            0.300%    ; provided  that from the Amendment No. 1 Effective Date until the Pricing Date for the fiscal  quarter of the Parent ending June 30, 2016,2018, the Borrower shall be in Level IIIII .         “Application”  is defined in Section 1.3(b) hereof.         “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.          “Assignment and Acceptance”   means  an  assignment  and  acceptance  entered  into  by  a  Lender  and an  Eligible  Assignee (with the consent of any party whose consent is required by                                        -29-  

 

   Section 12.12 hereof), and accepted by the Administrative Agent, in  substantially  the  form  of  Exhibit G or any other form approved by the Administrative Agent.          “Authorized Representative”   means  those  persons  shown  on  the  list  of  officers  of  the  Borrower  or  Parent  provided  by  the  Borrower  pursuant  to  Section  6.1(i)  hereof,  or  on  any  updated such list provided by the Parent to the Administrative Agent, or any further or different  officer of the Borrower or Parent so named by any Authorized Representative of the Parent in a  written notice to the Administrative Agent.         “Bail-In Action”  means the exercise of any Write-Down and Conversion Powers by the  applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.         “Bail-In Legislation”   means,  with respect  to  any  EEA  Member  Country implementing  Article  55  of  Directive  2014/59/EU  of  the  European  Parliament  and  of the  Council  of  the  European Union, the implementing law for such EEA Member Country from time to time which  is described in the EU Bail-In Legislation Schedule.         “Bank Product Agreement”  means any agreement to provide cash management services,  including treasury, depository, overdraft, credit or debit card, stored value cards, electronic funds  transfer, supply chain financing arrangements and other cash management arrangements that is  entered into by and between the Parent or any Subsidiary (other than a Mortgage Unrestricted  Subsidiary) and any Bank Product Lender.          “Bank Product Lender”   means  any  Person  that,  (a)  at  the  time  it  enters  into  a  Bank  Product  Agreement,  is  a  Lender,  an  Affiliate  of  a  Lender,  the Administrative  Agent  or  an  Affiliate of the Administrative Agent, or (b) at the time it (or its Affiliate) becomes a Lender or  the  Administrative Agent  (including  on the  Amendment No. 1 Effective Date), is a  party  to  a  Bank  Product  Agreement,  in  each  case  in  its  capacity  as  a  party  to  such  Bank  Product  Agreement.          “Bank  Product  Obligations”  means  any  and  all  obligations  of  the  Parent  and  any  Subsidiary (other than a Mortgage Unrestricted Subsidiary), whether absolute or contingent and  howsoever  and  whensoever  created,  arising,  evidenced  or  acquired  (including  all  renewals,  extensions  and  modifications  thereof  and  substitutions  therefor)  in  connection  with  any  Bank  Product Agreement.          “Beneficial  Ownership  Certification”   means  a  certification  regarding  beneficial  ownership  required  by  the  Beneficial  Ownership  Regulation,  which  certification  shall  be  substantially  similar  in  form  and  substance  to  the  form  of  Certification  Regarding  Beneficial  Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and  Trading Association and Securities Industry and Financial Markets Association.          “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 Section 4975 of the Internal Revenue                                       -30-  

 

   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 Internal Revenue Code) the assets of any  such “employee benefit plan” or “plan”.          “Borrower”  is defined in the introductory paragraph of this Agreement.         “Borrowing”  means the total of Loans and Swingline Loans, as applicable, of a single  type  advanced,  continued  for  an  additional Interest  Period,  or  converted from  a  different  type  into such type by the Lenders under a Facility on a single date and for a single Interest Period.   Borrowings of Loans are made and maintained ratably from each of the Lenders under a Facility  according to their Percentages of such Facility.  Borrowings of Swingline Loans are made by the  Swingline  Lender  in  accordance  with  the  procedures  set  forth  in Section  1.2  hereof.   A  Borrowing is “advanced”  on the day Lenders advance funds comprising such Borrowing to the  Borrower,  is “continued”   on  the  day  a  new  Interest  Period  for  the  same  type  of  Loans  commences for such Borrowing, and is “converted”  on the day such Borrowing is changed from  one type of Loan to the other, all as requested by the Borrower pursuant to Section 1.6(a) hereof.         “Business Day”  means any day other than a Saturday or Sunday on which Lenders are  not authorized or required to close in Chicago, Illinois and, if the applicable Business Day relates  to the borrowing  or payment of  a Eurocurrency Loan or a Letter of Credit denominated in  an  Alternative  Currency,  on  which  banks  are  dealing  in  U.S.  Dollar  deposits  or  the  relevant  Alternative Currency in the interbank market in London, England and, if the applicable Business  Day relates to the borrowing or payment of a Eurocurrency Loan denominated in an Alternative  Currency, on which banks and foreign exchange markets are open for business in the city where  disbursements of or payments on such Loan are to be made and, if such Alternative Currency is  the Euro or any national currency of a nation that is a member of the European Economic and  Monetary Union, which is a TARGET Settlement Day.         “Capital Lease”  means, subject to Section 4.3, at any date any lease of Property which,  in accordance with GAAP, would be required to be capitalized on the balance sheet of the lessee.         “Capitalized  Lease  Obligations”   means,  subject  to  Section  4.3,  for  any  Person,  the  amount of such Person’s liabilities under Capital Leases determined at any date in accordance  with GAAP.         “Cash Collateralize”  means, to pledge and deposit with or deliver to the Administrative  Agent,  for  the  benefit  of  one  or  more  of  the  L/C  Issuers  or  Lenders,  as  collateral  for  L/C  Obligations or obligations of Lenders to fund participations in respect of L/C Obligations, cash  or deposit account balances subject to a first priority perfected security interest in favor of the  Administrative Agent or, if the Administrative Agent and the applicable L/C Issuer shall agree in  their  sole discretion, other credit support, in each  case  pursuant to documentation  in form  and  substance satisfactory to the Administrative Agent and such L/C Issuer.  “Cash Collateral”  shall  have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral  and other credit support.                                         -31-  

 

         “Cash Flow Leverage Ratio”  means as of the last day of any calendar quarter the ratio of  the Total Funded Debt as of such day to Adjusted EBITDA for the four calendar quarters then  ended.         “Cash Interest Coverage Ratio”  means as of the last day of any calendar quarter the ratio  of  Adjusted  EBIT  for  the  four  calendar  quarters  then  ended  to  Cash  Interest  Expense  for  the  same four (4) calendar quarters then ended.          “Cash Interest Expense”  means, for any period, the sum of all cash interest charges of  the Parent and its Restricted Subsidiaries for such period determined on a consolidated basis in  accordance with GAAP.         “Change in Law”  means the occurrence, after the date of this Agreement, of any of the  following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change  in any law, rule, regulation or treaty or in the administration, interpretation, implementation or  application thereof by any Governmental Authority, or (c) the making or issuance of any request,  rule,  guideline  or  directive  (whether  or  not  having  the  force  of  law) by  any  Governmental  Authority; provided   that  notwithstanding  anything  herein  to  the  contrary,  (x)  the  Dodd-Frank  Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines  or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines  or  directives  promulgated  by  the  Bank  for  International  Settlements,  the  Basel  Committee  on  Banking  Supervision  (or  any  successor  or  similar  authority)  or  United  States  or  foreign  regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a  “Change in Law”, regardless of the date enacted, adopted or issued.          “Change of Control”  means at any time:                     (i)  the Parent ceases to be the ultimate “beneficial owner” (as defined        in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange        Act” )) of at least 99% of the total voting power of the Voting Stock of the Borrower;                     (ii)  any  Person  becomes  the  beneficial  owner  of  securities  of  the        Parent representing 30% or more of the then outstanding Voting Stock of the Parent; or                     (iii)  during  any  period  of  twenty-four  consecutive  months  beginning        after  the Effective Date, individuals who at the beginning of  such period constitute the        Board  of  Directors  of  the  Parent  (the “Board” ), together  with  any  new  director  (other        than a director designated by a person who has entered into an agreement with the Parent        to effect a transaction described in clause (ii) of this Change of Control definition) whose        election or nomination for election was approved by a vote of at least two-thirds of the        directors then still in office who either were directors at the beginning of the period or        whose  election  or  nomination  for  election  was  previously  so  approved,  cease  for  any        reason to constitute a majority of the Board.         For purposes of the  definition of Change of Control, “Person”  shall have the  meaning  ascribed  to  such  term  in  Section  3(a)(9)  of  the  Exchange  Act  as  supplemented  by  Section                                       -32-  

 

   13(d)(3) of the Exchange Act; provided , however , that Person shall not include (i) the Parent or  any  Wholly-Owned  Subsidiary,  or  (ii)  any  Person  who,  as  of  the  Effective  Date,  was  the  beneficial  owner  of  securities of the Parent representing 20% or more of the combined  voting  power.         “Code”  means the Internal Revenue Code of 1986, as amended and any successor statute  thereto.         “Commodity Exchange Act”  means the Commodity Exchange Act (7 U.S.C. § 1 et seq.),  as amended from time to time, and any successor statute.          “Compliance Certificate” means a certificate in the form of Exhibit D hereto.         “Consolidated Net Income”   means,  for  any  period,  the  net  income  (or  net  loss)  of  the  Parent,  its  Restricted  Subsidiaries  and  the  Mortgage  Unrestricted  Subsidiaries  for  such  period  computed  on a  consolidated basis  in accordance with GAAP,  but excluding any extraordinary  profits or losses; provided that there shall be included in such determination for such period all  such amounts attributable to any Person acquired pursuant to an Acquisition to the extent such  Person is not subsequently sold or otherwise disposed of (other than in a transaction pursuant to  which the business of such Person is retained by the Parent or a Subsidiary of the Parent) during  such period for the portion of such period prior to such Acquisition; provided further  that there  shall be excluded the income of any such consolidated Mortgage Unrestricted Subsidiary to the  extent  that  the  declaration  or  payment  of  dividends  or  similar  distributions  of  that income  by  such consolidated subsidiary to a Restricted Subsidiary or the Parent is not at the time permitted  by operation of the terms of its charter or any agreement, instrument, judgment, decree, statute,  rule or governmental regulation applicable to such consolidated subsidiary.         “Contractual Obligation”  means, as to any Person, any provision of any security issued  by such Person or of any agreement, instrument or undertaking to which such Person is a party or  by which it or any of its Property is bound.         “Controlled Group”   means  all  members  of  a  controlled  group  of  corporations  and  all  trades and businesses (whether or not incorporated) under common control that, together with the  Parent or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code.         “Credit  Documents”   means  this  Agreement, Amendment  No.  1, the  Notes,  the  Applications, the  Letters  of Credit  and each  Subsidiary Guarantee Agreement delivered  to  the  Administrative Agent pursuant to Section 7.21 hereof.         “Credit Event”  means the advancing of any Loan or Swingline Loan, the continuation of  or conversion into a Eurocurrency Loan denominated in an Alternative Currency, or the issuance  of, or extension of the expiration date or increase in the amount of, any Letter of Credit.         “CRR”  means the Council Regulation (EU) No 575/2013 of the European Parliament and  of the Council of 26 June 2013 on prudential requirements for credit institutions and investment  firms and amending Regulation (EU) No 648/2012.                                        -33-  

 

         “Currency Rate”  means with respect to: (i) Australian Dollars, the rate per annum equal  to the Bank Bill Swap Reference Bid Rate ( “BBSY” ), (ii) Canadian Dollars, the rate per annum  equal  to  the  Canadian Dealer Dollar   Offered  Rate  ( “CDOR” ),  as  published  on  the  applicable  Reuters  Page;  and  (iii)  Hong  Kong  Dollars,  the  rate  per  annum  equal  to  the  Hong  Kong  Interbank Offered Rate ( “HIBOR” ), in each case as published on the applicable Reuters Page (or  such other commercially available source providing such quotations as may be designated by the  Administrative Agent from time to time) on the day and as of the time as is generally treated as  the rate fixing day and time by market practice in such interbank market, as determined by the  Administrative Agent  with a term equivalent to such Interest Period.          “Debtor Relief Laws”  means the Bankruptcy Code of the United States of America, and  all  other  liquidation,  conservatorship,  bankruptcy,  assignment  for  the  benefit  of  creditors,  moratorium,  rearrangement,  receivership,  insolvency,  reorganization,  or  similar  debtor  relief  laws of the United States of America or other applicable jurisdictions from time to time in effect.          “Default”  means any event or condition the occurrence of which would, with the passage  of time or the giving of notice, or both, constitute an Event of Default.         “Defaulting Lender”   means, subject to Section 1.16(b) hereof, any Lender that (a)  has  failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such  Loans  were  required  to  be  funded  hereunder  unless  such  Lender  notifies  the  Administrative  Agent  and  the  Borrower in  writing  that  such  failure  is  the  result of  such  Lender’s  good  faith  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,  each L/C  Issuer, the Swingline  Lender or any other Lender any other amount required to be paid by it hereunder (including in  respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business Days  of the date when due, (b) has notified the Borrower, the Administrative Agent or any L/C Issuer  or the Swingline Lender in writing that it does not intend to comply with its funding obligations  hereunder, or has made a public statement to that effect (unless such writing or public statement  relates  to  such  Lender’s  obligation  to  fund  a  Loan  hereunder  and  states  that  such  position  is  based on such Lender’s good faith determination that a condition precedent to funding (which  condition precedent, together with any applicable default, shall be specifically identified in such  writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days  after written request by the Administrative Agent or the Borrower, to confirm in writing to the  Administrative  Agent  and  the  Borrower  that  it  will  comply  with  its  prospective  funding  obligations hereunder ( provided  that such Lender shall cease to be a Defaulting Lender pursuant  to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the  Borrower), or (d) has, or has a direct or indirect parent company that has, at any time after the  Effective  Date,  other  than  via  an  Undisclosed  Administration  (i)  become  the  subject  of  a  proceeding  under  any  Debtor  Relief  Law,  (ii)  had  appointed  for  it  a  receiver,  custodian,  conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged  with  reorganization  or  liquidation  of  its  business  or  assets,  including  the  Federal  Deposit  Insurance  Corporation  or  any  other  state,  or  federal  or  national  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                                       -34-  

 

   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  of  America  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 clauses (a) through (d) above shall be conclusive and binding absent manifest error, and  such  Lender  shall  be  deemed  to  be  a  Defaulting  Lender  (subject  to  Section  1.16(b))  upon  delivery of written notice of such determination to the Borrower, each L/C Issuer, the Swingline  Lender and each Lender.         “Designated Disbursement Account”  means the account of the Borrower maintained with  the Administrative Agent or its Affiliate and designated in writing to the Administrative Agent as  the Borrower’s Designated Disbursement Account (or such other account as the Borrower and  the Administrative Agent may otherwise agree).         “Domestic Rate”  means, for any day, a rate per annum equal to the greatest of:                 (i)  the higher of (A) the rate of interest announced or otherwise established by        the  Person serving as Administrative Agent  from time to  time as its prime  commercial        rate, or its equivalent, for U.S. Dollar loans to borrowers located in the United States  as in        effect on such day, with any change in the Domestic Rate resulting from a change in said        prime commercial rate to be effective as of the date of the relevant change in said prime        commercial  rate  (it  being  acknowledged  and  agreed  that  such  rate  may not  be  such        Person’s best or lowest rate)  and (B) 0.00% ,                (ii)  the sum of (A) the rate determined by the Administrative Agent to be the        average (rounded upward, if necessary, to the next higher 1/100 of 1%) of the rates per        annum quoted to the Administrative Agent at approximately 10:00 a.m. (Chicago time)        (or as soon thereafter as is practicable) on such day (or, if such day is not a Business Day,        on  the  immediately  preceding  Business  Day)  by  two  or  more  Federal  funds  brokers        selected  by  the  Administrative  Agent  for  sale  to  the  Person  serving  as  Administrative        Agent  at  face  value  of  Federal  funds  in  the  secondary  market  in  an amount  equal  or        comparable to the principal amount for which such rate is being determined, plus  (B) 1/2        of 1%, and                (iii)  the  LIBOR  Quoted  Rate  for  such  day plus 1.00%.   As  used  herein,  the        term “LIBOR Quoted Rate”  means, for any day, a rate per annum equal to the quotient of        (A)  the  higher  of  (a)  the  rate  per  annum  (rounded  upwards,  if  necessary,  to  the  next        higher one hundred-thousandth of a percentage point) for deposits in U.S. Dollars for a        one-month interest period which appears on the LIBOR01 Page of the  Reuters  Service        (or any successor thereto or other service designated by the Administrative Agent) as of        11:00 a.m. (London, England time) on such day (or, if such day is not a Business Day, on        the immediately preceding Business Day) and (b) 0.00% divided by (B) one (1) minus  the        Eurocurrency Reserve Percentage (calculated for this purpose as if each Domestic Rate        Loan were a Eurocurrency Loan).                                       -35-  

 

         “Domestic Rate Loan”  means a Loan bearing interest prior to maturity at a rate specified  in Section 1.4(a) hereof.         “EEA  Financial  Institution”   means  (a)  any  credit  institution  or  investment  firm  established  in  any  EEA  Member  Country  which  is  subject  to  the  supervision  of  an  EEA  Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of  an institution described in clause (a) of this definition, or (c) any financial institution established  in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b)  of this definition and is subject to consolidated supervision with its parent.         “EEA  Member  Country”   means  any  of  the  member  states  of  the  European  Union,  Iceland, Liechtenstein, and Norway.         “EEA Resolution Authority”   means  any  public  administrative  authority  or  any  person  entrusted  with  public  administrative  authority  of  any  EEA  Member Country  (including  any  delegee) having responsibility for the resolution of any EEA Financial Institution.         “Effective  Date”   means  the  date  of  this  Agreement  or  such  later  Business  Day  upon  which  each condition  described  in Section 6.1  hereof shall be  satisfied or waived  in  a manner  acceptable to the Administrative Agent in its discretion.          “Eligible Assignee” means  (a) a Lender,  (b) an Affiliate  of a Lender,  (c) an Approved  Fund,  and  (d)  any  other  Person  that  is  a  Non-Public  Lender  (in  the case  of  this  clause  (d))  approved by (i) the Administrative Agent, (ii) each L/C Issuer, (iii) the Swingline Lender, and  (iv) unless an Event of Default has occurred and is continuing, the Parent (each such approval  not to be unreasonably withheld or delayed and if it is delayed for more than five (5) Business  Days it is deemed to be given); provided  that notwithstanding the foregoing, “Eligible Assignee”   shall  not  include  a  natural  Person,   the  Borrower  or  any  Guarantor  or  any  of  the  Parent’s  Affiliates or Subsidiaries.          “Environmental and Health Laws”   means  any  and  all  federal,  state,  local  and  foreign  statutes,  laws,  regulations,  ordinances,  judgments,  permits  and  other  governmental  rules  or  restrictions relating to human health, safety (including without limitation occupational safety and  health  standards),  or  the  environment  or  to  emissions,  discharges  or  releases  of  pollutants,  contaminants,  hazardous  or  toxic  substances,  wastes  or  any  other  controlled  or  regulated  substance into the environment, including without limitation ambient air, surface water, ground  water or land, or otherwise relating to the manufacture, processing, distribution, use, treatment,  storage,  disposal,  transport  or  handling  of  pollutants,  contaminants,  hazardous  or  toxic  substances,  wastes  or  any  other  controlled  or  regulated  substance  or  the  clean-up  or  other  remediation thereof.         “ERISA”  is defined in Section 5.8 hereof.         “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.                                        -36-  

 

         “Eurocurrency  Loan”   means  a  Loan  bearing  interest  prior  to  maturity  at  the  rate  specified in Section 1.4(b) hereof.         “Eurocurrency Reserve Percentage”  is defined in the definition of “Adjusted LIBOR”  in  this Section 4.1.         “Event of Default”   means  any  of  the  events  or  circumstances  specified  in  Section 8.1  hereof.         “Excess Interest”  is defined in Section 12.24 hereof.         “Exchange Act”  means the Securities Exchange Act of 1934, as amended.         “Excluded Swap Obligation”  means, with respect to any Guarantor, any Swap Obligation  if,  and  to  the  extent  that,  all  or  a  portion  of  the  Guaranty  of such  Guarantor  of  such  Swap  Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act  or  any  rule,  regulation  or  order  of  the  Commodity  Futures  Trading  Commission  (or  the  application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any  reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act  and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such  security  interest  becomes  effective  with  respect  to  such  related  Swap  Obligation.   If  a  Swap  Obligation arises under a master agreement governing more than one swap, such exclusion shall  apply only to the portion of such Swap Obligation that is attributable to swaps for which such  Guarantee or security interest is or becomes illegal.          “Existing Credit Agreement”  is defined in the preliminary statement of this Agreement.         “Existing Letters of Credit”  is defined in Section 1.3(a) hereof.         “Facility”  means any of the Revolving Facility or any Term  Loan  Facility.         “Facility Fee”  is defined in Section 2.1 hereof.         “FATCA”  means  Sections  1471  through  1474  of  the  Code  as  of  the  date  of  this  Agreement  (or  any  amended  or  successor  version  that  is  substantively  comparable  and  not  materially  more  onerous  to  comply  with),  any  current  or  future  regulations  or  official  interpretations  thereof  and  any  agreements  entered  into  pursuant  to  Section  1471(b)(1)  of  the  Code.          “Federal Funds Rate”  means the fluctuating interest rate per annum described in part (A)  of clause (ii) of the definition of Domestic Rate.         “Fronting Exposure”  means, at any time there is a Defaulting Lender, (a) with respect to  an L/C Issuer, such Defaulting Lender’s Revolver Percentage of the outstanding L/C Obligations  with  respect  to  Letters  of  Credit  issued  by  such  L/C  Issuer  other  than  L/C  Obligations  as  to  which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or                                       -37-  

 

   Cash  Collateralized  by  the  Borrower  or  such  Defaulting  Lender  in  accordance  with  the  terms  hereof,  and  (b)  with  respect  to  the  Swingline  Lender,  such  Defaulting  Lender’s  Revolver  Percentage of outstanding Swingline Loans made by the Swingline Lender other than Swingline  Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other  Lenders or repaid in accordance with the terms hereof.         “Fund” means  any Person (other  than a natural person) that is (or  will be) engaged  in  making, purchasing, holding or otherwise investing in commercial loans and similar extensions  of credit in the ordinary course of its business.          “GAAP”  means generally accepted accounting principles set forth from time to time in  the opinions and pronouncements of the Accounting Principles Board and the American Institute  of Certified Public Accountants and statements and pronouncements of the Financial Accounting  Standards Board (or agencies with similar functions of comparable stature and authority within  the  U.S.  accounting  profession),  which  are  applicable  to  the  circumstances  as  of  the  date  of  determination.         “Governmental Authority”  means the government of the United States of America or any  other  nation,  or  of  any  political  subdivision  thereof,  whether  state  or local,  and  any  agency,  authority,  instrumentality,  regulatory  body,  court,  central  bank  or  other  entity  exercising  executive,  legislative,  judicial,  taxing,  regulatory  or  administrative  powers  or  functions  of  or  pertaining to government (including any supra national bodies such as the European Union or  the European Central Bank).          “Guarantor”   means  (i)  the  Parent,  Jones  Lang  LaSalle  Americas,  Inc.,  a  Maryland  corporation, LaSalle Investment Management, Inc., a Maryland corporation, Jones Lang LaSalle  International, Inc., a Delaware corporation, Jones Lang LaSalle Co-Investment, Inc., a Maryland  corporation, Jones Lang LaSalle Limited, a company organized under the laws of England and  Wales,  Jones  Lang  LaSalle GmbH,  a  company  organized  under  the  laws  of  Germany SE,  a  European stock corporation ( Societas Europae, SE ) under German law , Jones Lang LaSalle New  England,  LLC,  a  Delaware  limited  liability  company,  Jones  Lang  LaSalle  Brokerage,  Inc.,  a  Texas corporation, or, in each case other than the Parent, its permitted successors and assigns and  (ii) any  other Subsidiary of the Borrower Parent  designated  by  the  Borrower as  a Guarantor as  required by Section 7.21 hereof.          “Guaranty”   by  any  Person  means  (without  duplication)  all  obligations  (other  than  endorsements  in  the  ordinary  course  of  business  of  negotiable  instruments  for  deposit  or  collection) of such Person guaranteeing or in effect guaranteeing any Indebtedness, dividend or  other  financial obligation  (including, without  limitation, limited  or full recourse  obligations  in  connection  with  sales of  receivables or any other Property) of any other Person  (the “primary  obligor” )  in  any  manner,  whether  directly  or  indirectly,  including,  without  limitation,  all  obligations  incurred  through  an  agreement,  contingent  or  otherwise,  by  such  Person:   (i)  to  purchase such Indebtedness or obligation or any Property or assets constituting security therefor,  (ii)  to  advance  or  supply  funds  (x)  for  the  purchase  or  payment  of  such  Indebtedness  or  obligation, or (y) to maintain working capital or other balance sheet condition, or otherwise to  advance or make available funds for the purchase or payment of such Indebtedness or obligation,                                       -38-  

 

   (iii)  to  lease  property  or  to  purchase  Securities  or  other  property  or  services  primarily  for  the  purpose of assuring the owner of such Indebtedness or obligation of the ability of the primary  obligor to make payment of the Indebtedness or obligation, or (iv) otherwise to assure the owner  of the Indebtedness or obligation of the primary obligor against loss in respect thereof.  For the  purpose of all computations made under this Agreement, the amount of a Guaranty in respect of  any obligation shall be deemed to be equal to the maximum aggregate amount of such obligation  at the time the amount of the Guaranty is being determined or, if the Guaranty is limited to less  than  the  full  amount  of  such  obligation,  the  maximum  aggregate  potential  liability  under  the  terms of the Guaranty at the time the amount of the Guaranty is being determined.         “Hazardous Material”  means any substance or material which is hazardous or toxic, and  includes, without limitation, (a) asbestos, polychlorinated biphenyls, dioxins and petroleum or its  by-products or derivatives (including crude oil or any fraction thereof) and (b) any other material  or substance classified or regulated as “hazardous” or “toxic” pursuant to any Environmental and  Health Law.         “Hedge Agreement”  means any Swap Contract that is entered into by and between the  the Parent or any Restricted Subsidiary and any Hedge Bank.          “Hedge Bank”  means any Person that, (a) at the time it enters into a Swap Contract, is a  Lender, an Affiliate of a Lender, the Administrative Agent or an Affiliate of the Administrative  Agent,  or  (b)  at  the  time  it  (or  its  Affiliate)  becomes  a Lender  or  the  Administrative  Agent  (including on the Amendment No. 1 Effective Date), is a party to a Swap Contract, in each case  in its capacity as a party to such Swap Contract.          “Increase”  is defined in Section 1.15 hereof.         “Increase Request”  means an Increase Request substantially in the form attached hereto  as Exhibit F or in such other form acceptable to the Administrative Agent.         “Incremental Amendment”  is defined in Section 1.15 hereof.         “Indebtedness”   means  for  any  Person  (without  duplication),  (i)  obligations  of  such  Person for borrowed money, (ii) obligations of such Person representing the deferred purchase  price of property or services other than accounts payable and other accrued liabilities arising in  the  ordinary  course  of  business  on  terms  customary  in  the  trade  and  other  than  deferred  employee, officer or director compensation, (iii) obligations of such Person evidenced by notes,  acceptances, or other instruments of such Person or pursuant to letters of credit issued for such  Person’s account, (iv) obligations, whether or not assumed, secured by Liens or payable out of  the proceeds or production from Property now or hereafter owned or acquired by such Person,  (v) Capitalized Lease Obligations of such Person, and (vi) obligations for which such Person is  obligated pursuant to a Guaranty.  For the sake of clarity, (i) performance guarantees (other than  guarantees of the payment of Indebtedness), performance and surety bonds and environmental,  “bad boy” and completion guarantees provided by the Borrower, the Parent, or any Subsidiary,  (ii)  pension liabilities of the Parent or any Subsidiary, (iii) indebtedness consolidated onto  the  books and records of the Parent for GAAP purposes under Accounting Standards Codification                                       -39-  

 

   Topic 810 (formerly referred to as EITF 04-05 and FIN 46R) or any successor standard which  otherwise  would  not  be  consolidated,  and  (iv)  earn-outs  or  other  earned  deferred  payment  obligations incurred in connection with Permitted Acquisitions, if measured in whole or in part  by events or performance occurring after the purchase, to the extent either (i) such obligations  are  contingent  and  remain  contingent  under  the  purchase  agreement  for  such  Permitted  Acquisition  or  (ii)  such  obligations  have  become  fixed  and  are  due  and  payable  no  later  than  sixty (60) days after such obligations have become fixed, in each case, shall not be considered as  Indebtedness.          “Interest Expense”  means, for any period, the sum of all interest charges of the Parent  and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance  with GAAP.         “Interest Period”  is defined in Section 1.7 hereof.         “ISP”  means, with respect to any Letter of Credit, the “International Standby Practices  1998”  published  by  the  Institute  of  International  Banking  Law  &  Practice,  Inc.  (or  such  later  version thereof as may be in effect at the time of issuance).          “L/C Documents”  means the Letters of Credit, any draft or other document presented in  connection with a drawing thereunder, the Applications and this Agreement.         “L/C Issuer”  means (a) with respect to Letters of Credit issued hereunder on or after the  Effective  Date,  (i)  each  of  Bank  of  Montreal  and  Bank  of  America,  N.A.  and  (ii)  any  other  Lender to the extent it has agreed in its sole discretion to act as an “L/C Issuer” hereunder and  that has been approved in writing by the Parent and the Administrative Agent (such approval by  the  Administrative  Agent  not  to  be  unreasonably  delayed  or  withheld)  as  an “  L/C  Issuer”  hereunder, in each case in its capacity as issuer of any Letter of Credit and (b) with respect to the  Existing  Letters  of  Credit,  Bank  of  Montreal  and  BMO  Harris  Bank  N.A.  in  their  respective  capacity as issuer thereof.  Any L/C Issuer may, in its discretion, arrange for one or more Letters  of Credit to be issued by Affiliates of such L/C Issuer, in which case the term “L/C Issuer” shall  include any such Affiliate with respect to Letters of Credit issued by such Affiliate.         “L/C  Obligations”   means  the  aggregate  U.S.  Dollar  Equivalent  of  the  undrawn  face  amounts  of  all  outstanding  Letters  of  Credit  and  all  unpaid  Reimbursement  Obligations.  For  purposes of computing the amount available to be drawn under any Letter of Credit, the amount  of  such  Letter  of  Credit  shall  be  determined  in  accordance  with Section  4.5  hereof.   For  all  purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its  terms but any amount may still be drawn thereunder by reason of the operation of Rule  3.13 or   3.14  of  the  ISP,  such  Letter  of  Credit  shall  be  deemed  to  be “outstanding”  in  the  amount  so  remaining available to be drawn.          “L/C  Sublimit”   means  an  aggregate  amount  equal  to  the  lesser  of  (a)  $100,000,000 50,000,000  (or such higher amount not in excess of $150,000,000 in the aggregate  as the L/C Issuers and the Administrative Agent may agree in their sole discretion) and (b) the  aggregate amount of the L/C Issuers’ Letter of Credit Commitments at such time, as such amount                                       -40-  

 

   may be reduced pursuant to the terms hereof.  The Letter of Credit Sublimit is part of, and not in  addition to, the Revolving Facility.         “LCA Test Date”  is defined in Section 4.4 hereof.         “Lenders”  means and includes the financial institutions from time to time party to this  Agreement,  including each assignee Lender  pursuant to Section 12.12 hereof  and each Lender  that becomes a party  hereto pursuant to  Section 1.15 hereto  and,  unless the  context otherwise  requires, the Swingline Lender.          “Lending Office” is defined in Section 9.4 hereof.         “Letter of Credit”  is defined in Section 1.3(a) hereof.         “Letter of Credit Commitment”  means, as to any L/C Issuer at any time, (a) the amount  set  forth  opposite  such  L/C  Issuer’s  name  on  Schedule  1  under  the  caption  “Letter  of  Credit  Commitment” or (b) for any other L/C  Issuer becoming  an L/C  Issuer after  the Closing  Date,  such  amount as  separately agreed  to in a written agreement between the Parent  and such  L/C  Issuer  (which  such  agreement  shall  be  promptly  delivered  to  the  Administrative  Agent  upon  execution), in each case of clauses (a) and (b) above, any such amount may be changed after the  Closing  Date  in  a  written  agreement  between  the  Parent  and  such  L/C  Issuer  (which  such  agreement  shall  be  promptly  delivered  to  the  Administrative  Agent  upon  execution),  as  such  amount may be adjusted from time to time in accordance with this Agreement; provided  that the  Letter of Credit Commitment with respect to any Person that ceases to be an L/C Issuer for any  reason pursuant to the terms hereof shall be $0 (subject to the Letters of Credit of such Person  remaining outstanding in accordance with the provisions hereof) .         “Level I”  exists at any date if, at such date, the Cash Flow Leverage Ratio is less than  1.50 1.00 to 1.00.         “Level II”  exists at any date if, at such date, Level I does not exist and the Cash Flow  Leverage Ratio is less than 2.00 1.50  to 1.00.         “Level III”  exists at any date if, at such date, neither Level I nor Level II exists and the  Cash Flow Leverage Ratio is less than 2.50 to 1.00.         “Level IV”  exists at any date if, at such date, neither Level I, Level II nor Level III exists  and the Cash Flow Leverage Ratio is less than 3.00 3.50  to 1.00.         “Level V ” exists at any date if, at such date, neither Level I, Level II, Level III nor Level  IV exists and the Cash Flow Leverage Ratio is less than 3.50 to 1.00. “Level VI ” exists at any  date if, at such date, none of Level I, Level II, Level III , or  Level IV or Level V  exists.         “LIBOR”  is defined in the definition of “Adjusted LIBOR” in this Section 4.1.         “LIBOR Successor Rate”  is defined Section 9.2(b).                                        -41-  

 

         “Lien”  means any interest in Property securing an obligation owed to a Person other than  the owner of the Property, whether such interest is based on the common law, statute or contract,  including,  but  not  limited  to,  the  security  interest  lien  arising from  a  mortgage,  encumbrance,  pledge, conditional sale, security agreement or trust receipt, or a lease, consignment or bailment  for security purposes.  The term “Lien”  shall also include survey exceptions or encumbrances,  easements  or  reservations,  or  rights  of  others  for  rights-of-way, utilities  and  other  similar  purposes, or zoning or other restrictions as to the use of real properties.  For the purposes of this  definition, a Person shall be deemed to be the owner of any Property which it has acquired or  holds  subject  to  a  conditional  sale  agreement,  Capital  Lease or  other  arrangement  pursuant  to  which  title  to  the  Property  has  been  retained  by  or  vested  in some  other  Person  for  security  purposes, and such retention of title shall constitute a “Lien.”         “Limited Condition Acquisition”  means a Permitted Acquisition by the Parent or one or  more  of  its  Subsidiaries  whose  consummation  is  not  conditioned  on  the  availability  of,  or  on  obtaining, third party financing a nd which is designated as a Limited Condition Acquisition by  the Parent in writing to the Administrative Agent on or prior to the date the definitive agreements  for such acquisition are entered into.         “Loan”  means any Revolving Loan, Term Loan or Swingline Loan, whether outstanding  as a Domestic Rate Loan or Eurocurrency Loan, each of which is a “type” of Loan hereunder.          “Material  Acquisition ”  means  any  Acquisition  that  involves  aggregate  consideration  (including cash, equity, purchase price adjustments (but excluding earn-out or similar payments),  Indebtedness  or  liabilities  incurred  or  assumed,  and  all  transaction  costs)  in  excess  of  $250,000,000. 250,000,000; provided that  immediately  after  giving  effect  to  such  Material  Acquisition no Default of Event of Default shall have occurred and be continuing and provided  further  that, with respect to a Limited Condition Acquisition, such requirement shall be subject  to the provisions of Section 4.4 hereof.         “Material  Adverse  Effect”   means  a  material  and  adverse  effect  on  (i)  the  business,  operations, Property or financial or other condition of the Parent and its Subsidiaries, taken as a  whole, (ii) the ability of the Parent or Borrower to perform any of its payment obligations under  this  Agreement,  or  (iii) the    rights,  remedies  and  benefits  available to,  or  conferred  upon,  the  Administrative Agent or any Lender under any Credit Document.         “Material  Credit  Facility”   shall  mean  any  agreement  (other  than  this  Agreement)  creating or evidencing indebtedness for borrowed money by Parent or any Restricted Subsidiary,  or in respect of which the Parent or any Restricted Subsidiary is an obligor or otherwise provides  a guarantee or other credit support, in a principal amount outstanding or available for borrowing  equal to or greater than $200,000,000 (or the equivalent of such amount in the relevant currency  of payment, determined as of the date of the closing of such agreement based on the exchange  rate of such other currency).          “Material Subsidiary”  means any Subsidiary that as of the date of determination has (a)  revenues  in  excess  of  5%  of  the  consolidated  revenue  of  the  Parent  and  its  Restricted  Subsidiaries for the period of the four fiscal quarters most recently ended for which the Parent                                       -42-  

 

   has  delivered financial  statements  pursuant  to  Section  7.06(a)(i)  or  (ii)  hereof,  or  (b)  property  with an aggregate fair market value in excess of 5% of the book value of the total consolidated  assets of the Parent and its Restricted Subsidiaries at the end of such period.         “Maximum Rate”  is defined in Section 12.24 hereof.         “Minimum Collateral Amount”  means,  at any  time, (a) with respect to Cash  Collateral  consisting  of  cash  or  deposit  account  balances,  an  amount  equal  to  105%  of the  Fronting  Exposure of each L/C Issuer with respect to Letters of Credit issued and outstanding at such time  and (b) otherwise,  an amount determined by  the Administrative Agent and  each L/C Issuer  in  their sole discretion.         “Mortgage Unrestricted Subsidiary”   means  Jones  Lang  LaSalle  Multifamily  LLC,  its  successors and its subsidiaries and any entity (and its subsidiaries) purchased, acquired or formed  by  the  Parent  or  a  Subsidiary  that  engages  in  the  loan  origination  or  servicing  business  or  becomes  an  originator  of  mortgage  loans  under  the  Federal  National  Mortgage  Association,  Federal  Housing Administration or other quasi-governmental agency program, in each  case so  long  as  the  obligations  of  such  Person  are  non-recourse  to  the  Parent  or  any  Restricted  Subsidiary.         “Net Cash Flow Leverage Ratio”   means  as  of  the  last  day  of  any  calendar  quarter  the  ratio of the Total Funded Debt as of such day minus  Qualified Cash to Adjusted EBITDA for the  four calendar quarters then ended.         “Net Cash Flow Leverage Ratio Increase”  is defined in Section 7.15 hereof.         “New Term Loan”  is defined in Section 1.15 hereof.         “Non-Public Lender”  means (i) until the publication of an interpretation of “public” as  referred to in the CRR by the competent authority/ies: an entity which (x) assumes rights and/or  obligations vis-à-vis the Borrower, the value of which is at least EUR 100,000 (or its equivalent  in  any  other  currency),  (y)  provides  repayable  funds  for  an  initial  amount  of  at  least  EUR  100,000 (or its equivalent in any other currency) or (z) otherwise qualifies as not forming part of  the public; and (ii) as soon as the interpretation of the term "public" as referred to in the CRR has  been published by the relevant authority/ies:  an entity which is not considered to form part of  the public on the basis of such interpretation.          “Note” means any promissory note issued at the request of a Lender pursuant to Section  1.11 hereof in the form of Exhibit C-1 evidencing such Lender’s Revolving Loans, Exhibit C-2  evidencing  the  Swingline Lender’s  Swingline Loans  or Exhibit  C-3  evidencing  such  Lender’s  Term Loans.         “Note Agreement”   shall  mean  the  Note  and  Guaranty  Agreement  dated  as  of  June  27,  2017 among the Borrower, as Issuer, the Parent, as Parent Guarantor, and the Note Purchasers  party  thereto,  as the  same   may  be  amended,  modified,  restated  or  supplemented  from  time  to  time.                                        -43-  

 

         “Obligations”  means all fees payable hereunder, all obligations of the Borrower to pay  principal  or  interest  on  Loans,  Swingline  Loans  and  L/C  Obligations, all  Bank  Product  Obligations,  all  Swap  Obligations, and  all  other  payment  obligations  of  the  Borrower  or  any  Guarantor arising under or in relation to any Credit Document , any Bank Product Agreement or  any  Hedge  Agreement, provided that  the  Obligations  of  a  Guarantor  shall  not  include  its  Excluded Swap Obligations .         “OFAC”   means  the  United  States  Department  of  Treasury  Office  of  Foreign  Assets  Control.         “OFAC Event”  means the event specified in Section 7.23 hereof.         “OFAC SDN List”   means  the  list  of  the  Specially  Designated  Nationals  and  Blocked  Persons maintained by OFAC.         “Original Dollar Amount”   means  the  amount  of  any  Obligation  denominated  in  U.S.  Dollars  and,  in  relation  to  any  Loan  denominated  in  an  Alternative  Currency,  the  U.S.  Dollar  Equivalent of such Loan on the day it is advanced or continued for an Interest Period.         “Parent” means Jones Lang LaSalle Incorporated, a Maryland corporation.         “Participant Register”  is defined in Section 12.11 hereof.         “Participating Lender”  is defined in Section 1.3(d) hereof.         “Participating Interest”  is defined in Section 1.3(d) hereof.          “PBGC”  is defined in Section 5.8 hereof.         “Percentage”   means  for  any  Lender  its  Revolver  Percentage  and  each  Term  Loan  Percentage, as applicable; and where the term “Percentage” is applied on an  aggregate  basis,  such  aggregate  percentage  shall  be  calculated  by  aggregating  the  separate  components  of  the  Revolver  Percentage  and  each  Term  Loan  Percentage,  and  expressing  such components  on  a  single percentage basis.         “Permitted Acquisition”  means any Acquisition in a line of business related to that of the  Parent and its Subsidiaries with respect to which all of the following conditions shall have been  satisfied:                (a)  the Board of Directors or other governing body or the holders of 100%, or        such other percentage as may be required by the applicable governing documents, of the        equity interests of the Person whose Property, or Voting Stock or other interests in which,        are being so acquired has approved the terms of such Acquisition; and               (b)   after giving effect to such Acquisition and any Credit Event in connection        therewith,  no  Default  or  Event  of  Default  shall  exist,  including with  respect  to  the                                       -44-  

 

         financial covenants contained in Sections 7.15 and 7.16 hereof on a  pro forma  basis and,        in  the  case  of  a  Material  Acquisition,  the  Parent  shall  have delivered  to  the        Administrative  Agent  evidence  reasonably  satisfactory  to  the  Administrative  Agent        (which evidence shall be substantially in the form of a Compliance Certificate  or  such        other  form  reasonably  satisfactory  to  the  Administrative  Agent)  certifying  to  the        foregoing; provided   that  with  respect  to  a  Limited  Condition  Acquisition,  such        requirements shall be subject to the provisions of Section 4.4 hereof.         “Permitted Adjustments”   means,  for  any  period,  and  without  duplication,  (i)  cash  and  non-cash  restructuring  expenses  incurred  by  the  Parent  or  any  Restricted  Subsidiaries  during  such period that are directly attributable to identified restructuring initiatives, to the extent such  cash restructuring charges do not exceed $100,000,000 in the aggregate for all periods from and  after April 1, 2016,2018, (ii) deferred commissions earned and received in cash by any Person  acquired pursuant to  an Acquisition (net of  commissions payable) for  transactional activity, to  the extent such activity was completed prior to the acquisition of such Person by the Parent or a  Restricted Subsidiary and  not previously recognized  as revenue by the Parent  or  its  Restricted  Subsidiaries,  not  to  exceed  $50,000,000  for  any  four  consecutive  fiscal  quarter  period  or  $100,000,000 in the aggregate for all periods from and after April 1, 2016,2018, (iii) impairment  and other non-cash charges related to direct or indirect co-investments in real estate or real estate  related assets, including notes and other securities, of the Parent and its Restricted Subsidiaries   funded prior to April 1, 2016, not to exceed $50,000,000 in the aggregate for all periods from  and after April 1, 2016,, (iv) non-cash charges arising from the impairment of goodwill or other  intangible  assets  in  accordance  with  and  as  required  by  FASB  Accounting Standards  Codification  Topic  350  (formerly  SFAS  142)  under  GAAP  or  any  successor  standard,  (v)  acquisition,  integration  and  transition  charges  (including  costs  for  client  or  investor  consents  treated as an expense or reduction of revenue rather than purchase price) directly related to any  Permitted Acquisition pursued or closed on or after July 1, 20152017 to the extent such charges  or  reduction  of  revenue  do  not  exceed  $400,000,000  in  the  aggregate  for  all  such  Permitted  Acquisitions for all periods from and after April 1, 2016,2018, (vi) the subtraction of non-cash  gains or the addition of non-cash losses relating to (a) changes in the mark-to-market value of  co-investments  described  above  and  earn-outs  and  (b)  mortgage  servicing  rights,  (vii)  any  non-recurring  fees,  expenses  or  charges  paid  in  connection  with  debt  or  equity  financing  activities,  and  (viii)  the  aggregate  amount  of  write-downs  of  tax indemnification  assets  to  the  extent a tax reserve related to such tax indemnification is released.         “Person”   means  an  individual,  partnership,  corporation,  limited  liability  company,  association,  trust,  unincorporated  organization  or  any  other  entity  or  organization,  including  a  government or any agency or political subdivision thereof.         “Plan”   means  at  any  time  an  employee  pension  benefit  plan  covered  by  Title IV  of  ERISA or subject to the minimum funding standards under Section 412 of the Code that is either  (i) maintained by a member of the Controlled Group or (ii) maintained pursuant to a collective  bargaining  agreement  or  any  other  arrangement  under  which  more  than  one  employer  makes  contributions  and  to  which  a  member  of  the  Controlled  Group  is  then  making  or  accruing  an  obligation to make contributions or has within the preceding five plan years made contributions.                                        -45-  

 

         “Platform”  is defined in Section 12.8(d) hereof.         “Pricing Date”  means, for any fiscal quarter of the Parent ended after the date hereof, the  latest  date  by  which  the Parent is  required  to  deliver  a  Compliance  Certificate  for  such  fiscal  quarter pursuant to Section 7.6(b) hereof.  Except as provided in the immediately following two  sentences, the Applicable Margin established on a Pricing Date shall remain in effect until the  next  Pricing  Date.  If  the  Parent  has  not  delivered  a  Compliance  Certificate  by  the  date  such  Compliance Certificate is required to be delivered under Section 7.6(b) hereof, Level V shall be  deemed  to  exist  from  such  required  delivery  date  until  a  Compliance  Certificate  is  delivered  before the next Pricing Date.  If the Parent subsequently delivers such a Compliance Certificate  before  the  next  Pricing  Date,  the  Applicable  Margin  established  by such  late  delivered  Compliance Certificate shall take effect from the date of delivery until the next Pricing Date.  In  all other circumstances, the Applicable Margin established by a Compliance Certificate shall be  in effect from the Pricing Date that occurs immediately after the end of the Parent’s fiscal quarter  covered by such Compliance Certificate until the next Pricing Date.         “Priority Debt”  means, as of any date, the sum (without duplication) of the outstanding  Indebtedness of the Parent and its Restricted Subsidiaries secured by any Liens.         “Property”  means any interest in any kind of property or asset, whether real, personal or  mixed, or tangible or intangible, whether now owned or hereafter acquired.         “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.          “Qualified Cash”   means  as  of  the  last  day  of  any  calendar  quarter  the sum  of: (i)  the  lesser of (A) $100,000,000 lesser of (A) an amount calculated in accordance with the definition of  “Qualified Cash” as set forth in the Note Agreement (so long as the Note Agreement is in effect)   and (B) the  sum of : (I) i) the  Unrestricted Cash  owned by the Borrower  or any Guarantor  and  maintained in an account in the United States and (II) 75% of Unrestricted Cash maintained in a  jurisdiction outside the United States Parent or any Restricted Subsidiary  and (ii) the proceeds of  indebtedness (including the Loans) incurred for the purpose of funding a Permitted Acquisition  which  are  held  in  a  segregated  or  restricted  account  solely  (i)  for  the  purpose  of  funding  the  purchase price of such Permitted Acquisition (together with any related fees or expenses) or (ii)  for the benefit of the lenders of such indebtedness.         “Quoted Rate”  is defined in Section 1.2(c) hereof.         “Register”  is defined in Section 12.12(b) hereof.         “Reimbursement Obligation”  is defined in Section 1.3(c) hereof.         “Related Indemnitee”  is defined in Section 12.15 hereof.         “Removal Effective Date”  is defined in Section 10.7(b) hereof.                                        -46-  

 

         “Required Lenders”  means, as of the date of determination thereof, Lenders having Total  Credit Exposures representing more than 50% of the Total Credit Exposures of all Lenders.  To  the  extent  provided  in  the  last  paragraph  of  Section  12.13,  the  Total  Credit  Exposure  of  any  Defaulting Lender shall be disregarded in determining Required Lenders at any time.         “Required  Revolving  Lenders”   means,  at  any  time,  Lenders  having  Revolving  Credit  Exposures representing more than 50% of the total Revolving Credit Exposures of all Lenders.   To  the  extent  provided  in  the  last  paragraph  of  Section  12.13  hereof,  the  Revolving  Credit  Exposure  of  any  Defaulting  Lender  shall  be  disregarded  in  determining  Required  Revolving  Lenders at any time.         “Resignation Effective Date”  is defined in Section 10.7(a) hereof.         “Responsible  Officer ”  means  the  chief  executive  officer, president President ,  any  vice  president, chief financial officer, treasurer or assistant treasurer, or other similar officer or any  Authorized Representative of the Borrower or any Guarantor.          “Restricted Subsidiary”  means any Subsidiary of  the Parent other  than an  Unrestricted  Subsidiary.         “Revaluation  Date”   means,  with  respect  to  any  Letter  of  Credit  denominated  in  an  Alternative  Currency, (a) the date of issuance thereof, (b) the date of each amendment thereto  having the effect of increasing the amount thereof, (c) the last day of each calendar month, and  (d) each additional date as the Administrative Agent or the Required Lenders shall specify.         “Revolving  Facility”   means  the  credit  facility  for  making  Revolving  Loans  and  Swingline Loans and issuing Letters of Credit described in Sections 1.1, 1.2 and 1.3 hereof.         “Revolver Percentage”  means # for each Lender, the percentage of the Revolving Credit  Commitments represented by such Lender’s Revolving Credit Commitment or, if the Revolving  Credit  Commitments  have  been  terminated,  the  percentage  of  the  total  Revolving  Credit  Exposure then outstanding held by such Lender.         “Revolving Credit”  means the credit facility for making Revolving Loans and Swingline  Loans and issuing Letters of Credit described in Sections 1.1, 1.2 and 1.3 hereof.         “Revolving Credit Exposure” means,  as  to  any  Lender  at  any  time,  the  sum  of  the  (i)  aggregate  Original  Dollar  Amount  of  its  outstanding  Revolving  Loans,  (ii)  the  aggregate  Original  Dollar  Amount  of  such  Lender’s  participation  in  Swingline  Loans,  and  (iii)  the  aggregate  U.S.  Dollar Equivalent  of  such  Lender’s  participation  in  all  L/C  Obligations  at  any  time outstanding at such time.         “Revolving Credit Commitment”  means, as to any Lender, the obligation of such Lender  to make Revolving Loans and to participate in Swingline Loans and Letters of Credit hereunder  in an aggregate principal or face amount at any one time outstanding not to exceed the amount  set  forth  opposite  such Lender’s  name  under  the  heading “Revolving Credit Commitment”   on                                       -47-  

 

   Schedule 1 attached hereto and made a part hereof, as the same may be reduced or modified at  any time or from time to time pursuant to the terms hereof.  “Revolving Credit Commitments”   means the aggregate of each Lender’s Revolving Credit Commitment.         “Sanction  Programs”   means  all  laws,  regulations,  Executive  Orders  Economic  U.S.  Financial sanctions or trade embargoes or restrictive measures enacted, imposed, administered or  enforced  from  time  to  time  by  (i)  the  U.S.  Government,  including OFAC,  including  without  limitation, the Bank Secrecy Act, anti-money laundering laws (including, without limitation, the  Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and  Obstruct Terrorism Act of 2001, Pub. L. 107-56 (a/k/a the USA Patriot Act)), and all economic  and trade sanction programs administered by OFAC, any  and all  similar  United States  federal  laws, regulations or Executive Orders, and any similar laws, regulators or orders adopted by any  State within the United States, (ii) the United Nations Security Counsel, (iii) the European Union  or  any  of  its  member  states,  (iv)  Her  Majesty’s  Treasury,  (v)  Switzerland,  or  (vi)  any  other  relevant authority.          “Sanctioned  Country”   means,  at  any  time,  a  country  or  territory  which  is,  or  whose  government is, the subject or target of any Sanctions broadly restricting or prohibiting dealings  with such country, territory or government (as of the Effective Date, Crimea, Cuba, Iran, North  Korea, Sudan, and Syria).          “Sanctioned Person”  means, at any time, any Person with whom dealings are restricted  or  prohibited  under  Sanctions,  including  (a)  any  Person  listed  in  any  Sanctions-related  list  of  designated Persons maintained by the United States (including by OFAC, the U.S. Department of  State, or the U.S. Department of Commerce), the United Nations Security Council, the European  Union  or any of  its member states, Her Majesty’s Treasury,  Switzerland or  any  other relevant  authority, (b) any Person located, organized or resident in, or any government or Governmental  Authority  of,  a  Sanctioned  Country  or  (c)  any  Person  50%  or  more  owned  by  any  Person  described in clauses (a) or (b) hereof.          “Sanctions”   means  economic  or  financial  sanctions  or  trade  embargoes  or  restrictive  measures  enacted,  imposed,  administered  or  enforced  from  time  to  time  by:   (a)  the  U.S.  government,  including those administered by the Office of Foreign Assets Control  of the  U.S.  Department of the Treasury, the U.S. Department of State, or the U.S. Department of Commerce;  (b) the United Nations Security Council; (c) the European Union or any of its member states; (d)  Her Majesty’s Treasury; (e) Switzerland; or (f (f) the Australian Department of Foreign Affairs  and Trade or (g ) any other relevant authority.          “SEC”  means the Securities and Exchange Commission.         “Security”   has  the  same  meaning  as  in  Section  2(l)  of  the  Securities  Act  of  1933,  as  amended.         “Set-Off”  is defined in Section 12.7 hereof.         “Scheduled Unavailability Date”  is defined Section 9.2(b).                                        -48-  

 

         “Subsidiary”   means  a  corporation,  partnership  or  other  entity  that,  under  GAAP,  is  included in the consolidated financial statements of the Parent.         “Subsidiary Guarantee Agreement”   means  a  letter  to  the  Administrative  Agent  in  the  form of Exhibit E hereto executed by a Subsidiary whereby it acknowledges it is party hereto as  a Guarantor under Section 11 hereof.         “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 Obligations”   means  the  liability  of  the  Parent  or  any  Subsidiary  (other  than  a  Mortgage  Unrestricted  Subsidiary)  to  Hedge  Bank,  whether  absolute  or  contingent  and  howsoever  and  whensoever  created,  arising,  evidenced  or  acquired  (including  all  renewals,  extensions  and  modifications  thereof  and  substitutions  therefor); provided, however,   that,  with  respect to any Guarantor, the Swap Obligations Guaranteed by such Guarantor shall exclude all  Excluded Swap Obligations.          “Swingline”  means the credit facility for making one or more Swingline Loans described  in Section 1.2 hereof.         “Swingline  Lender”   means  Bank  of  Montreal  acting  in  its  capacity  as  the  lender  of  Swingline Loans hereunder, or any successor Lender acting in such capacity appointed pursuant  to Section 12.12 hereof.         “Swingline Sublimit”  means $ 100,000,000 200,000,000  as the same may be reduced from  time to time pursuant to Section 1.13 hereof.         “Swingline Loan”  is defined in Section 1.2 hereof.         “TARGET  Settlement  Day”   means  any  day  on  which  the  Trans-European  Automated  Real-Time Gross Settlement Express Transfer (TARGET) System is open.                                        -49-  

 

          “Term Loan Facility” means each credit facility for making Term Loan Facility Loans , if  any; and “Term Loan Facilities” means all Term Loan Facilities.         “Term Loans”  means and includes each Term Loan advanced pursuant to Section 1.15  hereof.         “Termination Date”  means June 21, 2021. May 16, 2023.         “Total Credit Exposure” means,  as  to  any  Lender  at  any  time,  the  unused  Revolving  Credit Commitments, Revolving Credit Exposure and outstanding Term Loans of such Lender at  such time.         “Total Funded Debt”  means, at any time the same is to be determined, the aggregate of  all Indebtedness of the Parent and its Restricted Subsidiaries determined without duplication on a  consolidated basis minus  (i) the aggregate stated amount of performance letters of credit issued  for the account of the Parent or any Restricted Subsidiary other than any such Letter of Credit  issued hereunder and (ii) the aggregate principal amount of debt for borrowed money owed by  the Parent or any Restricted Subsidiary under overdraft facilities but only to the extent of cash  held by the Parent and its Restricted Subsidiaries on a consolidated basis.         “Undisclosed  Administration”   means  in  relation  to  a  Lender  or  its  direct  or  indirect  parent  company  or  other  affiliate  that  exercises  control  over  it,  the  appointment  of  an  administrator,  provisional  liquidator,  conservator,  receiver,  trustee,  custodian  or  other  similar  official by a supervisory authority or regulator under or based on the law in the country where  such  person  is  subject  to  home  jurisdiction  supervision  if  applicable  law  requires  that  such  appointment is not to be publicly disclosed.         “Unfunded Vested Liabilities”  means, with respect to any Plan at any time, the amount (if  any) by which (i) the present value of all vested nonforfeitable accrued benefits under such Plan  exceeds (ii) the fair market value of all Plan assets allocable to such benefits, all determined as of  the  then  most  recent  valuation  date  for  such  Plan,  but  only  to  the  extent  that  such  excess  represents  a potential liability of  a  member  of the  Controlled Group to the PBGC or  the  Plan  under Title IV of ERISA.         “Unrestricted  Cash”   means  cash  or  cash  equivalents  of  the  Parent  or  any  Restricted  Subsidiary  that  (a)  do  not  appear  (or  would  not  be  required  to  appear)  as  “restricted”  on  a  consolidated balance sheet of the Parent, (b) are not subject to a Lien (other than Liens of the  type  described  in Section  7.9(f)  and  (c)  in  the  case  of  cash  and  cash  equivalents  held  in  an  account  outside  the  United  States,  is  not  prohibited  by  applicable  law  or  binding  contractual  agreement from being repatriated to the Borrower or Parent.         “Unrestricted Subsidiary”  means (i) each Mortgage Unrestricted Subsidiary and (ii) any  Subsidiary of the Parent (other than a Guarantor or the Borrower) which (a) is established for the  sole purpose of investing in  real  estate and real estate related assets  including notes and  other  securities  and  (b)  is  designated  by  the  Parent  (with  prior  written notice  to  the  Administrative                                        -50-  

 

   Agent)  to  be  an  Unrestricted  Subsidiary; provided that   except  for  the  Mortgage  Unrestricted  Subsidiaries, no Subsidiary may be an Unrestricted Subsidiary for more than 180 days.         “Unused Revolving Credit Commitments”  means, at any time, the difference between the  Revolving  Credit  Commitments  then  in  effect  and  the  aggregate  outstanding Original  Dollar  Amount of all Revolving Loans, and the U.S. Dollar Equivalent of all L/C Obligations.         “U.S. Dollars”  and “$”  each means the lawful currency of the United States of America.         “U.S. Dollar Equivalent”   means  (a)  the  amount  of  any  Obligation  or  Letter  of  Credit  denominated in U.S. Dollars, (b) in relation to any Obligation or Letter of Credit denominated in  a  currency  other  than  U.S.  Dollars,  the  amount  of  U.S.  Dollars  which  would  be  realized  by  converting  such  other  currency  into  U.S.  Dollars  at  the  exchange  rate  quoted  to  the  Administrative Agent, at approximately 11:00 a.m. (London time) three Business Days prior (i)  to the date on which  a computation thereof is required to be made and (ii) in the case  of  L/C  Obligations,  on  any  Revaluation  Date,  in  each  case  by  major  banks  in  the  interbank  foreign  exchange market for the purchase of U.S. Dollars for such other currency.         “US Guarantor”   means  each  of  (i)  the  Parent,  Jones  Lang  LaSalle  Americas,  Inc.,  a  Maryland  corporation,  LaSalle  Investment  Management,  Inc.,  a  Maryland  corporation,  Jones  Lang  LaSalle  International,  Inc.,  a  Delaware  corporation,  Jones  Lang  LaSalle  Co-Investment,  Inc.,  a  Maryland  corporation,  Jones  Lang  LaSalle  New  England,  LLC,  a  Delaware  limited  liability  company,  Jones  Lang  LaSalle  Brokerage,  Inc.,  a  Texas  corporation,  or,  in  each  case  other than the Parent, its permitted successors and assigns and (ii) any other Subsidiary of the  Parent  organized  under  the  laws  of  the  United  States  or  any  state  thereof  designated  by  the  Borrower as a Guarantor as required by Section 7.21 hereof.          “Voting Stock”  of any Person means capital stock of any class or classes or other equity  interests  (however  designated)  having  ordinary  voting  power  for  the  election  of  directors  or  similar  governing  body  of  such  Person,  other  than  stock  or  other  equity  interests  having  such  power only by reason of the happening of a contingency.         “Welfare Plan”  means a “welfare plan” , as defined in Section 3(1) of ERISA.         “Wholly-Owned”   when  used  in  connection  with any  Subsidiary  of  the  Parent  means  a  Subsidiary of  which all of the issued and  outstanding shares of stock  or other  equity interests  (other than directors’ qualifying shares as required by law) shall be owned by the Parent and/or  one or more of its Wholly-Owned Subsidiaries.         “Write-Down  and  Conversion  Powers”   means,  with  respect  to  any  EEA  Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time  to  time  under  the  Bail-In  Legislation  for  the  applicable  EEA  Member  Country,  which  write-down and conversion powers are described in the EU Bail-In Legislation Schedule.        Section 4.2.  Interpretation .  The foregoing definitions shall be equally applicable to both  the  singular  and  plural  forms  of  the  terms  defined.   The  words “hereof” , “herein” ,  and                                       -51-  

 

   “hereunder” and words of like import when used in this Agreement shall refer to this Agreement  as a whole and not to any particular provision of this Agreement.  All references to times of day  in  this  Agreement  shall  be  references  to  Chicago,  Illinois  time unless  otherwise  specifically  provided.  Where the character or amount of any asset or liability or item of income or expense is  required to be determined or any consolidation or other accounting computation is required to be  made for the purposes of this Agreement, the same shall be done in accordance with GAAP, to  the extent applicable, except where such principles are inconsistent with the specific provisions  of this Agreement.        Section 4.3.  Change in Accounting Principles .  If, after the date of this Agreement, there  shall occur any change in GAAP from those used in the preparation of the financial statements  referred to in Section 7.6 hereof and such change shall result in a material change in the method  of  calculation  of  any  financial  covenant,  standard  or  term found  in  this  Agreement,  either  the  Borrower or the Required Lenders may by notice to the Lenders and the Borrower, respectively,  require  that  the  Lenders  and  the  Borrower  negotiate  in  good  faith  to amend  such  covenants,  standards,  and  terms  so  as  equitably  to  reflect  such  change  in  accounting  principles,  with  the  desired result being that the criteria for evaluating the financial condition of the Parent and its  Subsidiaries shall be the same as if such change had not been made.  No delay by the Borrower  or the Required Lenders in requiring such negotiation shall limit their right to so require such a  negotiation at any time after such a change in accounting principles.  Until any such covenant,  standard, or  term is amended in accordance with this Section 4.3, financial  covenants shall  be  computed and determined in accordance with GAAP without giving effect to the relevant change  in accounting principles.  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  without  giving  effect to  any  change  to,  or  modification of, GAAP which would require the capitalization of leases (whether or not existing)  that would be characterized as  “operating leases” under GAAP as in effect as of the Effective  Date.        Section 4.4.  Limited Condition Acquisition .  In connection with any action being taken  in  connection  with  a  Limited  Condition  Acquisition,  for  purposes  of  determining  compliance  with  any  provision  of this  Agreement  which  requires  (i)  that  no  Default,  Event  of  Default  or  specified Event of Default, as applicable, has occurred, is continuing or would result from any  such action, as applicable, such condition shall, at the option of the Parent (an “LCA Election” ),  be  deemed  satisfied  so  long  as  no Default,  Event of Default or specified Event of Default,  as  applicable, exists on the date the definitive agreements for such Limited Condition Acquisition  are entered into (the “LCA Test Date” ) and no Default or Event of Default under Section 8.1(a),  (f) or (g) exists or would result therefrom on the date any related New Term Loans are advanced  or  (ii)  the  calculation  of  the  Net  Cash  Flow  Leverage  Ratio  and the  Cash  Interest  Coverage  Ratio, in each case, at the option of the Parent, the date of determination of whether any such  action is permitted hereunder shall be deemed to be the LCA Test Date and if, after giving pro  forma  effect to the Limited Condition Acquisition and the other transactions to be entered into in  connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof)  as if they had occurred at the beginning of the most recent four consecutive fiscal quarters ending  prior  to  the  LCA  Test  Date  for  which  consolidated  financial  statements  of  the  Parent  are                                        -52-  

 

   available, the Parent could have taken such action on the relevant LCA Test Date in compliance  with such ratio, such ratio shall be deemed to have been complied with.         If  the  Parent  makes  an  LCA  Election,  then  in  connection  with  any  calculation  of  any  ratio, test or basket availability with respect to any transaction following the relevant LCA Test  Date  and  prior  to  the  earlier  of  the  date  on  which  such  Limited  Condition  Acquisition  is  consummated or the date that the definitive agreement for such Limited Condition Acquisition is  terminated  or  expires  without  consummation  of  such  Limited  Condition  Acquisition,  for  purposes of determining whether such subsequent transaction is permitted under this Agreement,  any such ratio, test or basket shall be required to be satisfied on a pro forma basis  (i) assuming  that  such  Limited  Condition  Acquisition  and  other  transactions  in  connection  therewith  (including  any  incurrence  of  Indebtedness  and  the  use  of  proceeds  thereof)  have  been  consummated and (ii) assuming that such Limited Condition Acquisition and other transactions  in  connection  therewith  (including  any  incurrence  of  Indebtedness  and  the use  of  proceeds  thereof) have not been consummated.  For the avoidance of doubt, notwithstanding anything in  this Section 4.4 to the  contrary, the requirements  of Section 6.2 are required to be  satisfied  in  connection with any extensions of credit other than the New Term Loans the proceeds of which  are or will be used to finance a Limited Condition Acquisition, it being understood that the only  conditions  to  funding  such  New  Term  Loans  shall  be  those  set  forth in  the  Incremental  Amendment executed and delivered in connection with such New Term Loans.        Section 4.5.  Letter of Credit Amounts.  With respect to any Letter of Credit that, by its  terms  or  the  terms  of  any  other  Credit  Document  related  thereto,  provides  for  one  or  more  automatic  increases in the stated amount thereof, the amount of  such Letter of Credit  shall be  deemed to be the U.S. Dollar Equivalent of the maximum stated amount of such Letter of Credit  after giving effect to all such increases, whether or not such maximum stated amount is in effect  at such time.    SECTION 5.    REPRESENTATIONS AND WARRANTIES .         Each  of  the  Borrower  and  the  Parent  hereby  represents  and  warrants  to  the  Administrative  Agent,  each  Lender  and  each  L/C  Issuer  as  to  itself  and,  where  the  following  representations and warranties apply to Subsidiaries, as to each of its Subsidiaries, as follows:        Section 5.1.  Corporate Organization and Authority .   The Parent is duly  organized  and  existing in good standing under the laws of the State of Maryland; has all necessary corporate  power to carry on its present business; and is duly licensed or qualified and in good standing in  each jurisdiction in which the nature of the business transacted by it or the nature of the Property  owned  or  leased  by  it  makes  such  licensing,  qualification  or  good  standing  necessary  and  in  which the failure to be so licensed, qualified or in good standing would reasonably be expected  to have  a Material Adverse Effect.  The Borrower is duly incorporated and existing  under  the  laws of The Netherlands as a private company with limited liability (a besloten vennootschap met  beperkte aansprakelijkheid ); has all necessary corporate power to carry on its present business;  and is duly licensed or qualified and in good standing to the extent applicable in each jurisdiction  in which the nature of the business transacted by it or the nature of the Property owned or leased  by it makes such licensing, qualification or good standing necessary and in which the failure to                                       -53-  

 

   be so licensed, qualified or in good standing would reasonably be expected to have a Material  Adverse Effect.  The Borrower and each Guarantor is subject to civil and commercial law with  respect to its  obligations under the Credit Documents and the  making and performance  of  the  Credit Documents by the Borrower and each Guarantor constitute private and commercial acts  rather than public or governmental acts.  Neither the Borrower nor any Guarantor is entitled to  any immunity on the ground of sovereignty or the like from the jurisdiction of any court or from  any action, suit, setoff or proceeding, or the service of process in connection therewith, arising  under the Credit Documents.        Section 5.2.  Subsidiaries .   Schedule  5.2  hereto  identifies  as  of  the  date  of  this  Agreement  each  Guarantor,  the  jurisdiction  of  its  organization,  the percentage  of  issued  and  outstanding shares of each class of its capital stock or equity interests, as the case may be, owned  by  the  Parent  and  the  Subsidiaries  and,  if  such  percentage  is  not  100%  (excluding  directors’  qualifying shares as required by law), a description of each class of its authorized capital stock  and other equity interests and the number of shares of each class issued and outstanding.   Except  to  the  extent  that  would  not  reasonably  be  expected  to  have  a  Material  Adverse  Effect,  each  Subsidiary is duly incorporated or formed and existing in good standing as a corporation, limited  partnership,  limited  liability  company  or  other  entity  under  the  laws  of  the  jurisdiction  of  its  incorporation  or formation,  has  all  necessary  corporate  or  other  power  to  carry  on  its  present  business, and is duly licensed or qualified and in good standing in each jurisdiction in which the  nature of the business transacted by it or the nature of the Property owned or leased by it makes  such  licensing  or  qualification  necessary.    All  of  the  issued  and  outstanding  shares  of  capital  stock and other equity interests of each Subsidiary are validly issued and outstanding and fully  paid  and,  if  such  Subsidiary  is  a  corporation,  nonassessable.   All  such  shares  owned  by  the  Parent are owned beneficially, and of record, free of any Lien other than any Lien permitted by  Section 7.9(c) or Section 7.9(d).         Section 5.3.  Authority and  Validity of  Obligations .   The  Borrower  has  full  power  and  authority to enter into this Agreement and the other Credit Documents to which it is a party, to  make the borrowings herein provided for, to issue its Notes in evidence thereof, to apply for the  issuance  of  the  Letters  of  Credit,  and  to  perform  all  of  its obligations  under  the  Credit  Documents to which it is a party.  Each Guarantor has full power and authority to enter into this  Agreement  as  a  signatory  hereto  or  pursuant  to  a  Subsidiary  Guarantee  Agreement  and  to  perform all of its obligations hereunder.  Each Credit Document to which the Borrower or any  Guarantor is a party has been duly authorized, executed and delivered by the Borrower and such  Guarantors  and  constitutes  valid  and  binding  obligations  of  the  Borrower  and  Guarantors  in  accordance  with its  terms, except as enforceability may be limited by bankruptcy,  insolvency,  fraudulent conveyance or similar laws affecting creditors’ rights generally and general principles  of equity (regardless of whether the application of such principles is considered in a proceeding  in equity or at law).  No Credit Document to which the Borrower is a party, nor the performance  or observance by the Borrower of any of the matters or things therein provided for, contravenes  any provision of law or any provision of the articles of association ( “statuten” ) of the Borrower  or (individually or in the aggregate) any material Contractual Obligation of or binding upon the  Borrower or any of its Properties or results in or requires the creation or imposition of any Lien  on any of the Properties or revenues of the Borrower.  No Credit Document to which a Guarantor  is a party, nor the performance or observance by such Guarantor of any of the matters or things                                       -54-  

 

   therein provided for, contravenes any provision of law or any judgment, order or decree binding  upon such Guarantor or any provision of the organizational documents (e.g. charter, certificate or  articles  of  incorporation  and  by-laws,  certificate  or  articles  of  association  and  operating  agreement, partnership agreement, or other similar organizational documents) of such Guarantor  or (individually or in the aggregate) any material Contractual Obligation of or binding upon such  Guarantor or any of its Properties or results in or requires the creation or imposition of any Lien  on any of the Properties or revenues of such Guarantor.  This Agreement is, and each Note when  duly executed and delivered by the Borrower  will be, in proper legal form under the laws of The  Netherlands  for  the  enforcement  hereof  against  the  Borrower  under  such  law  and  if  this  Agreement were to be stated to be governed by such law, it would constitute valid and binding  obligations  of  the  Borrower  under  such  law,  except  as  enforceability  may  be  limited  by  bankruptcy,  insolvency,  fraudulent  conveyance  or  similar  laws  affecting  creditors’  rights  generally  and  general  principles  of  equity  (regardless  of  whether  the  application  of  such  principles is considered in a proceeding in equity or at law).       Section 5.4.  Financial Statements .  All  financial  statements  heretofore delivered  to  the  Lenders showing historical performance for each of the Parent’s fiscal years ending on or before  December  31, 2015,2017,  have  been  prepared  in  accordance  with  GAAP  applied  on  a  basis  consistent, except as otherwise noted therein, with that of the previous fiscal year.  Each of such  financial statements fairly presents on a consolidated basis  in all material respects  the financial  condition of the Parent and its Subsidiaries as of the dates thereof and the results of operations  for  the  periods  covered  thereby.   Since  December  31, 2015,2017,  there  has  been  no  material  adverse change  which has not been disclosed to the Lenders  in the business, operations, Property  or financial condition of the Parent and its Subsidiaries on a consolidated basis.        Section 5.5.  No Litigation; No Labor Controversies Compliance with Laws .   (a) Except  as  disclosed  in  the  Parent’s  periodic  current  reports  filed  with  the  SEC  prior  to  the  Effective  Date,  there  is  no  litigation  or  governmental  proceeding  pending,  or  to  the  knowledge  of  the  Parent  or any  Guarantor the  Borrower   threatened,  against  the  Parent  or  any  Subsidiary  which  would  reasonably  be  expected  (individually  or  in  the  aggregate)  to  have  a  Material  Adverse  Effect.               (b)   There are no labor controversies pending or, to the best knowledge of the  Borrower, Parent or any Guarantor, threatened against the Parent or any Subsidiary which would  reasonably  be  expected  (insofar  as  the  Borrower  or  Parent  may  reasonably  foresee)  to  have  a  Material Adverse Effect. None of the Parent or any of the Subsidiaries or any of their respective  material properties or assets is in violation of, nor will the continued operation of their material  properties and assets as currently conducted violate, any law, rule or regulation, or is in default  with respect to any judgment, writ, injunction, decree or order of any Governmental Authority,  where  such  violation  or  default  could  reasonably  be  expected  to  result  in  a  Material  Adverse  Effect.         Section 5.6.  Taxes .  The Parent and its Subsidiaries have filed all United States federal  and state income tax returns, and all  other  material state and other tax returns, required to be filed  and have paid all taxes due pursuant to such returns or pursuant to any assessment received by  the Parent or any Subsidiary, except such taxes, if any, as are being contested in good faith and                                       -55-  

 

   for which adequate reserves in accordance with GAAP have been provided.  No notices of tax  liens have been filed and no claims are being asserted concerning any such taxes, which liens or  claims if filed or made would reasonably be expected to have a Material Adverse Effect.  The  charges, accruals and reserves on the books of the Parent and its Subsidiaries for any taxes or  other governmental charges are adequate.         Section 5.7.  Approvals .   No  authorization,  consent,  license,  exemption,  filing  or  registration  with  any  court  or  governmental  department,  agency  or  instrumentality,  nor  any  approval or consent of the stockholders of the Parent or any Subsidiary or from any other Person,  is necessary to the valid execution, delivery or performance by the Parent or any Subsidiary of  any Credit Document to which it is a party except (a) for such approvals and consents which as   have  been  obtained  and  are  in  full  force  and  effect   or  (b)  where  the  failure  to  obtain  such  authorization, consent,  license, exemption, filing or  registration, or  approval or consent,  in  the  aggregate, could not reasonably be expected to have a Material Adverse Effect .        Section 5.8.  ERISA .  With respect to each Plan, the Parent and each other member of the  Controlled Group has fulfilled its obligations under the minimum funding standards of and is in  compliance  with  the  Employee  Retirement  Income  Security  Act  of  1974,  as  amended,  or  any  successor statute thereto ( “ERISA” ), and with the Code to the extent applicable to it except for  such noncompliances that individually or in the aggregate would not reasonably be expected to  have  a  Material  Adverse  Effect  and  has  not  incurred  any  liability  to  the  Pension  Benefit  Guaranty  Corporation  or  any  Person  succeeding  to  any  or  all  of  its  functions  under  ERISA  (“PBGC” ) or a Plan under Title IV of ERISA other than a liability to the PBGC for premiums  under Section 4007 of ERISA, except for such liabilities that would not reasonably be expected  to  have  a  Material  Adverse  Effect.   Neither  the  Parent  nor  any Subsidiary  has  any  material  contingent liabilities for any post-retirement benefits under a Welfare Plan, other than liability  for continuation coverage described in Part 6 of Title I of ERISA.        Section 5.9.  Government  Regulation .   Neither  the  Parent  nor  any  Subsidiary  is  an  “investment  company”   or  a  company “controlled”   by  an “investment  company”   within  the  meaning of the Investment Company Act of 1940, as amended, or to the extent a Subsidiary is an  “investment company,”  it is properly registered with the SEC.       Section 5.10.  Margin Stock .  Neither the Parent nor any Subsidiary is engaged principally,  or  as  one  of  its  primary  activities,  in  the  business  of  extending  credit  for  the  purpose  of  purchasing  or  carrying  margin  stock  ( “margin stock”   to  have  the  same  meaning  herein  as  in  Regulation U of the Board of Governors of the Federal Reserve System).  The Borrower will not  use the proceeds of any Loan, Swingline Loan or Letter of Credit in a manner that violates any  provision  of  Regulation  U  or  X  of  the  Board  of  Governors  of  the  Federal Reserve  System.   Margin stock (as hereinabove defined) constitutes less than 25% of the assets of the Parent and  its Subsidiaries which are subject to any limitation on sale, pledge or other restriction hereunder.       Section 5.11.  Licenses  and  Authorizations ;  Compliance  with Environmental  and  Health  Laws .   (a) .  The  Parent  and  each  of  its  Subsidiaries  has  all  necessary  licenses,  permits  and  governmental  authorizations  to  own  and  operate its  Properties  and  to  carry  on  its  business  as                                        -56-  

 

   currently  conducted  and  contemplated,  except  to  the  extent  the  failure  to  have  such  licenses,  permits or authorizations would not reasonably be expected to have a Material Adverse Effect.        (b)  To the best of  the Borrower’s and each Guarantor’s knowledge, the business and  operations  of  the  Parent  and  each  Subsidiary  comply  in  all  respects  with  all  applicable  Environmental and Health Laws, except where the failure to so comply would not (individually  or in the aggregate) reasonably be expected to have a Material Adverse Effect.          (c)  Neither the Parent nor any Subsidiary has given, nor is it required to give, nor has it  received, any notice, letter, citation, order, warning, complaint, inquiry, claim or demand to or  from  any  governmental  entity  or  in  connection  with  any  court  proceeding  with respect  to  a  matter which would reasonably be expected to have a Material Adverse Effect claiming that:  (i)  the Parent or any Subsidiary has violated, or is about to violate, any Environmental and Health  Law; (ii) there has been a release, or there is a threat of release, of Hazardous Materials from the  Parent’s  or  any  Subsidiary’s Property,  facilities, equipment or  vehicles;  (iii) the Parent  or  any  Subsidiary may be or is liable, in whole or in part, for the costs of cleaning up, remediating or  responding to a release of Hazardous Materials; or (iv) any of the Parent’s or any Subsidiary’s  property or assets are subject to a Lien in favor of any governmental entity for any liability, costs  or damages, under any Environmental and Health Law arising from, or costs incurred by such  governmental entity in response to, a release of a Hazardous Materials.        Section 5.12.  Ownership of Property ; Liens .   The  Parent  and  each  Subsidiary  has  good  record and marketable title in fee simple to, valid leasehold interests in or other valid right to use  all real property owned or leased by it, and title to, valid leasehold interests or other valid right to  use all  its other  Property, in each case, except as would not  reasonably be expected to  have  a  Material  Adverse  Effect .   None  of  the  Parent’s real  property  is  subject  to  any  Lien  except  as  permitted  in Section 7.9 hereof, and none  of the Parent’s or any Restricted Subsidiary’s  other  Property is subject to any Lien, except as permitted in Section 7.9 hereof .       Section 5.13.  Compliance with Agreements .  Neither the Parent nor any Subsidiary is in  default  in  the  performance,  observance  or  fulfillment  of  any  of  the  obligations,  covenants  or  conditions contained in any agreement to which it is a party, which default would reasonably be  expected to have a Material Adverse Effect.       Section 5.14.  Accuracy  of  Information .   No  written  or  formally  presented  information,  exhibit or report (other than projections, pro forma financial information and other information  of a general economic or industry nature) furnished by the Parent or Borrower to any Lender or  the Administrative Agent in connection with a Loan, Swingline Loan or Letter of Credit or the  negotiation of the Credit Documents contained any material misstatement of fact or omitted to  state  any  fact  necessary  to  make  the  statements  contained  therein,  taken  as  a  whole,  not   materially  misleading  in light of the circumstances, the Administrative Agent and  the Lenders  acknowledging that as to any projections furnished to the Administrative Agent and the Lenders,  the Parent only represents that the same were prepared on the basis of information  and , estimates   and assumptions  the Parent believed to be reasonable at the time such projections were prepared  and that such projections are as to future events and not to be viewed as facts, and that actual                                        -57-  

 

   results during the period or periods covered by any such projections may differ materially from  the projected results.       Section 5.15.  Sanction Programs .  (a) The Parent is in compliance with the requirements  of  all  Sanction  Programs  applicable  to  it,  (b)  each  Subsidiary  is  in  compliance  with  the  requirements of all Sanction Programs applicable to such Subsidiary, (c) the Parent has provided  to  the  Administrative  Agent,  each  L/C  Issuer,  and  the  Lenders  all  information  regarding  the  Parent  and  its  Affiliates  and  Subsidiaries  necessary  for  the Administrative  Agent,  each  L/C  Issuer,  and  the  Lenders  to  comply  with  all  applicable  Sanction  Programs,  and  (d)  neither  the  Parent  nor  any  of  its  Subsidiaries,  nor  to  the  knowledge  of  the  Parent,  no  officer,  director,  employee, or Affiliate thereof, is, as of the date hereof, a Sanctioned Person or is in violation of  AML Laws, Anti-Corruption Laws, or Sanctions.  The Parent has implemented and maintains in  effect policies and procedures designed to ensure compliance by the Parent, its Subsidiaries and  their respective directors, officers, employees and agents with Anti-Corruption Laws, applicable  AML  Laws  and  applicable  Sanctions.  As  of  the  Amendment  No.  1  Effective  Date,  the  information included in the Beneficial Ownership Certification is true and correct in all respects.          The undertakings contained in this Section 5.15 shall not be made by nor apply to any   Guarantor  that  qualifies  as  a  resident  party  domiciled  in  the  Federal  Republic  of  Germany  (Inländer)  within  the  meaning  of  Sect.  2  paragraph  15  German  Foreign  Trade  Act  (Außenwirtschaftsgesetz)  in  so  far  as  it  would  result  in  a  violation  of  or  conflict  with  Sect.  7  German  Foreign  Trade  Regulation  (Außenwirtschaftsverordnung),  any  provision  of  Council  Regulation (EC) 2271/1996 or any other similar applicable anti-boycott statute.       Section 5.16.  Claims  Pari  Passu.   The  claims  of  the  Administrative  Agent  and  the  Lenders against the Borrower and each Guarantor hereunder will rank at least pari passu  with the  claims of all their other respective unsecured unsubordinated creditors.       Section 5.17.  Solvency .   The  Parent  and  its Subsidiaries,  taken  as  a  whole,  are  solvent,  able to pay their debts as they become due, and have sufficient capital to carry on their business  and all businesses in which they are about to engage.    SECTION 6.    CONDITIONS PRECEDENT .         The  obligation  of  each  Lender  to  advance,  continue,  or  convert  any  Loan or  any  Swingline Loan, or of an L/C Issuer to issue, extend the expiration date (including by not giving  notice of non-renewal) of or increase the amount of any Letter of Credit, shall be subject to the  following conditions precedent:        Section 6.1.  Initial Credit Event .  Before or concurrently with the first Credit Event:                (a)  The  Administrative  Agent  shall  have  received  this  Agreement duly        executed by Borrower, each Guarantor, and each Lender;               (b)   The Administrative Agent shall have received for each Lender in form and        substance  satisfactory  to  the  Administrative  Agent  the  favorable  written  opinion  of (i)                                       -58-  

 

               Mark J. Ohringer, Esquire, Global General Counsel to the Borrower and Guarantors, (ii)  Loyens  &  Loeff,  Dutch  counsel  to  the  Borrower,  (iii)  Baker  &  McKenzie,  English  counsel to Jones Lang LaSalle Limited, (iv) Hogan Lovells International LLP, German  counsel  to Jones Lang  LaSalle GmbH SE , and (v)  the opinion of Skadden, Arps,  Slate,  Meagher & Flom LLP, special Illinois counsel to the Borrower and Guarantors ;          (c)  The  Administrative Agent  shall  have  received for each  Lender copies of  the notarial deed of incorporation (including the articles of association) of the Borrower,  certified by a Dutch civil law notary to be true copies and an extract of the commercial  register of the chamber of commerce of Amsterdam  relating to the Borrower;         (d)   The Administrative Agent shall have received copies of the Certificate of  Incorporation and bylaws (or equivalent) of each Guarantor, certified in each instance by  its secretary or an assistant secretary (or its equivalent);          (e)  The  Administrative  Agent  shall  have  received  copies,  certified  by  the  secretary or assistant secretary (or its equivalent) of the Borrower’s and each Guarantor’s  board of directors’ resolutions (or its equivalent) authorizing the execution of the Credit  Documents to which it is a party;          (f)  The Administrative Agent shall have received certificates, executed by the  secretary or assistant secretary of each Guarantor, which shall identify by name and title  and bear the signature of the partners or officers authorized to sign the Credit Documents  to which it is a party;         (g)   The Administrative Agent shall have received copies of the certificates of  good standing (to the extent relevant) for each Guarantor (dated no earlier than 30  days  prior to the date hereof) from the office of the secretary of the state of its incorporation or  organization;         (h)   The Administrative Agent shall have received to the extent requested by  any Lender, such Lender’s duly executed Notes of  the Borrower dated the date  hereof  and otherwise in compliance with the provisions of Section 1.11(d) hereof;          (i)  The  Administrative  Agent  shall  have  received  a  list  of  the Borrower’s  Authorized Representatives;           (j)  All  legal  matters  incident  to  the  execution  and  delivery  of  the  Credit  Documents shall be satisfactory to the Lenders;         (k)   The  Administrative Agent and each Lender shall have  received  for  each  fiscal year of  the Parent  through  the fiscal year ending December 31,  2021,  a business  plan  showing  in  reasonable  detail  projected  operating  budgets,  consolidated  revenues,  expenses, and balance  sheets on an annual  basis, such business  plan  to be in form  and  substance satisfactory to the Administrative Agent and each Lender and shall include a  summary of all assumptions made in preparing such business plan; and                                 -59-  

 

                (l)  The  Administrative  Agent  and  each  Lender  shall  have  received,        sufficiently  in  advance  of  the  Effective  Date,  all  documentation  and  other  information        required by applicable regulatory authorities under applicable “know your customer” and        anti-money laundering rules and regulations, including the Act.        Section 6.2.  All Credit Events .   Subject  to  Section  4.4  hereof,  as  of  the  time  of  each  Credit Event hereunder:                (a)  In the case of a Borrowing, the Administrative Agent shall have received        the notice required by Section 1.6 hereof (or, in the case of Swingline Loans, Section 1.2        hereof), in the case of the issuance of any Letter of Credit the applicable L/C Issuer shall        have received a duly completed Application for a Letter of Credit and, in the case of an        extension or increase in the amount of a Letter of Credit, a written request therefor, in a        form acceptable to the applicable L/C Issuer;               (b)   Each  of  the  representations  and  warranties  set  forth  in  Section  5  hereof        shall be and  remain true and correct  in all  material respects as  of said  time (where  not        already  qualified  by  materiality,  otherwise  in  all  respects),  except  that  if  any  such        representation or warranty relates solely to an earlier date it need only remain true and        correct in all material respects (where not already qualified by materiality, otherwise in        all  respects)  as  of  such  date,  taking  into  account  any  amendments to  such  Section        (including,  without  limitation,  any  amendments  to  the  Schedules  referenced  therein)        made after the date of this Agreement in accordance with the provision hereof; and                (c)  No Default or Event of Default shall have occurred and be continuing or        would occur as a result of such Credit Event.         Subject to Section 4.4 hereof, each request for a Borrowing hereunder and each request  for the issuance of, increase in the amount of, or extension of the expiration date of, a Letter of  Credit shall be deemed to be a representation and warranty by the Borrower on the date of such  Credit Event as to the facts specified in paragraphs (b) and (c) of this Section 6.2.  No waiver of  any condition to funding a Credit Event under the Revolving Facility after the Effective Date and  no waiver of a Default shall be effective for the purposes of Section 6.2(c) hereof with respect to  any such Credit Event, unless such waiver shall have been approved by the Required Revolving  Lenders.    SECTION 7.    COVENANTS .         Each  of  the  Borrower  and  the  Parent  covenants  and  agrees  that,  so  long as  any  Note,  Loan,  Swingline  Loan  or  L/C  Obligation  is  outstanding  hereunder,  or  any Revolving  Credit  Commitment is available to or in use by the Borrower hereunder, except to the extent compliance  in any case is waived in writing by the Required Lenders:                                        -60-  

 

        Section 7.1.  Corporate Existence; Subsidiaries .  The Parent shall, and shall cause each  of its Restricted Subsidiaries to, preserve and maintain its existence, subject to the provisions of  Section 7.12 hereof ; provided that the Parent shall not be required to preserve the existence of  any Restricted Subsidiary (other than the Borrower) if the maintenance or preservation thereof,  as determined by the Board of Directors of the Parent, is no longer desirable in the conduct of the  business of the Parent and its Subsidiaries, taken as a whole.        Section 7.2.  Maintenance .   The  Parent  will  maintain,  preserve  and  keep  its  Property  necessary  to  the  proper  conduct  of  its  business  in  reasonably  good  repair,  working  order  and  condition  and  will  from  time  to  time  make  all  reasonably  necessary  repairs,  renewals,  replacements, additions and  betterments thereto so that  at all times such plants, properties  and  equipment shall be reasonably preserved and maintained, except to the extent that any failure to  do so would not reasonably be expected to have a Material Adverse Effect, and the Parent will  cause  each  of  its  Subsidiaries  to  do  so  in  respect  of  Property  owned  or  used  by  it; provided,  however,   that  nothing  in  this  Section  7.2  shall  prevent  the  Parent  or  a  Subsidiary  from  discontinuing the operation or maintenance of any such Properties if such discontinuance would  not reasonably be expected to have a Material Adverse Effect.        Section 7.3.  Taxes .  The Parent will duly pay and discharge, and will cause each of its  Subsidiaries  duly  to  pay  and  discharge,  all  federal,  material  state  and  other  material  taxes,  assessments, and governmental charges or levies upon or against it or against its Properties, in  each case before the same becomes delinquent and before penalties accrue thereon, unless and to  the extent that the same is being contested in good faith by appropriate proceedings and reserves  in conformity with GAAP have been provided therefor on the books of the Parent.        Section 7.4.  ERISA .   The Parent  will, and will cause each  of its  Subsidiaries  and  each  member  of the Controlled Group  to,  promptly pay  and discharge all obligations and liabilities  arising  under  ERISA  of  a  character  which  if  unpaid  or  unperformed  would  reasonably  be  expected  to  result  in  a  Material  Adverse  Effect.   The  Parent will,  and  will  cause  each  of  its  Subsidiaries to promptly notify the Administrative Agent of:  (i) the occurrence of any reportable  event (as defined in ERISA) affecting a Plan, other than any such event of which the PBGC has  waived  notice  by  regulation,  (ii)  receipt  of  any  notice  from  PBGC  of  its  intention  to  seek  termination of any  Plan or appointment of a trustee therefor, (iii) its intention  to terminate  or  withdraw from  any Plan, and (iv) the occurrence of any event affecting any Plan which  could  result  in  the incurrence by the  Parent,  any  of its Subsidiaries or any member  of  its Controlled  Group of any liability, fine or penalty, or any increase in the contingent liability of the Parent or  any of its Subsidiaries or any member of its Controlled Group under any post-retirement Welfare  Plan benefit, in each where such event could reasonably be expected to have a Material Adverse  Effect.  The Administrative Agent will promptly distribute to each Lender any notice it receives  from the Parent pursuant to this Section 7.4.        Section 7.5.  Insurance .  The Parent will maintain, and will cause each of its Subsidiaries  to  maintain,  insurance  with  good  and  responsible  insurance  companies,  covering  insurable  Property  owned  by  it  with  respect  to  such risks as  is  consistent  with  sound  business  practice.                                         -61-  

 

   The Parent will upon request of any Lender furnish to such Lender a summary setting forth the  nature and extent of the insurance maintained pursuant to this Section 7.5.        Section 7.6.  Financial Reports and Other Information .   (a)  The  Parent  will  maintain  a  system of accounting in accordance with GAAP and will furnish to the Administrative Agent on  behalf  of  the  Lenders  and  their  respective  duly  authorized  representatives  such  information  respecting  the  business  and  financial  condition  of  the  Parent  and  its Subsidiaries  as  the  Administrative Agent or any Lender through the Administrative Agent  may reasonably request;  and  without  any  request,  the  Parent  will  furnish  each  of  the  following  to  the  Administrative  Agent (which shall promptly furnish such information to the Lenders):                (i)  unless included in a Form 10-Q delivered pursuant to clause (a)(iii) below,        no later than 45 days after the last day of each first three fiscal quarterly periods of each        fiscal year of the Parent, a copy of the consolidated balance sheet of the Parent and its        Subsidiaries as of the last day of such fiscal quarter and the consolidated statements of        income,  retained  earnings,  and  cash  flows  of  the  Parent  and  its  Subsidiaries  for  such        fiscal quarter and for the fiscal year-to-date period then ended, each in reasonable detail        showing  in  comparative  form  the  figures  for  the  corresponding  date  and  period in  the        previous  fiscal  year,  prepared  by  the  Parent  in  accordance  with  GAAP  (subject  to  the        absence  of  footnote  disclosures  and  year-end  audit  adjustments)  and  certified  to  by  its        chief financial  officer or another officer of the Parent acceptable  to  the Administrative        Agent;               (ii)  unless included in a Form 10-K delivered pursuant to clause (a)(iii) below,        no later than 90 days  after the last  day of each fiscal year of the  Parent, a copy  of  the        consolidated balance sheet of the Parent and its Subsidiaries as of the last day of the fiscal        year then ended and the consolidated statements of income, retained earnings, and cash        flows of the Parent and its Subsidiaries for the fiscal year then ended, and accompanying        notes thereto, each in reasonable detail showing in comparative form the figures as of the        end  of  and  for  the  previous  fiscal  year,  accompanied  by  an  unqualified  opinion of        independent public accountants of recognized national standing selected by the Borrower,        to the effect that the consolidated financial statements have been prepared in accordance        with  GAAP  and  present  fairly  in  accordance  with  GAAP  the  consolidated  financial        condition  of  the  Parent  and  its  Subsidiaries  as  of  the  close  of  such fiscal  year  and  the        results  of  their  operations  and  cash  flows  for  the  fiscal  year  then  ended  and  that  an        examination of such accounts in connection with such financial statements has been made        in  accordance  with  generally  accepted  auditing  standards  and,  accordingly, such        examination  included  such  tests  of  the  accounting  records  and  such  other  auditing        procedures as were considered necessary in the circumstances;  and                (iii)  each financial statement required to be furnished to the Lenders pursuant        to subsection (i) or (ii) of this Section 7.6 shall be accompanied by copies of all proxy        statements, financial statements and reports the Parent sent to its shareholders, and copies        of all other regular, periodic and special reports and all registration statements the Parent        filed with  the SEC  or any  successor thereto, or with any national securities exchanges:        (A) in the case of the financial statements required to be furnished pursuant to subsection                                       -62-  

 

         (i) above, during or in respect of the fiscal quarter covered by such financial statements        and  (B)  in  the  case  of  the  financial  statements  required  to  be  furnished  pursuant  to        subsection  (ii)  above,  during  or  in  respect  of  the  last  fiscal  quarter  covered  by  such        financial statements ; and  (iv)  within  90  days  after  the  beginning  of  each  fiscal        year of the Parent an operating budget, including an income statement, for the Parent and        its Subsidiaries for such fiscal year of the Parent .         The  financial  statements  required  to  be  delivered  pursuant  to  this clause  (a)  may  be        delivered electronically and if so delivered, shall be deemed to have  been delivered  on        the earliest of the date (i) on which the Parent posts such financial statements, or provides        a  link  thereto,  on  the  Parent’s  website  on  the  Internet  at  the website  address  listed  in        Section 10.8, (ii) on which such documents are posted to the SEC’s website (including as        part of any 10-K or 10-Q filing) or (iii) on which such financial statements are posted on        the Parent’s behalf on any Platform; provided that the Parent or the Borrower shall have        notified  the  Administrative  Agent  of  the  posting  of  such  financial  statements.  The        Administrative  Agent  shall  have  no  obligation  to  request  the  delivery  or  to  maintain        copies of the documents referred to above, and in any event shall have no responsibility        to monitor compliance by the Parent with any such request for delivery, and each Lender        shall be solely responsible for timely accessing posted documents or requesting delivery        to it or maintaining its copies of such documents.         (b)  On or before the date that each financial statement is required to be furnished to the  Lenders  pursuant  to  subsection  (i)  or  (ii)  of  Section  7.6(a)  hereof,  the  Parent  will  deliver  a  Compliance  Certificate  signed  by  the  Parent’s  chief  financial  officer,  treasurer  or  controller  showing  the  Cash  Flow  Leverage  Ratio,  the  Net  Cash  Flow  Leverage Ratio  and  the  Parent’s  compliance with the covenants set forth in Sections 7.15 and 7.16 hereof.         (c)  The Parent will promptly (and in any event within three Business Days after any of  the  President,  chief  executive  officer,  chief financial  officer,  chief  operating  officer,  treasurer,  assistant  treasurer,  or  controller  of  the  Parent  has  knowledge  thereof)  give  notice  to  the  Administrative Agent:                (i)  of the occurrence of any Change of Control, Default or Event of Default;               (ii)  of any default or event of default under any Contractual Obligation of the        Parent  or  any  of  its  Subsidiaries,  except  for  a  default  or  event  of default  which  is  not        reasonably expected to have a Material Adverse Effect;               (iii)  of  the  occurrence  of  an  event  or  condition  which  would  reasonably  be        expected to result in a Material Adverse Effect; and               (iv)  of  any  litigation  or  governmental  proceeding  of  the  type  described  in        Section 5.5 hereof.                                        -63-  

 

        (d)  The  Parent  will  promptly  after  the  effectiveness  thereof,  furnish  to  the  Administrative Agent true and complete copies of each amendment, waiver or supplement to the  Note Agreement.         Section 7.7.  Lender Inspection Rights .  Upon reasonable notice from the Administrative  Agent, the Parent will permit the Administrative Agent and each Lender (and such Persons as the  Administrative Agent or such Lender  may designate) during normal business hours and  under  the  Parent’s  guidance,  to  visit  and  inspect  any  of  the  Property  of the  Parent  or  any  of  its  Subsidiaries, to examine all of their books of account, records, reports and other papers, to make  copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with  their respective officers, employees and, after the occurrence and during the continuance of an  Event of Default, and so long as Parent is afforded the opportunity to be present, independent  public  accountants; provided  that ,  excluding  any  such  visits  and  inspections  during  the  continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may  exercise rights of the Administrative Agent and the Lenders under this Section 7.7 ,7.7 ; provided  further  that unless  an Event of Default shall  have occurred  and be continuing, such visits  and  inspections shall be limited to once per fiscal year; and provided finally , that none of the Parent,  the Borrower nor any Subsidiary will be required to disclose, permit the inspection, examination  or making copies or extracts from, or discussion or, any books, documents, information or other  matter  (a)  in respect  of  which  disclosure  to  the Administrative  Agent  or  any  Lender  (or  their  respective representatives or designees) is prohibited by law or any bona fide binding agreement,  (b) is  subject  to attorney-client or  similar privilege  or  constitutes attorney work product  or (c)  constituting trade secrets.        Section 7.8.  Conduct of Business .  Neither the Parent nor any Subsidiary will engage in  any  line  of  business  if,  as  a  result,  the  general  nature  of  the  business  of  the  Parent  and  its  Subsidiaries taken as a whole would be substantially changed from that conducted on the date  hereof, other than through entry into businesses reasonably related or complementary thereto or  reasonable extensions of such business.         Section 7.9.  Liens .   The  Parent  will  not,  and  will  not  permit  any  of  its  Restricted  Subsidiaries  to,  create,  incur,  permit  to  exist  or  to  be  incurred  any  Lien  of  any  kind  on  any  Property owned by the Parent or any Restricted Subsidiary; provided, however,  that this Section  7.9 shall not apply to nor operate to prevent:                (a)  Liens  arising  by  operation  of  law  in  connection  with  worker’s        compensation,  unemployment insurance, social security obligations, taxes, assessments,        statutory  obligations  or  other  similar  charges,  good  faith  deposits,  pledges  or  Liens  in        connection with bids, tenders, contracts or leases to which the Parent or any Subsidiary is        a party (other than contracts for borrowed money), or other deposits required to be made        in the ordinary course of business; provided  that in each case the obligation secured is not        overdue by more than 30 days or, if overdue by more than 30 days, is being contested in        good faith by appropriate proceedings and for which reserves in conformity with GAAP        have been provided on the books of the Parent;                                        -64-  

 

               (b)   mechanics’,  workmen’s,  materialmen’s,  landlords’,  carriers’  or  other        similar Liens arising in the ordinary course of business (or deposits to obtain the release        of such Liens) securing obligations not overdue by more than 30 days or, if overdue by        more  than  30  days,  being  contested  in  good  faith  by  appropriate  proceedings  and for        which reserves in conformity with GAAP have been provided on the books of the Parent;                (c)  Liens for taxes or assessments or  other  government charges  or  levies on        the Parent or any Subsidiary of the Parent or their respective Properties, not yet due or        delinquent, or which can thereafter be paid without material penalty, or which are being        contested in good faith by appropriate proceedings and for which reserves in conformity        with GAAP have been provided on the books of the Parent;               (d)   Liens  arising  out  of  judgments  or  awards  against  the  Parent  or  any        Subsidiary of the Parent not constituting an Event of Default under Section 8.1(h), or in        connection with surety or appeal  bonds  in connection with  bonding such judgments or        awards;                (e)  Survey  exceptions or encumbrances, easements or reservations, or rights        of  others  for  rights-of-way,  utilities  and  other  similar  purposes, or  zoning  or  other        restrictions  as  to  the  use  of  real  properties  which  are  necessary  for  the  conduct  of  the        activities  of  the Parent and any Subsidiary  of the Parent or which customarily exist  on        properties of corporations engaged in similar activities and similarly situated and which        do  not  in  any  event  materially  impair  their  use  in  the  operation  of the  business  of  the        Parent or any Subsidiary of the Parent;                (f)  normal  and  customary  rights  of  setoff  upon  deposits  of  cash  in  favor  of        banks  or  other  depository  institutions ,  including  Liens  granted  by  the  Parent  or  a        Restricted  Subsidiary  that  are  contractual  rights  of  set-off  or  netting  arrangements        relating to pooled deposit or sweep accounts of the Parent or such Subsidiary to permit        satisfaction of overdraft or similar obligations (including with respect to netting services,        automatic  clearinghouse  arrangements,  overdraft  protections  and  similar  arrangements)        incurred in the ordinary course of business,  and Liens of a collection bank arising under        Section 4-210 of the Uniform Commercial Code on items in the course of collection; and               (g)   Liens  not  otherwise  permitted  under  this  Section  7.9  on  Property  (other        than (i) shares of stock in any Wholly-Owned Subsidiary and (ii) receivables, inventory        and similar working capital assets); provided  that, at the time of the incurrence thereof,        the obligations secured thereby shall not exceed the greater of: (i) $300,000,000 and (ii)        5.0%  of  the  total  assets  of  the  Parent  and  its  Restricted  Subsidiaries  determined  on  a        consolidated basis as of the last day of the immediately preceding fiscal year.       Section 7.10.  Use of Proceeds; Regulation U .  The proceeds of each Borrowing, and the  credit provided by Letters of Credit, will be used by the Borrower, the Parent and the Parent’s  Subsidiaries for working capital, and other general corporate purposes including acquisitions of  businesses permitted by Section 7.14 hereof and the payment of dividends and distributions.  The  Borrower  will  not  use  any  part  of  the  proceeds of  any  of  the  Borrowings  or  of  the  Letters  of                                       -65-  

 

   Credit  directly or indirectly to purchase or carry any margin  stock  (as defined in  Section  5.10  hereof) or to extend credit to others for the purpose of purchasing or carrying any such margin  stock, in each case in a manner that violates any provision of Regulation U or X of the Board of  Governors of the Federal Reserve System. The Borrower will not, directly or, to the Borrower’s  knowledge,  indirectly,  use  the  proceeds  of  the  Loans,  or  lend,  contribute  or  otherwise  make  available such proceeds to any Subsidiary, other Affiliate, joint venture partner or other Person,  (A)  in  furtherance  of  an  offer,  payment,  promise  to  pay,  or  authorization  of  the  payment  or  giving  of money, or  anything  else  of value, to any  Person in violation of any  Anti-Corruption  Laws  or  AML  Laws,  (B)  for  the  purpose  of  funding,  financing  or  facilitating  any  activities,  business  or  transaction  of  or  with  any  Sanctioned  Person,  or  in  any  Sanctioned  Country,  or  involving any goods originating in or with a Sanctioned Person or Sanctioned Country, or (C)  in  any  manner  that  would  result  in  the  violation  of  any  Sanctions  by  any  Person (including  any  Person participating in the transactions contemplated hereunder, whether as underwriter, advisor,  lender, investor or otherwise).       Section 7.11. [Reserved ].       Section 7.12.  Mergers, Consolidations and Sales of Assets .  The Parent will not, and will  not permit any of its Restricted Subsidiaries to, (i) consolidate with or be a party to a merger with  any  other  Person  or  (ii)  sell,  lease  or  otherwise  dispose  of  all or  substantially  all  of  the  consolidated assets of the Parent and its Restricted Subsidiaries; provided, however,  that:               (1)   any Restricted Subsidiary of the Parent may merge or consolidate with or        into or sell, lease or otherwise convey its assets to the Parent or any Restricted Subsidiary        of  which  the  Parent  directly  or  indirectly  holds  at  least  the  same  percentage  equity        ownership or is entitled through ownership of interests, contractually or otherwise, to at        least  the  same  economic  interest; provided  that   in  any  such  merger  or  consolidation        involving the Borrower, the Borrower or the Parent shall be the surviving or continuing        corporation;                (2)   The  Parent and  its  Subsidiaries may  dissolve or liquidate any Restricted        Subsidiary of the Parent (other than the Borrower) or of such Subsidiary so long as all the        assets  of  such  dissolved  or  liquidated  Restricted  Subsidiary  (i)  were  direct  or  indirect        co-investments in real estate or real estate related assets, all of which have been sold or        (ii) are concurrently transferred to the Parent or any Restricted Subsidiary of which the        Parent  directly  or  indirectly  holds  at  least  the  same  percentage  equity  ownership  or  is        entitled  through  ownership of interests, contractually or otherwise, to  at least the  same        economic interest; provided that  if any Guarantor (other than the Parent) is dissolved or        liquidated all of such Guarantor’s assets shall be concurrently transferred to the Borrower        or another Guarantor; and               (3)   The Parent or any Restricted Subsidiary of the Parent may consolidate or        merge with any other Person if the Parent or such Restricted Subsidiary or, in the case of        such a transaction involving the Borrower, the Parent or the Borrower, is the surviving or        continuing corporation or, in the case of a Restricted Subsidiary, such Person becomes a                                        -66-  

 

         Restricted Subsidiary, and at the time of such consolidation or merger, and after giving        effect thereto, no Default or Event of Default shall have occurred and be continuing.       Section 7.13.  Use of Property and Facilities; Environmental and Health and Safety Laws .   (a) The  Parent will, and will  cause each  of its Subsidiaries to, comply in all  material respects  with the requirements of all Environmental and Health Laws applicable to or pertaining to the  Properties  or  business  operations  of  the  Parent  or  any  Subsidiary  of  the  Parent  to  the  extent  noncompliance  would  reasonably  be  expected  to  have  a  Material  Adverse  Effect.   Without  limiting  the  foregoing,  the  Parent  will  not,  and  will  not  permit  any  Person  to,  except  in  accordance with applicable law, dispose of any Hazardous Material into, onto or upon any real  property  owned  or  operated  by  the  Parent  or  any  of  its  Subsidiaries  if such  disposal  would  reasonably be expected to have a Material Adverse Effect.        (b)  The  Parent  will  promptly  provide  the  Lenders  with  copies  of  any notice  or  other  instrument  of the type described  in  Section 5.11(c)  hereof, and  in no event later than five  (5)  Business Days after the President, chief executive officer, chief financial officer, chief operating  officer,  treasurer,  assistant  treasurer  or  controller  of  the Parent  receives  such  notice  or  instrument.       Section 7.14.  Acquisitions .   The  Parent  will  not,  nor  will  it  permit  any  Subsidiary  to,  directly  or indirectly,  make, any Acquisition; provided, however,  that the foregoing  provisions  shall not apply to nor operate to prevent Permitted Acquisitions .  Notwithstanding anything to  the contrary herein, this Section 7.14 shall be deemed (a) automatically amended to the extent  that  Section  10.7  (or  any  other  corresponding  provision)  in  the  Note  Agreement  is  amended  (including  any  amendments  to  any  corresponding  defined  terms  therein)  or  (b)  automatically  deleted  at  such  time  as  Section  10.7  (or  any  other  corresponding  provision)  in  the  Note  Agreement  is  deleted; provided  that ,  such  amendment  or  deletion,  as  applicable,  shall  not  become  effective  hereunder  until  each  Lender  shall  have  received  notice  in  writing  from  the  Parent certifying (i) as to the amendment or deletion, as applicable, of such Section 10.7 (or any  other corresponding provision) in the Note Agreement together with a true and complete copy of  the relevant documentation evidencing such amendment or deletion, as applicable, to the Note  Agreement  and  (ii)  that  no  Default  or  Event  of  Default  shall  have  then  occurred  and  be  continuing .       Section 7.15.  Net Cash Flow Leverage Ratio .  The Parent will as of the last day of each  calendar  quarter  maintain  a  Net  Cash  Flow  Leverage  Ratio  of  not  more  than  3.50  to  1.00;  provided   that,  the  Borrower  may,  by  written  notice  to  the  Administrative  Agent,  increase  the  maximum Net Cash Flow Leverage Ratio to 4.00 to 1.00 (each such election, a “Net Cash Flow  Leverage Ratio Increase” ) for the four consecutive calendar quarter ending dates (or such shorter  time, as may be elected by the Borrower) immediately following the consummation of a Material  Acquisition  by  the  Borrower  or  a  Restricted  Subsidiary; provided further   that,  while  in  a  Net  Cash Flow Leverage  Ratio Increase period, the Borrower shall be permitted to extend the  Net  Cash Flow Leverage Increase period in connection with any additional Material Acquisition for  an additional 4 consecutive calendar quarters from the consummation of the additional Material  Acquisition  by  written  notice  to  the  Administrative  Agent, provided   that  at  the  time  of  the                                        -67-  

 

   consummation of the additional Material Acquisition the Borrower’s  Net  Cash Flow Leverage  Ratio before giving effect to such Material Acquisition is less than 3.50 to 1.00.       Section 7.16.  Cash Interest Coverage Ratio.  The  Parent will  as of the last day  of each  calendar quarter maintain a Cash Interest Coverage Ratio of not less than 3.00 to 1.00.       Section 7.17.  Dividends  and  Other  Shareholder  Distributions .   The  Parent  shall  only  declare or pay dividends or make a distribution (other than dividends and distributions payable  solely in its capital stock) of any kind (including by redemption or purchase other than purchases  of  outstanding  capital  stock  in  connection  with  the  Parent’s  Stock Compensation  Program,  Employee Stock  Purchase  Plan, Stock Award and Incentive  Plan and any similar programs  or  plans)  on  its  outstanding  capital  stock,  if  no  Default  or  Event  of  Default  (i)  exists  prior  to  or  would result after giving effect to such action or (ii) exists or would result from such dividend or  distribution on the date of declaration of such dividend or distribution, so long as such dividend  or distribution is made within 60 days of such declaration.       Section 7.18.  Indebtedness .   The  Parent  will  not  permit  the  non Guarantor  Restricted  Subsidiaries to have outstanding at any time any Indebtedness other than Indebtedness if, after  giving  effect  thereto,  the  aggregate  principal  amount  outstanding  for  all  non-Guarantor  Restricted Subsidiaries at the time of incurrence (x) in the case of Priority Debt, when added to  the then outstanding principal amount of Priority Debt of the Borrower and Guarantors does not  exceed  the  greater  of:  (i)  $300,000,000  and  (ii)  5%  of  the  total assets  of  the  Parent  and  its  Restricted Subsidiaries determined on a consolidated basis as of the last day of the immediately  preceding  fiscal  quarter  and  (y)  in  the  case  of  unsecured  Indebtedness,  does  not  exceed  the  greater  of:  (i) $1,000,000,000  and  (ii)  20%  of the  total  assets  of  the  Parent  and  its  Restricted  Subsidiaries determined on a consolidated basis as of the last day of the immediately preceding  fiscal quarter.       Section 7.19.  Transactions with Affiliates .  The Parent will not, and will not permit any of  its  Subsidiaries  to,  enter  into  or  be  a  party  to  any  material  transaction  or  arrangement  (where  “material”   means  material  for  the  Parent  and  its  Subsidiaries  taken  as  a  whole)  with  any  Affiliate  of  such  Person  (other  than  the  Parent  or  any  of  its  Subsidiaries),  including  without  limitation, the purchase from, sale to or exchange of Property with, any merger or consolidation  with  or  into,  or  the  rendering  of  any  service  by  or  for,  any  Affiliate,  except  upon  fair  and  reasonable terms no less favorable to the Parent or such Subsidiary than could be obtained in a  comparable  arm’s-length  transaction  with  a  Person  other  than  an  Affiliate, provided ,  that  the  foregoing shall not restrict any transaction between (i) the Borrower and any Guarantor and (ii)  any Guarantor and any other Guarantor.          Section 7.20.  Compliance with Laws .  Without limiting any of the other covenants of the  Parent in this Section 7, the Parent will, and will cause each of its Subsidiaries to, conduct its  business, and otherwise be, in compliance with all applicable laws, regulations, ordinances and  orders of any governmental or judicial authorities; provided, however,  that neither the Parent nor  any  Subsidiary  of  the  Parent  shall  be  required  to  comply  with  any  such law,  regulation,  ordinance or order if (x) it shall be contesting such law, regulation, ordinance or order in good  faith  by  appropriate  proceedings  and  reserves  in  conformity  with  GAAP  have  been  provided                                       -68-  

 

   therefor on the books of the Parent or such Subsidiary, as the case may be, or (y) the failure to  comply  therewith  is  not  reasonably  expected  to  have,  in  the  aggregate,  a  Material  Adverse  Effect.       Section 7.21.  Additional Guarantors .  If on the last day of the calendar quarter ended June  30,  2016  and  each  calendar  quarter  ending  thereafter  the  total  liabilities  of  the  non-Guarantor  Subsidiaries of the Parent equal or exceed 35% of the book value of the total consolidated assets  of the Parent and its Subsidiaries, then the Parent will, within fifteen (15) Business Days of the  date on which the balance sheet as of such last day is required to be delivered pursuant to Section  7.6(a)(i) or Section 7.6(a)(ii) hereof, cause an additional Subsidiary or additional Subsidiaries to  become a Guarantor or Guarantors hereunder such that the total liabilities of the non-Guarantor  Subsidiaries of the Parent are less than 35% of the book value of the total consolidated assets of  the  Parent  and  its  Subsidiaries.  The  Parent  will  cause  any  existing  and  any  subsequently  acquired  or  organized  Restricted  Subsidiary  which  provides  a  Guaranty in  respect  of  any  Material  Credit  Facility  (other  than  those  Guarantors  party  to  this  Agreement  as  of  the  Amendment  No.  1  Effective  Date)  to,  no  later  than  thirty  (30)  days  thereafter,  become  a  Guarantor hereunder by (a) executing and delivering  to the Administrative Agent  a Subsidiary  Guaranty  Agreement  and  (b)  delivering  to  the  Administrative  Agent  documents  of  the  types  referred to in clauses (d) through (g) of Section 6.1 and favorable opinions of counsel to such  Person, all in form, content and scope reasonably satisfactory to  the Administrative Agent .  In  addition,  the  Parent  shall  cause  such  Restricted  Subsidiary  to  deliver,  upon  the  reasonable  request of any Lender, the documentation and other information so requested in connection with  applicable “know your customer” and anti-money-laundering rules and regulations, including the  PATRIOT Act, in each case prior to the delivery of the Subsidiary Guaranty Agreement.          In addition, if on the last day of any calendar quarter any Subsidiary which is not then a  Guarantor  accounts  for  either (i)  10%  or  more  of  Adjusted EBITDA  for  the  12-month  period  then ended (other than as a result of a one time, non-recurring or extraordinary event reasonably  acceptable   to  the  Administrative  Agent )  or  (ii)  10%  or  more  of  the  book  value  of  the  total  consolidated  assets  of  the  Parent  and  its  Subsidiaries,  then  the Parent  will,  within  fifteen  (15)  Business  Days  of  the  date  on  which  the  balance  sheet  as  of  such  last  day  is  required  to  be  delivered  pursuant  to  Section  7.6(a)(i)  or  Section  7.6(a)(ii)  hereof,  cause  such  Subsidiary  to  become  a  Guarantor  hereunder.  Together  with  the  delivery  of  any  Additional  Guarantor  Supplement, the Parent shall deliver and shall cause each such Subsidiary to deliver corporate  resolutions, opinions of counsel, and such other corporate documentation as  the Administrative  Agent   shall  reasonably  request.   Notwithstanding  the  foregoing,  LaSalle  Investment  Management Asia Pte Ltd. need not become a Guarantor hereunder unless (i) it exceeds either of  the thresholds set forth in the second preceding sentence and (ii) at the end of the immediately  preceding fiscal quarter of the Parent the Net Cash Flow Leverage Ratio is 3.00 to 1.00 or higher.         Section 7.22.  Compliance  with  Sanction  Programs.   (a)  The  Parent  shall  at  all  times  comply with the requirements of all Sanction Programs applicable to the Parent and shall cause  each of its Subsidiaries to comply with the requirements of all Sanction Programs applicable to  such Subsidiary.  The Parent will maintain in effect policies and procedures designed to ensure  compliance  by  the  Parent,  Borrower,  Subsidiaries  and  their  respective  directors,  officers,                                        -69-  

 

   employees  and  agents  with  Anti-Corruption  Laws,  applicable  AML  Laws and  applicable  Sanctions.        (b)  The Borrower and each Guarantor shall provide the Administrative Agent, the L/C  Issuers, and the Lenders any information regarding the Borrower and Guarantors, their Affiliates,  and their Subsidiaries necessary for the Administrative Agent, the L/C Issuers, and the Lenders  to  comply  with  all  applicable  Sanction  Programs  and  any  applicable  “know  your  customer”  requirements ,  the  Beneficial  Ownership  Regulation  or  other  applicable  anti-money  laundering  laws ; subject however, in the case of Affiliates, to the Borrower’s or Guarantor’s, as applicable,  ability to provide information applicable to them.           (c)  If the Borrower or any Guarantor obtains actual knowledge or receives any written  notice  that  the Borrower, any Guarantor, any of their Affiliates or any  of their Subsidiaries is  named  on  the then current OFAC SDN List (such  occurrence, an “OFAC Event” ), the  Parent  shall  promptly  (i)  give  written  notice  to  the  Administrative  Agent,  the  L/C  Issuers,  and  the  Lenders  of  such  OFAC  Event,  and  (ii)  comply  with  all  applicable  laws  with  respect  to  such  OFAC Event (regardless of whether the party included on the OFAC SDN List is located within  the  jurisdiction  of  the  United  States  of  America),  including  the  Sanction  Programs,  and  the  Borrower and each Guarantor hereby authorizes and consents to the Administrative Agent, the  L/C Issuers, and the Lenders taking any and all steps the Administrative Agent, the L/C Issuers,  or the Lenders deem necessary, in their sole but reasonable discretion, to avoid violation of all  applicable  laws  with  respect  to  any  such  OFAC  Event,  including  the  requirements  of  the  Sanction Programs (including the freezing and/or blocking of assets and reporting such action to  OFAC).   The undertakings contained in this Section 7.22 shall not be made by nor apply to any Guarantor  that qualifies as a resident party domiciled in the Federal Republic of Germany (Inländer) within  the meaning of Sect. 2 paragraph 15 German Foreign Trade Act (Außenwirtschaftsgesetz) in so  far as it would result in a violation of or conflict with Sect. 7 German Foreign Trade Regulation  (Außenwirtschaftsverordnung),  any  provision  of  Council  Regulation  (EC)  2271/1996  or  any  other similar applicable anti-boycott statute.   SECTION 8.    EVENTS OF DEFAULT AND REMEDIES .        Section 8.1.  Events of Default .   Any  one  or  more  of  the  following  shall  constitute  an  Event of Default:                (a)  default (x) in the payment when due of the principal amount of any Loan,        Swingline Loan or of any Reimbursement Obligation or (y) for a period of three five  (35)        days Business Days  in the payment when due of interest or of any other Obligation;               (b)   default by the Borrower, the Parent or any Subsidiary in the observance or        performance  of  any  covenant  set  forth  in   the  first  sentence  of   Section  7.1,  7.6(c),  7.9        through 7.12, or 7.14 through 7.18 hereof;                                        -70-  

 

                      (c)  default by the Borrower, the Parent or any Subsidiary in the observance or  performance of any provision hereof or of any other Credit Document not mentioned in  (a)  or  (b)  above,  which  is  not  remedied  within  thirty  (30)  days  after  the  earlier  of  (i)  written notice  thereof is  given to the Parent by  the Administrative  Agent (acting  at the  request of any Lender) or (ii) the date on which such failure shall first become known to  any Responsible Officer of the Parent or Borrower;         (d)   (i) failure to pay when due Indebtedness in an aggregate principal amount  of $100,000,000 or more of the Borrower, Parent or any Subsidiary or (ii) default shall  occur under  one or more  indentures, agreements or other instruments  under  which any  Indebtedness  of  the  Borrower,  the  Parent  or  any  Subsidiary  in  an  aggregate  principal  amount  of  $100,000,000  or  more  is  outstanding  and  such  default  shall  continue  for a  period  of  time  sufficient  to  permit  the  holder  or beneficiary  of  such  Indebtedness  or  a  trustee therefor to cause the acceleration of the maturity of any such Indebtedness or any  mandatory unscheduled prepayment, purchase or funding thereof;          (e)  any  representation  or  warranty  made  herein  or  in  any  other Credit  Document  by  the  Borrower,  the  Parent  or  any  Subsidiary,  or  in  any  statement  or  certificate  furnished  pursuant  hereto  or  pursuant  to  any  other  Credit  Document  by  the  Borrower, the Parent or any Subsidiary, or in connection with any Credit Document, shall  be  untrue  in  any  material  respect  as  of  the  date of  the  issuance or  making,  or  deemed  making or issuance, thereof;          (f)  the  Borrower,  any  Guarantor  or  any  Material  Subsidiary  shall  (i)  have  entered  involuntarily  against  it  an  order  for  relief  under  the  United  States  Bankruptcy  Code,  as  amended,  or  any  analogous  action  is  taken  under  any  other  applicable  law  relating to bankruptcy or insolvency, (ii) fail to pay, or admit in writing its inability to  pay, its debts generally as they become due, (iii) make an assignment for the benefit of  creditors, (iv) apply for, seek, consent to, or acquiesce in, the appointment of a receiver,  custodian, trustee, examiner, liquidator or similar official for it or any substantial part of  its Property, (v) institute any proceeding seeking to have entered against it an order for  relief under the United States Bankruptcy Code, as amended, to adjudicate it insolvent, or  seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or  composition  of  it  or  its  debts  under  any  law  relating  to  bankruptcy,  insolvency  or  reorganization  or  relief  of  debtors  or  fail  within  the  time  allowed  therefor  to  file  an  answer or  other pleading  denying the  material allegations of any such  proceeding filed  against it, (vi) take any corporate action (such as the passage by the board of directors of  a resolution) in furtherance of any matter described in parts (i)-(v) above, or (vii) fail to  contest in good faith any appointment or proceeding described in Section 8.1(g) hereof;         (g)   a custodian, receiver, trustee, examiner, liquidator or similar official shall  be  appointed  for  the  Borrower,  any  Guarantor  or  any  Material  Subsidiary  or  any  substantial part of  any  of their  Property,  or a proceeding described in Section  8.1(f)(v)  hereof shall be  instituted against the  Borrower, the Parent or any  Subsidiary, and  such  appointment  continues  undischarged  or  such  proceeding  continues  undismissed  or  unstayed for a period of sixty (60) days;                                 -71-  

 

               (h)   the  Borrower,  the  Parent  or  any  Subsidiary  shall  fail  within thirty  (30)        days  to  pay,  bond  or  otherwise  discharge  any  judgment  or  order  for  the  payment  of        money  in  excess  of  $100,000,000,  which  is  not  stayed  on  appeal  or  otherwise  being        appropriately contested in good faith in a manner that stays execution thereon;                (i)  the Parent or any other member of the Controlled Group shall fail to pay        when due an amount or amounts aggregating in excess of $5,000,000 which it shall have        become liable to  pay  to  the PBGC  or  to a Plan under Title IV  of ERISA; or  notice  of        intent  to  terminate  a  Plan  or  Plans  having  aggregate  Unfunded  Vested  Liabilities  in        excess of $5,000,000  (collectively, a “Material Plan”)  shall  be filed under Title IV  of        ERISA by the Parent or any Subsidiary or any other member of the Controlled Group,        any plan administrator or any combination of the foregoing; or the PBGC shall institute        proceedings under Title IV of ERISA to terminate or to cause a trustee to be appointed to        administer  any  Material  Plan  or  a  proceeding  shall  be  instituted  by  a  fiduciary  of  any        Material Plan against the Parent or any other member of the Controlled Group to enforce        Section 515 or 4219(c)(5) of ERISA and such proceeding shall not have been dismissed        within thirty (30) days thereafter; or a condition shall exist by reason of which the  PBGC        would  be  entitled  to  obtain  a  decree  adjudicating  that  any  Material  Plan  must  be        terminated;                 (j)  the Borrower, the Parent or any Subsidiary, or any Person acting on behalf        of the Borrower, the Parent or a Subsidiary, or any Governmental Authority challenges        the  validity  of  any  Credit  Document  or  the  Borrower’s,  the  Parent’s or  a  Subsidiary’s        obligations thereunder or any Credit Document ceases to be in full force and effect; or               (k)   a Change of Control shall have occurred.        Section 8.2.  Non-Bankruptcy  Defaults .   When  any  Event  of  Default  other  than  those  described  in  subsections  (f)  or  (g)  of  Section  8.1  hereof  has  occurred  and  is  continuing,  the  Administrative Agent shall, by written  notice to the Parent:  (a) if so directed by  the Required  Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the  Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so  directed  by  the  Required  Lenders,  declare  the  principal  of  and  the  accrued  interest  on  all  outstanding Loans, Swingline Loans and all other amounts due under the Credit Documents to be  forthwith due and payable and thereupon all outstanding Loans and Swingline Loans, including  both principal and interest thereon, shall be and become immediately due and payable together  with  all  other  amounts  payable  under  the  Credit  Documents  without  further  demand,  presentment,  protest  or  notice  of  any  kind;  and  (c)  if  so  directed  by  the  Required  Lenders,  demand that the Borrower immediately pay to the Administrative Agent, subject to Section 8.4  hereof, the full  amount  then available for drawing under  each or any Letter of Credit, and  the  Borrower  agrees  to  immediately  make  such  payment  and  acknowledges  and  agrees  that  the  Lenders  would  not have an  adequate remedy  at law  for failure  by the Borrower to honor  any  such  demand and that  the Administrative Agent, for  the benefit of the Lenders, shall have  the  right  to  require  the  Borrower  to  specifically  perform  such  undertaking whether  or  not  any  drawings  or  other  demands  for  payment  have  been  made  under  any  Letter  of  Credit.   The  Administrative Agent, after giving notice to the Borrower pursuant to Section 8.1(c) hereof or                                       -72-  

 

   this  Section  8.2,  shall  also  promptly  send  a  copy  of  such  notice  to  the other Lenders,  but  the  failure to do so shall not impair or annul the effect of such notice.        Section 8.3.  Bankruptcy Defaults .  When any Event of Default described in subsections  (f) or (g) of Section 8.1 hereof has occurred and is continuing, then all outstanding Loans and  Swingline  Loans  shall  immediately  become  due  and  payable  together  with  all  other  amounts  payable under the Credit Documents without presentment, demand, protest or notice of any kind,  the obligation of the Lenders to extend further credit pursuant to any of the terms hereof shall  immediately  terminate  and  the  Borrower  shall  immediately  pay  to  the  Administrative  Agent,  subject to Section 8.4 hereof, the full amount then available for drawing under all outstanding  Letters  of  Credit,  the  Borrower  acknowledging  that  the  Lenders  would not  have  an  adequate  remedy at law for failure by the Borrower to honor any such demand and that the Lenders, and  the  Administrative  Agent  on  their  behalf,  shall  have  the  right  to  require  the  Borrower  to  specifically perform such undertaking whether or not any draws or other demands for payment  have been made under any of the Letters of Credit.        Section 8.4.  Collateral for Undrawn Letters of Credit .  (a) If the payment or prepayment  of  the amount available for drawing under any or all outstanding Letters of  Credit is required  under Section 8.2 or 8.3 above, the Borrower shall forthwith pay the amount required to be so  prepaid, to be held by the Administrative Agent as provided in subsection (b) below.        (b)  All  amounts  prepaid  pursuant  to  subsection  (a)  above  shall  be  held  by  the  Administrative Agent in one or more  separate collateral accounts (each such  account,  and  the  credit  balances,  properties  and  any  investments  from  time  to  time held  therein,  and  any  substitutions for such account, any certificate of deposit or other instrument evidencing any of  the foregoing and all proceeds of and earnings on any of the foregoing being collectively called  the “Account” ) as security for, and  for application by the Administrative  Agent (to the  extent  available) to, the reimbursement of  any payment under any Letter of Credit then or  thereafter  made by the Administrative Agent, and to the payment of the unpaid balance of any Loans and  all  other  Obligations.  The  Account  shall  be  held  in  the  name  of  and  subject  to  the  exclusive  dominion and control of the Administrative Agent for the benefit of the Administrative Agent,  the L/C Issuers and the Lenders.  The Borrower hereby grants the Administrative Agent, for the  benefit of the Administrative Agent, the L/C Issuers and the Lenders, a Lien on the Account and  all  credit balances and investments  held therein.  If and  when requested by the Borrower,  the  Administrative  Agent  shall  invest  funds  held  in  the  Account  from  time  to  time  in  direct  obligations  of,  or  obligations  the  principal  of  and  interest  on  which  are  unconditionally  guaranteed  by,  the  United  States  of  America  with  a  remaining  maturity  of  one  year  or  less,  provided  that the Administrative Agent is irrevocably authorized to sell investments held in the  Account when and as required to make payments out of the Account for application to amounts  due  and  owing  from  the  Borrower  to  the  Administrative  Agent,  the  L/C  Issuers  or  Lenders;  provided, however,  that if (i) the Borrower shall have made payment of all Obligations, (ii) all  relevant preference or other disgorgement periods relating to the receipt of such payments have  passed, and (iii) no Letters of Credit, Revolving Credit Commitments, Loans, Swingline Loans  or other Obligations remain outstanding hereunder, then the Administrative Agent shall repay to  the Borrower any remaining amounts held in the Account.                                        -73-  

 

        Section 8.5.  Application  of  Payments .   Anything  contained  herein  to  the  contrary  notwithstanding  (including,  without  limitation,  Section  1.9(b)  hereof), all  payments  and  collections  received  in  respect  of  the  Obligations  by  the  Administrative  Agent  or  any  of  the  Lenders  after  acceleration  or  the  final  maturity  of  the  Obligations  or  termination  of  the  Revolving  Credit  Commitments  as  a  result  of  an  Event  of  Default  shall  be  remitted  to  the  Administrative Agent and distributed as follows:                (a)  first, to the payment of any outstanding costs and expenses incurred by the        Administrative  Agent  in  protecting,  preserving  or  enforcing  rights  under  the  Credit        Documents, and in any event including all costs and expenses of a character which the        Borrower  has  agreed  to  pay  the  Administrative  Agent  under  Section  8.7  hereof  (such        funds  to  be  retained  by  the  Administrative  Agent  for  its  own  account  unless  it  has        previously been reimbursed for such costs and expenses by the Lenders, in which event        such  amounts  shall  be  remitted  to  the  Lenders  to  reimburse  them  for payments        theretofore made to the Administrative Agent);               (b)   second, to the payment of any outstanding costs and expenses incurred by        any Lender that the Borrower has agreed to pay under Section 8.7 hereof;                (c)  third,  to  the  payment  of  the  Swingline  Loans,  both  for  principal and        accrued but unpaid interest;               (d)   fourth, to the payment of any outstanding interest and fees due under the        Credit  Documents  to  be  allocated pro  rata   in  accordance  with  the  aggregate  unpaid        amounts owing to each holder thereof;                (e)  fifth,  to  the  payment  of  principal  on  the  Loans  (other  than  Swingline        Loans),  unpaid  Reimbursement  Obligations,  together  with  amounts  to  be held  by  the        Administrative Agent as collateral security for any outstanding L/C Obligations pursuant        to Section 8.4 hereof (until the Administrative Agent is holding an amount of cash equal        to  the  then  outstanding  amount  of  all  such  L/C  Obligations),   any  Bank  Product        Obligations, and any Swap Obligations  the aggregate amount paid to, or held as collateral        security for, the Lenders and L/C Issuer  and, in the case of Bank Product Obligations and        Swap  Obligations,  their  Affiliates   to  be  allocated pro  rata   in  accordance  with  the        aggregate unpaid amounts owing to each holder thereof;                 (f)  sixth, to the payment of all other unpaid Obligations to be allocated pro        rata  in accordance with the aggregate unpaid amounts owing to each holder thereof; and               (g)   finally, to the Borrower or whoever else may be lawfully entitled thereto.        Section 8.6.  Notice  of  Default .   The  Administrative  Agent  shall  give  notice  to  the  Borrower under Section 8.1(c) hereof promptly upon being requested to do so by any Lender and  shall thereupon notify all the Lenders thereof.                                        -74-  

 

        Section 8.7.  Expenses .  The Borrower agrees to pay to the Administrative Agent, each  L/C Issuer and each Lender, and any other holder of any Obligation outstanding hereunder, all  expenses  reasonably  incurred  or  paid  by  the  Administrative  Agent,  such  L/C  Issuer  and  such  Lender or any such holder, including reasonable attorneys’ fees and court costs, in connection  with  any  Default  or  Event  of  Default  by  the  Borrower  hereunder  or  in connection  with  the  enforcement of any of the Credit Documents (including all such costs and expenses incurred in  connection with any proceeding under the United States Bankruptcy Code involving the Parent  or any of its Subsidiary as a debtor thereunder).   SECTION 9.    CHANGE IN CIRCUMSTANCES .        Section 9.1.  Change  of  Law .   (a)  Notwithstanding  any  other  provisions  of  this  Agreement or any other Credit Document, if at any time any Change in Law makes it unlawful  for any Lender to make or continue to maintain Eurocurrency Loans or to perform its obligations  as  contemplated  hereby,  such  Lender  shall  promptly  give  notice  thereof  to  the  Borrower  and  such Lender’s obligations to make or maintain Eurocurrency Loans under this Agreement shall  terminate until it is no longer unlawful for such Lender to make or maintain Eurocurrency Loans.   The  Borrower  shall  prepay  on  demand  the  outstanding  principal  amount  of  any  such  affected  Eurocurrency Loans, together with all interest accrued thereon at a rate per annum equal to the  interest  rate  applicable  to  such  Loan; provided,  however,   subject  to  all  of  the  terms  and  conditions of this Agreement, the Borrower may then elect to borrow the principal amount of the  affected  Eurocurrency  Loans  from  such  Lender by  means  of  Domestic  Rate  Loans  from  such  Lender, which Domestic Rate Loans shall not be made ratably by the Lenders but only from such  affected Lender.        (b)  If, in any applicable jurisdiction, the Administrative Agent, any L/C Issuer or any  Lender determines that any law has made it unlawful, or that any Governmental Authority has  asserted  that it is unlawful, for the Administrative Agent,  any L/C  Issuer or  any Lender  to  (i)  perform  any  of  its  obligations  hereunder  or  under  any  other  Credit  Document,  (ii)  to  fund  or  maintain its participation in any Loan or (iii) issue, make, maintain, fund or charge interest with  respect to any Obligations of the Borrower  or any Guarantor who is organized under the laws of  a  jurisdiction  other  than  the  United  States,  a  State  thereof  or  the  District  of  Columbia  such  Person  shall  promptly  notify  the  Administrative  Agent,  then,  upon  the  Administrative  Agent  notifying  the  Borrower  and  Parent,  and  until  such  notice  by  such  Person  is  revoked,  any  obligation of such Person to issue, make, maintain, fund or charge interest with respect to any  such  Obligation  shall  be  suspended,  and  to  the  extent  required  by  applicable law,  cancelled.   Upon  receipt  of  such  notice,  the  Borrower  and  Guarantors  shall,  (A) repay  that  Person's  participation in the Loans or other applicable Obligations on the last day of the Interest Period  for  each  Loan  or  other  Obligation  occurring  after  the  Administrative  Agent  has  notified  the  Borrower  or,  if  earlier,  the  date  specified  by  such  Person  in the  notice  delivered  to  the  Administrative Agent (being no earlier than the last day of any applicable grace period permitted  by applicable law) and (B) take all reasonable actions requested by such Person to mitigate or  avoid such illegality.                                        -75-  

 

        Section 9.2.  Unavailability  of  Deposits  or  Inability  to  Ascertain,  or Inadequacy  of,  LIBOR .  (a) If  on  or  prior  to  the  first  day  of  any  Interest  Period  for  any  Borrowing  of  Eurocurrency Loans:               (ai)  the Administrative Agent determines that deposits in  U.S. Dollars  or  the        applicable Alternative Currency (in the applicable amounts) are not being offered to it in        the  eurocurrency  interbank  market  for  such  Interest  Period,  or  that  by  reason  of        circumstances  affecting  the  interbank  eurocurrency  market  adequate  and  reasonable        means do not exist for ascertaining the applicable LIBOR, or              (bii )  the  Required  Lenders  reasonably  determine  and  so  advise  the        Administrative  Agent  that  (i)  LIBOR  as  reasonably  determined  by  the  Administrative        Agent  will  not  adequately  and  fairly  reflect  the  cost  to  such  Lenders  of  funding  their        Eurocurrency  Loans  for  such  Interest  Period  or  (ii)  that  the  making  or  funding  of        Eurocurrency Loans becomes impracticable,    then  the  Administrative  Agent  shall  forthwith  give  notice  thereof  to  the  Borrower  and  the  Lenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances  giving  rise  to  such  suspension  no  longer  exist,  the  obligations  of  the  Lenders  to  make  Eurocurrency  Loans  in  the  currency  so  affected  shall  be  suspended; provided   that  such  suspension shall have no effect on any Eurocurrency Loan then outstanding.               (b)   (i)  Notwithstanding  anything  to  the  contrary  in  this  Agreement or  any        other  Credit  Documents,  if  the  Administrative  Agent  determines  (which  determination        shall be conclusive absent manifest error), or the  Borrower or Required  Lenders  notify        the  Administrative  Agent  that  the  Borrower  or  Required  Lenders  (as applicable)  have        determined, that:                      (A)   adequate  and  reasonable  means  do  not  exist  for  ascertaining              LIBOR in a relevant currency for any requested Interest Period, including because              the LIBOR Index Rate for such currency is not available or published on a current              basis and such circumstances are unlikely to be temporary; or                      (B)  the  administrator  of  the  LIBOR  Index  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 Index Rate              shall  no  longer  be  made  available,  or  used  for  determining  the  interest  rate  of              loans (such specific date, the “ Scheduled Unavailability Date ”), or                      (C)   syndicated loans currently being executed, or that include language              similar  to  that   contained  in  this  Section ,  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 from  the  Borrower  or  Required                                       -76-  

 

               Lenders,  the  Administrative  Agent  shall  give  notice  thereof  to  the  Borrower  and  the  Lenders ,  as  applicable.   Thereafter,  the  Administrative  Agent  and  the  Borrower  may  amend this Agreement to replace LIBOR with an alternate benchmark rate (including any  mathematical  or other adjustments  to  the benchmark (if any) incorporated therein) that  gives due consideration to the then prevailing market convention for determining a rate of  interest for syndicated loans in the United States at such time (any such proposed rate, a  “LIBOR  Successor  Rate ”),  together  with  any  proposed  LIBOR  Successor  Rate  Conforming Changes (as defined below) and any such amendment shall become effective  at  5:00  p.m.  (Chicago  time)  on  the  fifth  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  do  not  accept  such  amendment.           (ii)  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 Eurocurrency  Loans shall be suspended, (to the extent of the affected Eurocurrency Loans or Interest  Periods),  and  (y)  the  LIBOR  Quoted  Rate  component  shall  no  longer  be  utilized  in  determining the Domestic Rate.  Upon receipt of such notice, the Borrower may revoke  any pending request for a Borrowing of, conversion to or continuation of Eurocurrency  Loans (to the  extent  of the affected Eurocurrency Loans or Interest Periods)  or,  failing  that, will be deemed to have  converted such request  into a request for a Borrowing  of  Domestic  Rate  Loans  (subject  to  the  foregoing  clause  (y))  in  the amount  specified  therein.          (iii)  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.    As used above:                “LIBOR Successor Rate Conforming Changes ” means, with        respect  to  any  proposed  LIBOR  Successor  Rate,  any  conforming        changes to the definition of Domestic Rate, Interest Period, timing        and  frequency  of  determining  rates  and  making  payments  of        interest and other administrative matters as may be appropriate, in        the reasonable discretion of the Administrative Agent, to reflect the        adoption  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                                 -77-  

 

               Administrative  Agent  reasonably  determines  in  consultation  with              the Borrower).          Section 9.3.  Increased Cost and Reduced Return .  (a) If any Change in Law:                (i)  shall subject any Lender (or its Lending Office) or any L/C Issuer to any        tax, duty or other charge with respect to its Eurocurrency Loans, its Notes, its Letter(s) of        Credit, or its participation in any thereof, any Reimbursement Obligations owed to it or        its  obligation  to  make  Eurocurrency  Loans,  issue  a  Letter  of  Credit,  or  to  participate        therein, or shall change the basis of taxation of payments to any Lender (or its Lending        Office)  or  any  L/C  Issuer  of  the  principal  of  or  interest  on its  Eurocurrency  Loans,        Letter(s)  of  Credit,  or  participations  therein  or  any  other  amounts  due  under  this        Agreement  in  respect  of  its  Eurocurrency  Loans,  Letter(s)  of  Credit,  or  participations        therein,  any  Reimbursement  Obligations  owed  to  it,  or  its  obligation to  make        Eurocurrency Loans, issue a Letter of Credit, or acquire participations therein (except for        changes  in  the  rate  of  tax  on  the  overall  net  income  or  profits  of  such  Lender  (or  its        Lending Office) or such L/C Issuer imposed by the jurisdiction in which such Lender (or        its Lending Office) or such L/C Issuer is incorporated or in which such Lender’s or L/C        Issuer’s principal executive office or (Lending Office) is located); or               (ii)  shall impose,  modify or deem applicable  any reserve, special deposit,  or        similar requirement (including, without limitation, any such requirement imposed by the        Board  of  Governors  of  the  Federal  Reserve  System,  but  excluding  with respect  to  any        Eurocurrency  Loans  any  such  requirement  included  in  an  applicable  Eurocurrency        Reserve  Percentage)  against  assets  of,  deposits  with  or  for  the  account  of,  or  credit        extended by, any Lender (or its Lending Office) or any L/C Issuer or shall impose on any        Lender (or its Lending Office) or  any L/C Issuer or  on the  interbank market any  other        condition  affecting  its  Eurocurrency  Loans,  its  Notes,  its  Letter(s)  of  Credit,  or  its        participation in any thereof, any Reimbursement Obligation owed to it, or its obligation        to make Eurocurrency Loans, to issue a Letter of Credit, or to participate therein;   and  the  result  of  any  of  the  foregoing  is  to  increase  the  cost  to  such  Lender  (or  its  Lending  Office)  or  such  L/C  Issuer  of  making  or  maintaining  any  Eurocurrency  Loan,  issuing  or  maintaining  a  Letter  of  Credit,  or  participating  therein,  or  to reduce  the  amount  of  any  sum  received  or  receivable  by  such  Lender  (or  its  Lending  Office)  or  such  L/C  Issuer  under  this  Agreement or under its Notes with respect thereto, by an amount deemed by such Lender or such  L/C Issuer to be material, then, within fifteen (15) days after demand by such Lender or such L/C  Issuer (with a copy to the Administrative Agent), the Borrower shall be obligated to pay to such  Lender or such L/C Issuer such additional amount or amounts as will compensate such Lender or  such  L/C  Issuer  for  such  increased  cost  or  reduction; provided, however,   that  such  Lender  or  such  L/C  Issuer  shall  promptly  notify  the  Borrower  of  an  event  which  might  cause  it  to  seek  compensation,  and  the  Borrower  shall  be  obligated  to  pay  only  such  compensation  which  is  incurred or which  arises after the date ninety (90) days prior  to the date such  notice is  given;  provided further  that, if such event giving rise to such increased costs or reductions is retroactive,  then the 90-day period referred to above shall be extended to include the period of retroactive  effect  thereof,  but  not  more  than  an  additional  180  days  and  not  for  any period  prior  to  the                                       -78-  

 

   Effective  Date.   In  the  event  any  law,  rule,  regulation  or  interpretation  described  above  is  revoked,  declared  invalid  or  inapplicable  or  is  otherwise  rescinded,  and  as  a  result  thereof  a  Lender or an L/C Issuer is determined to be entitled to a refund from the applicable authority for  any amount or amounts which were paid or reimbursed by the Borrower to such Lender or such  L/C Issuer hereunder, such Lender or such L/C Issuer shall refund such amount or amounts to  the Borrower without interest.         (b)   If any Lender, any L/C Issuer, or the Administrative Agent shall have determined  that any Change in Law affecting such Lender or such L/C Issuer or any lending office of such  Lender  or  such  Lender’s  or  such  L/C  Issuer’s  holding  company,  if  any,  regarding  capital  or  liquidity requirements, has had the effect of reducing the rate of return on such Lender’s or such  L/C Issuer’s or such corporation’s capital as a consequence of its obligations hereunder to a level  below that which such Lender or such L/C Issuer or such corporation could have achieved but  for such Change in Law (taking into consideration such Lender’s or such L/C Issuer’s or such  corporation’s  policies  with  respect  to  capital  adequacy  or  liquidity) by  an  amount  deemed  by  such Lender or such L/C Issuer or such corporation to be material, then from time to time, within  15  days  after  demand  by  such  Lender  or  such  L/C  Issuer  (with  a  copy  to  the  Administrative  Agent), the Borrower shall pay to such Lender or such L/C Issuer, as applicable, such additional  amount or amounts as will compensate such Lender or such L/C Issuer or such corporation for  such reduction; provided, however,  that such Lender or such L/C Issuer shall promptly notify the  Borrower  of  an  event  which  might  cause  it  to  seek  compensation,  and  the  Borrower  shall  be  obligated to pay only such compensation which is incurred or which arises after the date ninety  (90) days prior to the date such notice is given; provided further  that if such event giving rise to  such reduced return is retroactive then the 90-day period referred to above shall be extended to  include the period of retroactive effect thereof, but not more than an additional 180 days and not  for any period prior to the Effective Date.         (c)  Each  Lender  or  each L/C  Issuer  that  determines  to  seek compensation  under  this  Section  9.3  shall  notify  the  Borrower  and  the  Administrative  Agent  of  the  circumstances  that  entitle the Lender or the L/C Issuer to such compensation pursuant to this Section 9.3 and will  designate a different Lending Office if such designation will avoid the need for, or reduce the  amount of, such compensation and will not, in the reasonable judgment of such Lender or such  L/C Issuer, be otherwise disadvantageous to such Lender or such L/C Issuer.  A certificate of any  Lender  or  any  L/C  Issuer  claiming  compensation  under  this  Section  9.3  and  setting  forth  the  additional  amount or  amounts to be  paid  to it hereunder shall be conclusive  in  the absence  of  manifest  error.   In  determining  such  amount,  such  Lender  or  such  L/C  Issuer  may  use  any  reasonable averaging and attribution methods.        Section 9.4.  Lending Offices .  Each Lender may, at its option, elect to make its  Loans  hereunder  at  the  branch,  office  or  affiliate  specified  on  the  appropriate  signature  page  hereof  (each a “Lending Office” ) for each type of Loan or Swingline Loans available hereunder or at  such other of its branches, offices or affiliates as it may from time to time elect and  designate in  a written notice to the Borrower and the Administrative Agent.        Section 9.5.  Discretion of Lender as to Manner of Funding .  Notwithstanding any other  provision of this Agreement, each Lender shall be entitled to fund and maintain its funding of all                                       -79-  

 

   or  any  part  of  its  Loans  or  Swingline  Loans  in  any  manner  it  sees  fit,  it  being  understood,  however, that for the purposes of this Agreement all determinations hereunder shall be made as if  each Lender had actually funded and maintained each Eurocurrency Loan through the purchase  of deposits of U.S. Dollars or the applicable Alternative Currency in the eurocurrency interbank  market having a maturity corresponding to such Loan’s Interest Period and bearing an interest  rate equal to LIBOR for such Interest Period.   SECTION 10.   THE ADMINISTRATIVE AGENT .       Section 10.1.  Appointment  and  Authorization  of  Administrative  Agent .   Each  Lender  hereby appoints Bank of Montreal as the Administrative Agent under the Credit Documents and  hereby authorizes the Administrative Agent to take such action as Administrative Agent on its  behalf  and  to  exercise  such  powers  under  the  Credit  Documents  as  are  delegated  to  the  Administrative  Agent  by  the  terms  thereof,  together  with  such  powers  as  are  reasonably  incidental  thereto.   The  provisions  of  this  Section  10  are  solely  for  the  benefit  of  the  Administrative  Agent,  the  Lenders  and  the  L/C  Issuers,  and  neither  the  Borrower  nor  any  Guarantor  shall  have  rights  as  a  third-party  beneficiary  of  any  of such  provisions.   It  is  understood and agreed that the use of the term “agent” herein or in any other Credit 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.       Section 10.2.  Administrative  Agent  and  its  Affiliates .   The  Person  serving  as  the  Administrative Agent shall have the same rights and powers under this Agreement and the other  Credit Documents as any other Lender and may exercise or refrain from exercising such rights  and  power  as  though  it  were  not  the  Administrative  Agent,  and  the  Person  serving  as  the  Administrative Agent and its affiliates may accept deposits from, lend money to, and generally  engage in any kind of business with the Borrower or any Affiliate of the Borrower as if it were  not the Administrative Agent under the Credit Documents.  The term “Lender”  as used herein  and  in  all  other  Credit  Documents,  unless  the  context  otherwise  clearly  requires, includes  the  Person serving as the Administrative Agent in its individual capacity as a Lender.  References in  Section  1  hereof  to  the  Administrative  Agent’s  Loans,  or  to  the  amount  owing  to  the  Person  serving as the Administrative Agent for which an interest rate is being determined, refer to the  Person serving as the Administrative Agent in its individual capacity as a Lender.       Section 10.3.  Action by Administrative Agent .  If the Administrative Agent receives from  the Parent a written notice of an Event of Default pursuant to Section 7.6(c) hereof or a Net Cash  Flow Leverage Ratio Increase election pursuant to Section 7.15 hereof, the Administrative Agent  shall  promptly  give  each  of  the  Lenders  written  notice  thereof.   The  obligations  of  the  Administrative  Agent  under  the  Credit  Documents  are  only  those  expressly  set  forth  therein.   Without limiting the generality of the foregoing, the Administrative Agent shall not be required  to take any action hereunder with respect to any Default or Event of Default, except as expressly  provided in Sections 8.2 and 8.6 hereof.  In no event, however, shall the Administrative Agent be  required  to  take  any  action  in  violation  of  applicable  law  or  of  any  provision  of  any  Credit  Document, and the Administrative Agent shall in all cases be fully justified in failing or refusing                                       -80-  

 

   to act hereunder or under any other Credit Document unless it shall be first indemnified to its  reasonable satisfaction by the Lenders against any and all costs, expense, and liability which may  be incurred by it by reason of taking or continuing to take any such action.  The Administrative  Agent shall be entitled to assume that no Default or Event of Default exists unless notified to the  contrary by a Lender, the Parent or the Borrower.  In all cases in which this Agreement and the  other  Credit  Documents  do  not  require  the  Administrative  Agent  to  take  certain  actions,  the  Administrative Agent shall be fully justified in using its discretion in failing to take or in taking  any action hereunder and thereunder.  Any instructions of the Required Lenders, or of any other  group of Lenders called for under the specific provisions of the Credit Documents, in each case,  shall be binding upon all the Lenders and the holders of the Obligations.       Section 10.4.  Consultation  with  Experts .   The  Administrative  Agent  may  consult  with  legal counsel, independent public accountants and other experts selected by it and shall not be  liable  for  any  action  taken  or  omitted  to  be  taken  by  it  in  good  faith in  accordance  with  the  advice of such counsel, accountants or experts.       Section 10.5.  Liability  of  Administrative  Agent;  Credit  Decision .   Neither  the  Administrative Agent nor any of its directors, officers, agents, or employees shall be liable for  any action taken or not taken by it in connection with the Credit Documents (i) with the consent  or  at  the  request  of  the  Required  Lenders  or  all  of  the  Lenders,  as  applicable,  or  (ii)  in  the  absence of its own gross negligence or willful misconduct.  Neither the Administrative Agent nor  any of  its directors,  officers, agents  or employees shall be responsible for or have  any  duty to  ascertain, inquire into or verify (i) any statement, warranty or representation made in connection  with this Agreement, any other  Credit Document  or any Credit Event; (ii) the  performance or  observance of any of the covenants or agreements of the Borrower or any Guarantor contained  herein  or  in  any  other  Credit  Document;  (iii)  the  satisfaction  of  any  condition  specified  in  Section 6 hereof, except receipt of items required to be delivered to the Administrative Agent; or  (iv)  the  validity,  effectiveness,  genuineness,  enforceability,  perfection,  value,  worth  or  collectability  hereof  or  of  any  other  Credit  Document  or  of  any  other  documents  or  writing  furnished  in  connection  with  any  Credit  Document;  and  the  Administrative  Agent  makes  no  representation  of  any  kind  or  character  with  respect  to  any  such  matter  mentioned  in  this  sentence.   The  Administrative  Agent  may  execute  any  of  its  duties under  any  of  the  Credit  Documents by or through employees, agents, and attorneys-in-fact and shall not be answerable to  the Lenders, the L/C Issuers, the Borrower, or any Guarantor or any other Person for the default  or  misconduct  of  any  such  agents  or  attorneys-in-fact  selected  with  reasonable  care.   The  Administrative Agent shall not incur any liability by acting in reliance upon any notice, consent,  certificate, other document or statement (whether written or oral) reasonably believed by it to be  genuine or to be sent by the proper party or parties.  In particular and without limiting any of the  foregoing, the Administrative Agent shall have no responsibility for confirming the accuracy of  any  Compliance  Certificate  or  other  document  or  instrument  received  by it  under  the  Credit  Documents.   The  Administrative  Agent  may  treat  the  payee  of  any  Obligation  as  the  holder  thereof until written notice of transfer shall have been filed with the Administrative Agent signed  by  such  payee  in  form  satisfactory  to  the  Administrative  Agent.   Each  Lender  and  each  L/C  Issuer acknowledges that it has independently and without reliance on the Administrative Agent  or  any  other  Lender  or  any  L/C  Issuer,  and  based  upon  such  information,  investigations  and  inquiries as it deems appropriate, made its own credit analysis and decision to extend credit to                                       -81-  

 

   the Borrower in the manner set forth in the Credit Documents.  It shall be the responsibility of  each  Lender  and  each  L/C  Issuer  to  keep  itself  informed  as  to  the  creditworthiness  of  the  Borrower and the Guarantors, and the Administrative Agent shall have no liability to any Lender  or the L/C Issuer with respect thereto.       Section 10.6.  Indemnity .   The Lenders shall ratably, in  accordance with  their respective  Percentages, indemnify and hold the Administrative Agent, and its directors, officers, employees,  agents  and  representatives  harmless  from  and  against  any  liabilities,  losses,  costs  or  expenses  suffered  or  incurred  by  it  under  any  Credit  Document  or  in  connection  with the  transactions  contemplated  thereby,  regardless  of  when  asserted  or  arising,  except  to  the  extent  they  are  promptly reimbursed for the same by the Borrower and except to the extent that any event giving  rise to a claim was caused by the gross negligence or willful misconduct of the party seeking to  be indemnified.  The obligations of the Lenders under this Section 10.6 shall survive termination  of this Agreement.  The Administrative Agent shall be entitled to offset amounts received for the  account of a Lender under this Agreement against unpaid amounts due from such Lender to the  Administrative Agent, any L/C Issuer or Swingline  Lender hereunder (whether as  fundings  of  participations, indemnities or otherwise), but shall not be entitled to offset against amounts owed  to the Administrative Agent, any L/C Issuer or Swingline Lender by any Lender arising outside  of this Agreement and the other Credit Documents.       Section 10.7.  Resignation  of  Administrative  Agent  and  Successor  Administrative  Agent .   (a) The Administrative Agent may at any time give notice of its resignation to the Lenders, the  L/C  Issuers  and  the  Borrower.   Upon  receipt  of  any  such  notice  of  resignation,  the  Required  Lenders shall have the right, with the consent Borrower, to appoint a successor, which shall be a  bank with an office in the United States of America, or an Affiliate of any such bank with an  office  in  the  United  States  of  America; provided   that  the  Borrower’s  consent  shall  not  be  required  upon  the  occurrence  and  during  the  continuance  of  an Event  of  Default.   If  no  such  successor shall have been  so appointed by the Required Lenders and shall have accepted  such  appointment  within  thirty  (30)  days  after  the  retiring  Administrative  Agent  gives  notice  of  its  resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation  Effective Date” ), then the retiring Administrative Agent may (but shall not be obligated to), on  behalf of the Lenders and the L/C Issuers, appoint a successor Administrative Agent meeting the  qualifications set forth above.  Whether or not a successor has been appointed, such resignation  shall become effective in accordance with such notice on the Resignation Effective Date.        (b)  If  the  Person  serving  as  Administrative  Agent  is  a  Defaulting  Lender  pursuant  to  clause  (d)  of  the  definition  thereof,  the  Required  Lenders  may,  to  the  extent  permitted  by  applicable  law,  by  notice  in  writing  to  the  Borrower  and  such  Person remove  such  Person  as  Administrative Agent and,  in  consultation with the Borrower, appoint a  successor.  If  no  such  successor shall have been  so appointed by the Required Lenders and shall have accepted  such  appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the  “Removal Effective Date” ), then such removal shall nonetheless become effective in accordance  with such notice on the Removal Effective Date.         (c)  With  effect  from  the  Resignation  Effective  Date,  (i)  the  retiring  or  removed  Administrative Agent shall be discharged from its duties and obligations hereunder and under the                                       -82-  

 

   other  Credit  Documents,  and  (ii)  except  for  any  indemnity  payments  owed to  the  retiring  or  removed  Administrative Agent, all  payments, communications and determinations provided  to  be made by, to or through the Administrative Agent shall instead be made by or to each Lender  and  L/C  Issuer  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 Administrative Agent (other than any  rights to indemnity payments or other amounts owed to the retiring or removed Administrative  Agent),  and  the  retiring  or  removed  Administrative  Agent  shall  be discharged  from  all  of  its  duties and obligations hereunder or under the other Credit Documents.  The fees payable by the  Borrower  to  a  successor  Administrative  Agent  shall  be  the  same  as  those  payable  to  its  predecessor  unless  otherwise  agreed  between  the  Borrower  and  such  successor.   After  the  retiring  or  removed  Administrative  Agent’s  resignation  hereunder  and  under  the  other  Credit  Documents, the provisions of this Section 10 and Section 12.15 hereof shall continue in effect  for  the  benefit  of  such  retiring  or  removed  Administrative  Agent,  its  sub-agents  and  their  respective related parties in respect of any actions taken or omitted to be taken by any of them  while the retiring  or removed Administrative Agent was acting as Administrative Agent.       Section 10.8.  L/C Issuers and Swingline Lender.   Each L/C Issuer shall act on behalf of  the  Lenders  with  respect  to  any  Letters  of  Credit  issued  by  it and  the  documents  associated  therewith,  and  the  Swingline  Lender  shall  act  on  behalf  of  the  Lenders  with  respect  to  the  Swingline Loans made hereunder.  Each L/C Issuer and the Swingline Lender shall each have all  of the benefits and immunities (i) provided to the Administrative Agent in this Section 10 with  respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters of  Credit issued by it or proposed to be issued by it and the Applications pertaining to such Letters  of Credit or by the Swingline Lender in connection with Swingline Loans made or to be made  hereunder as fully as if the term “Administrative Agent” , as used in this Section 10, included the  L/C  Issuers  and  the  Swingline  Lender  with  respect  to  such  acts  or omissions  and  (ii)  as  additionally provided in this Agreement with respect to such L/C Issuer or the Swingline Lender,  as  applicable;  provided   that  with  respect  to  such  unpaid  amounts  owed  to  any  L/C  Issuer  or  Swingline Lender solely in its capacity as such, only the Lenders party to the Revolving Facility  shall be required to pay such unpaid amounts, such payment to be made severally among them  based  on  such  Lenders’  Revolver  Percentage  (determined  as  of  the  time  that  the  applicable  unreimbursed expense or indemnity payment is sought based on each such Lender’s share of the  Revolving Credit Exposure at such time).         Any resignation by the Person then acting as Administrative Agent pursuant to Section  10.7 hereof shall also constitute its resignation or the resignation of its Affiliate as an L/C Issuer  and Swingline Lender except as it may otherwise agree.  If such Person then acting as an L/C  Issuer  so  resigns,  it  shall  retain  all  the  rights,  powers,  privileges  and  duties  of  the  L/C  Issuer  hereunder  with  respect  to  all  Letters  of  Credit  outstanding  as  of  the  effective  date  of  its  resignation as an L/C Issuer and all L/C Obligations with respect thereto, including the right to  require  the  Lenders  to  make  Revolving  Loans  or  fund  risk  participations  in  Reimbursement  Obligations  pursuant  to  Section  1.3  hereof.   If  such  Person  then  acting  as  Swingline  Lender  resigns, it shall retain all the rights of the Swingline Lender provided for hereunder with respect  to  Swingline  Loans  made  by  it  and  outstanding  as  of  the  effective  date  of  such  resignation,                                       -83-  

 

   including  the  right  to  require  the  Lenders  to  make  Loans  or  fund  risk  participations  in  outstanding Swingline Loans pursuant to Section 1.2(b) hereof.  Upon the appointment  by  the  Borrower of a successor L/C Issuer or Swingline Lender hereunder (which successor shall in all  cases  be  a  Lender  other  than  a  Defaulting  Lender),  (i)  such  successor  shall  succeed  to  and  become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or  Swingline Lender, as applicable (other than any rights to indemnity payments or other amounts  that remain owing to the retiring L/C Issuer or Swingline Lender), and (ii) the retiring L/C Issuer  and  Swingline  Lender  shall  be  discharged  from  all  of  their  respective  duties  and  obligations  hereunder or under the other Credit Documents other than with respect to its outstanding Letters  of  Credit  and  Swingline  Loans,  and  (iii)  upon  the  request  of  the  resigning  L/C  Issuer,  the  successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any,  outstanding  at  the  time  of  such  succession  or  make  other  arrangements  satisfactory  to  the  resigning  L/C  Issuer  to  effectively  assume  the  obligations  of  the  resigning  L/C  Issuer  with  respect to such Letters of Credit.       Section 10.9.  Authorization to  Release Guaranties.  The Administrative Agent is hereby  irrevocably authorized by each of the Lenders, each L/C Issuer, and their Affiliates to  release any  Subsidiary from its obligations as a Guarantor if such Person ceases to be a Subsidiary as a result  of  a  transaction  permitted  under  the  Credit  Documents.   Upon  the  Administrative  Agent’s  request,  the  Required  Lenders  will  confirm  in  writing  the  Administrative  Agent’s  authority  to   release any Person from its obligations as a Guarantor under the Credit Documents.     Section 10.10.  Authorization of Administrative Agent to 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 or any Guarantor, the Administrative Agent (irrespective of whether the  principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by  declaration or otherwise and irrespective of whether the Administrative Agent shall have made  any  demand  on  the  Borrower)  shall  be  entitled  and  empowered,  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, L/C Obligations and all other Obligations that        are owing and unpaid and to file such other documents as may be necessary or advisable        in  order  to  have  the  claims  of  Lenders,  the  L/C  Issuers  and  the  Administrative  Agent        (including  any  claim  for  the  reasonable  compensation,  expenses,  disbursements  and        advances  of  the  Lenders,  the  L/C  Issuers  and  the  Administrative  Agent  and  their        respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and        the Administrative Agent under the Loan Credit  Documents including, but not limited to,        Sections 2.1, 9.3, 1.12, and 12.15) allowed in such judicial proceeding; and               (b)   to collect and receive any monies or other property payable or deliverable        on any such claims and to distribute the same;  and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in  any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make  such payments to the Administrative Agent and, in the event that the Administrative Agent shall                                       -84-  

 

   consent to the making of such payments directly to the Lenders and the L/C Issuers, 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  2.1  and  12.15.   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  or  L/C  Issuer  any  plan  of  reorganization,  arrangement,  adjustment  or  composition affecting the Obligations or the rights of any Lender or L/C Issuer or to authorize  the Administrative Agent to vote in respect of the claim of any Lender or L/C Issuer in any such  proceeding.      Section 10.11.  Designation of Additional Agents .  The Administrative Agent shall have the  continuing right, for purposes hereof, at any time and from time to time to designate one or more  of the Lenders  (and/or its or their Affiliates) as “syndication agents,” “documentation agents,”  “book runners,” “lead arrangers,” “arrangers,” or other designations for purposes hereto, but such  designation shall have no substantive effect, and such Lenders and their Affiliates shall have no  additional powers, duties or responsibilities as a result thereof.      Section 10.12.  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 any of its Affiliates, and not, for the avoidance  of doubt, to or for the benefit of the Borrower or any Guarantor, that at least one of the following  is and will be true:                 (i)  such  Lender  is  not  using  “plan  assets”  (within  the  meaning  of  29  CFR        §2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in        connection with the Loans or the Commitments,                (ii)  the  transaction  exemption  set  forth  in  one  or  more  PTEs,  such  as  PTE        84-14  (a  class  exemption  for  certain  transactions  determined  by  independent  qualified        professional  asset  managers),  PTE  95-60  (a  class  exemption  for  certain  transactions        involving insurance company general accounts), PTE 90-1 (a class exemption for certain        transactions involving insurance company pooled separate accounts), PTE 91-38 (a class        exemption  for  certain  transactions  involving  bank  collective  investment  funds)  or  PTE        96-23 (a class exemption for certain transactions determined by in-house asset managers),        is applicable with respect to such Lender’s entrance into, participation in, administration        of  and  performance  of  the  Loans,  the  Revolving  Credit  Commitments,  commitment  to        advance any New Term Loan, 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, Revolving Credit        Commitments, commitment to advance any New Term Loan, and this Agreement, (C) the        entrance  into,  participation  in,  administration  of  and  performance  of the  Loans,  the        Revolving Credit Commitments, commitment to advance any New Term Loan, and this                                       -85-  

 

         Agreement  satisfies  the  requirements  of  sub-sections  (b)  through  (g)  of  Part  I  of  PTE        84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a)        of  Part  I  of  PTE  84-14  are  satisfied  with  respect  to  such  Lender’s  entrance  into,        participation  in,  administration  of  and performance  of the Loans, the Revolving Credit        Commitments, commitment to advance any New Term Loan, and this Agreement, or                (iv)  such  other  representation,  warranty  and  covenant  as  may  be  agreed  in        writing between the Agent, in its sole discretion, and such Lender.        (b)  In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with  respect  to  a  Lender  or  such  Lender  has  not  provided  another  representation,  warranty  and  covenant  as  provided  in  sub-clause  (iv)  in  the  immediately  preceding  clause  (a),  such  Lender  further (x) represents and warrants, as of the date such Person became a Lender party hereto, to,  and  (y)  covenants,  from  the  date  such  Person  became  a  Lender  party  hereto  to  the  date  such  Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and any  of its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that:                 (i)  none of the Agent or any of its Affiliates is a fiduciary with respect to the        assets  of  such  Lender  (including  in  connection  with  the  reservation  or exercise  of  any        rights by the Administrative Agent under this Agreement, any Credit Document or any        documents related hereto or thereto),                (ii)  the Person making the investment decision on behalf of such Lender with        respect  to  the  entrance  into,  participation  in,  administration  of and  performance  of  the        Loans,  the  Revolving  Credit  Commitments,  commitment  to  advance  any  New  Term        Loan, and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21)        and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other Person        that  holds,  or  has  under  management  or  control, total  assets  of  at  least $50  million,  in        each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),                (iii)  the Person making the investment decision on behalf of such Lender with        respect  to  the  entrance  into,  participation  in,  administration  of and  performance  of  the        Loans,  the  Revolving  Credit  Commitments,  commitment  to  advance  any  New  Term        Loan, and this Agreement is capable of evaluating investment risks independently, both        in general and with regard to particular transactions and investment strategies (including        in respect of the obligations),                (iv)  the Person making the investment decision on behalf of such Lender with        respect  to  the  entrance  into,  participation  in,  administration  of and  performance  of  the        Loans,  the  Revolving  Credit  Commitments,  commitment  to  advance  any  New  Term        Loan, and this Agreement is a fiduciary under ERISA or the Internal Revenue Code, or        both,  with  respect  to  the  Loans,  the  Revolving  Credit  Commitments,  commitment  to        advance  any  New  Term  Loan,  and  this  Agreement  and  is  responsible  for  exercising        independent judgment in evaluating the transactions hereunder, and                                         -86-  

 

               (v)   no fee or other compensation is being paid directly to the Administrative        Agent, any Joint Lead Arranger or the Book Runner listed on the cover page hereof, or        any of their respective Affiliates for investment advice (as opposed to other services) in        connection with the Loans, the Revolving Credit Commitments, commitment to advance        any New Term Loan, or this Agreement.          (c)  The Agent hereby informs the Lenders that it is not undertaking to provide impartial  investment advice, or to give advice in a fiduciary capacity, in connection with the transactions  contemplated hereby, and that it has a financial interest in the transactions contemplated hereby  in that it  or an Affiliate thereof (i) may receive interest or other  payments with  respect to  the  Loans, the Revolving Credit Commitments, commitment to advance any New Term Loan, and  this  Agreement,  (ii)  may  recognize  a  gain  if  it  extended  the  Loans,  the  Revolving  Credit  Commitments,  or  commitment  to  advance  any  New  Term  Loan  for  an  amount  less  than  the  amount  being  paid  for  an  interest  in  the  Loans,  the  Revolving  Credit  Commitments,  or  commitment to advance any New Term Loan by such Lender or (iii) may receive fees or other  payments  in  connection  with  the  transactions  contemplated  hereby,  the  Credit  Documents  or  otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront  fees,  underwriting fees, ticking  fees,  agency fees, administrative agent or collateral agent  fees,  utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate  transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees,  breakage or other early termination fees or fees similar to the foregoing.    SECTION 11.   THE GUARANTEES .       Section 11.1.  The Guarantees .  To induce the Lenders and the L/C Issuers to provide the  credits described herein and in consideration of benefits expected to accrue to each Guarantor by  reason  of  the  Revolving  Credit  Commitments  and  for  other  good  and  valuable consideration,  receipt  of  which  is  hereby  acknowledged,  each  Guarantor  hereby  unconditionally  and  irrevocably  guarantees  jointly  and  severally  to  the  Administrative  Agent,  the  Lenders, the  Swingline Lender, the L/C Issuers, and each other holder of an Obligation, the due and punctual  payment of all present and future indebtedness of the Borrower evidenced by or arising out of the  Credit  Documents, Obligations   including,  but  not  limited  to,  the  due  and  punctual  payment  of  principal of and interest on the Loans, Swingline Loans and Reimbursement Obligations and the  due and punctual payment of all other Obligations now or hereafter owed by the Borrower under  the Credit Documents and, in the case of the US Guarantors only, the due and punctual payment  of all Swap Obligations and Bank Product Obligations, in each case as and when the same shall  become due and payable, whether at stated maturity, by acceleration or otherwise, according to  the terms hereof and thereof (including all interest, costs, fees, and charges after the entry of an  order for relief  against  the Borrower, Parent  or such other obligor  in a case under the  United  States Bankruptcy Code or any similar proceeding, whether or not such interest, costs, fees and  charges would be an allowed claim against the Borrower, Parent or any such other obligor in any  such proceeding) ; provided, however,  that, with respect to any US Guarantor, Swap Obligations  guaranteed  by  such  US  Guarantor  shall  exclude  all  Excluded  Swap  Obligations.   In  case  of  failure by the Borrower or other obligor punctually to pay any indebtedness , liability,  or other  Obligations  guaranteed  hereby,  each  Guarantor  hereby  unconditionally  agrees  jointly  and  severally to make such payment or to cause such payment to be made punctually as and when the                                       -87-  

 

   same shall become due and payable, whether at stated maturity, by acceleration or otherwise, and  as if such payment were made by the Borrower, Parent or such other obligor.         Section 11.2.  Guarantee  Unconditional .   The  obligations  of  each  Guarantor  as  a  guarantor  under this  Section  11  shall  constitute  a  guaranty  of  payment  and  not  collection  and  shall be unconditional and absolute and, without limiting the generality of the foregoing, shall  not be released, discharged or otherwise affected by:                (a)  any  extension,  renewal,  settlement,  compromise,  waiver  or  release  in        respect of any obligation of the Borrower or of any other Guarantor under this Agreement         or , any other Credit Document , any Bank Product Agreement, Hedge Agreement  or by        operation of law or otherwise;               (b)   any  modification  or  amendment  of  or  supplement  to  this  Agreement   or ,        any other Credit Document , any Bank Product Agreement or Hedge Agreement ;                (c)  any change in the  corporate  existence, structure or ownership of, or  any        insolvency,  bankruptcy,  reorganization  or  other  similar  proceeding  affecting,  the        Borrower, any other Guarantor, or any of their respective assets, or any resulting release        or discharge of any obligation of the Borrower or of any other Guarantor contained in any        Credit Document;               (d)   the existence of any claim, set-off or other rights which the Guarantor may        have at  any time against  the Administrative Agent, any Lender,  any L/C Issuer  or  any        other Person, whether or not arising in connection herewith;                (e)  any  failure  to  assert,  or  any  assertion  of,  any  claim or  demand  or  any        exercise of, or failure to exercise, any rights or remedies against the Borrower, any other        Guarantor or any other Person or Property;                (f)  any application of any sums by whomsoever paid or howsoever realized to        any obligation of  the Borrower, regardless of what obligations of the  Borrower remain        unpaid;               (g)   any  invalidity  or  unenforceability  relating  to  or against  the  Borrower  or        any other Guarantor for any reason of this Agreement  or of , any other Credit Document ,        any  Bank  Product  Agreement  or  any  Hedge  Agreement   or  any  provision  of  applicable        law  or  regulation  purporting  to  prohibit  the  payment  by  the  Borrower  or  any  other        Guarantor  of  the  principal  of  or  interest  on  any  Loan,  Swingline  Loan,  or  any        Reimbursement  Obligation  or  any  other  amount  payable  by  it  under  the  Credit        Documents , any Bank Product Agreement or any Hedge Agreement ; or               (h)   any other act or omission to act or delay of any kind by the Administrative        Agent,  any  Lender,  any  L/C  Issuer,  or  any  other  Person  or  any  other  circumstance        whatsoever  that  might,  but  for  the  provisions  of  this  paragraph,  constitute  a  legal  or                                        -88-  

 

         equitable  discharge  of  the  obligations  of  a  Guarantor  under  this  Section  11  or  the        Borrower under this Agreement.       Section 11.3.  Discharge  Only  Upon  Payment  in  Full;  Reinstatement  in  Certain  Circumstances .  Each Guarantor’s obligations under this Section 11 shall remain in full force and  effect until the Revolving Credit Commitments are terminated and the principal of and interest  on the Obligations and all other amounts payable by the Borrower under this Agreement and all  other  Credit  Documents  shall have been paid  in full or such Guarantor  is released pursuant  to  Section 11.9.  If at any time any payment of the principal of or interest on any Obligation or any  other  amount  payable  by  the  Borrower  under  the  Credit  Documents ,  any  Bank  Product  Agreement,  or  any  Hedge  Agreement   is  rescinded  or  must  be  otherwise  restored  or  returned  upon  the  insolvency,  bankruptcy  or  reorganization  of  the  Borrower  or  of  a  Guarantor,  or  otherwise, each Guarantor’s obligations under this Section 11 with respect to such payment shall  be  reinstated at such time  as  though  such payment had  become  due but  had not been made  at  such time.       Section 11.4.  Waivers .   (a)  General.    Each  Guarantor  irrevocably  waives  acceptance  hereof,  presentment,  demand,  protest  and  any  notice  not  provided  for  herein,  as  well  as  any  requirement that at any time any action be taken by the Administrative Agent, any Lender, any  L/C Issuer, or any other Person against the Borrower, another Guarantor or any other Person.        (b)  Subrogation and Contribution.    Unless  and  until  the  Obligations  have  been  fully  paid  and  satisfied  and  the  Revolving  Credit  Commitments  have  terminated,  each  Guarantor  hereby irrevocably waives any claim or other right it may now or hereafter acquire against the  Borrower  or  any  other  Guarantor  that  arises  from  the  existence, payment,  performance  or  enforcement  of  such  Guarantor’s  obligations  under  this  Section  11  or  any  other  Credit  Document, including, without limitation, any right of subrogation, reimbursement, exoneration,  contribution,  indemnification,  or  any  right  to  participate  in  any  claim or  remedy  of  the  Administrative Agent, any Lender, any L/C Issuer, or any other holder of an Obligation against  the Borrower or any other Guarantor whether or not such claim, remedy or right arises in equity  or  under  contract,  statute  or  common  law,  including,  without  limitation,  the  right  to  take  or  receive from the Borrower or any other Guarantor directly or indirectly, in cash or other property  or by set-off or in any other manner, payment or security on account of such claim or other right.   If any amount shall  be paid to  a Guarantor on account of such subrogation rights at any  time  prior to the later of (x) the payment in full of the Obligations and all other amounts payable by  the Borrower hereunder and the other Credit Documents and (y) the termination of the Revolving  Credit Commitments and expiration of all Letters of Credit, such amount shall be held in trust for  the benefit of the Administrative Agent and the Lenders and the L/C Issuers (and their Affiliates)  and shall forthwith be paid to the Administrative Agent for the benefit of the Lenders (and their  Affiliates) or be  credited and applied upon  the Obligations, whether matured or unmatured,  in  accordance with the terms of this Agreement.       Section 11.5.  Limit on Recovery .  Notwithstanding any other provision hereof, the right to  recovery of the holders of the Obligations against each Guarantor under this Section 11 shall not  exceed  $1.00  less  than  the  lowest  amount  which  would  render  such  Guarantor’s  obligations                                        -89-  

 

   under  this  Section  11  void  or  voidable  under  applicable  law,  including  without  limitation  fraudulent conveyance law.       Section 11.6.  Stay of Acceleration .  If acceleration of the time for payment of any amount  payable  by  the  Borrower  or  any  other  obligor  under  this  Agreement   or ,  any  other  Credit  Document ,  any  Bank  Product  Agreement,  or  any  Hedge  Agreement   is  stayed  upon  the  insolvency, bankruptcy or reorganization of the Borrower or such other obligor, all such amounts  otherwise  subject  to  acceleration  under  the  terms  of  this  Agreement   or ,  the  other  Credit  Documents ,  any  Bank  Product  Agreement,  or  any  Hedge  Agreement   shall  nonetheless  be  payable  jointly  and  severally  by  the  Guarantors  hereunder  forthwith on  demand  by  the  Administrative Agent made at the request of the Required Lenders.       Section 11.7.  Benefit to Guarantors .   The  Borrower  and  the  Guarantors  are  engaged  in  related businesses and integrated to such an extent that the financial strength and flexibility of  the Borrower has a direct impact on the success of each Guarantor.  Each Guarantor will derive  substantial direct and indirect benefit from the extensions of credit hereunder.       Section 11.8.  Guarantor  Covenants.   Each  Guarantor  shall  take  such  action  as  the  Borrower is required by this Agreement to cause such Guarantor to take, and shall refrain from  taking  such  action  as  the  Borrower  is  required  by  this  Agreement  to  prohibit  such  Guarantor  from taking.       Section 11.9  Release  of  Guarantors.   Any  Guarantor  shall  be  released  from  its  obligations  under  this  Section  11  if  such  Guarantor  ceases  to  be  a  Subsidiary  as  a result  of  a  transaction or a series of transactions permitted under this Agreement.      Section 11.10  German Guarantor Limitations.           (a)  The Lenders, acting through the Administrative Agent, agree not to enforce against  a Guarantor incorporated in Germany and constituted in the form of a GmbH (a " German GmbH  Guarantor ") or GmbH & Co. KG ((a " German GmbH & Co. KG Guarantor ", and together with  any German GmbH Guarantor hereinafter referred  to as a “ German Guarantor ”) any payment  obligation arising out of the guaranty  contained in this Section  11 (the " Payment Obligation ") if  and  to  the  extent  such  guarantee  secures  obligations  of  an  affiliated  company  ( verbundenes  Unternehmen ) of such German Guarantor within the meaning of section 15 of the German Stock  Corporation Act ( Aktiengesetz ) (other than any of the German Guarantor's subsidiaries) if and to  the extent the enforcement of the Payment Obligation would otherwise lead to a situation where  that  German  Guarantor  or,  in  the  case  of  a  German  GmbH  &  Co.  KG  Guarantor,  its  general  partner ( persönlich haftender Gesellschafter ) does not have sufficient net assets ( Reinvermögen )  (i.e.  the  amount  of  its  net  assets  ( Reinvermögen )  is  less  than  its  registered  share  capital  (Stammkapital )) or if the amount of its net assets ( Reinvermögen ) have already fallen below the  amount of its registered share capital ( Stammkapital ), further increase of such shortfall.        (b)  For the purposes of this Section 11.10, net assets ( Reinvermögen ) means the assets  calculated on the basis of the balance sheet items listed in Section 266(2) A. B., C., D. and E. of  the  German  Commercial  Code  ( Handelsgesetzbuch )  minus  liabilities  and  accruals                                       -90-  

 

   (Rückstellungen )  within  the  meaning  of  section  266(3)  B.  (but  disregarding  any  provisions  in  respect of the guarantee under this Section 11 which will be dissolved or deleted because of the  accounting  exchange  on  the  liability  side  ( Passivtausch )  as  a  consequence  of  the  respective  enforcement  of  the  Payment  Obligation),  C.,  D.  and  E.  of  the  German  Commercial  Code  (Handelsgesetzbuch ), to maintain its stated share capital ( Stammkapital ) as required by section  30 of the German Act on Limited Liability Companies ( GmbHG ) provided that for the purposes  of calculating the amount not to be enforced (if any) the following balance sheet items shall be  adjusted as follows:          For the purposes of calculating the net assets of the German Guarantor (or, in the case of  a GmbH & Co. KG, of its general partner ( persönlich haftender Gesellschafter )) the following  balance sheet items shall be adjusted as follows:                 (i)  the amount of any increase of stated share capital ( Stammkapital ) of such        German Guarantor (or, in the case of a German GmbH & Co. KG Guarantor, the stated        share  capital  of  its  general  partner  ( persönlich haftender Gesellschafter ))  after  the  date        hereof which:                      (1)  is not permitted under the Credit Documents; and                      (2)  has  been  effected  without  the  prior  written  consent  of  the              Administrative Agent,          shall be deducted from the stated share capital ( Stammkapital );                (ii)  loans and  other contractual liabilities of the German Guarantor  owed  by        the German Guarantor to a shareholder if and to the extent the shareholder has entered        into  a  subordination  agreement  with  the  effect  that  his  respective  claims  against  the        German Guarantor will be held as being subordinated pursuant to para 39 nr. 5 InsO shall        be disregarded;                (iii)  in case the registered share capital of the relevant German Guarantor or, in        case of a German GmbH & Co. KG Guarantor, its general partner ( persönlich haftender        Gesellschafter ),  is  not  fully  paid  up  ( nicht voll eingezahlt ),  the  amount  which  has  not        been paid up shall be deducted from the relevant registered share capital;                (iv)  loans and other contractual liabilities incurred by such German Guarantor        and/or  in  the  case  of  a  German  GmbH  &  Co.  KG  Guarantor,  by  its  general  partner        (persönlich haftender Gesellschafter ) in violation of the provisions of any of the Credit        Documents shall be disregarded; and                (v)   all assets of the German Guarantor (or, in case of a German GmbH & Co.        KG Guarantor of its general partner ( persönlich haftender Gesellschafter )) shall be taken        at their book value.  In addition, if and to the extent legally permitted and commercially        justifiable, in respect of the business of the German Guarantor (or, in case of a German        GmbH & Co. KG Guarantor of its general partner ( persönlich haftender Gesellschafter )),                                       -91-  

 

                the  German  Guarantor  (or,  in  case  of  a  German  GmbH  &  Co.  KG  Guarantor  of  its   general  partner  ( persönlich  haftender  Gesellschafter ))  shall,  in  a  situation  where  the   German  Guarantor  (or,  in  case  of  a  German  GmbH  &  Co.  KG  Guarantor  its  general   partner) does not have sufficient assets to maintain its registered share capital realize any   and all of its assets that are shown in the balance sheet with a book value ( Buchwert ) that   is  significantly  lower  than  the  market  value  of  the  assets,  provided  such  asset  is  not   necessary  for  the  German  Guarantor's  (or,  in  case  of  a  German GmbH  &  Co.  KG   Guarantor  its  general  partner's)  business  ( betriebsnotwendig)  (the  " Realizable Assets "),   unless the Agent states explicitly that this is not required.     Unless  deviations  are  required  by  mandatory  law,  the  relevant  net  assets  are  to  be   determined  in  accordance  with  generally  accepted  accounting  principles  observing  the   accountings  principles  applied  in  the  previous  years  for  the  creation  of  the   non-consolidated financial statement.     (c)  The limitations set out in clause (a) above shall not apply:           (i)  if the relevant Payment Obligation does result from borrowings drawn by   or  on-lent,  or  otherwise  passed  on  to  the  relevant  German  Guarantor  or  any  of  its   subsidiaries and has not been repaid by such German Guarantor or its subsidiaries;           (ii)  if  and  as  long  as  a  domination  agreement  ( Beherrschungsvertrag )  or  a   profit transfer agreement ( Gewinnabführungsvertrag ) (each as defined in section 291 of   the  Stock  Corporation  Act  (AktG)),  between  the  relevant  German  Guarantor  and  the   affiliate whose obligations are guaranteed under this Section 11, either directly or through   an unbroken chain of domination and/or profit transfer agreements, is legally binding and   effective, to the extent that the German Guarantor has a (legally and commercially) valid   claim for reimbursement against the affiliate whose obligations are guaranteed under this   Section 11.    (d)  The limitations set out in clause (a) above only apply if and to the extent that:            (i)  within 10 Business Days following the notification by the Lenders (acting   through the Administrative Agent) of their intention to enforce the Payment Obligation   (the  " Enforcement Notice "), the managing director(s)  on behalf of the  relevant German   Guarantor has/have confirmed in writing to the Administrative Agent to what extent the   relevant  Obligation  does  not result from borrowings drawn by or  on-lent, or otherwise   passed on to the relevant German Guarantor or any of its subsidiaries and the Payment   Obligation cannot be enforced as it would, to their best knowledge, cause the net assets of   such  German  Guarantor  or,  in  the  case  of  a  German  GmbH  &  Co.  KG  Guarantor,  its   general partner ( persönlich haftender Gesellschafter ) to fall below its stated share capital   (Stammkapital ) in violation of section 30 GmbHG (taking into account the adjustments   set out in subclauses (i) to (iii) of clause (b)) and such confirmation is supported by an   updated  balance  sheet  of  the  respective  German  Guarantor  (or,  in  case  of  a  German   GmbH & Co. KG Guarantor of its general partner ( persönlich haftender Gesellschafter ))   based on its latest annual financial statement (the " Management Determination ") and the                                  -92-  

 

         Lenders  (acting  through the  Administrative  Agent)  have  not  contested  this and  argued        that  no  or  a  lower  amount  would  be  necessary  to  maintain  its  stated  share  capital        (Stammkapital ); or                (ii)  within  20  Business  Days  from  the  date  the  Agent  has  contested  the        Management  Determination  the  Administrative  Agent  receives  a  determination  by        auditors  of  international  standing  and  reputation  appointed  by  the  relevant  German        Guarantor and selected jointly by the Administrative Agent and such German Guarantor        of  the  amount  that  would  have  been  necessary  on  the  date  the  Enforcement  Notice  is        given  to  maintain  its  stated  share  capital  ( Stammkapital ))  or,  in  the  case  of  a  German        GmbH & Co. KG Guarantor, the stated share capital ( Stammkapital ) of its general partner        without  violation  of  section  30  GmbHG  (the  " Auditor's  Determination ").  If  the        Administrative Agent and the relevant German Guarantor do not agree on the selection of        an auditor within 5 Business Days of the date the Administrative Agent has contested the        Management  Determination  the  Administrative  Agent  is  entitled  to  ask  the  Institut  der        Wirtschaftsprüfer  in  Deutschland  e.V.  (IDW),  Düsseldorf  to  appoint  an  auditor  of        international  standing  and  reputation.  The  amount  determined  in  the  Auditor's        Determination shall, subject to clause (e), be (except for manifest error) binding upon all        parties,  safe  for  obvious  mistakes.  The  costs  of  the  Auditor’s  Determination  shall  be        borne by the relevant German Guarantor.          (e)  After a Management Determination has been made, the Lenders (acting through the  Administrative Agent) shall be entitled to enforce the Payment Obligation up to the amount to  which an enforcement is possible pursuant to the Management Determination. After an Auditor's  Determination  has been  made, the  Lenders (acting through the Administrative Agent) shall be  entitled to enforce the Payment Obligation up to the amount to which an enforcement is possible  pursuant  to  the  Auditor's  Determination.  In  addition,  the  Lenders  (acting  through  the  Administrative  Agent)  shall  be  entitled  to  further  pursue  their  claims  (if  any)  by  suing  the  relevant German Guarantor for amounts not permitted to be enforced pursuant to the Auditor's  Determination on the basis that an enforcement of such Payment Obligations would not result in  a violation of respective German Guarantor's obligations under section 30 GmbHG.          (f)  If  the  Administrative  Agent  has  enforced  and  realized  the  Payment  Obligation  without limitation because the Management Calculation and/or the Auditors' Determination (as  the case may be) was not delivered within the relevant time, the Administrative Agent shall upon  demand  of  the  German  Guarantor  after  delivery  of  a  Management  Calculation  or  Auditors'  Certificate (as applicable) repay to the German Guarantor (or, in case of a German GmbH & Co.  KG  Guarantor  to  its  general  partner  ( persönlich haftender Gesellschafter ))  any  amount  which  according to the Management Calculation and/or the Auditors' Determination has been enforced  in excess of the amount enforceable pursuant to this Section 11.10, provided that such demand is  made  within  eighteen  months  (Ausschlußfrist)  after  the  date  this  Payment  Obligation  was  enforced.         (g)  If  and  to  the  extent  after  the  date  of  this  Agreement  there will  be  available  any  non-appealable  ruling  of  a  higher  regional  court  (Oberlandesgericht)  or  the  Federal  Supreme  Court  (Bundesgerichtshof)  (i)  holding  that  the  granting  of  any  upstream  and/or  crossstream                                       -93-  

 

   guarantee may, in case of the enforcement of such guarantee, trigger any liability of the German  Guarantor's directors pursuant to Section 64 sentence 3 GmbHG, and (ii) that this liability cannot  be avoided by the said directors filing for the opening of insolvency proceedings of the German  Guarantor,  German  GmbH  &  Co.  KG  Guarantor  or  its  general  partner  (persönlich  haftender  Gesellschafter) for any of the reasons set out in sections 17, 18 and 19 of the German Insolvency  Code (Insolvenzordnung), the Lenders and the relevant German Guarantor or German GmbH &  Co.  KG  Guarantor  will  negotiate  in  good faith  to  find  a  solution  which  avoids  such  personal  liability of  the  directors  of  the  German Guarantor (or, in case  of a German GmbH & Co.  KG  Guarantor, its general partner (persönlich haftender Gesellschafter)). The German Guarantor (or,  in  case  of  a  German  GmbH  &  Co.  KG  Guarantor,  its  general  partner  (persönlich  haftender  Gesellschafter))  shall  take  all  measures  to  the  extent  legally  permitted  and  commercially  justifiable in order to increase its liquidity.         (h)  The  limitations  set  out in this  Section  11.10  shall  not  apply if,  at  the  time  of  the  enforcement of the Payment Obligation, the limitation set out in this Section 11.10 is (as a result  of any changes of legislation or the interpretation of applicable law) not or no longer required to  avoid a violation of Section 30 GmbHG and/or to protect the managing directors of any German  Guarantor (or in case of the German GmbH & Co. KG Guarantor the managing directors of its  general partner ( persönlich haftender Gesellschafter )) from the risk of personal liability.    SECTION 12.   MISCELLANEOUS .       Section 12.1.  Taxes.   (a) Payments  Free  of  Withholding  Taxes.  Except  as  otherwise  required by law, each payment by the Borrower and each Guarantor under this Agreement or the  other Credit Documents shall be made without withholding for or on account of any present or  future taxes (other than overall net income taxes on the recipient and withholding under FATCA)  imposed by or within the jurisdiction in which the Borrower or such Guarantor is domiciled, any  jurisdiction from which the Borrower or such Guarantor makes any payment, or (in each case)  any  political  subdivision  or  taxing  authority  thereof  or  therein.   If  any  such  withholding  is  so  required,  the  Borrower  or  relevant  Guarantor  shall  make  the  withholding,  pay  the  amount  withheld  to  the  appropriate  Governmental  Authority  before  penalties  attach  thereto  or  interest  accrues thereon and forthwith pay such additional amount as may be necessary to ensure that the  net amount actually received by each Lender and the Administrative Agent free and clear of such  taxes (including such taxes on such additional amount) is equal to the amount which that Lender  or the Administrative Agent (as the case may be) would have received had such withholding not  been made.  If the Administrative Agent or any Lender pays any amount in respect of any such  taxes, penalties or interest the Borrower shall reimburse the Administrative Agent or that Lender  for that payment on demand in the currency in which such payment was made.  If the Borrower  or any Guarantor pays any such taxes, penalties or interest, it shall deliver official tax receipts  evidencing  that  payment  or  certified  copies  thereof  to  the  Lender  or Administrative  Agent  on  whose account such withholding was made (with a copy to the Administrative Agent if not the  recipient  of  the  original)  on  or  before  the  thirtieth  day  after  payment.   If  any  Lender  or  the  Administrative  Agent  determines  it  has  received  or  been  granted a  credit  against  or  relief  or  remission for, or repayment of, any taxes paid or payable by it because of any taxes, penalties or  interest paid by the Borrower or any Guarantor and evidenced by such a tax receipt, such Lender  or Administrative Agent shall, to the extent it can do so without prejudice to the retention of the                                       -94-  

 

   amount of such credit, relief, remission or repayment, pay to the Borrower or such Guarantor as  applicable,  such  amount  as  such  Lender  or  Administrative  Agent  determines  is  attributable  to  such deduction or withholding and which will leave such Lender or Administrative Agent (after  such payment) in no better or worse position than it would have been in if the Borrower had not  been required to make such deduction or withholding.  Nothing in this Agreement shall interfere  with the right of each Lender and the Administrative Agent to arrange its tax affairs in whatever  manner  it  thinks  fit  nor  oblige  any  Lender  or  the  Administrative  Agent  to  disclose  any  information relating to its tax affairs or any computations in connection with  such taxes.        (b)  Indemnity.    The  Borrower  shall  indemnify  each  Lender  and  the  Administrative  Agent for the full amount of taxes paid by such Lender or the Administrative Agent (as the case  may  be)  eligible  for  the  additional  payment  under  Section  12.1(a)  or  12.4  and  any  liability  (including penalties, interest and expenses) arising therefrom or with respect thereto, whether or  not such taxes were correctly or legally asserted.  Such indemnification shall be made within 30  days after the date such Lender or the Administrative Agent (as the case may be) makes written  demand therefor.          (c) Delivery of  Tax Forms.    Each  Lender  organized  under  the  laws  of  a  jurisdiction  other than the United States or any state thereof shall deliver to the Borrower, with a copy to the  Administrative  Agent,  on  the  Effective  Date  or concurrently  with  the  delivery  of  the relevant  Assignment  and  Acceptance,  as  applicable,  (i)  two  United  States  Internal  Revenue  Service  Forms W-8ECI or Forms W-8BEN-E, as applicable (or successor forms) properly completed and  certifying in each case that such Lender is entitled to a complete exemption from withholding or  deduction  for  or  on  account  of  any  United  States  federal  income  taxes, and  (ii)  an  Internal  Revenue Service Form W-8BEN-E or W-8ECI or successor applicable form, as the case may be,  to  establish  an  exemption  from  United  States  backup  withholding  taxes.   Each  such  Lender  further  agrees  to  deliver  to  the  Borrower,  with  a  copy  to  the  Administrative  Agent,  a  Form  W-8BEN-E  or  W-8ECI,  or  successor  applicable  forms  or  manner  of  certification,  as  the  case  may  be,  on  or  before  the  date  that  any  such  form  expires  or  becomes  obsolete  or  after  the  occurrence of any event requiring a change in the most recent form previously delivered by it to  the  Borrower,  certifying  in  the  case  of  a  Form  W-8BEN-E  or  W-8ECI  that  such  Lender  is  entitled  to  receive  payments  under  this  Agreement  without  deduction  or  withholding  of  any  United States federal income taxes (unless in any such case an event (including any change in  treaty,  law  or  regulation)  has  occurred  prior  to  the  date  on  which  any  such  delivery  would  otherwise  be  required  which  renders  such  forms  inapplicable  or  the  exemption  to  which  such  forms  relate  unavailable  and  such  Lender  notifies  the  Borrower  and  the  Administrative  Agent  that  it  is  not  entitled  to  receive  payments  without  deduction  or  withholding  of  United  States  federal  income  taxes)  and,  in  the  case  of  a  Form  W-8BEN-E  or W-8ECI,  establishing  an  exemption from United States backup withholding tax.        (d)  FATCA.   If a payment made to a Lender under this Agreement 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 Administrative Agent such documentation prescribed by applicable                                       -95-  

 

   law  (including  as  prescribed  by  Section  1471(b)(3)(C)(i)  of  the  Code)  and  such  additional  documentation  reasonably  requested  by  the  Borrower  or  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” means Sections 1471 through 1474 of the Code, as of the  date of this Agreement (or any amended or successor version), any current or future regulations  or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1)  of  the  Code.   Any  withholding required  by  the Code  shall  be  treated  for  the  purposes  of  this  Agreement as having been paid to the relevant Lender.         For purposes of determining withholding  taxes imposed  under FATCA, from and  after  the  Effective  Date,  the  Borrower  and  the  Administrative  Agent  shall  treat  (and  the  Lenders  hereby  authorize  the  Administrative  Agent  to  treat)  this  Agreement  as  not  qualifying  as  a  “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).        Section 12.2.  No Waiver of Rights .  No delay or failure on the part of the Administrative  Agent,  any  L/C  Issuer  or  any  Lender  or  on  the  part  of  the  holder  or holders  of  any  of  the  Obligations in the exercise of any power or right under any Credit Document shall operate as a  waiver  thereof,  nor  as  an  acquiescence  in  any  default,  nor  shall  any  single  or  partial  exercise  thereof  preclude  any  other  or  further  exercise  of  any  other  power  or  right.   The  rights  and  remedies hereunder of the Administrative Agent, the L/C Issuers the Lenders and the holder or  holders of any of the Obligations are cumulative to, and not exclusive of, any rights or remedies  which any of them would otherwise have.       Section 12.3.  Non-Business Day .  If any payment hereunder becomes due and payable on  a day which is not a Business Day, the due date of such payment shall be extended to the next  succeeding Business Day on which date such payment shall be due and payable.  In the case of  any  payment  of  principal  falling  due  on  a  day which  is  not  a  Business  Day,  interest  on  such  principal amount shall continue to accrue during such extension at  the rate per  annum  then in  effect,  which  accrued  amount  shall  be  due  and  payable  on  the  next  scheduled  date  for  the  payment of interest. If any report, certificate, document, instrument or agreement is required to  be delivered hereunder and the latest date for delivery is not a Business Day, the due date for  such delivery shall be extended to the next Business Day.        Section 12.4.  Documentary Taxes .  The Borrower agrees that it will pay on demand any  documentary,  stamp  or  similar  taxes  payable  in  respect  to  any  Credit  Document,  including  interest  and  penalties,  in  the  event  any  such  taxes  are  assessed, irrespective  of  when  such  assessment is made and whether or not any credit is then in use or available hereunder.       Section 12.5.  Survival  of  Representations .   All  representations  and  warranties  made  herein or in any other Credit Document or in certificates given pursuant hereto shall survive the  execution and delivery of this Agreement and the other Credit Documents, and shall continue in  full force and effect with respect to the date as of which they were made as long as any credit is  in use or available hereunder.                                        -96-  

 

       Section 12.6.  Survival of Indemnities .  All indemnities and all other provisions relative to  reimbursement to the Lenders and L/C Issuer of amounts sufficient to  protect  the yield  of  the  Lenders  with respect to the Loans and Letters of Credit, including, but not limited to, Section  1.12, Section 9.3 and Section 12.15 hereof, shall survive the termination of this Agreement and  the  other  Credit  Documents  and  the  payment  of  the  Loans,  Swingline  Loans  and  all  other  Obligations.       Section 12.7.  Sharing of Set-Off .  Each Lender agrees with each other Lender party hereto  that if such Lender shall receive and retain any payment, whether by set-off (pursuant to Section  12.15 hereof or otherwise) or application of deposit balances or otherwise ( “Set-off” ), on any of  the  Loans,  Swingline  Loans  or  Reimbursement  Obligations  in  excess  of  its  ratable  share  of  payments  on  all  such  Obligations  then  outstanding  to  the  Lenders,  then  such  Lender  shall  purchase for cash at face value, but without recourse, ratably from each of the other Lenders such  amount of the Loans, Swingline Loans or Reimbursement Obligations, or participations therein,  held by each such other Lenders (or interest therein) as shall be necessary to cause such Lender  to share such excess payment ratably with all the other Lenders; provided, however,  that if any  such purchase is made by any Lender, and if such excess payment or part thereof is thereafter  recovered from such purchasing Lender, the related purchases from the other Lenders shall be  rescinded  ratably  and  the purchase  price restored as to  the portion of such excess  payment  so  recovered, but without interest.  For purposes of this Section 12.7, amounts owed to or recovered  by, an L/C Issuer  in  connection with Reimbursement Obligations in which Lenders have  been  required to fund their participation shall be treated as amounts owed to or recovered by such L/C  Issuer as a Lender hereunder.  The provisions of this Section 12.7 shall not be construed to apply  to (a) any payment made by the Borrower pursuant to and in accordance with the express terms  of this Agreement (including the application of funds arising from the existence of a Defaulting  Lender) or (b) any payment obtained by a Lender as consideration for the assignment of or sale  of  a  participation  in  any  of  its  Loans  or  participations  in  Reimbursement  Obligations  to  any  assignee or participant in accordance with the terms of this Agreement.       Section 12.8.  Notices .   (a)  Except  in  the  case  of  notices  and  other  communications  expressly permitted to be given by telephone (and except as provided in subsection (b) below),  all notices under the Credit Documents shall be in writing (including telecopy or other electronic  communication) and shall be given to a party hereunder at its address or telecopier number set  forth below or such other address or telecopier number as such party may hereafter specify by  notice to the Administrative Agent and the Borrower, given by courier, by United States certified  or registered mail, or by other telecommunication device capable of creating a written record of  such notice and its receipt.  Notices under the Credit Documents to the Lenders, L/C Issuer and  the Administrative Agent shall be addressed to their respective addresses, telecopier or telephone  numbers set forth in its Administrative Questionnaire, and to the Borrower and the Guarantors  to:                                        -97-  

 

       Jones Lang LaSalle Finance B.V. with a copy to:  Jones Lang LaSalle Incorporated      Kantoorgebouw Atrium                        200 East Randolph Street      Strawinskylaan 3103                         Chicago, Illinois  60601      Parnassusweg 727, 1077 ZX DG                Attention:  Global Treasurer      Amsterdam , the Netherlands                 Telecopy:  (312) 819-0027      Attention:  Managing Director               Telephone:  (312) 782-5800      Telecopy:  31 20 661 15 66                  Website for purposes of       Telephone:  31 20 540 54 05                 Section 5.1:   www.jll.com   with a copy of notices of Defaults  and Events of Default to:        Jones Lang LaSalle Finance B.V.       c/o Jones Lang LaSalle Incorporated       200 East Randolph Street       Chicago, Illinois  60601       Attention:  Global General Counsel       Telecopy:  (312) 228-2277       Telephone:  (312) 782-5800         Each  such  notice,  request  or  other  communication  shall  be  effective  (i)  if  given  by  telecopier, when such telecopy is transmitted to the telecopier number specified in this Section  12.8 or on the Administrative Questionnaire and a confirmation of receipt of such telecopy has  been received by the sender, (ii) if given by courier, when delivered, (iii) if given by mail, three  business days after such communication is deposited in the mail, registered with return receipt  requested,  addressed  as  aforesaid  or  (iv)  if  given  by  any  other  means, when  delivered  at  the  addresses  specified  in  this Section  12.8  or  on  the  Administrative  Questionnaire; provided that   any  notice  given  pursuant  to  Section  1  hereof  shall  be  effective  only  upon  receipt.   Notices  delivered  through  electronic  communications,  to  the  extent  provided  in  subsection  (b)  below,  shall be effective as provided in said subsection (b).        (b)  Electronic Communications.  Notices and other communications to the Lenders and  the L/C Issuers hereunder may be delivered or furnished by electronic communication (including  e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative  Agent, provided that  the  foregoing  shall  not  apply  to  notices  to  any  Lender  or  L/C  Issuer  pursuant  to  Sections  1.2,  1.3  and  1.6  hereof  if  such  Lender  or  L/C  Issuer,  as  applicable,  has  notified the Administrative Agent that it is incapable of receiving notices under such Sections by  electronic  communication.   The  Administrative  Agent  or  the  Borrower  may,  in  its  discretion,  agree to accept notices and other communications to it hereunder by electronic communications  pursuant to procedures approved by it; provided that approval of such procedures may be limited  to particular notices or communications.         Unless  the  Administrative  Agent  otherwise  prescribes,  (i)  notices  and  other  communications sent to an e-mail address shall be deemed received upon the sender’s receipt of  an  acknowledgement  from  the  intended  recipient  (such  as  by  the  “return receipt  requested”                                        -98-  

 

   function,  as  available,  return  e-mail  or  other  written  acknowledgement),  and  (ii)  notices  or  communications  posted  to  an  Internet  or  intranet  website  shall  be  deemed  received  upon  the  deemed  receipt  by  the  intended  recipient,  at  its  e-mail  address  as  described  in  the  foregoing  clause  (i),  of  notification  that  such  notice  or  communication  is  available  and  identifying  the  website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email  or other communication is not sent during the normal business hours of the recipient, such notice  or  communication  shall  be  deemed  to  have  been  sent  at  the  opening  of  business  on  the  next  business day for the recipient.         (c) Change  of  Address,  Etc.  Any  party  hereto  may  change  its  address  or  facsimile  number for notices and other communications hereunder by notice to the other parties hereto.        (d)  Platform.  (i)  The  Borrower  and  each  Guarantor  agrees  that  the  Administrative  Agent may, but shall not be obligated to, make the Communications (as defined below) available  to  the  L/C  Issuers  and  the  other  Lenders  by  posting  the  Communications on  Debt  Domain,  Intralinks, Syndtrak or a substantially similar electronic transmission system (the “Platform” ).        (ii)  The Platform is provided “as is” and “as available.”  The Agent Parties (as defined  below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or  omissions  in  the  Communications.   No  warranty  of  any  kind,  express,  implied  or  statutory,  including, without limitation, any warranty of merchantability, fitness for a particular purpose,  non-infringement of third-party rights or freedom from viruses or other code defects, is made by  any Agent Party in connection with the Communications or the Platform.  In no event shall the  Administrative Agent or any of  its related parties  (collectively, the “Agent Parties” ) have  any  liability to the Borrower or any Guarantor, any Lender or any other Person or entity for damages  of any kind, including, without limitation, direct or indirect, special, incidental or consequential  damages,  losses  or  expenses  (whether  in  tort,  contract  or  otherwise)  arising  out  of  the  Borrower’s,  any  Guarantor’s  or  the  Administrative  Agent’s  transmission  of  communications  through  the  Platform.  “Communications”   means,  collectively,  any  notice,  demand,  communication,  information,  document  or  other  material  provided  by  or  on  behalf  of  the  Borrower or any Guarantor  pursuant to any Credit Document or the transactions contemplated  therein which is distributed to the Administrative Agent, any Lender or any L/C Issuer by means  of electronic communications pursuant to this Section, including through the Platform.       Section 12.9.  Counterparts;  Integration;  Effectiveness .   (a) Counterparts;  Integration;  Effectiveness.   This Agreement may be executed in counterparts (and by different parties hereto  in different counterparts), each of which shall constitute an original, but all of which when taken  together shall constitute a single contract.  This Agreement and the other Credit Documents, and  any  separate  letter  agreements  with  respect  to  fees  payable  to the  Administrative  Agent,  constitute  the  entire  contract  among  the  parties  relating  to  the  subject  matter  hereof  and  supersede any and all  previous agreements and understandings, oral or written, relating to  the  subject matter hereof.  Except as provided in Section 6.1 hereof, this Agreement shall become  effective  when  it  shall  have  been  executed  by  the  Administrative Agent  and  when  the  Administrative Agent shall have received counterparts hereof that, when taken together, bear the  signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature                                        -99-  

 

   page  of  this  Agreement  by  facsimile  or  in  electronic  (e.g.,  “pdf” or  “tif”)  format  shall  be  effective as delivery of a manually executed counterpart of this Agreement.        (b)  Electronic  Execution  of  Assignments.    The  words  “execution,”  “signed,”  “signature,” and  words  of like import in any Assignment  and Assumption shall  be deemed  to  include electronic signatures or the keeping of records in electronic form, each of which shall be  of the same legal effect, validity or enforceability as a manually executed signature or the use of  a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any  applicable law, including the Federal Electronic Signatures  in  Global and National Commerce  Act, the Illinois State Electronic Commerce Security Act, or any other similar state laws based  on the Uniform Electronic Transactions Act.       Section 12.10.  Successors  and  Assigns .   This  Agreement  shall  be  binding  upon  the  Borrower and the Guarantors and their successors and assigns, and shall inure to the benefit of  the  Administrative  Agent,  each  L/C  Issuer  and  each  of  the  Lenders  and  the  benefit  of  their  respective  successors  and  assigns,  including  any  subsequent  holder  of  any  Obligation.   The  Borrower and the Guarantors may not assign any of their rights or obligations under any Credit  Document  without  the  written consent of  all of the  Lenders  and, with respect to any Letter  of  Credit or the Application therefor, the applicable L/C Issuer (and any attempted such assignment  without such consent shall be null and void).      Section 12.11.  Participants .   Each  Lender  shall  have  the  right  at  its  own  cost  to  grant  participations (to be evidenced by one or more agreements or certificates of participation) in the  Loans  made  and  Reimbursement  Obligations  and/or  Revolving  Credit  Commitments  held  by  such Lender at any time and from time to time to one or more other Persons (other than a natural  Person  or  the  Parent  or  any  of  the  Parent’s  Affiliates  or  Subsidiaries); provided that   no  such  participation  shall  relieve  any  Lender  of  any  of  its  obligations  under  this  Agreement,  and,  provided, further  that no such participant shall have any rights under this Agreement except as  provided  in  this  Section  12.11,  and  the  Administrative  Agent  shall  have  no  obligation  or  responsibility to such participant.  Any agreement pursuant to which such participation is granted  shall provide that the granting Lender shall retain the sole right and responsibility to enforce the  obligations  of  the  Borrower  and  Guarantors  under  this  Agreement  and  the  other  Credit  Documents including, without limitation, the right to approve any amendment, modification or  waiver of any provision of the Credit Documents, except that such agreement may provide that  such Lender will not agree to any modification, amendment or waiver of the Credit Documents  that would reduce the amount of or postpone any fixed date for payment of any Obligation in  which such participant has an interest.  Any party to which such a participation has been granted  shall  have  the  benefits  of  Sections  1.12,  9.3  and  12.1  hereof  (subject to  the  requirements  and  limitations therein, including the requirements under Section 12.1(c) hereof (it being understood  that  the  documentation  required  under  Section  12.1(c)  shall  be  delivered  to the  participating  Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment  pursuant to Section 12.12 hereof; provided  that such participant (A) agrees to be subject to the  provisions of Sections 1.14 hereof 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  9.3  or 12.1 hereof  with  respect  to  any  participation,  than  its  participating  Lender  would  have  been  entitled  to  receive, except to the extent such entitlement to receive a greater payment results from a Change                                       -100-  

 

   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 1.14 with respect to any of  its  participants.   To  the  extent  permitted  by  law,  each  participant  also  shall  be  entitled  to  the  benefits of Section 12.16  hereof as though it were a Lender; provided  that such participant agrees  to be subject to Section 12.7 hereof as though it were a Lender. Each Lender, acting solely for  this  purpose  as  a  non-fiduciary   agent  of  the  Borrower,  shall  maintain  a  register  for  the  recordation of the names and addresses of each participant and the principal amounts (and stated  interest)  of  each  participant’s  interest  (the “Participation Register” ); provided   that  no  Lender  shall have any obligation to disclose all or any portion of the Participation Register to any Person  (including the identity of any participant or any information relating to a participant’s interest)  except to the extent that such disclosure is necessary to establish that such participant’s interest is  in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.      Section 12.12.  Assignments .   (a)  Any  Lender  may  at  any  time  assign  to  one  or  more  Eligible Assignees all or a portion of such Lender’s rights and obligations under this Agreement  (including all or a portion of its Revolving Credit Commitment and the Loans at the time owing  to  it); provided   that  (in  each  case  with  respect  to  any  Facility)  any  such  assignment  shall  be  subject to the following conditions:          (i) Minimum  Amounts .   (A)  In  the  case  of  an  assignment  of  the  entire  remaining  amount of the assigning Lender’s Revolving Credit Commitment and the Loans and participation  interest in L/C Obligations at the time owing to it (in each case with respect to any Facility) 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, provided  that such Affiliate of a Lender or Approved Fund  is a Non-Public Lender; and (B) in any case not described in subsection (a)(i)(A) of this Section  12.12,  the  aggregate  amount  of  the  Revolving  Credit  Commitment  (which  for  this  purpose  includes  Loans  and  participation  interest  in  L/C Obligations  outstanding  thereunder)  or,  if  the  Revolving  Credit  Commitment  is  not  then  in  effect,  the  principal  outstanding  balance  of  the  Loans and participation interest in L/C Obligations of the assigning Lender subject to each such  assignment  (determined  as  of  the  date  the  Assignment  and  Acceptance  with  respect  to  such  assignment  is delivered to the Administrative Agent or, if “Effective Date”  is specified  in  the  Assignment and Acceptance, as of the Effective Date) shall not be less than $5,000,000 in the  case of any assignment in respect  of the Revolving Facility, or $1,000,000 in the  case  of  any  assignment in respect of any Term Loan Facility, unless each of the Administrative Agent and,  so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents  (each such consent not to be unreasonably withheld or delayed);        (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 Revolving Credit Commitment assigned.                                        -101-  

 

        (iii) Required Consents .  No consent shall be required for any assignment except to the  extent required by Section 12.12(a)(i)(B) hereof and, in addition:                (a)  the consent of the Borrower (such consent not to be unreasonably withheld        or delayed and if it is delayed more than five (5) Business Days it is deemed to be given)        shall be required unless (x) an Event of Default  has occurred and is continuing at the time        of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an        Approved Fund;               (b)   the  consent  of  the  Administrative  Agent  (such  consent  not  to  be        unreasonably withheld or delayed and if it is delayed more than five (5) Business Days it        is deemed to be given) shall be required for assignments in respect of (i) the Revolving        Facility or any unfunded Commitments with respect to any Term Loan Facility if such        assignment  is  to  a  Person  that  is  not  a  Lender  with  a  Commitment  in  respect  of  such        Facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender, or        (ii)  any  Term  Loans  to  a  Person  who  is  not  a  Lender,  an  Affiliate  of  a  Lender  or  an        Approved Fund;                 (c)  the  consent  of  the  L/C  Issuers  (such  consent  not  to  be  unreasonably        withheld or delayed) shall be required for any assignment that increases the obligation of        the assignee to participate in exposure under one or more Letters of Credit (whether or        not then outstanding); and               (d)   the consent of the Swingline Lender (such consent not to be unreasonably        withheld or delayed) shall be required for any assignment that increases the obligation of        the assignee to participate in exposure under one or more Swingline loans (whether or not        then outstanding).        (iv) Assignment  and  Acceptance .   The  parties  to  each  assignment  shall  execute  and  deliver to the Administrative Agent an Assignment and Acceptance, together with a processing  and  recordation  fee  of  $3,500,  and  the  assignee,  if  it  is  not  a  Lender,  shall  deliver  to  the  Administrative Agent an Administrative Questionnaire; provided  that if an Affected Lender does  not execute and deliver an Assignment and Acceptance within five (5) Business Days of request  by the Borrower or the Administrative Agent to do so in connection with any substitution being  made  pursuant  to  Section  1.14,  such  Affected  Lender  shall  be  deemed  to  have  executed  and  delivered such Assignment and Acceptance and any other documentation necessary or desirable  to consummate any assignment contemplated by Section 1.14 without any action on the part of  the Affected Lender.        (v)  No  Assignment  to  Borrower,  Parent  or  Defaulting  Lender .   No  such  assignment  shall  be  made  to  (A)  the  Parent  or  any  of  its  Affiliates  or Subsidiaries  or  (B)  any  Defaulting  Lender or any of its Affiliates or Subsidiaries.        (vi) No Assignment to Natural Persons .  No  such  assignment  shall  be  made  to  a  natural person.                                        -102-  

 

       (vii)  No  such  assignment  shall  result  in  a  reduction  in  the  total  Revolving  Credit  Commitments.       (viii) Certain  Additional  Payments.  In  connection  with  any  assignment  of  rights  and  obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and  until, in addition to  the  other conditions thereto set forth herein, the parties to the assignment  shall  make  such  additional  payments  to  the  Administrative  Agent  in  an  aggregate  amount  sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases  by the assignee of participations or subparticipations, or other compensating actions, including  funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata  share of Loans previously requested but not funded by such Defaulting Lender, to each of which  the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all  payment liabilities then owed by such Defaulting Lender to the Administrative Agent, each L/C  Issuer,  the  Swingline  Lender  and  each  other  Lender  hereunder (and  interest  accrued  thereon),  and (y) acquire (and fund as appropriate) its full pro rata  share of all Loans and participations in  Letters of Credit and Swingline Loans in accordance with its Percentage.  Notwithstanding the  foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender  hereunder shall become effective under applicable law without compliance with the provisions of  this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for  all purposes of this Agreement until such compliance occurs.         Subject  to  acceptance  and  recording  thereof  by  the  Administrative  Agent  pursuant  to  Section  12.12(b)  hereof,  from  and  after  the  effective  date  specified  in  each  Assignment  and  Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the  interest  assigned  by  such  Assignment  and  Acceptance,  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 Acceptance, be released from its obligations under this  Agreement  (and,  in  the  case  of  an  Assignment  and  Acceptance  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 12.6 and 12.15 hereof with  respect to facts and circumstances occurring prior to the effective date of such assignment.  Any  assignment or transfer by a Lender of rights or obligations under this Agreement that does not  comply with this Section 12.12 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 Section 12.11 hereof.        (b)  Register .  The Administrative Agent, acting solely for this purpose as an agent of  the Borrower, shall maintain at one of its offices in Chicago, Illinois, a copy of each Assignment  and Acceptance delivered to it and a register for the recordation of the names and addresses of  the  Lenders,  and  the  Revolving  Credit  Commitments  of,  and  principal  amounts  of  the  Loans  owing  to,  each  Lender  pursuant  to  the  terms  hereof  from  time  to  time  (the “Register” ).   The  entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, and the  Lenders  may  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, notwithstanding notice to the  contrary.  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.                                        -103-  

 

         (c)  Any Lender may at any time pledge or grant a security interest in all or any portion  of  its  rights  under  this  Agreement  to  secure  obligations  of  such  Lender,  including  any  such  pledge  or  grant  to  a  Federal  Reserve  Bank  or  other  central  bank  having  jurisdiction  over  the  Lender, and this Section 12.12 shall not apply to any such pledge or grant of a security interest;  provided that no such pledge or grant of a security interest shall release a Lender from any of its  obligations hereunder or substitute any such pledgee or secured party for such Lender as a party  hereto; provided  further,  however,   the  right  of  any  such  pledgee  or  grantee  (other  than  any  Federal Reserve Bank) to further transfer all or any portion of the rights pledged or granted to it,  whether by means of foreclosure or otherwise, shall be at all times subject to the terms of this  Agreement.          (d)  Notwithstanding  anything  to  the  contrary  herein,  if  at  any  time  the  Swingline  Lender  assigns  all  of  its  Revolving  Credit  Commitment  and  Revolving  Loans  pursuant  to  subsection (a) above, the Swingline Lender may terminate the Swingline.  In the event of such  termination of the Swingline, the Borrower shall be entitled to appoint another Lender to act as  the successor Swingline Lender hereunder (with such Lender’s consent); provided, however,  that  the failure of the Borrower to appoint a successor shall not affect the resignation of the Swingline  Lender.  If the Swingline Lender terminates the Swingline, it shall retain all of the rights of the  Swingline  Lender  provided  hereunder  with  respect  to  Swingline  Loans  made  by  it  and  outstanding as of the effective date of such termination, including the right to require Lenders to  make  Revolving  Loans  or  fund  participations  in  outstanding  Swingline  Loans pursuant  to  Section 1.3 hereof.  Notwithstanding anything to the contrary contained herein, if at any time an  L/C  Issuer  assigns  all  of  its  Revolving  Credit  Commitment  and  Revolving  Loans  pursuant  to  subsection  (a)  above,  such  L/C  Issuer  may,  upon  thirty  days’  notice  to  the  Borrower  and  the  Administrative  Agent,  resign  as  an  L/C  Issuer.   In  the  event  of any  such  resignation  as  L/C  Issuer,  the  Borrower  shall  be  entitled  to  appoint  from  among  the  Lenders  (with  the  written  consent  of  the appointed Lender and Administrative Agent) a successor  L/C Issuer  hereunder;  provided, however , that no failure by the Borrower to appoint any such successor shall affect the  resignation  of  such  L/C  Issuer.   Such  resigning  L/C  Issuer  shall  retain  all  the  rights,  powers,  privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit issued by it  and  outstanding  as  of  the  effective  date  of  its  resignation  as  an  L/C  Issuer  and  all  L/C  Obligations  with  respect  thereto  (including  the  right  to  require  the  Lenders  to  fund  risk  participations pursuant to this Agreement). Upon the appointment of a successor L/C Issuer, (1)  such successor shall succeed to and become vested with all of the rights, powers, privileges and  duties of the retiring L/C Issuer and (2) the successor or any other L/C Issuer shall issue letters of  credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession  or make other arrangements reasonably satisfactory to such resigning L/C Issuer to effectively  assume the obligations of such resigning L/C Issuer with respect to such Letters of Credit.                                        -104-  

 

      Section 12.13.  Amendments .   Any  provision  of  the  Credit  Documents  may  be  amended,  waived or modified if, but only if, such amendment, waiver or modification is in writing and is  signed  by  (a)  the  Borrower,  (b)  the  Required  Lenders,  and  (c)  if  the  rights  or  duties  of  the  Administrative  Agent,  the  L/C  Issuers  or  the  Swingline  Lender  are  affected  thereby,  the  Administrative Agent, the L/C Issuers, or the Swingline Lender, as applicable; provided  that:                (i)  no amendment, waiver or modification pursuant to this Section 12.13 shall        (A)  increase  or  extend  any  Revolving  Credit  Commitment  of  any  Lender without  the        consent  of  such  Lender  or  (B)  reduce  the  amount  of  or  postpone  any  fixed  date  for        payment  of  any  principal  of  or  interest   (except  as  provided  in  Section  9.2(b))   on  any        Loan,  Swingline  Loan  or  Reimbursement  Obligation  or  of  any  fee  payable  hereunder        without  the  consent  of  the  Lender  to  which  such  payment  is  owing  or  which  has        committed to make such Loan, Swingline Loan or Letter of Credit (or participate therein)        hereunder;                (ii)  no  amendment,  waiver  or  modification  pursuant  to  this  Section  12.13        shall, unless signed by each Lender, change any provision of Sections 8.5 or 12.7 hereof,        this  Section  12.13,  or  the  definitions  of  Alternative  Currency,  Borrower,  Termination        Date or  Required Lenders, or affect the number of Lenders required  to take any  action        under the Credit Documents, or release any Guarantor (other than pursuant to the terms        hereof) from its guaranty of any Obligations;                (iii)  no amendment to Section 11 hereof shall be made without the consent of        the Guarantor(s) affected thereby; and               (iv)  the  Borrower  and  the  Administrative  Agent  may,  without  the  input  or        consent of any other Lender, effect amendments to this Agreement and the other Credit        Documents  as  may  be  necessary  in  the  reasonable  opinion  of  the  Borrower and  the        Administrative Agent solely to effect the provisions of Section 1.15 hereof; provided  that        no such amendment shall increase the obligations of any Lender without such Lender’s        consent.   Notwithstanding anything to the contrary herein, (1) no Defaulting Lender shall have any right to  approve  or  disapprove  any  amendment,  waiver  or  consent  hereunder  (and  any  amendment,  waiver or consent which by its terms requires the consent of all Lenders or each affected Lender  may  be  effected  with  the  consent  of  the  applicable  Lenders  other  than  Defaulting  Lenders),  except  that  (x)  the  Revolving  Credit  Commitment  of  any  Defaulting  Lender  may  not  be  increased or extended and the principal amount of Loans or Reimbursement Obligations held by  any  Defaulting  Lender  may  not  be  decreased,  in  each  case  without  the  consent  of  such  Defaulting Lender and (y) any waiver, amendment or modification requiring the consent of all  Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely  than  other  affected  Lenders  shall  require  the  consent  of  such  Defaulting  Lender,  (2)  if  the  Administrative Agent and the Borrower have jointly identified an obvious error or any error or  omission of a technical nature, in each case, in any provision of the Credit Documents, then the  Administrative  Agent  and  the  Borrower  shall  be  permitted  to  amend  such  provision,  (3)  guarantees,  collateral  security  documents  and  related  documents  executed  by  the  Borrower  or                                       -105-  

 

   any Guarantor in connection with this Agreement may be in a form reasonably determined by the  Administrative Agent and may be amended, supplemented or waived without the consent of any  Lender if such amendment, supplement or waiver is delivered in order to (x) comply with local  law or advice of local counsel, (y) cure ambiguities, omissions, mistakes or defects or (z) cause  such  guarantee,  collateral  security  document  or  other  document  to  be  consistent  with  this  Agreement and the other Credit Documents.      Section 12.14.  Headings .  Section headings used in this Agreement are for reference only  and shall not affect the construction of this Agreement.      Section 12.15.  Legal Fees, Other Costs and Indemnification .  The Borrower agrees to pay  all reasonable costs and expenses of the Administrative Agent in connection with the preparation  and  negotiation  of  the  Credit  Documents,  including  without  limitation,  the  reasonable   and  documented  fees and disbursements of Chapman and Cutler LLP and one local foreign counsel  to  the  Administrative  Agent,  in  connection  with  the  preparation  and  execution  of  the  Credit  Documents,  and  any  amendment,  waiver  or  consent  related  hereto,  whether  or  not  the  transactions contemplated herein are consummated.  The Borrower further agrees to indemnify  the Administrative Agent, each L/C Issuer, each Lender, each of their respective Affiliates and  any  security  trustee  therefor,  and  their  and  their  Affiliates’  respective  directors,  officers,  employees,  agents,  financial  advisors,  and  consultants  (each  such  Person  being  called  an  “Indemnitee” ) against all losses, claims, damages, penalties, judgments, liabilities and expenses  (including,  without  limitation,  all  reasonable  fees  and  disbursements of  counsel  for  any  such  Indemnitee and all reasonable  expenses of litigation or preparation therefor, whether initiated by  a  third  party  or  by  the  Borrower,  any  Subsidiary,  any  Affiliate  of  the  Parent  or  any  of  their  respective equity holders or creditors and whether or not the Indemnitee is a party thereto, or any  settlement arrangement arising from or relating to any such litigation) which any of them may  pay  or  incur  arising  out  of  or  relating  to  any  Credit  Document  or  any  of  the  transactions  contemplated thereby or the direct or indirect application or proposed application of the proceeds  of any Loan, Swingline Loan or Letter of Credit;  provided  that such indemnity shall not, as to  any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related  expenses  (x)  are  determined  by  a  court  of  competent  jurisdiction  by  final  and  nonappealable  judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or  its or its Affiliates’ directors, officers, employees, agents, financial advisors or consultants (each  a “ Related Indemnitee ”), (y) result from a claim brought by the Borrower against an Indemnitee  or  its  Related  Indemnitees  for  breach  in  bad  faith  of  such  Indemnitee’s  or  its  Related  Indemnitee’s  obligations  hereunder  or  under  any  other Loan Credit   Document,  if such  Loan  Party the Borrower  has obtained a final and nonappealable judgment in its favor on such claim as  determined  by  a  court  of  competent  jurisdiction  or  (z)  results  from  a  dispute  solely  between  Indemnitees and not (1) involving any action or inaction by the Parent or any of its Subsidiaries  or (2) relating to any action of such Indemnitee in its capacity as Administrative Agent or L/C  Issuer.  The Borrower, upon demand by the Administrative Agent, an L/C Issuer, or a Lender at  any  time,  shall  reimburse  the  Administrative  Agent,  such  L/C  Issuer,  or  such  Lender  for  any  legal or  other expenses  (including, without limitation,  all reasonable and documented  fees  and  disbursements of counsel for any such Indemnitee) incurred in connection with investigating or  defending against any of the foregoing (including any settlement costs relating to the foregoing)  except to the extent the same (i) is directly due to the gross negligence or willful misconduct of                                       -106-  

 

   the party to be indemnified (in any case, determined by a court of competent jurisdiction by a  final  non-appealable  judgment),  (ii)  result  from  a  claim  brought  by  the  Borrower  against  an  Indemnitee or its Related Indemnitees for breach in bad faith of such Indemnitee’s or its Related  Indemnitee’s  obligations  hereunder  or  under  any  other Loan Credit  Document,  if such  Loan  Party the Borrower  has obtained a final and nonappealable judgment in its favor on such claim as  determined  by  a  court  of  competent  jurisdiction or  (iii)  results  from  a  dispute  solely  between  Indemnitees and not (1) involving any action or inaction by the Parent or any of its Subsidiaries  or (2) relating to any action of such Indemnitee in its capacity as Administrative Agent or L/C  Issuer. Each party hereto agrees not to assert any claim against any other party hereto or any of  their respective officers, directors, employees, attorneys and agents, on any theory of liability, for  special,  indirect, consequential or  punitive damages arising out  of  or otherwise relating  to  any  Commitment, Loan, or Letter of Credit, the actual or proposed use of proceeds of any Loan or  Letter  of  Credit,  any  Credit  Document,  or  any  of  the  transactions contemplated  thereby;  provided, however, that  none  of  the  foregoing  limitations  in  this  sentence  shall  be  deemed  to  limit,  impair  or  otherwise  affect  the  Borrower’s  indemnity  obligations  under  the  preceding  provisions of this Section 12.15.      Section 12.16.  Set Off .  In addition to any rights now or hereafter granted under applicable  law  and  not  by  way  of  limitation  of  any  such  rights,  upon  the  occurrence  and  during  the  continuance of any Event of Default, each Lender, each L/C Issuer and each subsequent holder  of any Obligation, and each of their respective affiliates, is hereby authorized by the Borrower  and  each  Guarantor  at  any  time  or  from  time  to  time,  without  notice  to  the  Borrower,  to  the  Guarantors or to any other Person, any such notice being hereby expressly waived, to set off and  to appropriate and to apply any and all deposits (general or special, including, but not limited to,  indebtedness  evidenced  by  certificates  of  deposit,  whether  matured  or  unmatured,  but  not  including  trust  accounts  or  other  accounts  of  the  Borrower  or  any  Guarantor  in  a  fiduciary  capacity, and in whatever currency denominated) and any other indebtedness at any time held or  owing by that Lender, that L/C Issuer or that subsequent holder to or for the credit or the account  of  the  Borrower  or  any  Guarantor,  whether  or  not  matured,  against  and  on  account  of  the  obligations and liabilities of the Borrower or any Guarantor to that Lender, that L/C Issuer or that  subsequent holder under the Credit Documents, including, but not limited to, all claims of any  nature  or  description  arising  out  of  or  connected  with  the  Credit  Documents,  irrespective  of  whether or not  (a) that Lender,  that L/C Issuer  or that subsequent holder  shall have  made any  demand hereunder or (b) the principal of or the interest on the Loans or Notes and other amounts  due hereunder shall have become due and payable pursuant to Section 8 hereof and although said  obligations and liabilities, or any of them, may be contingent or unmatured; 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 1.16 hereof and,  pending such payment, shall be  segregated  by  such  Defaulting  Lender  from  its  other  funds  and  deemed  held  in  trust  for  the  benefit  of  the  Administrative Agent, the  L/C Issuers, and the  Lenders, and  (y)  such  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.     Section 12.17.  Currency.   Each  reference  in  this  Agreement  to  U.S.  Dollars  or  to  an  Alternative Currency (the “relevant currency” ) is of the essence.  To the fullest extent permitted                                       -107-  

 

   by law, the obligation of the Borrower and each Guarantor in respect of any amount due in the  relevant  currency  under  this  Agreement  shall,  notwithstanding  any  payment  in  any  other  currency (whether pursuant to a judgment or otherwise), be discharged only to the extent of the  amount  in  the  relevant  currency  that  the  Person  entitled  to  receive  such  payment  may,  in  accordance with normal banking procedures, purchase with the sum paid in such other currency  (after any premium and costs of exchange) on the Business Day immediately following the day  on  which  such  Person  receives  such  payment.   If  the  amount  of  the  relevant  currency  so  purchased  is  less  than  the  sum  originally  due  to  such  Person  in  the  relevant  currency,  the  Borrower  or relevant Guarantor agrees,  as a  separate obligation and notwithstanding any such  judgment,  to  indemnify  such  Person  against  such  loss,  and  if  the  amount  of the  specified  currency so purchased exceeds the sum of (a) the amount originally due to the relevant Person in  the specified currency plus (b) any amounts shared with other Lenders as a result of allocations  of  such  excess  as  a  disproportionate  payment  to such  Person  under  Section 12.7  hereof,  such  Person agrees to remit such excess to the Borrower.      Section 12.18.  Entire  Agreement .   The  Credit  Documents  constitute  the  entire  understanding of the parties thereto with respect to the subject matter thereof and any prior or  contemporaneous  agreements,  whether  written  or  oral,  with  respect  thereto  are  superseded  thereby.      Section 12.19.  Governing Law .  This Agreement and the other Credit Documents, and the  rights and duties of the parties hereto, shall be construed and determined in accordance with the  internal laws of the State of Illinois.      Section 12.20.  Submission to Jurisdiction; Waiver of Jury Trial .  The  Borrower and  each  Guarantor hereby submits to the exclusive jurisdiction of the United States District Court for the  Northern  District  of  Illinois  and  of  any  Illinois  State  court  sitting  in  the  City  of  Chicago  for  purposes of all legal proceedings arising out of  or relating to this Agreement,  the  other Credit  Documents  or  the  transactions  contemplated  hereby  or  thereby.   The  Borrower  and  each  Guarantor irrevocably waives, to the fullest extent permitted by law, any objection which it may  now or hereafter have to the laying of the venue of any such proceeding brought in such a court  and  any  claim  that  any  such  proceeding  brought  in  such  a  court  has  been  brought  in  an  inconvenient forum.  The  Borrower, each Guarantor, the Administrative Agent, each L/C  Issuer and each Lender hereby irrevocably waives any and all right to trial by jury in any  legal  proceeding  arising  out  of  or  relating  to  any  Credit  Document  or  the  transactions  contemplated  thereby.  The  Borrower  and  each  Guarantor  (other  than  the  Parent)  hereby  irrevocably designates, appoints and empowers the Parent as its designee, appointee and agent to  receive, accept and acknowledge for and on its behalf, and in respect of its property, service of  any and all legal process, summons,  notices and documents  which may be served in  any  such  action or proceeding.  If for any reason the Parent shall cease to be available to act as such, the  Borrower  and  each  Guarantor  (other  than  the  Parent)  agrees  to  designate  a  new  designee,  appointee  and  agent  in  Chicago,  Illinois  on  the  terms  and  for  the  purposes  of  this  provision  satisfactory  to  the  Administrative  Agent  under  this  Agreement.   The  Borrower  and  each  Guarantor  hereby  irrevocably  waives  any  objection  to  such  service  of  process  and  further  irrevocably  waives  and  agrees  not  to  plead  or  claim  in  any  action  or  proceeding  commenced  hereunder or under any other Credit Document that service of process was in any way invalid or                                       -108-  

 

   ineffective.  Nothing herein shall affect the right of the Administrative Agent, any L/C Issuer,  any Lender or the holder of any Obligation to serve process in any other manner permitted by  law  or  to  commence  legal  proceedings  or  otherwise  proceed  against  the  Borrower  or  any  Guarantor in any other jurisdiction.     Section 12.21.  Limitation  of  Liability .   In  addition  to,  and  not  in  limitation  of,  any  limitation on liability provided by law or by any contract, agreement, instrument or document,  the  liability  of  each  Guarantor  that  is  a  partnership  shall  be  limited  to  the  assets  of  such  Guarantor,  and  no  present  or  future  partner  of  any  such  Guarantor  shall  have  any  personal  liability under this Agreement, except if such partner is itself a Guarantor or the Borrower.      Section 12.22.  Confidentiality .   The  Administrative  Agent,  each  Lender  and  each  L/C  Issuer  agree  to  keep  confidential  any  confidential  written  information  provided  to it  by  or  on  behalf of the Borrower or the Parent pursuant to or in connection with this Agreement; provided  that  nothing herein shall prevent  the Administrative Agent or  any Lender from disclosing  any  such information (i) to the Administrative Agent or any other Lender, (ii) to potential Lenders,  participants, assignees or any potential counterparty (or its advisors) to any swap or derivative  transaction relating to the Borrower or any of its affiliates or any of their respective obligations,  in  each  case,  who  agree  to  be  bound  by  the  terms  of  this  Section  (or  substantially  similar  language to this Section), (iii) to its employees and Affiliates involved in the administration of  this Agreement, directors, attorneys, accountants and other professional advisors (each of which  shall be instructed to hold the same in confidence), (iv) in response to the request or demand of  any Governmental Authority or in connection with any ordinary course exam, audit or inquiry of  any  regulatory  or  self-regulatory  body  having  or  claiming  jurisdiction  or  oversight  over  such  Lender  or  that  of  any  of  its  businesses,  (v)  in  response  to  any  order  of  any  court  or  other  Governmental Authority or as may otherwise be required pursuant to any law, regulation or legal  process, provided, however, that such Lender and such L/C Issuer, to the extent legally permitted  to  do  so,  will  use  its  best  efforts  to  notify  the  Parent  prior  to  any  disclosure  of  information  contemplated  by  this  subparagraph  (v),  (vi)  which  has  been  publicly  disclosed  other  than  in  breach of this Agreement, or (vii) in connection with the exercise of any remedy hereunder or  under any Credit Document.       Section 12.23.  Severability of Provisions.   Any provision of any Credit Document which is  unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such  unenforceability without invalidating the remaining provisions hereof or affecting the validity or  enforceability  of  such  provision  in  any  other  jurisdiction.   All  rights,  remedies  and  powers  provided in this Agreement and the other Credit Documents may be exercised only to the extent  that the exercise thereof does not violate any applicable mandatory provisions of law, and all the  provisions  of  this  Agreement  and  other  Credit  Documents  are  intended  to be  subject  to  all  applicable mandatory provisions of law which may be controlling and to be limited to the extent  necessary so that they will not render this Agreement or the other Credit Documents invalid or  unenforceable.      Section 12.24.  Excess Interest .   Notwithstanding  any  provision to  the  contrary  contained  herein or in any other Credit Document, no such provision shall require the payment or permit  the collection of any amount of interest in excess of the maximum amount of interest permitted                                       -109-  

 

   by applicable law to be charged for the use or detention, or the forbearance in the collection, of  all  or  any  portion  of  the  Loans,  Swingline  Loans  or  other  obligations  outstanding  under  this  Agreement or any other Credit Document ( “Excess Interest” ).  If any Excess Interest is provided  for, or is adjudicated to be provided for, herein or in any other Credit Document, then in such  event (a) the provisions of this Section 12.24 shall govern and control, (b) neither the Borrower  nor  any  guarantor  or  endorser  shall  be  obligated  to  pay  any  Excess  Interest,  (c)  any  Excess  Interest that the Administrative Agent or any Lender may have received hereunder shall, at the  option  of  the  Administrative  Agent,  be  (i)  applied  as  a  credit  against  the  then  outstanding  principal  amount  of  Obligations  hereunder  and  accrued  and  unpaid  interest  thereon  (not  to  exceed the maximum amount permitted by applicable law), (ii) refunded to the Borrower, or (iii)  any  combination  of  the  foregoing,  (d)  the  interest  rate  payable  hereunder or  under  any  other  Credit Document shall be automatically subject to reduction to the maximum lawful contract rate  allowed under applicable usury laws (the “Maximum Rate” ), and this Agreement and the other  Credit Documents shall be deemed to have been, and shall be, reformed and modified to reflect  such  reduction in  the relevant  interest rate, and (e) neither the Borrower nor any  guarantor or  endorser shall have any action against the Administrative Agent or any Lender for any damages  whatsoever arising out of the payment or collection of any Excess Interest.  Notwithstanding the  foregoing, if for any period of time interest on any of Borrower’s Obligations is calculated at the  Maximum  Rate  rather  than  the  applicable  rate  under  this  Agreement,  and  thereafter  such  applicable  rate  becomes  less  than  the  Maximum  Rate,  the  rate of  interest  payable  on  the  Borrower’s Obligations shall remain at the Maximum Rate until the Lenders have received the  amount  of  interest  which  such  Lenders  would  have  received  during  such  period  on the  Borrower’s  Obligations  had  the  rate  of interest not been limited to the Maximum  Rate  during  such period.      Section 12.25.  Construction .   The  parties  acknowledge  and  agree  that  the  Credit  Documents shall not be construed more favorably in favor of any party hereto based upon which  party drafted the same, it being acknowledged that all parties hereto contributed substantially to  the  negotiation  of  the  Credit  Documents.   NOTHING CONTAINED HEREIN SHALL BE DEEMED OR  CONSTRUED TO PERMIT ANY ACT OR OMISSION WHICH IS PROHIBITED BY THE TERMS OF ANY CREDIT  DOCUMENT , THE COVENANTS AND AGREEMENTS CONTAINED HEREIN BEING IN ADDITION TO AND  NOT  IN  SUBSTITUTION  FOR  THE  COVENANTS  AND  AGREEMENTS  CONTAINED  IN  THE CREDIT  DOCUMENTS .      Section 12.26.  Lender’s and L/C Issuers’ Obligations Several .  The obligations of the L/C  Issuers  and  the  Lenders  hereunder  are  several  and  not  joint.   Nothing  contained  in  this  Agreement  and  no  action  taken  by  the  Lenders  or  any  L/C  Issuer  pursuant  hereto  shall  be  deemed to constitute the Lenders and L/C Issuer a partnership, association, joint venture or other  entity.      Section 12.27.  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 Credit Document), the Borrower and each Guarantor  acknowledges and agrees and acknowledges its Affiliates’ understanding that (i) (A) the services  regarding  this  Agreement  provided  by  the  Administrative  Agent  and/or  the  Lenders  are  arm’s-length commercial transactions between the Borrower, each Guarantor and their respective                                       -110-  

 

   Affiliates, on the one hand, and the Administrative Agent and the Lenders, on the other hand, (B)  each of the Borrower and the Guarantors have consulted their own legal, accounting, regulatory  and  tax  advisors  to  the  extent  they  have  deemed  appropriate,  and (C)  the  Borrower  and  each  Guarantor is capable of evaluating and understanding, and understands and accepts, the terms,  risks and conditions of the transactions contemplated hereby and by the other Credit Documents;  (ii)  (A)  each  of  the  Administrative  Agent  and  the  Lenders  is  and has  been  acting  solely  as  a  principal and, except as expressly agreed in writing by the relevant parties, has not been, is not,  and will not be acting as an advisor, agent or fiduciary for the Borrower, any Guarantor or any of  their respective Affiliates, or any other Person, and (B) neither the Administrative Agent nor any  Lender has any obligation to the Borrower, any Guarantor or any of their Affiliates with respect  to the transaction contemplated hereby except those obligations expressly set forth herein and in  the other Credit Documents; and (iii) the Administrative Agent, the Lenders and their respective  Affiliates may be engaged in a broad range of transactions that involve interests that differ from  those  of  the  Borrower,  the  Guarantors  and  their  respective  Affiliates,  and  each  of  the  Administrative Agent and the Lenders has no obligation to disclose any of such interests to the  Borrower, any Guarantor or any of their respective Affiliates.  To the fullest extent permitted by  law, each of the Borrower and each Guarantor hereby waives and releases any claims that it may  have  against  the  Administrative  Agent  or  any  Lender  with  respect  to any  breach  or  alleged  breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated  hereby.      Section 12.28.  USA  Patriot  Act .   Each  Lender  and  L/C  Issuer  that  is  subject  to  the  requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,  2001))  (the “Act” )  hereby  notifies  the  Borrower  and  each  Guarantor  that  pursuant  to  the  requirements of the Act, it is required to obtain, verify, and record information that identifies the  Borrower and each Guarantor, which information includes the name and address of the Borrower  and each Guarantor and other information that will allow such Lender and L/C Issuer to identify  the Borrower and each Guarantor in accordance with the Act.      Section 12.29.  Acknowledgement  and  Consent  to  Bail-In  of  EEA  Financial  Institutions. Notwithstanding  anything  to  the  contrary  in  any Loan Credit   Document  or  in  any  other  agreement,  arrangement  or  understanding  among  any  such  parties,  each  party hereto  acknowledges that any liability of any EEA Financial Institution arising under any Loan Credit   Document,  to  the  extent  such  liability  is  unsecured,  may  be  subject  to  the  write-down  and  conversion  powers  of  an  EEA  Resolution  Authority  and  agrees  and  consents  to,  and  acknowledges and agrees to be bound by:                (a)  the  application  of  any  Write-Down  and  Conversion  Powers  by  an  EEA        Resolution Authority to any such liabilities arising hereunder which may be payable to it        by any party hereto that is an EEA Financial Institution; and               (b)   the  effects  of  any  Bail-in  Action  on  any  such  liability,  including,  if        applicable:                      (i)  a reduction in full or in part or cancellation of any such liability;                                        -111-  

 

                     (ii)  a  conversion  of  all,  or  a  portion  of,  such  liability  into  shares  or              other  instruments  of  ownership  in  such  EEA  Financial  Institution,  its parent              undertaking, or a bridge institution that may be issued to it or otherwise conferred              on it, and that such shares or other instruments of ownership will be accepted by it              in lieu of any rights with respect to any such liability under this Agreement or any              other Loan Credit  Document; or                     (iii)  the variation of the  terms of such liability in connection with  the              exercise  of  the  write-down  and  conversion  powers  of  any  EEA  Resolution              Authority.     Section 12.30.  Amendment and Restatement.   This  Agreement  shall  become  effective  on  the Effective Date and shall supersede all provisions of the Existing Credit Agreement as of such  date.   From  and  after  the  Effective  Date,  (a)(i)  the  commitments  of  those  Lenders  under  the  Existing  Credit  Agreement  that  are  continuing  as  Lenders  under  this  Agreement  (the  “Continuing  Lenders” )  shall  be  amended  as  set  forth  on  Schedule  1  hereto  and  (ii)  the  commitments of those “Lenders”  under the Existing Credit Agreement that are not continuing as  Lenders  under  this  Agreement  (the “Non-Continuing  Lenders” )  shall  automatically  be  terminated and cease to have any further force or effect without further action by any Person, and  shall  be  replaced  with  the  respective  Commitments  of  such  Continuing  Lenders  and  of  those  Lenders party to this Agreement that were not “Lenders”  under the Existing Credit Agreement  immediately  prior  to  the  Effective  Date  (the “New Lenders” );  (b)  all  outstanding “Revolving  Loans”  of the Non-Continuing Lenders shall be repaid in full (together with all interest accrued  thereon and amounts payable pursuant to Section 1.12 hereof of the Existing Credit Agreement  in  connection  with  such  payment,  and  all  fees  accrued  under  the  Existing  Credit  Agreement  through  the  Effective  Date)  on  the  Effective  Date  (and  the  Borrower   shall  pay  to  each  Continuing Lender all amounts, if any, payable pursuant to Section 1.12 hereof of the Existing  Credit  Agreement  as  if  the  outstanding  Revolving  Loans  had  been  prepaid  on  the  Effective  Date); and (c) all outstanding “Revolving Loans”  of the Continuing Lenders and all interests in  outstanding “Letters of Credit”  under the Existing Credit Agreement shall remain outstanding as  the initial Revolving Loans and Letters of Credit hereunder.        The Continuing Lenders and New Lenders each agree to make such purchases and sales  of  interests  in  the  Revolving  Loans  and  L/C  Obligations  outstanding  on  the  Effective  Date  between themselves so that each Continuing Lender and New Lender is then holding its relevant  Revolver  Percentage  of  outstanding  Revolving  Loans  and  risk  participation  interests  in  outstanding  L/C  Obligations   based  on  their  Revolving  Credit  Commitments  as  in  effect  after  giving  effect  hereto  (such  purchases  and  sales  shall  be  arranged  through  the  Administrative  Agent and each Lender hereby agrees to execute such further instruments and documents, if any,  as  the  Administrative  Agent  may  reasonably  request  in  connection  therewith),  with  all  subsequent  extensions  of  credit  under  this  Agreement  (including,  without  limitation,  participations  in  respect  of  all Swing Swingline   Loans  and  Letters  of  Credit)  to  be  made  in  accordance with the respective Revolving Credit Commitments of the Lenders from time to time  party  to  this  Agreement  as  provided  herein.   All  references  made  to  the  Existing  Credit  Agreement in any Credit Document or in any other instrument or document shall, without more,  be deemed to refer to this Agreement.  This Agreement amends and restates the Existing Credit  Agreement and is not intended to be or operate as a novation or an accord and satisfaction of the                                       -112-  

 

   Existing  Credit  Agreement  or  the  indebtedness, obligations  and  liabilities  of  the  Borrower,  or  any Guarantor evidenced or provided for thereunder.                             [S IGNATURE PAGES TO FOLLOW ]                                                 -113-  

 

          IN WITNESS WHEREOF ,  the  parties  hereto  have  caused  their  duly  authorized  officers  to  execute and deliver this Agreement as of the date first above written.                                         JONES LANG LASALLE FINANCE B.V.                                         By ____________________________________                                          Title _________________________________                                         JONES LANG LASALLE INCORPORATED , as                                          Guarantor                                         By ____________________________________                                          Title _________________________________                                         JONES LANG LASALLE CO-INVESTMENT , INC ., as                                          Guarantor                                         By ____________________________________                                          Title _________________________________                                         JONES LANG LASALLE INTERNATIONAL , INC ., as                                          Guarantor                                         By ____________________________________                                          Title _________________________________                                         LASALLE INVESTMENT MANAGEMENT , INC ., as                                          Guarantor                                         By ____________________________________                                          Title _________________________________                                                 Signature Page to Jones Lang LaSalle Finance B.V.                  Second Amended and Restated Multicurrency Credit Agreement  

 

                                      JONES LANG LASALLE AMERICAS , INC ., as                           Guarantor                          By ____________________________________                           Title _________________________________                          JONES LANG LASALLE LIMITED , as Guarantor                          By ____________________________________                           Title _________________________________                          JONES LANG LASALLE GMB HSE , as Guarantor                          By ____________________________________                           Title _________________________________                          JONES LANG LASALLE NEW ENGLAND LLC, as                           Guarantor                          By ____________________________________                           Title _________________________________                          JONES LANG LASALLE BROKERAGE , INC ., as                           Guarantor                          By ____________________________________                           Title _________________________________         Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                      “L ENDERS ”                          BANK OF MONTREAL , individually as a Lender,                           as Administrative Agent, Swingline Bank and                           L/C Issuer                          By ____________________________________                           Title _________________________________         Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                      BANK OF AMERICA , N.A.,  as a Lender and L/C                           Issuer                          By ____________________________________                           Title _________________________________                                     Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          BARCLAYS BANK  PLC                             By ____________________________________                              Title _________________________________         Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          WELLS FARGO  BANK , N.A.                             By ____________________________________                              Title _________________________________         Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          THE ROYAL BANK OF SCOTLAND PLC                              By ____________________________________                              Title _________________________________                         Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          JPM ORGAN CHASE BANK  , NATIONAL                            ASSOCIATION                              By ____________________________________                              Title _________________________________         Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          FIFTH THIRD BANK                              By ____________________________________                              Title _________________________________         Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          PNC  BANK , NATIONAL ASSOCIATION                              By ____________________________________                              Title _________________________________         Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          HSBC  BANK PLC                             By ____________________________________                              Title _________________________________         Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          HSBC  BANK USA, NATIONAL  ASSOCIATION                              By ____________________________________                              Title _________________________________                        Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          U.S.  BANK NATIONAL ASSOCIATION                              By ____________________________________                              Title _________________________________                                      Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          THE BANK OF TOKYO -MITSUBISHI UFJ,  LTD .,                              NEW YORK  BRANCH                              By ____________________________________                              Title _________________________________                         Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          SOCIÉTÉ GÉNÉRALE                              By ____________________________________                              Title _________________________________                                     Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          CAPITAL ONE , N.A.                             By ____________________________________                              Title _________________________________                                                                  Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          ING  BANK N.V.,  DUBLIN BRANCH                              By ____________________________________                              Title _________________________________                         Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          THE BANK OF NEW YORK  MELLON                               By ____________________________________                              Title _________________________________         Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          WESTPAC BANKING  CORPORATION                              By ____________________________________                              Title _________________________________                                     Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          AUSTRALIA AND NEW  ZEALAND  BANKING                              GROUP LIMITED                              By ____________________________________                              Title _________________________________                                     Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                      NATIONAL AUSTRALIA BANK LIMITED , A.B.N.                           12 004 044 937                          By ____________________________________                           Title _________________________________                                                 Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                      DEUTSCHE BANK AG  NEW YORK BRANCH                           By ____________________________________                           Title _________________________________                          By ____________________________________                           Title _________________________________                        Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          THE NORTHERN  TRUST COMPANY                               By ____________________________________                              Title _________________________________                                     Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          ASSOCIATED BANK  NATIONAL ASSOCIATION                              By ____________________________________                              Title _________________________________                                     Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                          COMERICA BANK                              By ____________________________________                              Title _________________________________                                                                 Signature Page to Jones Lang LaSalle Finance B.V.   Second Amended and Restated Multicurrency Credit Agreement  

 

                                      EXHIBIT A                               NOTICE OF BORROWING                                                         Date: ______________, ____   To:  Bank of Montreal, as Administrative Agent for the Lenders parties to the Second Amended       and  Restated  Multicurrency  Credit  Agreement  dated  as  of  June  21,  2016 (as  extended,       renewed,  amended  or  restated  from  time  to  time,  the “Credit Agreement” ),  among  Jones       Lang  LaSalle  Finance  B.V.,  the  Guarantors  party  thereto,  certain  Lenders  which  are       signatories thereto, and Bank of Montreal, as Administrative Agent   Ladies and Gentlemen:         The undersigned, Jones Lang LaSalle Finance B.V. (the “Borrower” ), refers to the Credit  Agreement, the terms defined therein being used herein as therein defined, and hereby gives you  notice irrevocably, pursuant to Section 1.6 of the Credit Agreement, of the Borrowing specified  below:                1.   The Business Day of the proposed Borrowing is ___________, ____.                2.   The aggregate amount of the proposed Borrowing is $______________.                3.   The Borrowing is to be comprised of $___________ of [Domestic Rate]        [Eurocurrency]  Loans.                4.   The Borrowing is being advanced under the [Revolving] [Term]  Facility.                [5.  The  duration  of  the  Interest  Period  for  the  Eurocurrency  Loans        included in the Borrowing shall be ____________ months.]         The undersigned hereby certifies that [, insert if applicable:  subject to Section 4.4 of  the Credit Agreement,] the following statements are true on the date hereof, and will be true on  the date of the proposed Borrowing, before and after giving effect thereto and to the application  of the proceeds therefrom:                (a)  the  representations  and  warranties  contained  in  Section  5  of  the  Credit        Agreement  are  true and  correct in  all material respects (where not already qualified  by        materiality, otherwise in all respects) as though made on and as of such date (except to        the extent such representations and warranties relate to an earlier date, in which case they        are true and correct in all material respects (where not already qualified by materiality,        otherwise in all respects) as of such date); and               (b)   no Default  or Event of  Default has occurred and is continuing or would        result from such proposed Borrowing.       

 

                                         JONES LANG LASALLE FINANCE B.V.                                         By ____________________________________                                          Name ________________________________                                          Title _________________________________                                                                                 A-2  1055239.02B-CHISR02A - MSW  

 

                                      EXHIBIT B                         NOTICE OF CONTINUATION /C ONVERSION                                                          Date:  ____________, ____   To:  Bank of Montreal, as Administrative Agent for the Lenders parties to the Second Amended       and  Restated  Multicurrency  Credit  Agreement  dated  as  of  June  21,  2016  (as  extended,       renewed, amended or restated from time to time, the “Credit Agreement” ), among Jones       Lang  LaSalle  Finance  B.V.,  the  Guarantors  party  thereto,  certain  Lenders  which  are       signatories thereto, and Bank of Montreal, as Administrative Agent  Ladies and Gentlemen:         The undersigned, Jones Lang LaSalle Finance B.V. (the “Borrower” ), refers to the Credit  Agreement, the terms defined therein being used herein as therein defined, and hereby gives you  notice  irrevocably,  pursuant  to  Section  1.6  of  the  Credit  Agreement,  of the [conversion]  [continuation]  of the Loans specified herein, that:                1.   The [conversion][continuation]  Date is __________, ____.                2.   The  aggregate  amount  of  the [Revolving  Loans]  [Term  Loans]   to  be        [converted] [continued]  is $______________.                3.   The  Loans  are  to  be [converted  into]  [continued  as]  [Eurocurrency]        [Domestic Rate]  Loans.                4.   [If applicable:]   The duration of the Interest Period for the Loans included        in the [conversion] [continuation]  shall be _________ months.        The undersigned hereby certifies that the following statements are true on the date hereof,  and  will  be  true  on  the  proposed  conversion/continuation  date,  before  and  after  giving  effect  thereto and to the application of the proceeds therefrom:                (a)  the  representations  and  warranties  contained  in  Section  5  of  the  Credit        Agreement  are  true  and  correct  as  though  made on  and  as  of  such  date  (except  to  the        extent such representations and warranties relate to an earlier date, in which case they are        true and correct as of such date); provided, however,  that this condition shall only apply        to the continuation or conversion of an outstanding Eurocurrency Loan denominated in        an Alternative Currency; and       

 

                     (b)   no Default or Event of Default has occurred and is continuing, or would  result from such proposed [conversion] [continuation] .                                    JONES LANG LASALLE FINANCE B.V.                                   By ____________________________________                                    Name ________________________________                                    Title _________________________________                                                                     B-2  

 

                                     EXHIBIT C-1                                  REVOLVING NOTE                                                           ________________, _____         FOR   VALUE   RECEIVED ,  the  undersigned,  Jones  Lang  LaSalle  Finance  B.V.,  a  private  company with limited liability organized under the laws of The Netherlands (the “Borrower” ),  promises to pay ________________________ or its registered permitted assigns (the “Lender” )  on the Termination Date of the hereinafter defined Credit Agreement, at the principal office of  Bank of Montreal, as Administrative Agent, in Chicago, Illinois (or in the case of Eurocurrency  Loans denominated in an Alternative Currency, at such office as the Administrative Agent has  previously notified the Borrower), in the currency of such Loan in accordance with Section 3.1  of the Credit Agreement, the aggregate unpaid principal amount of all Revolving Loans made by  the  Lender  to  the  Borrower  pursuant  to  the  Credit  Agreement,  together  with  interest  on  the  principal amount of each such Revolving Loan from time to time outstanding hereunder at the  rates, and payable in the manner and on the dates, specified in the Credit Agreement.         The Lender shall record on its books or records or on a schedule attached to this Note,  which  is  a  part  hereof,  each  Revolving  Loan  made  by  it  pursuant  to  the  Credit  Agreement,  together with all payments of principal and interest and the principal balances from time to time  outstanding hereon, whether such Revolving Loan is a Domestic Rate Loan or a Eurocurrency  Loan, the currency thereof and the interest rate and Interest Period applicable thereto, provided   that prior to the transfer of this Note all such amounts shall be recorded on a schedule attached to  this Note.  The record thereof, whether shown on such books or records or on a schedule to this  Note, shall be prima facie  evidence of the same, provided, however,  that the failure of the Lender  to record any of the foregoing or any error in any such record shall not limit or otherwise affect  the obligation of the Borrower to repay all Loans made to it pursuant to the Credit Agreement  together with accrued interest thereon.         This Note is one of the Revolving Notes referred to in the Second Amended and Restated  Multicurrency Credit Agreement dated as of June 21, 2016, among the Borrower, the Guarantors  party  thereto,  Bank  of  Montreal,  as  Administrative  Agent,  and  the  Lenders  party  thereto  (as  amended from time to time, the “Credit Agreement” ), and this Note and the holder hereof are  entitled to all the benefits provided for thereby or referred to therein, to which Credit Agreement  reference  is hereby made for a statement  thereof.  All  defined terms  used  in this  Note,  except  terms otherwise defined herein, shall have the same meaning as in the Credit Agreement.  This  Note  shall  be  governed  by  and  construed  in  accordance  with  the internal  laws  of  the  State  of  Illinois.         Prepayments  may  be  made  hereon  and  this  Note  may  be  declared  due  prior  to  the  expressed maturity hereof, all in the events, on the terms and in the manner as provided for in the  Credit Agreement.       

 

         The  Borrower  hereby  waives  demand,  presentment,  protest  or  notice  of any  kind  hereunder.                                         JONES LANG LASALLE FINANCE B.V.                                         By ____________________________________                                           Title ________________________________                                        C-1-2  

 

                                     EXHIBIT C-2                                  SWINGLINE NOTE                                                           ________________, _____         FOR   VALUE   RECEIVED ,  the  undersigned,  Jones  Lang  LaSalle  Finance  B.V.,  a  private  company with limited liability organized under the laws of The Netherlands (the “Borrower” ),  promises to pay ________________________ or its registered permitted assigns (the “Lender” )  on  the  earlier  of  (i)  the  last  day  of  its  Interest  Period  and  (ii)  the  Termination  Date  of  the  hereinafter  defined  Credit  Agreement,  at  the  principal  office  of  Bank  of  Montreal,  as  Administrative Agent, in Chicago, Illinois, in the currency of such Swingline Loan in accordance  with  Section  3.1  of  the  Credit  Agreement,  the  aggregate  unpaid  principal  amount  of  all  Swingline Loans made by the Lender to the Borrower pursuant to the Credit Agreement, together  with  interest  on  the  principal  amount  of  each  Swingline  Loan  from  time  to  time  outstanding  hereunder  at  the  rates,  and  payable  in  the  manner  and  on  the  dates,  specified  in  the  Credit  Agreement.         The Lender shall record on its books or records or on a schedule attached to this Note,  which  is  a  part  hereof,  each  Swingline  Loan  made  by  it  pursuant  to  the  Credit  Agreement,  together with all payments of principal and interest and the principal balances from time to time  outstanding hereon, whether the Loan is a Domestic Rate Loan or a Quoted Rate Loan and the  interest rate and Interest Period applicable thereto, provided  that prior to the transfer of this Note  all  such  amounts  shall  be  recorded  on  a  schedule  attached  to  this  Note.   The  record  thereof,  whether  shown  on  such  books  or  records  or  on  a  schedule  to  this  Note,  shall  be prima facie   evidence  of  the  same, provided, however,   that  the  failure  of  the  Lender  to  record  any  of  the  foregoing or any error in any such record shall not limit or otherwise affect the obligation of the  Borrower  to repay  all  Swingline Loans  made  to  it  pursuant  to  the  Credit  Agreement  together  with accrued interest thereon.         This Swingline Note is one of the Notes referred to in the Second Amended and Restated  Multicurrency Credit Agreement dated as of June 21, 2016, among the Borrower, the Guarantors  party  thereto,  Bank  of  Montreal,  as  Administrative  Agent,  and  the  Lenders  party  thereto  (as  amended from time to time, the “Credit Agreement” ), and this Swingline Note and the holder  hereof are entitled to all the benefits provided for thereby or referred to therein, to which Credit  Agreement  reference  is  hereby  made  for  a  statement  thereof.   All  defined  terms  used  in  this  Swingline Note, except terms otherwise defined herein, shall have the same meaning as in the  Credit Agreement.  This Swingline Note shall be governed by and construed in accordance with  the internal laws of the State of Illinois.         Prepayments may be made hereon and this Swingline Note may be declared due prior to  the expressed maturity hereof, all in the events, on the terms and in the manner as provided for in  the Credit Agreement.       

 

         The  Borrower  hereby  waives  demand,  presentment,  protest  or  notice  of any  kind  hereunder.                                         JONES LANG LASALLE FINANCE B.V.                                         By ____________________________________                                           Title ________________________________                                        C-2-2  

 

                                     EXHIBIT C-3                                    TERM NOTE                                                           ________________, _____         FOR   VALUE   RECEIVED ,  the  undersigned,  Jones  Lang  LaSalle  Finance  B.V.,  a  private  company with limited liability organized under the laws of The Netherlands (the “Borrower” ),  promises to pay  ________________________ or its registered permitted assigns (the “Lender” )  on the Termination Date of the hereinafter defined Credit Agreement, at the principal office of  Bank of Montreal, as Administrative Agent, in Chicago, Illinois (or in the case of Eurocurrency  Loans denominated in an Alternative Currency, at such office as the Administrative Agent has  previously notified the Borrower), in the currency of such Loan in accordance with Section 3.1  of the Credit Agreement, the aggregate unpaid principal amount of all Term Loans made by the  Lender to the Borrower pursuant to the Credit Agreement, together with interest on the principal  amount  of  each  such  Term  Loan  from  time  to  time  outstanding  hereunder  at  the  rates,  and  payable in the manner and on the dates, specified in the Credit Agreement.         The Lender shall record on its books or records or on a schedule attached to this Note,  which is a part hereof, each Term Loan made by it pursuant to the Credit Agreement, together  with  all  payments  of  principal  and  interest  and  the  principal  balances  from  time  to  time  outstanding hereon, whether such Term Loan is a Domestic Rate Loan or a Eurocurrency Loan,  the  currency  thereof  and  the  interest  rate  and  Interest  Period  applicable  thereto, provided   that  prior to the transfer of this Note all such amounts shall be recorded on a schedule attached to this  Note.  The record thereof, whether shown on such books or records or on a schedule to this Note,  shall be prima facie  evidence of the same, provided, however,  that the failure of the Lender to  record any of the foregoing or any error in any such record shall not limit or otherwise affect the  obligation  of  the  Borrower  to  repay  all  Loans  made  to  it  pursuant  to  the  Credit  Agreement  together with accrued interest thereon.         This  Note  is  one  of  the  Term  Notes  referred  to in  the  Second  Amended  and  Restated  Multicurrency Credit Agreement dated as of June 21, 2016, among the Borrower, the Guarantors  party  thereto,  Bank  of  Montreal,  as  Administrative  Agent,  and  the  Lenders  party  thereto  (as  amended from time to time, the “Credit Agreement” ), and this Note and the holder hereof are  entitled to all the benefits provided for thereby or referred to therein, to which Credit Agreement  reference  is hereby made for a statement  thereof.  All  defined terms  used  in this  Note,  except  terms otherwise defined herein, shall have the same meaning as in the Credit Agreement.  This  Note  shall  be  governed  by  and  construed  in  accordance  with  the internal  laws  of  the  State  of  Illinois.         Prepayments  may  be  made  hereon  and  this  Note  may  be  declared  due  prior  to  the  expressed maturity hereof, all in the events, on the terms and in the manner as provided for in the  Credit Agreement.       

 

         The  Borrower  hereby  waives  demand,  presentment,  protest  or  notice  of any  kind  hereunder.                                         JONES LANG LASALLE FINANCE B.V.                                         By ____________________________________                                          Title _________________________________                                       C-3-2  

 

                                      EXHIBIT D                              COMPLIANCE CERTIFICATE          This Compliance Certificate is furnished to Bank of Montreal, as Administrative Agent,  pursuant  to  the  Second  Amended  and  Restated  Multicurrency  Credit  Agreement  (as  amended  from time to time, the “Credit Agreement” ) dated as of June 21, 2016, by and among Jones Lang  LaSalle Finance B.V., the Guarantors party thereto, the Lenders signatory thereto and Bank of  Montreal,  as  Administrative  Agent.   Unless  otherwise  defined  herein,  the  terms  used  in  this  Compliance Certificate have the meanings ascribed thereto in the Credit Agreement.         THE  UNDERSIGNED  HEREBY  CERTIFY  THAT :                1.   I, _______________, am the duly elected or appointed _______________        of Jones Lang LaSalle Incorporated;                2.   I, _______________, am the duly elected or appointed _______________        of Jones Lang LaSalle Finance B.V.;                3.   We have reviewed the terms of the Credit Agreement and we have made,        or have caused to be made under our supervision, a detailed review of the transactions        and  conditions  of  Jones  Lang  LaSalle  Incorporated  and  its  Subsidiaries during  the        accounting period covered by the attached financial statements;                4.   The examinations described in paragraph 3 did not disclose, and we have        no knowledge of, the existence of any condition or event which constitutes a Default or        an Event of Default during or at the end of the accounting period covered by the attached        financial statements, except as set forth below;                5.   The financial statements required by Section 7.6 of the Credit Agreement        and being furnished to you concurrently with this Compliance Certificate are true, correct        and complete as of the date and for the periods covered thereby; and                6.   Schedule  1  attached  hereto  sets  forth  financial  data  and  computations        evidencing compliance with certain covenants of the Credit Agreement, all of which data        and  computations  are  true,  complete  and  correct.   All  computations  are  made  in        accordance with the terms of the Credit Agreement.         Described below are the exceptions, if any, to paragraph 4 by listing, in detail, the nature  of the condition or event, the period during which it has existed and the action which the Parent  has taken, is taking, or proposes to take with respect to each such condition or event:         ______________________________________________________________________         ______________________________________________________________________         ______________________________________________________________________      

 

         ______________________________________________________________________         The  foregoing  certifications,  together  with  the  computations  set  forth  in  Schedule  1  hereto and the financial statements delivered with this Certificate in support hereof, are made and  delivered this __________ day of _____________, _____.                                         JONES LANG LASALLE INCORPORATED                                          By ____________________________________                                          Title _________________________________                                         JONES LANG LASALLE FINANCE B.V.                                         By ____________________________________                                          Title _________________________________                                                                               D-2  

 

                       SCHEDULE I TO THE COMPLIANCE CERTIFICATE          Schedule of Compliance, as of the _________ day of _____________, _____, with the  Sections of the Credit Agreement set forth below:   1.    Section 7.15 (Net Cash Flow Leverage Ratio)          A.    Total Funded Debt of the Parent and its       $____________              Restricted Subsidiaries         B.    Qualified Cash              (i)   U.S. cash                  $___________ Unrestricted Cash                   $___________               (ii)  Foreign cash               $___________               (iii)  Line 1B(ii) times .75     $___________               (iv )  Sum of Lines 1B(i) and 1B( iii)                    not to exceed $100,000,000  $___________ (v ii )  Segregated              cash  $___________              Total (iv) and (v)               $___________ (iii )  Sum of Lines              1B(i) and 1B( ii)                $___________               (iv)  “Qualified Cash” as calculated                    in Note Agreement          $___________                  Lesser of Line 1B(iii) and 1B(iv)             $___________          C.    Line A minus Line B                           $___________         D.    Adjusted EBITDA for the calendar quarters              ending              _______________________          $____________              _______________________          $____________              _______________________          $____________              _______________________          $____________                    TOTAL                                   $____________         E.    Consolidated Net Income for the last four              calendar quarters if not included in Line D    $____________         F.    Amounts deducted in arriving at               Consolidated Net Income in respect of for              the last four calendar quarters if not included              in Line E               (i)   Interest Expense                        $____________      

 

               (ii)  federal, state and local                $____________        income taxes   (iii)  depreciation of fixed assets           $____________        and amortization of intangible        assets   (iv)  non-cash contributions and              $____________        accruals to deferred profit         sharing or compensation plans   (v)   Permitted Adjustments         (a)  Cash restructuring expenses        $____________             (aggregate amount since April 1, 20162018             $_______ not to exceed $100,000,000)         (b)  Non-cash restructuring expenses    $____________         (c)  Deferred commissions, net of       $____________             commissions payable             (not to exceed $50,000,000)              (aggregate amount since April 1, 20162018             $_______, not to exceed $100,000,000)         (d)  Non-cash charges relating              to co-investments                  $____________             (aggregate amount since April 1, 2016             $_______, not to exceed $50,000,000)          (e)  Non-cash charges relating to              impairment at goodwill             $____________         (f)  Acquisition, integration and transition             charges related to Permitted Acquisition  $____________             (aggregate amount since April 1, 20162018             $_______, not to exceed $400,000,000)         (g)  Non-cash (gains)/losses relating to              (a) mark-to-market value of              co-investments and earn-outs             and (b) mortgage servicing rights  $____________         (h)  Non-recurring fees, expenses or              charges paid in connection with debt             or equity financing activities     $____________                            -2-  

 

                     (i)  write-downs of tax indemnification                         assets to the extent the related tax                         reserve is released                $____________                     Total (a) through (i)                   $____________         G.    Sum of Lines 1D, 1E, 1F(i), 1F(ii), 1F(iii), 1F(iv)  $____________              and 1F(v) ( “Adjusted EBITDA” )         H.    Ratio of Line 1C to Line 1G (not to exceed     _____________              3.50 or 4.00, as applicable, per Section 7.15)         I.    The Borrower is in compliance                     Yes/No   2.    Section 7.16 (Cash Interest Coverage Ratio)         A.    Adjusted EBIT for the calendar quarters              ending (include as appropriate)               ______________________           $____________              ______________________           $____________              ______________________           $____________              ______________________           $____________                    TOTAL                                   $____________         B.    Consolidated Net Income for the last four              calendar quarters if not included in Line A    $____________         C.    Amounts deducted in arriving at               Consolidated Net Income in respect of for              the last four calendar quarters if not included              in Line A               (i)   Interest Expense                        $____________               (ii)  federal, state and local                $____________                    income taxes               (iii)  non-cash contributions and             $____________                    accruals to deferred profit                     sharing or compensation plans               (iv)  Permitted Adjustments                   $____________                    (From Line 1.D(v))                                         -3-  

 

         D.    Sum of Lines 2A, 2B, 2C(i), 2C(ii), 2C(iii), and 2C(iv) $____________              (“Adjusted EBIT” )         E.    Cash Interest Expense                         $____________         F.    Ratio of Line 2D to Line 2E (must be greater than  _____________              or equal to 3.00 to 1.00)         G.    The Borrower is in compliance                     Yes/No   3.    Cash Flow Leverage Ratio (Applicable Margin Calculation)          A.    Total Funded Debt of the Parent and its       $____________              Restricted Subsidiaries         B.    Adjusted EBITDA from Line 1G                  $____________         C.    Ratio of Line 3A to Line 3B                    $____________         D.    The Borrower is in Level:                        Level ____                                                  -4-  

 

                                      EXHIBIT E                          SUBSIDIARY GUARANTEE AGREEMENT                                                                _______________, ____   BANK  OF MONTREAL ,  as  Administrative  Agent  for  the  Lenders  party  to  the  Second   Amended    and   Restated  Multicurrency  Credit  Agreement  dated  as of June 21, 2016, among Jones Lang  LaSalle   Finance  B.V.,   certain  Guarantors,  such  Lenders  and  such  Administrative Agent (as amended from  time to time, the “Credit Agreement” )   Dear Sirs:         Reference is made to the Credit Agreement described above.  Terms not defined herein  which  are  defined  in  the  Credit  Agreement  shall  have  for  the  purposes  hereof  the  meaning  provided therein.         The undersigned, [name of Subsidiary Guarantor] , a [jurisdiction of incorporation]   corporation,  hereby  elects  to  be  a “Guarantor”   for  all  purposes  of  the  Credit  Agreement,  effective from the date hereof.  The undersigned confirms that the representations and warranties  set forth in Section 5 of the Credit Agreement are true and correct as to the undersigned as of the  date hereof.         Without  limiting  the  generality  of  the  foregoing,  the  undersigned  hereby agrees  to  perform all the obligations of a Guarantor under, and to be bound in all respects by the terms of,  the Credit Agreement, including without limitations Section 11 thereof, to the same extent and  with the same force and effect as if the undersigned were a direct signatory thereto.       

 

          This Agreement shall be construed in accordance with and governed by the internal laws  of the State of Illinois.                                         Very truly yours,                                         [NAME OF SUBSIDIARY GUARANTOR ]                                         By ____________________________________                                           Name _______________________________                                           Title ________________________________                                         E-2  

 

                                      EXHIBIT F                                 INCREASE REQUEST    To:   Bank  of  Montreal,  as  Administrative  Agent  for  the  Lenders  parties  to  the  Second        Amended and Restated Multicurrency Credit Agreement dated  as of  June 21, 2016 (as        extended,  renewed,  amended  or  restated  from  time  to  time,  the “Credit Agreement” ),        among Jones Lang LaSalle Finance B.V., the Guarantors party thereto, certain Lenders        which are signatories thereto, and Bank of Montreal, as Administrative Agent   Ladies and Gentlemen:         The  undersigned, Jones  Lang LaSalle Finance B.V. (the “Borrower” ), hereby refers  to  the  Credit  Agreement  and  requests  that  the  Administrative  Agent, L/C  Issuer  and  Swingline  Lender consent to an increase in the aggregate [Revolving Credit Commitments] [outstanding  principal  amount  of  Term  Loans]   (the “Increase” ),  in  accordance  with  Section  1.15  of  the  Credit  Agreement, to be  effected by an increase in [the Revolving Credit Commitment]  [an  increase  in  the  outstanding  Term  Loans]   of [name  of  existing  Lender]  [the  addition  of  [name  of  new  Lender]  (the “New  Lender” )  as  a  Lender  under  the  terms  of  the  Credit  Agreement] .   Capitalized  terms  used  herein  without  definition  shall  have  the  same  meanings  herein as such terms have in the Credit Agreement.                                [Insert as Applicable]         After giving effect to such Increase, the Revolving Credit Commitment of the [Lender]  [New Lender] shall be $_____________.                                        Or         The New Term Loan of the [Lender] [New Lender]  is $_______________.                          [Include paragraphs 1-3 for a New Lender]         1.  The  New  Lender  hereby  confirms  that  it  has  received  a  copy  of the  Credit  Documents and the exhibits related thereto, together with copies of the documents which were  required to be delivered under the Credit Agreement as a condition to the making of the Loans  and other extensions of credit thereunder.  The New Lender acknowledges and agrees that it has  made  and  will  continue  to  make,  independently and  without reliance  upon the  Administrative  Agent  or  any  other  Lender  and  based  on  such  documents  and  information  as  it  has  deemed  appropriate,  its own credit analysis  and decisions relating to the Credit Agreement.  The  New  Lender  further  acknowledges  and  agrees  that  the  Administrative  Agent  has  not  made  any  representations or warranties about the credit worthiness of the Borrower or any other party to  the  Credit  Agreement  or  any  other  Credit  Document  or  with  respect  to  the  legality,  validity,  sufficiency or enforceability of the Credit Agreement or any other Credit Document or the value  of any security therefor.       

 

         2.  Except as otherwise provided in the Credit  Agreement, effective  as of  the date  of  acceptance  hereof  by  the  Administrative  Agent,  the  New  Lender  (i) shall  be  deemed  automatically  to  have  become  a  party  to  the  Credit  Agreement  and  have all  the  rights  and  obligations of a “Lender”  under the Credit Agreement as if it were an original signatory thereto  and (ii) agrees to be bound by the terms and conditions set forth in the Credit Agreement as if it  were an original signatory thereto.         3.  The New Lender hereby confirms that its administrative details are set forth in its  Administrative Questionnaire.         THIS AGREEMENT  SHALL  BE  DEEMED  TO  BE  A  CONTRACTUAL  OBLIGATION  UNDER,  AND  SHALL  BE  GOVERNED  BY  AND  CONSTRUED  IN  ACCORDANCE  WITH ,  THE  LAWS  OF  THE  STATE  OF  ILLINOIS .         The Increase shall be effective when the executed consent of the Administrative Agent is  received or is otherwise in accordance with Section 1.15 of the Credit Agreement, but not in any  case prior to ___________________, ____.  It  shall be  a condition to the effectiveness of  the  Increase  that all expenses referred to in Section 1.15  of the Credit  Agreement shall  have  been  paid.         The  Borrower hereby certifies that  no Default or Event of Default has  occurred  and is  continuing  and  that  the  representations  and  warranties  contained  in  Section  5  of  the  Credit  Agreement are true and correct in all material respects as though made on the date hereof (other  than those made solely as of an earlier date, which need only remain true as of such date), taking  into account any amendments to such Section (including without limitation any amendment to  the  Schedules  referenced  therein)  made  after  the  date  of  the  Credit  Agreement  in  accordance  with its provisions[, in each case subject to the provisions of Section 4.4 of the Credit Agreement  in  the  case  of  any  New  Term  Loan  the  proceeds  of  which  will  be  used to  finance  a  Limited  Condition Acquisition].                                         F-2  

 

          Please  indicate  the  Administrative  Agent’s  consent  to  such  Increase  by  signing  the  enclosed copy of this letter in the space provided below.                                         Very truly yours,                                         JONES LANG LASALLE FINANCE B.V.                                         By ____________________________________                                          Name:  _______________________________                                          Title: ________________________________                                          [NEW OR EXISTING LENDER INCREASING                                          REVOLVING CREDIT COMMITMENT OR                                          ADVANCING NEW TERM LOAN ]                                         By ____________________________________                                          Name ________________________________                                          Title _________________________________   The undersigned hereby consents on this  ___ day of ____________, ______ to the  above-requested Increase.   BANK OF MONTREAL ,      As Administrative Agent   By _______________________________      Name __________________________      Title ___________________________    ________________________,    as Swingline Lender   By _______________________________      Name __________________________      Title ___________________________                                             F-3  

 

                                     EXHIBIT G                                                                   ASSIGNMENT AND ACCEPTANCE                                                                    Dated _____________, 20_____         This Assignment and Acceptance (the “Assignment and Acceptance” ) is dated as of the  Effective  Date  set  forth  below  and  is  entered  into  by  and  between [the][each] 1  Assignor  identified in item 1 below ( [the][each, an]  “Assignor” ) and [the][each] 2 Assignee identified in  item 2 below ( [the][each, an]  “Assignee” ).  [It is understood and agreed that the rights and  obligations  of  [the  Assignors][the  Assignees] 3  hereunder  are  several  and  not  joint.] 4   Capitalized terms used but not defined herein shall have the meanings given to them in the Credit  Agreement identified below (as amended, the “Credit Agreement” ), receipt of a copy of which is  hereby acknowledged by [the][each]  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 Acceptance as if set forth herein in full.         For an agreed consideration, [the][each]  Assignor hereby irrevocably sells and assigns to  [the  Assignee][the  respective  Assignees] ,  and [the][each]   Assignee  hereby  irrevocably  purchases  and  assumes  from [the  Assignor][the  respective  Assignors] ,  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][the  respective  Assignors’]   rights  and  obligations  in [its  capacity  as  a  Lender][their  respective  capacities  as  Lenders]   under  the  Credit  Agreement  and  any  other  documents  or  instruments  delivered  pursuant  thereto  to  the  extent  related  to  the  amount  and  percentage  interest  identified  below  of  all  of  such  outstanding  rights  and  obligations  of [the  Assignor][the respective Assignors]  under the respective facilities identified below (including  without  limitation  any  letters  of  credit,  guarantees,  and  swingline  loans  included  in  such  facilities), and (ii) to the extent permitted to be assigned under applicable law, all claims, suits,  causes  of  action  and  any  other  right  of [the  Assignor  (in  its  capacity  as  a  Lender)][the  respective Assignors (in their respective capacities as Lenders)]  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 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                                                  1     For  bracketed  language  here  and  elsewhere in this  form  relating to the  Assignor(s), if the  assignment  is        from a single Assignor, choose the first bracketed language.  If the assignment is from multiple Assignors,        choose the second bracketed language.   2     For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a        single Assignee, choose the first bracketed language.  If the assignment is to multiple Assignees, choose the        second bracketed language.   3     Select as appropriate.   4     Include bracketed language if there are either multiple Assignors or multiple Assignees.      

 

   related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and  obligations sold and assigned by [the][any]  Assignor to [the][any]  Assignee pursuant to clauses  (i) and (ii) above being referred to herein collectively as [the][an]  “Assigned Interest” ).  Each  such  sale  and  assignment  is  without recourse  to [the][any]   Assignor  and,  except  as  expressly  provided in this Assignment and Acceptance, without representation or warranty by [the][any]   Assignor.         1.    Assignor [s] :   ________________________________                               ________________________________              [Assignor [is] [is not] a Defaulting Lender]         2.    Assignee [s] :   ________________________________                               ________________________________              [for each Assignee, indicate [Affiliate][Approved Fund] of [ identify Lender ]         3.    Borrower(s):     ________________________________         4.    Administrative  Agent:  Bank  of  Montreal,  as  the  administrative  agent  under  the              Credit Agreement         5.    Credit Agreement:  Second Amended and Restated Credit Agreement dated as              of  June  21,  2016  among  Jones  Lang  LaSalle  Finance  B.V.,  the  Lenders  parties              thereto, Bank of Montreal, as Administrative Agent, and the other agents parties              thereto                                         G-2  

 

            6.      Assigned Interest[s]:                                                  AGGREGATE                                                 AMOUNT OF                                                  REVOLVING                                                   CREDIT                          PERCENTAGE ASSIGNED                                                 COMMITMENT /  AMOUNT OF REVOLVING  OF REVOLVING CREDIT                                   FACILITY       LOANS FOR     CREDIT COMMITMENT /    COMMITMENT /  ASSIGNOR [S]5  ASSIGNEE [S]6   ASSIGNMENT 7   ALL LENDERS 8    LOANS ASSIGNED 9        LOANS 10                                                $               $                            %                                                $               $                            %                                                $               $                            %           [7.   Trade Date:     ______________]11                                                                                                             5      List each Assignor, as appropriate.    6      List each Assignee, as appropriate.    7      Fill  in  the  appropriate  terminology  for  the  types  of  facilities  under  the  Credit  Agreement  that  are  being          assigned under this Assignment (e.g., “Revolving Credit Commitment,” “Term Facility,” etc.).    8      Amount  to  be  adjusted  by  the  counterparties  to  take  into  account  any  payments  or  prepayments  made          between the Trade Date and the Effective Date.    9      Set forth, to at least 9 decimals, as a percentage of the Revolving Credit Commitments/Loans of all Lenders          thereunder.    10     To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to          be determined as of the Trade Date.                                                         G-3  

 

          Effective  Date:  ________________,  20___ [To be  inserted  by  Administrative  Agent  and which shall be the effective date of recordation of transfer in the register therefor.]          The terms set forth in this Assignment and Acceptance are hereby agreed to:                                         ASSIGNOR [S]12                                          [N AME OF ASSIGNOR ]                                         By: ____________________________________                                          Name:  _______________________________                                          Title: ________________________________                                         [N AME OF ASSIGNOR ]                                         By: ____________________________________                                          Name:  _______________________________                                          Title: ________________________________                                         ASSIGNEE [S]13                                          [N AME OF ASSIGNEE ]                                         By: ____________________________________                                          Name:  _______________________________                                          Title: ________________________________                                         [N AME OF ASSIGNEE ]                                         By: ____________________________________                                          Name:  _______________________________                                          Title: ________________________________                                                     12    Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade        (if applicable).   13    Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade        (if applicable).                                         G-4  

 

   [Consented to and] 14  Accepted:   BANK OF MONTREAL , as    Administrative Agent   By: _________________________________      Name:  __________________________      Title:  ___________________________   [Consented to:] 15    [N AME OF RELEVANT PARTY ]   By: _________________________________      Name:  __________________________      Title:  ___________________________                                                      14    To  be  added  only  if  the  consent  of  the  Administrative  Agent  is  required  by  the  terms  of  the  Credit        Agreement.   15    To be added only if the consent of the Company and/or other parties (e.g. Swing Line Lender, L/C Issuer)        is required by the terms of the Credit Agreement.                                            G-5  

 

                                      ANNEX 1                         STANDARD TERMS AND CONDITIONS FOR                            ASSIGNMENT AND ASSUMPTION    SECTION 1.    REPRESENTATIONS AND WARRANTIES .        Section 1.1.  Assignor[s].   [The][Each] Assignor (a) represents and warrants that (i) it is  the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such]  Assigned  Interest is free and clear of any lien, encumbrance or other adverse claim created by [the] [such]   Assignor, (iii) it has full power and authority, and has taken all action necessary, to execute and  deliver  this  Assignment  and  Assumption  and  to  consummate  the  transactions  contemplated  hereby and (iv) it is [not]  a Defaulting Lender; and (b) assumes no responsibility with respect to  (i)  any  statements,  warranties  or  representations  made  in  or  in connection  with  the  Credit  Agreement  or  any  other  Credit  Document,  (ii)  the  execution,  legality,  validity,  enforceability,  genuineness, sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the  financial condition of the Borrower, the Parent, any of their respective Subsidiaries or Affiliates  or  any  other  Person  obligated  in  respect  of  any  Credit  Document,  or  (iv)  the  performance  or  observance by the Borrower, the Parent, any of their respective Subsidiaries or Affiliates or any  other Person of any of their respective obligations under any Credit Document.        Section 1.2.  Assignee[s].   [The][Each]  Assignee  (a) represents  and warrants that (i) it  has  full  power  and  authority,  and  has  taken  all  action  necessary,  to  execute  and  deliver  this  Assignment  and  Assumption  and  to  consummate  the  transactions  contemplated  hereby  and  to  become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee  under  Section  12.12(a)  of  the  Credit  Agreement  (subject  to  such  consents,  if  any,  as  may  be  required under Section 12.12(a) of the Credit Agreement), (iii) from and after the Effective Date,  it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the  extent  of [the][the  relevant]   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 referred to in Section 5.4  thereof or delivered pursuant to Section 7.6 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  Acceptance  and  to  purchase [the][such]   Assigned  Interest,  (vi)  it  has,  independently and without reliance upon the Administrative Agent, [the] [any]  Assignor 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 Acceptance  and  to  purchase [the][such]  Assigned Interest, and (vii) attached to the Assignment and Acceptance is  any documentation required to be delivered by it pursuant to the terms of the Credit Agreement,  duly  completed  and  executed  by [the][such]   Assignee;  and  (b)  agrees  that  (i)  it  will,  independently  and  without  reliance  on  the  Administrative  Agent, [the][any]   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 Credit  Documents, and (ii) it will perform in accordance with their terms all of the obligations which by  the terms of the Credit Documents are required to be performed by it as a Lender.   SECTION 2.    PAYMENTS .         From and after the Effective Date, the Administrative Agent shall make all payments in  respect of [the][each]  Assigned Interest (including payments of principal, interest, fees and other  amounts)  to [the][the  relevant]   Assignee  whether  such  amounts  have  accrued  prior  to,  on  or  after  the  Effective  Date.   The  Assignor [s] and  the  Assignee [s]   shall  make  all  appropriate  adjustments in payments by the Administrative Agent for periods prior to the Effective Date or  with respect to the making of this assignment directly between themselves.  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][the relevant]  Assignee.   SECTION 3.    GENERAL PROVISIONS .         This Assignment and Acceptance shall be binding upon, and inure to the benefit of, the  parties hereto and their respective successors and assigns.  This Assignment and Acceptance 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 Acceptance by  telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and  Acceptance.   This  Assignment  and  Acceptance  shall  be  governed  by,  and construed  in  accordance with, the law of the State of Illinois.                                           -2-  

 

                                         SCHEDULE  1                                       COMMITMENTS                     NAME OF BANK                   REVOLVING  CREDIT      LETTER OF CREDIT                                                    COMMITMENT            COMMITMENT    Bank of Montreal                                  $287,500,000         $50,000,000                                                      270,000,000          25,000,000   Bank of America, N.A.                              287,500,000          50,000,000                                                      270,000,000         $25,000,000   Barclays Bank PLC plc                              230,000,000                                                                          215,000,000   Wells Fargo Bank, N.A.                             230,000,000                                                                          215,000,000   The Royal National Westminster  Bank of Scotland   230,000,000                      PLC plc                                             215,000,000   JPMorgan Chase Bank, National Association          230,000,000                                                                          215,000,000   HSBC Bank USA, National Association                 170,000,000                     HSBC Bank plc                                        45,000,000                     Fifth Third Bank                                   175,000,000                                                                          150,000,000   PNC Bank, National Association                     175,000,000                                                                          150,000,000   U.S. Bank National Association                     155,000,000                                                                          150,000,000    HSBC Bank USA, National Association                130,000,000                     Société Générale                                     65,000,000                     Capital One, N.A.                                    65,000,000                     ING Bank N.V. , Dublin Branch                        65,000,000                     MUFG Bank, Ltd.  (f/k/a The Bank of                  65,000,000                     Tokyo-Mitsubishi UFJ, Ltd. ), New York Branch   Deutsche Bank AG New York Branch                     65,000,000                     The Bank of New York Mellon                          45,000,000                      HSBC Bank PLC                                       45,000,000                          

 

                   NAME OF BANK                   REVOLVING  CREDIT      LETTER OF CREDIT                                                    COMMITMENT            COMMITMENT   Westpac Banking Corporation                          45,000,000                     Australia and New Zealand Banking Group Limited      45,000,000                     National Australia Bank Limited, A.B.N. 12 004 044   45,000,000                     937  Citibank, N.A.                                       45,000,000                     Deutsche Bank AG New York                            45,000,000                     Credit Suisse AG, Cayman Islands  Branch   The Northern Trust Company                           30,000,000                     Associated Bank National Association                 30,000,000                     Comerica Bank                                        30,000,000                                                           TOTAL    $2,750,000,000.00       $100,000,000                                                 $2,750,000,000.00      50,000,000.00                                              -2-  

 

                                                   SCHEDULE    1.3                           EXISTING  LETTERS OF   CREDIT         NUMBER               AMOUNT                CURRENCY           MATURITY    BMCH279687OS          13,850,000.00               USD              1-Jan-17  HACH122199OS            389,392.92                USD              31-Mar-17  HACH20375OS             165,000.00                USD              31-Dec-16  HACH636120OS            970,560.00                USD              1-Jan-17  HACH91129OS            2,500,000.00               USD              15-Dec-16  HACH91142OS             339,986.25                USD              15-Dec-16                                        

 

                                    SCHEDULE 5.2                                   GUARANTORS                                             JURISDICTION OF               NAME                   INCORPORATION      PERCENTAGE OWNERSHIP    Jones Lang LaSalle Incorporated        Maryland                N/A   Jones Lang LaSalle Americas, Inc.      Maryland               100%   LaSalle Investment Management, Inc.    Maryland               100%   Jones Lang LaSalle International, Inc. Delaware               100%   Jones Lang LaSalle Co-Investment, Inc. Maryland               100%   Jones Lang LaSalle Limited             England                100%   Jones Lang LaSalle GmbH SE             Germany                100%   Jones Lang LaSalle New England, LLC    Delaware               100%   Jones Lang LaSalle Brokerage, Inc.      Texas                 100%

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